UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-6397

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

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

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

Date of fiscal year end:	February 28
Date of reporting period:	November 30, 2014

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® California AMT Tax-Free
Money Market Fund

November 30, 2014

1.810689.110

SCM-QTLY-0115

Investments November 30, 2014 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 62.9%
	Principal Amount (000s)		Value (000s)
Arizona - 0.1%
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.27% 12/5/14, VRDN (b)	$ 1,150		$ 1,150
Arkansas - 0.4%
Fort Smith Gen. Oblig. (Mitsubishi Pwr. Systems Americas Proj.) Series 2010, 0.07% 12/5/14, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b)	3,610		3,610
California - 60.3%
ABAG Fin. Auth. for Nonprofit Corps. Multi-family Hsg. Rev. Series 2011 A, 0.05% 12/5/14, LOC Freddie Mac, VRDN (b)	2,800		2,800
ABAG Fin. Auth. for Nonprofit Corps. Rev. (Sharp HealthCare Proj.):
Series 2009 A, 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	6,200		6,200
Series 2009 C, 0.05% 12/5/14, LOC Citibank NA, VRDN (b)	3,200		3,200
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN:
Series II R 11901, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	1,000		1,000
Series Putters 3293, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	5,000		5,000
Series Putters 3434, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	8,300		8,300
California Dept. of Wtr. Resources Participating VRDN:
Series MS 3276, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(e)	5,000		5,000
Series Putters 3019, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	4,885		4,885
Series ROC II R 11970-1, 0.01% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	4,200		4,200
California Edl. Facilities Auth. Rev.:
(Univ. of San Francisco Proj.) Series 2005 B, 0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)	16,850		16,850
(Univ. San Francisco Proj.) 0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)	3,000		3,000
Participating VRDN:
Series BA 08 1207, 0.09% 12/5/14 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(e)	1,000		1,000
Series EGL 14 0005, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	11,050		11,050
Series ROC II R 11974, 0.04% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	1,500		1,500
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
California Gen. Oblig.:
Series 2003 C3, 0.04% 12/5/14, LOC U.S. Bank NA, Cincinnati, VRDN (b)	$ 4,600		$ 4,600
Series 2005 B1, 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	6,750		6,750
California Health Facilities Fing. Auth. Rev.:
(Catholic Healthcare West Proj.):
Series 2004 K, 0.03% 12/5/14, LOC Mizuho Corporate Bank Ltd., VRDN (b)	2,100		2,100
Series 2005 H, 0.04% 12/5/14, LOC Sumitomo Mitsui Banking Corp., VRDN (b)	11,800		11,800
Series 2009 H, 0.04% 12/5/14, LOC Wells Fargo Bank NA, VRDN (b)	1,600		1,600
(Northern California Presbyterian Homes Proj.) Series 2004, 0.04% 12/5/14, LOC MUFG Union Bank NA, VRDN (b)	2,750		2,750
(Scripps Health Proj.):
Series 2008 D, 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	4,130		4,130
Series 2008 F, 0.04% 12/5/14, LOC Northern Trust Co., VRDN (b)	1,500		1,500
Participating VRDN:
Series DB 3294, 0.07% 12/5/14 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(e)	2,000		2,000
Series MS 3239, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(e)	2,200		2,200
Series MS 3267, 0.04% 12/5/14 (Liquidity Facility Cr. Suisse AG) (b)(e)	6,000		6,000
Series MS 3389, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(e)	4,000		4,000
Series Putters 4448, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	4,000		4,000
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Recology, Inc. Proj.) Series 2010 A, 0.07% 12/5/14, LOC Bank of America NA, VRDN (b)	23,500		23,500
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Series 2010, 0.04% 12/5/14 (Liquidity Facility Royal Bank of Canada), VRDN (b)	34,800		34,800
California Statewide Cmntys. Dev. Auth. Rev.:
(American Baptist Homes of the West Proj.) Series 2006, 0.04% 12/5/14, LOC Bank of America NA, VRDN (b)	2,145		2,145
(SWEEP Ln. Prog.) Series 2007 A, 0.03% 12/5/14, LOC U.S. Bank NA, Cincinnati, VRDN (b)	5,400		5,400
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
East Bay Muni. Util. District Wastewtr. Sys. Rev. Participating VRDN Series ROC II R 11950, 0.06% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	$ 6,090		$ 6,090
Fremont Gen. Oblig. Ctfs. of Prtn. (2008 Fing. Proj.) 0.03% 12/5/14, LOC U.S. Bank NA, Cincinnati, VRDN (b)	19,480		19,480
Irvine Unified School District Cmnty. Facilities District:
Series 2012 B, 0.03% 12/5/14, LOC Sumitomo Mitsui Banking Corp., VRDN (b)	1,975		1,975
Series 2014 B, 0.03% 12/5/14, LOC Sumitomo Mitsui Banking Corp., VRDN (b)	5,500		5,500
Livermore Redev. Agcy. Multi-family Rev. (Livermore Sr. Hsg. Apts. Proj.) Series 2009 A, 0.05% 12/5/14, LOC Fannie Mae, VRDN (b)	1,400		1,400
Los Angeles Cmnty. College District Participating VRDN Series MS 3237, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(e)	7,790		7,790
Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. (Grand Promenade Proj.) 0.055% 12/5/14, LOC Freddie Mac, VRDN (b)	4,600		4,600
Los Angeles Dept. Arpt. Rev. Participating VRDN Series BC 10 27B, 0.05% 12/5/14 (Liquidity Facility Barclays Bank PLC) (b)(e)	4,105		4,105
Los Angeles Dept. of Wtr. & Pwr. Rev.:
Participating VRDN:
Series 2013 A1, 0.05% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	2,900		2,900
Series EGL 14 0029, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	2,000		2,000
Series MS 3345, 0.04% 12/5/14 (Liquidity Facility Cr. Suisse AG) (b)(e)	1,300		1,300
Series Putters 3837Z, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	6,875		6,875
Series Putters 4361, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	3,670		3,670
Series 2001 B1, 0.03% 12/5/14 (Liquidity Facility Royal Bank of Canada), VRDN (b)	2,600		2,600
Series 2002 A1, 0.04% 12/5/14 (Liquidity Facility Bank of America NA), VRDN (b)	2,200		2,200
Series 2002 A3, 0.04% 12/5/14 (Liquidity Facility Citibank NA), VRDN (b)	1,750		1,750
Series 2002 A5, 0.03% 12/5/14 (Liquidity Facility Citibank NA), VRDN (b)	4,700		4,700
Series 2002 A7, 0.04% 12/5/14 (Liquidity Facility Citibank NA), VRDN (b)	1,200		1,200
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN:
Series MS 3397, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(e)	$ 1,200		$ 1,200
Series Putters 3309, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	6,660		6,660
Series ROC II R 0006, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	3,100		3,100
Los Rios Cmnty. College District Participating VRDN Series ROC II R 11953 X, 0.05% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	2,300		2,300
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Participating VRDN:
Series EGL 07 71, 0.04% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	13,075		13,075
Series EGL 14 0036, 0.03% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	4,505		4,505
Series Putters 3289, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	2,210		2,210
Modesto Pub. Fing. Auth. Lease Rev. Series 2008 B, 0.08% 12/5/14, LOC Bank of America NA, VRDN (b)	22,810		22,810
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 2008 A, 0.04% 12/5/14, LOC Bank of Montreal Chicago CD Prog., VRDN (b)	2,200		2,200
Orange County Hsg. Auth. Apt. Dev. Rev. (Lanteen Pines/Frost Group Proj.) 0.05% 12/5/14, LOC Fannie Mae, VRDN (b)	9,860		9,860
Orange County Wtr. District Rev. Ctfs. of Prtn. Series 2003 A, 0.05% 12/5/14, LOC Citibank NA, VRDN (b)	3,400		3,400
Rancho Wtr. District Fing. Auth. Rev.:
Participating VRDN Series BA 08 3024X, 0.09% 12/5/14 (Liquidity Facility Bank of America NA) (b)(e)	2,160		2,160
Series 2008 B, 0.04% 12/5/14, LOC U.S. Bank NA, Cincinnati, VRDN (b)	4,000		4,000
Riverside County Asset Leasing Corp. Leasehold Rev. (Southwest Justice Ctr. Proj.) Series 2008 A, 0.05% 12/5/14, LOC Wells Fargo Bank NA, VRDN (b)	17,915		17,915
Riverside County Ctfs. of Prtn. (Woodcrest Library Proj.) 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	1,000		1,000
Riverside Ctfs. of Prtn. (Riverside Renaissance Proj.) Series 2008, 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	13,800		13,800
