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)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
William C. Coffey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | February 28 |
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Date of reporting period: | February 28, 2019 |
Item 1.
Reports to Stockholders
Fidelity® California Municipal Money Market Fund Annual Report February 28, 2019 |
 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
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| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
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| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/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. © 2019 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.institutional.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.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
| Days | % of fund's investments 2/28/19 |
| 1 - 7 | 89.7 |
| 8 - 30 | 2.4 |
| 31 - 60 | 5.3 |
| 61 - 90 | 0.0 |
| > 180 | 2.6 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
| As of February 28, 2019 | ||
| Variable Rate Demand Notes (VRDNs) | 35.4% | |
| Tender Option Bond | 36.2% | |
| Other Municipal Security | 25.7% | |
| Investment Companies | 2.8% | |
| Net Other Assets (Liabilities)* | (0.1)% | |
* Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart.
Current 7-Day Yield
| 2/28/19 | |
| Fidelity® California Municipal Money Market Fund | 1.24% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Schedule of Investments February 28, 2019
Showing Percentage of Net Assets
| Variable Rate Demand Note - 35.4% | |||
| Principal Amount (000s) | Value (000s) | ||
| Alabama - 0.6% | |||
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.98% 3/7/19, VRDN (a)(b) | $7,161 | $7,161 | |
| West Jefferson Indl. Dev. Series 2008, 1.83% 3/7/19, VRDN (a) | 5,400 | 5,400 | |
| 12,561 | |||
| Arkansas - 0.4% | |||
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.): | |||
| Series 1998, 1.98% 3/7/19, VRDN (a)(b) | 2,600 | 2,600 | |
| Series 2002, 1.93% 3/7/19, VRDN (a)(b) | 4,500 | 4,500 | |
| 7,100 | |||
| California - 31.5% | |||
| Alameda County Indl. Dev. Auth. Rev. (Edward L. Shimmon, Inc. Proj.) Series 1996 A, 1.78% 3/7/19, LOC BNP Paribas SA, VRDN (a)(b) | 3,550 | 3,550 | |
| California Hsg. Fin. Agcy. Rev.: | |||
| (Multifamily Hsg. Prog.) Series 2001 G, 1.67% 3/7/19, LOC Citibank NA, VRDN (a)(b) | 5,065 | 5,065 | |
| Series 2005 A, 1.68% 3/7/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | 28,900 | 28,900 | |
| California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Recology, Inc. Proj.) Series 2018 A, 1.77% 3/7/19, LOC Wells Fargo Bank NA, VRDN (a)(b)(c) | 43,000 | 43,000 | |
| California Statewide Cmntys. Dev. Auth. Indl. Dev. Rev. (Arthur Made Plastics, Inc. Proj.) Series 2000 A, 1.94% 3/7/19, LOC Bank of America NA, VRDN (a)(b) | 500 | 500 | |
| California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.: | |||
| (Irvine Apt. Cmntys. LP Proj.): | |||
| Series 2001 W1, 1.55% 3/1/19, LOC Wells Fargo Bank NA, VRDN (a)(b) | 13,000 | 13,000 | |
| Series 2001 W2, 1.55% 3/1/19, LOC Wells Fargo Bank NA, VRDN (a)(b) | 13,200 | 13,200 | |
| Series 2001 W3, 1.55% 3/1/19, LOC Wells Fargo Bank NA, VRDN (a)(b) | 12,500 | 12,500 | |
| (Maple Square Apt. Proj.) Series AA, 1.72% 3/7/19, LOC Citibank NA, VRDN (a)(b) | 455 | 455 | |
| (Terraces at Park Marino Proj.) Series I, 1.81% 3/7/19, LOC Bank of The West San Francisco, VRDN (a)(b) | 4,470 | 4,470 | |
| (The Crossings at Elk Grove Apts.) Series H, 1.7% 3/7/19, LOC Citibank NA, VRDN (a)(b) | 6,630 | 6,630 | |
| (Westgate Pasadena Apts. Proj.) Series 2013 B, 2.13% 3/7/19 (ERP Operating LP Guaranteed), VRDN (a)(b) | 22,125 | 22,125 | |
| Garden Grove Hsg. Auth. Multi-family Hsg. Rev. (Valley View Sr. Villas Proj.) Series 1990 A, 1.69% 3/7/19, LOC MUFG Union Bank NA, VRDN (a)(b) | 9,100 | 9,100 | |
| Los Angeles Multi-family Hsg. Rev. (Colonia Corona Apts. Proj.) Series 2004 D, 1.7% 3/7/19, LOC Citibank NA, VRDN (a)(b) | 2,300 | 2,300 | |
| Riverside County Ind. Dev. Auth. Ind. Dev. Rev. (Merrick Engineering, Inc. Proj.) 1.9% 3/7/19, LOC Wells Fargo Bank NA, VRDN (a)(b) | 1,030 | 1,030 | |
| Sacramento Hsg. Auth. Multi-family Rev. (Phoenix Park II Apts. Proj.) 1.7% 3/7/19, LOC Citibank NA, VRDN (a)(b) | 5,686 | 5,686 | |
| San Diego Hsg. Auth. Multi-family Hsg. Rev. (Delta Village Apts. Proj.) Series A, 1.8% 3/7/19, LOC Citibank NA, VRDN (a)(b) | 5,400 | 5,400 | |
| San Francisco City & County Redev. Agcy. Multi-family Hsg. Rev.: | |||
| (Antonia Manor Apts. Proj.) Series 2000 E, 1.75% 3/7/19, LOC Citibank NA, VRDN (a)(b) | 850 | 850 | |
| (Mission Creek Cmnty. Proj.) Series B, 1.7% 3/7/19, LOC Citibank NA, VRDN (a)(b) | 4,545 | 4,545 | |
| (Ocean Beach Apts. Proj.) Series B, 1.67% 3/7/19, LOC Citibank NA, VRDN (a)(b) | 4,335 | 4,335 | |
| San Jose Multi-family Hsg. Rev.: | |||
| (Betty Ann Gardens Apts. Proj.) Series 2002 A, 1.8% 3/7/19, LOC Citibank NA, VRDN (a)(b) | 5,550 | 5,550 | |
| (El Paseo Apts. Proj.) Series 2002 B, 1.8% 3/7/19, LOC Citibank NA, VRDN (a)(b) | 3,845 | 3,845 | |
| Santa Clara County Hsg. Auth. Multi-family Hsg. Rev. (Timberwood Apts. Proj.) Series B, 1.9% 3/7/19, LOC MUFG Union Bank NA, VRDN (a)(b) | 9,785 | 9,785 | |
| FHLMC: | |||
| California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.: | |||
| (Bristol Apts. Proj.) Series Z, 1.7% 3/7/19, LOC Freddie Mac, VRDN (a)(b) | 9,500 | 9,500 | |
| (Vizcaya Apts. Proj.) Series B, 1.7% 3/7/19, LOC Freddie Mac, VRDN (a)(b) | 20,095 | 20,095 | |
| Orange County Apt. Dev. Rev. (Park Place Apts. Proj.) Series 1989 A, 1.7% 3/7/19, LOC Freddie Mac, VRDN (a)(b) | 15,400 | 15,400 | |
| San Diego Hsg. Auth. Multi-family Hsg. Rev. (Villa Nueva Apts. Proj.) Series 2007 F, 1.7% 3/7/19, LOC Freddie Mac, VRDN (a)(b) | 37,500 | 37,500 | |
| San Jose Multi-family Hsg. Rev.: | |||
| (Trestles Apts. Proj.) Series 2004 A, 1.73% 3/7/19, LOC Freddie Mac, VRDN (a)(b) | 7,325 | 7,325 | |
| (Turnleaf Apts. Proj.) Series 2003 A, 1.77% 3/7/19, LOC Freddie Mac, VRDN (a)(b) | 15,090 | 15,090 | |
| FNMA: | |||
| ABAG Fin. Auth. for Nonprofit Corps. Multi-family Hsg. Rev. ( Terrazza Apts. Proj.) Series 2002 A, 1.74% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 4,000 | 4,000 | |
| California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.: | |||
| (Canyon Creek Apts. Proj.) Series 1995 C, 1.68% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 19,000 | 19,000 | |
| (Salvation Army S.F. Proj.) 1.66% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 5,200 | 5,200 | |
| (The Belmont Proj.) Series 2005 F, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 19,890 | 19,890 | |
| (The Crossings Sr. Apts./Phase II Proj.) Series J, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 14,130 | 14,130 | |
| (Valley Palms Apts. Proj.) Series 2002 C, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 24,800 | 24,800 | |
| (Vista Del Monte Proj.) Series QQ, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 11,550 | 11,550 | |
| (Wilshire Court Proj.): | |||
| Series AAA, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 3,100 | 3,100 | |
| Series M, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 20,290 | 20,290 | |
| Series 2003 DD, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 14,600 | 14,600 | |
| Chula Vista Multi-family Hsg. Rev. (Teresina Apts. Proj.) Series 2006 A, 1.67% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 14,310 | 14,310 | |
| Emeryville Redev. Agcy. Multi-family Hsg. Rev. Series 2002 A, 1.8% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 30,000 | 30,000 | |
| Orange County Apt. Dev. Rev.: | |||
| (Ladera Apts. Proj.) Series 2001 II B, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 17,900 | 17,900 | |
| (Wood Canyon Villas Proj.) Series 2001 E, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 16,000 | 16,000 | |
| Sacramento County Hsg. Auth. Multi-family Hsg. Rev. (California Place Apts. Proj.) Series B, 1.77% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 3,555 | 3,555 | |
| San Jose Multi-family Hsg. Rev.: | |||
| (Alamaden Family Apts. Proj.) Series 2003 D, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 24,615 | 24,615 | |
| (Almaden Lake Village Apt. Assoc. Proj.) Series 1997 A, 1.8% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 16,500 | 16,500 | |
| (Kennedy Apt. Homes Proj.) Series 2002 K, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 7,575 | 7,575 | |
| Santa Cruz Redev. Agcy. Multi-family Rev.: | |||
| (1010 Pacific Ave. Apts. Proj.) Series B, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 20,395 | 20,395 | |
| (Shaffer Road Apts. Proj.) Series A, 1.7% 3/7/19, LOC Fannie Mae, VRDN (a)(b) | 29,925 | 29,925 | |
| 628,066 | |||
| Indiana - 0.7% | |||
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.): | |||
| Series 2003 A, 1.92% 3/7/19, VRDN (a)(b) | 4,250 | 4,250 | |
| Series 2003 B, 1.98% 3/7/19, VRDN (a)(b) | 2,770 | 2,770 | |
| Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.): | |||
| Series H, 1.84% 3/7/19, VRDN (a) | 3,775 | 3,775 | |
| Series I, 1.84% 3/7/19, VRDN (a) | 2,100 | 2,100 | |
| 12,895 | |||
| Kansas - 0.3% | |||
| Cygne Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994 B, 1.95% 3/7/19, VRDN (a) | 4,740 | 4,740 | |
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.) Series 2007 A, 2% 3/7/19, VRDN (a) | 1,700 | 1,700 | |
| 6,440 | |||
| Kentucky - 0.3% | |||
| Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 1.85% 3/7/19, VRDN (a)(b) | 5,800 | 5,800 | |
| Louisiana - 0.2% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
| Series 2010 A1, 1.94% 3/7/19, VRDN (a) | 1,700 | 1,700 | |
| Series 2010 B1, 1.96% 3/7/19, VRDN (a) | 2,450 | 2,450 | |
| 4,150 | |||
| Nebraska - 0.0% | |||
| Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.98% 3/7/19, VRDN (a)(b) | 300 | 300 | |
| Nevada - 0.2% | |||
| Washoe County Gas Facilities Rev.: | |||
| Series 2016 C, 1.8% 3/7/19, VRDN (a)(b) | 3,300 | 3,300 | |
| Series 2016 E, 1.9% 3/7/19, VRDN (a)(b) | 1,600 | 1,600 | |
| 4,900 | |||
| North Carolina - 0.1% | |||
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.93% 3/7/19, VRDN (a)(b) | 1,000 | 1,000 | |
| South Carolina - 0.0% | |||
| Berkeley County Indl. Dev. Rev.: | |||
| (Nucor Corp. Proj.) Series 1995, 1.98% 3/7/19, VRDN (a)(b) | 300 | 300 | |
| Series A, 1.95% 3/7/19, VRDN (a)(b) | 500 | 500 | |
| 800 | |||
| Tennessee - 0.0% | |||
| Memphis-Shelby County Indl. Dev. Board Facilities Rev. Series 2007, 1.98% 3/7/19, VRDN (a)(b) | 200 | 200 | |
| Texas - 0.2% | |||
| Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 1.98% 3/7/19, VRDN (a)(b) | 3,450 | 3,450 | |
| West Virginia - 0.9% | |||
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
| (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.83% 3/7/19, VRDN (a)(b) | 8,300 | 8,300 | |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.9% 3/7/19, VRDN (a)(b) | 9,000 | 9,000 | |
| 17,300 | |||
| Wyoming - 0.0% | |||
| Converse County Envir. Impt. Rev. Series 1995, 1.87% 3/7/19, VRDN (a)(b) | 900 | 900 | |
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $705,862) | 705,862 | ||
| Tender Option Bond - 36.2% | |||
| California - 36.2% | |||
| Canada Calif Unified School District Participating VRDN Series Floaters XF 26 42, 1.74% 3/7/19 (Liquidity Facility Citibank NA) (a)(d) | 3,800 | 3,800 | |
| Academy of Motion Picture Arts Participating VRDN Series 2017, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d) | 3,495 | 3,495 | |
| Alameda Corridor Trans. Auth. Rev. Participating VRDN Series Floaters XL 00 85, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d) | 3,200 | 3,200 | |
| California Edl. Facilities Auth. Rev. Participating VRDN: | |||
| Series MS 3346, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 9,330 | 9,330 | |
