# EDGAR Filing Document

**Accession Number:** 0000718891
**File Stem:** 0000718891-25-000089
**Filing Date:** 2025-10
**Character Count:** 256727
**Document Hash:** 46b676fbcc596874d4bcf6eea23c69e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000718891-25-000089.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000718891-25-000089

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**EFFECTIVENESS DATE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CALIFORNIA MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000718891

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03725
- **FILM NUMBER:** 251411925

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CALIFORNIA TAX FREE FUND
- **DATE OF NAME CHANGE:** 19900618

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CALIFORNIA TAX EXEMPT MONEY MARKET TRUST
- **DATE OF NAME CHANGE:** 19840408

## Series and Classes Contracts Data

### Fidelity California Municipal Income Fund (Series ID: S000005447)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000014848 | Fidelity California Municipal Income Fund                  | FCTFX           |
| C000014912 | Fidelity Advisor California Municipal Income Fund: Class A | FCMAX           |
| C000014914 | Fidelity Advisor California Municipal Income Fund: Class C | FCMKX           |
| C000014915 | Fidelity Advisor California Municipal Income Fund: Class M | FCMTX           |
| C000014916 | Fidelity Advisor California Municipal Income Fund: Class I | FCMQX           |
| C000205052 | Fidelity Advisor California Municipal Income Fund: Class Z | FIJBX           |

### Fidelity California Limited Term Tax-Free Bond Fund (Series ID: S000005448)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000014849 | Fidelity California Limited Term Tax-Free Bond Fund | FCSTX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-03725</u>

<u>Fidelity California Municipal Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;February 28 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;August 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® California Municipal Income Fund<br> **Fidelity® California Municipal Income Fund : FCTFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® California Municipal Income Fund  | $22  | 0.43% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1763081187<br>|
| Number of Holdings | 737<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 39.2 |
| Transportation | 20.3 |
| Education | 10.8 |
| Health Care | 9.5 |
| Electric Utilities | 5.8 |
| Others(Individually Less Than 5%) | 14.8 |
| 100.4 | 100.4 |

---

---

| | |
|:---|:---|
| AAA | 0.6 |
| AA | 57.8 |
| A | 30.5 |
| BBB | 7.8 |
| Not Rated | 3.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img91_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 57.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 30.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img91_20250831_1.jpg)<br>| ![](img113950_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914511.101 91-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® California Municipal Income Fund<br> **Fidelity Advisor® California Municipal Income Fund Class Z : FIJBX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $20  | 0.40% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1763081187<br>|
| Number of Holdings | 737<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 39.2 |
| Transportation | 20.3 |
| Education | 10.8 |
| Health Care | 9.5 |
| Electric Utilities | 5.8 |
| Others(Individually Less Than 5%) | 14.8 |
| 100.4 | 100.4 |

---

---

| | |
|:---|:---|
| AAA | 0.6 |
| AA | 57.8 |
| A | 30.5 |
| BBB | 7.8 |
| Not Rated | 3.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img91_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 57.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 30.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img91_20250831_1.jpg)<br>| ![](img113951_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914510.101 3233-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® California Municipal Income Fund<br> **Fidelity Advisor® California Municipal Income Fund Class M : FCMTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $34  | 0.67% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1763081187<br>|
| Number of Holdings | 737<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 39.2 |
| Transportation | 20.3 |
| Education | 10.8 |
| Health Care | 9.5 |
| Electric Utilities | 5.8 |
| Others(Individually Less Than 5%) | 14.8 |
| 100.4 | 100.4 |

---

---

| | |
|:---|:---|
| AAA | 0.6 |
| AA | 57.8 |
| A | 30.5 |
| BBB | 7.8 |
| Not Rated | 3.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img91_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 57.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 30.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img91_20250831_1.jpg)<br>| ![](img113952_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914508.101 1102-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® California Municipal Income Fund<br> **Fidelity Advisor® California Municipal Income Fund Class I : FCMQX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $26  | 0.52% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1763081187<br>|
| Number of Holdings | 737<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 39.2 |
| Transportation | 20.3 |
| Education | 10.8 |
| Health Care | 9.5 |
| Electric Utilities | 5.8 |
| Others(Individually Less Than 5%) | 14.8 |
| 100.4 | 100.4 |