San Bernardino County Flood Cont. District Judgment Oblig. Series 2008, 0.04% 12/5/14, LOC Bank of America NA, VRDN (b)	4,795		4,795
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
San Diego County Wtr. Auth. Wtr. Rev. Participating VRDN Series Putters 3736 Z, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	$ 1,470		$ 1,470
San Francisco Bay Area Rapid Transit Fing. Auth. Participating VRDN:
Series Putters 3161, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	4,660		4,660
Series ROC II R 12318, 0.05% 12/5/14 (Liquidity Facility Citibank NA) (b)(e)	5,265		5,265
San Francisco City & County Fin. Corp. Lease Rev. (Moscone Ctr. Expansion Proj.) Series 2008 1, 0.03% 12/5/14, LOC State Street Bank & Trust Co., Boston, VRDN (b)	1,200		1,200
San Francisco Redev. Agcy. Multi-family Hsg. Rev. (Fillmore Ctr. Proj.) Series 1992 A1, 0.05% 12/5/14, LOC Freddie Mac, VRDN (b)	11,900		11,900
San Jose Multi-family Hsg. Rev. (Las Ventanas Apts. Proj.) Series 2008 B, 0.06% 12/5/14, LOC Freddie Mac, VRDN (b)	4,700		4,700
Santa Clara County Fing. Auth. Lease Rev. (Multiple Facilities Proj.) Series 2008 M, 0.04% 12/5/14, LOC Bank of America NA, VRDN (b)	21,615		21,615
Southern California Pub. Pwr. Auth. Rev.:
(Magnolia Pwr. Proj.) Series 2009-1, 0.03% 12/5/14, LOC U.S. Bank NA, Cincinnati, VRDN (b)	26,435		26,435
(Palo Verde Proj.) Series 2008 B, 0.05% 12/5/14, LOC Barclays Bank PLC, VRDN (b)	14,965		14,965
Torrance Gen. Oblig. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2010 B, 0.03% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)	9,000		9,000
Univ. of California Revs. Participating VRDN:
Series Putters 3368, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	2,275		2,275
Series Putters 4401, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	3,000		3,000
			494,870
Delaware - 0.0%
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 A, 0.19% 12/5/14, VRDN (b)	200		200
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
Louisiana - 0.5%
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):
Series 2010 A1, 0.2% 12/5/14, VRDN (b)	$ 2,000		$ 2,000
Series 2010 B1, 0.22% 12/5/14, VRDN (b)	2,100		2,100
			4,100
New Jersey - 0.4%
JPMorgan Chase NA Letter of Credit Participating VRDN:
Series Putters 4459, 0.05% 12/1/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	1,800		1,800
Series Putters 4462, 0.05% 12/1/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)	1,400		1,400
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.) Series 2003 B1, 0.18% 12/5/14, VRDN (b)	300		300
			3,500
New York - 0.4%
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Lutheran Ctr. at Poughkeepsie, Inc. Proj.) 0.12% 12/5/14, LOC KeyBank NA, VRDN (b)	1,800		1,800
New York Dorm. Auth. Revs. (College of New Rochelle Proj.) Series 2008, 0.09% 12/5/14, LOC RBS Citizens NA, VRDN (b)	1,000		1,000
			2,800
Pennsylvania - 0.3%
Cumberland County Muni. Auth. Rev. (Messiah Village Proj.) Series 2008 B, 0.14% 12/5/14, LOC Citizens Bank of Pennsylvania, VRDN (b)	2,200		2,200
Texas - 0.5%
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.):
Series 2001 A, 0.16% 12/1/14, VRDN (b)	1,600		1,600
Series 2010 B, 0.16% 12/1/14, VRDN (b)	1,000		1,000
Series 2010 C, 0.16% 12/1/14, VRDN (b)	1,500		1,500
			4,100
Wyoming - 0.0%
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1984, 0.2% 12/1/14, VRDN (b)	200		200
TOTAL VARIABLE RATE DEMAND NOTE (Cost $516,730)		516,730
Other Municipal Debt - 27.4%
	Principal Amount (000s)		Value (000s)
California - 26.9%
Berkeley Gen. Oblig. TRAN 1% 7/22/15	$ 2,800		$ 2,816
California Dept. of Wtr. Resources Pwr. Supply Rev. Bonds Series 2010 M, 4% 5/1/15	1,975		2,006
California Edl. Facilities Auth. Rev. Bonds (Stanford Univ. Proj.) Series S3, 0.12% tender 5/21/15, CP mode	5,500		5,500
California Gen. Oblig.:
Bonds:
Series 2005, 5% 3/1/15	850		860
1% 5/1/15	1,100		1,104
2% 4/1/15	4,400		4,428
3% 12/1/14	4,500		4,500
4% 8/1/15	1,200		1,231
5% 2/1/15	5,985		6,034
5% 4/1/15	2,695		2,738
5% 4/1/15	1,100		1,118
5% 9/1/15	4,560		4,726
6% 2/1/15	1,410		1,424
RAN 1.5% 6/22/15	4,550		4,585
Series 2011 A2, 0.08% 12/1/14, LOC Royal Bank of Canada, CP	6,100		6,100
Series A1:
0.07% 2/12/15, LOC Wells Fargo Bank NA, CP	1,100		1,100
0.08% 12/2/14, LOC Wells Fargo Bank NA, CP	1,700		1,700
0.08% 12/9/14, LOC Wells Fargo Bank NA, CP	3,300		3,300
0.08% 1/30/15, LOC Wells Fargo Bank NA, CP	2,700		2,700
California Health Facilities Fing. Auth. Rev. Bonds (Stanford Hosp. & Clinics Proj.) Series 2012 C, 0.12%, tender 6/26/15 (b)	4,600		4,600
Contra Costa Cmnty. College District Bonds Series 2014 A, 2% 8/1/15	2,065		2,091
Contra Costa Wtr. District Wtr. Rev. Bonds Series 2010 A, 3% 10/1/15	11,750		12,027
Fremont Unified School District, Alameda County Bonds Series 2014 A, 4% 8/1/15 (a)	2,000		2,050
Fresno County Gen. Oblig. TRAN 1% 6/30/15	7,100		7,136
Kern County Gen. Oblig. TRAN 0.5% 6/30/15	9,000		9,020
Long Beach Gas & Util. Rev. Series A, 0.08% 12/1/14, LOC Bank of New York, New York, CP	1,500		1,500
Los Angeles County Gen. Oblig.:
Series 2010 B:
0.06% 12/9/14, LOC U.S. Bank NA, Cincinnati, CP	1,600		1,600
0.08% 2/10/15, LOC U.S. Bank NA, Cincinnati, CP	1,600		1,600
Other Municipal Debt - continued
	Principal Amount (000s)		Value (000s)
California - continued
Los Angeles County Gen. Oblig.: - continued
Series 2010 C:
0.06% 12/8/14, LOC Wells Fargo Bank NA, CP	$ 2,200		$ 2,200
0.08% 2/11/15, LOC Wells Fargo Bank NA, CP	3,200		3,200
TRAN 1.5% 6/30/15	8,850		8,920
Los Angeles Dept. of Wtr. & Pwr. Rev.:
0.08% 12/4/14 (Liquidity Facility Wells Fargo Bank NA), CP	8,400		8,400
0.1% 12/22/14 (Liquidity Facility Wells Fargo Bank NA), CP	8,400		8,400
Los Angeles Gen. Oblig.:
Bonds Series 2012 A, 5% 9/1/15	1,800		1,866
TRAN 1.5% 6/25/15	15,175		15,294
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2013 A4:
0.07% 2/20/15, LOC U.S. Bank NA, Cincinnati, CP	900		900
0.08% 2/11/15, LOC U.S. Bank NA, Cincinnati, CP	2,478		2,478
Los Angeles Solid Waste Resources Rev. Bonds Series 2013 B, 2% 2/1/15	1,400		1,404
Los Angeles Unified School District Bonds:
Series 2004 J, 1% 7/1/15	2,240		2,251
Series 2010 KY, 5% 7/1/15	500		514
Series 2014 A, 1% 7/1/15	2,020		2,030
Los Angeles Wastewtr. Sys. Rev.:
Series A1, 0.1% 12/18/14, LOC Bank of New York, New York, CP	1,000		1,000
Series A2, 0.1% 12/18/14, LOC Sumitomo Mitsui Banking Corp., CP	1,500		1,500
Orange County Fire Auth. TRAN 0.75% 6/30/15	4,900		4,918
Orange County Sanitation District Ctfs. of Prtn. Bonds Series 2008 B, 2.95% 8/1/15	5,000		5,093
Sacramento Muni. Util. District Elec. Rev. Series L1, 0.08% 12/4/14, LOC Barclays Bank PLC, CP	8,400		8,400
San Bernardino County Gen. Oblig. TRAN 2% 6/30/15	8,100		8,188
San Diego County Reg'l. Trans. Commission Sales Tax Rev. Series 2005 B, 0.09% 12/3/14, LOC MUFG Union Bank NA, CP	1,800		1,800
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. Bonds Series 2012 A, 5% 8/1/15	5,680		5,864
San Diego Unified School District TRAN Series A, 1.5% 6/30/15	8,500		8,568
San Francisco City & County Gen. Oblig. Series 3, 0.08% 2/2/15, LOC State Street Bank & Trust Co., Boston, CP	1,445		1,445
Other Municipal Debt - continued
	Principal Amount (000s)		Value (000s)
California - continued
San Jose Fin. Auth. Rev.:
Series 1, 0.09% 2/13/15, LOC State Street Bank & Trust Co., Boston, CP	$ 1,700		$ 1,700
Series 2, 0.09% 2/13/15, LOC U.S. Bank NA, Cincinnati, CP	1,700		1,700
San Jose Int'l. Arpt. Rev. Series A2, 0.08% 12/10/14, LOC Barclays Bank PLC, CP	1,300		1,300
Santa Cruz Gen. Oblig. TRAN 1% 7/1/15	5,500		5,528
Torrance Gen. Oblig. TRAN 1% 7/1/15	3,400		3,417
Walnut Energy Ctr. Auth. Series 2005 B, 0.1% 3/5/15, LOC State Street Bank & Trust Co., Boston, CP	2,600		2,600
			220,472
Kentucky - 0.0%
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.23% tender 1/8/15, CP mode	300		300
Massachusetts - 0.5%
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.):
Series 1992:
0.25% tender 12/11/14, CP mode	950		950
0.25% tender 12/12/14, CP mode	2,600		2,600
Series 1993 B, 0.36% tender 12/12/14, CP mode	400		400
			3,950
TOTAL OTHER MUNICIPAL DEBT (Cost $224,722)		224,722
Investment Company - 8.1%
	Shares
Fidelity Tax-Free Cash Central Fund, 0.04% (c)(d)	66,357
(Cost $66,357)			66,357
TOTAL INVESTMENT PORTFOLIO - 98.4% (Cost $807,809)			807,809
NET OTHER ASSETS (LIABILITIES) - 1.6%			13,437
NET ASSETS - 100%		$ 821,246

