N-CSR 1 main.htm

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 811-3725

Fidelity California Municipal Trust
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	February 29

Date of reporting period:	February 29, 2012

Item 1. Reports to Stockholders

Fidelity®

California
Municipal Income
Fund

Annual Report

February 29, 2012

(Fidelity Cover Art)

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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.

Annual Report

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended February 29, 2012	Past 1 year	Past 5 years	Past 10 years
Fidelity® California Municipal Income Fund	13.52%	4.85%	4.89%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® California Municipal Income Fund, a class of the fund, on February 28, 2002. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital® Municipal Bond Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Market recap: Municipal bonds generated a double-digit return for the 12 months ending February 29, 2012, ranking them as one of the year's best-performing asset classes. The Barclays Capital® Municipal Bond Index - a measure of roughly 46,000 tax-exempt investment-grade fixed-rate bonds - advanced 12.42%, significantly outpacing the 8.37% gain of the taxable investment-grade debt market, as measured by the Barclays Capital® U.S. Aggregate Bond Index. Early in the period, demand for munis surged in large measure due to two factors that buoyed them during the entire period. Predicted widespread defaults didn't materialize and the supply/demand backdrop remained favorable. Munis strengthened in the summer, when a dimming U.S. economic outlook, unresolved debt woes in Europe and legislative wrangling over the U.S. debt ceiling further bolstered demand. The muni rally stalled in October and November, due in part to an uptick in the supply of newly issued bonds, as well as proposals out of Washington, D.C., that could potentially limit munis' tax-exempt benefits. The market staged a strong rebound in December, and January was even better because subdued issuance of new bonds was met with robust demand, as proceeds from munis maturing at the end of 2011, as well as coupon payments, resulted in a wave of cash flowing into the market. Munis were flat in February, reflecting a small increase in supply and slightly higher muni bond yields.

Comments from Jamie Pagliocco, Portfolio Manager of Fidelity®California Municipal Income Fund: For the year, the fund's Retail Class shares returned 13.52%, while the Barclays Capital California Enhanced Municipal Bond Index rose 14.17%. The fund's performance fell short of the index due in part to disadvantageous yield-curve positioning and an overweighting in higher-coupon callable bonds. In terms of its yield-curve positioning, modestly overweighting longer-term bonds and underweighting stronger-performing intermediate-maturity securities detracted. Higher-coupon callable bonds generally lagged non-callable bonds selling at face value. In contrast, an overweighting in health care bonds was a plus because the segment rallied strongly. The fund's relative performance also was bolstered by its larger-than-benchmark stake in zero-coupon bonds, which generally enjoyed more price appreciation than comparable-maturity coupon-paying bonds as muni bond yields decline. Out-of-benchmark exposure to Puerto Rico bonds generally outpaced the market, as investors were drawn to the securities' relatively high yields and triple-tax-exempt status, especially in light of actions taken by the government there to stabilize its fiscal situation.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, 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, 2011 to February 29, 2012).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

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. In addition, if these transactional costs were included, your costs would have been higher.

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value September 1, 2011	Ending Account Value February 29, 2012	Expenses Paid During Period* September 1, 2011 to February 29, 2012
Class A	.77%
Actual		$ 1,000.00	$ 1,063.50	$ 3.95
Hypothetical^A		$ 1,000.00	$ 1,021.03	$ 3.87
Class T	.79%
Actual		$ 1,000.00	$ 1,063.30	$ 4.05
Hypothetical^A		$ 1,000.00	$ 1,020.93	$ 3.97
Class B	1.38%
Actual		$ 1,000.00	$ 1,060.40	$ 7.07
Hypothetical^A		$ 1,000.00	$ 1,018.00	$ 6.92
Class C	1.54%
Actual		$ 1,000.00	$ 1,058.70	$ 7.88
Hypothetical^A		$ 1,000.00	$ 1,017.21	$ 7.72
California Municipal Income	.46%
Actual		$ 1,000.00	$ 1,064.30	$ 2.36
Hypothetical^A		$ 1,000.00	$ 1,022.58	$ 2.31
Institutional Class	.54%
Actual		$ 1,000.00	$ 1,064.70	$ 2.77
Hypothetical^A		$ 1,000.00	$ 1,022.18	$ 2.72

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Five Sectors as of February 29, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
General Obligations	46.2	46.6
Health Care	12.9	12.1
Transportation	9.4	10.9
Education	5.6	6.5
Special Tax	4.4	4.2
Weighted Average Maturity as of February 29, 2012
		6 months ago
Years	5.9	7.3

This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.

Duration as of February 29, 2012
		6 months ago
Years	6.9	7.7

Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. Duration takes into account any call or put option embedded in the bonds.

Quality Diversification (% of fund's net assets)
As of February 29, 2012		As of August 31, 2011
	AAA 1.7%		AAA 2.0%
	AA,A 77.5%		AA,A 79.1%
	BBB 12.2%		BBB 13.7%
	BB and Below 0.3%		BB and Below 0.4%
	Not Rated 2.0%		Not Rated 1.6%
	Short-Term Investments and Net Other Assets 6.3%		Short-Term Investments and Net Other Assets 3.2%

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We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Annual Report

Investments February 29, 2012

Showing Percentage of Net Assets

Municipal Bonds - 93.7%
	Principal Amount (000s)	Value (000s)
California - 92.6%
ABAG Fin. Auth. for Nonprofit Corps. Rev.:
(Hamlin School Proj.) Series 2007:
4.625% 8/1/16	$ 380	$ 410
5% 8/1/18	330	355
5% 8/1/19	555	595
(Sharp HealthCare Proj.):
Series 2009 B, 6.25% 8/1/39	3,000	3,445
Series 2012 A:
5% 8/1/24	1,000	1,130
5% 8/1/25	1,245	1,397
5% 8/1/27	300	331
5% 8/1/28	400	438
ABC Unified School District Series 1997 C:
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,720	1,039
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,760	1,346
Alameda Corridor Trans. Auth. Rev. Series 1999 A, 5.25% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	7,575	7,580
Alameda County Ctfs. of Prtn.:
(Santa Rita Jail Proj.) Series 2007 A:
5% 12/1/18 (AMBAC Insured)	2,645	3,001
5% 12/1/20 (AMBAC Insured)	2,810	3,115
Series 1989, 0% 6/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,310	1,806
Alhambra Unified School District Series 2004 A, 5% 8/1/25 (FGIC Insured)	1,880	2,032
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impt. Proj.):
Series 1997 A, 6% 9/1/24	1,000	1,234
Series 1997 C:
0% 9/1/19 (FSA Insured)	1,285	926
0% 9/1/22 (FSA Insured)	5,150	3,049
Anaheim Pub. Fing. Auth. Rev. Series 2007 A, 4.5% 10/1/32	10,000	10,404
Antioch Unified School District (School Facilities Impt. District #1 Proj.) Series 2008 B, 5.75% 8/1/24 (Assured Guaranty Corp. Insured)	1,000	1,176
Auburn Union School District Ctfs. of Prtn. (2008 Refing. Proj.) 5% 6/1/38 (Assured Guaranty Corp. Insured)	5,615	5,809
Banning Unified School District Gen. Oblig. Series 2006 A, 5% 8/1/31 (Berkshire Hathaway Assurance Corp. Insured)	5,190	5,510
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Bay Area Infrastructure Fing. Auth. 5% 8/1/17 (FGIC Insured)	$ 5,030	$ 5,434
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44	5,500	6,186
Burbank Glendale Pasadena Arpt. Auth. Rev. Series 2005 B:
5% 7/1/12 (AMBAC Insured) (c)	1,840	1,861
5.25% 7/1/14 (AMBAC Insured) (c)	2,035	2,190
5.25% 7/1/16 (AMBAC Insured) (c)	1,255	1,391
5.25% 7/1/17 (AMBAC Insured) (c)	1,370	1,492
Burbank Unified School District:
Series 1997 B, 0% 8/1/20	3,835	2,733
Series 1997 C, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,865	4,517
Butte-Glenn Cmnty. College District Series A, 5.5% 8/1/18 (Pre-Refunded to 8/1/12 @ 101)	1,085	1,119
Cabrillo Unified School District Series A:
0% 8/1/12 (AMBAC Insured)	2,800	2,767
0% 8/1/17 (AMBAC Insured)	1,000	818
0% 8/1/18 (AMBAC Insured)	2,000	1,544
California Dept. of Wtr. Resources:
(Central Valley Proj.) Series AM, 5% 12/1/21	4,000	4,770
Series AI:
5% 12/1/18	3,000	3,787
5% 12/1/25	2,700	3,354
Series J1, 7% 12/1/12	730	767
California Econ. Recovery Series 2009 A:
5% 7/1/19	1,725	2,125
5% 7/1/22	3,800	4,367
5.25% 7/1/14	695	770
5.25% 7/1/21	9,910	12,124
California Edl. Facilities Auth. Rev.:
(Claremont Graduate Univ. Proj.) Series 2008 A:
6% 3/1/33	1,000	1,113
6% 3/1/38	1,000	1,098
(College & Univ. Fing. Prog.) Series 2007:
5% 2/1/16	1,600	1,683
5% 2/1/17	1,000	1,045
(Loyola Marymount Univ. Proj.):
Series 2001 A, 0% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,280	2,004
Series 2010 A, 5% 10/1/25	5,860	6,623
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Edl. Facilities Auth. Rev.: - continued
(Pomona College Proj.) Series 2005 A, 0% 7/1/38	$ 3,155	$ 882
(Santa Clara Univ. Proj.) Series 1999, 5.25% 9/1/26 (AMBAC Insured)	7,910	10,018
(Univ. of Southern California Proj.) Series 2007 A, 4.75% 10/1/37	6,000	6,497
California Enterprise Dev. Auth. (The Thacher School Proj.) Series 2010:
4% 9/1/20	860	938
4% 9/1/21	1,000	1,076
4% 9/1/22	740	788
4% 9/1/23	1,080	1,142
4% 9/1/24	1,125	1,177
5% 9/1/19	400	473
5% 9/1/39	5,000	5,229
California Gen. Oblig.:
Series 1992, 6.25% 9/1/12 (FGIC Insured)	655	674
Series 2005, 5.5% 6/1/28	275	276
Series 2007:
5.625% 5/1/20	150	150
5.625% 5/1/26	215	216
5.75% 5/1/30	160	160
4.5% 8/1/30	3,250	3,373
5% 3/1/15	2,130	2,387
5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,500	2,754
5% 9/1/17	750	860
5% 3/1/19	3,000	3,532
5% 8/1/22	1,500	1,699
5% 10/1/22	1,355	1,565
5% 11/1/22	1,600	1,843
5% 11/1/22 (XL Cap. Assurance, Inc. Insured)	2,800	3,226
5% 12/1/22	3,500	4,040
5% 2/1/23	1,095	1,160
5% 2/1/26	1,500	1,503
5% 3/1/26	2,800	3,050
5% 6/1/26	2,600	2,795
5% 2/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,800	2,877
5% 6/1/31	2,000	2,130
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	2,096
5% 10/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	1,009
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Gen. Oblig.: - continued
5.125% 11/1/24	$ 2,800	$ 3,001
5.125% 2/1/26	2,800	2,967
5.25% 2/1/14	4,045	4,317
5.25% 10/1/14	140	140
5.25% 10/1/17	105	105
5.25% 11/1/18	3,000	3,225
5.25% 2/1/20	6,805	7,239
5.25% 2/1/22	2,020	2,149
5.25% 9/1/23	7,200	8,615
5.25% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,490	5,667
5.25% 4/1/27	5	5
5.25% 2/1/28	2,785	2,920
5.25% 2/1/29	5,000	5,158
5.25% 4/1/29	5	5
5.25% 11/1/29	2,000	2,115
5.25% 4/1/30	35	35
5.25% 2/1/33	8,150	8,387
5.25% 12/1/33	105	111
5.25% 3/1/38	11,375	12,151
5.375% 4/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	35	35
5.5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	100	100
5.5% 4/1/28	5	5
5.5% 8/1/29	7,790	8,888
5.5% 4/1/30	25	27
5.5% 11/1/33	29,440	31,163
5.5% 11/1/34	2,535	2,844
5.5% 11/1/39	1,810	1,991
6% 4/1/18	1,570	1,971
6% 3/1/33	20,050	23,670
6% 4/1/38	1,190	1,368
6.5% 4/1/33	11,650	14,222
6.75% 8/1/12	1,100	1,129
California Health Facilities Fing. Auth. Rev.:
(Catholic Healthcare West Proj.):
Series 2008 H, 5.125% 7/1/22	2,630	2,834
Series 2008 L, 5.125% 7/1/22	2,475	2,667
Series 2009 E, 5.625% 7/1/25	11,000	12,582
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Health Facilities Fing. Auth. Rev.: - continued
(Cedars-Sinai Med. Ctr. Proj.):
Series 2005, 5% 11/15/14	$ 1,485	$ 1,650
Series 2009, 5% 8/15/39	5,000	5,195
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/12	2,345	2,400
(Cottage Health Sys. Proj.) Series 2003 B, 5.25% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,260	1,315
(Providence Health and Svcs. Proj.):
Series 2009 B, 5.5% 10/1/39	2,000	2,211
Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100)	90	122
6.5% 10/1/38	4,910	5,902
(Scripps Health Proj.) Series 2010 A, 5% 11/15/36	3,000	3,217
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31	4,600	5,495
(Sutter Health Proj.) Series 2008 A, 5% 8/15/15	4,500	5,144
Bonds (Catholic Healthcare West Proj.) Series 2004 I, 4.95%, tender 7/1/14 (b)	5,000	5,405
Series 2008 A3, 5.5% 11/15/40	3,090	3,529
Series 2011 A, 5% 3/1/20	3,250	3,711
Series 2011 D:
5% 8/15/22	900	1,080
5% 8/15/23	700	832
5% 8/15/24	1,250	1,463
5% 8/15/25	2,000	2,329
California Infrastructure & Econ. Dev. Bank Rev.:
(California Science Ctr. Phase II Proj.) Series 2006 B, 5% 5/1/19 (FGIC Insured)	1,000	1,054
(Performing Arts Ctr. of Los Angeles County Proj.) Series 2007:
5% 12/1/27	1,080	1,147
5% 12/1/32	1,000	1,048
5% 12/1/42	3,000	3,069
(YMCA Metropolitan L.A. Proj.) Series 2001:
5.25% 2/1/26 (AMBAC Insured)	2,000	2,022
5.25% 2/1/32 (AMBAC Insured)	6,295	6,361
Series 2005, 5% 10/1/33	7,235	7,510
California Muni. Fin. Auth. Ctfs. of Prtn. (Cmnty. Hospitals of Central California Obligated Group Proj.) Series 2009, 5.5% 2/1/39	5,000	5,092
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Muni. Fin. Auth. Rev.:
(Eisenhower Med. Ctr. Proj.) Series 2010 A:
5% 7/1/19	$ 300	$ 328
5% 7/1/20	500	534
5.125% 7/1/23	1,150	1,209
5.75% 7/1/40	5,000	5,197
(Loma Linda Univ. Proj.) Series 2007, 5% 4/1/22	1,090	1,179
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,250	4,717
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.):
Series 2001 A, 5.125%, tender 5/1/14 (b)(c)	9,000	9,689
Series 2003 A, 5%, tender 5/1/13 (b)(c)	3,000	3,133
Series 2005 A1, 4.7%, tender 4/1/12 (b)(c)	3,250	3,259
California Pub. Works Board Lease Rev.:
(Butterfield State Office Complex Proj.) Series 2005 A:
5% 6/1/13	2,600	2,714
5% 6/1/14	2,000	2,152
5.25% 6/1/24	5,400	5,795
5.25% 6/1/25	5,000	5,313
5.25% 6/1/30	4,000	4,156
(California Cmnty. College Projs.) Series 1998 A, 5.25% 12/1/16	4,400	4,416
(California State Univ. Proj.):
Series 2006 A, 5% 10/1/14 (FGIC Insured)	2,700	2,939
Series 2006 G:
5% 11/1/20	1,825	1,964
5% 11/1/21	2,020	2,177
(California Substance Abuse Treatment Facility and State Prison at Corcoran II Proj.) Series 2005 J, 5.25% 1/1/16 (AMBAC Insured)	4,520	5,118
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series 2002 A, 5.25% 12/1/18	5,000	5,137
(Coalinga State Hosp. Proj.) Series 2004 A:
5.25% 6/1/12	2,485	2,510
5.5% 6/1/15	1,000	1,087
5.5% 6/1/17	9,980	10,835
(Dept. of Corrections & Rehab. Proj.):
Series 2006 F:
5% 11/1/15 (FGIC Insured)	2,455	2,745
5% 11/1/16 (FGIC Insured)	2,000	2,284
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Pub. Works Board Lease Rev.: - continued
(Dept. of Corrections & Rehab. Proj.):
Series 2011 C:
5% 10/1/27	$ 9,530	$ 10,448
5.25% 10/1/24	4,170	4,763
5.25% 10/1/25	2,875	3,249
5.75% 10/1/31	4,000	4,538
(Dept. of Corrections State Prison Proj.) Series 1993 E:
5.5% 6/1/15 (FSA Insured)	1,640	1,741
5.5% 6/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	815	864
(Dept. of Corrections, Madera State Prison Proj.) Series E, 5.5% 6/1/15	7,205	7,637
(Dept. of Corrections, Monterey County State Prison Proj.) Series 2003 C, 5.5% 6/1/15	6,100	6,507
(Dept. of Corrections, Susanville State Prison Proj.) Series 1993 D, 5.25% 6/1/15 (FSA Insured)	4,210	4,519
(Dept. of Gen. Svcs. Butterfield Proj.) Series 2005 A, 5% 6/1/23	2,900	3,075
(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23	2,800	2,978
(Dept. of Mental Health Proj.) Series 2004 A:
5% 6/1/25	3,000	3,113
5.125% 6/1/29	5,000	5,156
5.5% 6/1/19	2,000	2,138
(Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,775	5,061
(Madera County, Valley State Prison for Women Proj.) Series 2005 H, 5% 6/1/16	5,000	5,561
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/20	3,335	3,648
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34	5,900	6,668
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17	5,625	6,217
(Ten Administrative Segregation Hsg. Units Proj.) Series 2002 A, 5.25% 3/1/18 (AMBAC Insured)	2,500	2,507
(Univ. of California Research Proj.):
Series 2005 L:
5% 11/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,165	5,705
5.25% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,500	3,923
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Pub. Works Board Lease Rev.: - continued
(Univ. of California Research Proj.):
Series 2006 E:
5% 10/1/23	$ 2,410	$ 2,727
5.25% 10/1/21	2,900	3,347
(Various Judicial Council Projects) Series 2011 D:
5% 12/1/22	3,000	3,398
5% 12/1/23	2,800	3,129
Series 2009 G1, 5.75% 10/1/30	1,800	2,042
Series 2009 I:
5.5% 11/1/23	1,535	1,776
6.125% 11/1/29	1,200	1,421
6.25% 11/1/21	2,000	2,451
6.375% 11/1/34	3,000	3,442
California State Univ. Rev.:
Series 2009 A:
5.75% 11/1/25	3,675	4,308
5.75% 11/1/28	6,525	7,545
6% 11/1/40	7,240	8,332
Series A:
5.375% 11/1/18 (AMBAC Insured)	70	72
5.5% 11/1/16 (AMBAC Insured)	80	83
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. Bonds (Southern California Edison Co. Proj.) Series 2006 B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (b)	2,425	2,515
California Statewide Cmntys. Dev. Auth. Rev.:
(Adventist Health Sys. Proj.) Series 2007 B, 5% 3/1/37 (Assured Guaranty Corp. Insured)	5,000	5,194
(Cmnty. Hosp. Monterey Peninsula Proj.) Series 2003 B, 5.25% 6/1/23 (FSA Insured)	1,800	1,852
(Cottage Health Sys. Obligated Group Proj.) Series 2010, 5.25% 11/1/30	3,000	3,335
(Daughters of Charity Health Sys. Proj.):
Series 2003 G, 5.25% 7/1/12	900	912
Series 2005 G, 5.25% 7/1/13	1,475	1,536
(Enloe Health Sys. Proj.) Series 2008 B:
5% 8/15/16	125	140
5% 8/15/19	50	56
5.75% 8/15/38	3,000	3,175
6.25% 8/15/33	2,500	2,778
(Kaiser Permanente Health Sys. Proj.):
Series 2001 C, 5.25% 8/1/31	3,215	3,443
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Statewide Cmntys. Dev. Auth. Rev.: - continued
(Kaiser Permanente Health Sys. Proj.):
Series 2007 A:
4.75% 4/1/33	$ 2,000	$ 2,041
5% 4/1/31	4,900	5,134
(Los Angeles Orthopaedic Hosp. Foundation Prog.) Series 2000, 5.75% 6/1/30 (AMBAC Insured)	8,355	8,358
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured)	9,000	9,736
(Sutter Health Proj.) Series 2011 A, 6% 8/15/42	3,300	3,807
(Sutter Health Systems Proj.) Series 2005 A, 5% 11/15/43 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,125	4,229
(Trinity Health Cr. Group Proj.) Series 2011 CA, 5% 12/1/41	10,000	10,816
5.375% 6/1/26	2,500	2,771
6% 6/1/33	3,000	3,447
Campbell Union School District Gen. Oblig. Series 2002 C, 5% 8/1/34 (Pre-Refunded to 8/1/14 @ 102)	1,910	2,162
Carlsbad Unified School District:
Series 2009 B:
0% 5/1/15	1,000	952
0% 5/1/16	1,365	1,267
0% 5/1/17	1,155	1,034
0% 5/1/18	1,335	1,135
0% 5/1/19	1,000	801
0% 5/1/34 (a)	5,300	3,868
0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,700	1,604
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series 2008 A:
5% 11/1/24 (AMBAC Insured)	1,000	1,123
5% 11/1/25 (AMBAC Insured)	3,820	4,265
5% 11/1/33 (AMBAC Insured)	5,000	5,382
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co. Proj.) Series B, 5.875% 2/15/34	5,000	5,750
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,290	3,346
Colton Joint Unified School District Series 2001 C, 5.25% 2/1/22 (FGIC Insured)	1,200	1,301
Commerce Refuse to Energy Auth. Rev. Series 2005:
5.5% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,545	1,653
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Commerce Refuse to Energy Auth. Rev. Series 2005: - continued
5.5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 2,685	$ 2,926
Corona-Norco Unified School District Series A:
5% 8/1/22 (FSA Insured)	1,470	1,637
5% 8/1/25 (FSA Insured)	1,435	1,565
5% 8/1/26 (FSA Insured)	2,000	2,151
5% 8/1/27 (FSA Insured)	1,785	1,914
5% 8/1/31 (FSA Insured)	5,000	5,271
Covina Valley Unified School District Series 2006 A, 5% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,600	5,800
Ctr. Unified School District Series 1997 C:
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,562
0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,010	1,427
Cucamonga County Wtr. District 5% 9/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,890	3,010
Cupertino California Union School District:
5% 8/1/18	1,735	2,135
5% 8/1/19	1,120	1,388
Davis Spl. Tax Rev. Series 2007:
5% 9/1/12 (AMBAC Insured)	625	632
5% 9/1/13 (AMBAC Insured)	655	674
5% 9/1/14 (AMBAC Insured)	690	722
5% 9/1/15 (AMBAC Insured)	725	764
5% 9/1/18 (AMBAC Insured)	835	878
5% 9/1/20 (AMBAC Insured)	925	952
5% 9/1/22 (AMBAC Insured)	1,020	1,047
Desert Sands Union School District Ctfs. of Prtn.:
5.75% 3/1/24 (FSA Insured)	2,000	2,261
6% 3/1/20 (FSA Insured)	1,000	1,174
Duarte Ctfs. of Prtn. Series 1999 A:
5% 4/1/12	4,210	4,223
5% 4/1/13	1,830	1,836
El Centro Fing. Auth. Wastewtr. Series 2006 A, 5.25% 10/1/35 (FSA Insured)	6,890	7,285
Elk Grove Fin. Auth. Spl. Tax Rev. 5% 9/1/17 (AMBAC Insured)	2,415	2,533
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 (AMBAC Insured)	4,025	4,536
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 2002 A:
0% 10/1/24 (AMBAC Insured)	$ 1,665	$ 874
0% 10/1/25 (AMBAC Insured)	1,665	826
Encinitas Union School District Series 1996, 0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	692
Escondido Union High School District:
Series 2008 A:
0% 8/1/33 (Assured Guaranty Corp. Insured)	5,655	1,789
0% 8/1/34 (Assured Guaranty Corp. Insured)	3,500	1,106
0% 11/1/16 (Escrowed to Maturity)	3,500	3,332
Fairfield-Suisun Unified School District Series 2004, 5.5% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,219
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.) Series 2007, 5% 5/1/37 (CIFG North America Insured)	2,500	2,534
Folsom Cordova Unified School District School Facilities Impt. District #1 Series A, 0% 10/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,315	914
Foothill-De Anza Cmnty. College District:
Series 1999 A:
0% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,430	2,311
0% 8/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,365	4,351
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	6,425	4,912
Series 1999 B, 0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000	3,089
Series C, 5% 8/1/36	10,000	11,279
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.:
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	24,070	21,932
Series 1999:
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,860	5,866
5.75% 1/15/40	8,155	8,154
5.875% 1/15/27	4,000	4,074
5.875% 1/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,500	4,583
5.875% 1/15/29	4,000	4,072
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Garden Grove Agcy. Cmnty. Dev. Tax Allocation Rev. (Garden Grove Cmnty. Proj.) 5.375% 10/1/20	$ 2,645	$ 2,682
Glendora Unified School District Series 2005 A, 5.25% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	1,099
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.:
Series 2005 A:
5% 6/1/35 (Berkshire Hathaway Assurance Corp. Insured)	1,535	1,568
5% 6/1/45	12,125	12,138
5% 6/1/45	2,775	2,778
Series 2007 A1:
5% 6/1/12	1,400	1,409
5% 6/1/13	1,000	1,025
5% 6/1/14	2,000	2,072
5% 6/1/15	1,000	1,044
5% 6/1/45 (FSA Insured)	235	237
Golden West Schools Fing. Auth. Rev. Series A, 0% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,750	2,119
Indio Pub. Fing. Auth. Lease Rev. Bonds Series 2007 B, 3.8%, tender 11/1/12 (b)	2,500	2,523
Laguna Beach Unified School District Gen. Oblig. (Election of 2001 Proj.):
5% 8/1/21	405	496
5% 8/1/22	450	540
5% 8/1/23	485	578
5% 8/1/24	1,000	1,182
5% 8/1/26	1,370	1,602
5% 8/1/28	760	875
Lancaster Fing. Auth. Tax Allocation Rev. 5% 2/1/31 (AMBAC Insured)	3,420	2,449
Loma Linda Hosp. Rev.:
(Loma Linda Univ. Med. Ctr. Proj.) Series 2008 A, 8.25% 12/1/38	4,400	4,963
Series 2005 A, 5% 12/1/14	4,500	4,849
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev. Series 2007 A, 5.25% 11/15/21	3,790	4,110
Long Beach Cmnty. College Series 2008 A, 0% 6/1/31 (FSA Insured)	9,750	3,686
Long Beach Hbr. Rev. Series 2010 B, 5% 5/15/22	2,735	3,250
Long Beach Unified School District:
Series 2008 A, 5.25% 8/1/33	6,725	7,604
Series A, 5.75% 8/1/33	2,800	3,298
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Los Angeles Cmnty. College District:
Series 2008 A, 6% 8/1/33	$ 10,000	$ 12,008
Series 2009 A, 5.5% 8/1/29	1,000	1,173
Series 2010 C, 5.25% 8/1/39	1,300	1,484
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005, 5% 9/1/21 (AMBAC Insured)	2,805	2,904
Los Angeles County Ctfs. of Prtn.:
(Correctional Facilities Proj.) 0% 9/1/13 (Escrowed to Maturity)	3,380	3,345
(Disney Parking Proj.):
0% 3/1/12	2,180	2,180
0% 3/1/13	6,490	6,387
0% 9/1/14 (AMBAC Insured)	3,860	3,662
0% 3/1/18	3,000	2,492
0% 3/1/19	3,200	2,516
0% 3/1/20	1,000	738
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B:
5.375% 9/1/16 (FSA Insured)	1,045	1,113
5.375% 9/1/17 (FSA Insured)	1,095	1,163
5.375% 9/1/18 (FSA Insured)	1,155	1,223
5.375% 9/1/19 (FSA Insured)	1,210	1,277
Los Angeles Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series 1999 A, 5.5% 8/1/24 (AMBAC Insured)	3,700	3,704
Los Angeles Dept. Arpt. Rev.:
Series 2002 A, 5.25% 5/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,024
Series 2006 A:
5% 5/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	1,000	1,119
5% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,990	4,420
5% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	1,410	1,539
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.:
4.75% 8/15/12 (Escrowed to Maturity)	3,120	3,130
4.75% 8/15/16 (Escrowed to Maturity)	1,395	1,399
4.75% 10/15/20 (Escrowed to Maturity)	150	150
Los Angeles Dept. of Wtr. & Pwr. Rev. Series A2, 5% 7/1/25 (FSA Insured)	2,800	3,149
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2004 C, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 1,500	$ 1,554
Los Angeles Hbr. Dept. Rev. 7.6% 10/1/18 (Escrowed to Maturity)	8,875	10,799
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2008 A, 5% 9/1/22	5,500	6,083
Los Angeles Unified School District:
Series 2004 A1, 5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,337
Series 2007 A1, 4.5% 1/1/28	6,900	7,381
Series 2011 A1, 5% 7/1/21	10,510	13,038
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34	10,000	11,587
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (Escrowed to Maturity)	1,635	2,023
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36	3,425	3,585
Malibu Gen. Oblig. Ctfs. of Prtn. (City Hall Proj.) Series A:
5% 7/1/32	500	546
5% 7/1/39	4,095	4,358
Marina Coast Wtr. District Ctfs. Prtn. Series 2006, 5% 6/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,500	3,580
Merced Union High School District Series A, 0% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,100	709
Modesto Elementary School District, Stanislaus County Series A:
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,377
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,800	1,534
Modesto Gen. Oblig. Ctfs. of Prtn.:
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured)	2,500	2,469
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,585	1,576
Modesto Irrigation District Ctfs. of Prtn.:
(Cap. Impts. Proj.) Series 2004 B, 5.5% 7/1/35	3,800	4,050
(Geysers Geothermal Pwr. Proj.) Series 1986 A, 5% 10/1/17 (Escrowed to Maturity)	5,000	5,839
Monrovia Unified School District Series B, 0% 8/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,500	786
Montebello Unified School District Series 2001, 0% 6/1/26 (FSA Insured)	1,580	768
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. 5% 8/1/18 (AMBAC Insured)	$ 3,580	$ 4,126
Moreland School District Series 2003 B, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,485	703
Murrieta Valley Unified School District:
Series 1998 A, 0% 9/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,500	1,478
Series 2008, 0% 9/1/32 (FSA Insured)	5,000	1,662
Natomas Unified School District Series 2007, 5.25% 8/1/30 (FGIC Insured)	5,150	5,244
New Haven Unified School District:
12% 8/1/16 (FSA Insured)	1,500	2,191
12% 8/1/17 (FSA Insured)	1,000	1,534
Newport Beach Rev.:
(Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 A, 5% 12/1/24	2,000	2,129
Bonds (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (b)	2,800	2,913
Hoag Memorial Hosp. Presbyterian Proj.) Series 2011 A, 6% 12/1/40	3,000	3,554
North City West School Facilities Fing. Auth. Spl. Tax:
Series 2005 B, 5.25% 9/1/23 (AMBAC Insured)	1,530	1,753
Series 2006 C:
5% 9/1/16 (AMBAC Insured)	1,000	1,123
5% 9/1/17 (AMBAC Insured)	2,735	3,105
Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/12	2,500	2,538
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 1986 A, 7.5% 7/1/23 (Pre-Refunded to 7/1/21 @ 100)	3,850	5,393
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,205	4,375
Norwalk-Mirada Unified School District Series 2009 D, 0% 8/1/33 (FSA Insured)	5,700	1,784
Oakland Gen. Oblig.:
Series 2009 B, 6.25% 1/15/39	3,000	3,425
Series 2012, 5% 1/15/25	3,460	3,986
Oakland Joint Powers Fing. Auth. Series 2008 A1, 4.25% 1/1/13 (Assured Guaranty Corp. Insured)	3,000	3,088
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.):
Series 1993 A, 5% 9/1/21 (Escrowed to Maturity)	1,000	1,205
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): - continued
Series 2003, 5.5% 9/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 3,000	$ 3,119
Oakland Unified School District Alameda County Series 2009 A:
6.5% 8/1/23	2,810	3,284
6.5% 8/1/24	1,220	1,420
Oceanside Unified School District Series A, 0% 8/1/31 (Assured Guaranty Corp. Insured)	5,000	1,853
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) Series 2002, 5.375% 6/1/16 (AMBAC Insured)	3,770	3,848
Oxnard Fin. Auth. Solid Waste Rev. Series 2005, 5% 5/1/12 (AMBAC Insured) (c)	2,065	2,074
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) Series 1999, 5.8% 8/1/29 (FSA Insured)	6,410	6,419
Placentia Pub. Fing. Auth. Rev.:
3.125% 9/1/12	1,585	1,596
4% 9/1/13	1,855	1,909
Placer County Union High School District Series A:
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,459
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	694
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) Series A, 3.75% 7/1/12	35	35
Port of Oakland Rev.:
Series 2002 L:
5.5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,030	3,107
5.5% 11/1/20 (Pre-Refunded to 11/1/12 @ 100) (c)	375	387
Series 2002 N:
5% 11/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,800	2,880
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	5,850	5,992
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,355	3,433
5% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,740	2,803
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Port of Oakland Rev.: - continued
Series 2007 A:
5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	$ 10,910	$ 11,658
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,885	3,171
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,185	2,417
Series 2011 O, 5% 5/1/22 (c)	4,500	4,943
Poway Unified School District:
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32	12,800	4,673
Series B:
0% 8/1/33	4,840	1,650
0% 8/1/35	9,000	2,664
0% 8/1/37	6,325	1,638
0% 8/1/38	20,710	5,071
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (b)	6,685	6,327
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 4.875% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,500	3,598
Redwood City Elementary School District Series 1997, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,825	3,411
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.):
Series A, 6.5% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,815	5,893
Series B, 5.7% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,950	1,982
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.):
Series 2004:
5.25% 10/1/20 (XL Cap. Assurance, Inc. Insured)	2,020	2,038
5.25% 10/1/21 (XL Cap. Assurance, Inc. Insured)	2,125	2,140
Series 2005 A, 5% 10/1/18 (XL Cap. Assurance, Inc. Insured)	3,740	3,797
Rocklin Unified School District Series 2002:
0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,370	831
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,725	1,553
0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,365	735
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Roseville City School District Series 2002 A:
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 1,745	$ 925
0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,940	909
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured)	2,000	2,301
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	7,735	6,659
Sacramento Muni. Util. District Elec. Rev. Series 2003 R, 5% 8/15/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	6,825	7,124
Sacramento Pwr. Auth. Cogeneration Proj. Rev.:
Series 2005 A, 5% 7/1/18 (AMBAC Insured)	2,800	2,985
Series 2005, 5% 7/1/19 (AMBAC Insured)	2,900	3,071
San Bernardino Cmnty. College District Series A:
6.25% 8/1/33	5,900	7,055
6.5% 8/1/28	2,445	3,007
San Bernardino County Ctfs. of Prtn.:
(Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26	3,000	3,228
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity)	8,300	11,874
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22	10,000	11,340
San Diego Cmnty. College District Series 2007, 0% 8/1/17 (FSA Insured)	3,395	2,976
San Diego County Ctfs. of Prtn.:
(North and East County Justice Facilities Proj.):
5% 11/15/16 (AMBAC Insured)	2,000	2,281
5% 11/15/17 (AMBAC Insured)	2,000	2,262
5% 11/15/18 (AMBAC Insured)	2,000	2,242
(The Bishop's School Proj.) Series A, 6% 9/1/34 (Pre-Refunded to 9/1/14 @ 100)	4,090	4,661
San Diego County Reg'l. Arpt. Auth. Arpt. Rev.:
Series 2005:
5% 7/1/14 (AMBAC Insured) (c)	1,000	1,084
5.25% 7/1/16 (AMBAC Insured) (c)	1,400	1,594
5% 7/1/12 (AMBAC Insured) (c)	2,200	2,227
San Diego Pub. Facilities Fing. Auth. Swr. Rev. Series 2009 A, 5.25% 5/15/39	1,500	1,671
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. 2009 B, 5.75% 8/1/35	3,455	3,953
San Diego Unified School District:
Series 2008 C, 0% 7/1/42	10,000	1,988
Series C, 0% 7/1/47	4,000	605
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:
(SFO Fuel Co. Proj.) Series 1997 A:
5.125% 1/1/17 (AMBAC Insured) (c)	$ 6,000	$ 6,005
5.25% 1/1/18 (AMBAC Insured) (c)	4,515	4,519
Second Series 32F, 5.25% 5/1/19	2,500	3,062
Second Series 32H, 5% 5/1/12 (CIFG North America Insured) (c)	1,000	1,007
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev. (San Francisco Redev. Projs.) Series 2009 B:
6.125% 8/1/28	1,000	1,095
6.625% 8/1/39	1,000	1,097
San Jacinto Unified School District Series 2007, 5.25% 8/1/32 (FSA Insured)	3,080	3,312
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.):
5% 11/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,720	4,074
5% 11/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,645	3,978
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.:
Series 1993, 0% 1/1/27 (Escrowed to Maturity)	4,000	2,656
Series 1997 A:
0% 1/15/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	11,000	4,354
5.5% 1/15/28	1,060	947
Series A:
0% 1/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000	4,363
0% 1/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,765	2,384
0% 1/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000	1,349
San Jose Int'l. Arpt. Rev. Series 2007 A:
5% 3/1/17 (AMBAC Insured) (c)	1,180	1,325
5% 3/1/24 (AMBAC Insured) (c)	9,690	10,182
5% 3/1/37 (AMBAC Insured) (c)	10,000	10,022
San Jose Unified School District Santa Clara County Series 2002 B, 5% 8/1/25 (FGIC Insured)	1,750	1,884
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured)	2,800	3,321
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity)	$ 1,990	$ 1,926
San Marcos Unified School District Series A, 5% 8/1/38	5,000	5,397
San Mateo County Cmnty. College District Series A, 0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	2,570
San Mateo County Joint Powers Fing. Auth. (Cap. Projects) Series 2009 A, 5.25% 7/15/24	5,280	6,167
San Mateo Unified School District (Election of 2000 Proj.) Series B:
0% 9/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,267
0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,490	845
0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,500	805
Sanger Unified School District 5.6% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,437
Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.):
Series 2007 B, 5.125% 2/1/41 (AMBAC Insured)	2,000	2,058
Series 2007 C, 5.75% 2/1/41 (AMBAC Insured)	8,000	8,558
Santa Clara Elec. Rev. Series 2011 A, 6% 7/1/31	3,000	3,511
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,865	1,904
Santa Rosa Wastewtr. Rev. Series 2002 B:
0% 9/1/20 (AMBAC Insured)	4,030	2,863
0% 9/1/22 (AMBAC Insured)	2,900	1,817
0% 9/1/25 (AMBAC Insured)	6,800	3,605
Shasta Joint Powers Fing. Auth. Lease Rev. (County Administration Bldg. Proj.) Series A, 5% 4/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,015	5,060
Shasta Union High School District:
Series 2002, 0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	513
Series 2003, 0% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,340	1,478
Sonoma County Jr. College District Rev. Series 2002 B, 5% 8/1/26 (FSA Insured)	11,845	12,850
Southern California Pub. Pwr. Auth. Transmission Proj. Rev. (Southern Transmission Proj.) Series 2008 B, 6% 7/1/25	5,450	6,552
Southwestern Cmnty. College District Gen. Oblig. Series 2000, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,495	1,155
Sulphur Springs Union School District Series A, 0% 9/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,750	2,723
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured)	$ 16,900	$ 18,358
Torrance Ctfs. of Prtn. (Refing. & Pub. Impt. Proj.) Series B, 5.25% 6/1/34 (AMBAC Insured)	3,000	3,058
Torrance Gen. Oblig. Rev. (Torrance Memorial Med. Ctr. Proj.) Series A, 5% 9/1/40	5,000	5,150
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A:
5.5% 6/1/31	2,350	2,359
6% 6/1/22	1,100	1,114
Torrance Unified School District Series 2008 Z, 6% 8/1/33	5,000	5,823
Tracy Operating Partnership Joint Powers Auth. Rev. 6.375% 10/1/38 (Assured Guaranty Corp. Insured)	5,000	5,702
Turlock Irrigation District Rev. Series 2011, 5.5% 1/1/41	10,000	11,129
Ukiah Unified School District 0% 8/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,040	2,836
Union Elementary School District Series A:
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	840
0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,995	2,113
Univ. of California Regents Med. Ctr. Pool Rev. Series 2010 G:
4% 5/15/19	1,305	1,483
4% 5/15/20	615	694
5% 5/15/19	2,830	3,405
Univ. of California Revs.:
(Ltd. Proj.):
Series 2005 B, 5% 5/15/33	1,000	1,047
Series 2007 D, 5% 5/15/25	4,250	4,678
(UCLA Med. Ctr. Proj.) Series A:
5.5% 5/15/21 (AMBAC Insured)	785	796
5.5% 5/15/24 (AMBAC Insured)	370	375
Series 2009 O, 5.75% 5/15/34	9,900	11,531
Series C, 4.75% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,150	3,271
Val Verde Unified School District Ctfs. of Prtn.:
5% 1/1/35 (FGIC Insured)	2,090	2,021
5.25% 1/1/17 (Pre-Refunded to 1/1/15 @ 100)	1,000	1,132
5.25% 1/1/18 (Pre-Refunded to 1/1/15 @ 100)	1,380	1,562
Ventura County Cmnty. College District Series C, 5.5% 8/1/33	7,700	8,728
Victor Elementary School District Series A, 0% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,375	2,210
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Vista Gen. Oblig. Ctfs. of Prtn. 5% 5/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 2,120	$ 2,280
Vista Unified School District Series A:
5.375% 8/1/15 (FSA Insured)	130	132
5.375% 8/1/16 (FSA Insured)	100	102
Walnut Valley Unified School District Series D:
0% 8/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,875	1,078
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,715	937
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,315	424
5.25% 8/1/16 (Pre-Refunded to 8/1/13 @ 100)	1,000	1,070
Washington Township Health Care District Rev.:
Series 2009 A:
6% 7/1/29	3,000	3,398
6.25% 7/1/39	7,000	7,826
Series 2010 A, 5.5% 7/1/38	3,100	3,317
Series A:
5% 7/1/23	1,460	1,569
5% 7/1/25	1,665	1,762
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured)	1,500	1,702
Western Riverside County Trust & Wastewtr. Fin. Auth.:
5.5% 9/1/34 (Assured Guaranty Corp. Insured)	1,750	1,920
5.625% 9/1/39 (Assured Guaranty Corp. Insured)	2,250	2,451
Yuba City Unified School District Series A, 0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,090	1,346
		1,718,335
Guam - 0.2%
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2008:
5.375% 10/1/14	1,000	1,059
5.875% 10/1/18	1,565	1,763
		2,822
Puerto Rico - 0.7%
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2006 A, 4.425% 7/1/21 (FGIC Insured) (b)	4,600	4,045
Puerto Rico Pub. Bldg. Auth. Rev. Bonds Series M2, 5.75%, tender 7/1/17 (b)	7,000	7,805
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2007 A, 0% 8/1/41 (FGIC Insured)	9,500	1,899
		13,749
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
Virgin Islands - 0.2%
Virgin Islands Pub. Fin. Auth.:
Series 2009 A1, 5% 10/1/29	$ 1,500	$ 1,572
Series 2009 B, 5% 10/1/25	1,500	1,607
Series A, 5.25% 10/1/15	1,255	1,352
		4,531