---

---

| | |
|:---|:---|
| AAA | 0.6 |
| AA | 57.8 |
| A | 30.5 |
| BBB | 7.8 |
| Not Rated | 3.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img91_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 57.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 30.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img91_20250831_1.jpg)<br>| ![](img113953_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914509.101 1103-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® California Municipal Income Fund<br> **Fidelity Advisor® California Municipal Income Fund Class C : FCMKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $74  | 1.48% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1763081187<br>|
| Number of Holdings | 737<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 39.2 |
| Transportation | 20.3 |
| Education | 10.8 |
| Health Care | 9.5 |
| Electric Utilities | 5.8 |
| Others(Individually Less Than 5%) | 14.8 |
| 100.4 | 100.4 |

---

---

| | |
|:---|:---|
| AAA | 0.6 |
| AA | 57.8 |
| A | 30.5 |
| BBB | 7.8 |
| Not Rated | 3.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img91_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 57.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 30.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img91_20250831_1.jpg)<br>| ![](img113954_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914507.101 1101-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® California Municipal Income Fund<br> **Fidelity Advisor® California Municipal Income Fund Class A : FCMAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® California Municipal Income Fund for the period March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $38  | 0.76% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1763081187<br>|
| Number of Holdings | 737<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 39.2 |
| Transportation | 20.3 |
| Education | 10.8 |
| Health Care | 9.5 |
| Electric Utilities | 5.8 |
| Others(Individually Less Than 5%) | 14.8 |
| 100.4 | 100.4 |

---

---

| | |
|:---|:---|
| AAA | 0.6 |
| AA | 57.8 |
| A | 30.5 |
| BBB | 7.8 |
| Not Rated | 3.7 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img91_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 57.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 30.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.4)%  |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img91_20250831_1.jpg)<br>| ![](img113955_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914506.101 1099-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® California Limited Term Tax-Free Bond Fund<br> **Fidelity® California Limited Term Tax-Free Bond Fund : FCSTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® California Limited Term Tax-Free Bond Fund for the period March 1, 2025 to August 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® California Limited Term Tax-Free Bond Fund  | $15  | 0.30% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $599338067<br>|
| Number of Holdings | 301<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 47.0 |
| Health Care | 11.4 |
| Education | 10.7 |
| Electric Utilities | 6.2 |
| Water & Sewer | 6.1 |
| Transportation | 5.7 |
| Others(Individually Less Than 5%) | 10.1 |
| 97.2 | 97.2 |

---

---

| | |
|:---|:---|
| AAA | 3.8 |
| AA | 63.0 |
| A | 21.6 |
| BBB | 6.1 |
| Not Rated | 2.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.8 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1534_20250831_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 63.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 21.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 2.8 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1534_20250831_1.jpg)<br>| ![](img113956_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914563.101 1534-TSRS-1025 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® California Municipal Income Fund**