Security Type Abbreviations
CP	-	COMMERCIAL PAPER
RAN	-	REVENUE ANTICIPATION NOTE
TRAN	-	TAX AND REVENUE ANTICIPATION NOTE
VRDN	-	VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

(a) Security 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.

(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(e) Provides evidence of ownership in one or more underlying municipal bonds.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Tax-Free Cash Central Fund	$ 35

Other Information

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

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

Income Tax Information

At November 30, 2014, the cost of investment securities for income tax purposes was $807,809,000.

Investment Valuation

Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® California Municipal

Money Market Fund

November 30, 2014

1.810684.110

CFS-QTLY-0115

Investments November 30, 2014 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 63.9%
	Principal Amount (000s)		Value (000s)
Alabama - 0.0%
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.23% 12/5/14, VRDN (b)(e)	$ 3,500		$ 3,500
California - 60.9%
ABAG Fin. Auth. for Nonprofit Corps. Multi-family Hsg. Rev.:
(Acton Courtyard Apts. Proj.) Series 2010 A, 0.04% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	8,620		8,620
(La Terrazza Apts. Proj.) Series 2002 A, 0.07% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	16,880		16,880
(Miramar Apts. Proj.) Series 2000 A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	15,000		15,000
(Southport Apts. Proj.) Series 2002 A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	19,995		19,995
(The Artech Bldg. Proj.) Series 2010 B, 0.04% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	3,200		3,200
Series 2011 A, 0.05% 12/5/14, LOC Freddie Mac, VRDN (b)	33,200		33,200
ABAG Fin. Auth. for Nonprofit Corps. Rev. (Sharp HealthCare Proj.):
Series 2009 A, 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	23,975		23,975
Series 2009 C, 0.05% 12/5/14, LOC Citibank NA, VRDN (b)	1,850		1,850
Series 2009 D, 0.05% 12/5/14, LOC Citibank NA, VRDN (b)	21,100		21,100
Alameda County Indl. Dev. Auth. Rev. (Edward L. Shimmon, Inc. Proj.) Series 1996 A, 0.07% 12/5/14, LOC BNP Paribas SA, VRDN (b)(e)	4,250		4,250
Anaheim Hsg. Auth. Multi-family Hsg. Rev. (Park Vista Apt. Proj.) Series 2000 D, 0.06% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	23,580		23,580
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN:
Series BA 08 1058, 0.09% 12/5/14 (Liquidity Facility Bank of America NA) (b)(f)	2,250		2,250
Series II R 11901, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	1,300		1,300
Series Putters 3211, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	13,320		13,320
Series Putters 3293, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,995		4,995
Series Putters 3434, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,195		4,195
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
Bueno Park Multi-family Hsg. Rev. (Walden Glen Apts. Proj.) Series 2000 A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	$ 14,288		$ 14,288
California Dept. of Wtr. Resources Participating VRDN:
Series Putters 3019, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	9,785		9,785
Series ROC II R 11970-1, 0.01% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	1,600		1,600
California Dept. of Wtr. Resources Wtr. Rev. Participating VRDN Series BBT 08 28, 0.04% 12/5/14 (Liquidity Facility Branch Banking & Trust Co.) (b)(f)	7,145		7,145
California Edl. Facilities Auth. Rev.:
(Univ. of San Francisco Proj.) Series 2005 B, 0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)	2,700		2,700
(Univ. San Francisco Proj.) 0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)	27,770		27,770
Participating VRDN:
Series BBT 2014, 0.04% 12/5/14 (Liquidity Facility Branch Banking & Trust Co.) (b)(f)	6,650		6,650
Series EGL 14 0005, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	8,500		8,500
Series MS 3346, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	3,330		3,330
Series MS 3377, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	300		300
Series Putters 3960, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	7,330		7,330
Series Putters 3962, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,345		4,345
Series Putters 3969, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	5,000		5,000
Series ROC II R 11974, 0.04% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	3,500		3,500
Series ROC II R 14081, 0.04% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	4,000		4,000
California Gen. Oblig.:
Series 2003 B3, 0.05% 12/5/14, LOC JPMorgan Chase Bank, LOC California Pub. Employees Retirement Sys., VRDN (b)	75,000		75,000
Series 2003 C1, 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	49,350		49,350
Series 2003 C3, 0.04% 12/5/14, LOC U.S. Bank NA, Cincinnati, VRDN (b)	43,800		43,800
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
California Gen. Oblig.: - continued
Series 2003 C4, 0.04% 12/5/14, LOC U.S. Bank NA, Cincinnati, VRDN (b)	$ 35,960		$ 35,960
Series 2004 A10, 0.03% 12/5/14, LOC Citibank NA, VRDN (b)	14,200		14,200
Series 2004 A8, 0.03% 12/5/14, LOC Citibank NA, VRDN (b)	27,500		27,500
Series 2004 A9, 0.04% 12/5/14, LOC State Street Bank & Trust Co., Boston, VRDN (b)	50,000		50,000
Series 2004 B6, 0.03% 12/5/14, LOC U.S. Bank NA, Cincinnati, VRDN (b)	17,700		17,700
Series 2005 A2-1, 0.04% 12/5/14, LOC Barclays Bank PLC, VRDN (b)	31,800		31,800
Series 2005 B1, 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	27,500		27,500
California Health Facilities Fing. Auth. Rev.:
(Catholic Healthcare West Proj.):
Series 2005 H, 0.04% 12/5/14, LOC Sumitomo Mitsui Banking Corp., VRDN (b)	70,540		70,540
Series 2005 I, 0.03% 12/5/14, LOC Mizuho Corporate Bank Ltd., VRDN (b)	23,700		23,700
Series 2009 H, 0.04% 12/5/14, LOC Wells Fargo Bank NA, VRDN (b)	23,950		23,950
(Northern California Presbyterian Homes Proj.) Series 2004, 0.04% 12/5/14, LOC MUFG Union Bank NA, VRDN (b)	26,675		26,675
(Scripps Health Proj.):
Series 2008 D, 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	2,220		2,220
Series 2010 B, 0.03% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)	38,600		38,600
Participating VRDN:
Series DB 3294, 0.07% 12/5/14 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f)	21,850		21,850
Series MS 3239, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	22,800		22,800
Series MS 3267, 0.04% 12/5/14 (Liquidity Facility Cr. Suisse AG) (b)(f)	27,375		27,375
Series MS 3301, 0.04% 12/5/14 (Liquidity Facility Cr. Suisse AG) (b)(f)	7,330		7,330
Series Putters 3630, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,665		4,665
Series Putters 3878 Q, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	8,700		8,700
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
California Health Facilities Fing. Auth. Rev.: - continued
Participating VRDN: - continued
Series Putters 4448, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	$ 6,235		$ 6,235
Series RBC 077, 0.04% 12/5/14 (Liquidity Facility Royal Bank of Canada) (b)(f)	6,665		6,665
Series 2011 B, 0.03% 12/5/14, LOC Bank of Montreal Chicago CD Prog., VRDN (b)	3,700		3,700
California Hsg. Fin. Agcy. Multi-family Hsg. Rev. Series 2007 C:
0.04% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	4,485		4,485
0.04% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	4,915		4,915
California Hsg. Fin. Agcy. Rev.:
(Home Mtg. Prog.):
Series 2001 U, 0.05% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	15,070		15,070
Series 2002 J, 0.05% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	9,760		9,760
Series 2003 H, 0.05% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	3,180		3,180
Series 2003 M:
0.05% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	1,285		1,285
0.05% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	10,300		10,300
Series 2004 E, 0.04% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	22,245		22,245
Series 2005 A, 0.03% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	18,900		18,900
Series 2005 B, 0.04% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	63,510		63,510
Series 2005 D, 0.05% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	20,230		20,230
Series 2005 F:
0.04% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	55,915		55,915
0.04% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	24,670		24,670
Series 2006 C:
0.03% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	3,260		3,260
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
California Hsg. Fin. Agcy. Rev.: - continued
(Home Mtg. Prog.) Series 2006 C, 0.03% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	$ 3,660		$ 3,660
Series 2006 F2, 0.03% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	16,075		16,075
Series 2007 K, 0.03% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	13,640		13,640
Series 2008 D:
0.03% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	7,590		7,590
0.03% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	13,705		13,705
(Multi-family Hsg. Prog.) Series 2001 G, 0.05% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	2,885		2,885