TOTAL INVESTMENT PORTFOLIO - 93.7%

(Cost $1,622,244)

1,739,437

NET OTHER ASSETS (LIABILITIES) - 6.3%

116,291

NET ASSETS - 100%

$ 1,855,728

Legend

(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited):

General Obligations	46.2%
Health Care	12.9%
Transportation	9.4%
Education	5.6%
Others (Individually Less Than 5%)	19.6%
Net Other Assets	6.3%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	February 29, 2012

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,622,244)		$ 1,739,437
Cash		104,220
Receivable for fund shares sold		1,867
Interest receivable		18,779
Prepaid expenses		3
Other receivables		4
Total assets		1,864,310

Liabilities
Payable for investments purchased	$ 4,777
Payable for fund shares redeemed	1,132
Distributions payable	1,754
Accrued management fee	562
Distribution and service plan fees payable	32
Other affiliated payables	274
Other payables and accrued expenses	51
Total liabilities		8,582

Net Assets		$ 1,855,728
Net Assets consist of:
Paid in capital		$ 1,762,949
Undistributed net investment income		859
Accumulated undistributed net realized gain (loss) on investments		(25,273)
Net unrealized appreciation (depreciation) on investments		117,193
Net Assets		$ 1,855,728

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	February 29, 2012

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($52,572 ÷ 4,142.33 shares)		$ 12.69

Maximum offering price per share (100/96.00 of $12.69)		$ 13.22
Class T: Net Asset Value and redemption price per share ($5,362 ÷ 421.49 shares)		$ 12.72

Maximum offering price per share (100/96.00 of $12.72)		$ 13.25
Class B: Net Asset Value and offering price per share ($1,683 ÷ 132.71 shares)^A		$ 12.68

Class C: Net Asset Value and offering price per share ($22,951 ÷ 1,811.27 shares)^A		$ 12.67

California Municipal Income: Net Asset Value, offering price and redemption price per share ($1,740,589 ÷ 137,328.07 shares)		$ 12.67

Institutional Class: Net Asset Value, offering price and redemption price per share ($32,571 ÷ 2,564.75 shares)		$ 12.70

^ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Year ended February 29, 2012

Investment Income
Interest		$ 76,693

Expenses
Management fee	$ 6,118
Transfer agent fees	1,212
Distribution and service plan fees	331
Accounting fees and expenses	312
Custodian fees and expenses	19
Independent trustees' compensation	6
Registration fees	82
Audit	54
Legal	10
Miscellaneous	17
Total expenses before reductions	8,161
Expense reductions	(12)	8,149
Net investment income (loss)		68,544
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		1,321
Change in net unrealized appreciation (depreciation) on investment securities		143,858
Net gain (loss)		145,179
Net increase (decrease) in net assets resulting from operations		$ 213,723

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

Amounts in thousands	Year ended February 29, 2012	Year ended February 28, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 68,544	$ 71,286
Net realized gain (loss)	1,321	(1,281)
Change in net unrealized appreciation (depreciation)	143,858	(36,685)
Net increase (decrease) in net assets resulting from operations	213,723	33,320
Distributions to shareholders from net investment income	(68,520)	(70,898)
Distributions to shareholders from net realized gain	-	(100)
Total distributions	(68,520)	(70,998)
Share transactions - net increase (decrease)	170,835	(116,381)
Redemption fees	11	39
Total increase (decrease) in net assets	316,049	(154,020)

Net Assets
Beginning of period	1,539,679	1,693,699
End of period (including undistributed net investment income of $859 and undistributed net investment income of $1,437, respectively)	$ 1,855,728	$ 1,539,679

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.64	$ 11.89	$ 11.40	$ 11.63	$ 12.41
Income from Investment Operations
Net investment income (loss)^C	.464	.470	.472	.459	.457
Net realized and unrealized gain (loss)	1.049	(.252)	.486	(.224)	(.711)
Total from investment operations	1.513	.218	.958	.235	(.254)
Distributions from net investment income	(.463)	(.467)	(.468)	(.461)	(.457)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.463)	(.468)	(.468)	(.465)	(.526)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.69	$ 11.64	$ 11.89	$ 11.40	$ 11.63
Total Return^{A, B}	13.26%	1.79%	8.57%	2.04%	(2.15)%
Ratios to Average Net Assets^D
Expenses before reductions	.76%	.75%	.77%	.75%	.73%
Expenses net of fee waivers, if any	.76%	.75%	.77%	.75%	.73%
Expenses net of all reductions	.76%	.74%	.77%	.74%	.70%
Net investment income (loss)	3.82%	3.93%	4.05%	3.98%	3.76%
Supplemental Data
Net assets, end of period (in millions)	$ 53	$ 40	$ 44	$ 34	$ 20
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.67	$ 11.91	$ 11.42	$ 11.65	$ 12.43
Income from Investment Operations
Net investment income (loss)^C	.463	.473	.477	.464	.458
Net realized and unrealized gain (loss)	1.049	(.245)	.486	(.227)	(.712)
Total from investment operations	1.512	.228	.963	.237	(.254)
Distributions from net investment income	(.462)	(.467)	(.473)	(.463)	(.457)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.462)	(.468)	(.473)	(.467)	(.526)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.72	$ 11.67	$ 11.91	$ 11.42	$ 11.65
Total Return^{A, B}	13.21%	1.87%	8.59%	2.05%	(2.15)%
Ratios to Average Net Assets^D
Expenses before reductions	.78%	.75%	.73%	.73%	.74%
Expenses net of fee waivers, if any	.78%	.75%	.73%	.73%	.74%
Expenses net of all reductions	.78%	.75%	.73%	.72%	.70%
Net investment income (loss)	3.81%	3.93%	4.09%	4.00%	3.75%
Supplemental Data
Net assets, end of period (in millions)	$ 5	$ 4	$ 6	$ 7	$ 5
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.63	$ 11.88	$ 11.39	$ 11.62	$ 12.40
Income from Investment Operations
Net investment income (loss)^C	.388	.395	.397	.387	.376
Net realized and unrealized gain (loss)	1.051	(.253)	.488	(.228)	(.712)
Total from investment operations	1.439	.142	.885	.159	(.336)
Distributions from net investment income	(.389)	(.391)	(.395)	(.385)	(.375)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.389)	(.392)	(.395)	(.389)	(.444)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.68	$ 11.63	$ 11.88	$ 11.39	$ 11.62
Total Return^{A, B}	12.58%	1.15%	7.90%	1.38%	(2.81)%
Ratios to Average Net Assets^D
Expenses before reductions	1.38%	1.38%	1.40%	1.41%	1.41%
Expenses net of fee waivers, if any	1.38%	1.38%	1.40%	1.41%	1.41%
Expenses net of all reductions	1.38%	1.38%	1.40%	1.40%	1.37%
Net investment income (loss)	3.21%	3.29%	3.42%	3.33%	3.08%
Supplemental Data
Net assets, end of period (in millions)	$ 2	$ 2	$ 3	$ 4	$ 5
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.62	$ 11.87	$ 11.38	$ 11.61	$ 12.40
Income from Investment Operations
Net investment income (loss)^C	.369	.378	.384	.374	.364
Net realized and unrealized gain (loss)	1.051	(.252)	.488	(.225)	(.721)
Total from investment operations	1.420	.126	.872	.149	(.357)
Distributions from net investment income	(.370)	(.376)	(.382)	(.375)	(.364)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.370)	(.376)^G	(.382)	(.379)	(.433)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.67	$ 11.62	$ 11.87	$ 11.38	$ 11.61
Total Return^{A, B}	12.42%	1.02%	7.78%	1.29%	(2.98)%
Ratios to Average Net Assets^D
Expenses before reductions	1.53%	1.51%	1.51%	1.49%	1.50%
Expenses net of fee waivers, if any	1.53%	1.51%	1.51%	1.49%	1.50%
Expenses net of all reductions	1.53%	1.51%	1.51%	1.48%	1.47%
Net investment income (loss)	3.05%	3.16%	3.30%	3.24%	2.99%
Supplemental Data
Net assets, end of period (in millions)	$ 23	$ 17	$ 19	$ 12	$ 8
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

^G Total distributions of $.376 per share is comprised of distributions from net investment income of $.3757 and distributions from net realized gain of $.0007 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - California Municipal Income

Years ended February 28,	2012^D	2011	2010	2009	2008^D
Selected Per-Share Data
Net asset value, beginning of period	$ 11.63	$ 11.88	$ 11.38	$ 11.61	$ 12.40
Income from Investment Operations
Net investment income (loss)^B	.499	.504	.506	.495	.491
Net realized and unrealized gain (loss)	1.040	(.252)	.497	(.227)	(.722)
Total from investment operations	1.539	.252	1.003	.268	(.231)
Distributions from net investment income	(.499)	(.501)	(.503)	(.494)	(.490)
Distributions from net realized gain	-	(.001)	-^E	(.004)	(.069)
Total distributions	(.499)	(.502)	(.503)	(.498)	(.559)
Redemption fees added to paid in capital^{B, E}	-	-	-	-	-
Net asset value, end of period	$ 12.67	$ 11.63	$ 11.88	$ 11.38	$ 11.61
Total Return^A	13.52%	2.08%	9.00%	2.33%	(1.97)%
Ratios to Average Net Assets^C
Expenses before reductions	.46%	.46%	.47%	.47%	.46%
Expenses net of fee waivers, if any	.46%	.46%	.47%	.47%	.46%
Expenses net of all reductions	.46%	.46%	.47%	.46%	.43%
Net investment income (loss)	4.12%	4.21%	4.34%	4.27%	4.03%
Supplemental Data
Net assets, end of period (in millions)	$ 1,741	$ 1,456	$ 1,560	$ 1,427	$ 1,543
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^D For the year ended February 29.

^E Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended February 28,	2012^D	2011	2010	2009	2008^D
Selected Per-Share Data
Net asset value, beginning of period	$ 11.65	$ 11.90	$ 11.40	$ 11.63	$ 12.42
Income from Investment Operations
Net investment income (loss)^B	.492	.500	.503	.491	.486
Net realized and unrealized gain (loss)	1.049	(.255)	.496	(.226)	(.722)
Total from investment operations	1.541	.245	.999	.265	(.236)
Distributions from net investment income	(.491)	(.495)	(.499)	(.491)	(.485)
Distributions from net realized gain	-	(.001)	-^E	(.004)	(.069)
Total distributions	(.491)	(.495)^F	(.499)	(.495)	(.554)
Redemption fees added to paid in capital^{B, E}	-	-	-	-	-
Net asset value, end of period	$ 12.70	$ 11.65	$ 11.90	$ 11.40	$ 11.63
Total Return^A	13.51%	2.02%	8.94%	2.30%	(2.00)%
Ratios to Average Net Assets^C
Expenses before reductions	.53%	.51%	.51%	.49%	.50%
Expenses net of fee waivers, if any	.53%	.51%	.51%	.49%	.50%
Expenses net of all reductions	.53%	.51%	.51%	.48%	.47%
Net investment income (loss)	4.05%	4.16%	4.31%	4.24%	3.99%
Supplemental Data
Net assets, end of period (in millions)	$ 33	$ 21	$ 62	$ 19	$ 11
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D For the year ended February 29.

^E Amount represents less than $.001 per share.

^F Total distributions of $.495 per share is comprised of distributions from net investment income of $.4945 and distributions from net realized gain of $.0007 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 29, 2012

(Amounts in thousands except percentages)

1. Organization.

Fidelity California Municipal Income Fund (the Fund) is a fund of Fidelity California Municipal Trust (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 Massachusetts business trust. The Fund offers Class A, Class T, Class C, California Municipal Income and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. The Fund may be affected by economic and political developments in the state of California.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Security Valuation - continued

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)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV 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 and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Annual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

realized gains. As a result, no provision for income taxes is required. As of February 29, 2012, 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. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards, losses deferred due to futures transactions and excise tax regulations.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 124,690
Gross unrealized depreciation	(5,946)
Net unrealized appreciation (depreciation) on securities and other investments	$ 118,744

Tax Cost	$ 1,620,693

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed tax-exempt income	$ -
Undistributed ordinary income	$ -
Capital loss carryforward	$ (23,616)
Net unrealized appreciation (depreciation)	$ 118,744

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. Capital loss carryforwards were as follows:

Fiscal year of expiration
2017	$ (21,050)
2018	(1,880)
Total with expiration	(22,930)
No expiration
Short-term	(686)
Total no expiration	(686)
Total capital loss carryforward	$ (23,616)

The tax character of distributions paid was as follows:

	February 29, 2012	February 28, 2011
Tax-exempt Income	$ 68,520	$ 70,898
Ordinary Income	-	100
Total	$ 68,520	$ 70,998

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 0.50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Annual Report

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $204,225 and $141,228, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .37% of the Fund's average net assets.

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. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each 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 Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 111	$ 13
Class T	-%	.25%	11	-
Class B	.65%	.25%	16	11
Class C	.75%	.25%	193	40
			$ 331	$ 64

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B, 1.00% for Class C,.75% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 11
Class T	2
Class B*	3
Class C*	2
	$ 18

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and servicing agent for the Fund's Class A, Class T, Class B, Class C, California Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer agency, dividend disbursing, and shareholder servicing functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 52	.12
Class T	6	.13
Class B	1	.08
Class C	27	.14
California Municipal Income	1,089	.07
Institutional Class	37	.14
	$ 1,212

Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

5. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to

Annual Report

5. Committed Line of Credit - continued

fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $5 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

6. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and accounting expenses by $10 and $2, respectively.

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2012^A	2011
From net investment income
Class A	$ 1,685	$ 1,696
Class T	170	218
Class B	57	81
Class C	588	603
California Municipal Income	64,936	66,826
Institutional Class	1,084	1,474
Total	$ 68,520	$ 70,898
From net realized gain
Class A	$ -	$ 3
Class C	-	1
California Municipal Income	-	95
Institutional Class	-	1
Total	$ -	$ 100

^AFebruary 29, 2012.

8. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2012^A	2011	2012^A	2011
Class A
Shares sold	1,492	1,131	$ 18,169	$ 13,594
Reinvestment of distributions	98	97	1,193	1,160
Shares redeemed	(858)	(1,496)	(10,352)	(17,712)
Net increase (decrease)	732	(268)	$ 9,010	$ (2,958)

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

8. Share Transactions - continued

	Shares		Dollars
Years ended February 28,	2012^A	2011	2012^A	2011
Class T
Shares sold	134	64	$ 1,641	$ 770
Reinvestment of distributions	12	14	145	172
Shares redeemed	(66)	(259)	(800)	(3,101)
Net increase (decrease)	80	(181)	$ 986	$ (2,159)
Class B
Shares sold	11	31	$ 118	$ 375
Reinvestment of distributions	2	3	26	36
Shares redeemed	(44)	(87)	(522)	(1,030)
Net increase (decrease)	(31)	(53)	$ (378)	$ (619)
Class C
Shares sold	479	503	$ 5,860	$ 6,012
Reinvestment of distributions	30	29	359	350
Shares redeemed	(188)	(659)	(2,259)	(7,787)
Net increase (decrease)	321	(127)	$ 3,960	$ (1,425)
California Municipal Income
Shares sold	24,652	30,469	$ 298,179	$ 363,379
Reinvestment of distributions	3,519	3,784	42,616	45,282
Shares redeemed	(16,049)	(40,406)	(192,817)	(476,687)
Net increase (decrease)	12,122	(6,153)	$ 147,978	$ (68,026)
Institutional Class
Shares sold	1,322	1,709	$ 16,026	$ 20,475
Reinvestment of distributions	51	46	622	554
Shares redeemed	(605)	(5,174)	(7,369)	(62,223)
Net increase (decrease)	768	(3,419)	$ 9,279	$ (41,194)

^AFebruary 29, 2012.

9. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity California Municipal Trust and the Shareholders of Fidelity California Municipal Income Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity California Municipal Income Fund (a fund of Fidelity California Municipal Trust) at February 29, 2012, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity California Municipal Income Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 29, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP

Boston, Massachusetts

April 11, 2012

Annual Report

Trustees and Officers

The Trustees and executive 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. Except for James C. Curvey, each of the Trustees oversees 204 funds advised by FMR or an affiliate. Mr. Curvey oversees 430 funds advised by FMR or an affiliate.

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) (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. The executive officers hold office without limit in time, except that any officer 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.

Experience, Skills, Attributes, and Qualifications of the Fund's 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.

Annual Report

Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) 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. Kenneth L. Wolfe 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, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. 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. 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 FMR'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 Fund's Trustees."

Annual Report

Trustees and Officers - continued

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.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Abigail P. Johnson (50)
	Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., 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.
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

⁺ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Albert R. Gamper, Jr. (69)
	Year of Election or Appointment: 2006 Mr. Gamper is Vice Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2011-present). Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (60)
	Year of Election or Appointment: 2010 Mr. Gartland is Chairman and an investor in Gartland and 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).
Arthur E. Johnson (65)
	Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-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). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Mr. Edward C. Johnson 3d or Ms. Abigail P. Johnson.
Michael E. Kenneally (57)
	Year of Election or Appointment: 2009 Previously, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of the Credit Suisse Funds (U.S. mutual funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (71)
	Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (65)
	Year of Election or Appointment: 2001 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. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (73)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009).