| Series XF 24 00, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 2,790 | 2,790 | |
| California Gen. Oblig. Participating VRDN: | |||
| Series 15 XF2161, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 1,220 | 1,220 | |
| Series Floaters XF 10 38, 1.84% 3/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) | 3,690 | 3,690 | |
| Series Floaters XM 07 05, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 3,200 | 3,200 | |
| California Health Facilities Fing. Auth. Participating VRDN Series Floaters XG 00 49, 1.84% 3/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) | 300 | 300 | |
| California Health Facilities Fing. Auth. Rev. Participating VRDN: | |||
| Series 15 XF2119, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 7,995 | 7,995 | |
| Series Floaters 013, 1.86% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | 14,445 | 14,445 | |
| Series Floaters XF 06 22, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d) | 2,490 | 2,490 | |
| Series Floaters XF 06 33, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d) | 9,040 | 9,040 | |
| Series Floaters XF 26 98, 1.74% 3/7/19 (Liquidity Facility Citibank NA) (a)(d) | 2,200 | 2,200 | |
| Series Floaters XG 01 25, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d) | 13,700 | 13,700 | |
| Series Floaters XL 00 45, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 1,600 | 1,600 | |
| Series Floaters XM 06 96, 1.74% 3/7/19 (Liquidity Facility Bank of America NA) (a)(d) | 1,000 | 1,000 | |
| Series MS 3239, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 22,800 | 22,800 | |
| Series MS 3267, 1.77% 3/7/19 (Liquidity Facility Cr. Suisse AG) (a)(d) | 27,375 | 27,375 | |
| Series MS 3301, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 7,330 | 7,330 | |
| California Infrastructure and Econ. Dev. Bank Rev. Participating VRDN Series Floaters XF 07 48, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | 2,200 | 2,200 | |
| California Muni. Fin. Auth. Rev. Participating VRDN Series Floaters XL 00 59, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d) | 1,370 | 1,370 | |
| California State Univ. Rev. Participating VRDN: | |||
| Series Floaters ZF 06 73, 1.74% 3/7/19 (Liquidity Facility Bank of America NA) (a)(d) | 1,040 | 1,040 | |
| Series Floaters ZF 26 60, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 6,325 | 6,325 | |
| California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN Series Floaters 02 144A, 1.77% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(d) | 23,910 | 23,910 | |
| California Statewide Cmntys. Dev. Auth. Rev. Participating VRDN: | |||
| Series 2017: | |||
| 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d) | 4,530 | 4,530 | |
| 1.86% 3/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) | 13,550 | 13,550 | |
| Series Floaters XG 01 82, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d) | 2,900 | 2,900 | |
| Series XF 23 59, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d) | 5,925 | 5,925 | |
| Chaffey Unified High School District Participating VRDN Series Floaters ZM 05 85, 1.77% 3/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(d) | 2,000 | 2,000 | |
| Dept. of Arpts. of the City of LA Participating VRDN Series YX 10 01, 1.77% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(d) | 4,690 | 4,690 | |
| Dignity Health Participating VRDN: | |||
| Series 17 04, 1.86% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) | 51,730 | 51,730 | |
| Series DBE 80 11, 1.94% 3/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) | 21,500 | 21,500 | |
| Dublin Unified School District Participating VRDN Series Solar 0062, 1.68% 3/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d) | 7,215 | 7,215 | |
| East Bay Muni. Util. District Wastewtr. Sys. Rev. Participating VRDN: | |||
| Series EGL1310, 1.74% 3/7/19 (Liquidity Facility Citibank NA) (a)(d) | 21,700 | 21,700 | |
| Series MS 3250, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 7,500 | 7,500 | |
| El Camino Hosp. Participating VRDN Series 2017 XF 2415, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d) | 5,575 | 5,575 | |
| Fillmore Calif Wastewtr. Rev. Participating VRDN Series Floaters XF 24 70, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d) | 3,635 | 3,635 | |
| Foothill-De Anza Cmnty. College District Participating VRDN: | |||
| Series 15 ZF2116, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 7,500 | 7,500 | |
| Series MS 3268 X, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 5,000 | 5,000 | |
| Series MS 3288, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 8,400 | 8,400 | |
| Fremont Union High School District, Santa Clara Participating VRDN Series Floaters XF 06 47, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d) | 3,425 | 3,425 | |
| Fresno Joint Pwr. Fing. Auth. Leasing Rev. Participating VRDN Series Floaters ZF 10 59, 1.89% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 700 | 700 | |
| Garvey School District Participating VRDN Series Floaters XF 26 60, 1.94% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 2,900 | 2,900 | |
| Grossmont Healthcare District Participating VRDN Series MS 3253, 1.77% 3/7/19 (Liquidity Facility Cr. Suisse AG) (a)(d) | 14,375 | 14,375 | |
| Grossmont Union High School District Participating VRDN Series Floaters ZF 03 62, 1.84% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 800 | 800 | |
| Hartnell Cmnty. College District Participating VRDN Series Floaters XF 05 87, 1.76% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d) | 750 | 750 | |
| Irvine Ranch Wtr. District Ctfs. of Prtn. Participating VRDN Series Floaters ZM 06 35, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 1,700 | 1,700 | |
| Los Angeles County Pub. Works Fing. Auth. Lease Rev. Participating VRDN Series ZF 01 84, 1.77% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 4,645 | 4,645 | |
| Los Angeles Dept. Arpt. Rev. Participating VRDN: | |||
| Series Floaters XF 06 99, 1.79% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d) | 6,520 | 6,520 | |
| Series Floaters XF 27 24, 1.79% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d) | 20,275 | 20,275 | |
| Series Floaters XX 10 28, 1.77% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(d) | 13,665 | 13,665 | |
| Series Floaters ZF 06 13, 1.79% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d) | 2,245 | 2,245 | |
| Series Floaters ZM 01 17, 1.8% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d) | 7,645 | 7,645 | |
| Series Floaters ZM 05 95, 1.79% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d) | 2,500 | 2,500 | |
| Series ZM 04 73, 1.8% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(d) | 2,505 | 2,505 | |
| Series ZM 04 87, 1.8% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(d) | 1,470 | 1,470 | |
| Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN: | |||
| Series Floaters XM 03 79, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 5,630 | 5,630 | |
| Series MS 3289, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 7,335 | 7,335 | |
| Series MS 3345, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 15,475 | 15,475 | |
| Series XG 0110, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 2,000 | 2,000 | |
| Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN: | |||
| Series MS 3397, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 9,770 | 9,770 | |
| Series MS 3403, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 8,975 | 8,975 | |
| Los Angeles Hbr. Dept. Rev.: | |||
| Bonds Series WF 10 40C, SIFMA Municipal Swap Index + 0.280% 1.91%, tender 4/25/19 (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e)(f) | 5,400 | 5,400 | |
| Participating VRDN Series 15 ZF0158, 1.8% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) | 5,280 | 5,280 | |
| Los Angeles Unified School District Participating VRDN: | |||
| Series Floaters XM 02 49, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 2,500 | 2,500 | |
| Series Floaters XM 02 50, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 3,700 | 3,700 | |
| Series Floaters XM 07 03, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 2,890 | 2,890 | |
| Series Floaters ZM 05 90, 1.74% 3/7/19 (Liquidity Facility Bank of America NA) (a)(d) | 1,175 | 1,175 | |
| Series Floaters ZM 05 91, 1.74% 3/7/19 (Liquidity Facility Bank of America NA) (a)(d) | 3,640 | 3,640 | |
| Newport Mesa Unified School District Bonds Series WF 11 70Z, SIFMA Municipal Swap Index + 0.280% 1.91%, tender 4/25/19 (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e)(f) | 765 | 765 | |
| Pub. Utils. Commission San Francisco City & County Wastewtr. Rev. Participating VRDN Series Floaters ZF 27 44, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 3,000 | 3,000 | |
| Riverside County Trans. Commission Sales Tax Rev. Participating VRDN Series Floaters XF 22 97, 1.74% 3/7/19 (Liquidity Facility Citibank NA) (a)(d) | 3,250 | 3,250 | |
| Sacramento Area Flood Cont. Agcy. Participating VRDN Series Floaters XM 04 55, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 3,900 | 3,900 | |
| San Diego Cmnty. College District Participating VRDN Series XM 0149, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 2,700 | 2,700 | |
| San Diego County Wtr. Auth. Rev. Participating VRDN Series Floaters ZF 03 57, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 2,300 | 2,300 | |
| San Diego Pub. Facilities Fing. Auth. Swr. Rev. Participating VRDN 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 1,875 | 1,875 | |
| San Diego Unified School District Participating VRDN: | |||
| Series Floaters XF 07 00, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d) | 1,700 | 1,700 | |
| Series MS 3330, 1.77% 3/7/19 (Liquidity Facility Cr. Suisse AG) (a)(d) | 5,940 | 5,940 | |
| San Francisco Bay Area Rapid Transit Fing. Auth. Participating VRDN Series ZM 06 43, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 2,655 | 2,655 | |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN: | |||
| Series Floaters XF 07 12, 1.78% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b)(d) | 99,805 | 99,805 | |
| Series Floaters XL 01 01, 1.8% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) | 24,810 | 24,810 | |
| Series Floaters XM 07 26, 1.79% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b)(d) | 10,575 | 10,575 | |
| South San Francisco Calif District Participating VRDN Series 2016, 1.68% 3/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d) | 5,800 | 5,800 | |
| The Regents of the Univ. of California Participating VRDN Series XM 03 58, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 2,000 | 2,000 | |
| Univ. of California Revs. Participating VRDN: | |||
| Series Floaters XF 06 32, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d) | 4,935 | 4,935 | |
| Series Floaters ZF 06 29, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d) | 5,000 | 5,000 | |
| Series Floaters ZM 06 60, 1.74% 3/7/19 (Liquidity Facility Bank of America NA) (a)(d) | 1,500 | 1,500 | |
| Series MS 3066, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 8,021 | 8,021 | |
| Series MS 3396, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) | 7,830 | 7,830 | |
| Wells Fargo Stage Trust Various States Bonds Series 86C, SIFMA Municipal Swap Index + 0.280% 1.98%, tender 4/25/19 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(d)(e)(f) | 12,960 | 12,960 | |
| 720,406 | |||
| Florida - 0.0% | |||
| Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 17 02, 1.87%, tender 5/2/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d) | 395 | 395 | |
| Ohio - 0.0% | |||
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.86% 3/7/19 (Liquidity Facility Bank of America NA) (a)(d) | 300 | 300 | |
| TOTAL TENDER OPTION BOND | |||
| (Cost $721,101) | 721,101 | ||
| Other Municipal Security - 25.7% | |||
| California - 24.6% | |||
| California Edl. Facilities Auth. Rev.: | |||