(Multifamily Hsg. Prog.):
Series 2001 G, 0.05% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	8,880		8,880
Series 2002 E, 0.05% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	1,585		1,585
Series 2005 D, 0.04% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	15,585		15,585
Series 2007 H, 0.03% 12/5/14 (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	36,365		36,365
Series 2001 E, 0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)(e)	29,775		29,775
Series 2008 B:
0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)(e)	16,315		16,315
0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)(e)	9,050		9,050
Series 2008 C:
0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)(e)	12,390		12,390
0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)(e)	5,980		5,980
California Infrastructure & Econ. Dev. Bank Rev. (Betts Spring Co. Proj.) Series 2008, 0.17% 12/5/14, LOC Bank of America NA, VRDN (b)(e)	7,665		7,665
California Muni. Fin. Auth. Rev. (La Sierra Univ. Proj.) Series 2008 B, 0.03% 12/5/14, LOC Wells Fargo Bank NA, VRDN (b)	3,600		3,600
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.) Series 1997 B, 0.05% 12/1/14, LOC JPMorgan Chase Bank, VRDN (b)(e)	$ 27,900		$ 27,900
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev.:
(Metropolitan Recycling, LLC Proj.) Series 2012 A, 0.09% 12/5/14, LOC Comerica Bank, VRDN (b)(e)	2,920		2,920
(Recology, Inc. Proj.) Series 2010 A, 0.07% 12/5/14, LOC Bank of America NA, VRDN (b)	107,200		107,200
(Zerep Mgmt. Corp. Proj.) Series 2014, 0.09% 12/5/14, LOC Comerica Bank, VRDN (b)(e)	1,400		1,400
Series 2011 A, 0.09% 12/5/14, LOC Comerica Bank, VRDN (b)(e)	2,810		2,810
Series 2012 A, 0.08% 12/5/14, LOC MUFG Union Bank NA, VRDN (b)(e)	2,335		2,335
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Series 2010, 0.04% 12/5/14 (Liquidity Facility Royal Bank of Canada), VRDN (b)	99,400		99,400
California Statewide Cmntys. Dev. Auth. Indl. Dev. Rev. (Arthur Made Plastics, Inc. Proj.) Series 2000 A, 0.2% 12/5/14, LOC Bank of America NA, VRDN (b)(e)	1,500		1,500
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.:
(Bristol Apts. Proj.) Series Z, 0.06% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	9,500		9,500
(Canyon Creek Apts. Proj.) Series 1995 C, 0.05% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	38,800		38,800
(Coventry Place Apts. Proj.) Series 2002 JJ, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	1,000		1,000
(Crocker Oaks Apts. Proj.) Series 2001 H, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	6,750		6,750
(Crystal View Apt. Proj.) Series A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	26,675		26,675
(Grove Apts. Proj.) Series X, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	6,150		6,150
(Heritage Park Apts. Proj.) Series 2008 C, 0.06% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	30,000		30,000
(Northwest Gateway Apts. Proj.) Series 2004 C, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	30,045		30,045
(Northwood Apts. Proj.) Series N, 0.06% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	4,600		4,600
(Parkside Terrace Apts. Proj.) Series 2008 E, 0.055% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	17,009		17,009
(River Run Sr. Apts. Proj.) Series LL, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	13,505		13,505
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.: - continued
(Salvation Army S.F. Proj.) 0.07% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	$ 15,845		$ 15,845
(Terraces at Park Marino Proj.) Series I, 0.04% 12/5/14, LOC California Teachers Retirement Sys., VRDN (b)(e)	5,360		5,360
(The Belmont Proj.) Series 2005 F, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	19,890		19,890
(The Crossings Sr. Apts./ Phase II Proj.) Series J, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	11,100		11,100
(Valley Palms Apts. Proj.) Series 2002 C, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	10,200		10,200
(Villas at Hamilton Apts. Proj.) Series 2001 HH, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	11,300		11,300
(Vista Del Monte Proj.) Series QQ, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	12,750		12,750
(Vizcaya Apts. Proj.) Series B, 0.06% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	22,200		22,200
(Wilshire Court Proj.) Series M, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	20,290		20,290
Series 2000 Y, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	8,640		8,640
Series 2007 O, 0.04% 12/5/14, LOC Fed. Home Ln. Bank, San Francisco, VRDN (b)(e)	35,952		35,952
California Statewide Cmntys. Dev. Auth. Rev.:
(American Baptist Homes of the West Proj.) Series 2006, 0.04% 12/5/14, LOC Bank of America NA, VRDN (b)	28,600		28,600
(Oakmont Stockton Proj.) Series 1997 C, 0.06% 12/5/14, LOC Fed. Home Ln. Bank, San Francisco, VRDN (b)(e)	5,960		5,960
(SWEEP Ln. Prog.) Series 2007 A, 0.03% 12/5/14, LOC U.S. Bank NA, Cincinnati, VRDN (b)	17,200		17,200
Participating VRDN Series ROC II R 14001, 0.04% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	2,375		2,375
California Statewide Cmntys. Dev. Corp. Rev. (Rix Industries Proj.) Series 1996 I, 0.11% 12/5/14, LOC Wells Fargo Bank NA, VRDN (b)(e)	560		560
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series B, 0.05% 12/5/14, LOC MUFG Union Bank NA, VRDN (b)	35,850		35,850
Contra Costa County Multi-family Hsg. Rev. (Park Regency Proj.) Series 2003 F, 0.03% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	60,000		60,000
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
East Bay Muni. Util. District Wastewtr. Sys. Rev. Participating VRDN:
Series EGL1310, 0.04% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	$ 16,600		$ 16,600
Series MS 3250, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	7,500		7,500
Series Putters 3772 Z, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	11,250		11,250
Eastern Muni. Wtr. District Wtr. and Swr. Rev. Ctfs. of Prtn. Participating VRDN Series Putters 3220, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	1,585		1,585
El Dorado Irrigation District Rev. Ctfs. of Prtn. Series 2008 A, 0.05% 12/5/14, LOC Citibank NA, VRDN (b)	2,500		2,500
Elsinore Valley Muni. Wtr. District Ctfs. of Prtn. Series 2008 B, 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	27,270		27,270
Foothill-De Anza Cmnty. College District Participating VRDN:
Series MS 3268 X, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	5,000		5,000
Series MS 3288, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	7,000		7,000
Series ROC II R 14066, 0.01% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	3,500		3,500
Garden Grove Multi-family Hsg. Rev. (Cal-Malabar Apts. Proj.) Series 1997 A, 0.05% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	6,950		6,950
Grossmont Healthcare District Participating VRDN Series MS 3253, 0.04% 12/5/14 (Liquidity Facility Cr. Suisse AG) (b)(f)	14,375		14,375
Irvine Unified School District Cmnty. Facilities District:
Series 2012 B, 0.03% 12/5/14, LOC Sumitomo Mitsui Banking Corp., VRDN (b)	28,400		28,400
Series 2014 B, 0.03% 12/5/14, LOC Sumitomo Mitsui Banking Corp., VRDN (b)	45,465		45,465
Livermore Multi-family Mtg. Rev. (Portola Meadows Apts. Proj.) 0.07% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	11,025		11,025
Livermore Redev. Agcy. Multi-family Rev. (Livermore Sr. Hsg. Apts. Proj.) Series 2009 A, 0.05% 12/5/14, LOC Fannie Mae, VRDN (b)	1,400		1,400
Los Angeles Cmnty. College District Participating VRDN:
Series EGL 08 57, 0.01% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	17,400		17,400
Series Putters 3609 Z, 0.06% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,995		4,995
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
Los Angeles Cmnty. College District Participating VRDN: - continued
Series Putters 3770 Z, 0.06% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	$ 3,270		$ 3,270
Series Putters 3776 Z, 0.06% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	7,425		7,425
Series Putters 4004 Z, 0.06% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	5,885		5,885
Series ROC II R 11728, 0.04% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	10,960		10,960
Series ROC II R 11773, 0.01% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	4,920		4,920
Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev.:
(Grand Promenade Proj.) 0.055% 12/5/14, LOC Freddie Mac, VRDN (b)	36,500		36,500
(Hollywood & Vine Apts. Proj.) Series A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	55,500		55,500
(Promenade Towers Proj.) Series 2000, 0.05% 12/5/14, LOC Freddie Mac, VRDN (b)	2,760		2,760
Los Angeles Dept. Arpt. Rev. Participating VRDN:
Series Putters 3847, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	5,000		5,000
Series ROC II R 11842, 0.01% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	6,750		6,750
Los Angeles Dept. of Wtr. & Pwr. Rev.:
Participating VRDN:
Series 2013 A1, 0.05% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	14,100		14,100
Series EGL 14 0029, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	14,000		14,000