Annual Report

Trustees and Officers - continued

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
John R. Hebble (53)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.
Christopher P. Sullivan (58)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Bond Funds. Mr. Sullivan also serves as President of Fidelity's Bond Division (2009-present). Mr. Sullivan is Executive Vice President of Fidelity Investments Money Management, Inc. (2009-present), and a Director of Fidelity Management & Research (U.K.) Inc. (2010-present). Previously, Mr. Sullivan served as Managing Director, Co-Head of U.S. Fixed Income at Goldman Sachs Asset Management (2001-2009).
Christine J. Thompson (53)
	Year of Election or Appointment: 2010 Vice President of Fidelity's Bond Funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments. Previously, Ms. Thompson served as Director of Municipal Bond Portfolio Managers (2002-2010).
Scott C. Goebel (44)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
David J. Carter (38)
	Year of Election or Appointment: 2010 Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Carter also serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Michael H. Whitaker (44)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker also serves as Chief Compliance Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present). Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey also serves as Assistant Treasurer of other Fidelity funds (2010-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer (2011-present) and Deputy Treasurer (2008-present) of other Fidelity funds, and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as 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).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Fidelity California Municipal Income Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

	Pay Date	Record Date	Capital Gains
Retail Class	04/05/2012	04/04/2012	$0.001

During fiscal year ended 2012, 100% of the fund's income dividends was free from federal income tax, and 6.60% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity California Municipal Income Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. 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 considers at each of its meetings 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 three standing committees, Operations, Audit, and Nominating and Governance, each composed of 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, among other matters, considers matters 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 consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its September 2011 meeting, the Board of Trustees, including the Independent Trustees, 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; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of 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 is in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts is 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, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual 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, managed by Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, managing, and compensating investment personnel. The Board also noted that FMR has devoted increased resources to non-U.S. offices. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and enhancers. The Board also believes 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 which 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 the Investment Advisers' trading capabilities and resources which are an integral part 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 investment adviser's supervision of third party service providers, principally custodians and subcustodians; 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 or 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, with 35 new branches opening since 2010.

Annual Report

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 investment research and support of the senior management team that oversees asset management; (ii) rationalizing product lines through the mergers of six funds into other funds; (iii) continuing to migrate the Freedom Funds to dedicated lower cost underlying funds; (iv) obtaining shareholder approval to broaden the investment strategies for Fidelity Consumer Finance Portfolio, Fidelity Emerging Asia Fund, and Fidelity Environment and Alternative Energy Portfolio; (v) contractually agreeing to reduce the management fees and impose other expense limitations on Spartan 500 Index Fund and U.S. Bond Index Fund in connection with launching new institutional classes of these funds; (vi) changing the name, primary and supplemental benchmarks, and investment policies of Fidelity Global Strategies Fund to support the fund's flexible investment mandate and global orientation; and (vii) reducing the transfer agency account fee rates on certain accounts.

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. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured over multiple periods against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, the cumulative total returns of the retail class and Class C of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The returns of the retail class and Class C show the performance of the highest and lowest performing classes, respectively (based on five-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity California Municipal Income Fund

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The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of the retail class of the fund was in the first quartile for all the periods shown. The Board also noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year total return of the retail class compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

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. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Annual Report

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown 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 relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps. "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 TMG % of 8% means that 92% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, 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 ranked, is also included in the chart and considered by the Board.

Fidelity California Municipal Income Fund

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each of Class A, Class T, Class B, Institutional Class, and the retail class ranked below its competitive median for 2010 and the total expense ratio of Class C ranked above its competitive median for 2010. The Board considered that various factors, including 12b-1 fees and relatively higher other expenses in the case of small fund size, can affect total expense ratios. The Board noted that the funds and classes in the Total Mapped Group that have a similar sales load structure to Class C have a range of 12b-1 fees, and, when compared to a subset of funds with the same 12b-1 fee, Class C ranked below the median for 2010. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of FMR and its affiliates, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. In March 2010, the Board created an ad hoc joint committee with the board of other Fidelity funds (the Committee) to review and compare Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable, although Class C was above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

Annual Report

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive in the circumstances.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board also noted that in 2009, it and the board of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the compensation paid to fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes; (vi) the reasons why certain expenses affect various funds and classes differently; (vii) Fidelity's transfer agent fees, expenses, and services and how the benefits of decreased costs and new efficiencies can be shared across all of the Fidelity funds; (viii) the reasons for and consequences of changes to certain product lines compared to competitors; (ix) the allocation of and historical trends in Fidelity's realization of fall-out benefits; and (x) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expense ratios for certain funds and classes or to achieve further economies of scale.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Annual Report

Investment Adviser

Fidelity Management & Research
Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Citibank, N.A.

New York, NY

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

The Fidelity Telephone Connection

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and Account Assistance 1-800-544-6666

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(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

California Municipal Income

Fund - Class A, Class T, Class B
and Class C

Annual Report

February 29, 2012

(Fidelity Cover Art)

Class A, Class T, Class B, and Class C are classes of Fidelity^® California Municipal Income Fund

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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 1-877-208-0098 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.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended February 29, 2012	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 4.00% sales charge)^A	8.73%	3.71%	4.24%
Class T (incl. 4.00% sales charge) ^B	8.68%	3.72%	4.21%
Class B (incl. contingent deferred sales charge)^C	7.58%	3.55%	4.13%
Class C (incl. contingent deferred sales charge)^D	11.42%	3.76%	3.85%

^AEffective April 1, 2007 Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on August 1, 2002. Returns between August 1, 2002 and March 31, 2007 reflect a 0.15% 12-b1 fee. Returns prior to August 1, 2002 are those of Fidelity® California Municipal Income Fund, the original retail class of the fund, which does not bear a 12b-1 fee. Had Class A shares' 12b-1 fee been reflected, returns prior to August 1, 2002 would have been lower.

^BClass T shares bear a 0.25% 12b-1 fee. The initial offering of Class T shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of Fidelity California Municipal Income Fund, the original retail class of the fund, which does not bear a 12b-1 fee. Had Class T shares' 12b-1 fee been reflected, returns prior to August 1, 2002 would have been lower.

^CClass B shares bear a 0.90% 12b-1 fee. The initial offering of Class B shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of Fidelity California Municipal Income Fund, the original retail class of the fund, which does not bear a 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to August 1, 2002 would have been lower. Class B shares' contingent deferred sales charges included in the past one year, past five year and past 10 year total return figures are 5%, 2% and 0%, respectively.

^DClass C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of Fidelity California Municipal Income Fund, the original retail class of the fund, which does not bear a 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to August 1, 2002 would have been lower. Class C shares' contingent deferred sales charges included in the past one year, past five year and past 10 year total return figures are 1%, 0% and 0%, respectively.

Annual Report

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® California Municipal Income Fund - Class A on February 28, 2002, and the current 4.00% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital® Municipal Bond Index performed over the same period. The initial offering of Class A took place on August 1, 2002. See the previous page for additional information regarding the performance of Class A.

abc563243

Annual Report

Management's Discussion of Fund Performance

Comments from Jamie Pagliocco, Portfolio Manager of Fidelity Advisor®California Municipal Income Fund: For the year, the fund's Class A, Class T, Class B and Class C shares returned 13.26%, 13.21%, 12.58% and 12.42%, respectively (excluding sales charges), while the Barclays Capital California Enhanced Municipal Bond Index rose 14.17%. The fund's performance fell short of the index due in part to disadvantageous yield-curve positioning and an overweighting in higher-coupon callable bonds. In terms of its yield-curve positioning, modestly overweighting longer-term bonds and underweighting stronger-performing intermediate-maturity securities detracted. Higher-coupon callable bonds generally lagged non-callable bonds selling at face value. In contrast, an overweighting in health care bonds was a plus because the segment rallied strongly. The fund's relative performance also was bolstered by its larger-than-benchmark stake in zero-coupon bonds, which generally enjoyed more price appreciation than comparable-maturity coupon-paying bonds as muni bond yields decline. Out-of-benchmark exposure to Puerto Rico bonds generally outpaced the market, as investors were drawn to the securities' relatively high yields and triple-tax-exempt status, especially in light of actions taken by the government there to stabilize its fiscal situation.

Annual Report

Shareholder Expense Example

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, 2011 to February 29, 2012).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value September 1, 2011	Ending Account Value February 29, 2012	Expenses Paid During Period* September 1, 2011 to February 29, 2012
Class A	.77%
Actual		$ 1,000.00	$ 1,063.50	$ 3.95
Hypothetical^A		$ 1,000.00	$ 1,021.03	$ 3.87
Class T	.79%
Actual		$ 1,000.00	$ 1,063.30	$ 4.05
Hypothetical^A		$ 1,000.00	$ 1,020.93	$ 3.97
Class B	1.38%
Actual		$ 1,000.00	$ 1,060.40	$ 7.07
Hypothetical^A		$ 1,000.00	$ 1,018.00	$ 6.92
Class C	1.54%
Actual		$ 1,000.00	$ 1,058.70	$ 7.88
Hypothetical^A		$ 1,000.00	$ 1,017.21	$ 7.72
California Municipal Income	.46%
Actual		$ 1,000.00	$ 1,064.30	$ 2.36
Hypothetical^A		$ 1,000.00	$ 1,022.58	$ 2.31
Institutional Class	.54%
Actual		$ 1,000.00	$ 1,064.70	$ 2.77
Hypothetical^A		$ 1,000.00	$ 1,022.18	$ 2.72

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Five Sectors as of February 29, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
General Obligations	46.2	46.6
Health Care	12.9	12.1
Transportation	9.4	10.9
Education	5.6	6.5
Special Tax	4.4	4.2
Weighted Average Maturity as of February 29, 2012
		6 months ago
Years	5.9	7.3

Duration as of February 29, 2012
		6 months ago
Years	6.9	7.7

Quality Diversification (% of fund's net assets)
As of February 29, 2012		As of August 31, 2011
	AAA 1.7%		AAA 2.0%
	AA,A 77.5%		AA,A 79.1%
	BBB 12.2%		BBB 13.7%
	BB and Below 0.3%		BB and Below 0.4%
	Not Rated 2.0%		Not Rated 1.6%
	Short-Term Investments and Net Other Assets 6.3%		Short-Term Investments and Net Other Assets 3.2%

abc563257

Annual Report

Investments February 29, 2012

Showing Percentage of Net Assets

Municipal Bonds - 93.7%
	Principal Amount (000s)	Value (000s)
California - 92.6%
ABAG Fin. Auth. for Nonprofit Corps. Rev.:
(Hamlin School Proj.) Series 2007:
4.625% 8/1/16	$ 380	$ 410
5% 8/1/18	330	355
5% 8/1/19	555	595
(Sharp HealthCare Proj.):
Series 2009 B, 6.25% 8/1/39	3,000	3,445
Series 2012 A:
5% 8/1/24	1,000	1,130
5% 8/1/25	1,245	1,397
5% 8/1/27	300	331
5% 8/1/28	400	438
ABC Unified School District Series 1997 C:
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,720	1,039
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,760	1,346
Alameda Corridor Trans. Auth. Rev. Series 1999 A, 5.25% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	7,575	7,580
Alameda County Ctfs. of Prtn.:
(Santa Rita Jail Proj.) Series 2007 A:
5% 12/1/18 (AMBAC Insured)	2,645	3,001
5% 12/1/20 (AMBAC Insured)	2,810	3,115
Series 1989, 0% 6/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,310	1,806
Alhambra Unified School District Series 2004 A, 5% 8/1/25 (FGIC Insured)	1,880	2,032
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impt. Proj.):
Series 1997 A, 6% 9/1/24	1,000	1,234
Series 1997 C:
0% 9/1/19 (FSA Insured)	1,285	926
0% 9/1/22 (FSA Insured)	5,150	3,049
Anaheim Pub. Fing. Auth. Rev. Series 2007 A, 4.5% 10/1/32	10,000	10,404
Antioch Unified School District (School Facilities Impt. District #1 Proj.) Series 2008 B, 5.75% 8/1/24 (Assured Guaranty Corp. Insured)	1,000	1,176
Auburn Union School District Ctfs. of Prtn. (2008 Refing. Proj.) 5% 6/1/38 (Assured Guaranty Corp. Insured)	5,615	5,809
Banning Unified School District Gen. Oblig. Series 2006 A, 5% 8/1/31 (Berkshire Hathaway Assurance Corp. Insured)	5,190	5,510
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Bay Area Infrastructure Fing. Auth. 5% 8/1/17 (FGIC Insured)	$ 5,030	$ 5,434
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44	5,500	6,186
Burbank Glendale Pasadena Arpt. Auth. Rev. Series 2005 B:
5% 7/1/12 (AMBAC Insured) (c)	1,840	1,861
5.25% 7/1/14 (AMBAC Insured) (c)	2,035	2,190
5.25% 7/1/16 (AMBAC Insured) (c)	1,255	1,391
5.25% 7/1/17 (AMBAC Insured) (c)	1,370	1,492
Burbank Unified School District:
Series 1997 B, 0% 8/1/20	3,835	2,733
Series 1997 C, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,865	4,517
Butte-Glenn Cmnty. College District Series A, 5.5% 8/1/18 (Pre-Refunded to 8/1/12 @ 101)	1,085	1,119
Cabrillo Unified School District Series A:
0% 8/1/12 (AMBAC Insured)	2,800	2,767
0% 8/1/17 (AMBAC Insured)	1,000	818
0% 8/1/18 (AMBAC Insured)	2,000	1,544
California Dept. of Wtr. Resources:
(Central Valley Proj.) Series AM, 5% 12/1/21	4,000	4,770
Series AI:
5% 12/1/18	3,000	3,787
5% 12/1/25	2,700	3,354
Series J1, 7% 12/1/12	730	767
California Econ. Recovery Series 2009 A:
5% 7/1/19	1,725	2,125
5% 7/1/22	3,800	4,367
5.25% 7/1/14	695	770
5.25% 7/1/21	9,910	12,124
California Edl. Facilities Auth. Rev.:
(Claremont Graduate Univ. Proj.) Series 2008 A:
6% 3/1/33	1,000	1,113
6% 3/1/38	1,000	1,098
(College & Univ. Fing. Prog.) Series 2007:
5% 2/1/16	1,600	1,683
5% 2/1/17	1,000	1,045
(Loyola Marymount Univ. Proj.):
Series 2001 A, 0% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,280	2,004
Series 2010 A, 5% 10/1/25	5,860	6,623
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Edl. Facilities Auth. Rev.: - continued
(Pomona College Proj.) Series 2005 A, 0% 7/1/38	$ 3,155	$ 882
(Santa Clara Univ. Proj.) Series 1999, 5.25% 9/1/26 (AMBAC Insured)	7,910	10,018
(Univ. of Southern California Proj.) Series 2007 A, 4.75% 10/1/37	6,000	6,497
California Enterprise Dev. Auth. (The Thacher School Proj.) Series 2010:
4% 9/1/20	860	938
4% 9/1/21	1,000	1,076
4% 9/1/22	740	788
4% 9/1/23	1,080	1,142
4% 9/1/24	1,125	1,177
5% 9/1/19	400	473
5% 9/1/39	5,000	5,229
California Gen. Oblig.:
Series 1992, 6.25% 9/1/12 (FGIC Insured)	655	674
Series 2005, 5.5% 6/1/28	275	276
Series 2007:
5.625% 5/1/20	150	150
5.625% 5/1/26	215	216
5.75% 5/1/30	160	160
4.5% 8/1/30	3,250	3,373
5% 3/1/15	2,130	2,387
5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,500	2,754
5% 9/1/17	750	860
5% 3/1/19	3,000	3,532
5% 8/1/22	1,500	1,699
5% 10/1/22	1,355	1,565
5% 11/1/22	1,600	1,843
5% 11/1/22 (XL Cap. Assurance, Inc. Insured)	2,800	3,226
5% 12/1/22	3,500	4,040
5% 2/1/23	1,095	1,160
5% 2/1/26	1,500	1,503
5% 3/1/26	2,800	3,050
5% 6/1/26	2,600	2,795
5% 2/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,800	2,877
5% 6/1/31	2,000	2,130
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	2,096
5% 10/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	1,009
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Gen. Oblig.: - continued
5.125% 11/1/24	$ 2,800	$ 3,001
5.125% 2/1/26	2,800	2,967
5.25% 2/1/14	4,045	4,317
5.25% 10/1/14	140	140
5.25% 10/1/17	105	105
5.25% 11/1/18	3,000	3,225
5.25% 2/1/20	6,805	7,239
5.25% 2/1/22	2,020	2,149
5.25% 9/1/23	7,200	8,615
5.25% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,490	5,667
5.25% 4/1/27	5	5
5.25% 2/1/28	2,785	2,920
5.25% 2/1/29	5,000	5,158
5.25% 4/1/29	5	5
5.25% 11/1/29	2,000	2,115
5.25% 4/1/30	35	35
5.25% 2/1/33	8,150	8,387
5.25% 12/1/33	105	111
5.25% 3/1/38	11,375	12,151
5.375% 4/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	35	35
5.5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	100	100
5.5% 4/1/28	5	5
5.5% 8/1/29	7,790	8,888
5.5% 4/1/30	25	27
5.5% 11/1/33	29,440	31,163
5.5% 11/1/34	2,535	2,844
5.5% 11/1/39	1,810	1,991
6% 4/1/18	1,570	1,971
6% 3/1/33	20,050	23,670
6% 4/1/38	1,190	1,368
6.5% 4/1/33	11,650	14,222
6.75% 8/1/12	1,100	1,129
California Health Facilities Fing. Auth. Rev.:
(Catholic Healthcare West Proj.):
Series 2008 H, 5.125% 7/1/22	2,630	2,834
Series 2008 L, 5.125% 7/1/22	2,475	2,667
Series 2009 E, 5.625% 7/1/25	11,000	12,582
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Health Facilities Fing. Auth. Rev.: - continued
(Cedars-Sinai Med. Ctr. Proj.):
Series 2005, 5% 11/15/14	$ 1,485	$ 1,650
Series 2009, 5% 8/15/39	5,000	5,195
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/12	2,345	2,400
(Cottage Health Sys. Proj.) Series 2003 B, 5.25% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,260	1,315
(Providence Health and Svcs. Proj.):
Series 2009 B, 5.5% 10/1/39	2,000	2,211
Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100)	90	122
6.5% 10/1/38	4,910	5,902
(Scripps Health Proj.) Series 2010 A, 5% 11/15/36	3,000	3,217
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31	4,600	5,495
(Sutter Health Proj.) Series 2008 A, 5% 8/15/15	4,500	5,144
Bonds (Catholic Healthcare West Proj.) Series 2004 I, 4.95%, tender 7/1/14 (b)	5,000	5,405
Series 2008 A3, 5.5% 11/15/40	3,090	3,529
Series 2011 A, 5% 3/1/20	3,250	3,711
Series 2011 D:
5% 8/15/22	900	1,080
5% 8/15/23	700	832
5% 8/15/24	1,250	1,463
5% 8/15/25	2,000	2,329
California Infrastructure & Econ. Dev. Bank Rev.:
(California Science Ctr. Phase II Proj.) Series 2006 B, 5% 5/1/19 (FGIC Insured)	1,000	1,054
(Performing Arts Ctr. of Los Angeles County Proj.) Series 2007:
5% 12/1/27	1,080	1,147
5% 12/1/32	1,000	1,048
5% 12/1/42	3,000	3,069
(YMCA Metropolitan L.A. Proj.) Series 2001:
5.25% 2/1/26 (AMBAC Insured)	2,000	2,022
5.25% 2/1/32 (AMBAC Insured)	6,295	6,361
Series 2005, 5% 10/1/33	7,235	7,510
California Muni. Fin. Auth. Ctfs. of Prtn. (Cmnty. Hospitals of Central California Obligated Group Proj.) Series 2009, 5.5% 2/1/39	5,000	5,092
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Muni. Fin. Auth. Rev.:
(Eisenhower Med. Ctr. Proj.) Series 2010 A:
5% 7/1/19	$ 300	$ 328
5% 7/1/20	500	534
5.125% 7/1/23	1,150	1,209
5.75% 7/1/40	5,000	5,197
(Loma Linda Univ. Proj.) Series 2007, 5% 4/1/22	1,090	1,179
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,250	4,717
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.):
Series 2001 A, 5.125%, tender 5/1/14 (b)(c)	9,000	9,689
Series 2003 A, 5%, tender 5/1/13 (b)(c)	3,000	3,133
Series 2005 A1, 4.7%, tender 4/1/12 (b)(c)	3,250	3,259
California Pub. Works Board Lease Rev.:
(Butterfield State Office Complex Proj.) Series 2005 A:
5% 6/1/13	2,600	2,714
5% 6/1/14	2,000	2,152
5.25% 6/1/24	5,400	5,795
5.25% 6/1/25	5,000	5,313
5.25% 6/1/30	4,000	4,156
(California Cmnty. College Projs.) Series 1998 A, 5.25% 12/1/16	4,400	4,416
(California State Univ. Proj.):
Series 2006 A, 5% 10/1/14 (FGIC Insured)	2,700	2,939
Series 2006 G:
5% 11/1/20	1,825	1,964
5% 11/1/21	2,020	2,177
(California Substance Abuse Treatment Facility and State Prison at Corcoran II Proj.) Series 2005 J, 5.25% 1/1/16 (AMBAC Insured)	4,520	5,118
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series 2002 A, 5.25% 12/1/18	5,000	5,137
(Coalinga State Hosp. Proj.) Series 2004 A:
5.25% 6/1/12	2,485	2,510
5.5% 6/1/15	1,000	1,087
5.5% 6/1/17	9,980	10,835
(Dept. of Corrections & Rehab. Proj.):
Series 2006 F:
5% 11/1/15 (FGIC Insured)	2,455	2,745
5% 11/1/16 (FGIC Insured)	2,000	2,284
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Pub. Works Board Lease Rev.: - continued
(Dept. of Corrections & Rehab. Proj.):
Series 2011 C:
5% 10/1/27	$ 9,530	$ 10,448
5.25% 10/1/24	4,170	4,763
5.25% 10/1/25	2,875	3,249
5.75% 10/1/31	4,000	4,538
(Dept. of Corrections State Prison Proj.) Series 1993 E:
5.5% 6/1/15 (FSA Insured)	1,640	1,741
5.5% 6/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	815	864
(Dept. of Corrections, Madera State Prison Proj.) Series E, 5.5% 6/1/15	7,205	7,637
(Dept. of Corrections, Monterey County State Prison Proj.) Series 2003 C, 5.5% 6/1/15	6,100	6,507
(Dept. of Corrections, Susanville State Prison Proj.) Series 1993 D, 5.25% 6/1/15 (FSA Insured)	4,210	4,519
(Dept. of Gen. Svcs. Butterfield Proj.) Series 2005 A, 5% 6/1/23	2,900	3,075
(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23	2,800	2,978
(Dept. of Mental Health Proj.) Series 2004 A:
5% 6/1/25	3,000	3,113
5.125% 6/1/29	5,000	5,156
5.5% 6/1/19	2,000	2,138
(Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,775	5,061
(Madera County, Valley State Prison for Women Proj.) Series 2005 H, 5% 6/1/16	5,000	5,561
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/20	3,335	3,648
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34	5,900	6,668
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17	5,625	6,217
(Ten Administrative Segregation Hsg. Units Proj.) Series 2002 A, 5.25% 3/1/18 (AMBAC Insured)	2,500	2,507
(Univ. of California Research Proj.):
Series 2005 L:
5% 11/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,165	5,705
5.25% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,500	3,923
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Pub. Works Board Lease Rev.: - continued
(Univ. of California Research Proj.):
Series 2006 E:
5% 10/1/23	$ 2,410	$ 2,727
5.25% 10/1/21	2,900	3,347
(Various Judicial Council Projects) Series 2011 D:
5% 12/1/22	3,000	3,398
5% 12/1/23	2,800	3,129
Series 2009 G1, 5.75% 10/1/30	1,800	2,042
Series 2009 I:
5.5% 11/1/23	1,535	1,776
6.125% 11/1/29	1,200	1,421
6.25% 11/1/21	2,000	2,451
6.375% 11/1/34	3,000	3,442
California State Univ. Rev.:
Series 2009 A:
5.75% 11/1/25	3,675	4,308
5.75% 11/1/28	6,525	7,545
6% 11/1/40	7,240	8,332
Series A:
5.375% 11/1/18 (AMBAC Insured)	70	72
5.5% 11/1/16 (AMBAC Insured)	80	83
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. Bonds (Southern California Edison Co. Proj.) Series 2006 B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (b)	2,425	2,515
California Statewide Cmntys. Dev. Auth. Rev.:
(Adventist Health Sys. Proj.) Series 2007 B, 5% 3/1/37 (Assured Guaranty Corp. Insured)	5,000	5,194
(Cmnty. Hosp. Monterey Peninsula Proj.) Series 2003 B, 5.25% 6/1/23 (FSA Insured)	1,800	1,852
(Cottage Health Sys. Obligated Group Proj.) Series 2010, 5.25% 11/1/30	3,000	3,335
(Daughters of Charity Health Sys. Proj.):
Series 2003 G, 5.25% 7/1/12	900	912
Series 2005 G, 5.25% 7/1/13	1,475	1,536
(Enloe Health Sys. Proj.) Series 2008 B:
5% 8/15/16	125	140
5% 8/15/19	50	56
5.75% 8/15/38	3,000	3,175
6.25% 8/15/33	2,500	2,778
(Kaiser Permanente Health Sys. Proj.):
Series 2001 C, 5.25% 8/1/31	3,215	3,443
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Statewide Cmntys. Dev. Auth. Rev.: - continued
(Kaiser Permanente Health Sys. Proj.):
Series 2007 A:
4.75% 4/1/33	$ 2,000	$ 2,041
5% 4/1/31	4,900	5,134
(Los Angeles Orthopaedic Hosp. Foundation Prog.) Series 2000, 5.75% 6/1/30 (AMBAC Insured)	8,355	8,358
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured)	9,000	9,736
(Sutter Health Proj.) Series 2011 A, 6% 8/15/42	3,300	3,807
(Sutter Health Systems Proj.) Series 2005 A, 5% 11/15/43 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,125	4,229
(Trinity Health Cr. Group Proj.) Series 2011 CA, 5% 12/1/41	10,000	10,816
5.375% 6/1/26	2,500	2,771
6% 6/1/33	3,000	3,447
Campbell Union School District Gen. Oblig. Series 2002 C, 5% 8/1/34 (Pre-Refunded to 8/1/14 @ 102)	1,910	2,162
Carlsbad Unified School District:
Series 2009 B:
0% 5/1/15	1,000	952
0% 5/1/16	1,365	1,267
0% 5/1/17	1,155	1,034
0% 5/1/18	1,335	1,135
0% 5/1/19	1,000	801
0% 5/1/34 (a)	5,300	3,868
0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,700	1,604
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series 2008 A:
5% 11/1/24 (AMBAC Insured)	1,000	1,123
5% 11/1/25 (AMBAC Insured)	3,820	4,265
5% 11/1/33 (AMBAC Insured)	5,000	5,382
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co. Proj.) Series B, 5.875% 2/15/34	5,000	5,750
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,290	3,346
Colton Joint Unified School District Series 2001 C, 5.25% 2/1/22 (FGIC Insured)	1,200	1,301
Commerce Refuse to Energy Auth. Rev. Series 2005:
5.5% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,545	1,653
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Commerce Refuse to Energy Auth. Rev. Series 2005: - continued
5.5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 2,685	$ 2,926
Corona-Norco Unified School District Series A:
5% 8/1/22 (FSA Insured)	1,470	1,637
5% 8/1/25 (FSA Insured)	1,435	1,565
5% 8/1/26 (FSA Insured)	2,000	2,151
5% 8/1/27 (FSA Insured)	1,785	1,914
5% 8/1/31 (FSA Insured)	5,000	5,271
Covina Valley Unified School District Series 2006 A, 5% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,600	5,800
Ctr. Unified School District Series 1997 C:
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,562
0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,010	1,427
Cucamonga County Wtr. District 5% 9/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,890	3,010
Cupertino California Union School District:
5% 8/1/18	1,735	2,135
5% 8/1/19	1,120	1,388
Davis Spl. Tax Rev. Series 2007:
5% 9/1/12 (AMBAC Insured)	625	632
5% 9/1/13 (AMBAC Insured)	655	674
5% 9/1/14 (AMBAC Insured)	690	722
5% 9/1/15 (AMBAC Insured)	725	764
5% 9/1/18 (AMBAC Insured)	835	878
5% 9/1/20 (AMBAC Insured)	925	952
5% 9/1/22 (AMBAC Insured)	1,020	1,047
Desert Sands Union School District Ctfs. of Prtn.:
5.75% 3/1/24 (FSA Insured)	2,000	2,261
6% 3/1/20 (FSA Insured)	1,000	1,174
Duarte Ctfs. of Prtn. Series 1999 A:
5% 4/1/12	4,210	4,223
5% 4/1/13	1,830	1,836
El Centro Fing. Auth. Wastewtr. Series 2006 A, 5.25% 10/1/35 (FSA Insured)	6,890	7,285
Elk Grove Fin. Auth. Spl. Tax Rev. 5% 9/1/17 (AMBAC Insured)	2,415	2,533
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 (AMBAC Insured)	4,025	4,536
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 2002 A:
0% 10/1/24 (AMBAC Insured)	$ 1,665	$ 874
0% 10/1/25 (AMBAC Insured)	1,665	826
Encinitas Union School District Series 1996, 0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	692
Escondido Union High School District:
Series 2008 A:
0% 8/1/33 (Assured Guaranty Corp. Insured)	5,655	1,789
0% 8/1/34 (Assured Guaranty Corp. Insured)	3,500	1,106
0% 11/1/16 (Escrowed to Maturity)	3,500	3,332
Fairfield-Suisun Unified School District Series 2004, 5.5% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,219
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.) Series 2007, 5% 5/1/37 (CIFG North America Insured)	2,500	2,534
Folsom Cordova Unified School District School Facilities Impt. District #1 Series A, 0% 10/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,315	914
Foothill-De Anza Cmnty. College District:
Series 1999 A:
0% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,430	2,311
0% 8/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,365	4,351
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	6,425	4,912
Series 1999 B, 0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000	3,089
Series C, 5% 8/1/36	10,000	11,279
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.:
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	24,070	21,932
Series 1999:
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,860	5,866
5.75% 1/15/40	8,155	8,154
5.875% 1/15/27	4,000	4,074
5.875% 1/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,500	4,583
5.875% 1/15/29	4,000	4,072
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Garden Grove Agcy. Cmnty. Dev. Tax Allocation Rev. (Garden Grove Cmnty. Proj.) 5.375% 10/1/20	$ 2,645	$ 2,682
Glendora Unified School District Series 2005 A, 5.25% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	1,099
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.:
Series 2005 A:
5% 6/1/35 (Berkshire Hathaway Assurance Corp. Insured)	1,535	1,568
5% 6/1/45	12,125	12,138
5% 6/1/45	2,775	2,778
Series 2007 A1:
5% 6/1/12	1,400	1,409
5% 6/1/13	1,000	1,025
5% 6/1/14	2,000	2,072
5% 6/1/15	1,000	1,044
5% 6/1/45 (FSA Insured)	235	237
Golden West Schools Fing. Auth. Rev. Series A, 0% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,750	2,119
Indio Pub. Fing. Auth. Lease Rev. Bonds Series 2007 B, 3.8%, tender 11/1/12 (b)	2,500	2,523
Laguna Beach Unified School District Gen. Oblig. (Election of 2001 Proj.):
5% 8/1/21	405	496
5% 8/1/22	450	540
5% 8/1/23	485	578
5% 8/1/24	1,000	1,182
5% 8/1/26	1,370	1,602
5% 8/1/28	760	875
Lancaster Fing. Auth. Tax Allocation Rev. 5% 2/1/31 (AMBAC Insured)	3,420	2,449
Loma Linda Hosp. Rev.:
(Loma Linda Univ. Med. Ctr. Proj.) Series 2008 A, 8.25% 12/1/38	4,400	4,963
Series 2005 A, 5% 12/1/14	4,500	4,849
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev. Series 2007 A, 5.25% 11/15/21	3,790	4,110
Long Beach Cmnty. College Series 2008 A, 0% 6/1/31 (FSA Insured)	9,750	3,686
Long Beach Hbr. Rev. Series 2010 B, 5% 5/15/22	2,735	3,250
Long Beach Unified School District:
Series 2008 A, 5.25% 8/1/33	6,725	7,604
Series A, 5.75% 8/1/33	2,800	3,298
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Los Angeles Cmnty. College District:
Series 2008 A, 6% 8/1/33	$ 10,000	$ 12,008
Series 2009 A, 5.5% 8/1/29	1,000	1,173
Series 2010 C, 5.25% 8/1/39	1,300	1,484
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005, 5% 9/1/21 (AMBAC Insured)	2,805	2,904
Los Angeles County Ctfs. of Prtn.:
(Correctional Facilities Proj.) 0% 9/1/13 (Escrowed to Maturity)	3,380	3,345
(Disney Parking Proj.):
0% 3/1/12	2,180	2,180
0% 3/1/13	6,490	6,387
0% 9/1/14 (AMBAC Insured)	3,860	3,662
0% 3/1/18	3,000	2,492
0% 3/1/19	3,200	2,516
0% 3/1/20	1,000	738
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B:
5.375% 9/1/16 (FSA Insured)	1,045	1,113
5.375% 9/1/17 (FSA Insured)	1,095	1,163
5.375% 9/1/18 (FSA Insured)	1,155	1,223
5.375% 9/1/19 (FSA Insured)	1,210	1,277
Los Angeles Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series 1999 A, 5.5% 8/1/24 (AMBAC Insured)	3,700	3,704
Los Angeles Dept. Arpt. Rev.:
Series 2002 A, 5.25% 5/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,024
Series 2006 A:
5% 5/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	1,000	1,119
5% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,990	4,420
5% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	1,410	1,539
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.:
4.75% 8/15/12 (Escrowed to Maturity)	3,120	3,130
4.75% 8/15/16 (Escrowed to Maturity)	1,395	1,399
4.75% 10/15/20 (Escrowed to Maturity)	150	150
Los Angeles Dept. of Wtr. & Pwr. Rev. Series A2, 5% 7/1/25 (FSA Insured)	2,800	3,149
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2004 C, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 1,500	$ 1,554
Los Angeles Hbr. Dept. Rev. 7.6% 10/1/18 (Escrowed to Maturity)	8,875	10,799
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2008 A, 5% 9/1/22	5,500	6,083
Los Angeles Unified School District:
Series 2004 A1, 5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,337
Series 2007 A1, 4.5% 1/1/28	6,900	7,381
Series 2011 A1, 5% 7/1/21	10,510	13,038
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34	10,000	11,587
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (Escrowed to Maturity)	1,635	2,023
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36	3,425	3,585
Malibu Gen. Oblig. Ctfs. of Prtn. (City Hall Proj.) Series A:
5% 7/1/32	500	546
5% 7/1/39	4,095	4,358
Marina Coast Wtr. District Ctfs. Prtn. Series 2006, 5% 6/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,500	3,580
Merced Union High School District Series A, 0% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,100	709
Modesto Elementary School District, Stanislaus County Series A:
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,377
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,800	1,534
Modesto Gen. Oblig. Ctfs. of Prtn.:
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured)	2,500	2,469
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,585	1,576
Modesto Irrigation District Ctfs. of Prtn.:
(Cap. Impts. Proj.) Series 2004 B, 5.5% 7/1/35	3,800	4,050
(Geysers Geothermal Pwr. Proj.) Series 1986 A, 5% 10/1/17 (Escrowed to Maturity)	5,000	5,839
Monrovia Unified School District Series B, 0% 8/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,500	786
Montebello Unified School District Series 2001, 0% 6/1/26 (FSA Insured)	1,580	768
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. 5% 8/1/18 (AMBAC Insured)	$ 3,580	$ 4,126
Moreland School District Series 2003 B, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,485	703
Murrieta Valley Unified School District:
Series 1998 A, 0% 9/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,500	1,478
Series 2008, 0% 9/1/32 (FSA Insured)	5,000	1,662
Natomas Unified School District Series 2007, 5.25% 8/1/30 (FGIC Insured)	5,150	5,244
New Haven Unified School District:
12% 8/1/16 (FSA Insured)	1,500	2,191
12% 8/1/17 (FSA Insured)	1,000	1,534
Newport Beach Rev.:
(Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 A, 5% 12/1/24	2,000	2,129
Bonds (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (b)	2,800	2,913
Hoag Memorial Hosp. Presbyterian Proj.) Series 2011 A, 6% 12/1/40	3,000	3,554
North City West School Facilities Fing. Auth. Spl. Tax:
Series 2005 B, 5.25% 9/1/23 (AMBAC Insured)	1,530	1,753
Series 2006 C:
5% 9/1/16 (AMBAC Insured)	1,000	1,123
5% 9/1/17 (AMBAC Insured)	2,735	3,105
Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/12	2,500	2,538
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 1986 A, 7.5% 7/1/23 (Pre-Refunded to 7/1/21 @ 100)	3,850	5,393
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,205	4,375
Norwalk-Mirada Unified School District Series 2009 D, 0% 8/1/33 (FSA Insured)	5,700	1,784
Oakland Gen. Oblig.:
Series 2009 B, 6.25% 1/15/39	3,000	3,425
Series 2012, 5% 1/15/25	3,460	3,986
Oakland Joint Powers Fing. Auth. Series 2008 A1, 4.25% 1/1/13 (Assured Guaranty Corp. Insured)	3,000	3,088
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.):
Series 1993 A, 5% 9/1/21 (Escrowed to Maturity)	1,000	1,205
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): - continued
Series 2003, 5.5% 9/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 3,000	$ 3,119
Oakland Unified School District Alameda County Series 2009 A:
6.5% 8/1/23	2,810	3,284
6.5% 8/1/24	1,220	1,420
Oceanside Unified School District Series A, 0% 8/1/31 (Assured Guaranty Corp. Insured)	5,000	1,853
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) Series 2002, 5.375% 6/1/16 (AMBAC Insured)	3,770	3,848
Oxnard Fin. Auth. Solid Waste Rev. Series 2005, 5% 5/1/12 (AMBAC Insured) (c)	2,065	2,074
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) Series 1999, 5.8% 8/1/29 (FSA Insured)	6,410	6,419
Placentia Pub. Fing. Auth. Rev.:
3.125% 9/1/12	1,585	1,596
4% 9/1/13	1,855	1,909
Placer County Union High School District Series A:
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,459
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	694
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) Series A, 3.75% 7/1/12	35	35
Port of Oakland Rev.:
Series 2002 L:
5.5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,030	3,107
5.5% 11/1/20 (Pre-Refunded to 11/1/12 @ 100) (c)	375	387
Series 2002 N:
5% 11/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,800	2,880
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	5,850	5,992
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,355	3,433
5% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,740	2,803
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Port of Oakland Rev.: - continued
Series 2007 A:
5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	$ 10,910	$ 11,658
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,885	3,171
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,185	2,417
Series 2011 O, 5% 5/1/22 (c)	4,500	4,943
Poway Unified School District:
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32	12,800	4,673
Series B:
0% 8/1/33	4,840	1,650
0% 8/1/35	9,000	2,664
0% 8/1/37	6,325	1,638
0% 8/1/38	20,710	5,071
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (b)	6,685	6,327
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 4.875% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,500	3,598
Redwood City Elementary School District Series 1997, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,825	3,411
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.):
Series A, 6.5% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,815	5,893
Series B, 5.7% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,950	1,982
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.):
Series 2004:
5.25% 10/1/20 (XL Cap. Assurance, Inc. Insured)	2,020	2,038
5.25% 10/1/21 (XL Cap. Assurance, Inc. Insured)	2,125	2,140
Series 2005 A, 5% 10/1/18 (XL Cap. Assurance, Inc. Insured)	3,740	3,797
Rocklin Unified School District Series 2002:
0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,370	831
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,725	1,553
0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,365	735
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Roseville City School District Series 2002 A:
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 1,745	$ 925
0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,940	909
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured)	2,000	2,301
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	7,735	6,659
Sacramento Muni. Util. District Elec. Rev. Series 2003 R, 5% 8/15/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	6,825	7,124
Sacramento Pwr. Auth. Cogeneration Proj. Rev.:
Series 2005 A, 5% 7/1/18 (AMBAC Insured)	2,800	2,985
Series 2005, 5% 7/1/19 (AMBAC Insured)	2,900	3,071
San Bernardino Cmnty. College District Series A:
6.25% 8/1/33	5,900	7,055
6.5% 8/1/28	2,445	3,007
San Bernardino County Ctfs. of Prtn.:
(Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26	3,000	3,228
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity)	8,300	11,874
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22	10,000	11,340
San Diego Cmnty. College District Series 2007, 0% 8/1/17 (FSA Insured)	3,395	2,976
San Diego County Ctfs. of Prtn.:
(North and East County Justice Facilities Proj.):
5% 11/15/16 (AMBAC Insured)	2,000	2,281
5% 11/15/17 (AMBAC Insured)	2,000	2,262
5% 11/15/18 (AMBAC Insured)	2,000	2,242
(The Bishop's School Proj.) Series A, 6% 9/1/34 (Pre-Refunded to 9/1/14 @ 100)	4,090	4,661
San Diego County Reg'l. Arpt. Auth. Arpt. Rev.:
Series 2005:
5% 7/1/14 (AMBAC Insured) (c)	1,000	1,084
5.25% 7/1/16 (AMBAC Insured) (c)	1,400	1,594
5% 7/1/12 (AMBAC Insured) (c)	2,200	2,227
San Diego Pub. Facilities Fing. Auth. Swr. Rev. Series 2009 A, 5.25% 5/15/39	1,500	1,671
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. 2009 B, 5.75% 8/1/35	3,455	3,953
San Diego Unified School District:
Series 2008 C, 0% 7/1/42	10,000	1,988
Series C, 0% 7/1/47	4,000	605
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:
(SFO Fuel Co. Proj.) Series 1997 A:
5.125% 1/1/17 (AMBAC Insured) (c)	$ 6,000	$ 6,005
5.25% 1/1/18 (AMBAC Insured) (c)	4,515	4,519
Second Series 32F, 5.25% 5/1/19	2,500	3,062
Second Series 32H, 5% 5/1/12 (CIFG North America Insured) (c)	1,000	1,007
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev. (San Francisco Redev. Projs.) Series 2009 B:
6.125% 8/1/28	1,000	1,095
6.625% 8/1/39	1,000	1,097
San Jacinto Unified School District Series 2007, 5.25% 8/1/32 (FSA Insured)	3,080	3,312
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.):
5% 11/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,720	4,074
5% 11/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,645	3,978
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.:
Series 1993, 0% 1/1/27 (Escrowed to Maturity)	4,000	2,656
Series 1997 A:
0% 1/15/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	11,000	4,354
5.5% 1/15/28	1,060	947
Series A:
0% 1/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000	4,363
0% 1/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,765	2,384
0% 1/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000	1,349
San Jose Int'l. Arpt. Rev. Series 2007 A:
5% 3/1/17 (AMBAC Insured) (c)	1,180	1,325
5% 3/1/24 (AMBAC Insured) (c)	9,690	10,182
5% 3/1/37 (AMBAC Insured) (c)	10,000	10,022
San Jose Unified School District Santa Clara County Series 2002 B, 5% 8/1/25 (FGIC Insured)	1,750	1,884
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured)	2,800	3,321
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity)	$ 1,990	$ 1,926
San Marcos Unified School District Series A, 5% 8/1/38	5,000	5,397
San Mateo County Cmnty. College District Series A, 0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	2,570
San Mateo County Joint Powers Fing. Auth. (Cap. Projects) Series 2009 A, 5.25% 7/15/24	5,280	6,167
San Mateo Unified School District (Election of 2000 Proj.) Series B:
0% 9/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,267
0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,490	845
0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,500	805
Sanger Unified School District 5.6% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,437
Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.):
Series 2007 B, 5.125% 2/1/41 (AMBAC Insured)	2,000	2,058
Series 2007 C, 5.75% 2/1/41 (AMBAC Insured)	8,000	8,558
Santa Clara Elec. Rev. Series 2011 A, 6% 7/1/31	3,000	3,511
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,865	1,904
Santa Rosa Wastewtr. Rev. Series 2002 B:
0% 9/1/20 (AMBAC Insured)	4,030	2,863
0% 9/1/22 (AMBAC Insured)	2,900	1,817
0% 9/1/25 (AMBAC Insured)	6,800	3,605
Shasta Joint Powers Fing. Auth. Lease Rev. (County Administration Bldg. Proj.) Series A, 5% 4/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,015	5,060
Shasta Union High School District:
Series 2002, 0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	513
Series 2003, 0% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,340	1,478
Sonoma County Jr. College District Rev. Series 2002 B, 5% 8/1/26 (FSA Insured)	11,845	12,850
Southern California Pub. Pwr. Auth. Transmission Proj. Rev. (Southern Transmission Proj.) Series 2008 B, 6% 7/1/25	5,450	6,552
Southwestern Cmnty. College District Gen. Oblig. Series 2000, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,495	1,155
Sulphur Springs Union School District Series A, 0% 9/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,750	2,723
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured)	$ 16,900	$ 18,358
Torrance Ctfs. of Prtn. (Refing. & Pub. Impt. Proj.) Series B, 5.25% 6/1/34 (AMBAC Insured)	3,000	3,058
Torrance Gen. Oblig. Rev. (Torrance Memorial Med. Ctr. Proj.) Series A, 5% 9/1/40	5,000	5,150
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A:
5.5% 6/1/31	2,350	2,359
6% 6/1/22	1,100	1,114
Torrance Unified School District Series 2008 Z, 6% 8/1/33	5,000	5,823
Tracy Operating Partnership Joint Powers Auth. Rev. 6.375% 10/1/38 (Assured Guaranty Corp. Insured)	5,000	5,702
Turlock Irrigation District Rev. Series 2011, 5.5% 1/1/41	10,000	11,129
Ukiah Unified School District 0% 8/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,040	2,836
Union Elementary School District Series A:
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	840
0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,995	2,113
Univ. of California Regents Med. Ctr. Pool Rev. Series 2010 G:
4% 5/15/19	1,305	1,483
4% 5/15/20	615	694
5% 5/15/19	2,830	3,405
Univ. of California Revs.:
(Ltd. Proj.):
Series 2005 B, 5% 5/15/33	1,000	1,047
Series 2007 D, 5% 5/15/25	4,250	4,678
(UCLA Med. Ctr. Proj.) Series A:
5.5% 5/15/21 (AMBAC Insured)	785	796
5.5% 5/15/24 (AMBAC Insured)	370	375
Series 2009 O, 5.75% 5/15/34	9,900	11,531
Series C, 4.75% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,150	3,271
Val Verde Unified School District Ctfs. of Prtn.:
5% 1/1/35 (FGIC Insured)	2,090	2,021
5.25% 1/1/17 (Pre-Refunded to 1/1/15 @ 100)	1,000	1,132
5.25% 1/1/18 (Pre-Refunded to 1/1/15 @ 100)	1,380	1,562
Ventura County Cmnty. College District Series C, 5.5% 8/1/33	7,700	8,728
Victor Elementary School District Series A, 0% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,375	2,210
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Vista Gen. Oblig. Ctfs. of Prtn. 5% 5/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 2,120	$ 2,280
Vista Unified School District Series A:
5.375% 8/1/15 (FSA Insured)	130	132
5.375% 8/1/16 (FSA Insured)	100	102
Walnut Valley Unified School District Series D:
0% 8/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,875	1,078
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,715	937
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,315	424
5.25% 8/1/16 (Pre-Refunded to 8/1/13 @ 100)	1,000	1,070
Washington Township Health Care District Rev.:
Series 2009 A:
6% 7/1/29	3,000	3,398
6.25% 7/1/39	7,000	7,826
Series 2010 A, 5.5% 7/1/38	3,100	3,317
Series A:
5% 7/1/23	1,460	1,569
5% 7/1/25	1,665	1,762
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured)	1,500	1,702
Western Riverside County Trust & Wastewtr. Fin. Auth.:
5.5% 9/1/34 (Assured Guaranty Corp. Insured)	1,750	1,920
5.625% 9/1/39 (Assured Guaranty Corp. Insured)	2,250	2,451
Yuba City Unified School District Series A, 0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,090	1,346
		1,718,335
Guam - 0.2%
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2008:
5.375% 10/1/14	1,000	1,059
5.875% 10/1/18	1,565	1,763
		2,822
Puerto Rico - 0.7%
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2006 A, 4.425% 7/1/21 (FGIC Insured) (b)	4,600	4,045
Puerto Rico Pub. Bldg. Auth. Rev. Bonds Series M2, 5.75%, tender 7/1/17 (b)	7,000	7,805
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2007 A, 0% 8/1/41 (FGIC Insured)	9,500	1,899
		13,749
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
Virgin Islands - 0.2%
Virgin Islands Pub. Fin. Auth.:
Series 2009 A1, 5% 10/1/29	$ 1,500	$ 1,572
Series 2009 B, 5% 10/1/25	1,500	1,607
Series A, 5.25% 10/1/15	1,255	1,352
		4,531