| Series 2008, 1.78% 4/1/19, CP | 4,550 | 4,550 | |
| Series 2018, 1.86% 4/2/19, CP | 13,100 | 13,100 | |
| California Gen. Oblig.: | |||
| Series A1: | |||
| 1.83% 3/19/19, LOC Wells Fargo Bank NA, CP | 4,195 | 4,195 | |
| 1.83% 3/20/19, LOC Wells Fargo Bank NA, CP | 14,200 | 14,200 | |
| 1.83% 3/22/19, LOC Wells Fargo Bank NA, CP | 4,950 | 4,950 | |
| Series A2, 1.78% 3/4/19, LOC Royal Bank of Canada, CP | 6,500 | 6,500 | |
| Series A6: | |||
| 1.6% 3/5/19, LOC Bank of America NA, CP | 9,700 | 9,700 | |
| 1.64% 3/4/19, LOC Bank of America NA, CP | 9,800 | 9,800 | |
| 1.75% 3/4/19, LOC Bank of America NA, CP | 20,600 | 20,600 | |
| California Health Facilities Fing. Auth. Rev. Bonds (Stanford Hosp. & Clinics Proj.) Series 2012 C, SIFMA Municipal Swap Index + 0.250% 1.99%, tender 9/26/19 (a)(f) | 51,900 | 51,900 | |
| California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Bonds: | |||
| Series 2010 A, SIFMA Municipal Swap Index + 0.100% 1.84%, tender 5/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) | 160,545 | 160,545 | |
| Series 2010 B, SIFMA Municipal Swap Index + 0.100% 1.84%, tender 5/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) | 120,530 | 120,530 | |
| East Bay Muni. Util. District Wastewtr. Sys. Rev.: | |||
| Series A1: | |||
| 1.54% 3/5/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | 3,895 | 3,895 | |
| 1.75% 3/5/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | 4,200 | 4,200 | |
| Series A2, 1.59% 3/4/19 (Liquidity Facility Bank of America NA), CP | 4,500 | 4,500 | |
| Los Angeles County Cap. Asset Leasing Corp. Lease Rev. Series A: | |||
| 1.63% 3/7/19, LOC Bank of The West San Francisco, CP | 16,100 | 16,100 | |
| 1.63% 3/8/19, LOC Bank of The West San Francisco, CP | 11,500 | 11,500 | |
| Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series A, 1.64% 3/4/19, LOC Citibank NA, CP | 6,500 | 6,500 | |
| Los Angeles Dept. of Wtr. & Pwr. Rev. Series 2019, 1.78% 4/4/19 (Liquidity Facility Royal Bank of Canada), CP | 3,000 | 3,000 | |
| Los Angeles Muni. Impt. Corp. Lease Rev.: | |||
| Series 2011 A3, 1.78% 3/28/19, LOC Bank of The West San Francisco, CP | 2,400 | 2,400 | |
| Series A4, 1.79% 3/5/19, LOC U.S. Bank NA, Cincinnati, CP | 5,600 | 5,600 | |
| San Diego County Reg'l. Trans. Commission Sales Tax Rev. Series B: | |||
| 1.78% 3/6/19, LOC Bank of America NA, CP | 10,400 | 10,400 | |
| 1.8% 3/6/19, LOC Bank of America NA, CP | 600 | 600 | |
| San Jose Fin. Auth. Rev. Series 2, 1.78% 3/7/19, LOC U.S. Bank NA, Cincinnati, CP | 2,218 | 2,218 | |
| 491,483 | |||
| Kentucky - 0.1% | |||
| Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 1.75% tender 3/6/19, CP mode | 1,300 | 1,300 | |
| Massachusetts - 0.0% | |||
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds Series 1992, 1.85% tender 3/27/19, CP mode | 500 | 500 | |
| New Hampshire - 0.8% | |||
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | |||
| Series 1990 A: | |||
| 1.6% tender 3/18/19, CP mode (b) | 7,600 | 7,600 | |
| 1.9% tender 3/27/19, CP mode (b) | 2,500 | 2,500 | |
| Series 1990 A1, 1.88% tender 3/5/19, CP mode (b) | 5,700 | 5,700 | |
| 15,800 | |||
| New Mexico - 0.1% | |||
| New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2014 B, 1 month U.S. LIBOR + 0.750% 2.431%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) | 2,200 | 2,200 | |
| Ohio - 0.1% | |||
| Lancaster Port Auth. Gas Rev. Bonds Series 2014, 1 month U.S. LIBOR + 0.720% 2.401%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) | 1,800 | 1,800 | |
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $513,083) | 513,083 | ||
| Shares (000s) | Value (000s) | ||
| Investment Company - 2.8% | |||
| Fidelity Municipal Cash Central Fund, 1.78% (g)(h) | |||
| (Cost $56,462) | 56,456 | 56,462 | |
| TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
| (Cost $1,996,508) | 1,996,508 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | (2,346) | ||
| NET ASSETS - 100% | $1,994,162 |
Security Type Abbreviations
CP – COMMERCIAL PAPER
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
Legend
(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) 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 $45,200,000 or 2.3% of net assets.
(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 $85,300,000 or 4.3% of net assets.
(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(h) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost (000s) |
| California Health Facilities Fing. Auth. Participating VRDN Series Floaters 013, 1.86% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 6/15/17 - 10/16/17 | $14,445 |
| Dignity Health Participating VRDN Series 17 04, 1.86% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 10/5/17 - 2/25/19 | $51,730 |
| Los Angeles Hbr. Dept. Rev. Bonds Series WF 10 40C, SIFMA Municipal Swap Index + 0.280% 1.91%, tender 4/25/19 (Liquidity Facility Wells Fargo Bank NA) | 11/24/10 | $5,400 |
| Newport Mesa Unified School District Bonds Series WF 11 70Z, SIFMA Municipal Swap Index + 0.280% 1.91%, tender 4/25/19 (Liquidity Facility Wells Fargo Bank NA) | 7/31/17 - 2/1/18 | $765 |
| Wells Fargo Stage Trust Various States Bonds Series 86C, SIFMA Municipal Swap Index + 0.280% 1.98%, tender 4/25/19 (Liquidity Facility Wells Fargo Bank NA) | 9/15/16 | $12,960 |
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 Municipal Cash Central Fund | $751 |
| Total | $751 |
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
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.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amount) | February 28, 2019 | |
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $1,940,046) | $1,940,046 | |
| Fidelity Central Funds (cost $56,462) | 56,462 | |
| Total Investment in Securities (cost $1,996,508) | $1,996,508 | |
| Cash | 9 | |
| Receivable for investments sold | 1,199 | |
| Receivable for fund shares sold | 619 | |
| Interest receivable | 4,540 | |
| Distributions receivable from Fidelity Central Funds | 79 | |
| Prepaid expenses | 2 | |
| Total assets | 2,002,956 | |
| Liabilities | ||
| Payable for investments purchased | $4,700 | |
| Payable for fund shares redeemed | 3,148 | |
| Distributions payable | 76 | |
| Accrued management fee | 596 | |
| Other affiliated payables | 236 | |
| Other payables and accrued expenses | 38 | |
| Total liabilities | 8,794 | |
| Net Assets | $1,994,162 | |
| Net Assets consist of: | ||
| Paid in capital | $1,993,923 | |
| Total distributable earnings (loss) | 239 | |
| Net Assets, for 1,991,239 shares outstanding | $1,994,162 | |
| Net Asset Value, offering price and redemption price per share ($1,994,162 ÷ 1,991,239 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | Year ended February 28, 2019 | |
| Investment Income | ||
| Interest | $33,644 | |
| Income from Fidelity Central Funds | 751 | |
| Total income | 34,395 | |
| Expenses | ||
| Management fee | $8,058 | |
| Transfer agent fees | 2,957 | |
| Accounting fees and expenses | 216 | |
| Custodian fees and expenses | 18 | |
| Independent trustees' fees and expenses | 11 | |
| Registration fees | 29 | |
| Audit | 40 | |
| Legal | 7 | |
| Miscellaneous | 11 | |
| Total expenses before reductions | 11,347 | |
| Expense reductions | (14) | |
| Total expenses after reductions | 11,333 | |
| Net investment income (loss) | 23,062 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 249 | |
| Fidelity Central Funds | 2 | |
| Total net realized gain (loss) | 251 | |
| Net increase in net assets resulting from operations | $23,313 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Year ended February 28, 2019 | Year ended February 28, 2018 |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $23,062 | $14,324 |
| Net realized gain (loss) | 251 | 230 |
| Net increase in net assets resulting from operations | 23,313 | 14,554 |
| Distributions to shareholders | (23,061) | – |
| Distributions to shareholders from net investment income | – | (14,324) |
| Distributions to shareholders from net realized gain | – | (411) |
| Total distributions | (23,061) | (14,735) |
| Share transactions at net asset value of $1.00 per share | ||
| Proceeds from sales of shares | 417,348 | 254,717 |
| Reinvestment of distributions | 22,066 | 14,051 |
| Cost of shares redeemed | (1,002,758) | (1,261,520) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (563,344) | (992,752) |
| Total increase (decrease) in net assets | (563,092) | (992,933) |
| Net Assets | ||
| Beginning of period | 2,557,254 | 3,550,187 |
| End of period | $1,994,162 | $2,557,254 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity California Municipal Money Market Fund
| Years ended February 28, | 2019 | 2018 | 2017 | 2016 A | 2015 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | .010 | .005 | .001 | –B | –B |
| Net realized and unrealized gain (loss)B | – | – | – | – | – |
| Total from investment operations | .010 | .005 | .001 | –B | –B |
| Distributions from net investment income | (.010) | (.005) | (.001) | –B | –B |
| Distributions from net realized gain | – | –B | –B | –B | – |
| Total distributions | (.010) | (.005) | (.001) | –B | –B |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnC | 1.03% | .51% | .15% | .01% | .01% |
| Ratios to Average Net AssetsD,E | |||||
| Expenses before reductions | .50% | .49% | .49% | .50% | .50% |
| Expenses net of fee waivers, if any | .50% | .49% | .42% | .05% | .06% |
| Expenses net of all reductions | .50% | .49% | .42% | .05% | .06% |
| Net investment income (loss) | 1.02% | .48% | .11% | .01% | .01% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $1,994 | $2,557 | $3,550 | $6,366 | $6,991 |
A For the year ended February 29.
B Amount represents less than $.0005 per share.
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.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended February 28, 2019
(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. 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. 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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:
Investment 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
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 U.S. Federal income taxes is required. As of February 28, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The 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.
Distributions 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to losses deferred due to wash sales.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
| Gross unrealized appreciation | $– |
| Gross unrealized depreciation | – |
| Net unrealized appreciation (depreciation) | $– |
| Tax Cost | $1,996,508 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed tax-exempt income | $9 |
| Undistributed long-term capital gain | $230 |
| Net unrealized appreciation (depreciation) on securities and other investments | $– |
The tax character of distributions paid was as follows:
| February 28, 2019 | February 28, 2018 | |
| Tax-exempt Income | $23,061 | $14,324 |
| Long-term Capital Gains | – | 411 |
| Total | $23,061 | $ 14,735 |
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.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation (As Applicable) | Prior Line-Item Presentation (As Applicable) |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss) Accumulated/Undistributed net realized gain (loss) Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company 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 .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .36% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives 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 annual rate of .13% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annual rate of .01%.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
5. Expense Reductions.
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 $1.
