N-Q 1 filing682.htm PRIMARY DOCUMENT

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)


William C. Coffey, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

February 28


Date of reporting period:

May 31, 2019


Item 1.

Schedule of Investments






Quarterly Holdings Report
for

Fidelity® California Municipal Money Market Fund

May 31, 2019







CFS-QTLY-0719
1.802199.115





Schedule of Investments May 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 32.3%   
 Principal Amount (000s) Value (000s) 
Alabama - 0.6%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.62% 6/7/19, VRDN (a)(b) $7,161 $7,161 
West Jefferson Indl. Dev. Series 2008, 1.52% 6/7/19, VRDN (a) 4,000 4,000 
  11,161 
Arkansas - 0.4%   
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.):   
Series 1998, 1.62% 6/7/19, VRDN (a)(b) 2,600 2,600 
Series 2002, 1.63% 6/7/19, VRDN (a)(b) 4,500 4,500 
  7,100 
California - 28.2%   
Alameda County Indl. Dev. Auth. Rev. (Edward L. Shimmon, Inc. Proj.) Series 1996 A, 1.43% 6/7/19, LOC BNP Paribas SA, VRDN (a)(b) 3,550 3,550 
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev.:   
(Recology, Inc. Proj.) Series 2010 A, 1.37% 6/7/19, LOC Bank of America NA, VRDN (a) 4,395 4,395 
(Recology, Inc. Proj.) Series 2018 A, 1.42% 6/7/19, LOC Wells Fargo Bank NA, VRDN (a)(b)(c) 52,820 52,820 
California Statewide Cmntys. Dev. Auth. Indl. Dev. Rev. (Arthur Made Plastics, Inc. Proj.) Series 2000 A, 1.53% 6/7/19, LOC Bank of America NA, VRDN (a)(b) 500 500 
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.:   
(Irvine Apt. Cmntys. LP Proj.):   
Series 2001 W1, 1.75% 6/3/19, LOC Wells Fargo Bank NA, VRDN (a)(b) 5,000 5,000 
Series 2001 W2, 1.75% 6/3/19, LOC Wells Fargo Bank NA, VRDN (a)(b) 17,000 17,000 
Series 2001 W3, 1.75% 6/3/19, LOC Wells Fargo Bank NA, VRDN (a)(b) 6,300 6,300 
(Maple Square Apt. Proj.) Series AA, 1.37% 6/7/19, LOC Citibank NA, VRDN (a)(b) 455 455 
(Terraces at Park Marino Proj.) Series I, 1.49% 6/7/19, LOC Bank of The West San Francisco, VRDN (a)(b) 4,470 4,470 
(The Crossings at Elk Grove Apts.) Series H, 1.37% 6/7/19, LOC Citibank NA, VRDN (a)(b) 6,530 6,530 
(Westgate Pasadena Apts. Proj.) Series 2013 B, 1.69% 6/7/19 (ERP Operating LP Guaranteed), VRDN (a)(b) 22,125 22,125 
Garden Grove Hsg. Auth. Multi-family Hsg. Rev. (Valley View Sr. Villas Proj.) Series 1990 A, 1.32% 6/7/19, LOC MUFG Union Bank NA, VRDN (a)(b) 9,100 9,100 
Los Angeles Multi-family Hsg. Rev. (Colonia Corona Apts. Proj.) Series 2004 D, 1.37% 6/7/19, LOC Citibank NA, VRDN (a)(b) 2,300 2,300 
Riverside County Ind. Dev. Auth. Ind. Dev. Rev. (Merrick Engineering, Inc. Proj.) 1.65% 6/7/19, LOC Wells Fargo Bank NA, VRDN (a)(b) 930 930 
Sacramento Hsg. Auth. Multi-family Rev. (Phoenix Park II Apts. Proj.) 1.37% 6/7/19, LOC Citibank NA, VRDN (a)(b) 5,576 5,576 
San Diego Hsg. Auth. Multi-family Hsg. Rev. (Delta Village Apts. Proj.) Series A, 1.48% 6/7/19, LOC Citibank NA, VRDN (a)(b) 5,400 5,400 
San Francisco City & County Redev. Agcy. Multi-family Hsg. Rev.:   
(Antonia Manor Apts. Proj.) Series 2000 E, 1.4% 6/7/19, LOC Citibank NA, VRDN (a)(b) 750 750 
(Mission Creek Cmnty. Proj.) Series B, 1.37% 6/7/19, LOC Citibank NA, VRDN (a)(b) 4,435 4,435 
(Ocean Beach Apts. Proj.) Series B, 1.31% 6/7/19, LOC Citibank NA, VRDN (a)(b) 4,200 4,200 
Series 2000 G, 1.31% 6/7/19, LOC Citibank NA, VRDN (a)(b) 6,090 6,090 
San Jose Multi-family Hsg. Rev.:   
(Betty Ann Gardens Apts. Proj.) Series 2002 A, 1.49% 6/7/19, LOC Citibank NA, VRDN (a)(b) 5,550 5,550 
(El Paseo Apts. Proj.) Series 2002 B, 1.49% 6/7/19, LOC Citibank NA, VRDN (a)(b) 3,845 3,845 
Santa Clara County Hsg. Auth. Multi-family Hsg. Rev. (Timberwood Apts. Proj.) Series B, 1.53% 6/7/19, LOC MUFG Union Bank NA, VRDN (a)(b) 9,785 9,785 
FHLMC:   
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.:   
(Bristol Apts. Proj.) Series Z, 1.36% 6/7/19, LOC Freddie Mac, VRDN (a)(b) 9,500 9,500 
(Vizcaya Apts. Proj.) Series B, 1.36% 6/7/19, LOC Freddie Mac, VRDN (a)(b) 20,095 20,095 
Orange County Apt. Dev. Rev. (Park Place Apts. Proj.) Series 1989 A, 1.36% 6/7/19, LOC Freddie Mac, VRDN (a)(b) 15,400 15,400 
San Jose Multi-family Hsg. Rev.:   
(Las Ventanas Apts. Proj.) Series 2008 B, 1.3% 6/7/19, LOC Freddie Mac, VRDN (a)(b) 25,900 25,900 
(Trestles Apts. Proj.) Series 2004 A, 1.35% 6/7/19, LOC Freddie Mac, VRDN (a)(b) 7,325 7,325 
(Turnleaf Apts. Proj.) Series 2003 A, 1.47% 6/7/19, LOC Freddie Mac, VRDN (a)(b) 15,090 15,090 
FNMA:   
ABAG Fin. Auth. for Nonprofit Corps. Multi-family Hsg. Rev. ( Terrazza Apts. Proj.) Series 2002 A, 1.29% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 4,000 4,000 
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev.:   
(The Belmont Proj.) Series 2005 F, 1.36% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 19,890 19,890 
(The Crossings Sr. Apts./Phase II Proj.) Series J, 1.36% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 14,130 14,130 
(Vista Del Monte Proj.) Series QQ, 1.36% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 11,450 11,450 
(Wilshire Court Proj.):   
Series AAA, 1.36% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 3,100 3,100 
Series M, 1.36% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 20,290 20,290 
Series 2003 DD, 1.36% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 14,600 14,600 
Emeryville Redev. Agcy. Multi-family Hsg. Rev. Series 2002 A, 1.49% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 30,000 30,000 
Orange County Apt. Dev. Rev.:   
(Ladera Apts. Proj.) Series 2001 II B, 1.36% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 17,800 17,800 
(Wood Canyon Villas Proj.) Series 2001 E, 1.36% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 16,000 16,000 
Sacramento County Hsg. Auth. Multi-family Hsg. Rev. (California Place Apts. Proj.) Series B, 1.37% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 3,445 3,445 
San Jose Multi-family Hsg. Rev.:   
(Alamaden Family Apts. Proj.) Series 2003 D, 1.36% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 24,615 24,615 
(Almaden Lake Village Apt. Assoc. Proj.) Series 1997 A, 1.49% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 16,500 16,500 
(Kennedy Apt. Homes Proj.) Series 2002 K, 1.36% 6/7/19, LOC Fannie Mae, VRDN(a)(b) 7,575 7,575 
Santa Cruz Redev. Agcy. Multi-family Rev.:   
(1010 Pacific Ave. Apts. Proj.) Series B, 1.36% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 20,095 20,095 
(Shaffer Road Apts. Proj.) Series A, 1.36% 6/7/19, LOC Fannie Mae, VRDN (a)(b) 29,925 29,925 
  527,831 
Indiana - 0.8%   
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.):   
Series 2003 A, 1.65% 6/7/19, VRDN (a)(b) 4,350 4,350 
Series 2003 B, 1.57% 6/7/19, VRDN (a)(b) 2,770 2,770 
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.):   
Series H, 1.51% 6/7/19, VRDN (a) 3,875 3,875 
Series I, 1.51% 6/7/19, VRDN (a) 3,100 3,100 
  14,095 
Kansas - 0.4%   
Cygne Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994 B, 1.7% 6/7/19, VRDN (a) 4,740 4,740 
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.) Series 2007 A, 1.75% 6/7/19, VRDN (a) 2,200 2,200 
Wamego Kansas Poll. Cont. Rfdg. Rev. (Kansas Gas & Elec. Co. Proj.) Series 1994, 1.7% 6/7/19, VRDN (a) 500 500 
  7,440 
Kentucky - 0.3%   
Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 1.5% 6/7/19, VRDN (a)(b) 6,000 6,000 
Louisiana - 0.2%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):   
Series 2010 A1, 1.58% 6/7/19, VRDN (a) 2,100 2,100 
Series 2010 B1, 1.6% 6/7/19, VRDN (a) 2,450 2,450 
  4,550 
Nebraska - 0.0%   
Stanton County Indl. Dev. Rev.:   
(Nucor Corp. Proj.) Series 1996, 1.62% 6/7/19, VRDN (a)(b) 300 300 
Series 1998, 1.62% 6/7/19, VRDN (a)(b) 300 300 
  600 
North Carolina - 0.1%   
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.63% 6/7/19, VRDN (a)(b) 1,200 1,200 
South Carolina - 0.0%   
Berkeley County Indl. Dev. Rev.:   
(Nucor Corp. Proj.) Series 1995, 1.62% 6/7/19, VRDN (a)(b) 300 300 
Series A, 1.55% 6/7/19, VRDN (a)(b) 500 500 
  800 
Tennessee - 0.0%   
Memphis-Shelby County Indl. Dev. Board Facilities Rev. Series 2007, 1.62% 6/7/19, VRDN (a)(b) 200 200 
Texas - 0.2%   
Jewett Econ. Dev. Corp. Indl. Dev. Rev. (Nucor Corp. Proj.) 1.62% 6/7/19, VRDN (a)(b) 3,450 3,450 
West Virginia - 1.1%   
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:   
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.59% 6/7/19, VRDN (a)(b) 7,500 7,500 
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.56% 6/7/19, VRDN (a)(b) 12,600 12,600 