Series MS 3289, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	7,335		7,335
Series MS 3345, 0.04% 12/5/14 (Liquidity Facility Cr. Suisse AG) (b)(f)	14,035		14,035
Series Putters 3327, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	3,745		3,745
Series Putters 3332, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	6,660		6,660
Series Putters 3718 Z, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	13,460		13,460
Series Putters 4330, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	5,000		5,000
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
Los Angeles Dept. of Wtr. & Pwr. Rev.: - continued
Participating VRDN: - continued
Series Putters 4361, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	$ 3,665		$ 3,665
Series RBC 0 85, 0.05% 12/5/14 (Liquidity Facility Royal Bank of Canada) (b)(f)	4,700		4,700
Series 2001 B5, 0.03% 12/5/14 (Liquidity Facility Barclays Bank PLC), VRDN (b)	14,300		14,300
Series 2001 B8, 0.04% 12/5/14 (Liquidity Facility Barclays Bank PLC), VRDN (b)	12,600		12,600
Series 2002 A1, 0.04% 12/5/14 (Liquidity Facility Bank of America NA), VRDN (b)	27,800		27,800
Series 2002 A3, 0.04% 12/5/14 (Liquidity Facility Citibank NA), VRDN (b)	21,450		21,450
Series 2002 A4, 0.04% 12/5/14 (Liquidity Facility Bank of America NA), VRDN (b)	14,800		14,800
Series 2002 A5, 0.03% 12/5/14 (Liquidity Facility Citibank NA), VRDN (b)	37,600		37,600
Series 2002 A7, 0.04% 12/5/14 (Liquidity Facility Citibank NA), VRDN (b)	13,900		13,900
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN:
Series MS 3397, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	9,770		9,770
Series MS 3403, 0.06% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	8,975		8,975
Series Putters 3310, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	7,495		7,495
Series Putters 3750 Z, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,945		4,945
Series ROC 14087, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	6,200		6,200
Series ROC II R 0006, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	18,150		18,150
Los Angeles Hbr. Dept. Rev. Participating VRDN Series Putters 4475Z, 0.08% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f)	2,220		2,220
Los Angeles Multi-family Hsg. Rev. (Channel Gateway Apts. Proj.) Series 1989 B, 0.07% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	67,700		67,700
Los Angeles Wastewtr. Sys. Participating VRDN Series ROC II R 14059, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	6,000		6,000
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
Los Angeles Wastewtr. Sys. Rev. Participating VRDN:
Series Putters 3371, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	$ 22,495		$ 22,495
Series Putters 3751, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,935		4,935
Los Rios Cmnty. College District Participating VRDN Series ROC II R 11953 X, 0.05% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	3,200		3,200
Menlo Park Cmnty. Dev. Agcy. Tax (Las Pulgas Cmnty. Dev. Proj.) Series 2006, 0.04% 12/1/14, LOC State Street Bank & Trust Co., Boston, VRDN (b)	8,120		8,120
Metropolitan Wtr. District of Southern California Wtr. Rev. Participating VRDN:
Series 3655 Z, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	3,185		3,185
Series Putters 3547, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	10,935		10,935
Metropolitan Wtr. District of Southern California Wtrwks. Rev. Participating VRDN:
Series BA 08 1062, 0.06% 12/5/14 (Liquidity Facility Bank of America NA) (b)(f)	11,800		11,800
Series BA 08 1087, 0.06% 12/5/14 (Liquidity Facility Bank of America NA) (b)(f)	17,500		17,500
Series EGL 07 71, 0.04% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	34,805		34,805
Series EGL 14 0014, 0.01% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	16,430		16,430
Series EGL 14 0036, 0.03% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	8,195		8,195
Series Putters 3289, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	2,225		2,225
Series Putters 3752 Z, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	3,570		3,570
Modesto Pub. Fing. Auth. Lease Rev. Series 2008 B, 0.08% 12/5/14, LOC Bank of America NA, VRDN (b)	9,210		9,210
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 2008 A, 0.04% 12/5/14, LOC Bank of Montreal Chicago CD Prog., VRDN (b)	17,800		17,800
Orange County Apt. Dev. Rev.:
(Ladera Apts. Proj.) Series 2001 II B, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	23,500		23,500
(Park Place Apts. Proj.) Series 1989 A, 0.06% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	15,400		15,400
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
Orange County Apt. Dev. Rev.: - continued
(Riverbend Apts. Proj.) Series 1999 B, 0.05% 12/5/14, LOC Freddie Mac, VRDN (b)	$ 4,200		$ 4,200
(Wood Canyon Villas Proj.) Series 2001 E, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	16,000		16,000
Orange County Sanitation District Ctfs. of Prtn. Participating VRDN Series MS 3030, 0.04% 12/5/14 (Liquidity Facility Cr. Suisse AG) (b)(f)	10,515		10,515
Orange County Wtr. District Rev. Ctfs. of Prtn.:
Participating VRDN Series Putters 3686Z, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,100		4,100
Series 2003 A, 0.05% 12/5/14, LOC Citibank NA, VRDN (b)	52,800		52,800
Pleasant Hill Redev. Agcy. Multi-family Hsg. Rev. (Chateau III Proj.) Series 2001, 0.05% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	10,355		10,355
Pleasanton Multi-family Rev. (Bernal Apts. Proj.) Series A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	13,750		13,750
RIB Floater Trust Various States Participating VRDN Series BC 13 24U, 0.05% 12/5/14 (Liquidity Facility Barclays Bank PLC) (b)(f)	5,125		5,125
Richmond Multifamily Hsg. Rev. (Baycliff Apts. Proj.) Series 2004 A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	26,490		26,490
Richmond Wastewtr. Rev. Series 2008 A, 0.03% 12/5/14, LOC MUFG Union Bank NA, VRDN (b)	15,260		15,260
Riverside County Asset Leasing Corp. Leasehold Rev. (Southwest Justice Ctr. Proj.) Series 2008 A, 0.05% 12/5/14, LOC Wells Fargo Bank NA, VRDN (b)	58,500		58,500
Riverside County Ctfs. of Prtn. (Woodcrest Library Proj.) 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	44,245		44,245
Riverside County Ind. Dev. Auth. Ind. Dev. Rev. (Merrick Engineering, Inc. Proj.) 0.14% 12/5/14, LOC Wells Fargo Bank NA, VRDN (b)(e)	1,550		1,550
Riverside Ctfs. of Prtn. (Riverside Renaissance Proj.) Series 2008, 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	12,600		12,600
Sacramento County Hsg. Auth. Multi-family Hsg. Rev.:
(California Place Apts. Proj.) Series B, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	4,170		4,170
(Deer Park Apts. Proj.) Issue A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	13,200		13,200
(Sun Valley Proj.) Series 2001 F, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	3,520		3,520
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
Sacramento Hsg. Auth. Multi-family Rev.:
(Countrywood Village Apts. Proj.) Series F, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	$ 8,225		$ 8,225
(Valencia Point Apts. Proj.) Series 2006 I, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	4,900		4,900
Sacramento Muni. Util. District Elec. Rev. Series 2012 M, 0.04% 12/5/14, LOC U.S. Bank NA, Cincinnati, VRDN (b)	22,830		22,830
Sacramento Redev. Agcy. Multi-family Hsg. Rev. (18th & L Apts. Proj.) Series 2002 E, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	8,475		8,475
Sacramento Suburban Wtr. District Ctfs. of Prtn. Series 2009 A, 0.04% 12/5/14, LOC Sumitomo Mitsui Banking Corp., VRDN (b)	5,965		5,965
San Bernardino County Flood Cont. District Judgment Oblig. Series 2008, 0.04% 12/5/14, LOC Bank of America NA, VRDN (b)	32,500		32,500
San Diego Cmnty. College District Participating VRDN:
Series Putters 3963, 0.06% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	2,000		2,000
Series RBC O 8, 0.04% 12/5/14 (Liquidity Facility Royal Bank of Canada) (b)(f)	5,000		5,000
San Diego County Wtr. Auth. Wtr. Rev. Participating VRDN:
Series Putters 2903Z, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	6,810		6,810
Series Putters 3736 Z, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	1,040		1,040
San Diego Hsg. Auth. Multi-family Hsg. Rev.:
(Bay Vista Apts. Proj.) Series A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	14,500		14,500
(Delta Village Apts. Proj.) Series A, 0.05% 12/5/14, LOC Citibank NA, VRDN (b)(e)	6,100		6,100
(Stratton Apts. Proj.) Series 2000 A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	19,825		19,825
(Villa Nueva Apts. Proj.) Series 2007 F, 0.06% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	37,500		37,500
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. Participating VRDN:
Series MS 3229X, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	7,500		7,500
Series Putters 3504, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	7,000		7,000
San Diego Unified School District Participating VRDN Series MS 3330, 0.05% 12/5/14 (Liquidity Facility Cr. Suisse AG) (b)(f)	5,940		5,940
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