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $13.
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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity California Municipal Trust II and Shareholders of Fidelity California Municipal Money Market Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity California Municipal Money Market Fund (one of the funds constituting Fidelity California Municipal Trust II, referred to hereafter as the "Fund") as of February 28, 2019, the related statement of operations for the year ended February 28, 2019, the statement of changes in net assets for each of the two years in the period ended February 28, 2019, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2019 and the financial highlights for each of the five years in the period ended February 28, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
April 10, 2019
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 260 of Funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a Member of the Advisory Board of certain Fidelity® funds (2018), a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as interim president of Michigan State University (2018-2019), a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
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 (September 1, 2018 to February 28, 2019).
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. 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. 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.
| Annualized Expense Ratio-A | Beginning Account Value September 1, 2018 | Ending Account Value February 28, 2019 | Expenses Paid During Period-B September 1, 2018 to February 28, 2019 | |
| Actual | .50% | $1,000.00 | $1,005.60 | $2.49 |
| Hypothetical-C | $1,000.00 | $1,022.32 | $2.51 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended February 28, 2019, $248,870, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2019, 100% of the fund's income dividends was free from federal income tax, and 37.35% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity California Municipal Money Market Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2018 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group").In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.Fidelity California Municipal Money Market Fund
The Board noted that because there is a relatively small number of state-specific funds in the Lipper objective, Fidelity combines Lipper’s separate categories for state-specific funds with all state and national money market funds to create a single mapped group.
CFS-ANN-0419
1.855634.111
Fidelity® California AMT Tax-Free Money Market Fund Annual Report February 28, 2019 |
|
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
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, or for Institutional and Service Class, call 1-877-208-0098, to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 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.institutional.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.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
| Days | % of fund's investments 2/28/19 |
| 1 - 7 | 75.5 |
| 8 - 30 | 6.8 |
| 31 - 60 | 14.2 |
| 61 - 90 | 2.6 |
| 91 - 180 | 0.7 |
| > 180 | 0.2 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
| As of February 28, 2019 | ||
| Variable Rate Demand Notes (VRDNs) | 17.2% | |
| Tender Option Bond | 38.5% | |
| Other Municipal Security | 32.3% | |
| Investment Companies | 11.7% | |
| Net Other Assets (Liabilities) | 0.3% | |
Current 7-Day Yields
| 2/28/19 | |
| Fidelity® California AMT Tax-Free Money Market Fund | 1.38% |
| Institutional Class | 1.50% |
| Service Class | 1.25% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. 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 February 28, 2019, the most recent period shown in the table, would have been 1.43% for Institutional Class and 1.16% for Service Class.
Schedule of Investments February 28, 2019
Showing Percentage of Net Assets
| Variable Rate Demand Note - 17.2% | |||
| Principal Amount (000s) | Value (000s) | ||
| Alabama - 0.2% | |||
| Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.83% 3/7/19, VRDN (a) | $2,200 | $2,200 | |
| West Jefferson Indl. Dev. Series 2008, 1.83% 3/7/19, VRDN (a) | 3,900 | 3,900 | |
| 6,100 | |||
| Arizona - 0.0% | |||
| Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 1.78% 3/7/19, VRDN (a) | 1,150 | 1,150 | |
| California - 15.8% | |||
| California Edl. Facilities Auth. Rev. (Stanford Univ. Proj.) Series L6, 1.49% 3/7/19, VRDN (a) | 1,000 | 1,000 | |
| California Gen. Oblig. Series 2005 B1, 1.6% 3/7/19, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 11,150 | 11,150 | |
| California Health Facilities Fing. Auth. Rev.: | |||
| (Catholic Healthcare West Proj.): | |||
| Series 2004 K, 1.62% 3/7/19, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 56,500 | 56,500 | |
| Series 2005 H, 1.62% 3/7/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 35,140 | 35,140 | |
| Series 2005 I, 1.62% 3/7/19, LOC Mizuho Corporate Bank Ltd., VRDN (a) | 50,500 | 50,500 | |
| Series 2009 H, 1.45% 3/7/19, LOC Wells Fargo Bank NA, VRDN (a) | 11,013 | 11,013 | |
| (Stanford Hosp. and Clinics Proj.) Series 2008 B1, 1.55% 3/7/19, VRDN (a) | 1,000 | 1,000 | |
| California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Recology, Inc. Proj.) Series 2010 A, 1.74% 3/7/19, LOC Bank of America NA, VRDN (a) | 65,405 | 65,405 | |
| California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. (Chevron U.S.A., Inc. Proj.) Series 2002, 1.53% 3/1/19 (Chevron Corp. Guaranteed), VRDN (a) | 11,085 | 11,085 | |
| Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series B, 1.47% 3/7/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 1,815 | 1,815 | |
| Elsinore Valley Muni. Wtr. District Ctfs. of Prtn. Series 2011 A, 1.62% 3/7/19, LOC MUFG Union Bank NA, VRDN (a) | 1,000 | 1,000 | |
| Irvine Unified School District Cmnty. Facilities District Series 2014 B, 1.47% 3/7/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 4,300 | 4,300 | |
| Los Angeles Dept. of Wtr. & Pwr. Rev. Series 2001 B7, 1.54% 3/7/19 (Liquidity Facility TD Banknorth, NA), VRDN (a) | 18,950 | 18,949 | |
| Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2001 B4, 1.55% 3/7/19 (Liquidity Facility Citibank NA), VRDN (a) | 6,500 | 6,500 | |
| Modesto Pub. Fing. Auth. Lease Rev. Series 2008 B, 1.6% 3/7/19, LOC Bank of America NA, VRDN (a) | 38,330 | 38,330 | |
| Riverside County Ctfs. of Prtn. (Woodcrest Library Proj.) 1.58% 3/7/19, LOC Bank of America NA, VRDN (a) | 2,030 | 2,030 | |
| Riverside Ctfs. of Prtn. (Riverside Renaissance Proj.) Series 2008, 1.56% 3/7/19, LOC Bank of America NA, VRDN (a) | 31,335 | 31,335 | |
| San Bernardino County Flood Cont. District Judgment Oblig. Series 2008, 1.7% 3/7/19, LOC Bank of America NA, VRDN (a) | 31,080 | 31,080 | |
| San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: | |||
| Second Series, 1.62% 3/7/19, LOC MUFG Union Bank NA, VRDN (a) | 30,855 | 30,855 | |
| Series 2018 C, 1.61% 3/7/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | 5,740 | 5,740 | |
| San Francisco City & County Multi-family Hsg. Rev. Series 2017 B1, 1.6% 3/7/19, LOC Bank of America NA, VRDN (a) | 12,525 | 12,525 | |
| Santa Clara County Fing. Auth. Lease Rev. (Multiple Facilities Proj.) Series 2008 M, 1.53% 3/7/19, LOC Bank of America NA, VRDN (a) | 12,985 | 12,985 | |
| Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.) Series 2009 A, 1.59% 3/7/19, LOC Wells Fargo Bank NA, VRDN (a) | 3,325 | 3,325 | |
| Santa Clara Valley Trans. Auth.: | |||
| Series 2008 A, 1.56% 3/7/19 (Liquidity Facility TD Banknorth, NA), VRDN (a) | 28,270 | 28,270 | |
| Series 2008 B, 1.63% 3/7/19 (Liquidity Facility TD Banknorth, NA), VRDN (a) | 19,000 | 19,000 | |
| Stanislaus County Cap. Impts. Fing. Auth. Rev. Series 2004, 1.81% 3/7/19, LOC Bank of America NA, VRDN (a) | 1,415 | 1,415 | |
| FHLMC Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev.: | |||
| (Grand Promenade Proj.) 1.72% 3/7/19, LOC Freddie Mac, VRDN (a) | 41,100 | 41,100 | |
| (Promenade Towers Proj.) Series 2000, 1.62% 3/7/19, LOC Freddie Mac, VRDN (a) | 9,580 | 9,580 | |
| FNMA Fresno Multi-family Hsg. Rev. (Heron Pointe Apts. Proj.) Series 2001 A, 1.55% 3/7/19, LOC Fannie Mae, VRDN (a) | 4,860 | 4,860 | |
| 547,787 | |||
| Connecticut - 0.0% | |||
| Connecticut Gen. Oblig. Series 2016 C, 1.83% 3/7/19 (Liquidity Facility Bank of America NA), VRDN (a) | 500 | 500 | |
| Delaware - 0.0% | |||
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
| Series 1993 C, 1.9% 3/7/19, VRDN (a) | 600 | 600 | |
| Series 1999 A, 1.83% 3/7/19, VRDN (a) | 800 | 800 | |
| 1,400 | |||
| Indiana - 0.2% | |||
| Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.): | |||
| Series H, 1.84% 3/7/19, VRDN (a) | 3,600 | 3,600 | |
| Series I, 1.84% 3/7/19, VRDN (a) | 1,600 | 1,600 | |
| 5,200 | |||
| Kansas - 0.3% | |||
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.) Series 2007 B, 2% 3/7/19, VRDN (a) | 2,700 | 2,700 | |
| Wamego Kansas Poll. Cont. Rfdg. Rev. (Western Resources, Inc. Proj.) Series 1994, 1.95% 3/7/19, VRDN (a) | 6,800 | 6,800 | |
| 9,500 | |||
| Louisiana - 0.6% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
| Series 2010 A1, 1.94% 3/7/19, VRDN (a) | 12,150 | 12,150 | |
| Series 2010 B1, 1.96% 3/7/19, VRDN (a) | 6,750 | 6,750 | |
| 18,900 | |||
| Wyoming - 0.1% | |||
| Converse County Poll. Cont. Rev. (PacifiCorp Projs.) Series 1992, 1.85% 3/7/19, VRDN (a) | 1,900 | 1,900 | |
| Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.8% 3/7/19, VRDN (a) | 900 | 900 | |
| Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.): | |||
| Series 1992 A, 1.85% 3/7/19, VRDN (a) | 1,500 | 1,500 | |
| Series 1992 B, 1.85% 3/7/19, VRDN (a) | 500 | 500 | |
| 4,800 | |||
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $595,337) | 595,337 | ||
| Tender Option Bond - 38.5% | |||
| California - 37.5% | |||
| Canada Calif Unified School District Participating VRDN Series Floaters XF 26 42, 1.74% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 4,300 | 4,300 | |
| Academy of Motion Picture Arts Participating VRDN Series 2017, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 1,370 | 1,370 | |
| Alameda Corridor Trans. Auth. Rev. Participating VRDN Series Floaters XL 00 85, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 3,875 | 3,875 | |
| Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN: | |||
| Series 17 XX 1045, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 13,335 | 13,335 | |
| Series II R 11901, 1.69% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 6,435 | 6,435 | |
| Series XF 10 44, 1.84% 3/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) | 3,100 | 3,100 | |
| Cabrillo Unified School District Participating VRDN Series 2017 XF 2434, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 5,760 | 5,760 | |
| California Dept. of Wtr. Resources Participating VRDN Series MS 3276, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 5,000 | 5,000 | |
| California Edl. Facilities Auth. Rev. Participating VRDN: | |||
| Series Floaters XF 22 71, 1.72% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 9,900 | 9,900 | |
| Series XF 24 00, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 800 | 800 | |
| California Gen. Oblig. Participating VRDN: | |||
| Floater Series XF 05 80, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 6,750 | 6,750 | |
| Series 15 XF2171, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 11,240 | 11,240 | |
| Series 2017 XF 2414, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 3,000 | 3,000 | |
| Series 2017 XG 0115, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 5,300 | 5,300 | |
| Series DB XF 1041, 1.84% 3/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) | 3,975 | 3,975 | |
| Series Floaters G1, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 4,000 | 4,000 | |
| Series Floaters G2, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 5,000 | 5,000 | |
| Series Floaters G68, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 2,500 | 2,500 | |
| Series Floaters XF 10 38, 1.84% 3/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) | 15,645 | 15,645 | |
| Series Floaters XF 23 72, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 4,200 | 4,200 | |
| Series Floaters XM 06 93, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,225 | 2,225 | |
| Series Floaters XM 07 05, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 4,300 | 4,300 | |
| Series Floaters YX 10 84, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 7,500 | 7,500 | |
| Series Floaters YX 10 90, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 2,825 | 2,825 | |
| Series Floaters ZF 27 10, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 5,490 | 5,490 | |
| Series Floaters ZM 06 04, 1.75% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 2,500 | 2,500 | |
| Series Floaters ZM 06 05, 1.75% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 2,000 | 2,000 | |
| Series Floaters ZM 06 08, 1.75% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 4,575 | 4,575 | |
| Series RBC G 52, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 3,000 | 3,000 | |
