See the inside front cover for important information about access to your fund’s shareholder reports.
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Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro-rata share of any securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at fidelity.com and/or institutional.fidelity.com, as applicable.
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 August 31, 2020, the most recent period shown in the table, would have been (0.09)% for California AMT Tax-Free Money Market, (0.04)% for Institutional Class and (0.29)% for Service Class.
| Variable Rate Demand Note - 8.5% | | | |
| | | Principal Amount (000s) | Value (000s) |
| Alabama - 0.2% | | | |
| Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 0.17% 9/8/20, VRDN (a) | | $2,600 | $2,600 |
| West Jefferson Indl. Dev. Series 2008, 0.17% 9/8/20, VRDN (a) | | 2,990 | 2,990 |
| | | | 5,590 |
| Alaska - 0.4% | | | |
| Valdez Marine Term. Rev. (Phillips Trans. Alaska, Inc. Proj.) Series 1994 C, 0.17% 9/8/20 (ConocoPhillips Co. Guaranteed), VRDN (a) | | 12,300 | 12,300 |
| Arizona - 0.0% | | | |
| Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.16% 9/8/20, VRDN (a) | | 1,150 | 1,150 |
| California - 6.8% | | | |
| California Health Facilities Fing. Auth. Rev.: | | | |
| (Adventist Health Sys. West Proj.) Series 2009 B, 0.02% 9/1/20, LOC U.S. Bank NA, Cincinnati, VRDN (a) | | 1,500 | 1,500 |
| (Catholic Healthcare West Proj.) Series 2005 H, 0.09% 9/8/20, LOC Sumitomo Mitsui Banking Corp., VRDN (a) | | 62,125 | 62,125 |
| (Stanford Hosp. and Clinics Proj.) Series 2008 B1, 0.1% 9/8/20, VRDN (a) | | 14,340 | 14,340 |
| Los Angeles Dept. of Wtr. & Pwr. Rev. Series 2001 B3, 0.02% 9/1/20 (Liquidity Facility Barclays Bank PLC), VRDN (a) | | 16,600 | 16,600 |
| Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: | | | |
| Series 2001 B4, 0.01% 9/1/20 (Liquidity Facility Citibank NA), VRDN (a) | | 14,300 | 14,300 |
| Series 2019 A, 0.02% 9/1/20 (Liquidity Facility Toronto-Dominion Bank), VRDN (a) | | 37,055 | 37,055 |
| Modesto Pub. Fing. Auth. Lease Rev. Series 2008 B, 0.08% 9/8/20, LOC Bank of The West San Francisco, VRDN (a) | | 670 | 670 |
| San Bernardino County Flood Cont. District Judgment Oblig. Series 2008, 0.13% 9/8/20, LOC Bank of America NA, VRDN (a) | | 13,450 | 13,450 |
| San Diego Hsg. Auth. Multi-family Hsg. Rev. Series 2017 A, 0.09% 9/8/20, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) | | 57,585 | 57,585 |
| Stanislaus County Cap. Impts. Fing. Auth. Rev. Series 2004, 0.13% 9/8/20, LOC Bank of America NA, VRDN (a) | | 525 | 525 |
| | | | 218,150 |
| Delaware - 0.0% | | | |
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | | | |
| Series 1993 C, 0.24% 9/8/20, VRDN (a) | | 600 | 600 |
| Series 1999 A, 0.26% 9/8/20, VRDN (a) | | 800 | 800 |
| | | | 1,400 |
| Indiana - 0.2% | | | |
| Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.) Series H, 0.23% 9/8/20, VRDN (a) | | 5,400 | 5,400 |
| Kansas - 0.1% | | | |
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | | | |
| Series 2007 A, 0.27% 9/8/20, VRDN (a) | | 200 | 200 |
| Series 2007 B, 0.27% 9/8/20, VRDN (a) | | 900 | 900 |
| Wamego Kansas Poll. Cont. Rfdg. Rev. (Western Resources, Inc. Proj.) Series 1994, 0.26% 9/8/20, VRDN (a) | | 1,800 | 1,800 |
| | | | 2,900 |
| Louisiana - 0.3% | | | |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | | | |
| Series 2010 A1, 0.19% 9/8/20, VRDN (a) | | 500 | 500 |
| Series 2010 B1, 0.24% 9/8/20, VRDN (a) | | 10,000 | 10,000 |
| | | | 10,500 |
| Pennsylvania - 0.5% | | | |
| Delaware County Indl. Dev. Auth. Arpt. Facilities Rev. (United Parcel Svc. Proj.) Series 2015, 0.22% 9/1/20, VRDN (a) | | 14,500 | 14,500 |
| Wyoming - 0.0% | | | |
| Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.15% 9/8/20, VRDN (a) | | 900 | 900 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $272,790) | | | 272,790 |
|
| Tender Option Bond - 49.5% | | | |
| California - 47.4% | | | |
| Canada Unified School District Participating VRDN Series Floaters XF 26 42, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 8,100 | 8,100 |
| Academy of Motion Picture Arts Participating VRDN Series 2017, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 4,865 | 4,865 |
| Alameda Corridor Trans. Auth. Rev. Participating VRDN Series Floaters XL 00 85, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 14,155 | 14,155 |
| Allan-Hancock Joint Ccd Participating VRDN: | | | |
| Series XF 07 69, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,500 | 2,500 |
| Series XF 09 61, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 4,754 | 4,754 |
| Antelope Valley Cmnty. College District Participating VRDN XF 08 94, 0.09% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 3,200 | 3,200 |
| Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN Series 17 XX 1045, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 40,000 | 40,000 |
| Buck Institute Age Research Participating VRDN Series Floaters XF 10 35, 0.24% 9/8/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) | | 2,700 | 2,700 |
| Cabrillo Unified School District Participating VRDN Series 2017 XF 2434, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 5,760 | 5,760 |
| California Dept. of Wtr. Resources Participating VRDN Series MS 3276, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 5,000 | 5,000 |
| California Edl. Facilities Auth. Rev. Participating VRDN Series Floaters XM 07 34, 0.09% 9/8/20 (Liquidity Facility Cr. Suisse AG) (a)(b)(c) | | 3,400 | 3,400 |
| California Gen. Oblig. Participating VRDN: | | | |
| Series 15 XF 1039, 0.08% 9/8/20 (Liquidity Facility Cr. Suisse AG) (a)(b)(c) | | 16,080 | 16,080 |
| Series 15 XF0129, 0.08% 9/8/20 (Liquidity Facility Cr. Suisse AG) (a)(b)(c) | | 5,900 | 5,900 |
| Series 15 XF2161, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 1,220 | 1,220 |