  20,100 
Wyoming - 0.0%   
Converse County Envir. Impt. Rev. Series 1995, 1.55% 6/7/19, VRDN (a)(b) 900 900 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $605,427)  605,427 
Tender Option Bond - 41.3%   
California - 41.2%   
Canada Calif Unified School District Participating VRDN Series Floaters XF 26 42, 1.42% 6/7/19 (Liquidity Facility Citibank NA) (a)(d)(e) 3,800 3,800 
Academy of Motion Picture Arts Participating VRDN Series 2017, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) 3,495 3,495 
Alameda Corridor Trans. Auth. Rev. Participating VRDN Series Floaters XL 00 85, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) 3,200 3,200 
Anaheim Elementary School District Participating VRDN Series Floaters XM 07 40, 1.4% 6/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e) 2,620 2,620 
California Edl. Facilities Auth. Rev. Participating VRDN:   
Series Floaters XM 07 34, 1.4% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(d)(e) 3,500 3,500 
Series MS 3346, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 9,330 9,330 
Series XF 24 00, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 2,790 2,790 
California Gen. Oblig. Participating VRDN:   
Series 15 XF0129, 1.38% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(d)(e) 2,100 2,100 
Series 15 XF2161, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 1,220 1,220 
Series DB XF 1041, 1.38% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(d)(e) 3,120 3,120 
Series Spears DB 80 17, 1.57% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) 1,100 1,100 
California Health Facilities Fing. Auth. Participating VRDN Series Floaters XG 00 49, 1.52% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) 300 300 
California Health Facilities Fing. Auth. Rev. Participating VRDN:   
Series 15 XF2119, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 7,995 7,995 
Series DB 15 XF 0234, 1.38% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(d)(e) 5,700 5,700 
Series Floaters 013, 1.54% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)(f) 14,445 14,445 
Series Floaters XF 06 22, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) 2,490 2,490 
Series Floaters XF 06 33, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) 9,040 9,040 
Series Floaters XF 26 98, 1.4% 6/7/19 (Liquidity Facility Citibank NA) (a)(d)(e) 2,200 2,200 
Series Floaters XG 01 25, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) 13,700 13,700 
Series Floaters XL 00 45, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 1,600 1,600 
Series Floaters XM 06 96, 1.42% 6/7/19 (Liquidity Facility Bank of America NA) (a)(d)(e) 1,000 1,000 
Series MS 3239, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 22,800 22,800 
Series MS 3267, 1.45% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(d)(e) 27,375 27,375 
Series MS 3301, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 7,330 7,330 
California Infrastructure and Econ. Dev. Bank Rev. Participating VRDN Series Floaters XF 07 48, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d)(e) 2,200 2,200 
California Muni. Fin. Auth. Rev. Participating VRDN:   
Series Floaters XG 02 30, 1.5% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) 3,740 3,740 
Series Floaters XL 00 59, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) 1,370 1,370 
California State Univ. Rev. Participating VRDN Series Floaters ZF 06 73, 1.42% 6/7/19 (Liquidity Facility Bank of America NA) (a)(d)(e) 1,040 1,040 
California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. Participating VRDN Series Floaters 02 144A, 1.45% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e) 23,910 23,910 
California Statewide Cmntys. Dev. Auth. Rev. Participating VRDN:   
Series 2017:   
1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) 4,530 4,530 
1.54% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) 13,550 13,550 
Series Floaters XG 01 82, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) 2,900 2,900 
Series XF 23 59, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) 5,925 5,925 
Central Union High School District Participating VRDN Series Floaters XF 07 59, 1.46% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) 2,320 2,320 
Chaffey Unified High School District Participating VRDN Series Floaters ZM 05 85, 1.45% 6/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e) 2,000 2,000 
Dept. of Arpts. of the City of LA Participating VRDN Series YX 10 01, 1.45% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e) 4,690 4,690 
Dignity Health Participating VRDN:   
Series 17 04, 1.54% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)(f) 51,930 51,930 
Series DBE 80 11, 1.62% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d)(e) 21,800 21,800 
Dublin Unified School District Participating VRDN Series Solar 0062, 2.12% 6/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) 7,215 7,215 
East Bay Muni. Util. District Wastewtr. Sys. Rev. Participating VRDN:   
Series EGL1310, 1.39% 6/7/19 (Liquidity Facility Citibank NA) (a)(d)(e) 21,700 21,700 
Series MS 3250, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 7,500 7,500 
El Camino Hosp. Participating VRDN Series 2017 XF 2415, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) 5,575 5,575 
Elk Grove Unified School District Participating VRDN Series Solar 17 0033, 2.12% 6/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) 3,440 3,440 
Fillmore Calif Wastewtr. Rev. Participating VRDN Series Floaters XF 24 70, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e) 3,635 3,635 
Foothill-De Anza Cmnty. College District Participating VRDN:   
Series 15 ZF2116, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 7,500 7,500 
Series MS 3268 X, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 5,000 5,000 
Series MS 3288, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 8,400 8,400 
Fremont Union High School District, Santa Clara Participating VRDN Series Floaters XF 06 47, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) 3,425 3,425 
Fresno Joint Pwr. Fing. Auth. Leasing Rev. Participating VRDN Series Floaters ZF 10 59, 1.57% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 700 700 
Fresno Unified School District Participating VRDN Series Floaters 05 75, 1.57% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 1,200 1,200 
Garvey School District Participating VRDN Series Floaters XF 26 60, 1.62% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 2,900 2,900 
Grossmont Healthcare District Participating VRDN Series MS 3253, 1.45% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(d)(e) 14,375 14,375 
Grossmont Union High School District Participating VRDN Series Floaters ZF 03 62, 1.52% 6/7/19 (Liquidity Facility JPMorgan Chase Bank)(a)(d)(e) 905 905 
Hartnell Cmnty. College District Participating VRDN Series Floaters XF 05 87, 1.44% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) 750 750 
Huntington Beach City Participating VRDN Series Solar 17 0029, 2.12% 6/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) 3,280 3,280 
Irvine Ranch Wtr. District Ctfs. of Prtn. Participating VRDN Series Floaters ZM 06 35, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 1,700 1,700 
Long Beach Cmnty. College Participating VRDN Series Floaters XF 07 80, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 2,400 2,400 
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Participating VRDN Series ZF 01 84, 1.45% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 4,645 4,645 
Los Angeles Dept. Arpt. Rev. Participating VRDN:   
Series Floaters XF 06 99, 1.47% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e) 6,520 6,520 
Series Floaters XF 07 52, 1.47% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) 3,975 3,975 
Series Floaters XF 27 24, 1.47% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e) 20,275 20,275 
Series Floaters XG 02 32, 1.47% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e) 9,525 9,525 
Series Floaters XX 10 28, 1.45% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e) 13,665 13,665 
Series Floaters ZF 06 13, 1.47% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e) 2,245 2,245 
Series Floaters ZM 01 17, 1.48% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e) 7,645 7,645 
Series Floaters ZM 05 95, 1.47% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d)(e) 2,500 2,500 
Series ZM 04 73, 1.48% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) 2,505 2,505 