**Semi-Annual Report**

**August 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img114169_1.jpg)

![](img114169_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CFL-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® California Municipal Income Fund](#Sub_Sec_Fund_91_CFL-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements91_CFL-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CFL-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CFL-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CFL-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CFL-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® California Municipal Income Fund**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 100.4%** | &nbsp;&nbsp;**Municipal Securities - 100.4%** | &nbsp;&nbsp;**Municipal Securities - 100.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| California - 98.3%  |  |  |
| Education - 10.8% |  |  |
| CA Mun Fin Auth Student Hsg Rev (Chf Riverside Proj.) 5% 5/15/2033  | 1345000 | 1396407 |
| CA Mun Fin Auth Student Hsg Rev (Chf Riverside Proj.) 5% 5/15/2035  | 1955000 | 2010236 |
| CA Mun Fin Auth Student Hsg Rev (Chf Riverside Proj.) 5% 5/15/2036  | 1500000 | 1535031 |
| CA Mun Fin Auth Student Hsg Rev (Chf Riverside Proj.) 5% 5/15/2043  | 1500000 | 1472596 |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) 5% 5/15/2034  | 10000000 | 10333796 |
| CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 4% 5/15/2046 (Build America Mutual Assurance Co Insured)  | 2000000 | 1769584 |
| California Edl Facs Auth Rev (Pomona College Proj.) 0% 7/1/2038 (b) | 3155000 | 1872190 |
| California Edl Facs Auth Rev (Santa Clara Univ, CA Proj.) 5.25% 9/1/2026 (Ambac Assurance Corp Insured)  | 5410000 | 5496756 |
| California Educational Facilities Authority (Chapman University, CA Proj.) Series 2021 A, 5% 4/1/2029  | 400000 | 437501 |
| California Educational Facilities Authority (Chapman University, CA Proj.) Series 2021 A, 5% 4/1/2030  | 425000 | 473449 |
| California Educational Facilities Authority (Chapman University, CA Proj.) Series 2021 A, 5% 4/1/2031  | 460000 | 519107 |
| California Educational Facilities Authority (Mount St Marys University Proj.) Series 2018A, 5% 10/1/2034  | 760000 | 795666 |
| California Educational Facilities Authority (Mount St Marys University Proj.) Series 2018A, 5% 10/1/2036  | 840000 | 870581 |
| California Educational Facilities Authority (Mount St Marys University Proj.) Series 2018A, 5% 10/1/2038  | 620000 | 634014 |
| California Educational Facilities Authority (Santa Clara Univ, CA Proj.) Series 2017 C, 5% 4/1/2030  | 650000 | 692620 |
| California Educational Facilities Authority (Santa Clara Univ, CA Proj.) Series 2017 C, 5% 4/1/2031  | 890000 | 943587 |
| California Educational Facilities Authority (Santa Clara Univ, CA Proj.) Series 2017 C, 5% 4/1/2033  | 1245000 | 1309263 |
| California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2025  | 305000 | 305407 |
| California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2026  | 715000 | 730329 |
| California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2027  | 500000 | 520220 |
| California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2028  | 2130000 | 2214244 |
| California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2032  | 1000000 | 1027310 |
| California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2036  | 1250000 | 1268136 |
| California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2037  | 370000 | 374273 |
| California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2039  | 1750000 | 1759852 |
| California Mun Fin Auth Rev (California Baptist Univ Proj.) 5% 11/1/2036 (c) | 1000000 | 1000752 |