| Series 15 XF2171, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 10,400 | 10,400 |
| Series 2017 XF 2414, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 3,000 | 3,000 |
| Series Floaters G 80, 0.1% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 3,000 | 3,000 |
| Series Floaters G68, 0.1% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 9,025 | 9,025 |
| Series Floaters XM 06 93, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,225 | 2,225 |
| Series Floaters YX 10 84, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 7,500 | 7,500 |
| Series Floaters YX 10 90, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 8,845 | 8,845 |
| Series Floaters ZF 27 10, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 5,490 | 5,490 |
| Series Floaters ZM 06 04, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 2,500 | 2,500 |
| Series Floaters ZM 06 05, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 2,000 | 2,000 |
| Series Floaters ZM 06 08, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 4,575 | 4,575 |
| Series RBC G 52, 0.1% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 3,000 | 3,000 |
| Series Spears DB 80 18, 0.26% 9/8/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) | | 8,385 | 8,385 |
| Series XF 09 24, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,225 | 2,225 |
| Series XF 09 33, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 1,995 | 1,995 |
| Series XF 09 40, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 5,395 | 5,395 |
| Series XF 09 53, 0.1% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 2,000 | 2,000 |
| Series XG 02 86, 0.09% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 2,800 | 2,800 |
| Series XM 08 49, 0.09% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 4,565 | 4,565 |
| Series XX 11 23, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 3,750 | 3,750 |
| Series ZF 09 32, 0.09% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 1,780 | 1,780 |
| Series ZF 09 34, 0.09% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 2,605 | 2,605 |
| Series ZF 09 35, 0.09% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 1,975 | 1,975 |
| Series ZM 07 74, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 2,770 | 2,770 |
| California Health Facilities Fing. Auth. Rev. Participating VRDN: | | | |
| Series 15 XF0131, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 15,235 | 15,235 |
| Series 16 ZF0212, 0.17% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,935 | 2,935 |
| Series 16 ZF0426, 0.19% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 4,280 | 4,280 |
| Series 2017 XF 2048, 0.19% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 6,252 | 6,252 |
| Series 2017 XF 2417, 0.21% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 24,000 | 24,000 |
| Series 2017, 0.21% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 17,030 | 17,030 |
| Series DB 15 XF 0234, 0.08% 9/8/20 (Liquidity Facility Cr. Suisse AG) (a)(b)(c) | | 17,565 | 17,565 |
| Series Floaters 013, 0.21% 10/13/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 22,080 | 22,080 |
| Series Floaters XF 05 23, 0.09% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 5,625 | 5,625 |
| Series Floaters XF 06 08, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 25,830 | 25,830 |
| Series Floaters XF 06 22, 0.19% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 9,405 | 9,405 |
| Series Floaters XF 06 33, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 36,080 | 36,080 |
| Series Floaters XF 24 67, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 20,000 | 20,000 |
| Series Floaters XF 26 98, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 4,800 | 4,800 |
| Series Floaters XG 01 04, 0.21% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 500 | 500 |
| Series Floaters XG 01 25, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 20,455 | 20,455 |
| Series Floaters XG 01 41, 0.21% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 7,925 | 7,925 |
| Series Floaters XG 01 44, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 40,000 | 40,000 |
| Series Floaters XL 00 45, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 4,000 | 4,000 |
| Series Floaters XM 03 01, 0.09% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 8,000 | 8,000 |
| Series Floaters ZF 26 33, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 7,345 | 7,345 |
| Series Floaters ZM 05 02, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 14,000 | 14,000 |
| Series Floaters ZM 05 43, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 4,000 | 4,000 |
| Series MS 3267, 0.12% 9/8/20 (Liquidity Facility Cr. Suisse AG) (a)(b)(c) | | 6,000 | 6,000 |
| Series MS 3389, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 4,000 | 4,000 |
| California Infrastructure and Econ. Dev. Bank Rev. Participating VRDN: | | | |
| Series 18 ZM 05 88, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 1,000 | 1,000 |
| Series Floaters XF 07 48, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c)(d) | | 9,625 | 9,625 |
| California Muni. Fin. Auth. Participating VRDN Series XF 28 63, 0.14% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 9,400 | 9,400 |
| California Muni. Fin. Auth. Rev. Participating VRDN Series Floaters XL 00 59, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 5,570 | 5,570 |
| California State Univ. Rev. Participating VRDN: | | | |
| Series Floaters XF 24 41, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 10,500 | 10,500 |
| Series Floaters ZF 06 73, 0.09% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 1,200 | 1,200 |
| Series Floaters ZF 25 72, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 4,890 | 4,890 |
| Series Floaters ZF 26 60, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 17,625 | 17,625 |