| California Health Facilities Fing. Auth. Participating VRDN Series Floaters XG 00 49, 1.84% 3/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) | 4,500 | 4,500 | |
| California Health Facilities Fing. Auth. Rev.: | |||
| Bonds Series Floaters G 44, SIFMA Municipal Swap Index + 0.150% 1.89%, tender 5/1/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | 2,500 | 2,500 | |
| Participating VRDN: | |||
| Series 15 XF0120, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 16,600 | 16,600 | |
| Series 15 XF0131, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 15,235 | 15,235 | |
| Series 16 ZF0212, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,935 | 2,935 | |
| Series 16 ZF0426, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 4,280 | 4,280 | |
| Series 2015 ZF0213, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 7,500 | 7,500 | |
| Series 2017 XF 2048, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 2,700 | 2,700 | |
| Series 2017 XF 2417, 1.75% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 15,375 | 15,375 | |
| Series 2017, 1.75% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 17,030 | 17,030 | |
| Series DB 15 XF 0234, 1.84% 3/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) | 1,550 | 1,550 | |
| Series Floaters 013, 1.86% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 23,980 | 23,980 | |
| Series Floaters XF 05 23, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 5,625 | 5,625 | |
| Series Floaters XF 06 08, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 8,165 | 8,165 | |
| Series Floaters XF 06 22, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 9,405 | 9,405 | |
| Series Floaters XF 06 33, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 9,000 | 9,000 | |
| Series Floaters XF 24 67, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 20,000 | 20,000 | |
| Series Floaters XF 24 71, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 4,000 | 4,000 | |
| Series Floaters XF 25 95, 1.69% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 7,200 | 7,200 | |
| Series Floaters XF 26 98, 1.74% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 2,600 | 2,600 | |
| Series Floaters XG 01 04, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 500 | 500 | |
| Series Floaters XG 01 20, 1.71% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 29,700 | 29,700 | |
| Series Floaters XG 01 25, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 6,755 | 6,755 | |
| Series Floaters XG 01 28, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 2,665 | 2,665 | |
| Series Floaters XG 01 41, 1.75% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 7,925 | 7,925 | |
| Series Floaters XG 01 44, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 16,000 | 16,000 | |
| Series Floaters XL 00 45, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,840 | 1,840 | |
| Series Floaters XM 03 01, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 8,000 | 8,000 | |
| Series Floaters XM 06 96, 1.74% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b) | 1,295 | 1,295 | |
| Series Floaters ZF 26 33, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 7,345 | 7,345 | |
| Series Floaters ZM 05 02, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 5,000 | 5,000 | |
| Series Floaters ZM 05 43, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 4,000 | 4,000 | |
| Series MS 3239, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 2,200 | 2,200 | |
| Series MS 3267, 1.77% 3/7/19 (Liquidity Facility Cr. Suisse AG) (a)(b) | 6,000 | 6,000 | |
| Series MS 3389, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 4,000 | 4,000 | |
| Series TD 0036, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 7,105 | 7,105 | |
| California Infrastructure and Econ. Dev. Bank Rev. Participating VRDN Series Floaters XF 07 48, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(e) | 3,715 | 3,715 | |
| California Muni. Fin. Auth. Rev. Participating VRDN Series Floaters XL 00 59, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 1,200 | 1,200 | |
| California State Univ. Rev. Participating VRDN: | |||
| Series Floaters XF 07 40, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,800 | 1,800 | |
| Series Floaters XF 24 41, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 7,675 | 7,675 | |
| Series Floaters ZF 06 73, 1.74% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b) | 1,200 | 1,200 | |
| Series Floaters ZF 26 24, 1.75% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 1,000 | 1,000 | |
| Series Floaters ZF 26 60, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 11,300 | 11,300 | |
| California Statewide Cmntys. Dev. Auth. Rev. Participating VRDN: | |||
| Series 2017: | |||
| 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 1,800 | 1,800 | |
| 1.86% 3/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) | 5,200 | 5,200 | |
| Series ROC II R 14001, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 2,375 | 2,375 | |
| Series XF 23 59, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 825 | 825 | |
| Chaffey Unified High School District Participating VRDN: | |||
| Series Floaters XF 05 48, 1.77% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 5,800 | 5,800 | |
| Series Floaters ZM 05 85, 1.77% 3/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(b) | 1,750 | 1,750 | |
| Coast Cmnty. College District Participating VRDN: | |||
| Series Floaters G7, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 5,000 | 5,000 | |
| Series Floaters XM 06 89, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 5,705 | 5,705 | |
| Corona-Norco Unified School District Participating VRDN Series RBC G 64, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 2,500 | 2,500 | |
| Culver City California Unified School District Participating VRDN Series Solar 17 10, 1.5% 3/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b) | 12,625 | 12,625 | |
| Dignity Health Participating VRDN: | |||
| Series 17 04, 1.86% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 78,285 | 78,285 | |
| Series DBE 80 11, 1.94% 3/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) | 30,700 | 30,700 | |
| Dublin Unified School District Participating VRDN Series Solar 0062, 1.68% 3/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b) | 5,130 | 5,130 | |
| East Bay Muni. Util. District Participating VRDN Series XM 02 94, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 10,100 | 10,100 | |
| East Bay Muni. Util. District Wastewtr. Sys. Rev. Participating VRDN: | |||
| Series Floaters ZM 05 98, 1.75% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 2,500 | 2,500 | |
| Series Floaters ZM 06 03, 1.69% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 6,750 | 6,750 | |
| Eastern Muni. Wtr. District Fing. W Participating VRDN: | |||
| Series Floaters XF 24 48, 1.69% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 2,400 | 2,400 | |
| Series Floaters ZF 27 08, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 9,055 | 9,055 | |
| Series Floaters ZM 05 10, 1.71% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 7,500 | 7,500 | |
| El Camino Hosp. Participating VRDN Series 2017 XF 2415, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 3,575 | 3,575 | |
| Elk Grove Unified School District Participating VRDN Series Floaters XG 01 27, 1.75% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b) | 2,100 | 2,100 | |
| Escondido Participating VRDN Series Floaters G 77, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 5,375 | 5,375 | |
| Fillmore Calif Wastewtr. Rev. Participating VRDN Series Floaters XF 24 70, 1.74% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 1,900 | 1,900 | |
| Folsom Cordova Unified School District Participating VRDN Series XF 25 64, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 3,750 | 3,750 | |
| Foothill-De Anza Cmnty. College District Participating VRDN: | |||
| Series MS 3288, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 1,725 | 1,725 | |
| Series ROC II R 14066, 1.72% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 3,500 | 3,500 | |
| Fresno Joint Pwr. Fing. Auth. Leasing Rev. Participating VRDN Series Floaters ZF 10 59, 1.89% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,300 | 1,300 | |
| Garvey School District Participating VRDN Series Floaters XF 26 60, 1.94% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 1,370 | 1,370 | |
| Grossmont Union High School District Participating VRDN Series Floaters ZF 03 62, 1.84% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,400 | 1,400 | |
| Grossmont-Cuyamaca Cmnty. College District Participating VRDN: | |||
| Series Floaters XF 06 69, 1.75% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 2,500 | 2,500 | |
| Series Floaters XG 01 88, 1.75% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 2,000 | 2,000 | |
| Series Floaters ZF 26 61, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 15,110 | 15,110 | |
| Hartnell Cmnty. College District Participating VRDN Series Floaters XF 05 87, 1.76% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 500 | 500 | |
| Hayward Area Recreation and Park District Participating VRDN Series Floaters XF 24 68, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 5,000 | 5,000 | |
| Irvine Ranch Wtr. District Ctfs. of Prtn. Participating VRDN Series Floaters ZM 06 35, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,525 | 1,525 | |
| Long Beach Unified School District Participating VRDN: | |||
| Series 2017, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 23,865 | 23,865 | |
| Series Floaters XF 05 60, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 4,085 | 4,085 | |
| Series Floaters XF 24 58, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 2,500 | 2,500 | |
| Los Angeles Cmnty. College District Participating VRDN: | |||
| Series Floaters XF 27 74, 1.75% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 3,750 | 3,750 | |
| Series ROC II R 11773, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 23,265 | 23,265 | |
| Los Angeles County Pub. Works Fing. Auth. Lease Rev. Participating VRDN Series ZF 01 84, 1.77% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,600 | 1,600 | |
| Los Angeles Dept. Arpt. Rev. Participating VRDN: | |||
| Series 16 XL0005, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 5,405 | 5,405 | |
| Series Floaters XM 04 27, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 7,500 | 7,500 | |
| Series ROC II R 11842, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 6,750 | 6,750 | |
| Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN: | |||
| Series Floaters XF 05 70, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 3,300 | 3,300 | |
| Series Floaters XF 07 32, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 7,520 | 7,520 | |
| Series Floaters XF 07 44, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 3,750 | 3,750 | |
| Series Floaters XF 25 54, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 4,800 | 4,800 | |
| Series Floaters XF 25 62, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 3,665 | 3,665 | |
| Series Floaters XL 00 96, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 1,000 | 1,000 | |
| Series Floaters XM 03 79, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 5,370 | 5,370 | |
| Series MS 3345, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 3,060 | 3,060 | |
| Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN: | |||
| Series 15 XF2168, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 5,710 | 5,710 | |
| Series Floaters XG 01 21, 1.74% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b) | 3,000 | 3,000 | |
| Series Floaters YX 10 85, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 7,500 | 7,500 | |
| Series Floaters ZM 04 68, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 7,415 | 7,415 | |
| Series MS 3397, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 1,200 | 1,200 | |
| Series ROC 14087, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 7,200 | 7,200 | |
| Los Angeles Unified School District Participating VRDN: | |||
| Series Floaters XF 25 75, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 8,000 | 8,000 | |
| Series Floaters XM 02 49, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 4,165 | 4,165 | |
| Series Floaters XM 02 50, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 6,300 | 6,300 | |
| Series Floaters YX 10 87, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 11,250 | 11,250 | |
| Series Floaters ZM 05 90, 1.74% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b) | 1,000 | 1,000 | |
| Series Floaters ZM 05 91, 1.74% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b) | 4,800 | 4,800 | |
| Series Floaters ZM 06 01, 1.74% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b) | 1,570 | 1,570 | |
| Los Angeles Wastewtr. Sys. Rev.: | |||
| Bonds Series Floaters G 26, 1.89%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | 5,000 | 5,000 | |
| Participating VRDN: | |||
| Series 15 ZF0243, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 5,430 | 5,430 | |
| Series 16 ZF0313, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 4,935 | 4,935 | |
| Series 2015 ZF 0242, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,100 | 2,100 | |