San Francisco Bay Area Rapid Transit District Sales Tax Rev. Participating VRDN Series ROC II R 14035, 0.05% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	$ 4,000		$ 4,000
San Francisco Bay Area Rapid Transit Fing. Auth. Participating VRDN:
Series Putters 3161, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	12,000		12,000
Series ROC II R 12318, 0.05% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	16,455		16,455
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:
Series 2010 A1, 0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)(e)	43,900		43,900
Series 2010 A2, 0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)(e)	57,395		57,395
Series 2010 A3, 0.04% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)(e)	57,805		57,805
San Francisco City & County Fin. Corp. Lease Rev. (Moscone Ctr. Expansion Proj.) Series 2008 1, 0.03% 12/5/14, LOC State Street Bank & Trust Co., Boston, VRDN (b)	10,050		10,050
San Francisco City & County Redev. Agcy. Multi-family Hsg. Rev. (Ocean Beach Apts. Proj.) Series B, 0.08% 12/5/14, LOC Citibank NA, VRDN (b)(e)	5,935		5,935
San Francisco Redev. Agcy. Multi-family Hsg. Rev. 0.06% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	3,000		3,000
San Jose Multi-family Hsg. Rev.:
(Alamaden Family Apts. Proj.) Series 2003 D, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	24,615		24,615
(Betty Ann Gardens Apts. Proj.) Series 2002 A, 0.095% 12/5/14, LOC Citibank NA, VRDN (b)(e)	6,360		6,360
(El Paseo Apts. Proj.) Series 2002 B, 0.095% 12/5/14, LOC Citibank NA, VRDN (b)(e)	4,345		4,345
(Kennedy Apt. Homes Proj.) Series 2002 K, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	8,575		8,575
(Las Ventanas Apts. Proj.) Series 2008 B, 0.06% 12/5/14, LOC Freddie Mac, VRDN (b)	8,300		8,300
(Trestles Apts. Proj.) Series 2004 A, 0.05% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	7,325		7,325
(Turnleaf Apts. Proj.) Series 2003 A, 0.05% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	10,860		10,860
Santa Clara County Fing. Auth. Lease Rev. (Multiple Facilities Proj.) Series 2008 M, 0.04% 12/5/14, LOC Bank of America NA, VRDN (b)	78,920		78,920
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.) Series 2009 A, 0.04% 12/5/14, LOC Wells Fargo Bank NA, VRDN (b)	$ 8,000		$ 8,000
Santa Clara County Hsg. Auth. Multi-family Hsg. Rev. (Timberwood Apts. Proj.) Series B, 0.09% 12/5/14, LOC MUFG Union Bank NA, VRDN (b)(e)	10,895		10,895
Santa Clara County Multi-family Rev. (Garden Grove Apts. Proj.) 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)	10,800		10,800
Santa Clara Elec. Rev. Series 2008 B, 0.04% 12/5/14, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (b)	24,400		24,400
Santa Clara Valley Trans. Auth. Participating VRDN Series ROC R 11967, 0.05% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	4,850		4,850
Santa Cruz Redev. Agcy. Multi-family Rev.:
(1010 Pacific Ave. Apts. Proj.) Series B, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	21,650		21,650
(Shaffer Road Apts. Proj.) Series A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	17,925		17,925
Simi Valley Multi-family Hsg. Rev. (Parker Ranch Proj.) Series A, 0.06% 12/5/14, LOC Fannie Mae, VRDN (b)(e)	29,700		29,700
Southern California Pub. Pwr. Auth. Participating VRDN Series Putters 3947, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	5,500		5,500
Torrance Gen. Oblig. Rev. Series 2010 C, 0.03% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)	29,140		29,140
Univ. of California Revs. Participating VRDN:
Series MS 3396, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	7,830		7,830
Series Putters 3365, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,885		4,885
Series Putters 3367, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	1,500		1,500
Series Putters 3368, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	15,000		15,000
Series Putters 3754 Z, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,250		4,250
Series Putters 3961, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	1,500		1,500
Series Putters 4288, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	4,000		4,000
Series Putters 4421, 0.05% 12/5/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	5,000		5,000
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
California - continued
Univ. of California Revs. Participating VRDN: - continued
Series ROC II R 11886X, 0.01% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	$ 6,845		$ 6,845
Whittier Health Facilities Rev. Series 2009 A, 0.03% 12/5/14, LOC U.S. Bank NA, Cincinnati, VRDN (b)	23,625		23,625
			4,202,529
Colorado - 0.0%
Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series EGL 14 0020, 0.01% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	3,700		3,700
Delaware - 0.2%
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.):
Series 1987, 0.12% 12/1/14, VRDN (b)(e)	1,600		1,600
Series 1988, 0.12% 12/1/14, VRDN (b)(e)	4,350		4,350
Series 1994, 0.12% 12/1/14, VRDN (b)(e)	3,700		3,700
Series 1999 A, 0.19% 12/5/14, VRDN (b)	4,630		4,630
			14,280
Illinois - 0.2%
Illinois Gen. Oblig. Series 2003 B3, 0.04% 12/5/14, LOC Wells Fargo Bank NA, VRDN (b)	13,900		13,900
Iowa - 0.4%
Iowa Fin. Auth. Poll. Cont. Facility Rev. (MidAmerican Energy Proj.) Series 2008 B, 0.08% 12/5/14, VRDN (b)	15,725		15,725
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.09% 12/5/14, VRDN (b)(e)	11,000		11,000
			26,725
Louisiana - 0.0%
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.22% 12/5/14, VRDN (b)	1,000		1,000
Massachusetts - 0.0%
Massachusetts Dev. Fin. Agcy. Rev. Participating VRDN Series MS 3389X, 0.05% 12/5/14 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f)	2,500		2,500
Montana - 0.1%
Forsyth Poll. Cont. Rev. Series 2008 A, 0.2% 12/5/14, VRDN (b)(e)	3,850		3,850
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
Nevada - 0.3%
Clark County Arpt. Rev.:
Series 2008 C2, 0.04% 12/5/14, LOC Landesbank Baden-Wurttemberg, VRDN (b)(e)	$ 9,900		$ 9,900
Series 2008 C3, 0.05% 12/5/14, LOC Landesbank Baden-Wurttemberg, VRDN (b)(e)	7,700		7,700
			17,600
New Jersey - 0.4%
JPMorgan Chase NA Letter of Credit Participating VRDN:
Series Putters 4459, 0.05% 12/1/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	14,400		14,400
Series Putters 4462, 0.05% 12/1/14 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	10,700		10,700
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.):
Series 2003 B1, 0.18% 12/5/14, VRDN (b)	2,000		2,000
Series 2012 A, 0.19% 12/5/14, VRDN (b)(e)	3,300		3,300
			30,400
New York - 0.4%
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Lutheran Ctr. at Poughkeepsie, Inc. Proj.) 0.12% 12/5/14, LOC KeyBank NA, VRDN (b)	530		530
New York Dorm. Auth. Personal Income Tax Rev. Participating VRDN Series EGL 14 0031, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	1,970		1,970
New York Dorm. Auth. Revs.:
(College of New Rochelle Proj.) Series 2008, 0.09% 12/5/14, LOC RBS Citizens NA, VRDN (b)	8,970		8,970
Participating VRDN Series EGL 06 47 Class A, 0.02% 12/5/14 (Liquidity Facility Citibank NA) (b)(f)	2,530		2,530
New York Hsg. Fin. Agcy. Rev. (600 West and 42nd St. Hsg. Proj.) Series 2007 A, 0.04% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	10,500		10,500
New York Hsg. Fin. Svc. Contract Rev. Series 2003 L, 0.05% 12/5/14, LOC Bank of America NA, VRDN (b)	3,975		3,975
			28,475
Pennsylvania - 0.0%
Schuylkill County Indl. Dev. Auth. Rev. (KP Tamaqua LP Proj.) Series 2007, 0.16% 12/5/14, LOC Citizens Bank of Pennsylvania, VRDN (b)(e)	240		240
Variable Rate Demand Note - continued
	Principal Amount (000s)		Value (000s)
South Carolina - 0.2%
Darlington County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2003 A, 0.19% 12/5/14, VRDN (b)(e)	$ 1,900		$ 1,900
Oconee County Poll. Cont. Rev. (Duke Energy Corp. Proj.) Series 1999 A, 0.1% 12/1/14, VRDN (b)	10,300		10,300
			12,200
Texas - 0.7%
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.08% 12/5/14, LOC JPMorgan Chase Bank, VRDN (b)(e)	2,800		2,800
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 0.23% 12/5/14, VRDN (b)(e)	3,450		3,450
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.):
Series 2001 A, 0.16% 12/1/14, VRDN (b)	1,400		1,400
Series 2004, 0.16% 12/5/14, VRDN (b)(e)	7,720		7,720
Series 2009 A, 0.16% 12/1/14, VRDN (b)	500		500
Series 2009 C, 0.16% 12/1/14, VRDN (b)	5,200		5,200
Series 2010 B, 0.16% 12/1/14, VRDN (b)	3,400		3,400
Series 2010 D, 0.16% 12/1/14, VRDN (b)	500		500
Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.) Series 2012, 0.06% 12/5/14 (Total SA Guaranteed), VRDN (b)	5,000		5,000
Southeast Texas Hsg. Fin. Corp. Multi-family Hsg. Rev. (Oaks of Hitchcock Apt. Proj.) Series 2000 A, 0.07% 12/5/14, LOC Gen. Elec. Cap. Corp., VRDN (b)(e)	5,150		5,150
West Harris County Reg'l. Wtr. Auth. Wtr. Sys. Rev. Participating VRDN Series Solar 07 103, 0.04% 12/5/14 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f)	10,145		10,145
			45,265
Virginia - 0.1%
Arlington County Indl. Dev. Auth. Multi-family Hsg. Rev. Series A, 0.06% 12/5/14, LOC Freddie Mac, VRDN (b)(e)	4,000		4,000
Wyoming - 0.0%
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1984, 0.2% 12/1/14, VRDN (b)	1,400		1,400