| California Statewide Cmntys. Dev. Auth. Rev. Participating VRDN: | | | |
| Series 2017, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 6,330 | 6,330 |
| Series Floaters XG 01 82, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 5,950 | 5,950 |
| Series ROC II R 14001, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,375 | 2,375 |
| Series XF 23 59, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 6,750 | 6,750 |
| Series XG 02 91, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 4,685 | 4,685 |
| Central Union High School District Participating VRDN Series Floaters XF 07 59, 0.14% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 4,300 | 4,300 |
| Chaffey Unified High School District Participating VRDN: | | | |
| Series Floaters XF 05 48, 0.12% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 7,500 | 7,500 |
| Series Floaters ZM 05 85, 0.12% 9/8/20 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(c) | | 1,750 | 1,750 |
| Chino Valley Unified School District Participating VRDN: | | | |
| Series XF 09 22, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,000 | 2,000 |
| Series XF 09 72, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 3,460 | 3,460 |
| Series XM 08 36, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 6,685 | 6,685 |
| Coast Cmnty. College District Participating VRDN: | | | |
| Series Floaters G7, 0.1% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 7,000 | 7,000 |
| Series Floaters XM 06 89, 0.09% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 5,705 | 5,705 |
| Del Mar Union School District Spl. Tax Participating VRDN Series XG 02 59, 0.13% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c)(d) | | 1,900 | 1,900 |
| Dignity Health Participating VRDN: | | | |
| Series 17 04, 0.21% 10/13/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 84,580 | 84,580 |
| Series DBE 80 11, 0.31% 9/8/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) | | 62,900 | 62,900 |
| East Bay Muni. Util. District Wastewtr. Sys. Rev. Participating VRDN: | | | |
| Series EGL1310, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 21,700 | 21,700 |
| Series Floaters ZM 05 98, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 2,500 | 2,500 |
| Series Floaters ZM 06 03, 0.1% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 3,500 | 3,500 |
| Eastern Muni. Wtr. District Fing. Auth. Participating VRDN: | | | |
| Series Floaters XF 24 48, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 2,400 | 2,400 |
| Series Floaters ZF 27 08, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 9,055 | 9,055 |
| El Camino Hosp. Participating VRDN Series 2017 XF 2415, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 9,150 | 9,150 |
| Elk Grove Unified School District Participating VRDN Series Floaters XG 01 27, 0.1% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 2,100 | 2,100 |
| Escondido Participating VRDN Series Floaters G 77, 0.1% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 3,775 | 3,775 |
| Fillmore Calif Wastewtr. Rev. Participating VRDN Series Floaters XF 24 70, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 5,535 | 5,535 |
| Folsom-Cordova Unified School District Participating VRDN: | | | |
| Series XF 25 64, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 3,750 | 3,750 |
| Series XM 07 44, 0.13% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 8,000 | 8,000 |
| Foothill-De Anza Cmnty. College District Participating VRDN: | | | |
| Series MS 3288, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 1,725 | 1,725 |
| Series ROC II R 14066, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 3,500 | 3,500 |
| Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev. Participating VRDN Series Floaters XG 02 43, 0.13% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 1,110 | 1,110 |
| Fresno Joint Pwr. Fing. Auth. Leasing Rev. Participating VRDN Series Floaters ZF 10 59, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,300 | 2,300 |
| Fresno Unified School District Participating VRDN Series Floaters 05 75, 0.24% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,150 | 2,150 |
| Garvey School District Participating VRDN Series Floaters XF 26 60, 0.24% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 4,270 | 4,270 |
| Grossmont-Cuyamaca Cmnty. College District Participating VRDN Series Floaters XG 01 88, 0.13% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 2,000 | 2,000 |
| Hartnell Cmnty. College District Participating VRDN Series Floaters XF 05 87, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 500 | 500 |
| Hayward Area Recreation and Park District Participating VRDN Series Floaters XF 24 68, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 5,000 | 5,000 |
| Independent Cities Calif Fin. A Participating VRDN Series XL 01 12, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 2,100 | 2,100 |
| Irvine Ranch Wtr. District Ctfs. of Prtn. Participating VRDN Series Floaters ZM 06 35, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 3,225 | 3,225 |
| Long Beach Hbr. Rev. Participating VRDN Series XM 08 65, 0.09% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 2,650 | 2,650 |
| Long Beach Unified School District Participating VRDN Series 2017, 0.11% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 25,720 | 25,720 |
| Los Angeles Cmnty. College District Participating VRDN Series Floaters XF 27 74, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 3,750 | 3,750 |
| Los Angeles Cnty. Metropolitan Trans. Auth. Bonds Series RBC E67, 0.1%, tender 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 13,765 | 13,765 |
| Los Angeles County Facilities, Inc. Participating VRDN Series XM 07 50, 0.14% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 5,300 | 5,300 |
| Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Participating VRDN Series ZM 07 73, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 5,600 | 5,600 |