| California Mun Fin Auth Rev (University of LA Verne Proj.) 5% 6/1/2027  | 1000000 | 1043760 |
| California Mun Fin Auth Rev (University of LA Verne Proj.) 5% 6/1/2030  | 1555000 | 1597304 |
| California Mun Fin Auth Rev (University of LA Verne Proj.) 5% 6/1/2032  | 1000000 | 1021742 |
| California Mun Fin Auth Rev (University of LA Verne Proj.) 5% 6/1/2033  | 1000000 | 1019235 |
| California Mun Fin Auth Rev (University of LA Verne Proj.) 5% 6/1/2035  | 1000000 | 1014379 |
| California Mun Fin Auth Rev (University of LA Verne Proj.) Series A, 5% 6/1/2043  | 3750000 | 3668582 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2031  | 200000 | 208447 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2032  | 225000 | 233343 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2033  | 225000 | 232234 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2034  | 225000 | 231141 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2035  | 225000 | 230266 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2036  | 250000 | 254831 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2037  | 485000 | 492567 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2038  | 345000 | 348672 |
| California Mun Fn Auth Rev (California Inst of The Arts Proj.) 4% 10/1/2033  | 250000 | 248264 |
| California Mun Fn Auth Rev (California Inst of The Arts Proj.) 4% 10/1/2034  | 420000 | 412221 |
| California Mun Fn Auth Rev (California Inst of The Arts Proj.) 4% 10/1/2037  | 160000 | 150025 |
| California Mun Fn Auth Rev (California Inst of The Arts Proj.) 4% 10/1/2046  | 960000 | 792997 |
| California Mun Fn Auth Rev (California Inst of The Arts Proj.) 4% 10/1/2051  | 1150000 | 901746 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2030  | 3000000 | 3250010 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2031  | 2000000 | 2155442 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2032  | 3000000 | 3216304 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2035  | 1780000 | 1882659 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2036  | 1125000 | 1184332 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2037  | 1475000 | 1546280 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2040  | 2500000 | 2575123 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2041  | 3865000 | 3955835 |
| California Mun Fn Auth Rev (Samuel Merritt University Proj.) 5.25% 6/1/2053  | 7500000 | 7690754 |
| California St Univ Rev Series 2020C, 3% 11/1/2035  | 1205000 | 1119109 |
| California St Univ Rev Series 2021 A, 3% 11/1/2052  | 4500000 | 3112742 |
| California St Univ Rev Series 2023A, 5.25% 11/1/2048  | 2965000 | 3098834 |
| California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 5% 1/1/2033  | 1625000 | 1695362 |
| California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 5% 1/1/2043  | 9300000 | 9404683 |
| California Statewide Community Development Authority Rev (California Baptist Univ Proj.) 5% 11/1/2032 (c) | 1135000 | 1153107 |
| California Statewide Community Development Authority Rev (Lancer Educational Housing LLC Proj.) Series 2019 A, 5% 6/1/2034 (c) | 375000 | 382290 |
| California Statewide Community Development Authority Rev (Lancer Educational Housing LLC Proj.) Series 2019 A, 5% 6/1/2039 (c) | 475000 | 465765 |
| California Statewide Community Development Authority Rev (Lancer Educational Housing LLC Proj.) Series 2019 A, 5% 6/1/2051 (c) | 8225000 | 7305737 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2034  | 1250000 | 1258852 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2035  | 4725000 | 4753926 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2040  | 2250000 | 2251398 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2017, 5% 5/15/2047  | 1000000 | 997571 |
| Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2032  | 520000 | 536939 |
| Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2033  | 250000 | 256114 |
| Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2034  | 430000 | 437114 |
| Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2036  | 600000 | 601758 |
| Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2041  | 2530000 | 2356570 |
| Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2046  | 2055000 | 1833921 |
| Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2051  | 2500000 | 2171884 |
| University CA Revs 3% 5/15/2051  | 22435000 | 15724034 |
| University CA Revs 5% 5/15/2038  | 7550000 | 8313490 |
| University CA Revs Series 2017M, 3% 5/15/2037  | 975000 | 875966 |
| University CA Revs Series 2024 BW, 5% 5/15/2031  | 4000000 | 4581242 |
| University CA Revs Series 2024 BW, 5% 5/15/2033  | 5000000 | 5805999 |
| University CA Revs Series 2024 BW, 5% 5/15/2035  | 10000000 | 11408386 |
| University CA Revs Series 2025 BZ, 5% 5/15/2032  | 15000000 | 17317614 |
|  |  | 192541809 |
| Electric Utilities - 5.8% |  |  |
| Los Angeles CA Wtr & Pwr Rev Series 2021 C, 5% 7/1/2030  | 1395000 | 1540034 |
| Los Angeles CA Wtr & Pwr Rev Series 2021 C, 5% 7/1/2031  | 1030000 | 1146310 |
| Los Angeles CA Wtr & Pwr Rev Series 2022 B, 5% 7/1/2031  | 4680000 | 5208478 |
| Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2030  | 1000000 | 1103967 |
| Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2034  | 2785000 | 3079750 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 B, 5% 7/1/2038  | 1050000 | 1110812 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 B, 5% 7/1/2039  | 795000 | 835502 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 C, 5% 7/1/2034  | 1850000 | 2056611 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 C, 5% 7/1/2035  | 980000 | 1075946 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 C, 5% 7/1/2044  | 2125000 | 2162316 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 C, 5% 7/1/2045  | 3000000 | 3040711 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2033  | 1165000 | 1303279 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2035  | 2570000 | 2834458 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2048  | 850000 | 854457 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2054  | 7410000 | 7387663 |
| Los Angeles CA Wtr & Pwr Rev Series 2024A, 5% 7/1/2029  | 6310000 | 6855251 |
| Los Angeles CA Wtr & Pwr Rev Series 2024A, 5% 7/1/2034  | 4900000 | 5447239 |
| Los Angeles CA Wtr & Pwr Rev Series 2024A, 5% 7/1/2037  | 660000 | 707978 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2035 (Build America Mutual Assurance Co Insured)  | 1000000 | 1111995 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2036 (Build America Mutual Assurance Co Insured)  | 1000000 | 1099341 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2037 (Build America Mutual Assurance Co Insured)  | 1000000 | 1083993 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2038 (Build America Mutual Assurance Co Insured)  | 1000000 | 1067615 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2039 (Build America Mutual Assurance Co Insured)  | 1000000 | 1059900 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2040 (Build America Mutual Assurance Co Insured)  | 1000000 | 1050273 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2041 (Build America Mutual Assurance Co Insured)  | 1250000 | 1303516 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2042 (Build America Mutual Assurance Co Insured)  | 1000000 | 1033081 