TOTAL VARIABLE RATE DEMAND NOTE (Cost $4,411,564)		4,411,564
Other Municipal Debt - 25.1%
	Principal Amount (000s)		Value (000s)
California - 24.2%
Acalanes Union High School District Bonds Series WF11 85Z, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g)	$ 12,595		$ 12,595
Alameda County Joint Powers Auth. Lease Rev. Series 2010 A, 0.09% 12/9/14, LOC Fed. Home Ln. Bank, San Francisco, CP	15,000		15,000
Berkeley Gen. Oblig. TRAN 1% 7/22/15	22,195		22,319
California Dept. of Wtr. Resources Bonds (Central Valley Proj.) Series AP, 3% 12/1/14	1,415		1,415
California Dept. of Wtr. Resources Pwr. Supply Rev. Bonds:
Series 2010 L:
4% 5/1/15	10,185		10,348
5% 5/1/15	4,160		4,244
Series 2010 M, 5% 5/1/15	3,085		3,148
Series 2011 N, 5% 5/1/15	1,800		1,837
California Edl. Facilities Auth. Rev. Bonds (Stanford Univ. Proj.) Series S3, 0.12% tender 5/21/15, CP mode	44,500		44,500
California Gen. Oblig.:
Bonds:
1% 5/1/15	8,900		8,931
2% 4/1/15	35,590		35,814
2% 11/1/15	10,000		10,169
3% 12/1/14	20,000		20,000
3% 12/1/14	17,765		17,765
5% 2/1/15	37,290		37,597
5% 3/1/15	1,000		1,012
5% 3/1/15	8,500		8,602
5% 3/1/15	1,235		1,250
5% 3/1/15	3,745		3,790
5% 3/1/15	7,135		7,221
5% 4/1/15	810		823
5% 4/1/15	19,260		19,573
5% 6/1/15	685		701
5% 9/1/15	6,000		6,218
5% 12/1/15	2,145		2,248
RAN 1.5% 6/22/15	15,950		16,072
Series 2011 A2, 0.08% 12/1/14, LOC Royal Bank of Canada, CP	48,750		48,750
Series A1:
0.07% 2/12/15, LOC Wells Fargo Bank NA, CP	9,110		9,110
0.08% 12/2/14, LOC Wells Fargo Bank NA, CP	13,300		13,300
0.08% 12/9/14, LOC Wells Fargo Bank NA, CP	26,700		26,700
Other Municipal Debt - continued
	Principal Amount (000s)		Value (000s)
California - continued
California Gen. Oblig.: - continued
Series A1, : - continued
0.08% 1/30/15, LOC Wells Fargo Bank NA, CP	$ 22,050		$ 22,050
California Health Facilities Fing. Auth. Rev. Bonds (Stanford Hosp. & Clinics Proj.) Series 2012 C, 0.12%, tender 6/26/15 (b)	20,400		20,400
California Pub. Works Board Lease Rev. Bonds:
(Various Cap. Projs.) Series 2014 H, 2% 12/1/15	2,525		2,570
Series 2014 D, 3% 9/1/15	2,500		2,553
Series 2014 F, 3% 9/1/15	4,245		4,335
Series 2014 I, 2% 12/1/15	1,100		1,120
Contra Costa Cmnty. College District Bonds Series 2014 A, 2% 8/1/15	16,400		16,604
Fremont Unified School District, Alameda County Bonds Series 2014 A, 4% 8/1/15 (a)	16,695		17,111
Fresno County Gen. Oblig. TRAN 1% 6/30/15	57,900		58,194
Kern County Gen. Oblig. TRAN 0.5% 6/30/15	72,400		72,560
Los Angeles County Gen. Oblig.:
Series 2010 B:
0.06% 12/9/14, LOC U.S. Bank NA, Cincinnati, CP	13,400		13,400
0.07% 12/4/14, LOC U.S. Bank NA, Cincinnati, CP	2,000		2,000
0.08% 2/10/15, LOC U.S. Bank NA, Cincinnati, CP	13,400		13,400
Series 2010 C:
0.06% 12/8/14, LOC Wells Fargo Bank NA, CP	17,800		17,800
0.08% 2/11/15, LOC Wells Fargo Bank NA, CP	26,800		26,800
TRAN 1.5% 6/30/15	65,900		66,425
Los Angeles Dept. Arpt. Rev.:
Series B2:
0.09% 2/4/15, LOC Sumitomo Mitsui Banking Corp., CP (e)	16,000		16,000
0.09% 2/4/15, LOC Sumitomo Mitsui Banking Corp., CP (e)	1,000		1,000
0.1% 2/4/15, LOC Sumitomo Mitsui Banking Corp., CP (e)	6,250		6,250
0.1% 2/5/15, LOC Sumitomo Mitsui Banking Corp., CP (e)	8,000		8,000
Series B4:
0.1% 2/5/15, LOC Wells Fargo Bank NA, CP (e)	9,000		9,000
0.1% 2/10/15, LOC Wells Fargo Bank NA, CP (e)	12,500		12,500
Los Angeles Dept. of Wtr. & Pwr. Rev.:
Bonds:
Series 2005 A1, 5% 7/1/15	1,550		1,594
Series 2011 A, 5% 7/1/15	4,600		4,730
Other Municipal Debt - continued
	Principal Amount (000s)		Value (000s)
California - continued
Los Angeles Dept. of Wtr. & Pwr. Rev.: - continued
0.08% 12/4/14 (Liquidity Facility Wells Fargo Bank NA), CP	$ 68,100		$ 68,100
0.1% 12/22/14 (Liquidity Facility Wells Fargo Bank NA), CP	66,000		66,000
Los Angeles Gen. Oblig.:
Bonds Series 2012 A, 5% 9/1/15	14,840		15,381
TRAN 1.5% 6/25/15	50,000		50,391
Los Angeles Hbr. Dept. Rev. Bonds:
Series 2014 A, 2% 8/1/15 (e)	2,275		2,303
Series WF 10 40C, 0.15%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g)	5,400		5,400
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2013 A4:
0.07% 2/20/15, LOC U.S. Bank NA, Cincinnati, CP	8,000		8,000
0.08% 2/11/15, LOC U.S. Bank NA, Cincinnati, CP	20,500		20,500
Los Angeles Solid Waste Resources Rev. Bonds:
Series 2013 A, 5% 2/1/15	2,300		2,319
Series 2013 B, 2% 2/1/15	10,590		10,622
Los Angeles Unified School District Bonds:
Series 2004 J, 1% 7/1/15	17,800		17,891
Series 2005 K, 0.5% 7/1/15	4,310		4,319
Series 2006 F, 5% 7/1/15	2,650		2,725
Series 2010 KY, 5% 7/1/15	2,125		2,185
Series 2014 A, 1% 7/1/15	16,500		16,584
Series 2014 C, 1% 7/1/15	1,555		1,563
Los Angeles Wastewtr. Sys. Rev.:
Series A1, 0.1% 12/18/14, LOC Bank of New York, New York, CP	8,000		8,000
Series A2, 0.1% 12/18/14, LOC Sumitomo Mitsui Banking Corp., CP	12,250		12,250
Orange County Fire Auth. TRAN 0.75% 6/30/15	39,100		39,242
Port of Oakland Port Rev. Series 2010 D, 0.11% 12/4/14, LOC JPMorgan Chase Bank, CP (e)	54,165		54,165
Rio Hondo Cmnty. College District Bonds Series WF 10 51Z, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g)	25,490		25,490
Sacramento Muni. Util. District Elec. Rev.:
Series K1, 0.07% 12/8/14, LOC JPMorgan Chase Bank, CP	5,000		5,000
Series L1:
0.06% 12/19/14, LOC Barclays Bank PLC, CP	8,000		8,000
0.08% 12/4/14, LOC Barclays Bank PLC, CP	68,300		68,300
Other Municipal Debt - continued
	Principal Amount (000s)		Value (000s)
California - continued
San Diego Cmnty. College District Bonds Series WF11 87C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g)	$ 9,950		$ 9,950
San Diego County Reg'l. Trans. Commission Sales Tax Rev. Series 2005 B, 0.09% 12/3/14, LOC MUFG Union Bank NA, CP	14,385		14,385
San Diego Unified School District:
Bonds Series 2013 B:
0.5% 7/1/15	1,000		1,002
2% 7/1/15	4,150		4,191
TRAN Series A, 1.5% 6/30/15	66,000		66,526
San Francisco City & County Gen. Oblig. Series 3, 0.08% 2/2/15, LOC State Street Bank & Trust Co., Boston, CP	12,100		12,100
San Francisco County Trans. Auth.:
Series 2004 A, 0.1% 3/9/15, LOC Wells Fargo Bank NA, CP	8,785		8,785
Series 2004 B, 0.1% 3/9/15, LOC Wells Fargo Bank NA, CP	26,250		26,250
San Jose Fin. Auth. Rev.:
Series 1, 0.09% 2/13/15, LOC State Street Bank & Trust Co., Boston, CP	13,919		13,919
Series 2, 0.09% 2/13/15, LOC U.S. Bank NA, Cincinnati, CP	13,919		13,919
San Jose Int'l. Arpt. Rev.:
Series A2, 0.08% 12/10/14, LOC Barclays Bank PLC, CP	10,692		10,692
Series B, 0.09% 12/10/14, LOC Barclays Bank PLC, CP (e)	13,045		13,045
San Mateo County Cmnty. College District Bonds Series WF 11 64C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g)	8,330		8,330
San Mateo Unified School District Bonds Series WF 11 75Z, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g)	15,370		15,370
Santa Clara Valley Wtr. District Wtr. Util. Rev. Series 2012 A, 0.07% 1/22/15, LOC Wells Fargo Bank NA, CP	6,505		6,505
Santa Cruz Gen. Oblig. TRAN 1% 7/1/15	44,500		44,728
Torrance Gen. Oblig. TRAN 1% 7/1/15	27,600		27,739
Turlock Irrigation District Series A, 0.09% 2/6/15, LOC Bank of America NA, CP	4,400		4,400
Walnut Energy Ctr. Auth. Series 2005 B, 0.1% 3/5/15, LOC State Street Bank & Trust Co., Boston, CP	20,400		20,400
Woodland Fin. Auth. Rev. 0.09% 2/11/15, LOC Citibank NA, CP	6,780		6,780
			1,671,194
Other Municipal Debt - continued
	Principal Amount (000s)		Value (000s)
Kentucky - 0.2%
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.23% tender 1/8/15, CP mode	$ 2,300		$ 2,300
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.):
Series 2001 A, 0.23% tender 12/15/14, CP mode	2,900		2,900
Series 2001 B, 0.32% tender 12/15/14, CP mode (e)	9,000		9,000
			14,200
Massachusetts - 0.2%
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.):
Series 1992:
0.25% tender 12/11/14, CP mode	700		700
0.25% tender 12/12/14, CP mode	9,100		9,100
Series 1993 B, 0.36% tender 12/12/14, CP mode	2,000		2,000
Massachusetts State Dev. Fin. Agcy. Elec. Util. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2007, 0.32% tender 12/15/14, CP mode (e)	2,450		2,450
			14,250
New Hampshire - 0.3%
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.):
Series 1990 A1, 0.32% tender 12/15/14, CP mode (e)	7,600		7,600
Series 1990 A2:
0.32% tender 12/11/14, CP mode (e)	4,500		4,500
0.32% tender 12/12/14, CP mode (e)	6,300		6,300
Series 1990 B, 0.35% tender 12/5/14, CP mode	2,000		2,000
			20,400
Virginia - 0.1%
Prince William County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 0.4% tender 12/16/14, CP mode	1,100		1,100
Other Municipal Debt - continued
	Principal Amount (000s)		Value (000s)
West Virginia - 0.1%
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1996, 0.32% tender 12/11/14, CP mode (e)	$ 2,300		$ 2,300
Grant County Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1986, 0.45% tender 12/16/14, CP mode (e)	4,300		4,300
			6,600
TOTAL OTHER MUNICIPAL DEBT (Cost $1,727,744)		1,727,744
Investment Company - 9.3%
	Shares
Fidelity Municipal Cash Central Fund, 0.05% (c)(d) (Cost $642,464)	642,464,000		642,464
TOTAL INVESTMENT PORTFOLIO - 98.3% (Cost $6,781,772)			6,781,772
NET OTHER ASSETS (LIABILITIES) - 1.7%			120,248
NET ASSETS - 100%		$ 6,902,020