| Los Angeles County Pub. Works Fing. Auth. Lease Rev. Participating VRDN Series ZF 01 84, 0.13% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,400 | 2,400 |
| Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN: | | | |
| Series Floaters XF 07 32, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 4,600 | 4,600 |
| Series Floaters XF 25 62, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 3,665 | 3,665 |
| Series Floaters XL 00 96, 0.09% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 3,000 | 3,000 |
| Series Floaters XM 03 79, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 11,000 | 11,000 |
| Series MS 3345, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 9,235 | 9,235 |
| Series YX 11 43, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 6,400 | 6,400 |
| Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN: | | | |
| Series Floaters XG 01 21, 0.09% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 3,000 | 3,000 |
| Series Floaters ZM 04 68, 0.09% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 7,415 | 7,415 |
| Series MS 3397, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 10,600 | 10,600 |
| Series ROC 14087, 0.1% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 20,575 | 20,575 |
| Los Angeles Hbr. Dept. Rev. Participating VRDN Series Floaters XF 07 61, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 1,875 | 1,875 |
| Los Angeles Unified School District Participating VRDN: | | | |
| Series Floaters XF 25 75, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 13,470 | 13,470 |
| Series Floaters YX 10 87, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 3,750 | 3,750 |
| Series Floaters ZM 05 91, 0.11% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 4,800 | 4,800 |
| Series Floaters ZM 05 92, 0.11% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 2,400 | 2,400 |
| Series Floaters ZM 06 01, 0.11% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 3,145 | 3,145 |
| Series YX 11 35, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 10,295 | 10,295 |
| Los Angeles Wastewtr. Sys. Rev.: | | | |
| Bonds Series Floaters G 26, 0.24%, tender 12/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 5,000 | 5,000 |
| Participating VRDN: | | | |
| Series 15 ZF0243, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 5,430 | 5,430 |
| Series 2015 ZF 0242, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,100 | 2,100 |
| Series ROC II R 14059, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 6,000 | 6,000 |
| Lucia Mar Unified School District Participating VRDN Series 2017, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 6,400 | 6,400 |
| Lucile Salter Packard Children's Hosp. Participating VRDN Series Floaters XG 01 48, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 4,338 | 4,338 |
| Marin Pub. Fing. Auth. Rev. Sausalito-Marin San. District Participating VRDN Series 2017 XF 2436, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 6,315 | 6,315 |
| Mount San Antonio Cmnty. College Participating VRDN Series Floaters XF 07 53, 0.09% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 4,000 | 4,000 |
| Norwalk-Mirada Unified School District Participating VRDN Series XM 08 10, 0.13% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 2,500 | 2,500 |
| Oakland Gen. Oblig. Participating VRDN Series RBC G 61, 0.1% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 4,650 | 4,650 |
| Ohlone Cmnty. College District Participating VRDN Series Floaters XM 07 39, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 23,625 | 23,625 |
| Oxnard School District Participating VRDN Series Floaters G8, 0.1% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 3,000 | 3,000 |
| Palmdale School District Participating VRDN Series Floaters XF 24 43, 0.11% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 4,625 | 4,625 |
| Palomar Cmnty. College District Participating VRDN Series Floaters XF 25 65, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 5,765 | 5,765 |
| Pub. Utils. Commission San Francisco City & County Wastewtr. Rev. Participating VRDN: | | | |
| Series Floaters XF 07 27, 0.09% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 3,000 | 3,000 |
| Series Floaters ZF 27 44, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 6,905 | 6,905 |
| Rancho Wtr. District Fing. Auth. Rev. Participating VRDN Series Floaters XF 27 52, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 6,200 | 6,200 |
| Riverside County Trans. Commission Sales Tax Rev. Participating VRDN Series Floaters XF 22 97, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 1,775 | 1,775 |
| Sacramento Area Flood Cont. Agcy.: | | | |
| Bonds Series G 118, 0.24%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e) | | 2,290 | 2,290 |
| Participating VRDN: | | | |
| Series Floaters XM 04 55, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 1,100 | 1,100 |
| Series Floaters ZM 04 57, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 6,330 | 6,330 |
| Series Floaters ZM 04 58, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 10,845 | 10,845 |
| Sacramento City Fing. Auth. Rev. Participating VRDN Series Floaters XG 01 00, 0.24% 9/8/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) | | 1,900 | 1,900 |
| San Bernardino Cmnty. College District Participating VRDN Series G 78, 0.1% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 2,000 | 2,000 |
| San Diego Cmnty. College District Participating VRDN Series XM 02 90, 0.09% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 5,700 | 5,700 |
| San Diego Unified School District Participating VRDN: | | | |
| Series Floaters XF 07 00, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 4,000 | 4,000 |
| Series Floaters XF 07 55, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 6,700 | 6,700 |