TOTAL INVESTMENT PORTFOLIO - 93.7%

(Cost $1,622,244)

1,739,437

NET OTHER ASSETS (LIABILITIES) - 6.3%

116,291

NET ASSETS - 100%

$ 1,855,728

Legend

(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Other Information

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited):

General Obligations	46.2%
Health Care	12.9%
Transportation	9.4%
Education	5.6%
Others (Individually Less Than 5%)	19.6%
Net Other Assets	6.3%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	February 29, 2012

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,622,244)		$ 1,739,437
Cash		104,220
Receivable for fund shares sold		1,867
Interest receivable		18,779
Prepaid expenses		3
Other receivables		4
Total assets		1,864,310

Liabilities
Payable for investments purchased	$ 4,777
Payable for fund shares redeemed	1,132
Distributions payable	1,754
Accrued management fee	562
Distribution and service plan fees payable	32
Other affiliated payables	274
Other payables and accrued expenses	51
Total liabilities		8,582

Net Assets		$ 1,855,728
Net Assets consist of:
Paid in capital		$ 1,762,949
Undistributed net investment income		859
Accumulated undistributed net realized gain (loss) on investments		(25,273)
Net unrealized appreciation (depreciation) on investments		117,193
Net Assets		$ 1,855,728

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	February 29, 2012

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($52,572 ÷ 4,142.33 shares)		$ 12.69

Maximum offering price per share (100/96.00 of $12.69)		$ 13.22
Class T: Net Asset Value and redemption price per share ($5,362 ÷ 421.49 shares)		$ 12.72

Maximum offering price per share (100/96.00 of $12.72)		$ 13.25
Class B: Net Asset Value and offering price per share ($1,683 ÷ 132.71 shares)^A		$ 12.68

Class C: Net Asset Value and offering price per share ($22,951 ÷ 1,811.27 shares)^A		$ 12.67

California Municipal Income: Net Asset Value, offering price and redemption price per share ($1,740,589 ÷ 137,328.07 shares)		$ 12.67

Institutional Class: Net Asset Value, offering price and redemption price per share ($32,571 ÷ 2,564.75 shares)		$ 12.70

^ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

Amounts in thousands	Year ended February 29, 2012

Investment Income
Interest		$ 76,693

Expenses
Management fee	$ 6,118
Transfer agent fees	1,212
Distribution and service plan fees	331
Accounting fees and expenses	312
Custodian fees and expenses	19
Independent trustees' compensation	6
Registration fees	82
Audit	54
Legal	10
Miscellaneous	17
Total expenses before reductions	8,161
Expense reductions	(12)	8,149
Net investment income (loss)		68,544
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		1,321
Change in net unrealized appreciation (depreciation) on investment securities		143,858
Net gain (loss)		145,179
Net increase (decrease) in net assets resulting from operations		$ 213,723

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended February 29, 2012	Year ended February 28, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 68,544	$ 71,286
Net realized gain (loss)	1,321	(1,281)
Change in net unrealized appreciation (depreciation)	143,858	(36,685)
Net increase (decrease) in net assets resulting from operations	213,723	33,320
Distributions to shareholders from net investment income	(68,520)	(70,898)
Distributions to shareholders from net realized gain	-	(100)
Total distributions	(68,520)	(70,998)
Share transactions - net increase (decrease)	170,835	(116,381)
Redemption fees	11	39
Total increase (decrease) in net assets	316,049	(154,020)

Net Assets
Beginning of period	1,539,679	1,693,699
End of period (including undistributed net investment income of $859 and undistributed net investment income of $1,437, respectively)	$ 1,855,728	$ 1,539,679

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.64	$ 11.89	$ 11.40	$ 11.63	$ 12.41
Income from Investment Operations
Net investment income (loss)^C	.464	.470	.472	.459	.457
Net realized and unrealized gain (loss)	1.049	(.252)	.486	(.224)	(.711)
Total from investment operations	1.513	.218	.958	.235	(.254)
Distributions from net investment income	(.463)	(.467)	(.468)	(.461)	(.457)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.463)	(.468)	(.468)	(.465)	(.526)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.69	$ 11.64	$ 11.89	$ 11.40	$ 11.63
Total Return^{A, B}	13.26%	1.79%	8.57%	2.04%	(2.15)%
Ratios to Average Net Assets^D
Expenses before reductions	.76%	.75%	.77%	.75%	.73%
Expenses net of fee waivers, if any	.76%	.75%	.77%	.75%	.73%
Expenses net of all reductions	.76%	.74%	.77%	.74%	.70%
Net investment income (loss)	3.82%	3.93%	4.05%	3.98%	3.76%
Supplemental Data
Net assets, end of period (in millions)	$ 53	$ 40	$ 44	$ 34	$ 20
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.67	$ 11.91	$ 11.42	$ 11.65	$ 12.43
Income from Investment Operations
Net investment income (loss)^C	.463	.473	.477	.464	.458
Net realized and unrealized gain (loss)	1.049	(.245)	.486	(.227)	(.712)
Total from investment operations	1.512	.228	.963	.237	(.254)
Distributions from net investment income	(.462)	(.467)	(.473)	(.463)	(.457)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.462)	(.468)	(.473)	(.467)	(.526)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.72	$ 11.67	$ 11.91	$ 11.42	$ 11.65
Total Return^{A, B}	13.21%	1.87%	8.59%	2.05%	(2.15)%
Ratios to Average Net Assets^D
Expenses before reductions	.78%	.75%	.73%	.73%	.74%
Expenses net of fee waivers, if any	.78%	.75%	.73%	.73%	.74%
Expenses net of all reductions	.78%	.75%	.73%	.72%	.70%
Net investment income (loss)	3.81%	3.93%	4.09%	4.00%	3.75%
Supplemental Data
Net assets, end of period (in millions)	$ 5	$ 4	$ 6	$ 7	$ 5
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.63	$ 11.88	$ 11.39	$ 11.62	$ 12.40
Income from Investment Operations
Net investment income (loss)^C	.388	.395	.397	.387	.376
Net realized and unrealized gain (loss)	1.051	(.253)	.488	(.228)	(.712)
Total from investment operations	1.439	.142	.885	.159	(.336)
Distributions from net investment income	(.389)	(.391)	(.395)	(.385)	(.375)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.389)	(.392)	(.395)	(.389)	(.444)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.68	$ 11.63	$ 11.88	$ 11.39	$ 11.62
Total Return^{A, B}	12.58%	1.15%	7.90%	1.38%	(2.81)%
Ratios to Average Net Assets^D
Expenses before reductions	1.38%	1.38%	1.40%	1.41%	1.41%
Expenses net of fee waivers, if any	1.38%	1.38%	1.40%	1.41%	1.41%
Expenses net of all reductions	1.38%	1.38%	1.40%	1.40%	1.37%
Net investment income (loss)	3.21%	3.29%	3.42%	3.33%	3.08%
Supplemental Data
Net assets, end of period (in millions)	$ 2	$ 2	$ 3	$ 4	$ 5
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.62	$ 11.87	$ 11.38	$ 11.61	$ 12.40
Income from Investment Operations
Net investment income (loss)^C	.369	.378	.384	.374	.364
Net realized and unrealized gain (loss)	1.051	(.252)	.488	(.225)	(.721)
Total from investment operations	1.420	.126	.872	.149	(.357)
Distributions from net investment income	(.370)	(.376)	(.382)	(.375)	(.364)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.370)	(.376)^G	(.382)	(.379)	(.433)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.67	$ 11.62	$ 11.87	$ 11.38	$ 11.61
Total Return^{A, B}	12.42%	1.02%	7.78%	1.29%	(2.98)%
Ratios to Average Net Assets^D
Expenses before reductions	1.53%	1.51%	1.51%	1.49%	1.50%
Expenses net of fee waivers, if any	1.53%	1.51%	1.51%	1.49%	1.50%
Expenses net of all reductions	1.53%	1.51%	1.51%	1.48%	1.47%
Net investment income (loss)	3.05%	3.16%	3.30%	3.24%	2.99%
Supplemental Data
Net assets, end of period (in millions)	$ 23	$ 17	$ 19	$ 12	$ 8
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

^G Total distributions of $.376 per share is comprised of distributions from net investment income of $.3757 and distributions from net realized gain of $.0007 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - California Municipal Income

Years ended February 28,	2012^D	2011	2010	2009	2008^D
Selected Per-Share Data
Net asset value, beginning of period	$ 11.63	$ 11.88	$ 11.38	$ 11.61	$ 12.40
Income from Investment Operations
Net investment income (loss)^B	.499	.504	.506	.495	.491
Net realized and unrealized gain (loss)	1.040	(.252)	.497	(.227)	(.722)
Total from investment operations	1.539	.252	1.003	.268	(.231)
Distributions from net investment income	(.499)	(.501)	(.503)	(.494)	(.490)
Distributions from net realized gain	-	(.001)	-^E	(.004)	(.069)
Total distributions	(.499)	(.502)	(.503)	(.498)	(.559)
Redemption fees added to paid in capital^{B, E}	-	-	-	-	-
Net asset value, end of period	$ 12.67	$ 11.63	$ 11.88	$ 11.38	$ 11.61
Total Return^A	13.52%	2.08%	9.00%	2.33%	(1.97)%
Ratios to Average Net Assets^C
Expenses before reductions	.46%	.46%	.47%	.47%	.46%
Expenses net of fee waivers, if any	.46%	.46%	.47%	.47%	.46%
Expenses net of all reductions	.46%	.46%	.47%	.46%	.43%
Net investment income (loss)	4.12%	4.21%	4.34%	4.27%	4.03%
Supplemental Data
Net assets, end of period (in millions)	$ 1,741	$ 1,456	$ 1,560	$ 1,427	$ 1,543
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D For the year ended February 29.

^E Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended February 28,	2012^D	2011	2010	2009	2008^D
Selected Per-Share Data
Net asset value, beginning of period	$ 11.65	$ 11.90	$ 11.40	$ 11.63	$ 12.42
Income from Investment Operations
Net investment income (loss)^B	.492	.500	.503	.491	.486
Net realized and unrealized gain (loss)	1.049	(.255)	.496	(.226)	(.722)
Total from investment operations	1.541	.245	.999	.265	(.236)
Distributions from net investment income	(.491)	(.495)	(.499)	(.491)	(.485)
Distributions from net realized gain	-	(.001)	-^E	(.004)	(.069)
Total distributions	(.491)	(.495)^F	(.499)	(.495)	(.554)
Redemption fees added to paid in capital^{B, E}	-	-	-	-	-
Net asset value, end of period	$ 12.70	$ 11.65	$ 11.90	$ 11.40	$ 11.63
Total Return^A	13.51%	2.02%	8.94%	2.30%	(2.00)%
Ratios to Average Net Assets^C
Expenses before reductions	.53%	.51%	.51%	.49%	.50%
Expenses net of fee waivers, if any	.53%	.51%	.51%	.49%	.50%
Expenses net of all reductions	.53%	.51%	.51%	.48%	.47%
Net investment income (loss)	4.05%	4.16%	4.31%	4.24%	3.99%
Supplemental Data
Net assets, end of period (in millions)	$ 33	$ 21	$ 62	$ 19	$ 11
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D For the year ended February 29.

^E Amount represents less than $.001 per share.

^F Total distributions of $.495 per share is comprised of distributions from net investment income of $.4945 and distributions from net realized gain of $.0007 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 29, 2012

(Amounts in thousands except percentages)

1. Organization.

2. Significant Accounting Policies.

Annual Report

2. Significant Accounting Policies - continued

Security Valuation - continued

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)

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards, losses deferred due to futures transactions and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 124,690
Gross unrealized depreciation	(5,946)
Net unrealized appreciation (depreciation) on securities and other investments	$ 118,744

Tax Cost	$ 1,620,693

Annual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed tax-exempt income	$ -
Undistributed ordinary income	$ -
Capital loss carryforward	$ (23,616)
Net unrealized appreciation (depreciation)	$ 118,744

Fiscal year of expiration
2017	$ (21,050)
2018	(1,880)
Total with expiration	(22,930)
No expiration
Short-term	(686)
Total no expiration	(686)
Total capital loss carryforward	$ (23,616)

The tax character of distributions paid was as follows:

	February 29, 2012	February 28, 2011
Tax-exempt Income	$ 68,520	$ 70,898
Ordinary Income	-	100
Total	$ 68,520	$ 70,998

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $204,225 and $141,228, respectively.

4. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 111	$ 13
Class T	-%	.25%	11	-
Class B	.65%	.25%	16	11
Class C	.75%	.25%	193	40
			$ 331	$ 64

Annual Report

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 11
Class T	2
Class B*	3
Class C*	2
	$ 18

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets
Class A	$ 52	.12
Class T	6	.13
Class B	1	.08
Class C	27	.14
California Municipal Income	1,089	.07
Institutional Class	37	.14
	$ 1,212

5. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

5. Committed Line of Credit - continued

6. Expense Reductions.

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2012^A	2011
From net investment income
Class A	$ 1,685	$ 1,696
Class T	170	218
Class B	57	81
Class C	588	603
California Municipal Income	64,936	66,826
Institutional Class	1,084	1,474
Total	$ 68,520	$ 70,898
From net realized gain
Class A	$ -	$ 3
Class C	-	1
California Municipal Income	-	95
Institutional Class	-	1
Total	$ -	$ 100

^AFebruary 29, 2012.

8. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2012^A	2011	2012^A	2011
Class A
Shares sold	1,492	1,131	$ 18,169	$ 13,594
Reinvestment of distributions	98	97	1,193	1,160
Shares redeemed	(858)	(1,496)	(10,352)	(17,712)
Net increase (decrease)	732	(268)	$ 9,010	$ (2,958)

Annual Report

8. Share Transactions - continued

	Shares		Dollars
Years ended February 28,	2012^A	2011	2012^A	2011
Class T
Shares sold	134	64	$ 1,641	$ 770
Reinvestment of distributions	12	14	145	172
Shares redeemed	(66)	(259)	(800)	(3,101)
Net increase (decrease)	80	(181)	$ 986	$ (2,159)
Class B
Shares sold	11	31	$ 118	$ 375
Reinvestment of distributions	2	3	26	36
Shares redeemed	(44)	(87)	(522)	(1,030)
Net increase (decrease)	(31)	(53)	$ (378)	$ (619)
Class C
Shares sold	479	503	$ 5,860	$ 6,012
Reinvestment of distributions	30	29	359	350
Shares redeemed	(188)	(659)	(2,259)	(7,787)
Net increase (decrease)	321	(127)	$ 3,960	$ (1,425)
California Municipal Income
Shares sold	24,652	30,469	$ 298,179	$ 363,379
Reinvestment of distributions	3,519	3,784	42,616	45,282
Shares redeemed	(16,049)	(40,406)	(192,817)	(476,687)
Net increase (decrease)	12,122	(6,153)	$ 147,978	$ (68,026)
Institutional Class
Shares sold	1,322	1,709	$ 16,026	$ 20,475
Reinvestment of distributions	51	46	622	554
Shares redeemed	(605)	(5,174)	(7,369)	(62,223)
Net increase (decrease)	768	(3,419)	$ 9,279	$ (41,194)

^AFebruary 29, 2012.

9. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity California Municipal Trust and the Shareholders of Fidelity California Municipal Income Fund:

/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP

Boston, Massachusetts

April 11, 2012

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Abigail P. Johnson (50)
	Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., 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.
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Albert R. Gamper, Jr. (69)
	Year of Election or Appointment: 2006 Mr. Gamper is Vice Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2011-present). Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (60)
	Year of Election or Appointment: 2010 Mr. Gartland is Chairman and an investor in Gartland and 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).
Arthur E. Johnson (65)
	Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-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). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Mr. Edward C. Johnson 3d or Ms. Abigail P. Johnson.
Michael E. Kenneally (57)
	Year of Election or Appointment: 2009 Previously, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of the Credit Suisse Funds (U.S. mutual funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (71)
	Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (65)
	Year of Election or Appointment: 2001 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. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (73)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009).

Annual Report

Trustees and Officers - continued

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
John R. Hebble (53)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.
Christopher P. Sullivan (58)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Bond Funds. Mr. Sullivan also serves as President of Fidelity's Bond Division (2009-present). Mr. Sullivan is Executive Vice President of Fidelity Investments Money Management, Inc. (2009-present), and a Director of Fidelity Management & Research (U.K.) Inc. (2010-present). Previously, Mr. Sullivan served as Managing Director, Co-Head of U.S. Fixed Income at Goldman Sachs Asset Management (2001-2009).
Christine J. Thompson (53)
	Year of Election or Appointment: 2010 Vice President of Fidelity's Bond Funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments. Previously, Ms. Thompson served as Director of Municipal Bond Portfolio Managers (2002-2010).
Scott C. Goebel (44)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
David J. Carter (38)
	Year of Election or Appointment: 2010 Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Carter also serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Michael H. Whitaker (44)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker also serves as Chief Compliance Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present). Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey also serves as Assistant Treasurer of other Fidelity funds (2010-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer (2011-present) and Deputy Treasurer (2008-present) of other Fidelity funds, and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as 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).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

	Pay Date	Record Date	Capital Gains
Class A	04/05/2012	04/04/2012	$0.001
Class T	04/05/2012	04/04/2012	$0.001
Class B	04/05/2012	04/04/2012	$0.001
Class C	04/05/2012	04/04/2012	$0.001

During fiscal year ended 2012, 100% of the fund's income dividends was free from federal income tax, and 6.60% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity California Municipal Income Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity California Municipal Income Fund

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Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Fidelity California Municipal Income Fund

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Citibank, N.A.

New York, NY

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

ASCM-UANN-0412
1.790905.108

(Fidelity Investment logo)(registered trademark)

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

California Municipal Income

Fund - Institutional Class

Annual Report

February 29, 2012

(Fidelity Cover Art)

Institutional Class is a class of Fidelity^® California Municipal Income Fund

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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 1-877-208-0098 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.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended February 29, 2012	Past 1 year	Past 5 years	Past 10 years
Institutional Class^A	13.51%	4.81%	4.87%

^AThe initial offering of Institutional Class shares took place on August 1, 2002. Returns prior to August 1, 2002 are those of Fidelity® California Municipal Income Fund, the original retail class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® California Municipal Income Fund - Institutional Class on February 28, 2002. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital® Municipal Bond Index performed over the same period. The initial offering of Institutional Class took place on August 1, 2002. See above for additional information regarding the performance of Institutional Class.

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Annual Report

Management's Discussion of Fund Performance

Comments from Jamie Pagliocco, Portfolio Manager of Fidelity Advisor®California Municipal Income Fund: For the year, the fund's Institutional Class shares returned 13.51%, while the Barclays Capital California Enhanced Municipal Bond Index rose 14.17%. The fund's performance fell short of the index due in part to disadvantageous yield-curve positioning and an overweighting in higher-coupon callable bonds. In terms of its yield-curve positioning, modestly overweighting longer-term bonds and underweighting stronger-performing intermediate-maturity securities detracted. Higher-coupon callable bonds generally lagged non-callable bonds selling at face value. In contrast, an overweighting in health care bonds was a plus because the segment rallied strongly. The fund's relative performance also was bolstered by its larger-than-benchmark stake in zero-coupon bonds, which generally enjoyed more price appreciation than comparable-maturity coupon-paying bonds as muni bond yields decline. Out-of-benchmark exposure to Puerto Rico bonds generally outpaced the market, as investors were drawn to the securities' relatively high yields and triple-tax-exempt status, especially in light of actions taken by the government there to stabilize its fiscal situation.

Annual Report

Shareholder Expense Example

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, 2011 to February 29, 2012).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value September 1, 2011	Ending Account Value February 29, 2012	Expenses Paid During Period* September 1, 2011 to February 29, 2012
Class A	.77%
Actual		$ 1,000.00	$ 1,063.50	$ 3.95
Hypothetical^A		$ 1,000.00	$ 1,021.03	$ 3.87
Class T	.79%
Actual		$ 1,000.00	$ 1,063.30	$ 4.05
Hypothetical^A		$ 1,000.00	$ 1,020.93	$ 3.97
Class B	1.38%
Actual		$ 1,000.00	$ 1,060.40	$ 7.07
Hypothetical^A		$ 1,000.00	$ 1,018.00	$ 6.92
Class C	1.54%
Actual		$ 1,000.00	$ 1,058.70	$ 7.88
Hypothetical^A		$ 1,000.00	$ 1,017.21	$ 7.72
California Municipal Income	.46%
Actual		$ 1,000.00	$ 1,064.30	$ 2.36
Hypothetical^A		$ 1,000.00	$ 1,022.58	$ 2.31
Institutional Class	.54%
Actual		$ 1,000.00	$ 1,064.70	$ 2.77
Hypothetical^A		$ 1,000.00	$ 1,022.18	$ 2.72

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Five Sectors as of February 29, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
General Obligations	46.2	46.6
Health Care	12.9	12.1
Transportation	9.4	10.9
Education	5.6	6.5
Special Tax	4.4	4.2
Weighted Average Maturity as of February 29, 2012
		6 months ago
Years	5.9	7.3

Duration as of February 29, 2012
		6 months ago
Years	6.9	7.7

Quality Diversification (% of fund's net assets)
As of February 29, 2012		As of August 31, 2011
	AAA 1.7%		AAA 2.0%
	AA,A 77.5%		AA,A 79.1%
	BBB 12.2%		BBB 13.7%
	BB and Below 0.3%		BB and Below 0.4%
	Not Rated 2.0%		Not Rated 1.6%
	Short-Term Investments and Net Other Assets 6.3%		Short-Term Investments and Net Other Assets 3.2%

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Annual Report

Investments February 29, 2012

Showing Percentage of Net Assets

Municipal Bonds - 93.7%
	Principal Amount (000s)	Value (000s)
California - 92.6%
ABAG Fin. Auth. for Nonprofit Corps. Rev.:
(Hamlin School Proj.) Series 2007:
4.625% 8/1/16	$ 380	$ 410
5% 8/1/18	330	355
5% 8/1/19	555	595
(Sharp HealthCare Proj.):
Series 2009 B, 6.25% 8/1/39	3,000	3,445
Series 2012 A:
5% 8/1/24	1,000	1,130
5% 8/1/25	1,245	1,397
5% 8/1/27	300	331
5% 8/1/28	400	438
ABC Unified School District Series 1997 C:
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,720	1,039
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,760	1,346
Alameda Corridor Trans. Auth. Rev. Series 1999 A, 5.25% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	7,575	7,580
Alameda County Ctfs. of Prtn.:
(Santa Rita Jail Proj.) Series 2007 A:
5% 12/1/18 (AMBAC Insured)	2,645	3,001
5% 12/1/20 (AMBAC Insured)	2,810	3,115
Series 1989, 0% 6/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,310	1,806
Alhambra Unified School District Series 2004 A, 5% 8/1/25 (FGIC Insured)	1,880	2,032
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impt. Proj.):
Series 1997 A, 6% 9/1/24	1,000	1,234
Series 1997 C:
0% 9/1/19 (FSA Insured)	1,285	926
0% 9/1/22 (FSA Insured)	5,150	3,049
Anaheim Pub. Fing. Auth. Rev. Series 2007 A, 4.5% 10/1/32	10,000	10,404
Antioch Unified School District (School Facilities Impt. District #1 Proj.) Series 2008 B, 5.75% 8/1/24 (Assured Guaranty Corp. Insured)	1,000	1,176
Auburn Union School District Ctfs. of Prtn. (2008 Refing. Proj.) 5% 6/1/38 (Assured Guaranty Corp. Insured)	5,615	5,809
Banning Unified School District Gen. Oblig. Series 2006 A, 5% 8/1/31 (Berkshire Hathaway Assurance Corp. Insured)	5,190	5,510
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Bay Area Infrastructure Fing. Auth. 5% 8/1/17 (FGIC Insured)	$ 5,030	$ 5,434
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44	5,500	6,186
Burbank Glendale Pasadena Arpt. Auth. Rev. Series 2005 B:
5% 7/1/12 (AMBAC Insured) (c)	1,840	1,861
5.25% 7/1/14 (AMBAC Insured) (c)	2,035	2,190
5.25% 7/1/16 (AMBAC Insured) (c)	1,255	1,391
5.25% 7/1/17 (AMBAC Insured) (c)	1,370	1,492
Burbank Unified School District:
Series 1997 B, 0% 8/1/20	3,835	2,733
Series 1997 C, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,865	4,517
Butte-Glenn Cmnty. College District Series A, 5.5% 8/1/18 (Pre-Refunded to 8/1/12 @ 101)	1,085	1,119
Cabrillo Unified School District Series A:
0% 8/1/12 (AMBAC Insured)	2,800	2,767
0% 8/1/17 (AMBAC Insured)	1,000	818
0% 8/1/18 (AMBAC Insured)	2,000	1,544
California Dept. of Wtr. Resources:
(Central Valley Proj.) Series AM, 5% 12/1/21	4,000	4,770
Series AI:
5% 12/1/18	3,000	3,787
5% 12/1/25	2,700	3,354
Series J1, 7% 12/1/12	730	767
California Econ. Recovery Series 2009 A:
5% 7/1/19	1,725	2,125
5% 7/1/22	3,800	4,367
5.25% 7/1/14	695	770
5.25% 7/1/21	9,910	12,124
California Edl. Facilities Auth. Rev.:
(Claremont Graduate Univ. Proj.) Series 2008 A:
6% 3/1/33	1,000	1,113
6% 3/1/38	1,000	1,098
(College & Univ. Fing. Prog.) Series 2007:
5% 2/1/16	1,600	1,683
5% 2/1/17	1,000	1,045
(Loyola Marymount Univ. Proj.):
Series 2001 A, 0% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,280	2,004
Series 2010 A, 5% 10/1/25	5,860	6,623
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Edl. Facilities Auth. Rev.: - continued
(Pomona College Proj.) Series 2005 A, 0% 7/1/38	$ 3,155	$ 882
(Santa Clara Univ. Proj.) Series 1999, 5.25% 9/1/26 (AMBAC Insured)	7,910	10,018
(Univ. of Southern California Proj.) Series 2007 A, 4.75% 10/1/37	6,000	6,497
California Enterprise Dev. Auth. (The Thacher School Proj.) Series 2010:
4% 9/1/20	860	938
4% 9/1/21	1,000	1,076
4% 9/1/22	740	788
4% 9/1/23	1,080	1,142
4% 9/1/24	1,125	1,177
5% 9/1/19	400	473
5% 9/1/39	5,000	5,229
California Gen. Oblig.:
Series 1992, 6.25% 9/1/12 (FGIC Insured)	655	674
Series 2005, 5.5% 6/1/28	275	276
Series 2007:
5.625% 5/1/20	150	150
5.625% 5/1/26	215	216
5.75% 5/1/30	160	160
4.5% 8/1/30	3,250	3,373
5% 3/1/15	2,130	2,387
5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,500	2,754
5% 9/1/17	750	860
5% 3/1/19	3,000	3,532
5% 8/1/22	1,500	1,699
5% 10/1/22	1,355	1,565
5% 11/1/22	1,600	1,843
5% 11/1/22 (XL Cap. Assurance, Inc. Insured)	2,800	3,226
5% 12/1/22	3,500	4,040
5% 2/1/23	1,095	1,160
5% 2/1/26	1,500	1,503
5% 3/1/26	2,800	3,050
5% 6/1/26	2,600	2,795
5% 2/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,800	2,877
5% 6/1/31	2,000	2,130
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	2,096
5% 10/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	1,009
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Gen. Oblig.: - continued
5.125% 11/1/24	$ 2,800	$ 3,001
5.125% 2/1/26	2,800	2,967
5.25% 2/1/14	4,045	4,317
5.25% 10/1/14	140	140
5.25% 10/1/17	105	105
5.25% 11/1/18	3,000	3,225
5.25% 2/1/20	6,805	7,239
5.25% 2/1/22	2,020	2,149
5.25% 9/1/23	7,200	8,615
5.25% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,490	5,667
5.25% 4/1/27	5	5
5.25% 2/1/28	2,785	2,920
5.25% 2/1/29	5,000	5,158
5.25% 4/1/29	5	5
5.25% 11/1/29	2,000	2,115
5.25% 4/1/30	35	35
5.25% 2/1/33	8,150	8,387
5.25% 12/1/33	105	111
5.25% 3/1/38	11,375	12,151
5.375% 4/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	35	35
5.5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	100	100
5.5% 4/1/28	5	5
5.5% 8/1/29	7,790	8,888
5.5% 4/1/30	25	27
5.5% 11/1/33	29,440	31,163
5.5% 11/1/34	2,535	2,844
5.5% 11/1/39	1,810	1,991
6% 4/1/18	1,570	1,971
6% 3/1/33	20,050	23,670
6% 4/1/38	1,190	1,368
6.5% 4/1/33	11,650	14,222
6.75% 8/1/12	1,100	1,129
California Health Facilities Fing. Auth. Rev.:
(Catholic Healthcare West Proj.):
Series 2008 H, 5.125% 7/1/22	2,630	2,834
Series 2008 L, 5.125% 7/1/22	2,475	2,667
Series 2009 E, 5.625% 7/1/25	11,000	12,582
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Health Facilities Fing. Auth. Rev.: - continued
(Cedars-Sinai Med. Ctr. Proj.):
Series 2005, 5% 11/15/14	$ 1,485	$ 1,650
Series 2009, 5% 8/15/39	5,000	5,195
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/12	2,345	2,400
(Cottage Health Sys. Proj.) Series 2003 B, 5.25% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,260	1,315
(Providence Health and Svcs. Proj.):
Series 2009 B, 5.5% 10/1/39	2,000	2,211
Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100)	90	122
6.5% 10/1/38	4,910	5,902
(Scripps Health Proj.) Series 2010 A, 5% 11/15/36	3,000	3,217
(Stanford Hosp. & Clinics Proj.) Series 2010 B, 5.75% 11/15/31	4,600	5,495
(Sutter Health Proj.) Series 2008 A, 5% 8/15/15	4,500	5,144
Bonds (Catholic Healthcare West Proj.) Series 2004 I, 4.95%, tender 7/1/14 (b)	5,000	5,405
Series 2008 A3, 5.5% 11/15/40	3,090	3,529
Series 2011 A, 5% 3/1/20	3,250	3,711
Series 2011 D:
5% 8/15/22	900	1,080
5% 8/15/23	700	832
5% 8/15/24	1,250	1,463
5% 8/15/25	2,000	2,329
California Infrastructure & Econ. Dev. Bank Rev.:
(California Science Ctr. Phase II Proj.) Series 2006 B, 5% 5/1/19 (FGIC Insured)	1,000	1,054
(Performing Arts Ctr. of Los Angeles County Proj.) Series 2007:
5% 12/1/27	1,080	1,147
5% 12/1/32	1,000	1,048
5% 12/1/42	3,000	3,069
(YMCA Metropolitan L.A. Proj.) Series 2001:
5.25% 2/1/26 (AMBAC Insured)	2,000	2,022
5.25% 2/1/32 (AMBAC Insured)	6,295	6,361
Series 2005, 5% 10/1/33	7,235	7,510
California Muni. Fin. Auth. Ctfs. of Prtn. (Cmnty. Hospitals of Central California Obligated Group Proj.) Series 2009, 5.5% 2/1/39	5,000	5,092
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Muni. Fin. Auth. Rev.:
(Eisenhower Med. Ctr. Proj.) Series 2010 A:
5% 7/1/19	$ 300	$ 328
5% 7/1/20	500	534
5.125% 7/1/23	1,150	1,209
5.75% 7/1/40	5,000	5,197
(Loma Linda Univ. Proj.) Series 2007, 5% 4/1/22	1,090	1,179
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,250	4,717
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.):
Series 2001 A, 5.125%, tender 5/1/14 (b)(c)	9,000	9,689
Series 2003 A, 5%, tender 5/1/13 (b)(c)	3,000	3,133
Series 2005 A1, 4.7%, tender 4/1/12 (b)(c)	3,250	3,259
California Pub. Works Board Lease Rev.:
(Butterfield State Office Complex Proj.) Series 2005 A:
5% 6/1/13	2,600	2,714
5% 6/1/14	2,000	2,152
5.25% 6/1/24	5,400	5,795
5.25% 6/1/25	5,000	5,313
5.25% 6/1/30	4,000	4,156
(California Cmnty. College Projs.) Series 1998 A, 5.25% 12/1/16	4,400	4,416
(California State Univ. Proj.):
Series 2006 A, 5% 10/1/14 (FGIC Insured)	2,700	2,939
Series 2006 G:
5% 11/1/20	1,825	1,964
5% 11/1/21	2,020	2,177
(California Substance Abuse Treatment Facility and State Prison at Corcoran II Proj.) Series 2005 J, 5.25% 1/1/16 (AMBAC Insured)	4,520	5,118
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series 2002 A, 5.25% 12/1/18	5,000	5,137
(Coalinga State Hosp. Proj.) Series 2004 A:
5.25% 6/1/12	2,485	2,510
5.5% 6/1/15	1,000	1,087
5.5% 6/1/17	9,980	10,835
(Dept. of Corrections & Rehab. Proj.):
Series 2006 F:
5% 11/1/15 (FGIC Insured)	2,455	2,745
5% 11/1/16 (FGIC Insured)	2,000	2,284
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Pub. Works Board Lease Rev.: - continued
(Dept. of Corrections & Rehab. Proj.):
Series 2011 C:
5% 10/1/27	$ 9,530	$ 10,448
5.25% 10/1/24	4,170	4,763
5.25% 10/1/25	2,875	3,249
5.75% 10/1/31	4,000	4,538
(Dept. of Corrections State Prison Proj.) Series 1993 E:
5.5% 6/1/15 (FSA Insured)	1,640	1,741
5.5% 6/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	815	864
(Dept. of Corrections, Madera State Prison Proj.) Series E, 5.5% 6/1/15	7,205	7,637
(Dept. of Corrections, Monterey County State Prison Proj.) Series 2003 C, 5.5% 6/1/15	6,100	6,507
(Dept. of Corrections, Susanville State Prison Proj.) Series 1993 D, 5.25% 6/1/15 (FSA Insured)	4,210	4,519
(Dept. of Gen. Svcs. Butterfield Proj.) Series 2005 A, 5% 6/1/23	2,900	3,075
(Dept. of Health Svcs. Proj.) Series 2005 K, 5% 11/1/23	2,800	2,978
(Dept. of Mental Health Proj.) Series 2004 A:
5% 6/1/25	3,000	3,113
5.125% 6/1/29	5,000	5,156
5.5% 6/1/19	2,000	2,138
(Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,775	5,061
(Madera County, Valley State Prison for Women Proj.) Series 2005 H, 5% 6/1/16	5,000	5,561
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/20	3,335	3,648
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34	5,900	6,668
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17	5,625	6,217
(Ten Administrative Segregation Hsg. Units Proj.) Series 2002 A, 5.25% 3/1/18 (AMBAC Insured)	2,500	2,507
(Univ. of California Research Proj.):
Series 2005 L:
5% 11/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,165	5,705
5.25% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,500	3,923
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Pub. Works Board Lease Rev.: - continued
(Univ. of California Research Proj.):
Series 2006 E:
5% 10/1/23	$ 2,410	$ 2,727
5.25% 10/1/21	2,900	3,347
(Various Judicial Council Projects) Series 2011 D:
5% 12/1/22	3,000	3,398
5% 12/1/23	2,800	3,129
Series 2009 G1, 5.75% 10/1/30	1,800	2,042
Series 2009 I:
5.5% 11/1/23	1,535	1,776
6.125% 11/1/29	1,200	1,421
6.25% 11/1/21	2,000	2,451
6.375% 11/1/34	3,000	3,442
California State Univ. Rev.:
Series 2009 A:
5.75% 11/1/25	3,675	4,308
5.75% 11/1/28	6,525	7,545
6% 11/1/40	7,240	8,332
Series A:
5.375% 11/1/18 (AMBAC Insured)	70	72
5.5% 11/1/16 (AMBAC Insured)	80	83
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. Bonds (Southern California Edison Co. Proj.) Series 2006 B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (b)	2,425	2,515
California Statewide Cmntys. Dev. Auth. Rev.:
(Adventist Health Sys. Proj.) Series 2007 B, 5% 3/1/37 (Assured Guaranty Corp. Insured)	5,000	5,194
(Cmnty. Hosp. Monterey Peninsula Proj.) Series 2003 B, 5.25% 6/1/23 (FSA Insured)	1,800	1,852
(Cottage Health Sys. Obligated Group Proj.) Series 2010, 5.25% 11/1/30	3,000	3,335
(Daughters of Charity Health Sys. Proj.):
Series 2003 G, 5.25% 7/1/12	900	912
Series 2005 G, 5.25% 7/1/13	1,475	1,536
(Enloe Health Sys. Proj.) Series 2008 B:
5% 8/15/16	125	140
5% 8/15/19	50	56
5.75% 8/15/38	3,000	3,175
6.25% 8/15/33	2,500	2,778
(Kaiser Permanente Health Sys. Proj.):
Series 2001 C, 5.25% 8/1/31	3,215	3,443
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
California Statewide Cmntys. Dev. Auth. Rev.: - continued
(Kaiser Permanente Health Sys. Proj.):
Series 2007 A:
4.75% 4/1/33	$ 2,000	$ 2,041
5% 4/1/31	4,900	5,134
(Los Angeles Orthopaedic Hosp. Foundation Prog.) Series 2000, 5.75% 6/1/30 (AMBAC Insured)	8,355	8,358
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured)	9,000	9,736
(Sutter Health Proj.) Series 2011 A, 6% 8/15/42	3,300	3,807
(Sutter Health Systems Proj.) Series 2005 A, 5% 11/15/43 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,125	4,229
(Trinity Health Cr. Group Proj.) Series 2011 CA, 5% 12/1/41	10,000	10,816
5.375% 6/1/26	2,500	2,771
6% 6/1/33	3,000	3,447
Campbell Union School District Gen. Oblig. Series 2002 C, 5% 8/1/34 (Pre-Refunded to 8/1/14 @ 102)	1,910	2,162
Carlsbad Unified School District:
Series 2009 B:
0% 5/1/15	1,000	952
0% 5/1/16	1,365	1,267
0% 5/1/17	1,155	1,034
0% 5/1/18	1,335	1,135
0% 5/1/19	1,000	801
0% 5/1/34 (a)	5,300	3,868
0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,700	1,604
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series 2008 A:
5% 11/1/24 (AMBAC Insured)	1,000	1,123
5% 11/1/25 (AMBAC Insured)	3,820	4,265
5% 11/1/33 (AMBAC Insured)	5,000	5,382
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co. Proj.) Series B, 5.875% 2/15/34	5,000	5,750
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,290	3,346
Colton Joint Unified School District Series 2001 C, 5.25% 2/1/22 (FGIC Insured)	1,200	1,301
Commerce Refuse to Energy Auth. Rev. Series 2005:
5.5% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,545	1,653
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Commerce Refuse to Energy Auth. Rev. Series 2005: - continued
5.5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 2,685	$ 2,926
Corona-Norco Unified School District Series A:
5% 8/1/22 (FSA Insured)	1,470	1,637
5% 8/1/25 (FSA Insured)	1,435	1,565
5% 8/1/26 (FSA Insured)	2,000	2,151
5% 8/1/27 (FSA Insured)	1,785	1,914
5% 8/1/31 (FSA Insured)	5,000	5,271
Covina Valley Unified School District Series 2006 A, 5% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,600	5,800
Ctr. Unified School District Series 1997 C:
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,562
0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,010	1,427
Cucamonga County Wtr. District 5% 9/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,890	3,010
Cupertino California Union School District:
5% 8/1/18	1,735	2,135
5% 8/1/19	1,120	1,388
Davis Spl. Tax Rev. Series 2007:
5% 9/1/12 (AMBAC Insured)	625	632
5% 9/1/13 (AMBAC Insured)	655	674
5% 9/1/14 (AMBAC Insured)	690	722
5% 9/1/15 (AMBAC Insured)	725	764
5% 9/1/18 (AMBAC Insured)	835	878
5% 9/1/20 (AMBAC Insured)	925	952
5% 9/1/22 (AMBAC Insured)	1,020	1,047
Desert Sands Union School District Ctfs. of Prtn.:
5.75% 3/1/24 (FSA Insured)	2,000	2,261
6% 3/1/20 (FSA Insured)	1,000	1,174
Duarte Ctfs. of Prtn. Series 1999 A:
5% 4/1/12	4,210	4,223
5% 4/1/13	1,830	1,836
El Centro Fing. Auth. Wastewtr. Series 2006 A, 5.25% 10/1/35 (FSA Insured)	6,890	7,285
Elk Grove Fin. Auth. Spl. Tax Rev. 5% 9/1/17 (AMBAC Insured)	2,415	2,533
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 (AMBAC Insured)	4,025	4,536
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 2002 A:
0% 10/1/24 (AMBAC Insured)	$ 1,665	$ 874
0% 10/1/25 (AMBAC Insured)	1,665	826
Encinitas Union School District Series 1996, 0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	692
Escondido Union High School District:
Series 2008 A:
0% 8/1/33 (Assured Guaranty Corp. Insured)	5,655	1,789
0% 8/1/34 (Assured Guaranty Corp. Insured)	3,500	1,106
0% 11/1/16 (Escrowed to Maturity)	3,500	3,332
Fairfield-Suisun Unified School District Series 2004, 5.5% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,219
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.) Series 2007, 5% 5/1/37 (CIFG North America Insured)	2,500	2,534
Folsom Cordova Unified School District School Facilities Impt. District #1 Series A, 0% 10/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,315	914
Foothill-De Anza Cmnty. College District:
Series 1999 A:
0% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,430	2,311
0% 8/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,365	4,351
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	6,425	4,912
Series 1999 B, 0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000	3,089
Series C, 5% 8/1/36	10,000	11,279
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.:
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	24,070	21,932
Series 1999:
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,860	5,866
5.75% 1/15/40	8,155	8,154
5.875% 1/15/27	4,000	4,074
5.875% 1/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,500	4,583
5.875% 1/15/29	4,000	4,072
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Garden Grove Agcy. Cmnty. Dev. Tax Allocation Rev. (Garden Grove Cmnty. Proj.) 5.375% 10/1/20	$ 2,645	$ 2,682
Glendora Unified School District Series 2005 A, 5.25% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	1,099
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.:
Series 2005 A:
5% 6/1/35 (Berkshire Hathaway Assurance Corp. Insured)	1,535	1,568
5% 6/1/45	12,125	12,138
5% 6/1/45	2,775	2,778
Series 2007 A1:
5% 6/1/12	1,400	1,409
5% 6/1/13	1,000	1,025
5% 6/1/14	2,000	2,072
5% 6/1/15	1,000	1,044
5% 6/1/45 (FSA Insured)	235	237
Golden West Schools Fing. Auth. Rev. Series A, 0% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,750	2,119
Indio Pub. Fing. Auth. Lease Rev. Bonds Series 2007 B, 3.8%, tender 11/1/12 (b)	2,500	2,523
Laguna Beach Unified School District Gen. Oblig. (Election of 2001 Proj.):
5% 8/1/21	405	496
5% 8/1/22	450	540
5% 8/1/23	485	578
5% 8/1/24	1,000	1,182
5% 8/1/26	1,370	1,602
5% 8/1/28	760	875
Lancaster Fing. Auth. Tax Allocation Rev. 5% 2/1/31 (AMBAC Insured)	3,420	2,449
Loma Linda Hosp. Rev.:
(Loma Linda Univ. Med. Ctr. Proj.) Series 2008 A, 8.25% 12/1/38	4,400	4,963
Series 2005 A, 5% 12/1/14	4,500	4,849
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev. Series 2007 A, 5.25% 11/15/21	3,790	4,110
Long Beach Cmnty. College Series 2008 A, 0% 6/1/31 (FSA Insured)	9,750	3,686
Long Beach Hbr. Rev. Series 2010 B, 5% 5/15/22	2,735	3,250
Long Beach Unified School District:
Series 2008 A, 5.25% 8/1/33	6,725	7,604
Series A, 5.75% 8/1/33	2,800	3,298
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Los Angeles Cmnty. College District:
Series 2008 A, 6% 8/1/33	$ 10,000	$ 12,008
Series 2009 A, 5.5% 8/1/29	1,000	1,173
Series 2010 C, 5.25% 8/1/39	1,300	1,484
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005, 5% 9/1/21 (AMBAC Insured)	2,805	2,904
Los Angeles County Ctfs. of Prtn.:
(Correctional Facilities Proj.) 0% 9/1/13 (Escrowed to Maturity)	3,380	3,345
(Disney Parking Proj.):
0% 3/1/12	2,180	2,180
0% 3/1/13	6,490	6,387
0% 9/1/14 (AMBAC Insured)	3,860	3,662
0% 3/1/18	3,000	2,492
0% 3/1/19	3,200	2,516
0% 3/1/20	1,000	738
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B:
5.375% 9/1/16 (FSA Insured)	1,045	1,113
5.375% 9/1/17 (FSA Insured)	1,095	1,163
5.375% 9/1/18 (FSA Insured)	1,155	1,223
5.375% 9/1/19 (FSA Insured)	1,210	1,277
Los Angeles Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series 1999 A, 5.5% 8/1/24 (AMBAC Insured)	3,700	3,704
Los Angeles Dept. Arpt. Rev.:
Series 2002 A, 5.25% 5/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,024
Series 2006 A:
5% 5/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	1,000	1,119
5% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,990	4,420
5% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	1,410	1,539
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.:
4.75% 8/15/12 (Escrowed to Maturity)	3,120	3,130
4.75% 8/15/16 (Escrowed to Maturity)	1,395	1,399
4.75% 10/15/20 (Escrowed to Maturity)	150	150
Los Angeles Dept. of Wtr. & Pwr. Rev. Series A2, 5% 7/1/25 (FSA Insured)	2,800	3,149
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2004 C, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 1,500	$ 1,554
Los Angeles Hbr. Dept. Rev. 7.6% 10/1/18 (Escrowed to Maturity)	8,875	10,799
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2008 A, 5% 9/1/22	5,500	6,083
Los Angeles Unified School District:
Series 2004 A1, 5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,337
Series 2007 A1, 4.5% 1/1/28	6,900	7,381
Series 2011 A1, 5% 7/1/21	10,510	13,038
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34	10,000	11,587
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (Escrowed to Maturity)	1,635	2,023
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36	3,425	3,585
Malibu Gen. Oblig. Ctfs. of Prtn. (City Hall Proj.) Series A:
5% 7/1/32	500	546
5% 7/1/39	4,095	4,358
Marina Coast Wtr. District Ctfs. Prtn. Series 2006, 5% 6/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,500	3,580
Merced Union High School District Series A, 0% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,100	709
Modesto Elementary School District, Stanislaus County Series A:
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,377
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,800	1,534
Modesto Gen. Oblig. Ctfs. of Prtn.:
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured)	2,500	2,469
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,585	1,576
Modesto Irrigation District Ctfs. of Prtn.:
(Cap. Impts. Proj.) Series 2004 B, 5.5% 7/1/35	3,800	4,050
(Geysers Geothermal Pwr. Proj.) Series 1986 A, 5% 10/1/17 (Escrowed to Maturity)	5,000	5,839
Monrovia Unified School District Series B, 0% 8/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,500	786
Montebello Unified School District Series 2001, 0% 6/1/26 (FSA Insured)	1,580	768
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. 5% 8/1/18 (AMBAC Insured)	$ 3,580	$ 4,126
Moreland School District Series 2003 B, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,485	703
Murrieta Valley Unified School District:
Series 1998 A, 0% 9/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,500	1,478
Series 2008, 0% 9/1/32 (FSA Insured)	5,000	1,662
Natomas Unified School District Series 2007, 5.25% 8/1/30 (FGIC Insured)	5,150	5,244
New Haven Unified School District:
12% 8/1/16 (FSA Insured)	1,500	2,191
12% 8/1/17 (FSA Insured)	1,000	1,534
Newport Beach Rev.:
(Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 A, 5% 12/1/24	2,000	2,129
Bonds (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 E, 5%, tender 2/7/13 (b)	2,800	2,913
Hoag Memorial Hosp. Presbyterian Proj.) Series 2011 A, 6% 12/1/40	3,000	3,554
North City West School Facilities Fing. Auth. Spl. Tax:
Series 2005 B, 5.25% 9/1/23 (AMBAC Insured)	1,530	1,753
Series 2006 C:
5% 9/1/16 (AMBAC Insured)	1,000	1,123
5% 9/1/17 (AMBAC Insured)	2,735	3,105
Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/12	2,500	2,538
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 1986 A, 7.5% 7/1/23 (Pre-Refunded to 7/1/21 @ 100)	3,850	5,393
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,205	4,375
Norwalk-Mirada Unified School District Series 2009 D, 0% 8/1/33 (FSA Insured)	5,700	1,784
Oakland Gen. Oblig.:
Series 2009 B, 6.25% 1/15/39	3,000	3,425
Series 2012, 5% 1/15/25	3,460	3,986
Oakland Joint Powers Fing. Auth. Series 2008 A1, 4.25% 1/1/13 (Assured Guaranty Corp. Insured)	3,000	3,088
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.):
Series 1993 A, 5% 9/1/21 (Escrowed to Maturity)	1,000	1,205
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): - continued
Series 2003, 5.5% 9/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 3,000	$ 3,119
Oakland Unified School District Alameda County Series 2009 A:
6.5% 8/1/23	2,810	3,284
6.5% 8/1/24	1,220	1,420
Oceanside Unified School District Series A, 0% 8/1/31 (Assured Guaranty Corp. Insured)	5,000	1,853
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) Series 2002, 5.375% 6/1/16 (AMBAC Insured)	3,770	3,848
Oxnard Fin. Auth. Solid Waste Rev. Series 2005, 5% 5/1/12 (AMBAC Insured) (c)	2,065	2,074
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) Series 1999, 5.8% 8/1/29 (FSA Insured)	6,410	6,419
Placentia Pub. Fing. Auth. Rev.:
3.125% 9/1/12	1,585	1,596
4% 9/1/13	1,855	1,909
Placer County Union High School District Series A:
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,459
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	694
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) Series A, 3.75% 7/1/12	35	35
Port of Oakland Rev.:
Series 2002 L:
5.5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,030	3,107
5.5% 11/1/20 (Pre-Refunded to 11/1/12 @ 100) (c)	375	387
Series 2002 N:
5% 11/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,800	2,880
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	5,850	5,992
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,355	3,433
5% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,740	2,803
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Port of Oakland Rev.: - continued
Series 2007 A:
5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	$ 10,910	$ 11,658
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,885	3,171
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	2,185	2,417
Series 2011 O, 5% 5/1/22 (c)	4,500	4,943
Poway Unified School District:
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32	12,800	4,673
Series B:
0% 8/1/33	4,840	1,650
0% 8/1/35	9,000	2,664
0% 8/1/37	6,325	1,638
0% 8/1/38	20,710	5,071
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (b)	6,685	6,327
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 4.875% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,500	3,598
Redwood City Elementary School District Series 1997, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,825	3,411
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.):
Series A, 6.5% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,815	5,893
Series B, 5.7% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,950	1,982
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.):
Series 2004:
5.25% 10/1/20 (XL Cap. Assurance, Inc. Insured)	2,020	2,038
5.25% 10/1/21 (XL Cap. Assurance, Inc. Insured)	2,125	2,140
Series 2005 A, 5% 10/1/18 (XL Cap. Assurance, Inc. Insured)	3,740	3,797
Rocklin Unified School District Series 2002:
0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,370	831
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,725	1,553
0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,365	735
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Roseville City School District Series 2002 A:
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 1,745	$ 925
0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,940	909
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured)	2,000	2,301
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	7,735	6,659
Sacramento Muni. Util. District Elec. Rev. Series 2003 R, 5% 8/15/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	6,825	7,124
Sacramento Pwr. Auth. Cogeneration Proj. Rev.:
Series 2005 A, 5% 7/1/18 (AMBAC Insured)	2,800	2,985
Series 2005, 5% 7/1/19 (AMBAC Insured)	2,900	3,071
San Bernardino Cmnty. College District Series A:
6.25% 8/1/33	5,900	7,055
6.5% 8/1/28	2,445	3,007
San Bernardino County Ctfs. of Prtn.:
(Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26	3,000	3,228
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity)	8,300	11,874
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22	10,000	11,340
San Diego Cmnty. College District Series 2007, 0% 8/1/17 (FSA Insured)	3,395	2,976
San Diego County Ctfs. of Prtn.:
(North and East County Justice Facilities Proj.):
5% 11/15/16 (AMBAC Insured)	2,000	2,281
5% 11/15/17 (AMBAC Insured)	2,000	2,262
5% 11/15/18 (AMBAC Insured)	2,000	2,242
(The Bishop's School Proj.) Series A, 6% 9/1/34 (Pre-Refunded to 9/1/14 @ 100)	4,090	4,661
San Diego County Reg'l. Arpt. Auth. Arpt. Rev.:
Series 2005:
5% 7/1/14 (AMBAC Insured) (c)	1,000	1,084
5.25% 7/1/16 (AMBAC Insured) (c)	1,400	1,594
5% 7/1/12 (AMBAC Insured) (c)	2,200	2,227
San Diego Pub. Facilities Fing. Auth. Swr. Rev. Series 2009 A, 5.25% 5/15/39	1,500	1,671
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. 2009 B, 5.75% 8/1/35	3,455	3,953
San Diego Unified School District:
Series 2008 C, 0% 7/1/42	10,000	1,988
Series C, 0% 7/1/47	4,000	605
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:
(SFO Fuel Co. Proj.) Series 1997 A:
5.125% 1/1/17 (AMBAC Insured) (c)	$ 6,000	$ 6,005
5.25% 1/1/18 (AMBAC Insured) (c)	4,515	4,519
Second Series 32F, 5.25% 5/1/19	2,500	3,062
Second Series 32H, 5% 5/1/12 (CIFG North America Insured) (c)	1,000	1,007
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev. (San Francisco Redev. Projs.) Series 2009 B:
6.125% 8/1/28	1,000	1,095
6.625% 8/1/39	1,000	1,097
San Jacinto Unified School District Series 2007, 5.25% 8/1/32 (FSA Insured)	3,080	3,312
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.):
5% 11/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,720	4,074
5% 11/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,645	3,978
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.:
Series 1993, 0% 1/1/27 (Escrowed to Maturity)	4,000	2,656
Series 1997 A:
0% 1/15/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	11,000	4,354
5.5% 1/15/28	1,060	947
Series A:
0% 1/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000	4,363
0% 1/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,765	2,384
0% 1/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000	1,349
San Jose Int'l. Arpt. Rev. Series 2007 A:
5% 3/1/17 (AMBAC Insured) (c)	1,180	1,325
5% 3/1/24 (AMBAC Insured) (c)	9,690	10,182
5% 3/1/37 (AMBAC Insured) (c)	10,000	10,022
San Jose Unified School District Santa Clara County Series 2002 B, 5% 8/1/25 (FGIC Insured)	1,750	1,884
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured)	2,800	3,321
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity)	$ 1,990	$ 1,926
San Marcos Unified School District Series A, 5% 8/1/38	5,000	5,397
San Mateo County Cmnty. College District Series A, 0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	2,570
San Mateo County Joint Powers Fing. Auth. (Cap. Projects) Series 2009 A, 5.25% 7/15/24	5,280	6,167
San Mateo Unified School District (Election of 2000 Proj.) Series B:
0% 9/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000	1,267
0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,490	845
0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,500	805
Sanger Unified School District 5.6% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000	3,437
Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.):
Series 2007 B, 5.125% 2/1/41 (AMBAC Insured)	2,000	2,058
Series 2007 C, 5.75% 2/1/41 (AMBAC Insured)	8,000	8,558
Santa Clara Elec. Rev. Series 2011 A, 6% 7/1/31	3,000	3,511
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,865	1,904
Santa Rosa Wastewtr. Rev. Series 2002 B:
0% 9/1/20 (AMBAC Insured)	4,030	2,863
0% 9/1/22 (AMBAC Insured)	2,900	1,817
0% 9/1/25 (AMBAC Insured)	6,800	3,605
Shasta Joint Powers Fing. Auth. Lease Rev. (County Administration Bldg. Proj.) Series A, 5% 4/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,015	5,060
Shasta Union High School District:
Series 2002, 0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	513
Series 2003, 0% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,340	1,478
Sonoma County Jr. College District Rev. Series 2002 B, 5% 8/1/26 (FSA Insured)	11,845	12,850
Southern California Pub. Pwr. Auth. Transmission Proj. Rev. (Southern Transmission Proj.) Series 2008 B, 6% 7/1/25	5,450	6,552
Southwestern Cmnty. College District Gen. Oblig. Series 2000, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,495	1,155
Sulphur Springs Union School District Series A, 0% 9/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,750	2,723
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured)	$ 16,900	$ 18,358
Torrance Ctfs. of Prtn. (Refing. & Pub. Impt. Proj.) Series B, 5.25% 6/1/34 (AMBAC Insured)	3,000	3,058
Torrance Gen. Oblig. Rev. (Torrance Memorial Med. Ctr. Proj.) Series A, 5% 9/1/40	5,000	5,150
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A:
5.5% 6/1/31	2,350	2,359
6% 6/1/22	1,100	1,114
Torrance Unified School District Series 2008 Z, 6% 8/1/33	5,000	5,823
Tracy Operating Partnership Joint Powers Auth. Rev. 6.375% 10/1/38 (Assured Guaranty Corp. Insured)	5,000	5,702
Turlock Irrigation District Rev. Series 2011, 5.5% 1/1/41	10,000	11,129
Ukiah Unified School District 0% 8/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,040	2,836
Union Elementary School District Series A:
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000	840
0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,995	2,113
Univ. of California Regents Med. Ctr. Pool Rev. Series 2010 G:
4% 5/15/19	1,305	1,483
4% 5/15/20	615	694
5% 5/15/19	2,830	3,405
Univ. of California Revs.:
(Ltd. Proj.):
Series 2005 B, 5% 5/15/33	1,000	1,047
Series 2007 D, 5% 5/15/25	4,250	4,678
(UCLA Med. Ctr. Proj.) Series A:
5.5% 5/15/21 (AMBAC Insured)	785	796
5.5% 5/15/24 (AMBAC Insured)	370	375
Series 2009 O, 5.75% 5/15/34	9,900	11,531
Series C, 4.75% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,150	3,271
Val Verde Unified School District Ctfs. of Prtn.:
5% 1/1/35 (FGIC Insured)	2,090	2,021
5.25% 1/1/17 (Pre-Refunded to 1/1/15 @ 100)	1,000	1,132
5.25% 1/1/18 (Pre-Refunded to 1/1/15 @ 100)	1,380	1,562
Ventura County Cmnty. College District Series C, 5.5% 8/1/33	7,700	8,728
Victor Elementary School District Series A, 0% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,375	2,210
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
California - continued
Vista Gen. Oblig. Ctfs. of Prtn. 5% 5/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 2,120	$ 2,280
Vista Unified School District Series A:
5.375% 8/1/15 (FSA Insured)	130	132
5.375% 8/1/16 (FSA Insured)	100	102
Walnut Valley Unified School District Series D:
0% 8/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,875	1,078
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,715	937
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,315	424
5.25% 8/1/16 (Pre-Refunded to 8/1/13 @ 100)	1,000	1,070
Washington Township Health Care District Rev.:
Series 2009 A:
6% 7/1/29	3,000	3,398
6.25% 7/1/39	7,000	7,826
Series 2010 A, 5.5% 7/1/38	3,100	3,317
Series A:
5% 7/1/23	1,460	1,569
5% 7/1/25	1,665	1,762
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured)	1,500	1,702
Western Riverside County Trust & Wastewtr. Fin. Auth.:
5.5% 9/1/34 (Assured Guaranty Corp. Insured)	1,750	1,920
5.625% 9/1/39 (Assured Guaranty Corp. Insured)	2,250	2,451
Yuba City Unified School District Series A, 0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,090	1,346
		1,718,335
Guam - 0.2%
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2008:
5.375% 10/1/14	1,000	1,059
5.875% 10/1/18	1,565	1,763
		2,822
Puerto Rico - 0.7%
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2006 A, 4.425% 7/1/21 (FGIC Insured) (b)	4,600	4,045
Puerto Rico Pub. Bldg. Auth. Rev. Bonds Series M2, 5.75%, tender 7/1/17 (b)	7,000	7,805
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2007 A, 0% 8/1/41 (FGIC Insured)	9,500	1,899
		13,749
Municipal Bonds - continued
	Principal Amount (000s)	Value (000s)
Virgin Islands - 0.2%
Virgin Islands Pub. Fin. Auth.:
Series 2009 A1, 5% 10/1/29	$ 1,500	$ 1,572
Series 2009 B, 5% 10/1/25	1,500	1,607
Series A, 5.25% 10/1/15	1,255	1,352
		4,531