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2043 (Build America Mutual Assurance Co Insured)  | 1750000 | 1793436 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5.25% 7/1/2044 (Build America Mutual Assurance Co Insured)  | 2250000 | 2347397 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5.25% 7/1/2045 (Build America Mutual Assurance Co Insured)  | 2000000 | 2077670 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5.25% 7/1/2046 (Build America Mutual Assurance Co Insured)  | 1500000 | 1554098 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2031  | 10000000 | 11129228 |
| Middle Fork Project Finance Authority Series 2020, 5% 4/1/2027  | 190000 | 195330 |
| Middle Fork Project Finance Authority Series 2020, 5% 4/1/2028  | 3350000 | 3500760 |
| Modesto Calif Irr Dist Fing Auth Elec Sys Rev Series 2019 A, 5% 10/1/2039  | 1500000 | 1554929 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5.25% 7/1/2050 (Build America Mutual Assurance Co Insured)  | 15160000 | 15541600 |
| Transmission Agency of Northern California Series 2016A, 5% 5/1/2039  | 1500000 | 1509922 |
| Vernon Calif Elec Sys Rev Series 2022A, 5% 8/1/2036  | 1490000 | 1580760 |
| Vernon Calif Elec Sys Rev Series 2022A, 5% 8/1/2038  | 825000 | 856485 |
| Vernon Calif Elec Sys Rev Series 2022A, 5% 8/1/2039  | 1275000 | 1314299 |
| Vernon Calif Elec Sys Rev Series 2022A, 5% 8/1/2041  | 420000 | 425817 |
|  |  | 101942207 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| California Health Facilities Financing Authority Series 2020 A, 4% 4/1/2049 (Pre-refunded to 4/1/2030 at 100)  | 495000 | 529905 |
| California Mun Fin Auth Rev Series 2017, 5% 1/1/2033 (Pre-refunded to 1/1/2028 at 100)  | 500000 | 533476 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (Pre-refunded to 11/15/2031 at 100) (d) | 265000 | 287395 |
| Oceanside Calif Uni Sch Dist 0% 8/1/2031 (Escrowed to Maturity) (b) | 125000 | 105144 |
| Port Oakland Calif Rev 5% 11/1/2025 (Escrowed to Maturity) (d) | 65000 | 65255 |
| Port Oakland Calif Rev 5% 11/1/2026 (Escrowed to Maturity) (d) | 70000 | 72091 |
| Port Oakland Calif Rev 5% 11/1/2028 (Pre-refunded to 11/1/2027 at 100) (d) | 105000 | 110853 |
| Port Oakland Calif Rev 5% 11/1/2029 (Pre-refunded to 11/1/2027 at 100) (d) | 75000 | 79180 |
| Port Oakland Calif Rev 5% 5/1/2028 (Escrowed to Maturity) (d) | 20000 | 21362 |
| South Bayside Waste Mgmt Auth Calif Solid Waste Enterprise Series 2019A, 5% 9/1/2042  | 45000 | 49178 |
|  |  | 1853839 |
| General Obligations - 38.6% |  |  |
| Abc Calif Uni Sch Dist 0% 8/1/2031 (National Public Finance Guarantee Corporation Insured) (b) | 2810000 | 2339965 |
| Abc Calif Uni Sch Dist 0% 8/1/2032 (National Public Finance Guarantee Corporation Insured) (b) | 3900000 | 3111060 |
| Alhambra CA Uni Sch Dist 0% 8/1/2038 (Assured Guaranty Inc Insured) (b) | 5000000 | 2895245 |
| Anaheim City School District/CA Series 2016, 3% 8/1/2046  | 870000 | 633178 |
| Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2034 (g) | 1175000 | 1283854 |
| Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2037 (g) | 1360000 | 1463299 |
| Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2040 (g) | 1575000 | 1636682 |
| Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2043 (g) | 2000000 | 2015514 |
| Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2044 (g) | 1675000 | 1681103 |
| Brisbane Calif Sch Dist 3% 8/1/2042  | 1065000 | 830814 |
| California Community Choice Financing Authority 5% 12/1/2027 (Athene Annuity And Life Company Guaranteed)  | 570000 | 591103 |
| California Community Choice Financing Authority 5% 12/1/2028 (Athene Annuity And Life Company Guaranteed)  | 760000 | 799250 |