| Series Floaters ZF 27 09, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 2,500 | 2,500 |
| San Francisco Bay Area Rapid Transit District Sales Tax Rev. Participating VRDN Series ROC II R 14035, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 5,000 | 5,000 |
| San Francisco Bay Area Rapid Transit Fing. Auth. Participating VRDN: | | | |
| Series Floaters XF 24 49 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 2,500 | 2,500 |
| Series floaters XX 10 51, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 3,330 | 3,330 |
| Series ZM 06 43, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,655 | 2,655 |
| San Francisco City & County Gen. Oblig. Participating VRDN Series EGL 17 0008, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 6,005 | 6,005 |
| San Francisco Pub. Utils. Commission Wtr. Rev. Participating VRDN Series Floaters XF 06 07, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 4,330 | 4,330 |
| San Jose Unified School District Santa Clara County Participating VRDN Series Floaters XF 25 34, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 2,740 | 2,740 |
| San Mateo Unified School District Participating VRDN Series XF 09 25, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 3,000 | 3,000 |
| Sanger Unified School District Participating VRDN Series Floaters XF 24 63, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 15,105 | 15,105 |
| Santa Clara County Gen. Oblig. Participating VRDN Series Floaters XF 06 46, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 2,985 | 2,985 |
| Santa Clara Unified School District Participating VRDN Series Floaters XG 02 33, 0.13% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 3,330 | 3,330 |
| Santa Monica Cmnty. College District Gen. Oblig. Participating VRDN: | | | |
| Series 15 XF2169, 0.08% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 4,800 | 4,800 |
| Series Floaters ZF 06 30, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 5,000 | 5,000 |
| Selma Calif Unified School District Participating VRDN Series XG 02 80, 0.13% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 3,960 | 3,960 |
| Solano Cmnty. College District Participating VRDN Series Floaters XF 24 59, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 3,145 | 3,145 |
| Sonoma County Jr. College District Rev. Participating VRDN Series Floaters G6, 0.1% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 7,700 | 7,700 |
| Southwestern Cmnty. College District Gen. Oblig. Participating VRDN: | | | |
| Series Floaters G 92, 0.1% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 3,250 | 3,250 |
| Series Floaters XF 07 81, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 3,198 | 3,198 |
| Series Floaters XF 27 26, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 3,250 | 3,250 |
| Tender Opt Bd Trust Rcpts / Ctfs. Participating VRDN Series XM 08 48, 0.09% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 4,455 | 4,455 |
| The Regents of the Univ. of California Gen. Rev. Participating VRDN Series Floaters XM 03 90, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 7,500 | 7,500 |
| Trustees of the California State Univ. Participating VRDN Series ZM 00 90, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 3,580 | 3,580 |
| Univ. Calif Revs. For Issu Participating VRDN Series XF 09 21, 0.1% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 2,220 | 2,220 |
| Univ. of California Regents Med. Ctr. Pool Rev. Participating VRDN: | | | |
| Series 2018 Floaters XX 10 92, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 2,225 | 2,225 |
| Series Floaters YX 10 97, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 6,030 | 6,030 |
| Univ. of California Revs. Participating VRDN: | | | |
| Series 15 ZF0177, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 7,110 | 7,110 |
| Series 15 ZF0178, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,500 | 2,500 |
| Series 16 XL0001, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 15,375 | 15,375 |
| Series 2015 ZF0186, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,500 | 2,500 |
| Series 2015 ZF0187, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 4,605 | 4,605 |
| Series Floaters XF 05 24, 0.1% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 9,075 | 9,075 |
| Series Floaters XF 06 32, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 5,200 | 5,200 |
| Series Floaters XF 25 77, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 12,945 | 12,945 |
| Series Floaters XM 04 34, 0.09% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 7,500 | 7,500 |
| Series Floaters XM 07 04, 0.09% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 31,930 | 31,930 |
| Series Floaters ZF 06 27, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 2,500 | 2,500 |
| Series Floaters ZF 06 28, 0.09% 9/8/20 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) | | 2,500 | 2,500 |
| Series Floaters ZF 26 70, 0.12% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 25,000 | 25,000 |
| Series XF 27 45, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 8,800 | 8,800 |
| Series ZF 01 88, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 5,105 | 5,105 |
| Whittier Health Facilities Rev. Participating VRDN Series Floaters CTFS 030, 0.21% 10/13/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 20,875 | 20,875 |
| Yosemite Cmnty. College District Participating VRDN: | | | |
| Series Floaters XF 07 72, 0.11% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 3,944 | 3,944 |
| Series RBC G 50, 0.1% 9/8/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | | 3,300 | 3,300 |
| | | | 1,525,266 |
| Colorado - 0.0% | | | |
| Colorado Health Facilities Auth. Rev. Participating VRDN Series MIZ 90 22, 0.24% 9/8/20 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(b)(c) | | 1,400 | 1,400 |