Series ZM 04 87, 1.48% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) 1,470 1,470 
Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN:   
Series Floaters XM 03 79, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 5,630 5,630 
Series MS 3289, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 7,335 7,335 
Series MS 3345, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 15,475 15,475 
Series XG 0110, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 2,000 2,000 
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN:   
Series MS 3397, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 9,770 9,770 
Series MS 3403, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 8,975 8,975 
Los Angeles Hbr. Dept. Rev. Participating VRDN Series 15 ZF0158, 1.47% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) 5,280 5,280 
Los Angeles Unified School District Participating VRDN:   
Series Floaters XM 02 49, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 2,500 2,500 
Series Floaters XM 02 50, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 3,700 3,700 
Series Floaters XM 07 03, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 2,890 2,890 
Series Floaters ZM 05 90, 1.44% 6/7/19 (Liquidity Facility Bank of America NA) (a)(d)(e) 1,775 1,775 
Series Floaters ZM 05 91, 1.44% 6/7/19 (Liquidity Facility Bank of America NA) (a)(d)(e) 3,640 3,640 
Series Floaters ZM 05 92, 1.44% 6/7/19 (Liquidity Facility Bank of America NA) (a)(d)(e) 1,325 1,325 
Oakland Gen. Oblig. Participating VRDN Series Solar 0046, 2.12% 6/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) 7,755 7,755 
Ontario Montclair School District Participating VRDN Series Floaters XF 28 05, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 1,700 1,700 
Palomar Cmnty. College District Participating VRDN Series Floaters XF 07 78, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 1,200 1,200 
Riverside County Trans. Commission Sales Tax Rev. Participating VRDN Series Floaters XF 22 97, 1.42% 6/7/19 (Liquidity Facility Citibank NA) (a)(d)(e) 3,250 3,250 
Sacramento Area Flood Cont. Agcy. Participating VRDN Series Floaters XM 04 55, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 3,900 3,900 
San Diego Cmnty. College District Participating VRDN Series XM 0149, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 2,700 2,700 
San Diego County Wtr. Auth. Rev. Participating VRDN Series Floaters ZF 03 57, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 2,300 2,300 
San Diego Unified School District Participating VRDN:   
Series Floaters XF 07 00, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) 1,700 1,700 
Series Floaters XF 07 55, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 3,300 3,300 
Series MS 3330, 1.45% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(d)(e) 5,940 5,940 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN:   
Series Floaters XF 07 12, 1.46% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) 103,005 103,005 
Series Floaters XF 07 54, 1.47% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) 20,450 20,450 
Series Floaters XL 01 01, 1.47% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) 24,810 24,810 
Series Floaters XM 07 26, 1.47% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) 12,450 12,450 
San Mateo Unified School District Participating VRDN Series Floaters XF 07 68, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 1,400 1,400 
Santa Ana Unified School District Participating VRDN Series Floaters XL 01 06, 1.5% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 1,920 1,920 
Santa Clara Unified School District Participating VRDN Series Floaters XG 02 33, 1.43% 6/7/19 (Liquidity Facility Bank of America NA) (a)(d)(e) 3,600 3,600 
South San Francisco Calif District Participating VRDN Series 2016, 2.12% 6/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) 5,770 5,770 
The Regents of the Univ. of California Participating VRDN Series XM 03 58, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 2,000 2,000 
Univ. of California Revs. Participating VRDN:   
Series Floaters XF 06 32, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) 4,935 4,935 
Series Floaters ZF 06 29, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(d)(e) 5,000 5,000 
Series Floaters ZM 06 60, 1.42% 6/7/19 (Liquidity Facility Bank of America NA) (a)(d)(e) 1,500 1,500 
Series MS 3396, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d)(e) 7,830 7,830 
Yosemite Cmnty. College District Participating VRDN Series Floaters XF 07 72, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e) 1,410 1,410 
  770,845 
Florida - 0.0%   
Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 17 02, 1.55%, tender 8/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) 195 195 
Illinois - 0.0%   
Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)(f) 300 300 
Ohio - 0.0%   
Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.54% 6/7/19 (Liquidity Facility Bank of America NA) (a)(d)(e) 300 300 
Texas - 0.1%   
Frisco Independent School District Bonds Series Solar 0002, 1.55%, tender 8/22/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d)(e) 300 300 
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(d)(e)(f) 800 800 
  1,100 
TOTAL TENDER OPTION BOND   
(Cost $772,740)  772,740 
Other Municipal Security - 23.2%   
California - 22.6%   
California Gen. Oblig.:   
Series A1, 1.73% 6/12/19, LOC Wells Fargo Bank NA, CP 3,695 3,695 
Series A6:   
1.35% 8/6/19, LOC Bank of America NA, CP 5,700 5,700 
1.8% 6/3/19, LOC Bank of America NA, CP 9,100 9,100 
California Health Facilities Fing. Auth. Rev. Bonds (Stanford Hosp. & Clinics Proj.) Series 2012 C, SIFMA Municipal Swap Index + 0.250% 1.67%, tender 12/27/19 (a)(g) 51,900 51,900 
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Bonds:   
Series 2010 A, SIFMA Municipal Swap Index + 0.100% 1.52%, tender 9/3/19 (Liquidity Facility Royal Bank of Canada) (a)(g) 150,545 150,545 
Series 2010 B, SIFMA Municipal Swap Index + 0.000% 1.52%, tender 9/3/19 (Liquidity Facility Royal Bank of Canada) (a)(g) 117,745 117,745 
East Bay Muni. Util. District Wastewtr. Sys. Rev. Series A2, 1.58% 8/5/19 (Liquidity Facility Bank of America NA), CP 5,200 5,200 
Los Angeles County Cap. Asset Leasing Corp. Lease Rev. Series A, 1.65% 6/6/19, LOC Bank of The West San Francisco, CP 1,200 1,200 
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series ATE, 1.82% 6/4/19, LOC Citibank NA, CP 6,100 6,100 
Los Angeles Gen. Oblig. TRAN Series 2018, 4% 6/27/19 19,225 19,256 
Los Angeles Muni. Impt. Corp. Lease Rev.:   
Series 2009 A2:   
1.45% 6/19/19, LOC Bank of America NA, CP 2,200 2,200 
1.9% 6/3/19, LOC Bank of America NA, CP 5,300 5,300 
Series 2011 A3:   
1.44% 6/6/19, LOC Bank of The West San Francisco, CP 10,500 10,500 
1.47% 6/19/19, LOC Bank of The West San Francisco, CP 2,200 2,200 
Series 2013 A4, 1.45% 6/19/19, LOC U.S. Bank NA, Cincinnati, CP 4,300 4,300 
Series A1, 1.45% 6/19/19, LOC Wells Fargo Bank NA, CP 5,250 5,250 
Riverside County Gen. Oblig. TRAN Series 2018, 4% 6/28/19 1,555 1,558 
Sacramento Muni. Util. District Elec. Rev. Series M1, 1.9% 6/5/19, LOC Bank of America NA, CP 2,500 2,500 
San Diego Unified School District TRAN Series A, 4% 6/28/19 100 100 
San Francisco City & County Pub. Util. Commission Wastewtr. Rev. Series A1, 1.69% 7/30/19, LOC Sumitomo Mitsui Banking Corp., CP 19,000 19,000 
Santa Cruz Gen. Oblig. TRAN Series 2018, 4% 7/1/19 540 541 
  423,890 
Kentucky - 0.1%   
Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 2.05% tender 6/6/19, CP mode 1,200 1,200 
Massachusetts - 0.0%   
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds Series 1992, 1.7% tender 6/24/19, CP mode 900 900 
New Hampshire - 0.4%   
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds:   
Series 1990 B, 1.84% tender 8/7/19, CP mode 300 300 
Series A1:   
2.25% tender 6/4/19, CP mode (b) 5,800 5,800 
2.3% tender 6/4/19, CP mode (b) 600 600 
  6,700 
New Mexico - 0.1%   
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2014 B, 1 month U.S. LIBOR + 0.750% 2.415%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(g) 2,200 2,200 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $434,890)  434,890 
 Shares (000s) Value (000s) 
Investment Company - 3.0%   
Fidelity Municipal Cash Central Fund, 2.34% (h)(i)   
(Cost $56,825) 56,819 56,825 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $1,869,882)  1,869,882 
NET OTHER ASSETS (LIABILITIES) - 0.2%  3,247 
NET ASSETS - 100%  $1,873,129 