| Series ROC II R 14059, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 6,000 | 6,000 | |
| Lucia Mar Unified School District Participating VRDN Series 2017, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 6,400 | 6,400 | |
| Lucile Salter Packard Children's Hosp. Participating VRDN Series Floaters XG 01 48, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 2,138 | 2,138 | |
| Marin Pub. Fing. Auth. Rev. Sausalito-Marin San. District Participating VRDN Series 2017 XF 2436, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 6,315 | 6,315 | |
| Newport Mesa Unified School District Bonds Series WF 11 70Z, SIFMA Municipal Swap Index + 0.280% 1.91%, tender 4/25/19 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(c)(d) | 1,765 | 1,765 | |
| Oakland Gen. Oblig. Participating VRDN Series RBC G 61, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 2,650 | 2,650 | |
| Oxnard School District Participating VRDN Series Floaters G8, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 3,000 | 3,000 | |
| Palmdale Calif School District Participating VRDN Series Floaters XF 24 43, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 7,125 | 7,125 | |
| Palomar Cmnty. College District Participating VRDN Series Floaters XF 25 65, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 2,885 | 2,885 | |
| Pub. Utils. Commission San Francisco City & County Wastewtr. Rev. Participating VRDN: | |||
| Series Floaters XF 07 27, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 3,000 | 3,000 | |
| Series Floaters ZF 27 44, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 3,905 | 3,905 | |
| Rancho Wtr. District Fing. Auth. Rev. Participating VRDN Series Floaters XF 27 52, 1.69% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 6,200 | 6,200 | |
| Riverside County Trans. Commission Sales Tax Rev. Participating VRDN Series Floaters XF 22 97, 1.74% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 1,775 | 1,775 | |
| Sacramento Area Flood Cont. Agcy. Participating VRDN: | |||
| Series Floaters XM 04 55, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 1,100 | 1,100 | |
| Series Floaters YX 10 37, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 4,540 | 4,540 | |
| Series Floaters ZM 04 57, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 6,330 | 6,330 | |
| Series Floaters ZM 04 58, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 10,845 | 10,845 | |
| San Diego Cmnty. College District Participating VRDN: | |||
| Series XM 0149, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 2,300 | 2,300 | |
| Series XM 02 90, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 5,700 | 5,700 | |
| San Diego County Wtr. Auth. Rev. Participating VRDN Series Floaters ZF 03 57, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 3,805 | 3,805 | |
| San Diego Pub. Facilities Fing. Auth. Wtr. Rev. Participating VRDN Series 15 XF0098, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 25,265 | 25,265 | |
| San Diego Unified School District Participating VRDN: | |||
| Series Floaters XF 07 00, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 2,300 | 2,300 | |
| Series Floaters XF 27 80, 1.74% 3/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(b) | 4,000 | 4,000 | |
| Series Floaters XM 05 64, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 2,500 | 2,500 | |
| Series Floaters XM 07 27, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 2,425 | 2,425 | |
| Series Floaters ZF 27 09, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 2,500 | 2,500 | |
| Series RBC G 51, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 2,000 | 2,000 | |
| San Francisco Bay Area Rapid Transit District Sales Tax Rev. Participating VRDN Series ROC II R 14035, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 5,000 | 5,000 | |
| San Francisco Bay Area Rapid Transit Fing. Auth. Participating VRDN: | |||
| Series Floaters XF 24 49 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 2,500 | 2,500 | |
| Series floaters XX 10 51, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 3,330 | 3,330 | |
| San Francisco City & County Gen. Oblig. Participating VRDN Series EGL 17 0008, 1.74% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 11,455 | 11,455 | |
| San Francisco Pub. Utils. Commission Wtr. Rev. Participating VRDN Series Floaters XF 06 07, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 4,330 | 4,330 | |
| San Jose Unified School District Santa Clara County Participating VRDN Series Floaters XF 25 34, 1.7% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 2,740 | 2,740 | |
| San Juan Capistrano Gen. Oblig. Participating VRDN Series Putters 0048, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 10,050 | 10,050 | |
| San Rafael Calif City High School Participating VRDN Series Floaters XF 06 74, 1.75% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 3,000 | 3,000 | |
| Sanger Unified School District Participating VRDN Series Floaters XF 24 63, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 10,705 | 10,705 | |
| Santa Clara County Gen. Oblig. Participating VRDN: | |||
| Series Floaters XF 06 46, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 2,985 | 2,985 | |
| Series ZM 06 40, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,500 | 2,500 | |
| Santa Monica Cmnty. College District Gen. Oblig. Participating VRDN: | |||
| Series 15 XF2169, 1.71% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 4,800 | 4,800 | |
| Series Floaters ZF 06 30, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 5,000 | 5,000 | |
| Solano Cmnty. College District Participating VRDN Series Floaters XF 24 59, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 3,145 | 3,145 | |
| Sonoma County Jr. College District Rev. Participating VRDN Series Floaters G6, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 5,000 | 5,000 | |
| South San Francisco Calif District Participating VRDN Series 2016, 1.68% 3/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b) | 9,400 | 9,400 | |
| Southwestern Cmnty. College District Gen. Oblig. Participating VRDN: | |||
| Series Floaters G 92, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 3,250 | 3,250 | |
| Series Floaters XF 27 26, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 3,250 | 3,250 | |
| The Regents of the Univ. of California Participating VRDN: | |||
| Series XM 03 58, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 3,000 | 3,000 | |
| Series XM 03 63, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 6,000 | 6,000 | |
| The Regents of the Univ. of California Gen. Rev. Participating VRDN Series Floaters XM 03 90, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 7,500 | 7,500 | |
| Trustees of the California State Univ. Participating VRDN Series ZM 00 90, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 3,580 | 3,580 | |
| Univ. of California Regents Med. Ctr. Pool Rev. Participating VRDN: | |||
| Series 2018 Floaters XX 10 92, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 2,225 | 2,225 | |
| Series Floaters YX 10 97, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 6,030 | 6,030 | |
| Univ. of California Revs. Participating VRDN: | |||
| Series 15 ZF0177, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 3,810 | 3,810 | |
| Series 15 ZF0178, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,500 | 2,500 | |
| Series 16 XL0001, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 15,375 | 15,375 | |
| Series 2015 ZF0186, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 2,500 | 2,500 | |
| Series 2015 ZF0187, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 4,605 | 4,605 | |
| Series Floaters XF 05 24, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 6,150 | 6,150 | |
| Series Floaters XF 06 32, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 5,200 | 5,200 | |
| Series Floaters XM 04 13, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 6,255 | 6,255 | |
| Series Floaters XM 04 34, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 1,500 | 1,500 | |
| Series Floaters XM 07 04, 1.69% 3/7/19 (Liquidity Facility Citibank NA) (a)(b) | 15,465 | 15,465 | |
| Series Floaters YX 10 98, 1.72% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 3,500 | 3,500 | |
| Series Floaters ZF 05 32, 1.74% 3/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 10,000 | 10,000 | |
| Series Floaters ZF 06 27, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 2,500 | 2,500 | |
| Series Floaters ZF 06 28, 1.74% 3/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 2,500 | 2,500 | |
| Series Floaters ZF 26 70, 1.76% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 25,000 | 25,000 | |
| Series MS 3066, 1.77% 3/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 2,300 | 2,300 | |
| Whittier Health Facilities Rev. Participating VRDN Series Floaters CTFS 030, 1.86% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 23,035 | 23,035 | |
| Yosemite Cmnty. College District Participating VRDN Series RBC G 50, 1.74% 3/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b) | 3,300 | 3,300 | |
| 1,299,728 | |||
| Colorado - 0.1% | |||
| Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters 018, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 3,285 | 3,285 | |
| Connecticut - 0.1% | |||
| Connecticut Gen. Oblig. Participating VRDN: | |||
| Series Floaters 014, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 2,700 | 2,700 | |
| Series Floaters 016, 1.78% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 2,500 | 2,500 | |
| 5,200 | |||
| Florida - 0.1% | |||
| Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 17 02, 1.87%, tender 5/2/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b) | 495 | 495 | |
| Tallahassee Memorial Healthcare Participating VRDN Series Floaters ML 70 01, 1.78% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b) | 1,800 | 1,800 | |
| 2,295 | |||
| Illinois - 0.2% | |||
| Chicago Transit Auth. Participating VRDN Series Floaters XM 04 50, 1.78% 3/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b) | 1,000 | 1,000 | |
| Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 5,105 | 5,105 | |
| 6,105 | |||
| Montana - 0.2% | |||
| Missoula Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 7,185 | 7,185 | |
| Ohio - 0.1% | |||
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.86% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b) | 400 | 400 | |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 1,090 | 1,090 | |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 1,600 | 1,600 | |
| 3,090 | |||
| Oklahoma - 0.0% | |||
| Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN Series Floaters XG 02 10, 1.78% 3/7/19 (Liquidity Facility Bank of America NA) (a)(b) | 310 | 310 | |
| Pennsylvania - 0.1% | |||
| Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 2,400 | 2,400 | |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, SIFMA Municipal Swap Index + 0.170% 1.91%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | 1,400 | 1,400 | |
| Pennsylvania Tpk. Commission Tpk. Rev.: | |||
| Bonds Series Floaters G 43, SIFMA Municipal Swap Index + 0.200% 1.94%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | 800 | 800 | |
| Participating VRDN Series Floaters 2018 029, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 500 | 500 | |
| 5,100 | |||
| Texas - 0.1% | |||
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | 2,900 | 2,900 | |
| TOTAL TENDER OPTION BOND | |||
| (Cost $1,335,198) | 1,335,198 | ||
| Other Municipal Security - 32.3% | |||
| California - 31.5% | |||
| Alameda County Joint Powers Auth. Lease Rev. Series 10A, 1.6% 5/2/19, LOC Fed. Home Ln. Bank, San Francisco, CP | 11,200 | 11,200 | |
| California Edl. Facilities Auth. Rev.: | |||
| Series 08: | |||
| 1.75% 4/2/19, CP | 3,625 | 3,625 | |
| 1.75% 4/4/19, CP | 6,250 | 6,250 | |
| Series 2008, 1.78% 4/1/19, CP | 6,700 | 6,700 | |
| Series 2018: | |||
| 1.6% 3/29/19, CP | 39,000 | 39,000 | |
| 1.75% 4/9/19, CP | 20,000 | 20,000 | |
| 1.86% 4/2/19, CP | 16,900 | 16,900 | |
| California Gen. Oblig.: | |||
| Series 2011 A2, 1.7% 4/4/19, LOC Royal Bank of Canada, CP | 13,250 | 13,250 | |
| Series 2011 A5, 1.6% 5/2/19, LOC U.S. Bank NA, Cincinnati, CP | 16,000 | 16,000 | |
| Series A1: | |||
| 1.83% 3/19/19, LOC Wells Fargo Bank NA, CP | 6,200 | 6,200 | |
| 1.83% 3/20/19, LOC Wells Fargo Bank NA, CP | 20,800 | 20,800 | |
| 1.83% 3/22/19, LOC Wells Fargo Bank NA, CP | 7,300 | 7,300 | |
| Series A2, 1.78% 3/4/19, LOC Royal Bank of Canada, CP | 9,265 | 9,265 | |
| Series A4, 1.68% 4/3/19, LOC Toronto-Dominion Bank, CP | 20,000 | 20,000 | |
| Series A6: | |||
| 1.48% 3/5/19, LOC Bank of America NA, CP | 36,765 | 36,765 | |
| 1.6% 3/5/19, LOC Bank of America NA, CP | 15,300 | 15,300 | |
| 1.64% 3/4/19, LOC Bank of America NA, CP | 15,200 | 15,200 | |
| 1.75% 3/4/19, LOC Bank of America NA, CP | 29,400 | 29,400 | |
| California Health Facilities Fing. Auth. Rev. Bonds (Stanford Hosp. & Clinics Proj.): | |||
| Series 2008 B2, 1.67%, tender 6/18/19 (a) | 15,500 | 15,500 | |
| Series 2012 C, SIFMA Municipal Swap Index + 0.250% 1.99%, tender 9/26/19 (a)(d) | 8,100 | 8,100 | |
| California State Univ. Rev. Series A: | |||
| 1.45% 3/5/19, LOC State Street Bank & Trust Co., Boston, LOC Wells Fargo Bank NA, CP | 7,585 | 7,585 | |