| Connecticut - 0.2% | | | |
| Connecticut Gen. Oblig. Participating VRDN Series Floaters 014, 0.24% 10/13/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 2,555 | 2,555 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
| Bonds Series Floaters G 110, 0.27%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e) | | 2,100 | 2,100 |
| Participating VRDN Series ROC II R 14073, 0.17% 9/8/20 (Liquidity Facility Citibank NA) (a)(b)(c) | | 700 | 700 |
| | | | 5,355 |
| Florida - 0.5% | | | |
| Fort Myers Util. Sys. Rev. Participating VRDN Series XF 08 13, 0.19% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 700 | 700 |
| Jacksonville Elec. Auth. Elec. Sys. Rev. Participating VRDN Series 2019, 0.39% 10/13/20 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(c) | | 12,260 | 12,260 |
| Palm Beach County Health Facilities Auth. Hosp. Rev. Participating VRDN Series XM 07 82, 0.19% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 800 | 800 |
| South Miami Health Facilities Auth. Hosp. Rev. Participating VRDN: | | | |
| Series XF 25 23, 0.19% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 800 | 800 |
| Series XM 08 68, 0.19% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 500 | 500 |
| Tampa-Hillsborough Co. Ex Auth. Bonds Series G-113, 0.29%, tender 1/4/21 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e) | | 400 | 400 |
| | | | 15,460 |
| Illinois - 0.2% | | | |
| Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 0.24% 10/13/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 5,270 | 5,270 |
| Kentucky - 0.1% | | | |
| CommonSpirit Health Participating VRDN Series MIZ 90 21, 0.24% 9/8/20 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(b)(c) | | 1,170 | 1,170 |
| Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.29%, tender 11/2/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e) | | 900 | 900 |
| | | | 2,070 |
| Massachusetts - 0.2% | | | |
| Massachusetts Gen. Oblig. Bonds: | | | |
| Series Clipper 09 67, 0.27%, tender 1/14/21 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(c)(e) | | 2,900 | 2,900 |
| Series Clipper 09 69, 0.27%, tender 1/21/21 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(c)(e) | | 1,600 | 1,600 |
| Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series Floaters G 29, 0.27%, tender 1/4/21 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e) | | 1,600 | 1,600 |
| | | | 6,100 |
| New Jersey - 0.1% | | | |
| Clipper Tax-Exempt Trust Bonds Series Clipper 06 12, 0.26%, tender 9/24/20 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(c)(e) | | 4,400 | 4,400 |
| Ohio - 0.1% | | | |
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 0.21% 9/8/20 (Liquidity Facility Bank of America NA) (a)(b)(c) | | 400 | 400 |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 0.24% 10/13/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 1,090 | 1,090 |
| Ohio Hosp. Rev. Participating VRDN Series 002, 0.24% 10/13/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 2,700 | 2,700 |
| | | | 4,190 |
| Pennsylvania - 0.1% | | | |
| Geisinger Auth. Health Sys. Rev. Participating VRDN Series Floaters YX 10 49, 0.17% 9/8/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 1,595 | 1,595 |
| Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 0.26%, tender 12/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e) | | 1,500 | 1,500 |
| Pennsylvania Tpk. Commission Tpk. Rev.: | | | |
| Bonds Series Floaters G 43, 0.29%, tender 12/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e) | | 800 | 800 |
| Participating VRDN Series DBE 8032, 0.34% 9/8/20 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) | | 700 | 700 |
| | | | 4,595 |
| South Carolina - 0.1% | | | |
| South Carolina Jobs-Econ. Dev. Auth. Hosp. Impt. Rev. Participating VRDN Series XF 28 83, 0.19% 9/8/20 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) | | 1,600 | 1,600 |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 0.29%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e) | | 600 | 600 |
| | | | 2,200 |
| Texas - 0.1% | | | |
| Alamo Cmnty. College District Rev. Bonds Series G-111, 0.29%, tender 11/2/20 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e) | | 1,700 | 1,700 |
| North Ft. Bend Wtr. Auth. Participating VRDN Series XF 08 16, 0.19% 9/8/20 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) | | 2,500 | 2,500 |
| North Texas Tollway Auth. Rev. Bonds Series G-112, 0.29%, tender 1/4/21 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e) | | 100 | 100 |
| | | | 4,300 |
| Virginia - 0.4% | | | |
| Lynchburg Econ. Dev. Participating VRDN Series 2020 10, 0.24% 10/13/20 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) | | 7,800 | 7,800 |
| Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 0.22% 9/8/20 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(b)(c) | | 5,000 | 5,000 |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.29%, tender 2/2/21 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(e) | | 800 | 800 |
| | | | 13,600 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $1,594,206) | | | 1,594,206 |
|
| Other Municipal Security - 32.8% | | | |
| California - 31.6% | | | |
| Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Bonds Series S2, 5% 10/1/20 (Pre-Refunded to 10/1/20 @ 100) | | 14,200 | 14,250 |
| California Dept. of Wtr. Resources Bonds Series 2014, 5% 12/1/20 | | 2,445 | 2,472 |
| California Edl. Facilities Auth. Rev. Series 2020: | | | |
| 0.21% 3/2/21, CP | | 6,600 | 6,600 |
| 0.21% 3/3/21, CP | | 2,375 | 2,375 |
| California Gen. Oblig.: | | | |
| Bonds: | | | |
| Series 2014, 5% 10/1/20 | | 10,000 | 10,033 |
| Series 2015, 5% 9/1/20 | | 4,300 | 4,300 |
| Series 2017, 5% 11/1/20 | | 35,250 | 35,490 |
| Series 2019: | | | |
| 3% 10/1/20 | | 20,300 | 20,332 |
| 5% 11/1/20 | | 965 | 971 |
| 5% 11/1/20 | | 8,100 | 8,154 |
| Series 2020: | | | |