Security Type Abbreviations

CP – COMMERCIAL PAPER

TRAN – TAX AND REVENUE ANTICIPATION NOTE

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

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

Legend

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

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $55,020,000 or 2.9% of net assets.

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

 (e) Coupon rates are determined by re-marketing agents based on current market conditions.

 (f) 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 $67,475,000 or 3.6% of net assets.

 (g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

 (i) 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.

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost (000s) 
California Health Facilities Fing. Auth. Rev. Participating VRDN Series Floaters 013, 1.54% 7/12/19 (Liquidity Facility Barclays Bank PLC) 6/15/17 - 10/16/17 $14,445 
Dignity Health Participating VRDN Series 17 04, 1.54% 7/12/19 (Liquidity Facility Barclays Bank PLC) 10/5/17 - 5/16/19 $51,930 
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) 3/25/19 - 4/5/19 $800 
Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) 3/4/19 $300 

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 $134 
Total $134 

Amounts in the income column in the above table exclude any capital gain distributions from underlying funds.

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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 Holdings Report
for

Fidelity® California AMT Tax-Free Money Market Fund

May 31, 2019







SCM-QTLY-0719
1.802200.115





Schedule of Investments May 31, 2019 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 22.5%   
 Principal Amount (000s) Value (000s) 
Alabama - 0.2%   
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.52% 6/7/19, VRDN (a) $2,600 $2,600 
West Jefferson Indl. Dev. Series 2008, 1.52% 6/7/19, VRDN (a) 3,900 3,900 
  6,500 
Arizona - 0.0%   
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 1.47% 6/7/19, VRDN (a) 1,150 1,150 
California - 20.8%   
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev.:   
Series 2007 A2, 0.9% 6/7/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) 200 200 
Series 2008 F1, 0.93% 6/7/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a) 20,800 20,800 
California Gen. Oblig.:   
Series 2004 A4, 1.21% 6/3/19, LOC Citibank NA, VRDN (a) 14,300 14,300 
Series 2004 A7, 1.03% 6/7/19, LOC Citibank NA, VRDN (a) 2,850 2,850 
Series 2005 A2-1, 1.08% 6/7/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a) 14,800 14,800 
Series 2005 B1, 0.97% 6/7/19, LOC Wells Fargo Bank NA, VRDN (a) 45,000 45,000 
California Health Facilities Fing. Auth. Rev.:   
(Catholic Healthcare West Proj.):   
Series 2004 K, 1.3% 6/7/19, LOC Mizuho Corporate Bank Ltd., VRDN (a) 57,900 57,900 
Series 2005 H, 1.11% 6/7/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a) 39,140 39,140 
Series 2005 I, 1.3% 6/7/19, LOC Mizuho Corporate Bank Ltd., VRDN (a) 51,300 51,300 
Series 2009 H, 1.2% 6/7/19, LOC Wells Fargo Bank NA, VRDN (a) 1,500 1,500 
(Stanford Hosp. and Clinics Proj.) Series 2008 B1, 1.05% 6/7/19, VRDN (a) 1,200 1,200 
California Poll. Cont. Fing. Auth. Envir. Impt. Rev. (Air Products & Chemicals Proj.) Series 2008 B, 1.29% 6/3/19, VRDN (a) 5,500 5,500 
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Recology, Inc. Proj.) Series 2010 A, 1.37% 6/7/19, LOC Bank of America NA, VRDN (a) 76,405 76,405 
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. (Chevron U.S.A., Inc. Proj.) Series 2002, 1.45% 6/3/19 (Chevron Corp. Guaranteed), VRDN (a) 3,000 3,000 
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series B, 1.2% 6/7/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a) 1,980 1,980 
Elsinore Valley Muni. Wtr. District Ctfs. of Prtn. Series 2011 A, 1.12% 6/7/19, LOC MUFG Union Bank NA, VRDN (a) 1,000 1,000 
Irvine Reassessment District 12-1 Ltd. Oblig. Series A, 1.23% 6/3/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) 13,000 13,000 
Irvine Unified School District Cmnty. Facilities District:   
Series 2014 B, 1.2% 6/7/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a) 5,400 5,400 
Series 2014 C, 1.23% 6/3/19, LOC U.S. Bank NA, Cincinnati, VRDN (a) 1,500 1,500 
Los Angeles Dept. of Wtr. & Pwr. Rev.:   
Series 2001 B1, 1.02% 6/7/19 (Liquidity Facility Barclays Bank PLC), VRDN (a) 6,400 6,400 
Series 2001 B5, 1% 6/7/19 (Liquidity Facility TD Banknorth, NA), VRDN (a) 9,000 9,000 
Series 2001 B7, 1.02% 6/7/19 (Liquidity Facility TD Banknorth, NA), VRDN (a) 3,200 3,200 
Series 2002 A5, 1.25% 6/3/19 (Liquidity Facility Bank of America NA), VRDN (a) 11,300 11,300 
Series 2002 A6, 1.3% 6/3/19 (Liquidity Facility Bank of America NA), VRDN (a) 7,255 7,255 
Modesto Pub. Fing. Auth. Lease Rev. Series 2008 B, 1.23% 6/7/19, LOC Bank of America NA, VRDN (a) 42,565 42,565 
Orange County Wtr. District Rev. Ctfs. of Prtn. Series 2003 A, 1.01% 6/7/19, LOC Citibank NA, VRDN (a) 5,450 5,450 
Riverside County Asset Leasing Corp. Leasehold Rev. (Southwest Justice Ctr. Proj.) Series 2008 A, 1.11% 6/7/19, LOC Wells Fargo Bank NA, VRDN (a) 3,685 3,685 
Riverside County Ctfs. of Prtn. (Woodcrest Library Proj.) 1.19% 6/7/19, LOC Bank of America NA, VRDN (a) 3,125 3,125 
Riverside Ctfs. of Prtn. (Riverside Renaissance Proj.) Series 2008, 1.12% 6/7/19, LOC Bank of America NA, VRDN (a) 35,800 35,800 
Riverside Elec. Rev. Series 2008 C, 1.13% 6/7/19, LOC Barclays Bank PLC, VRDN (a) 2,060 2,060 
San Bernardino County Flood Cont. District Judgment Oblig. Series 2008, 1.25% 6/7/19, LOC Bank of America NA, VRDN (a) 31,080 31,080 
San Diego Hsg. Auth. Multi-family Hsg. Rev. Series 2017 A, 1.1% 6/7/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a) 26,000 26,000 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:   
Second Series, 1.1% 6/7/19, LOC MUFG Union Bank NA, VRDN (a) 29,915 29,915 
Series 2018 C, 1.05% 6/7/19, LOC Sumitomo Mitsui Banking Corp., VRDN (a) 44,640 44,640 
San Francisco City & County Multi-family Hsg. Rev.:   
Series 2017 B1, 1.09% 6/7/19, LOC Bank of America NA, VRDN (a) 14,520 14,520 
Series 2017 B2, 1.09% 6/7/19, LOC Bank of America NA, VRDN (a) 7,200 7,200 
Santa Clara County Fing. Auth. Lease Rev. (Multiple Facilities Proj.) Series 2008 M, 1.11% 6/7/19, LOC Bank of America NA, VRDN (a) 32,920 32,920 
Santa Clara Valley Trans. Auth. Series 2008 A, 1.06% 6/7/19 (Liquidity Facility TD Banknorth, NA), VRDN (a) 29,970 29,970 
Southern California Pub. Pwr. Auth. Rev. (Magnolia Pwr. Proj.) Series 2009-1, 1.23% 6/3/19, LOC U.S. Bank NA, Cincinnati, VRDN (a) 7,610 7,610 
Stanislaus County Cap. Impts. Fing. Auth. Rev. Series 2004, 1.31% 6/7/19, LOC Bank of America NA, VRDN (a) 1,325 1,325 
Whittier Health Facilities Rev. Series 2009 A, 1.16% 6/7/19, LOC U.S. Bank NA, Cincinnati, VRDN (a) 9,130 9,130 
FHLMC Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev.:   
(Grand Promenade Proj.) 1.39% 6/7/19, LOC Freddie Mac, VRDN (a) 41,100 41,100 
(Promenade Towers Proj.) Series 2000, 1.17% 6/7/19, LOC Freddie Mac, VRDN (a) 15,380 15,380 
FNMA Fresno Multi-family Hsg. Rev. (Heron Pointe Apts. Proj.) Series 2001 A, 1.27% 6/7/19, LOC Fannie Mae, VRDN (a) 4,750 4,750 
  782,155 
Connecticut - 0.0%   
Connecticut Gen. Oblig. Series 2016 C, 1.48% 6/7/19 (Liquidity Facility Bank of America NA), VRDN (a) 480 480 
Delaware - 0.0%   
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.):   
Series 1993 C, 1.6% 6/7/19, VRDN (a) 600 600 
Series 1999 A, 1.6% 6/7/19, VRDN (a) 800 800 
  1,400 
Indiana - 0.2%   
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.):   
Series H, 1.51% 6/7/19, VRDN (a) 3,900 3,900 
Series I, 1.51% 6/7/19, VRDN (a) 2,100 2,100 
  6,000 
Kansas - 0.3%   
Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.):   
Series 2007 A, 1.75% 6/7/19, VRDN (a) 1,000 1,000 
Series 2007 B, 1.75% 6/7/19, VRDN (a) 2,700 2,700 
Wamego Kansas Poll. Cont. Rfdg. Rev.:   
(Kansas Gas & Elec. Co. Proj.) Series 1994, 1.7% 6/7/19, VRDN (a) 900 900 
(Western Resources, Inc. Proj.) Series 1994, 1.7% 6/7/19, VRDN (a) 6,800 6,800 
  11,400 
Louisiana - 0.5%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):   
Series 2010 A1, 1.58% 6/7/19, VRDN (a) 12,850 12,850 
Series 2010 B1, 1.6% 6/7/19, VRDN (a) 6,750 6,750 
  19,600 
Utah - 0.3%   
Emery County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.57% 6/7/19, VRDN (a) 12,000 12,000 
Wyoming - 0.2%   
Converse County Poll. Cont. Rev. (PacifiCorp Projs.) Series 1992, 1.5% 6/7/19, VRDN (a) 1,900 1,900 
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.6% 6/7/19, VRDN (a) 900 900 
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.):   
Series 1992 A, 1.5% 6/7/19, VRDN (a) 1,500 1,500 
Series 1992 B, 1.5% 6/7/19, VRDN (a) 500 500 
Series 1994, 1.6% 6/7/19, VRDN (a) 800 800 
  5,600 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $846,285)  846,285 
Tender Option Bond - 39.2%   
California - 38.3%   
Canada Calif Unified School District Participating VRDN Series Floaters XF 26 42, 1.42% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 4,300 4,300 
Academy of Motion Picture Arts Participating VRDN Series 2017, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 1,370 1,370 
Alameda Corridor Trans. Auth. Rev. Participating VRDN Series Floaters XL 00 85, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 3,875 3,875 
Anaheim Elementary School District Participating VRDN Series Floaters XM 07 40, 1.4% 6/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(c) 4,900 4,900 
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN:   
Series 17 XX 1045, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 13,335 13,335 
Series XF 10 44, 1.52% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) 4,100 4,100 
Buck Institute Age Research Participating VRDN Series Floaters XF 10 35, 1.52% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) 4,000 4,000 
Cabrillo Unified School District Participating VRDN Series 2017 XF 2434, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 5,760 5,760 
California Dept. of Wtr. Resources Participating VRDN Series MS 3276, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 5,000 5,000 
California Edl. Facilities Auth. Rev. Participating VRDN:   
Series Floaters XF 22 71, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 9,900 9,900 
Series Floaters XM 07 34, 1.4% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(b)(c) 6,500 6,500 
Series XF 24 00, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 800 800 
California Gen. Oblig. Participating VRDN:   
Floater Series XF 05 80, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 6,750 6,750 
Series 15 XF0129, 1.38% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(b)(c) 3,800 3,800 
Series 15 XF2171, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 11,240 11,240 
Series 2017 XF 2414, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 3,000 3,000 
Series 2017 XG 0115, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 5,300 5,300 
Series DB XF 1041, 1.38% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(b)(c) 9,675 9,675 
Series Floaters G 80, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 3,000 3,000 
Series Floaters G1, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 4,000 4,000 
Series Floaters G2, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 5,000 5,000 