| California Community Choice Financing Authority 5% 12/1/2029 (Athene Annuity And Life Company Guaranteed)  | 760000 | 808069 |
| California Community Choice Financing Authority 5% 12/1/2030 (Athene Annuity And Life Company Guaranteed)  | 910000 | 973636 |
| California Community Choice Financing Authority 5% 12/1/2031 (Athene Annuity And Life Company Guaranteed)  | 1025000 | 1096994 |
| California Community Choice Financing Authority 5% 12/1/2032 (Athene Annuity And Life Company Guaranteed)  | 1705000 | 1814205 |
| California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (f) | 3400000 | 3548793 |
| California Community Choice Financing Authority 5% tender 2/1/2055 (Morgan Stanley Guaranteed) (f) | 7090000 | 7597759 |
| California Community Choice Financing Authority 5% tender 2/1/2055 (Royal Bank of Canada Guaranteed) (f) | 14925000 | 16068683 |
| California Community Choice Financing Authority 5.25% tender 11/1/2054 (Goldman Sachs Group Inc/The Guaranteed) (f) | 3840000 | 4110717 |
| California Community Choice Financing Authority Series 2023 F, 5.5% tender 10/1/2054 (National Bank of Canada Guaranteed) (f) | 3825000 | 4108784 |
| California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (f) | 6405000 | 6804493 |
| California Community Choice Financing Authority Series 2024G, 5% tender 11/1/2055 (Athene Annuity And Life Company Guaranteed) (f) | 4480000 | 4671140 |
| California Community Choice Financing Authority Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (f) | 6580000 | 6798676 |
| California Community Choice Financing Authority Series 2025B, 5% tender 3/1/2056 (Pacific Life Insurance Co Guaranteed) (f) | 10000000 | 10693455 |
| California Community Choice Financing Authority Series 2025D, 5% tender 10/1/2055 (Global Atlantic Fin Co Guaranteed) (f) | 15000000 | 15765251 |
| California Mun Fin Auth Lease Rev (Orange County CA Proj.) Series 2017A, 5% 6/1/2032  | 2750000 | 2853204 |
| California Mun Fin Auth Lease Rev (Orange County CA Proj.) Series 2017A, 5% 6/1/2033  | 2320000 | 2399222 |
| California Mun Fin Auth Lease Rev (Orange County CA Proj.) Series 2017A, 5% 6/1/2036  | 5830000 | 5975294 |
| California St Pub Wks Brd Lse 5% 4/1/2041  | 3655000 | 3916960 |
| California St Pub Wks Brd Lse Series 2016D, 4% 4/1/2033  | 1660000 | 1670666 |
| California St Pub Wks Brd Lse Series 2020 D, 2.25% 11/1/2039  | 2440000 | 1823103 |
| Carlsbad CA Unified School Dis Series 2017 A, 4% 5/1/2031  | 1500000 | 1530548 |
| Carlsbad CA Unified School Dis Series B, 3% 8/1/2046  | 3185000 | 2356166 |
| Center Joint CA Unified Sch Dist Series 2021 B, 3% 8/1/2051  | 3500000 | 2451964 |
| Central Valley Energy Authority Series 2025, 5% tender 12/1/2055 (Pacific Life Insurance Co Guaranteed) (f) | 9535000 | 10241261 |
| Cerritos CA Cmnty College Dist Gen. Oblig. Series 2012 D, 0% 8/1/2035 (b) | 895000 | 628304 |
| Chico Calif Uni Sch Dist Series C, 3% 8/1/2040  | 600000 | 492525 |
| City of Fresno Unified School 5% 8/1/2034  | 100000 | 110353 |
| City of Fresno Unified School 5% 8/1/2035  | 175000 | 190745 |
| City of Fresno Unified School 5% 8/1/2036  | 235000 | 253341 |
| City of Fresno Unified School 5% 8/1/2037  | 150000 | 160674 |
| City of Fresno Unified School 5% 8/1/2038  | 300000 | 318896 |
| City of Fresno Unified School 5% 8/1/2039  | 350000 | 370075 |
| City of Fresno Unified School 5% 8/1/2040  | 400000 | 420709 |
| City of Fresno Unified School 5% 8/1/2041  | 435000 | 454831 |
| City of Fresno Unified School 5% 8/1/2042  | 500000 | 519942 |
| City of Oakland CA Gen. Oblig. Series 2020B 1, 2.25% 1/15/2039  | 2455000 | 1840991 |
| Davis Calif Jt Uni Sch Dist Yolo Cnty Series 2020, 3% 8/1/2041 (Build America Mutual Assurance Co Insured)  | 4695000 | 3721022 |