Security Type Abbreviations
CP	-	COMMERCIAL PAPER
RAN	-	REVENUE ANTICIPATION NOTE
TRAN	-	TAX AND REVENUE ANTICIPATION NOTE
VRDN	-	VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

(a) Security 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.

(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(f) Provides evidence of ownership in one or more underlying municipal bonds.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $77,135,000 or 1.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Cost (000s)
Acalanes Union High School District Bonds Series WF11 85Z, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA)	1/25/12 - 8/1/14	$ 12,595
Los Angeles Hbr. Dept. Rev. Bonds Series WF 10 40C, 0.15%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA)	11/24/10	$ 5,400
Security	Acquisition Date	Cost (000s)
Rio Hondo Cmnty. College District Bonds Series WF 10 51Z, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA)	12/23/10 - 8/1/14	$ 25,490
San Diego Cmnty. College District Bonds Series WF11 87C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA)	2/6/13	$ 9,950
San Mateo County Cmnty. College District Bonds Series WF 11 64C, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA)	5/26/11	$ 8,330
San Mateo Unified School District Bonds Series WF 11 75Z, 0.14%, tender 7/9/15 (Liquidity Facility Wells Fargo Bank NA)	3/14/12 - 3/3/14	$ 15,370

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Municipal Cash Central Fund	$ 248

Other Information

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

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

Income Tax Information

At November 30, 2014, the cost of investment securities for income tax purposes was $6,781,772,000.

Investment Valuation

Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity California Municipal Trust II's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity California Municipal Trust II

By:	/s/Stephanie J. Dorsey
	Stephanie J. Dorsey
	President and Treasurer
Date:	January 29, 2015

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/Stephanie J. Dorsey
	Stephanie J. Dorsey
	President and Treasurer
Date:	January 29, 2015

By:	/s/Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer
Date:	January 29, 2015