| 2% 3/1/21 | | 42,500 | 42,787 |
| 4% 3/1/21 | | 2,350 | 2,389 |
| Series 2011 A1: | | | |
| 0.2% 9/9/20, LOC Wells Fargo Bank NA, CP | | 16,700 | 16,700 |
| 0.2% 9/15/20, LOC Wells Fargo Bank NA, CP | | 4,695 | 4,695 |
| 0.2% 11/10/20, LOC Wells Fargo Bank NA, CP | | 16,200 | 16,200 |
| 0.23% 10/8/20, LOC Wells Fargo Bank NA, CP | | 16,570 | 16,570 |
| Series 2011 A5: | | | |
| 0.17% 10/7/20, LOC U.S. Bank NA, Cincinnati, CP | | 7,600 | 7,600 |
| 0.22% 10/5/20, LOC U.S. Bank NA, Cincinnati, CP | | 1,550 | 1,550 |
| Series 2020, 0.18% 10/15/20, LOC Royal Bank of Canada, CP | | 8,405 | 8,405 |
| Series A4: | | | |
| 0.22% 10/8/20, LOC Toronto-Dominion Bank, CP | | 17,400 | 17,400 |
| 0.22% 10/15/20, LOC Toronto-Dominion Bank, CP | | 6,200 | 6,200 |
| 0.22% 10/15/20, LOC Toronto-Dominion Bank, CP | | 12,650 | 12,650 |
| Series A8, 0.18% 9/8/20, LOC Bank of The West San Francisco, CP | | 18,490 | 18,490 |
| California Health Facilities Fing. Auth. Rev. Bonds: | | | |
| (Stanford Hosp. & Clinics Proj.) Series 2008 B2, 0.3%, tender 3/2/21 (a) | | 8,400 | 8,400 |
| Series 2008 A, 5.15% 11/15/20 (Pre-Refunded to 11/15/20 @ 100) | | 25,010 | 25,225 |
| Series 2008 B2, 0.24% tender 5/5/21, CP mode (a) | | 12,800 | 12,800 |
| Series 2010 A: | | | |
| 5% 11/15/20 (Pre-Refunded to 11/15/20 @ 100) | | 20,000 | 20,166 |
| 5.75% 11/15/20 (Pre-Refunded to 11/15/20 @ 100) | | 35,600 | 36,005 |
| Series 2010 B: | | | |
| 5% 11/15/20 (Pre-Refunded to 11/15/20 @ 100) | | 34,000 | 34,282 |
| 5% 11/15/20 (Pre-Refunded to 11/15/20 @ 100) | | 7,665 | 7,729 |
| Series 2013 D, 5%, tender 10/15/20 (a) | | 5,990 | 6,019 |
| Series 2016 B1, 1.25%, tender 10/1/20 (a) | | 8,670 | 8,676 |
| California Infrastructure and Econ. Dev. Bank Rev. Bonds Series 2020 A2, SIFMA Municipal Swap Index - 0.050% 0.04%, tender 4/1/21 (a)(f) | | 18,000 | 18,000 |
| California Pub. Works Board Lease Rev. Bonds: | | | |
| (Various Cap. Proj.) Series 2019 C, 5% 11/1/20 | | 1,395 | 1,404 |
| Series E, 5% 10/1/20 | | 3,800 | 3,813 |
| California State Univ. Rev.: | | | |
| Bonds Series 2020 A, 5% 11/1/20 | | 5,955 | 5,996 |
| Series A, 0.17% 11/4/20, LOC State Street Bank & Trust Co., Boston, LOC Wells Fargo Bank NA, CP | | 23,496 | 23,496 |
| California Statewide Cmntys. Dev. Auth. Rev. Bonds (Cottage Health Sys. Obligated Group Proj.) Series 2010, 5.25% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) | | 4,175 | 4,208 |
| East Bay Muni. Util. District Wastewtr. Sys. Rev.: | | | |
| Series A1: | | | |
| 0.15% 10/5/20 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | | 6,600 | 6,600 |
| 0.16% 9/3/20 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | | 4,270 | 4,270 |
| 0.16% 10/1/20 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | | 7,900 | 7,900 |
| 0.16% 11/4/20 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | | 6,900 | 6,900 |
| 0.18% 9/3/20 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | | 9,600 | 9,600 |
| 0.18% 10/6/20 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | | 13,700 | 13,700 |
| 0.2% 10/5/20 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP | | 8,375 | 8,375 |
| Series A2: | | | |
| 0.16% 9/2/20 (Liquidity Facility Bank of America NA), CP | | 7,000 | 7,000 |
| 0.16% 9/3/20 (Liquidity Facility Bank of America NA), CP | | 14,200 | 14,200 |
| 0.16% 10/6/20 (Liquidity Facility Bank of America NA), CP | | 31,600 | 31,600 |
| 0.17% 9/3/20 (Liquidity Facility Bank of America NA), CP | | 31,100 | 31,100 |
| 0.17% 11/4/20 (Liquidity Facility Bank of America NA), CP | | 6,900 | 6,900 |
| Fresno County Gen. Oblig. TRAN Series 2020, 5% 6/30/21 | | 9,150 | 9,503 |
| Imperial Irrigation District Elec. Rev. Bonds Series 2011 B: | | | |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) | | 4,000 | 4,027 |
| 5% 11/1/20 (Pre-Refunded to 11/1/20 @ 100) | | 10,975 | 11,053 |
| Long Beach Hbr. Rev. Bonds Series 2018 A, 5% 12/15/20 | | 5,085 | 5,145 |
| Los Angeles County Cap. Asset Leasing Corp. Lease Rev.: | | | |
| Series A, 0.28% 9/3/20, LOC Bank of The West San Francisco, CP | | 33,600 | 33,600 |
| Series B: | | | |
| 0.17% 10/7/20, LOC U.S. Bank NA, Cincinnati, CP | | 4,800 | 4,800 |
| 0.25% 9/9/20, LOC U.S. Bank NA, Cincinnati, CP | | 13,000 | 13,000 |
| 0.25% 9/16/20, LOC U.S. Bank NA, Cincinnati, CP | | 23,700 | 23,700 |
| Los Angeles County Gen. Oblig.: | | | |
| Series C: | | | |
| 0.17% 10/8/20, LOC Wells Fargo Bank NA, CP | | 1,900 | 1,900 |
| 0.2% 9/16/20, LOC Wells Fargo Bank NA, CP | | 7,700 | 7,700 |
| Series D: | | | |
| 0.17% 10/7/20, LOC State Street Bank & Trust Co., Boston, CP | | 6,700 | 6,700 |
| 0.17% 10/8/20, LOC State Street Bank & Trust Co., Boston, CP | | 7,100 | 7,100 |
| TRAN Series A, 4% 6/30/21 | | 20,000 | 20,614 |
| Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series ATE: | | | |
| 0.15% 10/1/20, LOC Barclays Bank PLC, CP | | 16,666 | 16,666 |
| 0.15% 10/7/20, LOC Barclays Bank PLC, CP | | 4,000 | 4,000 |
| Los Angeles County Schools Pooled Fing. Prog. Ctfs. of Prtn. TRAN: | | | |
| Series A1, 3% 2/1/21 | | 2,800 | 2,833 |
| Series A2, 3% 2/1/21 | | 4,885 | 4,942 |
| Los Angeles Gen. Oblig. TRAN Series 2020, 4% 6/24/21 | | 34,300 | 35,325 |
| Los Angeles Muni. Impt. Corp. Lease Rev. Series A2, 0.14% 9/3/20, LOC Bank of America NA, CP | | 2,800 | 2,800 |
| San Diego County Reg'l. Trans. Commission Sales Tax Rev. Series B, 0.22% 9/1/20, LOC Bank of America NA, CP | | 9,284 | 9,284 |
| San Diego Pub. Facilities Fing. Auth. Lease Rev. Series A: | | | |
| 0.15% 9/1/20, LOC Wells Fargo Bank NA, CP | | 6,516 | 6,516 |
| 0.75% 9/1/20, LOC Wells Fargo Bank NA, CP | | 8,127 | 8,127 |
| San Francisco City & County Series A1, 0.23% 10/14/20, LOC Bank of America NA, CP | | 10,572 | 10,572 |
| San Francisco City & County Pub. Util. Commission Wastewtr. Rev.: | | | |
| Series A1: | | | |