| 1.47% 3/5/19, LOC State Street Bank & Trust Co., Boston, LOC Wells Fargo Bank NA, CP | 12,515 | 12,515 | |
| 1.47% 3/5/19, LOC State Street Bank & Trust Co., Boston, LOC Wells Fargo Bank NA, CP | 6,850 | 6,850 | |
| California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Bonds: | |||
| Series 2010 A, SIFMA Municipal Swap Index + 0.100% 1.84%, tender 5/1/19 (Liquidity Facility Royal Bank of Canada) (a)(d) | 20,290 | 20,290 | |
| Series 2010 B, SIFMA Municipal Swap Index + 0.100% 1.84%, tender 5/1/19 (Liquidity Facility Royal Bank of Canada) (a)(d) | 16,605 | 16,605 | |
| East Bay Muni. Util. District Wastewtr. Sys. Rev.: | |||
| Series A1: | |||
| 1.54% 3/5/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | 6,400 | 6,400 | |
| 1.56% 4/3/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | 10,295 | 10,295 | |
| 1.59% 4/2/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | 19,800 | 19,800 | |
| 1.6% 3/5/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | 11,320 | 11,320 | |
| 1.6% 5/2/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | 8,300 | 8,300 | |
| 1.63% 4/3/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | 10,675 | 10,675 | |
| 1.75% 3/5/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | 5,920 | 5,920 | |
| Series A2: | |||
| 1.57% 4/2/19 (Liquidity Facility Bank of America NA), CP | 34,500 | 34,500 | |
| 1.59% 3/4/19 (Liquidity Facility Bank of America NA), CP | 7,500 | 7,500 | |
| 1.62% 4/2/19 (Liquidity Facility Bank of America NA), CP | 15,000 | 15,000 | |
| 1.74% 3/5/19 (Liquidity Facility Bank of America NA), CP | 45,500 | 45,500 | |
| Los Angeles County Cap. Asset Leasing Corp. Lease Rev.: | |||
| Series A: | |||
| 1.63% 3/7/19, LOC Bank of The West San Francisco, CP | 26,900 | 26,900 | |
| 1.63% 3/8/19, LOC Bank of The West San Francisco, CP | 19,220 | 19,220 | |
| Series B: | |||
| 1.55% 3/5/19, LOC U.S. Bank NA, Cincinnati, CP | 9,500 | 9,500 | |
| 1.7% 4/1/19, LOC U.S. Bank NA, Cincinnati, CP | 15,000 | 15,000 | |
| Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series A, 1.64% 3/4/19, LOC Citibank NA, CP | 10,166 | 10,166 | |
| Los Angeles Dept. of Wtr. & Pwr. Rev.: | |||
| Series 2018, 1.76% 3/1/19 (Liquidity Facility Royal Bank of Canada), CP | 31,000 | 31,000 | |
| Series 2019, 1.78% 4/4/19 (Liquidity Facility Royal Bank of Canada), CP | 34,500 | 34,500 | |
| Los Angeles Muni. Impt. Corp. Lease Rev.: | |||
| Series 2009 A2: | |||
| 1.65% 4/3/19, LOC Bank of America NA, CP | 10,000 | 10,000 | |
| 1.73% 4/3/19, LOC Bank of America NA, CP | 6,500 | 6,500 | |
| 1.73% 5/1/19, LOC Bank of America NA, CP | 5,000 | 5,000 | |
| Series 2011 A3: | |||
| 1.74% 4/4/19, LOC Bank of The West San Francisco, CP | 30,900 | 30,900 | |
| 1.78% 3/28/19, LOC Bank of The West San Francisco, CP | 4,100 | 4,100 | |
| Series 2012 A1: | |||
| 1.65% 4/3/19, LOC Wells Fargo Bank NA, CP | 5,000 | 5,000 | |
| 1.72% 4/8/19, LOC Wells Fargo Bank NA, CP | 12,500 | 12,500 | |
| 1.73% 5/1/19, LOC Wells Fargo Bank NA, CP | 15,000 | 15,000 | |
| Series 2013 A4, 1.72% 4/8/19, LOC U.S. Bank NA, Cincinnati, CP | 28,850 | 28,850 | |
| Series A1: | |||
| 1.73% 4/3/19, LOC Wells Fargo Bank NA, CP | 9,000 | 9,000 | |
| 1.75% 3/28/19, LOC Wells Fargo Bank NA, CP | 2,000 | 2,000 | |
| Series A4, 1.79% 3/5/19, LOC U.S. Bank NA, Cincinnati, CP | 7,400 | 7,400 | |
| Sacramento Muni. Util. District Elec. Rev.: | |||
| Series K1: | |||
| 1.53% 4/2/19, LOC State Street Bank & Trust Co., Boston, CP | 7,500 | 7,500 | |
| 1.65% 5/2/19, LOC State Street Bank & Trust Co., Boston, CP | 30,850 | 30,850 | |
| Series L1, 1.5% 3/6/19, LOC Barclays Bank PLC, CP | 45,000 | 45,000 | |
| San Diego County Reg'l. Trans. Commission Sales Tax Rev. Series B: | |||
| 1.78% 3/6/19, LOC Bank of America NA, CP | 14,875 | 14,875 | |
| 1.8% 3/6/19, LOC Bank of America NA, CP | 817 | 817 | |
| San Francisco City & Cnt Series A1, 1.65% 3/7/19, LOC Bank of America NA, CP | 2,658 | 2,658 | |
| San Francisco City & County Pub. Util. Commission Wastewtr. Rev. Series A1, 1.53% 3/28/19, LOC Sumitomo Mitsui Banking Corp., CP | 131,278 | 131,278 | |
| San Jose Fin. Auth. Rev. Series 1, 1.78% 3/7/19, LOC State Street Bank & Trust Co., Boston, CP | 2,217 | 2,217 | |
| Santa Clara Valley Wtr. District Wtr. Util. Rev. Series 12A, 1.5% 3/6/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | 16,255 | 16,255 | |
| 1,089,796 | |||
| Georgia - 0.4% | |||
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds: | |||
| Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.84%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) (a)(d) | 7,220 | 7,220 | |
| Series 2010 A2, SIFMA Municipal Swap Index + 0.100% 1.84%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) (a)(d) | 7,395 | 7,395 | |
| 14,615 | |||
| Kentucky - 0.0% | |||
| Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 1.75% tender 3/6/19, CP mode | 2,100 | 2,100 | |
| Massachusetts - 0.2% | |||
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds: | |||
| (New England Pwr. Co. Proj.) Series 1992, 1.6% tender 3/21/19, CP mode | 5,400 | 5,400 | |
| Series 1992, 1.85% tender 3/27/19, CP mode | 890 | 890 | |
| 6,290 | |||
| Michigan - 0.0% | |||
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.99%, tender 9/26/19 (a)(d) | 200 | 200 | |
| New Mexico - 0.1% | |||
| New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2014 B, 1 month U.S. LIBOR + 0.750% 2.431%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(d) | 3,900 | 3,901 | |
| Ohio - 0.1% | |||
| Lancaster Port Auth. Gas Rev. Bonds Series 2014, 1 month U.S. LIBOR + 0.720% 2.401%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(d) | 2,500 | 2,500 | |
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $1,119,402) | 1,119,402 | ||
| Shares (000s) | Value (000s) | ||
| Investment Company - 11.7% | |||
| Fidelity Tax-Free Cash Central Fund, 1.75% (f)(g) | |||
| (Cost $404,024) | 403,990 | 404,024 | |
| TOTAL INVESTMENT IN SECURITIES - 99.7% | |||
| (Cost $3,453,961) | 3,453,961 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.3% | 9,256 | ||
| NET ASSETS - 100% | $3,463,217 |
Security Type Abbreviations
CP – COMMERCIAL PAPER
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
Security Type Abbreviations
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.
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Provides evidence of ownership in one or more underlying municipal bonds.
(c) 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 $163,530,000 or 4.7% of net assets.
(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,715,000 or 0.1% of net assets.
(f) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost (000s) |
| Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 1/18/18 | $2,400 |
| California Health Facilities Fing. Auth. Bonds Series Floaters G 44, SIFMA Municipal Swap Index + 0.150% 1.89%, tender 5/1/19 (Liquidity Facility Royal Bank of Canada) | 8/2/18 | $2,500 |
| California Health Facilities Fing. Auth. Participating VRDN Series Floaters 013, 1.86% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 6/15/17 - 1/16/19 | $23,980 |
| Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters 018, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 10/15/18 - 2/12/19 | $3,285 |
| Connecticut Gen. Oblig. Participating VRDN Series Floaters 014, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 6/29/17 | $2,700 |
| Dignity Health Participating VRDN Series 17 04, 1.86% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 10/5/17 - 2/25/19 | $78,285 |
| Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 5/31/18 | $2,900 |
| Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 8/16/18 - 11/21/18 | $5,105 |
| Los Angeles Wastewtr. Sys. Rev. Bonds Series Floaters G 26, 1.89%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) | 7/12/18 | $5,000 |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 9/14/17 | $1,090 |
| Missoula Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 7/20/17 - 3/2/18 | $7,185 |
| Newport Mesa Unified School District Bonds Series WF 11 70Z, SIFMA Municipal Swap Index + 0.280% 1.91%, tender 4/25/19 (Liquidity Facility Wells Fargo Bank NA) | 2/1/17 - 2/1/19 | $1,765 |
| Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 3/9/17 - 8/6/18 | $1,600 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, SIFMA Municipal Swap Index + 0.170% 1.91%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) | 2/2/18 - 8/3/18 | $1,400 |
| Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, SIFMA Municipal Swap Index + 0.200% 1.94%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) | 8/2/18 | $800 |
| Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series Floaters 2018 029, 1.89% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 11/15/18 | $500 |
| Whittier Health Facilities Rev. Participating VRDN Series Floaters CTFS 030, 1.86% 4/11/19 (Liquidity Facility Barclays Bank PLC) | 12/6/18 | $23,035 |
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 | $4,523 |
| Total | $4,523 |
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
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.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amounts) | February 28, 2019 | |
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $3,049,937) | $3,049,937 | |
| Fidelity Central Funds (cost $404,024) | 404,024 | |
| Total Investment in Securities (cost $3,453,961) | $3,453,961 | |
| Cash | 1,390 | |
| Receivable for fund shares sold | 18,582 | |
| Interest receivable | 8,110 | |
| Distributions receivable from Fidelity Central Funds | 554 | |
| Receivable from investment adviser for expense reductions | 149 | |
| Total assets | 3,482,746 | |
| Liabilities | ||
| Payable for investments purchased | $5,481 | |
| Payable for fund shares redeemed | 12,883 | |
| Distributions payable | 431 | |
| Accrued management fee | 563 | |
| Distribution and service plan fees payable | 1 | |
| Other affiliated payables | 170 | |
| Total liabilities | 19,529 | |
| Net Assets | $3,463,217 | |
| Net Assets consist of: | ||
| Paid in capital | $3,463,206 | |
| Total distributable earnings (loss) | 11 | |
| Net Assets | $3,463,217 | |
| Net Asset Value and Maximum Offering Price | ||
| California AMT Tax-Free Money Market: | ||
| Net Asset Value, offering price and redemption price per share ($685,825 ÷ 685,649 shares) | $1.00 | |
| Institutional Class: | ||
| Net Asset Value, offering price and redemption price per share ($2,774,813 ÷ 2,774,093 shares) | $1.00 | |
| Service Class: | ||
| Net Asset Value, offering price and redemption price per share ($2,579 ÷ 2,577 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | Year ended February 28, 2019 | |
| Investment Income | ||
| Interest | $36,187 | |
| Income from Fidelity Central Funds | 4,523 | |
| Total income | 40,710 | |
| Expenses | ||
| Management fee | $5,452 | |
| Transfer agent fees | 1,653 | |
| Distribution and service plan fees | 7 | |
| Independent trustees' fees and expenses | 12 | |
| Total expenses before reductions | 7,124 | |
| Expense reductions | (1,085) | |
| Total expenses after reductions | 6,039 | |
| Net investment income (loss) | 34,671 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 129 | |
| Total net realized gain (loss) | 129 | |
| Net increase in net assets resulting from operations | $34,800 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Year ended February 28, 2019 | Year ended February 28, 2018 |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $34,671 | $12,583 |
| Net realized gain (loss) | 129 | 50 |
| Net increase in net assets resulting from operations | 34,800 | 12,633 |
| Distributions to shareholders | (34,760) | – |
| Distributions to shareholders from net investment income | – | (12,583) |
| Distributions to shareholders from net realized gain | – | (59) |
| Total distributions | (34,760) | (12,642) |
| Share transactions - net increase (decrease) | 1,276,512 | 988,193 |
| Total increase (decrease) in net assets | 1,276,552 | 988,184 |
| Net Assets | ||
| Beginning of period | 2,186,665 | 1,198,481 |
| End of period | $3,463,217 | $2,186,665 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity California AMT Tax-Free Money Market Fund
| Years ended February 28, | 2019 | 2018 | 2017 | 2016 A | 2015 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | .012 | .006 | .003 | –B | –B |
| Net realized and unrealized gain (loss)B | – | – | – | – | – |
| Total from investment operations | .012 | .006 | .003 | –B | –B |
| Distributions from net investment income | (.012) | (.006) | (.003) | –B | –B |
| Distributions from net realized gainB | – | – | – | – | – |
| Total distributions | (.012) | (.006) | (.003) | –B | –B |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnC | 1.19% | .65% | .28% | .01% | .02% |
| Ratios to Average Net AssetsD,E | |||||
| Expenses before reductions | .30% | .30% | .30% | .30% | .30% |
| Expenses net of fee waivers, if any | .30% | .30% | .29% | .06% | .06% |
| Expenses net of all reductions | .30% | .30% | .29% | .06% | .06% |
| Net investment income (loss) | 1.19% | .66% | .28% | .01% | .01% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $686 | $465 | $319 | $283 | $317 |
A For the year ended February 29.