Series Floaters G68, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 5,000 5,000 
Series Floaters XF 10 38, 1.52% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) 13,535 13,535 
Series Floaters XF 23 72, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 4,200 4,200 
Series Floaters XM 06 93, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 2,225 2,225 
Series Floaters XM 07 05, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 7,500 7,500 
Series Floaters YX 10 84, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 7,500 7,500 
Series Floaters YX 10 90, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 2,825 2,825 
Series Floaters ZF 27 10, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 5,490 5,490 
Series Floaters ZM 06 04, 1.43% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 2,500 2,500 
Series Floaters ZM 06 05, 1.43% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 2,000 2,000 
Series Floaters ZM 06 08, 1.43% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 4,575 4,575 
Series RBC G 52, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 3,000 3,000 
Series Spears DB 80 18, 1.57% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) 5,920 5,920 
California Health Facilities Fing. Auth. Participating VRDN Series Floaters XG 00 49, 1.52% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) 4,500 4,500 
California Health Facilities Fing. Auth. Rev.:   
Bonds Series Floaters G 44, 1.57%, tender 11/1/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) 2,500 2,500 
Participating VRDN:   
Series 15 XF0120, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 16,600 16,600 
Series 15 XF0131, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 15,235 15,235 
Series 16 ZF0212, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 2,935 2,935 
Series 16 ZF0426, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 4,280 4,280 
Series 2015 ZF0213, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 7,500 7,500 
Series 2017 XF 2048, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 2,700 2,700 
Series 2017 XF 2417, 1.43% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 15,375 15,375 
Series 2017, 1.43% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 17,030 17,030 
Series DB 15 XF 0234, 1.38% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(b)(c) 11,865 11,865 
Series Floaters 013, 1.54% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 23,980 23,980 
Series Floaters XF 05 23, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 5,625 5,625 
Series Floaters XF 06 08, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 8,165 8,165 
Series Floaters XF 06 22, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 9,405 9,405 
Series Floaters XF 06 33, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 9,000 9,000 
Series Floaters XF 07 62, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 2,300 2,300 
Series Floaters XF 24 67, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 20,000 20,000 
Series Floaters XF 24 71, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 4,000 4,000 
Series Floaters XF 25 95, 1.37% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 7,200 7,200 
Series Floaters XF 26 98, 1.4% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 2,600 2,600 
Series Floaters XG 01 04, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 500 500 
Series Floaters XG 01 20, 1.39% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 29,700 29,700 
Series Floaters XG 01 25, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 6,755 6,755 
Series Floaters XG 01 28, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 2,665 2,665 
Series Floaters XG 01 41, 1.43% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 7,925 7,925 
Series Floaters XG 01 44, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 16,000 16,000 
Series Floaters XL 00 45, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 1,840 1,840 
Series Floaters XM 03 01, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 8,000 8,000 
Series Floaters XM 06 96, 1.42% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 1,295 1,295 
Series Floaters ZF 26 33, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 7,345 7,345 
Series Floaters ZM 05 02, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 5,000 5,000 
Series Floaters ZM 05 43, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 4,000 4,000 
Series MS 3239, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 2,200 2,200 
Series MS 3267, 1.45% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(b)(c) 6,000 6,000 
Series MS 3389, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 4,000 4,000 
Series TD 0036, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 7,105 7,105 
California Infrastructure and Econ. Dev. Bank Rev. Participating VRDN Series Floaters XF 07 48, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c)(e) 3,715 3,715 
California Muni. Fin. Auth. Rev. Participating VRDN Series Floaters XL 00 59, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 1,200 1,200 
California State Univ. Rev. Participating VRDN:   
Series Floaters XF 24 41, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 7,675 7,675 
Series Floaters ZF 06 73, 1.42% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 1,200 1,200 
Series Floaters ZF 25 72, 1.43% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 4,890 4,890 
Series Floaters ZF 26 24, 1.43% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 5,000 5,000 
Series Floaters ZF 26 60, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 17,625 17,625 
California Statewide Cmntys. Dev. Auth. Rev. Participating VRDN:   
Series 2017:   
1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 1,800 1,800 
1.54% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) 5,200 5,200 
Series ROC II R 14001, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 2,375 2,375 
Series XF 23 59, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 825 825 
Central Union High School District Participating VRDN Series Floaters XF 07 59, 1.46% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 4,300 4,300 
Chaffey Unified High School District Participating VRDN:   
Series Floaters XF 05 48, 1.45% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 5,800 5,800 
Series Floaters ZM 05 85, 1.45% 6/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(c) 1,750 1,750 
Coast Cmnty. College District Participating VRDN:   
Series Floaters G7, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 5,000 5,000 
Series Floaters XM 06 89, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 5,705 5,705 
Corona-Norco Unified School District Participating VRDN Series RBC G 64, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 2,500 2,500 
Culver City California Unified School District Participating VRDN Series Solar 17 10, 1.4% 6/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(c) 17,720 17,720 
Dignity Health Participating VRDN:   
Series 17 04, 1.54% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 78,285 78,285 
Series DBE 80 11, 1.62% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) 31,900 31,900 
Dublin Unified School District Participating VRDN Series Solar 0062, 2.12% 6/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(c) 17,030 17,030 
East Bay Muni. Util. District Participating VRDN Series XM 02 94, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 10,100 10,100 
East Bay Muni. Util. District Wastewtr. Sys. Rev. Participating VRDN:   
Series Floaters ZM 05 98, 1.43% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 2,500 2,500 
Series Floaters ZM 06 03, 1.37% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 6,750 6,750 
Eastern Muni. Wtr. District Fing. W Participating VRDN:   
Series Floaters XF 24 48, 1.37% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 2,400 2,400 
Series Floaters ZF 27 08, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 9,055 9,055 
Series Floaters ZM 05 10, 1.39% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 7,500 7,500 
El Camino Hosp. Participating VRDN Series 2017 XF 2415, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 3,575 3,575 
Elk Grove Unified School District Participating VRDN:   
Series Floaters XG 01 27, 1.43% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 2,100 2,100 
Series Floaters XM 07 36, 1.4% 6/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(c) 3,370 3,370 
Series Solar 17 0033, 2.12% 6/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(c) 5,800 5,800 
Escondido Participating VRDN Series Floaters G 77, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 5,375 5,375 
Fillmore Calif Wastewtr. Rev. Participating VRDN Series Floaters XF 24 70, 1.42% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 1,900 1,900 
Folsom Cordova Unified School District Participating VRDN Series XF 25 64, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 3,750 3,750 
Foothill-De Anza Cmnty. College District Participating VRDN:   
Series MS 3288, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 1,725 1,725 
Series ROC II R 14066, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 3,500 3,500 
Fresno Joint Pwr. Fing. Auth. Leasing Rev. Participating VRDN Series Floaters ZF 10 59, 1.57% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 1,300 1,300 
Fresno Unified School District Participating VRDN:   
Series Floaters 05 75, 1.57% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 2,150 2,150 
Series Floaters XF 07 70, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 6,650 6,650 
Garvey School District Participating VRDN Series Floaters XF 26 60, 1.62% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 1,370 1,370 
Grossmont Union High School District Participating VRDN Series Floaters ZF 03 62, 1.52% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 1,600 1,600 
Grossmont-Cuyamaca Cmnty. College District Participating VRDN:   
Series Floaters XF 06 69, 1.43% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 2,500 2,500 
Series Floaters XG 01 88, 1.43% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 2,000 2,000 
Series Floaters ZF 26 61, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 15,110 15,110 
Hartnell Cmnty. College District Participating VRDN Series Floaters XF 05 87, 1.44% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 500 500 
Hayward Area Recreation and Park District Participating VRDN Series Floaters XF 24 68, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 5,000 5,000 
Huntington Beach City Participating VRDN Series Solar 17 0029, 2.12% 6/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(c) 6,000 6,000 
Irvine Ranch Wtr. District Ctfs. of Prtn. Participating VRDN Series Floaters ZM 06 35, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 1,525 1,525 
Long Beach Cmnty. College Participating VRDN Series Floaters XF 07 80, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 4,729 4,729 
Long Beach Unified School District Participating VRDN:   
Series 2017, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 23,865 23,865 
Series Floaters XF 24 58, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 2,500 2,500 
Los Angeles Cmnty. College District Participating VRDN:   
Series Floaters XF 27 74, 1.43% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 3,750 3,750 
Series ROC II R 11773, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 23,265 23,265 