TOTAL INVESTMENT PORTFOLIO - 93.7%

(Cost $1,622,244)

1,739,437

NET OTHER ASSETS (LIABILITIES) - 6.3%

116,291

NET ASSETS - 100%

$ 1,855,728

Legend

(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Other Information

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited):

General Obligations	46.2%
Health Care	12.9%
Transportation	9.4%
Education	5.6%
Others (Individually Less Than 5%)	19.6%
Net Other Assets	6.3%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	February 29, 2012

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,622,244)		$ 1,739,437
Cash		104,220
Receivable for fund shares sold		1,867
Interest receivable		18,779
Prepaid expenses		3
Other receivables		4
Total assets		1,864,310

Liabilities
Payable for investments purchased	$ 4,777
Payable for fund shares redeemed	1,132
Distributions payable	1,754
Accrued management fee	562
Distribution and service plan fees payable	32
Other affiliated payables	274
Other payables and accrued expenses	51
Total liabilities		8,582

Net Assets		$ 1,855,728
Net Assets consist of:
Paid in capital		$ 1,762,949
Undistributed net investment income		859
Accumulated undistributed net realized gain (loss) on investments		(25,273)
Net unrealized appreciation (depreciation) on investments		117,193
Net Assets		$ 1,855,728

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	February 29, 2012

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($52,572 ÷ 4,142.33 shares)		$ 12.69

Maximum offering price per share (100/96.00 of $12.69)		$ 13.22
Class T: Net Asset Value and redemption price per share ($5,362 ÷ 421.49 shares)		$ 12.72

Maximum offering price per share (100/96.00 of $12.72)		$ 13.25
Class B: Net Asset Value and offering price per share ($1,683 ÷ 132.71 shares)^A		$ 12.68

Class C: Net Asset Value and offering price per share ($22,951 ÷ 1,811.27 shares)^A		$ 12.67

California Municipal Income: Net Asset Value, offering price and redemption price per share ($1,740,589 ÷ 137,328.07 shares)		$ 12.67

Institutional Class: Net Asset Value, offering price and redemption price per share ($32,571 ÷ 2,564.75 shares)		$ 12.70

^ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

Amounts in thousands	Year ended February 29, 2012

Investment Income
Interest		$ 76,693

Expenses
Management fee	$ 6,118
Transfer agent fees	1,212
Distribution and service plan fees	331
Accounting fees and expenses	312
Custodian fees and expenses	19
Independent trustees' compensation	6
Registration fees	82
Audit	54
Legal	10
Miscellaneous	17
Total expenses before reductions	8,161
Expense reductions	(12)	8,149
Net investment income (loss)		68,544
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		1,321
Change in net unrealized appreciation (depreciation) on investment securities		143,858
Net gain (loss)		145,179
Net increase (decrease) in net assets resulting from operations		$ 213,723

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended February 29, 2012	Year ended February 28, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 68,544	$ 71,286
Net realized gain (loss)	1,321	(1,281)
Change in net unrealized appreciation (depreciation)	143,858	(36,685)
Net increase (decrease) in net assets resulting from operations	213,723	33,320
Distributions to shareholders from net investment income	(68,520)	(70,898)
Distributions to shareholders from net realized gain	-	(100)
Total distributions	(68,520)	(70,998)
Share transactions - net increase (decrease)	170,835	(116,381)
Redemption fees	11	39
Total increase (decrease) in net assets	316,049	(154,020)

Net Assets
Beginning of period	1,539,679	1,693,699
End of period (including undistributed net investment income of $859 and undistributed net investment income of $1,437, respectively)	$ 1,855,728	$ 1,539,679

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.64	$ 11.89	$ 11.40	$ 11.63	$ 12.41
Income from Investment Operations
Net investment income (loss)^C	.464	.470	.472	.459	.457
Net realized and unrealized gain (loss)	1.049	(.252)	.486	(.224)	(.711)
Total from investment operations	1.513	.218	.958	.235	(.254)
Distributions from net investment income	(.463)	(.467)	(.468)	(.461)	(.457)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.463)	(.468)	(.468)	(.465)	(.526)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.69	$ 11.64	$ 11.89	$ 11.40	$ 11.63
Total Return^{A, B}	13.26%	1.79%	8.57%	2.04%	(2.15)%
Ratios to Average Net Assets^D
Expenses before reductions	.76%	.75%	.77%	.75%	.73%
Expenses net of fee waivers, if any	.76%	.75%	.77%	.75%	.73%
Expenses net of all reductions	.76%	.74%	.77%	.74%	.70%
Net investment income (loss)	3.82%	3.93%	4.05%	3.98%	3.76%
Supplemental Data
Net assets, end of period (in millions)	$ 53	$ 40	$ 44	$ 34	$ 20
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.67	$ 11.91	$ 11.42	$ 11.65	$ 12.43
Income from Investment Operations
Net investment income (loss)^C	.463	.473	.477	.464	.458
Net realized and unrealized gain (loss)	1.049	(.245)	.486	(.227)	(.712)
Total from investment operations	1.512	.228	.963	.237	(.254)
Distributions from net investment income	(.462)	(.467)	(.473)	(.463)	(.457)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.462)	(.468)	(.473)	(.467)	(.526)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.72	$ 11.67	$ 11.91	$ 11.42	$ 11.65
Total Return^{A, B}	13.21%	1.87%	8.59%	2.05%	(2.15)%
Ratios to Average Net Assets^D
Expenses before reductions	.78%	.75%	.73%	.73%	.74%
Expenses net of fee waivers, if any	.78%	.75%	.73%	.73%	.74%
Expenses net of all reductions	.78%	.75%	.73%	.72%	.70%
Net investment income (loss)	3.81%	3.93%	4.09%	4.00%	3.75%
Supplemental Data
Net assets, end of period (in millions)	$ 5	$ 4	$ 6	$ 7	$ 5
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the sales charges.

^C Calculated based on average shares outstanding during the period.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.63	$ 11.88	$ 11.39	$ 11.62	$ 12.40
Income from Investment Operations
Net investment income (loss)^C	.388	.395	.397	.387	.376
Net realized and unrealized gain (loss)	1.051	(.253)	.488	(.228)	(.712)
Total from investment operations	1.439	.142	.885	.159	(.336)
Distributions from net investment income	(.389)	(.391)	(.395)	(.385)	(.375)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.389)	(.392)	(.395)	(.389)	(.444)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.68	$ 11.63	$ 11.88	$ 11.39	$ 11.62
Total Return^{A, B}	12.58%	1.15%	7.90%	1.38%	(2.81)%
Ratios to Average Net Assets^D
Expenses before reductions	1.38%	1.38%	1.40%	1.41%	1.41%
Expenses net of fee waivers, if any	1.38%	1.38%	1.40%	1.41%	1.41%
Expenses net of all reductions	1.38%	1.38%	1.40%	1.40%	1.37%
Net investment income (loss)	3.21%	3.29%	3.42%	3.33%	3.08%
Supplemental Data
Net assets, end of period (in millions)	$ 2	$ 2	$ 3	$ 4	$ 5
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended February 28,	2012^E	2011	2010	2009	2008^E
Selected Per-Share Data
Net asset value, beginning of period	$ 11.62	$ 11.87	$ 11.38	$ 11.61	$ 12.40
Income from Investment Operations
Net investment income (loss)^C	.369	.378	.384	.374	.364
Net realized and unrealized gain (loss)	1.051	(.252)	.488	(.225)	(.721)
Total from investment operations	1.420	.126	.872	.149	(.357)
Distributions from net investment income	(.370)	(.376)	(.382)	(.375)	(.364)
Distributions from net realized gain	-	(.001)	-^F	(.004)	(.069)
Total distributions	(.370)	(.376)^G	(.382)	(.379)	(.433)
Redemption fees added to paid in capital^{C, F}	-	-	-	-	-
Net asset value, end of period	$ 12.67	$ 11.62	$ 11.87	$ 11.38	$ 11.61
Total Return^{A, B}	12.42%	1.02%	7.78%	1.29%	(2.98)%
Ratios to Average Net Assets^D
Expenses before reductions	1.53%	1.51%	1.51%	1.49%	1.50%
Expenses net of fee waivers, if any	1.53%	1.51%	1.51%	1.49%	1.50%
Expenses net of all reductions	1.53%	1.51%	1.51%	1.48%	1.47%
Net investment income (loss)	3.05%	3.16%	3.30%	3.24%	2.99%
Supplemental Data
Net assets, end of period (in millions)	$ 23	$ 17	$ 19	$ 12	$ 8
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Total returns do not include the effect of the contingent deferred sales charge.

^C Calculated based on average shares outstanding during the period.

^E For the year ended February 29.

^F Amount represents less than $.001 per share.

^G Total distributions of $.376 per share is comprised of distributions from net investment income of $.3757 and distributions from net realized gain of $.0007 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - California Municipal Income

Years ended February 28,	2012^D	2011	2010	2009	2008^D
Selected Per-Share Data
Net asset value, beginning of period	$ 11.63	$ 11.88	$ 11.38	$ 11.61	$ 12.40
Income from Investment Operations
Net investment income (loss)^B	.499	.504	.506	.495	.491
Net realized and unrealized gain (loss)	1.040	(.252)	.497	(.227)	(.722)
Total from investment operations	1.539	.252	1.003	.268	(.231)
Distributions from net investment income	(.499)	(.501)	(.503)	(.494)	(.490)
Distributions from net realized gain	-	(.001)	-^E	(.004)	(.069)
Total distributions	(.499)	(.502)	(.503)	(.498)	(.559)
Redemption fees added to paid in capital^{B, E}	-	-	-	-	-
Net asset value, end of period	$ 12.67	$ 11.63	$ 11.88	$ 11.38	$ 11.61
Total Return^A	13.52%	2.08%	9.00%	2.33%	(1.97)%
Ratios to Average Net Assets^C
Expenses before reductions	.46%	.46%	.47%	.47%	.46%
Expenses net of fee waivers, if any	.46%	.46%	.47%	.47%	.46%
Expenses net of all reductions	.46%	.46%	.47%	.46%	.43%
Net investment income (loss)	4.12%	4.21%	4.34%	4.27%	4.03%
Supplemental Data
Net assets, end of period (in millions)	$ 1,741	$ 1,456	$ 1,560	$ 1,427	$ 1,543
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D For the year ended February 29.

^E Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended February 28,	2012^D	2011	2010	2009	2008^D
Selected Per-Share Data
Net asset value, beginning of period	$ 11.65	$ 11.90	$ 11.40	$ 11.63	$ 12.42
Income from Investment Operations
Net investment income (loss)^B	.492	.500	.503	.491	.486
Net realized and unrealized gain (loss)	1.049	(.255)	.496	(.226)	(.722)
Total from investment operations	1.541	.245	.999	.265	(.236)
Distributions from net investment income	(.491)	(.495)	(.499)	(.491)	(.485)
Distributions from net realized gain	-	(.001)	-^E	(.004)	(.069)
Total distributions	(.491)	(.495)^F	(.499)	(.495)	(.554)
Redemption fees added to paid in capital^{B, E}	-	-	-	-	-
Net asset value, end of period	$ 12.70	$ 11.65	$ 11.90	$ 11.40	$ 11.63
Total Return^A	13.51%	2.02%	8.94%	2.30%	(2.00)%
Ratios to Average Net Assets^C
Expenses before reductions	.53%	.51%	.51%	.49%	.50%
Expenses net of fee waivers, if any	.53%	.51%	.51%	.49%	.50%
Expenses net of all reductions	.53%	.51%	.51%	.48%	.47%
Net investment income (loss)	4.05%	4.16%	4.31%	4.24%	3.99%
Supplemental Data
Net assets, end of period (in millions)	$ 33	$ 21	$ 62	$ 19	$ 11
Portfolio turnover rate	9%	8%	15%	26%	27%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D For the year ended February 29.

^E Amount represents less than $.001 per share.

^F Total distributions of $.495 per share is comprised of distributions from net investment income of $.4945 and distributions from net realized gain of $.0007 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 29, 2012

(Amounts in thousands except percentages)

1. Organization.

2. Significant Accounting Policies.

Annual Report

2. Significant Accounting Policies - continued

Security Valuation - continued

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)

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards, losses deferred due to futures transactions and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 124,690
Gross unrealized depreciation	(5,946)
Net unrealized appreciation (depreciation) on securities and other investments	$ 118,744

Tax Cost	$ 1,620,693

Annual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed tax-exempt income	$ -
Undistributed ordinary income	$ -
Capital loss carryforward	$ (23,616)
Net unrealized appreciation (depreciation)	$ 118,744

Fiscal year of expiration
2017	$ (21,050)
2018	(1,880)
Total with expiration	(22,930)
No expiration
Short-term	(686)
Total no expiration	(686)
Total capital loss carryforward	$ (23,616)

The tax character of distributions paid was as follows:

	February 29, 2012	February 28, 2011
Tax-exempt Income	$ 68,520	$ 70,898
Ordinary Income	-	100
Total	$ 68,520	$ 70,998

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $204,225 and $141,228, respectively.

4. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 111	$ 13
Class T	-%	.25%	11	-
Class B	.65%	.25%	16	11
Class C	.75%	.25%	193	40
			$ 331	$ 64

Annual Report

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 11
Class T	2
Class B*	3
Class C*	2
	$ 18

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

	Amount	% of Average Net Assets
Class A	$ 52	.12
Class T	6	.13
Class B	1	.08
Class C	27	.14
California Municipal Income	1,089	.07
Institutional Class	37	.14
	$ 1,212

5. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

5. Committed Line of Credit - continued

6. Expense Reductions.

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended February 28,	2012^A	2011
From net investment income
Class A	$ 1,685	$ 1,696
Class T	170	218
Class B	57	81
Class C	588	603
California Municipal Income	64,936	66,826
Institutional Class	1,084	1,474
Total	$ 68,520	$ 70,898
From net realized gain
Class A	$ -	$ 3
Class C	-	1
California Municipal Income	-	95
Institutional Class	-	1
Total	$ -	$ 100

^AFebruary 29, 2012.

8. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended February 28,	2012^A	2011	2012^A	2011
Class A
Shares sold	1,492	1,131	$ 18,169	$ 13,594
Reinvestment of distributions	98	97	1,193	1,160
Shares redeemed	(858)	(1,496)	(10,352)	(17,712)
Net increase (decrease)	732	(268)	$ 9,010	$ (2,958)

Annual Report

8. Share Transactions - continued

	Shares		Dollars
Years ended February 28,	2012^A	2011	2012^A	2011
Class T
Shares sold	134	64	$ 1,641	$ 770
Reinvestment of distributions	12	14	145	172
Shares redeemed	(66)	(259)	(800)	(3,101)
Net increase (decrease)	80	(181)	$ 986	$ (2,159)
Class B
Shares sold	11	31	$ 118	$ 375
Reinvestment of distributions	2	3	26	36
Shares redeemed	(44)	(87)	(522)	(1,030)
Net increase (decrease)	(31)	(53)	$ (378)	$ (619)
Class C
Shares sold	479	503	$ 5,860	$ 6,012
Reinvestment of distributions	30	29	359	350
Shares redeemed	(188)	(659)	(2,259)	(7,787)
Net increase (decrease)	321	(127)	$ 3,960	$ (1,425)
California Municipal Income
Shares sold	24,652	30,469	$ 298,179	$ 363,379
Reinvestment of distributions	3,519	3,784	42,616	45,282
Shares redeemed	(16,049)	(40,406)	(192,817)	(476,687)
Net increase (decrease)	12,122	(6,153)	$ 147,978	$ (68,026)
Institutional Class
Shares sold	1,322	1,709	$ 16,026	$ 20,475
Reinvestment of distributions	51	46	622	554
Shares redeemed	(605)	(5,174)	(7,369)	(62,223)
Net increase (decrease)	768	(3,419)	$ 9,279	$ (41,194)

^AFebruary 29, 2012.

9. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity California Municipal Trust and the Shareholders of Fidelity California Municipal Income Fund:

/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP

Boston, Massachusetts

April 11, 2012

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Abigail P. Johnson (50)
	Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., 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.
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Albert R. Gamper, Jr. (69)
	Year of Election or Appointment: 2006 Mr. Gamper is Vice Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2011-present). Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (60)
	Year of Election or Appointment: 2010 Mr. Gartland is Chairman and an investor in Gartland and 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).
Arthur E. Johnson (65)
	Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-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). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Mr. Edward C. Johnson 3d or Ms. Abigail P. Johnson.
Michael E. Kenneally (57)
	Year of Election or Appointment: 2009 Previously, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of the Credit Suisse Funds (U.S. mutual funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (71)
	Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (65)
	Year of Election or Appointment: 2001 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. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (73)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009).

Annual Report

Trustees and Officers - continued

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
John R. Hebble (53)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.
Christopher P. Sullivan (58)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Bond Funds. Mr. Sullivan also serves as President of Fidelity's Bond Division (2009-present). Mr. Sullivan is Executive Vice President of Fidelity Investments Money Management, Inc. (2009-present), and a Director of Fidelity Management & Research (U.K.) Inc. (2010-present). Previously, Mr. Sullivan served as Managing Director, Co-Head of U.S. Fixed Income at Goldman Sachs Asset Management (2001-2009).
Christine J. Thompson (53)
	Year of Election or Appointment: 2010 Vice President of Fidelity's Bond Funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments. Previously, Ms. Thompson served as Director of Municipal Bond Portfolio Managers (2002-2010).
Scott C. Goebel (44)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
David J. Carter (38)
	Year of Election or Appointment: 2010 Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Carter also serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Michael H. Whitaker (44)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker also serves as Chief Compliance Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present). Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey also serves as Assistant Treasurer of other Fidelity funds (2010-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer (2011-present) and Deputy Treasurer (2008-present) of other Fidelity funds, and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as 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).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

	Pay Date	Record Date	Capital Gains
Institutional Class	04/05/2012	04/04/2012	$0.001

During fiscal year ended 2012, 100% of the fund's income dividends was free from federal income tax, and 6.60% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity California Municipal Income Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity California Municipal Income Fund

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Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Fidelity California Municipal Income Fund

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Citibank, N.A.

New York, NY

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

ASCMI-UANN-0412
1.790906.108

(Fidelity Investment logo)(registered trademark)

Fidelity®

California Short-Intermediate Tax-Free Bond Fund

Annual Report

February 29, 2012

(Fidelity Cover Art)

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended February 29, 2012	Past 1 year	Past 5 years	Life of fund^A
Fidelity® California Short-Intermediate Tax-Free Bond Fund	5.55%	4.35%	4.24%

^AFrom October 25, 2005.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® California Short-Intermediate Tax-Free Bond Fund on October 25, 2005, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital® Municipal Bond Index performed over the same period.

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Annual Report

Management's Discussion of Fund Performance

Market Recap: Municipal bonds generated a double-digit return for the 12 months ending February 29, 2012, ranking them as one of the year's best-performing asset classes. The Barclays Capital® Municipal Bond Index - a measure of roughly 46,000 tax-exempt investment-grade fixed-rate bonds - advanced 12.42%, significantly outpacing the 8.37% gain of the taxable investment-grade debt market, as measured by the Barclays Capital® U.S. Aggregate Bond Index. Early in the period, demand for munis surged in large measure due to two factors that buoyed them during the entire period. Predicted widespread defaults didn't materialize and the supply/demand backdrop remained favorable. Munis strengthened in the summer, when a dimming U.S. economic outlook, unresolved debt woes in Europe and legislative wrangling over the U.S. debt ceiling further bolstered demand. The muni rally stalled in October and November, due in part to an uptick in the supply of newly issued bonds, as well as proposals out of Washington, D.C., that could potentially limit munis' tax-exempt benefits. The market staged a strong rebound in December, and January was even better because subdued issuance of new bonds was met with robust demand, as proceeds from munis maturing at the end of 2011, as well as coupon payments, resulted in a wave of cash flowing into the market. Munis were flat in February, reflecting a small increase in supply and slightly higher muni bond yields.

Comments from Jamie Pagliocco, Portfolio Manager of Fidelity®California Short-Intermediate Tax-Free Bond Fund: For the year, the fund returned 5.55%, while the Barclays Capital California 1-7 Year Non-AMT Enhanced Municipal Bond Index rose 5.53%. The fund outperformed the index mainly due to a combination of advantageous yield-curve positioning, an overweighting in health care bonds and out-of-benchmark exposure to Puerto Rico securities. In terms of its yield-curve positioning, overweighting bonds within the five- to eight-year maturity range helped because they outperformed shorter-term securities as the spread between the two ranges narrowed. The overweighting in health care bonds was a plus because this segment was one of the California muni-market's best-performing sectors. Puerto Rico bonds generally outpaced the market, as investors were drawn to the securities' relatively high yields and triple-tax-exempt status, especially in light of actions taken by the government there to stabilize its fiscal situation. On the flip side, my decision to underweight longer-term prerefunded bonds - which are typically backed by U.S. Treasury securities - acted as a drag on the fund's relative performance because these securities drew comparatively strong demand from investors seeking higher-yielding, high-quality munis.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, 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, 2011 to February 29, 2012).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value September 1, 2011	Ending Account Value February 29, 2012	Expenses Paid During Period* September 1, 2011 to February 29, 2012
Actual	.35%	$ 1,000.00	$ 1,021.10	$ 1.76
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,023.12	$ 1.76

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Five Sectors as of February 29, 2012
	% of fund's net assets	% of fund's net assets 6 months ago
General Obligations	34.1	37.2
Escrowed/Pre-Refunded	11.6	12.7
Health Care	11.3	9.1
Electric Utilities	9.5	9.7
Water & Sewer	8.7	8.9
Weighted Average Maturity as of February 29, 2012
		6 months ago
Years	3.3	3.2

Duration as of February 29, 2012
		6 months ago
Years	2.8	2.9

Quality Diversification (% of fund's net assets)
As of February 29, 2012		As of August 31, 2011
	AAA 10.0%		AAA 11.7%
	AA,A 74.7%		AA,A 78.2%
	BBB 6.1%		BBB 5.0%
	BB and Below 0.2%		BB and Below 0.2%
	Not Rated 0.3%		Not Rated 0.6%
	Short-Term Investments and Net Other Assets 8.7%		Short-Term Investments and Net Other Assets 4.3%

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We have used ratings from Moody's® Investors Service, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Annual Report

Investments February 29, 2012

Showing Percentage of Net Assets

Municipal Bonds - 91.1%
	Principal Amount		Value
California - 89.6%
ABAG Fin. Auth. for Nonprofit Corps. Rev.:
(Hamlin School Proj.) Series 2007, 4.375% 8/1/13	$ 220,000		$ 228,481
(Sharp HealthCare Proj.):
Series 2011 A:
5% 8/1/17	5,065,000		5,904,726
5% 8/1/18	2,645,000		3,104,172
Series 2012 A:
4% 8/1/21	1,000,000		1,089,960
5% 8/1/19	1,200,000		1,407,840
Alameda County Wtr. District Rev.:
2.5% 6/1/14	1,885,000		1,954,255
2.5% 6/1/15	895,000		938,255
2.5% 6/1/16	1,070,000		1,137,357
3% 6/1/15	525,000		558,721
3% 6/1/16	525,000		568,922
Alameda Unified School District Gen. Oblig. Series 2002, 5.5% 7/1/13 (FSA Insured)	125,000		133,554
Anaheim Union High School District Series 2002 A, 5% 8/1/22 (Pre-Refunded to 8/1/12 @ 100)	155,000		158,033
Antioch Unified School District (School Facilities Impt. District #1 Proj.) Series 2008 B:
6.25% 8/1/16 (Assured Guaranty Corp. Insured)	370,000		443,948
6.25% 8/1/17 (Assured Guaranty Corp. Insured)	395,000		480,371
6.25% 8/1/19 (Assured Guaranty Corp. Insured)	440,000		550,568
California County Tobacco Securitization Agcy. Tobacco Settlement Asset-Backed Series 2002 A:
5.875% 6/1/43 (Pre-Refunded to 6/1/12 @ 100)	165,000		167,226
5.875% 6/1/43 (Pre-Refunded to 6/1/12 @ 100)	125,000		126,703
California Dept. of Trans. Rev. Series 2004 A, 5% 2/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,555,000		5,792,976
California Dept. of Wtr. Resources:
(Central Valley Proj.) Series AM, 5% 12/1/18 (a)	2,500,000		2,938,750
Series AI, 5% 12/1/17	12,720,000		15,758,935
Series J2, 7% 12/1/12	2,600,000		2,732,080
Series J3, 7% 12/1/12 (Escrowed to Maturity)	70,000		73,475
California Dept. of Wtr. Resources Pwr. Supply Rev.:
Series 2002 A:
5.125% 5/1/18 (Pre-Refunded to 5/1/12 @ 101)	1,110,000		1,129,680
5.125% 5/1/19 (Pre-Refunded to 5/1/12 @ 101)	595,000		605,549
5.125% 5/1/19 (Pre-Refunded to 5/1/12 @ 101)	1,920,000		1,954,042
5.25% 5/1/12	135,000		136,067
5.25% 5/1/12 (FSA Insured)	605,000		609,780
Municipal Bonds - continued
	Principal Amount		Value
California - continued
California Dept. of Wtr. Resources Pwr. Supply Rev.:
Series 2002 A: - continued
5.25% 5/1/20 (Pre-Refunded to 5/1/12 @ 101)	$ 3,000,000		$ 3,053,760
5.375% 5/1/18 (Pre-Refunded to 5/1/12 @ 101)	1,655,000		1,684,989
5.375% 5/1/21 (Pre-Refunded to 5/1/12 @ 101)	1,645,000		1,674,807
5.375% 5/1/22 (Pre-Refunded to 5/1/12 @ 101)	11,730,000		11,942,548
5.375% 5/1/22 (Pre-Refunded to 5/1/12 @ 101)	1,440,000		1,466,093
5.5% 5/1/12	2,260,000		2,278,713
5.5% 5/1/15 (Pre-Refunded to 5/1/12 @ 101)	2,100,000		2,138,451
5.5% 5/1/16 (Pre-Refunded to 5/1/12 @ 101)	6,335,000		6,450,994
5.75% 5/1/17 (Pre-Refunded to 5/1/12 @ 101)	4,150,000		4,227,605
6% 5/1/13 (Pre-Refunded to 5/1/12 @ 101)	1,670,000		1,701,880
Series 2011 N, 5% 5/1/19	5,000,000		6,186,900
Series A:
5.5% 5/1/13 (Pre-Refunded to 5/1/12 @ 101)	495,000		504,063
5.5% 5/1/13 (Pre-Refunded to 5/1/12 @ 101)	240,000		244,394
California Dept. of Wtr. Resources Wtr. Rev. Series W, 5.5% 12/1/13 (FSA Insured)	110,000		120,115
California Econ. Recovery:
Bonds Series B, 5%, tender 7/1/14 (b)	4,760,000		5,219,007
Series 2004 A:
5% 7/1/15	1,815,000		1,994,885
5.25% 7/1/12	7,035,000		7,148,897
5.25% 7/1/12	445,000		452,205
5.25% 7/1/14	2,050,000		2,271,995
Series 2009 A:
5% 7/1/12	1,200,000		1,218,468
5% 7/1/12 (Escrowed to Maturity)	995,000		1,010,472
5% 7/1/15	2,615,000		2,874,173
5% 7/1/19	7,140,000		8,794,267
5% 7/1/22	5,000,000		5,745,450
5.25% 7/1/13 (Escrowed to Maturity)	4,395,000		4,684,894
5.25% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,605,000		4,899,858
5.25% 7/1/14	4,080,000		4,521,823
5.25% 7/1/14 (Escrowed to Maturity)	3,525,000		3,927,590
Series 2009 B, 5% 7/1/20	3,115,000		3,772,109
Series A, 5% 7/1/18	1,905,000		2,322,386
California Edl. Facilities Auth. Rev.:
(College & Univ. Fing. Prog.) Series 2007, 5% 2/1/13	1,265,000		1,290,136
(Loyola Marymount Univ. Proj.) Series 2010 A, 4% 10/1/13	500,000		524,140
Municipal Bonds - continued
	Principal Amount		Value
California - continued
California Edl. Facilities Auth. Rev.: - continued
(Santa Clara Univ. Proj.) Series 2008:
5% 4/1/15	$ 500,000		$ 563,115
5% 4/1/16	400,000		467,176
(Stanford Univ. Proj.) Series T4, 5% 3/15/14	3,215,000		3,515,442
California Enterprise Dev. Auth. (The Thacher School Proj.) Series 2010:
3% 9/1/15	450,000		476,325
4% 9/1/18	255,000		285,725
5% 9/1/16	300,000		346,971
5% 9/1/17	400,000		470,044
California Gen. Oblig.:
4% 8/1/13	500,000		525,490
4% 11/1/13	1,750,000		1,854,440
4% 11/1/14	1,265,000		1,373,588
5% 3/1/12	1,425,000		1,425,000
5% 4/1/12	125,000		125,431
5% 10/1/12	2,000,000		2,054,280
5% 2/1/13	2,205,000		2,298,029
5% 2/1/13	175,000		182,383
5% 6/1/13	1,000,000		1,057,300
5% 10/1/13	50,000		51,360
5% 11/1/13	870,000		936,268
5% 3/1/14	3,675,000		3,996,526
5% 3/1/16	2,500,000		2,884,775
5% 9/1/21	6,080,000		7,356,922
5.25% 10/1/12	110,000		113,143
5.25% 10/1/13	185,000		199,108
5.25% 2/1/14 (FSA Insured)	270,000		288,730
5.25% 2/1/15	40,000		42,652
5.25% 2/1/16	1,000,000		1,041,830
5.25% 4/1/29 (Pre-Refunded to 4/1/14 @ 100)	2,000,000		2,205,240
5.3% 4/1/29 (Pre-Refunded to 4/1/14 @ 100)	2,750,000		3,035,038
6.25% 9/1/12	155,000		159,549
California Health Facilities Fing. Auth. Rev.:
(Adventist Health Sys. West Proj.) Series 2009 C:
5% 3/1/13	1,700,000		1,760,911
5% 3/1/14	2,000,000		2,142,360
(Catholic Healthcare West Proj.) Series 2008 H, 5.125% 7/1/22	880,000		948,209
(Cedars-Sinai Med. Ctr. Proj.) Series 2005, 5% 11/15/14	50,000		55,572
Municipal Bonds - continued
	Principal Amount		Value
California - continued
California Health Facilities Fing. Auth. Rev.: - continued
(Providence Health & Svcs. Proj.) Series 2008 C, 5.25% 10/1/13	$ 750,000		$ 808,185
(Scripps Health Sys. Proj.) Series 2008 A, 5% 10/1/15	1,000,000		1,148,380
(Scripps Memorial Hosp. Proj.) Series A, 5% 10/1/16	500,000		586,475
(Sutter Health Proj.):
Series 2008 A:
5% 8/15/12	2,000,000		2,041,720
5% 8/15/15	1,440,000		1,646,122
5.5% 8/15/16	1,000,000		1,195,140
Series 2011 B, 4% 8/15/17	1,000,000		1,146,570
Bonds:
(Catholic Healthcare West Proj.):
Series 2004 I, 4.95%, tender 7/1/14 (b)	275,000		297,289
Series 2009 C, 5%, tender 7/2/12 (b)	3,700,000		3,755,204
Series 2009 F, 5%, tender 7/1/14 (b)	2,800,000		3,030,132
(St. Joseph Health Sys. Proj.) Series 2009 C, 5%, tender 10/16/14 (b)	2,800,000		3,084,396
Series 2011 A:
4% 2/1/13	500,000		511,285
4% 2/1/14	1,000,000		1,040,440
5% 3/1/19	5,000,000		5,734,850
5.25% 2/1/15	1,000,000		1,088,020
Series 2011 D:
5% 8/15/19	1,500,000		1,814,415
5% 8/15/20	1,460,000		1,763,446
Series 2011:
5% 8/15/19	2,000,000		2,410,000
5% 8/15/20	2,000,000		2,405,480
California Infrastructure & Econ. Dev. Bank Rev.:
(Bay Area Toll Bridges Seismic Retrofit Prog.) Series 2003 A, 5.25% 7/1/20 (Pre-Refunded to 7/1/13 @ 100)	5,300,000		5,653,245
(Clean Wtr. State Revolving Fund Proj.) Series 2002, 5% 10/1/15	1,660,000		1,704,272
(Worker's Compensation Relief Proj.) Series 2004 A, 5.25% 10/1/13 (AMBAC Insured)	45,000		48,410
Bonds (The J. Paul Getty Trust Proj.) Series 2007 A3, 2.25%, tender 4/1/12 (b)	2,000,000		2,003,000
Municipal Bonds - continued
	Principal Amount		Value
California - continued
California Muni. Fin. Auth. Ctfs. of Prtn. (Cmnty. Hospitals of Central California Obligated Group Proj.) Series 2009:
5% 2/1/13	$ 1,160,000		$ 1,198,930
5% 2/1/14	1,220,000		1,294,920
5% 2/1/15	1,615,000		1,738,725
California Muni. Fin. Auth. Rev.:
(Eisenhower Med. Ctr. Proj.) Series 2010 A:
5% 7/1/16	1,530,000		1,693,679
5% 7/1/18	1,645,000		1,851,267
5% 7/1/20	875,000		934,456
(Loma Linda Univ. Proj.) Series 2007:
4.5% 4/1/13	365,000		377,830
5% 4/1/14	200,000		213,212
California Muni. Fin. Auth. Solid Waste Disp. Rev.:
(Waste Mgmt., Inc. Proj.) Series 2004, 3% 9/1/14	3,000,000		3,106,530
Bonds (Waste Mgmt., Inc. Proj.) Series 2009 A, 2.375%, tender 2/1/13 (b)	3,000,000		3,039,810
California Muni. Fin. Auth. Solid Waste Rev. Bonds (Republic Svcs., Inc. Proj.) 0.9%, tender 4/2/12 (b)	4,200,000		4,199,916
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	6,000,000		6,659,100
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2010 B, 0.5%, tender 5/1/12 (b)	1,750,000		1,749,913
California Pub. Works Board Lease Rev.:
(California Substance Abuse Treatment Facility and State Prison at Corcoran II Proj.) Series 2005 J, 5.25% 1/1/16 (AMBAC Insured)	2,985,000		3,380,214
(Coalinga State Hosp. Proj.) Series 2004 A:
5.25% 6/1/12	1,440,000		1,454,328
5.25% 6/1/14	70,000		75,692
(Dept. of Corrections & Rehab. Proj.):
Series 2005 J, 5% 1/1/14 (AMBAC Insured)	3,080,000		3,287,962
Series 2006 F, 5% 11/1/16 (FGIC Insured)	1,550,000		1,769,775
Series 2007 F:
4% 11/1/12	110,000		112,311
4% 11/1/13	165,000		172,549
(Dept. of Corrections Proj.) Series B, 5.25% 1/1/13	40,000		41,428
(Dept. of Corrections, Madera State Prison Proj.) Series E, 5.5% 6/1/15	940,000		996,391
Municipal Bonds - continued
	Principal Amount		Value
California - continued
California Pub. Works Board Lease Rev.: - continued
(Dept. of Corrections, Monterey County State Prison Proj.):
Series 2003 C:
5.5% 6/1/14	$ 100,000		$ 107,196
5.5% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	50,000		53,598
Series 2004 D, 5% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	150,000		160,356
(Dept. of Corrections, Various State Prisons Proj.) Series 1993 A, 5.25% 12/1/13 (AMBAC Insured)	2,125,000		2,224,620
(Dept. of Food & Agric. Proj.) Series 2007 H, 4% 11/1/13	335,000		349,201
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E, 5% 11/1/13	935,000		991,783
(Judicial Council Proj.) Series 2007 G, 3.7% 11/1/12	110,000		112,096
(Monterey Bay Campus Library Proj.) Series 2009 D:
4% 4/1/15	660,000		709,355
5% 4/1/14	1,270,000		1,363,853
(Regents Univ. of California Proj.) Series A, 5.25% 6/1/12 (AMBAC Insured)	50,000		50,602
(Univ. of California Research Proj.) Series 2005 L, 5% 11/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,490,000		1,603,493
(Various California State Univ. Projs.):
Series 2006 A, 5% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000,000		2,111,880
Series A, 5.5% 6/1/14	120,000		125,960
(Various Cap. Projs.):
Series 2009 G1, 5.25% 10/1/17	2,900,000		3,368,031
Series 2010 A, 5% 3/1/15	2,960,000		3,262,601
Series 2011 A, 5% 10/1/21	4,230,000		4,891,191
(Various Judicial Council Projects) Series 2011 D, 5% 12/1/19	2,700,000		3,130,974
Series 2008 F, 5.25% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000,000		3,564,570
Series 2009 A, 5% 4/1/19	1,000,000		1,151,320
Series 2009 J, 5% 11/1/17	2,700,000		3,106,080
California State Univ. Rev. Series 2009 A:
5% 11/1/15	1,000,000		1,145,160
5% 11/1/16	1,485,000		1,764,952
California State Univ., Fresno Assoc., Inc. Auxiliary Organization Event Ctr. Rev. Series 2002, 6% 7/1/26 (Pre-Refunded to 7/1/12 @ 101)	35,000		35,983
Municipal Bonds - continued
	Principal Amount		Value
California - continued
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. Bonds (Southern California Edison Co. Proj.):
Series 2006 A, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (b)	$ 1,000,000		$ 1,037,240
Series 2006 B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (b)	2,000,000		2,074,480
California Statewide Cmntys. Dev. Auth. Rev.:
(Cottage Health Sys. Obligated Group Proj.) Series 2010:
5% 11/1/16	500,000		568,735
5% 11/1/18	500,000		579,845
(Enloe Health Sys. Proj.):
Series 2008 A, 5.5% 8/15/14	1,435,000		1,556,731
Series 2008 B, 5% 8/15/15	60,000		65,710
(John Muir Health Proj.):
Series 2006 A, 5% 8/15/18	3,250,000		3,683,355
Series 2009 A, 5% 7/1/15	1,900,000		2,135,752
(St. Joseph Health Sys. Proj.) Series 2007 F, 5% 7/1/14 (FSA Insured)	935,000		1,007,388
(State of California Proposition 1A Receivables Prog.) Series 2009:
4% 6/15/13	2,520,000		2,633,828
5% 6/15/13	46,560,000		49,255,810
Bonds (Kaiser Permanente Health Sys. Proj.) Series 2001 B, 3.9%, tender 7/1/14 (b)	6,250,000		6,709,813
4% 6/1/14	600,000		629,904
4% 6/1/15	325,000		344,019
California Statewide Cmntys. Dev. Auth. Wtr. & Wastewtr. Rev. Series 2004 A:
5% 10/1/13 (Escrowed to Maturity)	15,000		16,117
5% 10/1/13 (FSA Insured)	40,000		42,770
Calleguas-Las Virgenes Pub. Fing. Auth. Sanitation Sys. Rev. (Las Virgenes Muni. Wtr. District Proj.) Series 2009:
4% 11/1/13	400,000		421,484
4% 11/1/14	300,000		322,377
5% 11/1/15	1,000,000		1,136,260
Carlsbad Unified School District Series 2009 B, 0% 5/1/14	400,000		389,484
Central Contra Costa San. District Wastewtr. Rev. Ctfs. of Prtn. Series B:
4% 9/1/14	2,390,000		2,557,252
4% 9/1/16	1,125,000		1,265,929
Municipal Bonds - continued
	Principal Amount		Value
California - continued
Central Valley Fing. Auth. Cogeneration Proj. Rev. (Carson Ice-Gen. Proj.) Series 2009, 5% 7/1/16	$ 1,150,000		$ 1,300,294
Chaffey Cmnty. College District Series A, 5.25% 7/1/14 (Pre-Refunded to 7/1/12 @ 101)	30,000		30,791
Chaffey Unified High School District Series 2005, 5% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	20,000		20,387
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series 2010 A, 4% 8/1/16	3,730,000		4,205,911
Commerce Refuse to Energy Auth. Rev. Series 2005:
5.5% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,790,000		1,873,217
5.5% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000,000		1,069,810
Cupertino California Union School District:
4% 8/1/13	1,410,000		1,483,729
4% 8/1/14	735,000		795,696
4% 8/1/16	1,825,000		2,088,384
Desert Sands Union School District Ctfs. of Prtn. 5.25% 3/1/14	500,000		533,550
East Bay Reg'l. Park District:
Series 2008 A, 3% 9/1/16	1,000,000		1,105,200
Series 2008, 4% 9/1/13	5,000,000		5,276,950
East Side Union High School District Santa Clara County:
Series B, 5.1% 2/1/19 (MBIA Insured)	500,000		576,145
Series C, 5% 8/1/12 (FSA Insured)	55,000		56,072
Eastern Muni. Wtr. Ds Wtr. Rev. Series 2011 A, 5% 7/1/18	1,085,000		1,324,199
El Centro School District Gen. Oblig. Series A, 6% 8/1/12 (AMBAC Insured)	15,000		15,290
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.) 4% 5/1/12 (CIFG North America Insured)	300,000		301,281
Fontana Unified School District Gen. Oblig. 5.25% 5/1/13 (Assured Guaranty Corp. Insured)	380,000		401,679
Fremont Union High School District, Santa Clara Series 1998 C, 5% 9/1/18 (Pre-Refunded to 9/1/12 @ 100)	85,000		87,005
Fullerton School District:
4% 8/1/16	525,000		590,777
4% 8/1/17	600,000		677,262
5% 8/1/18	500,000		598,390
Municipal Bonds - continued
	Principal Amount		Value
California - continued
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.:
Series 2003 A1, 6.75% 6/1/39 (Pre-Refunded to 6/1/13 @ 100)	$ 2,685,000		$ 2,897,222
Series 2003 B:
5% 6/1/38 (Pre-Refunded to 6/1/13 @ 100)	775,000		819,508
5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100)	205,000		216,773
5.5% 6/1/33 (Pre-Refunded to 6/1/13 @ 100)	7,470,000		7,945,092
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100)	3,290,000		3,499,244
Series B:
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100)	1,000,000		1,063,600
5.625% 6/1/33 (Pre-Refunded to 6/1/13 @ 100)	175,000		186,401
Grossmont-Cuyamaca Cmnty. College District 5% 8/1/12 (Assured Guaranty Corp. Insured)	2,915,000		2,971,813
Indio Pub. Fing. Auth. Lease Rev. Bonds Series 2007 B, 3.8%, tender 11/1/12 (b)	500,000		504,645
Kern Cmnty. College District Gen. Oblig. Series A, 4.75% 11/1/26 (Pre-Refunded to 11/1/13 @ 100)	170,000		182,631
Laguna Beach Unified School District Gen. Oblig. (Election of 2001 Proj.):
3% 8/1/14	100,000		105,797
4% 8/1/15	125,000		138,278
4% 8/1/16	100,000		113,871
4% 8/1/17	175,000		202,358
5% 8/1/19	250,000		308,743
Lodi Elec. Sys. Rev. Ctfs. of Prtn. Series A, 5% 7/1/16 (Assured Guaranty Corp. Insured)	2,390,000		2,739,848
Loma Linda Hosp. Rev. Series 2005 A, 5% 12/1/14	1,860,000		2,004,336
Long Beach Hbr. Rev. Series 2010 B:
5% 5/15/14	1,060,000		1,162,004
5% 5/15/15	1,000,000		1,133,210
Long Beach Wtr. Rev. Series 2010 A, 3% 5/1/17	1,550,000		1,680,975
Los Alamitos Unified School District 0% 9/1/16	2,000,000		1,842,140
Los Angeles County Ctfs. of Prtn.:
(Correctional Facilities Proj.) 0% 9/1/12 (Escrowed to Maturity)	100,000		99,698
(Disney Parking Proj.) 0% 3/1/14	20,000		19,216
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.:
(Proposition C Proj.) First Tier Sr. Series 2003 A, 5% 7/1/13 (FSA Insured)	285,000		302,661
Series 2009 A, 5% 7/1/14	5,000,000		5,536,000
Municipal Bonds - continued
	Principal Amount		Value
California - continued
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Series 2010 A, 5% 8/1/16	$ 5,000,000		$ 5,720,300
Los Angeles County Pub. Works Fing. Auth. Rev.:
(Los Angeles County Flood Cont. District Proj.) Series A, 5% 3/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	35,000		35,000
(Reg'l. Park & Open Space District Proj.) Series 2005 A:
5% 10/1/12 (FSA Insured)	105,000		107,843
5% 10/1/14 (FSA Insured)	25,000		27,668
Los Angeles Dept. Arpt. Rev. Series 2003 B, 5% 5/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	165,000		181,183
Los Angeles Dept. of Wtr. & Pwr. Rev.:
Series 2003 A1:
5% 7/1/12	25,000		25,387
5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000,000		3,189,210
Series 2011 A, 5% 7/1/19	5,000,000		6,252,400
Los Angeles Gen. Oblig.:
Series 2002 A, 5.25% 9/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	185,000		198,536
Series 2003 A, 5% 9/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	20,000		21,389
Series 2009 A, 4% 9/1/15	2,085,000		2,305,760
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2010 D:
5% 11/1/14	3,295,000		3,605,817
5% 11/1/15	1,880,000		2,106,747
Los Angeles Solid Waste Resources Rev. Series 2009 A, 5% 2/1/14	1,160,000		1,248,264
Los Angeles Unified School District:
(Election of 1997 Proj.):
Series 2002 E:
5.5% 7/1/13 (Pre-Refunded to 7/1/12 @ 100)	40,000		40,686
5.5% 7/1/14 (Pre-Refunded to 7/1/12 @ 100)	1,300,000		1,322,308
Series 2003 F:
4.5% 7/1/13	3,000,000		3,166,560
5% 7/1/14 (Pre-Refunded to 7/1/13 @ 100)	25,000		26,567
(Election of 2002 Proj.) Series 2003 A, 5% 7/1/13	25,000		26,553
Series 1997 A, 6% 7/1/14	3,055,000		3,452,303
Series 1997 F, 5% 7/1/21 (FSA Insured) (Pre-Refunded to 7/1/13 @ 100)	3,000,000		3,187,980
Municipal Bonds - continued
	Principal Amount		Value
California - continued
Los Angeles Unified School District: - continued
Series 2002:
5.75% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 4,025,000		$ 4,519,230
5.75% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,475,000		1,794,382
Series 2003 A, 5% 7/1/21 (Pre-Refunded to 7/1/13 @ 100)	4,500,000		4,781,970
Series 2004 I, 5% 7/1/16	3,180,000		3,753,704
Series 2009 KRY, 5% 7/1/15	5,000,000		5,717,200
Series 2011 A2, 5% 7/1/21	5,250,000		6,512,678
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series 2010 A, 5% 12/1/17	1,045,000		1,198,270
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5% 6/1/15	5,000,000		5,682,100
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series 2008 L:
4% 7/1/12 (FSA Insured)	145,000		146,594
4% 7/1/13 (FSA Insured)	175,000		182,681
5% 7/1/14 (FSA Insured)	2,000,000		2,170,620
Malibu Gen. Oblig. Ctfs. of Prtn. (City Hall Proj.) Series A:
4% 7/1/13	50,000		52,087
4% 7/1/15	100,000		107,936
4% 7/1/17	85,000		94,769
Marin County Gen. Oblig. Ctfs. of Prtn.:
3% 8/1/15	1,870,000		1,982,630
3% 8/1/16	1,925,000		2,077,537
3% 8/1/17	1,735,000		1,862,158
Marin Muni. Wtr. District Rev. Ctfs. of Prtn. (2004 Fing. Proj.) 5% 7/1/12 (AMBAC Insured)	25,000		25,349
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Series 2003 A, 5% 7/1/13	35,000		37,183
Modesto Irrigation District Elec. Rev. Series 2011 A, 5% 7/1/18	2,000,000		2,355,920
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. (Refing. Proj.) Series 2009, 5% 8/1/15 (FSA Insured)	2,000,000		2,240,020
Monterey Peninsula Cmnty. College District Series A, 4.75% 8/1/27 (Pre-Refunded to 8/1/13 @ 100)	15,000		15,947
Mount Diablo Unified School District:
Series 2004, 5% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,830,000		1,936,872
Series 2011, 4% 2/1/17	525,000		593,486
Municipal Bonds - continued
	Principal Amount		Value
California - continued
New Haven Unified School District Series B, 7.9% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 100,000		$ 103,124
Newhall School District Gen. Oblig. Series B, 5% 8/1/18 (Pre-Refunded to 8/1/12 @ 101)	45,000		46,330
Newport Beach Rev. Bonds (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 D, 5%, tender 2/7/13 (b)	750,000		779,730
Newport Mesa Unified School District Series 2010:
4% 8/1/16	625,000		711,694
4% 8/1/17	500,000		566,890
North Orange County Cmnty. College District Rev.:
5% 8/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	60,000		66,311
5% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	35,000		40,235
Northern California Pwr. Agcy. Cap. Facilities Rev. Series 2010 A:
3% 8/1/15	1,705,000		1,789,005
4% 8/1/16	1,335,000		1,474,347
Northern California Pwr. Agcy. Rev.:
(Geothermal #3 Proj.) Series 2009 A, 5% 7/1/16	1,940,000		2,249,566
(Hydroelectric #1 Proj.) Series 2010 A:
5% 7/1/16	1,000,000		1,158,200
5% 7/1/17	2,750,000		3,245,165
(Lodi Energy Ctr. Proj.) Series 2010 A, 5% 6/1/15	2,295,000		2,550,273
Oakland Joint Powers Fing. Auth. Series 2008 A1:
4.25% 1/1/13 (Assured Guaranty Corp. Insured)	1,000,000		1,029,210
5% 1/1/13 (Assured Guaranty Corp. Insured)	1,320,000		1,366,662
Oakland Unified School District Alameda County Series 2005, 5% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	60,000		60,845
Ohlone Cmnty. College District Series 2010:
4% 8/1/15	300,000		331,866
4% 8/1/17	450,000		515,498
4% 8/1/18	200,000		230,426
Orange County Wtr. District Rev. Ctfs. of Prtn. Series 2009 A:
3% 8/15/13	110,000		114,147
4% 8/15/15	50,000		55,696
Padre Dam Muni. Wtr. District Ctfs. of Prtn. Series 2009 A:
3% 10/1/13	215,000		221,792
3.5% 10/1/14	150,000		157,775
4% 10/1/15	100,000		108,699
4% 10/1/16	100,000		111,053
Municipal Bonds - continued
	Principal Amount		Value
California - continued
Padre Dam Muni. Wtr. District Ctfs. of Prtn. Series 2009 A: - continued
4% 10/1/17	$ 420,000		$ 469,249
Palm Springs Unified School District Series 2011, 4% 8/1/17	2,560,000		2,928,282
Pasadena Area Cmnty. College District Gen. Oblig. Series 2009 D:
4% 8/1/14	285,000		307,467
4% 8/1/15	250,000		276,110
5% 8/1/17	470,000		564,019
5% 8/1/18	505,000		614,277
Pasadena Unified School District Gen. Oblig. Series 2009 A1:
4% 8/1/14	300,000		322,155
5% 8/1/15	1,000,000		1,130,000
Pleasanton Unified School District Gen. Oblig. Series 2004 B, 5% 8/1/14 (FSA Insured)	60,000		65,810
Port of Oakland Rev. Series M, 5% 11/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	85,000		87,586
Poway Unified School District Pub. Fing. Auth. Lease Rev. Bonds Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (b)	5,385,000		5,096,579
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 5% 7/1/14	1,205,000		1,298,580
Rancho Santiago Cmnty. College District 5% 9/1/16 (FSA Insured)	45,000		52,012
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.) Series A, 6.5% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	380,000		385,088
Sacramento Area Flood Cont. Agcy. Series 2008, 4% 10/1/14 (Berkshire Hathaway Assurance Corp. Insured)	1,000,000		1,078,640
Sacramento City Fing. Auth. Lease Rev.:
Series 1993 B, 5.4% 11/1/20	2,855,000		3,284,421
Series A, 5.4% 11/1/20 (AMBAC Insured)	1,250,000		1,438,013
Sacramento City Fing. Auth. Rev. (Solid Waste, Redev. and Master Lease Prog. Facilities Proj.) Series 2005, 5% 12/1/14 (FGIC Insured)	40,000		43,844
Sacramento Cogeneration Auth. Cogeneration Proj. Rev. (Proctor & Gamble Proj.) Series 2009:
5% 7/1/12	500,000		507,250
5% 7/1/13	625,000		660,644
5% 7/1/14	550,000		598,109
5% 7/1/16	1,275,000		1,465,090
Municipal Bonds - continued
	Principal Amount		Value
California - continued
Sacramento County (Pub. Facilities Proj.) 5% 2/1/16	$ 3,000,000		$ 3,276,180
Sacramento Muni. Util. District Elec. Rev.:
Series 2011 X:
5% 8/15/19	1,465,000		1,784,546
5% 8/15/20	5,500,000		6,709,230
Series Q:
5.25% 8/15/17 (FSA Insured)	725,000		740,428
5.25% 8/15/17 (Pre-Refunded to 8/15/12 @ 100)	275,000		281,204
Sacramento Pwr. Auth. Cogeneration Proj. Rev.:
Series 2005 A, 5% 7/1/18 (AMBAC Insured)	2,800,000		2,984,828
Series 2005, 5% 7/1/19 (AMBAC Insured)	2,900,000		3,070,665
San Bernardino Cmnty. College District Series A:
5% 8/1/16	215,000		251,769
5% 8/1/17	150,000		178,793
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.):
Series 2009 A, 5% 8/1/15	5,000,000		5,455,100
Series 2009 B, 5.25% 8/1/19	3,285,000		3,819,831
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured)	3,900,000		3,555,552
San Diego County Calif Wtr. Auth. Series 2011 S1, 5% 7/1/16	5,000,000		5,866,600
San Diego County Wtr. Auth. Wtr. Rev. Series A, 5.25% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	50,000		52,697
San Diego Pub. Facilities Fing. Auth. Swr. Rev. Series 2009 B, 5% 5/15/12	50,000		50,468
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. 5% 8/1/12	2,055,000		2,093,346
San Diego Unified School District (Election of 1998 Proj.):
Series 2002 D, 5.25% 7/1/20 (FGIC Insured) (Pre-Refunded to 7/1/12 @ 101)	3,000,000		3,074,640
Series 2003 E:
5.25% 7/1/20 (FSA Insured) (Pre-Refunded to 7/1/13 @ 101)	2,000,000		2,139,640
5.25% 7/1/22 (FSA Insured) (Pre-Refunded to 7/1/13 @ 101)	1,695,000		1,813,345
Series 2004 F, 5% 7/1/16 (FSA Insured)	75,000		83,003
San Francisco Bldg. Auth. Lease Rev. (Dept. Gen. Svcs. Lease Proj.) Series A, 5% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	15,000		15,519
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Series 2010 D, 5% 5/1/17 (FSA Insured)	5,000,000		5,949,800
Municipal Bonds - continued
	Principal Amount		Value
California - continued
San Francisco City & County Gen. Oblig. (San Francisco Gen. Hosp. Impt. Proj.) Series 2010 A, 5% 6/15/16	$ 11,110,000		$ 13,155,907
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev.:
(San Francisco Redev. Projs.) Series 2009 B:
4% 8/1/13	905,000		929,951
5% 8/1/16	1,095,000		1,204,182
Series 2007 B, 5% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,640,000		3,975,972
San Francisco Pub. Utils. Commission Wtr. Rev.:
Series 2002 B, 5% 11/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	650,000		670,475
Series 2010 D, 5% 11/1/16	4,445,000		5,334,756
San Mateo Unified School District 5% 9/1/15 (FSA Insured)	25,000		27,753
Santa Clara County Fing. Auth. Lease Rev.:
(VMC Rfdg. Proj.) Series 1997 A, 6% 11/15/12 (AMBAC Insured)	240,000		249,636
Series 2010 N:
5% 5/15/15	1,000,000		1,117,720
5% 5/15/16	1,000,000		1,151,430
Santa Maria Joint Union High School District Gen. Oblig. Series A, 5.375% 8/1/14 (Escrowed to Maturity)	20,000		22,426
Santa Monica Calif Pub. Fin. Rev. Series 2011 A:
4% 6/1/19	880,000		1,011,472
4% 6/1/20	770,000		882,643
Santa Monica Cmnty. College District Gen. Oblig. Series 2010 A:
5% 8/1/14	430,000		475,442
5% 8/1/15	250,000		284,933
Saugus Union School District Series B, 5% 8/1/14 (FSA Insured)	55,000		60,299
Semitropic Impt. District Wtr. Storage Rev. Series 2009 A:
2.5% 12/1/13	300,000		307,893
3% 12/1/14	250,000		265,570
5% 12/1/15	300,000		344,880
South Placer Wastewtr. Auth. Rev. Series C, 4% 11/1/15	1,135,000		1,256,048
Southern California Pub. Pwr. Auth. Rev.:
(Multiple Projs.):
6.75% 7/1/12	30,000		30,609
Municipal Bonds - continued
	Principal Amount		Value
California - continued
Southern California Pub. Pwr. Auth. Rev.: - continued
(Multiple Projs.):
6.75% 7/1/13	$ 65,000		$ 70,292
6.75% 7/1/13 (FSA Insured)	1,800,000		1,952,838
(San Juan Unit 3 Proj.) Series A, 5.5% 1/1/14 (FSA Insured)	200,000		218,268
Southern California Pub. Pwr. Auth. Transmission Proj. Rev. Series 2002 B, 5% 7/1/12 (FSA Insured)	55,000		55,851
Southwestern Cmnty. College District Gen. Oblig.:
Series 2004, 5% 8/1/15 (Pre-Refunded to 8/1/14 @ 100)	45,000		50,054
Series B, 5.25% 8/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	25,000		27,213
Sweetwater Union High School District Pub. Fing. Auth. Spl. Tax Rev. Series A, 5% 9/1/14 (FSA Insured)	20,000		21,429
Torrance Unified School District:
Series 2008 Y, 5.375% 8/1/22	1,250,000		1,482,263
Series 2008 Z:
5.25% 8/1/18	1,000,000		1,210,520
5.375% 8/1/22	1,750,000		2,075,168
Turlock Irrigation District Rev. Series 2010 A, 5% 1/1/14	1,230,000		1,318,831
Univ. of California Regents Med. Ctr. Pool Rev. Series 2010 G, 5% 5/15/17	900,000		1,066,230
Univ. of California Revs.:
(Ltd. Proj.) Series 2010 E, 4% 5/15/17	1,150,000		1,334,322
Series 2009 O, 5% 5/15/17	1,000,000		1,203,650
Series 2010 S, 5% 5/15/16	1,785,000		2,105,765
Series A, 5% 5/15/12 (AMBAC Insured)	100,000		100,940
Upland Gen. Oblig. Ctfs. of Prtn.:
5% 1/1/16	1,000,000		1,105,170
5% 1/1/17	2,115,000		2,368,017
5% 1/1/18	2,220,000		2,500,963
Washington Township Health Care District Gen. Oblig. Series 2009 A, 6.5% 8/1/14	1,600,000		1,808,224
Washington Township Health Care District Rev.:
Series 2009 A:
4.5% 7/1/12	275,000		278,308
4.5% 7/1/13	250,000		259,945
5% 7/1/14	300,000		322,725
5% 7/1/15	520,000		571,646
5% 7/1/16	200,000		222,962
Series 2010 A, 5% 7/1/17	1,000,000		1,130,210
Municipal Bonds - continued
	Principal Amount		Value
California - continued
Washington Township Health Care District Rev.: - continued
Series A, 5% 7/1/12	$ 385,000		$ 390,251
West Contra Costa Unified School District:
5% 8/1/18 (FSA Insured)	1,500,000		1,794,165
5% 8/1/19 (FSA Insured)	1,500,000		1,810,575
Western Riverside County Trust & Wastewtr. Fin. Auth.:
4% 9/1/14 (Assured Guaranty Corp. Insured)	500,000		531,185
5% 9/1/13 (Assured Guaranty Corp. Insured)	500,000		529,255
Whisman School District Gen. Oblig. Series A, 0% 8/1/14 (Escrowed to Maturity)	40,000		39,136
			705,255,160
Puerto Rico - 0.7%
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Series 2012 A, 5% 7/1/19	3,000,000		3,312,780
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.:
Series 1996, 6.5% 7/1/12 (FSA Insured)	1,140,000		1,160,702
6.5% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	75,000		76,345
Puerto Rico Govt. Dev. Bank Series 2006 B, 5% 12/1/12	1,000,000		1,030,040
			5,579,867
Virgin Islands - 0.8%
Virgin Islands Pub. Fin. Auth.:
(Cruzan Proj.) Series 2009 A:
5% 10/1/14	640,000		682,579
5% 10/1/15	600,000		652,014
(Sr. Lien/Working Cap. Proj.) Series 2010 A, 5% 10/1/16	1,000,000		1,116,530
Series 2009 A, 6% 10/1/14	1,250,000		1,347,925
Series 2009 B, 5% 10/1/16	2,000,000		2,233,060
			6,032,108
TOTAL MUNICIPAL BONDS (Cost $685,826,883)		716,867,135