| 0.17% 9/16/20, LOC Sumitomo Mitsui Banking Corp., CP | | 14,700 | 14,700 |
| 0.2% 9/17/20, LOC Bank of America NA, CP | | 5,300 | 5,300 |
| Series A2: | | | |
| 0.17% 10/28/20, LOC Bank of America NA, CP | | 6,100 | 6,100 |
| 0.2% 9/3/20, LOC Sumitomo Mitsui Banking Corp., CP | | 33,600 | 33,600 |
| Series A3, 0.2% 9/3/20, LOC Barclays Bank PLC, CP | | 33,600 | 33,600 |
| San Joaquin County Trans. Auth. Sales Tax Rev. Bonds Series 2011 A, 6% 3/1/21 (Pre-Refunded to 3/1/21 @ 100) | | 900 | 926 |
| San Jose Fin. Auth. Rev. Series 2020, 0.26% 9/24/20, LOC State Street Bank & Trust Co., Boston, CP | | 1,582 | 1,582 |
| Santa Clara Valley Wtr. District Wtr. Util. Rev. Series 2012 A: | | | |
| 0.14% 9/16/20, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | | 7,000 | 7,000 |
| 0.15% 9/16/20, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | | 8,100 | 8,100 |
| 0.2% 9/16/20, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP | | 11,320 | 11,320 |
| Univ. of California Revs. Bonds Series 2016 AT, 1.4%, tender 5/15/21 (a) | | 2,260 | 2,267 |
| | | | 1,015,379 |
| Georgia - 0.6% | | | |
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds: | | | |
| Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 0.21%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(f) | | 7,300 | 7,300 |
| Series 2010 A2, SIFMA Municipal Swap Index + 0.100% 0.21%, tender 10/1/20 (Liquidity Facility Royal Bank of Canada) (a)(f) | | 12,680 | 12,680 |
| | | | 19,980 |
| Kentucky - 0.1% | | | |
| Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 0.4% tender 9/3/20, CP mode | | 2,100 | 2,100 |
| Massachusetts - 0.2% | | | |
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds: | | | |
| (New England Pwr. Co. Proj.) Series 1992, 0.15% tender 9/8/20, CP mode | | 2,600 | 2,600 |
| Series 1992, 0.25% tender 9/1/20, CP mode | | 2,800 | 2,800 |
| | | | 5,400 |
| Michigan - 0.0% | | | |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 0.34%, tender 3/29/21 (a)(f) | | 200 | 200 |
| New Hampshire - 0.1% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds Series 1990 B, 0.4% tender 9/3/20, CP mode | | 4,300 | 4,300 |
| New York And New Jersey - 0.1% | | | |
| Port Auth. of New York & New Jersey Series B, 0.35% 10/28/20, CP | | 2,200 | 2,200 |
| Texas - 0.1% | | | |
| Texas Pub. Fin. Auth. Rev. Series 2016 B, 0.35% 10/29/20 (Liquidity Facility Texas Gen. Oblig.), CP | | 4,700 | 4,700 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $1,054,259) | | | 1,054,259 |
| | | Shares (000s) | Value (000s) |
|
| Investment Company - 9.9% | | | |
| Fidelity Tax-Free Cash Central Fund .07% (g)(h) | | | |
| (Cost $317,871) | | 317,809 | 317,871 |
| TOTAL INVESTMENT IN SECURITIES - 100.7% | | | |
| (Cost $3,239,126) | | | 3,239,126 |
| NET OTHER ASSETS (LIABILITIES) - (0.7)% | | | (21,656) |
| NET ASSETS - 100% | | | $3,217,470 |
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Provides evidence of ownership in one or more underlying municipal bonds.
(c) Coupon rates are determined by re-marketing agents based on current market conditions.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $11,525,000 or 0.4% of net assets.
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $21,690,000 or 0.7% 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 Tax-Free 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 are available on the SEC's website or upon request.
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
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.
The value, beginning of period, for the Fidelity Tax-Free Cash Central Fund was $175,111. Net realized gain (loss) and change in net unrealized appreciation (depreciation) was $6 and $0, respectively. Purchases and sales of the Fidelity Cash Central Fund were $934,441 and $791,687, respectively, during the period.
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
See accompanying notes which are an integral part of the financial statements.
1. Organization.
Fidelity California 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .01%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The 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 – Investment 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:
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.
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.
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 the short-term gain distributions from the Fidelity Central Funds.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
4. Fees and Other Transactions with Affiliates.
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.
During the period, the investment adviser or its affiliates waived a portion of these fees.
During the period, the investment adviser or its affiliates waived a portion of these fees.
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 $739 and $1, respectively.
Additionally, the investment adviser or its affiliates voluntarily agreed to waive certain fees in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver for each class was as follows:
In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $14.
6. Distributions to Shareholders.
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:
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include 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 a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2020 to August 31, 2020).
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 for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the 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. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the 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.
** If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio would have been .45% and the expenses paid in the actual and hypothetical examples above would have been $2.27 and $2.29, respectively.