Los Angeles County Pub. Works Fing. Auth. Lease Rev. Participating VRDN Series ZF 01 84, 1.45% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 1,600 1,600 
Los Angeles Dept. Arpt. Rev. Participating VRDN:   
Series 16 XL0005, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 5,405 5,405 
Series Floaters XM 04 27, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 7,500 7,500 
Series ROC II R 11842, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 6,750 6,750 
Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN:   
Series Floaters XF 07 32, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 7,520 7,520 
Series Floaters XF 07 44, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 3,750 3,750 
Series Floaters XF 25 54, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 4,800 4,800 
Series Floaters XF 25 62, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 3,665 3,665 
Series Floaters XL 00 96, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 1,000 1,000 
Series Floaters XM 03 79, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 5,370 5,370 
Series MS 3345, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 3,060 3,060 
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Participating VRDN:   
Series 15 XF2168, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 5,710 5,710 
Series Floaters XG 01 21, 1.42% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 3,000 3,000 
Series Floaters YX 10 85, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 7,500 7,500 
Series Floaters ZM 04 68, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 7,415 7,415 
Series MS 3397, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 1,200 1,200 
Series ROC 14087, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 7,200 7,200 
Los Angeles Hbr. Dept. Rev. Participating VRDN Series Floaters XF 07 61, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 1,875 1,875 
Los Angeles Unified School District Participating VRDN:   
Series Floaters XF 25 75, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 8,000 8,000 
Series Floaters XM 02 49, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 4,165 4,165 
Series Floaters XM 02 50, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 6,300 6,300 
Series Floaters YX 10 87, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 11,250 11,250 
Series Floaters ZM 05 90, 1.44% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 2,070 2,070 
Series Floaters ZM 05 91, 1.44% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 4,800 4,800 
Series Floaters ZM 05 92, 1.44% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 2,400 2,400 
Series Floaters ZM 06 01, 1.44% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 3,145 3,145 
Los Angeles Wastewtr. Sys. Rev.:   
Bonds Series Floaters G 26, 1.57%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) 5,000 5,000 
Participating VRDN:   
Series 15 ZF0243, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 5,430 5,430 
Series 16 ZF0313, 1.4% 6/1/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 4,935 4,935 
Series 2015 ZF 0242, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 2,100 2,100 
Series ROC II R 14059, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 6,000 6,000 
Lucia Mar Unified School District Participating VRDN Series 2017, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 6,400 6,400 
Lucile Salter Packard Children's Hosp. Participating VRDN Series Floaters XG 01 48, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 2,138 2,138 
Marin Pub. Fing. Auth. Rev. Sausalito-Marin San. District Participating VRDN Series 2017 XF 2436, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 6,315 6,315 
Mount San Antonio Cmnty. College Participating VRDN Series Floaters XF 07 53, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 4,000 4,000 
Oakland Gen. Oblig. Participating VRDN Series RBC G 61, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 2,650 2,650 
Ohlone Cmnty. College District Participating VRDN Series Floaters XM 07 39, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 11,800 11,800 
Ontario Montclair School District Participating VRDN Series Floaters XF 28 05, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 3,275 3,275 
Oxnard School District Participating VRDN Series Floaters G8, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 3,000 3,000 
Palmdale School District Participating VRDN Series Floaters XF 24 43, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 7,125 7,125 
Palomar Cmnty. College District Participating VRDN:   
Series Floaters XF 07 78, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 3,345 3,345 
Series Floaters XF 25 65, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 2,885 2,885 
Pub. Utils. Commission San Francisco City & County Wastewtr. Rev. Participating VRDN:   
Series Floaters XF 07 27, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 3,000 3,000 
Series Floaters ZF 27 44, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 6,905 6,905 
Rancho Wtr. District Fing. Auth. Rev. Participating VRDN Series Floaters XF 27 52, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 6,200 6,200 
Riverside County Trans. Commission Sales Tax Rev. Participating VRDN Series Floaters XF 22 97, 1.42% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 1,775 1,775 
Sacramento Area Flood Cont. Agcy. Participating VRDN:   
Series Floaters XM 04 55, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 1,100 1,100 
Series Floaters YX 10 37, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 4,540 4,540 
Series Floaters ZM 04 57, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 6,330 6,330 
Series Floaters ZM 04 58, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 10,845 10,845 
San Diego Cmnty. College District Participating VRDN:   
Series Floaters XM 04 14, 1.47% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 305 305 
Series XM 0149, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 2,300 2,300 
Series XM 02 90, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 5,700 5,700 
San Diego County Wtr. Auth. Rev. Participating VRDN Series Floaters ZF 03 57, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 3,805 3,805 
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. Participating VRDN Series 15 XF0098, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 25,265 25,265 
San Diego Unified School District Participating VRDN:   
Series Floaters XF 07 00, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 2,300 2,300 
Series Floaters XF 07 55, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 6,155 6,155 
Series Floaters XF 27 80, 1.4% 6/7/19 (Liquidity Facility Wells Fargo Bank NA) (a)(b)(c) 4,000 4,000 
Series Floaters XM 05 64, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 2,500 2,500 
Series Floaters XM 07 27, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 2,425 2,425 
Series Floaters ZF 27 09, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 2,500 2,500 
Series RBC G 51, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 2,000 2,000 
San Francisco Bay Area Rapid Transit District Sales Tax Rev. Participating VRDN Series ROC II R 14035, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 5,000 5,000 
San Francisco Bay Area Rapid Transit Fing. Auth. Participating VRDN:   
Series Floaters XF 24 49 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 2,500 2,500 
Series floaters XX 10 51, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 3,330 3,330 
Series ZM 06 43, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 2,655 2,655 
San Francisco City & County Gen. Oblig. Participating VRDN Series EGL 17 0008, 1.39% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 11,455 11,455 
San Francisco Pub. Utils. Commission Wtr. Rev. Participating VRDN Series Floaters XF 06 07, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 4,330 4,330 
San Jose Unified School District Santa Clara County Participating VRDN Series Floaters XF 25 34, 1.38% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 2,740 2,740 
San Juan Capistrano Gen. Oblig. Participating VRDN Series Putters 0048, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 10,050 10,050 
San Mateo Unified School District Participating VRDN Series Floaters XF 07 68, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 2,505 2,505 
San Rafael Calif City High School Participating VRDN Series Floaters XF 06 74, 1.43% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 3,000 3,000 
Sanger Unified School District Participating VRDN Series Floaters XF 24 63, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 10,705 10,705 
Santa Ana Unified School District Participating VRDN Series Floaters XL 01 06, 1.5% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 3,700 3,700 
Santa Clara County Gen. Oblig. Participating VRDN:   
Series Floaters XF 06 46, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 2,985 2,985 
Series ZM 06 40, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 2,500 2,500 
Santa Clara Unified School District Participating VRDN Series Floaters XG 02 33, 1.43% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 6,800 6,800 
Santa Monica Cmnty. College District Gen. Oblig. Participating VRDN:   
Series 15 XF2169, 1.39% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 4,800 4,800 
Series Floaters ZF 06 30, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 5,000 5,000 
Solano Cmnty. College District Participating VRDN Series Floaters XF 24 59, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 3,145 3,145 
Sonoma County Jr. College District Rev. Participating VRDN Series Floaters G6, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 5,000 5,000 
South San Francisco Calif District Participating VRDN Series 2016, 2.12% 6/3/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(c) 13,360 13,360 
Southwestern Cmnty. College District Gen. Oblig. Participating VRDN:   
Series Floaters G 92, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 3,250 3,250 
Series Floaters XF 27 26, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 3,250 3,250 
The Regents of the Univ. of California Participating VRDN Series XM 03 58, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 3,000 3,000 
The Regents of the Univ. of California Gen. Rev. Participating VRDN Series Floaters XM 03 90, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 7,500 7,500 
Trustees of the California State Univ. Participating VRDN Series ZM 00 90, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 3,580 3,580 
Univ. of California Regents Med. Ctr. Pool Rev. Participating VRDN:   
Series 2018 Floaters XX 10 92, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 2,225 2,225 
Series Floaters YX 10 97, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 6,030 6,030 
Univ. of California Revs. Participating VRDN:   
Series 15 ZF0177, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 3,810 3,810 
Series 15 ZF0178, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 2,500 2,500 
Series 16 XL0001, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 15,375 15,375 
Series 2015 ZF0186, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 2,500 2,500 
Series 2015 ZF0187, 1.4% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 4,605 4,605 
Series Floaters XF 05 24, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 6,150 6,150 