B Amount represents less than $.0005 per share.
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.
See accompanying notes which are an integral part of the financial statements.
Fidelity California AMT Tax-Free Money Market Fund Institutional Class
| Years ended February 28, | 2019 | 2018 | 2017 | 2016 A | 2015 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | .013 | .007 | .003 | –B | –B |
| Net realized and unrealized gain (loss) | – | –B | .001 | –B | –B |
| Total from investment operations | .013 | .007 | .004 | –B | –B |
| Distributions from net investment income | (.013) | (.007) | (.003) | –B | –B |
| Distributions from net realized gainB | – | – | – | – | – |
| Total distributions | (.013) | (.007) | (.004)C | –B | –B |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnD | 1.29% | .75% | .36% | .01% | .02% |
| Ratios to Average Net AssetsE,F | |||||
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .20% | .20% | .20% | .06% | .06% |
| Expenses net of all reductions | .20% | .20% | .20% | .06% | .06% |
| Net investment income (loss) | 1.29% | .76% | .37% | .01% | .01% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $2,775 | $1,719 | $879 | $405 | $476 |
A For the year ended February 29.
B Amount represents less than $.0005 per share.
C Total distributions of $.004 per share is comprised of distributions from net investment income of $.0034 and distributions from net realized gain of $.0002 per share.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E 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.
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. 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.
See accompanying notes which are an integral part of the financial statements.
Fidelity California AMT Tax-Free Money Market Fund Service Class
| Years ended February 28, | 2019 | 2018 | 2017 | 2016 A | 2015 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | .010 | .005 | .001 | –B | –B |
| Net realized and unrealized gain (loss)B | – | – | – | – | – |
| Total from investment operations | .010 | .005 | .001 | –B | –B |
| Distributions from net investment income | (.010) | (.005) | (.001) | –B | –B |
| Distributions from net realized gainB | – | – | – | – | – |
| Total distributions | (.010) | (.005) | (.001) | –B | –B |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnC | 1.04% | .49% | .14% | .01% | .02% |
| Ratios to Average Net AssetsD,E | |||||
| Expenses before reductions | .50% | .51% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .45% | .45% | .41% | .06% | .06% |
| Expenses net of all reductions | .45% | .45% | .41% | .06% | .06% |
| Net investment income (loss) | 1.04% | .51% | .15% | .01% | .01% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $3 | $2,833 | $75 | $78 | $142 |
A For the year ended February 29.
B Amount represents less than $.0005 per share.
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.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended February 28, 2019
(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. 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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:
Investment 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 U.S. Federal income taxes is required. As of February 28, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The 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.
Distributions 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 declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
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.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
| Gross unrealized appreciation | $– |
| Gross unrealized depreciation | – |
| Net unrealized appreciation (depreciation) | $– |
| Tax Cost | $3,453,961 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed tax-exempt income | $2 |
| Undistributed ordinary income | $– |
| Undistributed long-term capital gain | $9 |
| Net unrealized appreciation (depreciation) on securities and other investments | $– |
The tax character of distributions paid was as follows:
| February 28, 2019 | February 28, 2018 | |
| Tax-exempt Income | $34,669 | $12,583 |
| Ordinary Income | 30 | 20 |
| Long-term Capital Gains | 61 | 39 |
| Total | $34,760 | $ 12,642 |
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.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
| Financial Statement | Current Line-Item Presentation (As Applicable) | Prior Line-Item Presentation (As Applicable) |
| Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss) Accumulated/Undistributed net realized gain (loss) Net unrealized appreciation (depreciation) |
| Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
| Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
| Distributions to Shareholders Note to Financial Statements | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (the investment adviser) 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. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee 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, the investment adviser 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 the investment adviser, 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% | $7 | $7 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Each class, with the exception of California AMT Tax-Free Money Market, pays a transfer agent fee equal to an annual rate of .05% of class-level average net assets. California AMT Tax-Free Money Market pays a transfer agent fee equal to an annual rate of .10% of class-level average net assets. For the period, transfer agent fees for each class were as follows:
| Amount | |
| California AMT Tax-Free Money Market | $575 |
| Institutional Class | 1,077 |
| Service Class | 1 |
| $1,653 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
5. Expense Reductions.
The investment adviser 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 the compensation of the independent Trustees and certain other expenses such as interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $1,082 and $1, respectively.
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 management fee. During the period, these credits reduced the Fund's management fee by $2.
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended February 28, 2019 | Year ended February 28, 2018 | |
| Distributions to shareholders | ||
| California AMT Tax-Free Money Market | $6,837 | $– |
| Institutional Class | 27,896 | – |
| Service Class | 27 | – |
| Total | $34,760 | $– |
| From net investment income | ||
| California AMT Tax-Free Money Market | $– | $2,509 |
| Institutional Class | – | 10,073 |
| Service Class | – | 1 |
| Total | $– | $12,583 |
| From net realized gain | ||
| California AMT Tax-Free Money Market | $– | $13 |
| Institutional Class | – | 46 |
| Service Class | – | –(a) |
| Total | $– | $59 |
(a) In the amount of less than five hundred dollars.
7. Share Transactions.
Share transactions for each class of shares at a $1.00 per share were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| Year ended February 28, 2019 | Year ended February 28, 2018 | |
| California AMT Tax-Free Money Market | ||
| Shares sold | 735,671 | 394,539 |
| Reinvestment of distributions | 6,085 | 2,196 |
| Shares redeemed | (520,685) | (251,086) |
| Net increase (decrease) | 221,071 | 145,649 |
| Institutional Class | ||
| Shares sold | 3,583,784 | 1,921,543 |
| Reinvestment of distributions | 24,142 | 9,112 |
| Shares redeemed | (2,552,232) | (1,090,866) |
| Net increase (decrease) | 1,055,694 | 839,789 |
| Service Class | ||
| Shares sold | – | 2,896 |
| Reinvestment of distributions | 27 | 1 |
| Shares redeemed | (280) | (142) |
| Net increase (decrease) | (253) | 2,755 |
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity California Municipal Trust II and Shareholders of Fidelity California AMT Tax-Free Money Market Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity California AMT Tax-Free Money Market Fund (one of the funds constituting Fidelity California Municipal Trust II, referred to hereafter as the "Fund") as of February 28, 2019, the related statement of operations for the year ended February 28, 2019, the statement of changes in net assets for each of the two years in the period ended February 28, 2019, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2019 and the financial highlights for each of the five years in the period ended February 28, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
April 10, 2019
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 260 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a Member of the Advisory Board of certain Fidelity® funds (2018), a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as interim president of Michigan State University (2018-2019), a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
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 (September 1, 2018 to February 28, 2019).
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. 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. 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.
| Annualized Expense Ratio-A | Beginning Account Value September 1, 2018 | Ending Account Value February 28, 2019 | Expenses Paid During Period-B September 1, 2018 to February 28, 2019 | |
| California AMT Tax-Free Money Market | .30% | |||
| Actual | $1,000.00 | $1,006.40 | $1.49 | |
| Hypothetical-C | $1,000.00 | $1,023.31 | $1.51 | |
| Institutional Class | .20% | |||
| Actual | $1,000.00 | $1,006.90 | $1.00 | |
| Hypothetical-C | $1,000.00 | $1,023.80 | $1.00 | |
| Service Class | .45% | |||
| Actual | $1,000.00 | $1,005.70 | $2.24 | |
| Hypothetical-C | $1,000.00 | $1,022.56 | $2.26 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended February 28, 2019, $78,250, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2019, 100% of the fund's income dividends were free from federal income tax, and 0.00% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity California AMT Tax-Free Money Market Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its September 2018 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and would be realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.
In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.
Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing management fees and total expenses for certain growth equity funds and index funds; (vii) lowering expense caps for certain existing funds and classes, and converting certain voluntary expense caps to contractual caps, to reduce expenses borne by shareholders; (viii) eliminating short-term redemption fees for funds that had such fees; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group").In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, in prior years, the fund was compared on the basis of a hypothetical "net management fee," which was derived by subtracting payments made by FMR for "fund-level" non-management expenses (including pricing and bookkeeping fees and fees paid to non-affiliated custodians), as well as "class-level" expenses paid by FMR under expense limitation arrangements in effect for the fund, from the fund's management fee. Fidelity no longer calculates a hypothetical net management fee for the fund and, as a result, the chart does not include a hypothetical net management fee for 2017.Fidelity California AMT Tax-Free Money Market Fund
SCM-ANN-0419
1.855631.111
Item 2.
Code of Ethics
As of the end of the period, February 28, 2019, Fidelity California Municipal Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity California AMT Tax-Free Money Market Fund and Fidelity California Municipal Money Market Fund (the “Funds”):
Services Billed by PwC
February 28, 2019 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity California AMT Tax-Free Money Market Fund | $37,000 | $3,200 | $2,000 | $1,900 |
Fidelity California Municipal Money Market Fund | $32,000 | $2,800 | $2,000 | $1,600 |
February 28, 2018 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity California AMT Tax-Free Money Market Fund | $38,000 | $3,300 | $2,000 | $1,700 |
Fidelity California Municipal Money Market Fund | $33,000 | $2,900 | $2,000 | $1,500 |
AAmounts may reflect rounding.
The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):
Services Billed by PwC
| February 28, 2019A | February 28, 2018A |
Audit-Related Fees | $7,930,000 | $8,360,000 |
Tax Fees | $15,000 | $30,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
Billed By | February 28, 2019A | February 28, 2018A |
PwC | $11,135,000 | $10,755,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Funds, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
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 trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s 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 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(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/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
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Date: | April 24, 2019 |
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/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
|
|
Date: | April 24, 2019 |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
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Date: | April 24, 2019 |