Municipal Notes - 0.2%
	Principal Amount		Value
California - 0.2%
Baldwin Park Unified School District Gen. Oblig. BAN Series 2009, 0% 8/1/14 (Cost $1,330,923)	$ 1,500,000		$ 1,426,140
TOTAL INVESTMENT PORTFOLIO - 91.3% (Cost $687,157,806)			718,293,275
NET OTHER ASSETS (LIABILITIES) - 8.7%			68,391,667
NET ASSETS - 100%		$ 786,684,942

Security Type Abbreviations
BAN	-	BOND ANTICIPATION NOTE

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Other Information

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited):

General Obligations	34.1%
Escrowed/Pre-Refunded	11.6%
Health Care	11.3%
Electric Utilities	9.5%
Water & Sewer	8.7%
Special Tax	8.3%
Others (Individually less than 5%)	7.8%
Net Other Assets	8.7%
	100.0%

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	February 29, 2012

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $687,157,806)		$ 718,293,275
Cash		64,870,988
Receivable for fund shares sold		903,049
Interest receivable		6,838,054
Prepaid expenses		1,100
Receivable from investment adviser for expense reductions		96,717
Other receivables		3,215
Total assets		791,006,398

Liabilities
Payable for investments purchased on a delayed delivery basis	$ 2,940,225
Payable for fund shares redeemed	741,873
Distributions payable	213,758
Accrued management fee	236,192
Other affiliated payables	124,666
Other payables and accrued expenses	64,742
Total liabilities		4,321,456

Net Assets		$ 786,684,942
Net Assets consist of:
Paid in capital		$ 755,845,606
Distributions in excess of net investment income		(248,759)
Accumulated undistributed net realized gain (loss) on investments		(47,374)
Net unrealized appreciation (depreciation) on investments		31,135,469
Net Assets, for 72,523,905 shares outstanding		$ 786,684,942
Net Asset Value, offering price and redemption price per share ($786,684,942 ÷ 72,523,905 shares)		$ 10.85

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended February 29, 2012

Investment Income
Interest		$ 18,486,399

Expenses
Management fee	$ 2,548,293
Transfer agent fees	541,513
Accounting fees and expenses	160,168
Custodian fees and expenses	8,251
Independent trustees' compensation	2,449
Registration fees	41,957
Audit	56,582
Legal	4,128
Miscellaneous	6,588
Total expenses before reductions	3,369,929
Expense reductions	(944,332)	2,425,597
Net investment income (loss)		16,060,802
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		810,706
Change in net unrealized appreciation (depreciation) on investment securities		20,496,255
Net gain (loss)		21,306,961
Net increase (decrease) in net assets resulting from operations		$ 37,367,763

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended February 29, 2012	Year ended February 28, 2011
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 16,060,802	$ 15,895,515
Net realized gain (loss)	810,706	432,276
Change in net unrealized appreciation (depreciation)	20,496,255	(7,711,402)
Net increase (decrease) in net assets resulting from operations	37,367,763	8,616,389
Distributions to shareholders from net investment income	(16,312,884)	(15,894,070)
Distributions to shareholders from net realized gain	(1,107,582)	(478,730)
Total distributions	(17,420,466)	(16,372,800)
Share transactions Proceeds from sales of shares	294,781,505	377,846,139
Reinvestment of distributions	14,174,902	13,223,341
Cost of shares redeemed	(169,911,466)	(381,090,557)
Net increase (decrease) in net assets resulting from share transactions	139,044,941	9,978,923
Redemption fees	3,912	13,232
Total increase (decrease) in net assets	158,996,150	2,235,744

Net Assets
Beginning of period	627,688,792	625,453,048
End of period (including distributions in excess of net investment income of $248,759 and undistributed net investment income of $3,322, respectively)	$ 786,684,942	$ 627,688,792
Other Information Shares
Sold	27,521,628	35,471,925
Issued in reinvestment of distributions	1,324,256	1,242,819
Redeemed	(15,889,843)	(35,920,917)
Net increase (decrease)	12,956,041	793,827

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights

Years ended February 28,	2012^D	2011	2010	2009	2008^D
Selected Per-Share Data
Net asset value, beginning of period	$ 10.54	$ 10.64	$ 10.35	$ 10.09	$ 10.08
Income from Investment Operations
Net investment income (loss) ^B	.247	.249	.263	.295	.335
Net realized and unrealized gain (loss)	.331	(.092)	.308	.263	.017
Total from investment operations	.578	.157	.571	.558	.352
Distributions from net investment income	(.251)	(.249)	(.266)	(.299)	(.336)
Distributions from net realized gain	(.017)	(.008)	(.015)	-	(.007)
Total distributions	(.268)	(.257)	(.281)	(.299)	(.343)
Redemption fees added to paid in capital^B	-^E	-^E	-^E	.001	.001
Net asset value, end of period	$ 10.85	$ 10.54	$ 10.64	$ 10.35	$ 10.09
Total Return^A	5.55%	1.48%	5.58%	5.62%	3.55%
Ratios to Average Net Assets^C
Expenses before reductions	.48%	.48%	.50%	.49%	.52%
Expenses net of fee waivers, if any	.35%	.35%	.35%	.35%	.35%
Expenses net of all reductions	.35%	.34%	.35%	.31%	.27%
Net investment income (loss)	2.31%	2.34%	2.51%	2.90%	3.32%
Supplemental Data
Net assets, end of period (000 omitted)	$ 786,685	$ 627,689	$ 625,453	$ 355,044	$ 147,546
Portfolio turnover rate	12%	22%	19%	18%	13%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^C Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^D For the year ended February 29.

^E Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended February 29, 2012

1. Organization.

Fidelity California Short-Intermediate Tax-Free Bond Fund (the Fund) is a fund of Fidelity California Municipal Trust (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 Massachusetts business trust. The Fund may be affected by economic and political developments in the state of California.

2. Significant Accounting Policies.

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)

Annual Report

2. Significant Accounting Policies - continued

Security Valuation - continued

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. As of February 29, 2012, 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. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Annual Report

Notes to Financial Statements - continued

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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.

Book-tax differences are primarily due to market discount and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 31,164,615
Gross unrealized depreciation	(3,713)
Net unrealized appreciation (depreciation) on securities and other investments	$ 31,160,902

Tax Cost	$ 687,132,373

The tax-based components of distributable earnings as of period end were as follows:

Undistributed long-term capital gain	$ 55,163
Net unrealized appreciation (depreciation)	$ 31,160,902

The tax character of distributions paid was as follows:

	February 29, 2012	February 28, 2011
Tax-exempt Income	$ 16,312,884	$ 15,894,070
Ordinary Income	134,973	239,365
Long-term Capital Gains	972,609	239,365
Total	$ 17,420,466	$ 16,372,800

Annual Report

2. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to .50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

3. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $168,020,713 and $81,099,485, respectively.

5. Fees and Other Transactions with Affiliates.

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and servicing agent for the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC),

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent and Accounting Fees - continued

an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer agency, dividend disbursing and shareholder servicing functions. The Fund pays account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annual rate of .08% of average net assets.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2,000 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Expense Reductions.

FMR voluntarily agreed to reimburse the Fund to the extent annual operating expenses exceeded .35% of average net assets. During the period this reimbursement reduced the Fund's expenses by $931,161.

In addition, through arrangements with the Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody and transfer agent expenses by $7,109 and $6,062, respectively.

8. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity California Municipal Trust and the Shareholders of Fidelity California Short-Intermediate Tax-Free Bond Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity California Short-Intermediate Tax-Free Bond Fund (a fund of Fidelity California Municipal Trust) at February 29, 2012, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity California Short-Intermediate Tax-Free Bond Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at February 29, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP

Boston, Massachusetts

April 12, 2012

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Abigail P. Johnson (50)
	Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., 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.
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Albert R. Gamper, Jr. (69)
	Year of Election or Appointment: 2006 Mr. Gamper is Vice Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2011-present). Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (60)
	Year of Election or Appointment: 2010 Mr. Gartland is Chairman and an investor in Gartland and 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).
Arthur E. Johnson (65)
	Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-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). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Mr. Edward C. Johnson 3d or Ms. Abigail P. Johnson.
Michael E. Kenneally (57)
	Year of Election or Appointment: 2009 Previously, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of the Credit Suisse Funds (U.S. mutual funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (71)
	Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (65)
	Year of Election or Appointment: 2001 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. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (73)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009).

Annual Report

Trustees and Officers - continued

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
John R. Hebble (53)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.
Christopher P. Sullivan (58)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Bond Funds. Mr. Sullivan also serves as President of Fidelity's Bond Division (2009-present). Mr. Sullivan is Executive Vice President of Fidelity Investments Money Management, Inc. (2009-present), and a Director of Fidelity Management & Research (U.K.) Inc. (2010-present). Previously, Mr. Sullivan served as Managing Director, Co-Head of U.S. Fixed Income at Goldman Sachs Asset Management (2001-2009).
Christine J. Thompson (53)
	Year of Election or Appointment: 2010 Vice President of Fidelity's Bond Funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments. Previously, Ms. Thompson served as Director of Municipal Bond Portfolio Managers (2002-2010).
Scott C. Goebel (44)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
David J. Carter (38)
	Year of Election or Appointment: 2010 Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Carter also serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Michael H. Whitaker (44)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker also serves as Chief Compliance Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present). Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey also serves as Assistant Treasurer of other Fidelity funds (2010-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer (2011-present) and Deputy Treasurer (2008-present) of other Fidelity funds, and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as 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).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Fidelity California Short-Intermediate Tax-Free Bond Fund voted to pay on April 5, 2012, to shareholders of record at the opening of business on April 4, 2012, a distribution of $0.001 per share derived from capital gains realized from sales of portfolio securities.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended February 29, 2012, $799,590, or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2012, 100% of the fund's income dividends was free from federal income tax, and 0% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2013 of amounts for use in preparing 2012 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity California Short-Intermediate Tax-Free Bond Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

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. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured over multiple periods against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity California Short-Intermediate Tax-Free Bond Fund

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The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of the fund was in the second quartile for the one-year period and the first quartile for the three- and five-year periods. The Board also noted that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions to improve the fund's below-benchmark performance. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Fidelity California Short-Intermediate Tax-Free Bond Fund

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board noted that the fund's total expense ratio ranked below its competitive median for 2010.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Annual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone graphic)Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer graphic)Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains distributions, and the effects of any sales charges.

Annual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(envelope graphic)Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(envelope graphic)For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(envelope graphic)For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

17550 North 75th Avenue
Glendale, AZ

5330 E. Broadway Blvd
Tucson, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

2211 Michelson Drive
Irvine, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

1261 Post Road
Fairfield, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

1400 Glades Road
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3242 Peachtree Road
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

1823 Freedom Drive
Naperville, IL

Indiana

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Annual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 N. Old Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

3480 28th Street
Grand Rapids, MI

2425 S. Linden Road STE E
Flint, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

3349 Monroe Avenue
Rochester, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

1576 East Southlake Blvd.
Southlake, TX

15600 Southwest Freeway
Sugar Land, TX

139 N. Loop 1604 East
San Antonio, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

11957 Democracy Drive
Reston, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

304 Strander Blvd
Tukwila, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Adviser

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Investments
Money Management, Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Citibank, N.A.

New York, NY

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions

and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST^®) abc563229 1-800-544-5555

Automated line for quickest service

CSI-UANN-0412
1.817076.106

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Item 2. Code of Ethics

As of the end of the period, February 29, 2012, Fidelity California Municipal Trust (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 Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles 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 Municipal Income Fund and Fidelity California Short-Intermediate Tax-Free Bond Fund (the "Funds"):

Services Billed by PwC

February 29, 2012 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity California Municipal Income Fund	$48,000	$-	$2,200	$2,200
Fidelity California Short-Intermediate Tax-Free Bond Fund	$52,000	$-	$2,200	$1,800

February 28, 2011 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity California Municipal Income Fund	$48,000	$-	$2,200	$2,700
Fidelity California Short-Intermediate Tax-Free Bond Fund	$51,000	$-	$2,200	$2,200

^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 29, 2012^A	February 28, 2011^A
Audit-Related Fees	$3,795,000	$2,550,000
Tax Fees	$-	$-
All Other Fees	$-	$510,000

^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 29, 2012^A	February 28, 2011^A
PwC	$5,130,000	$4,960,000

^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 on a periodic basis.

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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	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

By:	/s/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	April 25, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	April 25, 2012

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	April 25, 2012

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments February 29, 2012

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - California Municipal Income

Financial Highlights - Institutional Class

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments February 29, 2012

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - California Municipal Income

Financial Highlights - Institutional Class

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments February 29, 2012

Statement of Assets and Liabilities

Statement of Assets and Liabilities - continued

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights - Class A

Financial Highlights - Class T

Financial Highlights - Class B

Financial Highlights - Class C

Financial Highlights - California Municipal Income

Financial Highlights - Institutional Class

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Performance: The Bottom Line

Management's Discussion of Fund Performance

Shareholder Expense Example

Investment Changes (Unaudited)

Investments February 29, 2012

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

To Write Fidelity

To Visit Fidelity