Series Floaters XF 06 32, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 5,200 5,200 
Series Floaters XM 04 34, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 1,500 1,500 
Series Floaters XM 07 04, 1.37% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c) 15,465 15,465 
Series Floaters XM 07 33, 1.37% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(c)(e) 2,170 2,170 
Series Floaters YX 10 98, 1.4% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 3,500 3,500 
Series Floaters ZF 06 27, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 2,500 2,500 
Series Floaters ZF 06 28, 1.42% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(c) 2,500 2,500 
Series Floaters ZF 26 70, 1.44% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c) 25,000 25,000 
Series Spears DB 80 20, 1.57% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c) 4,980 4,980 
Whittier Health Facilities Rev. Participating VRDN Series Floaters CTFS 030, 1.54% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 23,035 23,035 
Yosemite Cmnty. College District Participating VRDN:   
Series Floaters XF 07 72, 1.42% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c) 2,700 2,700 
Series RBC G 50, 1.42% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 3,300 3,300 
  1,443,692 
Colorado - 0.1%   
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters 018, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 3,135 3,135 
Connecticut - 0.2%   
Connecticut Gen. Oblig. Participating VRDN:   
Series Floaters 014, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 2,700 2,700 
Series Floaters 016, 1.46% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 2,500 2,500 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.6%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) 1,700 1,700 
  6,900 
Florida - 0.1%   
Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 17 02, 1.55%, tender 8/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(c) 495 495 
Tallahassee Memorial Healthcare Participating VRDN Series Floaters ML 70 01, 1.46% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 1,800 1,800 
  2,295 
Illinois - 0.2%   
Chicago Transit Auth. Participating VRDN Series Floaters XM 04 50, 1.46% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 1,000 1,000 
Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 5,605 5,605 
  6,605 
Ohio - 0.1%   
Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.54% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 400 400 
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 1,090 1,090 
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 1,600 1,600 
  3,090 
Oklahoma - 0.0%   
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN Series Floaters XG 02 10, 1.46% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(c) 310 310 
Pennsylvania - 0.1%   
Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 2,400 2,400 
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 1.59%, tender 9/3/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) 1,400 1,400 
Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 1.62%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) 800 800 
  4,600 
South Carolina - 0.0%   
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.62%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) 600 600 
Texas - 0.1%   
Frisco Independent School District Bonds Series Solar 0002, 1.55%, tender 8/22/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(c) 600 600 
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 4,200 4,200 
  4,800 
TOTAL TENDER OPTION BOND   
(Cost $1,476,027)  1,476,027 
Other Municipal Security - 27.9%   
Guam - 0.0%   
Guam Govt. Bonds Series 2009 A, 7% 11/15/19 (Pre-Refunded to 11/15/19 @ 100) 1,275 1,307 
California - 27.1%   
Alameda County Joint Powers Auth. Lease Rev. Series 10A, 1.3% 7/18/19, LOC Fed. Home Ln. Bank, San Francisco, CP 11,200 11,200 
California Econ. Recovery Bonds Series 2009 A, 5% 7/1/19 3,635 3,646 
California Gen. Oblig.:   
Series 2011 A2:   
1.34% 8/6/19, LOC Royal Bank of Canada, CP 18,000 18,000 
1.55% 6/4/19, LOC Royal Bank of Canada, CP 15,765 15,765 
1.55% 6/5/19, LOC Royal Bank of Canada, CP 13,250 13,250 
Series A1:   
1.28% 8/28/19, LOC Wells Fargo Bank NA, CP 18,000 18,000 
1.35% 7/18/19, LOC Wells Fargo Bank NA, CP 10,505 10,505 
1.68% 6/20/19, LOC Wells Fargo Bank NA, CP 12,250 12,250 
1.73% 6/12/19, LOC Wells Fargo Bank NA, CP 6,700 6,700 
Series A4, 1.6% 6/27/19, LOC Toronto-Dominion Bank, CP 20,000 20,000 
Series A6:   
1.28% 8/5/19, LOC Bank of America NA, CP 15,000 15,000 
1.35% 8/6/19, LOC Bank of America NA, CP 11,360 11,360 
1.7% 6/3/19, LOC Bank of America NA, CP 36,765 36,765 
1.8% 6/3/19, LOC Bank of America NA, CP 15,900 15,900 
California Health Facilities Fing. Auth. Rev. Bonds:   
(Stanford Hosp. & Clinics Proj.):   
Series 2008 B2, 1.67%, tender 6/18/19 (a) 15,500 15,500 
Series 2012 C, SIFMA Municipal Swap Index + 0.250% 1.67%, tender 12/27/19 (a)(f) 8,100 8,100 
Series 2013 C, 5%, tender 10/15/19 (a) 3,085 3,124 
California State Univ. Rev. Series A:   
1.66% 6/5/19, LOC State Street Bank & Trust Co., Boston, LOC Wells Fargo Bank NA, CP 12,515 12,515 
1.7% 6/5/19, LOC State Street Bank & Trust Co., Boston, LOC Wells Fargo Bank NA, CP 6,850 6,850 
1.7% 6/5/19, LOC State Street Bank & Trust Co., Boston, LOC Wells Fargo Bank NA, CP 7,585 7,585 
California Statewide Cmntys. Dev. Auth. Gas Supply Rev. Bonds:   
Series 2010 A, SIFMA Municipal Swap Index + 0.100% 1.52%, tender 9/3/19 (Liquidity Facility Royal Bank of Canada) (a)(f) 30,290 30,290 
Series 2010 B, SIFMA Municipal Swap Index + 0.000% 1.52%, tender 9/3/19 (Liquidity Facility Royal Bank of Canada) (a)(f) 16,220 16,220 
California Statewide Cmntys. Dev. Auth. Rev. Bonds Series 2009:   
6.625% 8/1/19 (Pre-Refunded to 8/1/19 @ 100) 3,000 3,026 
6.75% 8/1/19 (Pre-Refunded to 8/1/19 @ 100) 2,000 2,017 
East Bay Muni. Util. District Wastewtr. Sys. Rev.:   
Series A1:   
1.54% 7/2/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP 19,800 19,800 
1.55% 6/5/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP 7,425 7,425 
1.55% 8/5/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP 8,070 8,070 
1.58% 6/5/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP 11,095 11,095 
1.6% 7/3/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP 9,955 9,955 
1.6% 7/3/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP 7,460 7,460 
1.69% 6/4/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP 8,300 8,300 
1.7% 6/5/19 (Liquidity Facility Sumitomo Mitsui Banking Corp.), CP 10,010 10,010 
Series A2:   
1.5% 7/2/19 (Liquidity Facility Bank of America NA), CP 34,500 34,500 
1.58% 8/5/19 (Liquidity Facility Bank of America NA), CP 9,800 9,800 
1.6% 7/1/19 (Liquidity Facility Bank of America NA), CP 12,000 12,000 
1.72% 6/4/19 (Liquidity Facility Bank of America NA), CP 45,500 45,500 
Los Angeles Cmnty. College District Bonds Series I, 3% 8/1/19 2,300 2,306 
Los Angeles County Cap. Asset Leasing Corp. Lease Rev.:   
Series A, 1.65% 6/6/19, LOC Bank of The West San Francisco, CP 2,300 2,300 
Series B, 1.55% 7/2/19, LOC U.S. Bank NA, Cincinnati, CP 15,000 15,000 
Los Angeles County Gen. Oblig.:   
Series C, 1.63% 6/26/19, LOC Wells Fargo Bank NA, CP 35,000 35,000 
Series D, 1.55% 6/26/19, LOC State Street Bank & Trust Co., Boston, CP 25,000 25,000 
TRAN Series 2018, 4% 6/28/19 56,025 56,122 
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev.:   
Bonds Series 2016 A, 5% 7/1/19 5,165 5,180 
Series ATE, 1.82% 6/4/19, LOC Citibank NA, CP 10,566 10,566 
Los Angeles Gen. Oblig. TRAN Series 2018, 4% 6/27/19 44,130 44,201 
Los Angeles Muni. Impt. Corp. Lease Rev.:   
Series 2009 A2:   
1.4% 6/3/19, LOC Bank of America NA, CP 5,000 5,000 
1.41% 6/6/19, LOC Bank of America NA, CP 5,000 5,000 
1.45% 6/19/19, LOC Bank of America NA, CP 4,300 4,300 
1.9% 6/3/19, LOC Bank of America NA, CP 4,700 4,700 
Series 2011 A3:   
1.44% 6/6/19, LOC Bank of The West San Francisco, CP 20,400 20,400 
1.47% 6/19/19, LOC Bank of The West San Francisco, CP 4,300 4,300 
Series 2012 A1:   
1.53% 6/3/19, LOC Wells Fargo Bank NA, CP 12,500 12,500 
1.9% 6/3/19, LOC Wells Fargo Bank NA, CP 5,000 5,000 
Series 2013 A4:   
1.4% 6/3/19, LOC U.S. Bank NA, Cincinnati, CP 1,000 1,000 
1.45% 6/19/19, LOC U.S. Bank NA, Cincinnati, CP 8,700 8,700 
1.53% 6/3/19, LOC U.S. Bank NA, Cincinnati, CP 28,850 28,850 
Series A1:   
1.43% 6/6/19, LOC Wells Fargo Bank NA, CP 15,000 15,000 
1.45% 6/19/19, LOC Wells Fargo Bank NA, CP 10,500 10,500 
Riverside County Gen. Oblig. TRAN Series 2018, 4% 6/28/19 3,695 3,701 
Sacramento Muni. Util. District Elec. Rev.:   
Series K1:   
1.58% 7/1/19, LOC State Street Bank & Trust Co., Boston, CP 7,500 7,500 
1.65% 7/19/19, LOC State Street Bank & Trust Co., Boston, CP 30,850 30,850 
Series L-1, 1.32% 6/11/19, LOC Barclays Bank PLC, CP 10,000 10,000 
Series L1, 1.75% 6/6/19, LOC Barclays Bank PLC, CP 3,700 3,700 
Series M1:   
1.25% 7/25/19, LOC Bank of America NA, CP 21,000 21,000 
1.9% 6/5/19, LOC Bank of America NA, CP 4,600 4,600 
San Diego County Reg'l. Trans. Commission Sales Tax Rev. Series B, 1.71% 6/13/19, LOC Bank of America NA, CP 26,692 26,692 
San Francisco City & Cnt Series A1:   
1.68% 6/4/19, LOC Bank of America NA, CP 6,000 6,000 
1.7% 6/4/19, LOC Bank of America NA, CP 2,658 2,658 
San Francisco City & County Pub. Util. Commission Wastewtr. Rev. Series A1:   
1.65% 6/12/19, LOC Bank of America NA, CP 8,000 8,000 
1.69% 7/30/19, LOC Sumitomo Mitsui Banking Corp., CP 62,278 62,278 
San Jose Fin. Auth. Rev.:   
Series 1, 1.72% 6/13/19, LOC State Street Bank & Trust Co., Boston, CP 2,217 2,217 
Series 2, 1.72% 6/13/19, LOC U.S. Bank NA, Cincinnati, CP 2,218 2,218 
Santa Clara Valley Wtr. District Wtr. Util. Rev. Series 2012 A, 1.42% 6/6/19, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., CP 9,680 9,680 
Santa Cruz Gen. Oblig. TRAN Series 2018, 4% 7/1/19 1,100 1,102 
  1,020,604 
Georgia - 0.4%   
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds:   
Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.52%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) 7,220 7,220 
Series 2010 A2, SIFMA Municipal Swap Index + 0.100% 1.52%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) 7,395 7,395 
  14,615 
Kentucky - 0.1%   
Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 2.05% tender 6/6/19, CP mode 2,300 2,300 
Massachusetts - 0.0%   
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds Series 1992, 1.7% tender 6/24/19, CP mode 1,800 1,800 
Michigan - 0.0%   
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.67%, tender 12/27/19 (a)(f) 200 200 
New Hampshire - 0.2%   
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds Series 1990 B:   
1.79% tender 6/13/19, CP mode 7,500 7,500 
1.84% tender 8/7/19, CP mode 600 600 
  8,100 
New Mexico - 0.1%   
New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2014 B, 1 month U.S. LIBOR + 0.750% 2.415%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(f) 3,900 3,900 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $1,052,826)  1,052,826 
 Shares (000s) Value (000s) 
Investment Company - 9.8%   
Fidelity Tax-Free Cash Central Fund, 2.31% (g)(h)   
(Cost $370,197) 370,165 370,197 
TOTAL INVESTMENT IN SECURITIES - 99.4%   
(Cost $3,745,335)  3,745,335 
NET OTHER ASSETS (LIABILITIES) - 0.6%  21,895 
NET ASSETS - 100%  $3,767,230 

Security Type Abbreviations

CP – COMMERCIAL PAPER

TRAN – TAX AND REVENUE ANTICIPATION NOTE

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

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

Legend

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

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

 (c) Coupon rates are determined by re-marketing agents based on current market conditions.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $158,030,000 or 4.2% of net assets.

 (e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,885,000 or 0.2% of net assets.

 (f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost (000s) 
Berks County Muni. Auth. Rev. Participating VRDN Series Floaters 001, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) 1/18/18 $2,400 
California Health Facilities Fing. Auth. Rev. Bonds Series Floaters G 44, 1.57%, tender 11/1/19 (Liquidity Facility Royal Bank of Canada) 8/2/18 $2,500 
California Health Facilities Fing. Auth. Rev. Participating VRDN Series Floaters 013, 1.54% 7/12/19 (Liquidity Facility Barclays Bank PLC) 6/15/17 - 1/16/19 $23,980 
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters 018, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) 10/15/18 - 2/12/19 $3,135 
Connecticut Gen. Oblig. Participating VRDN Series Floaters 014, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) 6/29/17 $2,700 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.6%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) 5/16/19 $1,700 
Dignity Health Participating VRDN Series 17 04, 1.54% 7/12/19 (Liquidity Facility Barclays Bank PLC) 10/5/17 - 2/25/19 $78,285 
Harris County Cultural Ed. Facilities Fin. Corp. Rev. Participating VRDN Series Floaters 010, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) 5/31/18 - 5/20/19 $4,200 
Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) 8/16/18 - 3/4/19 $5,605 
Los Angeles Wastewtr. Sys. Rev. Bonds Series Floaters G 26, 1.57%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) 7/12/18 $5,000 
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) 9/14/17 $1,090 
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) 3/9/17 - 8/6/18 $1,600 
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, 1.59%, tender 9/3/19 (Liquidity Facility Royal Bank of Canada) 2/2/18 - 8/3/18 $1,400 
Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 1.62%, tender 12/2/19 (Liquidity Facility Royal Bank of Canada) 8/2/18 $800 
South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.62%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) 5/16/19 $600 
Whittier Health Facilities Rev. Participating VRDN Series Floaters CTFS 030, 1.54% 7/12/19 (Liquidity Facility Barclays Bank PLC) 12/6/18 $23,035 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Tax-Free Cash Central Fund $1,410 
Total $1,410 

Amounts in the income column in the above table exclude any capital gain distributions from underlying funds.

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

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 significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder 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.




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/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

July 29, 2019


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



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

July 29, 2019



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

July 29, 2019