| Desert Calif Cmty College Dist Gen. Oblig. 2% 8/1/2037  | 625000 | 480826 |
| Dry Creek Calif Jt Elem Sch Dist 0% 8/1/2034 (b) | 2935000 | 2135301 |
| El Rancho Calif Uni Sch Dist 3% 8/1/2046 (Assured Guaranty Inc Insured)  | 1000000 | 736968 |
| Escondido CA Un High Sch Dist 0% 8/1/2033 (Assured Guaranty Inc Insured) (b) | 5655000 | 4377139 |
| Escondido CA Un High Sch Dist 0% 8/1/2034 (Assured Guaranty Inc Insured) (b) | 3500000 | 2580033 |
| Fontana CA Uni Sch Dist Series 2020, 2.375% 8/1/2044 (Assured Guaranty Inc Insured)  | 5500000 | 3504246 |
| Foster City Calif Gen. Oblig. Series 2020, 3% 8/1/2045  | 6500000 | 4885230 |
| Gateway CA Uni Sch Dist 0% 8/1/2036 (National Public Finance Guarantee Corporation Insured) (b) | 2315000 | 1510661 |
| Glendale CA Uni Sch Dist Series 2016C, 3% 9/1/2039  | 5040000 | 4310101 |
| Glendora Calif Uni Sch Dist 0% 8/1/2036 (Assured Guaranty Inc Insured) (b) | 2845000 | 1886570 |
| Grossmont-Cuyamaca Ccd Gen. Oblig. 4% 8/1/2046  | 4250000 | 3857216 |
| Hayward Unified School District 5.25% 8/1/2050 (Assured Guaranty Inc Insured)  | 11200000 | 11595820 |
| Huntington Beach Calif Un High Sch Dist Ctfs Partn (Huntington Beach CA Un High Sch Dist Proj.) 2.125% 9/1/2039 (Assured Guaranty Inc Insured)  | 1260000 | 897394 |
| Lammersville Calif Schs Fin Auth Lease Rev (Lammersville CA Joint Uni Sch Dist Proj.) Series 2019, 3% 10/1/2049  | 3000000 | 2127458 |
| Lindsay Calif Uni Sch Dist 0% 8/1/2032 (Assured Guaranty Inc Insured) (b) | 695000 | 552149 |
| Lindsay Calif Uni Sch Dist 0% 8/1/2033 (Assured Guaranty Inc Insured) (b) | 715000 | 541925 |
| Lindsay Calif Uni Sch Dist 0% 8/1/2034 (Assured Guaranty Inc Insured) (b) | 675000 | 486802 |
| Livermore Valley CA Jt Uni Sch Series 2016A, 3% 8/1/2046  | 100000 | 73253 |
| Local Pub Schs Fdg Auth Sch Facs Impt Dist No 2016-1 Calif Series 2020 A, 3% 8/1/2046  | 2725000 | 2006316 |
| Lodi Calif Uni Sch Dist Series 2020, 3% 8/1/2043  | 3000000 | 2280026 |
| Lodi Calif Uni Sch Dist Series 2021, 3% 8/1/2046  | 1015000 | 741116 |
| Long Beach CA Cmnty College Gen. Oblig. 3% 8/1/2036  | 300000 | 273141 |
| Long Beach CA Cmnty College Gen. Oblig. Series 2008A, 0% 6/1/2031 (Assured Guaranty Inc Insured) (b) | 8285000 | 6987663 |
| Long Beach CA Cmnty College Gen. Oblig. Series 2008A, 0% 6/1/2033 (Assured Guaranty Inc Insured) (b) | 8830000 | 6829657 |
| Long Beach CA Uni Sch Dist Series 2009A, 5.25% 8/1/2033  | 410000 | 411910 |
| Long Beach CA Uni Sch Dist Series 2009A, 5.75% 8/1/2033  | 170000 | 170842 |
| Long Beach CA Uni Sch Dist Series F, 3% 8/1/2047  | 7750000 | 5512963 |
| Long Beach CA Uni Sch Dist Series G, 0% 8/1/2032 (b) | 1000000 | 800426 |
| Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) Series 2021F, 2.625% 12/1/2051  | 1900000 | 1208274 |
| Los Angeles Cnty CA Pub Wks Series 2025J, 5.5% 12/1/2054 (g) | 5500000 | 5830879 |
| Los Angeles Unified School District/CA Series 2019A, 3% 1/1/2034  | 5785000 | 5560613 |
| Los Angeles Unified School District/CA Series 2020 C, 3% 7/1/2035  | 4040000 | 3782009 |
| Los Angeles Unified School District/CA Series 2020 C, 3% 7/1/2038  | 1000000 | 879897 |
| Los Rios CA Cmnty College Dist Gen. Oblig. Series D, 3% 8/1/2044  | 2000000 | 1509874 |
| Marin Cnty CA Ctfs Partn (Marin Cnty CA Proj.) 4% 11/1/2040  | 6765000 | 6515977 |
| Mendocino Calif Uni Sch Dist 3% 8/1/2051  | 3000000 | 2059653 |
| Mendocino-Lake Cmnty College Dist Calif Gen. Oblig. Series 2022 A, 3% 8/1/2041  | 1175000 | 934742 |
| Mendota Calif Uni Sch Dist 3.375% 8/1/2048 (Build America Mutual Assurance Co Insured)  | 1300000 | 978412 |
| Merced Calif Un High Sch Dist 0% 8/1/2030 (Assured Guaranty Inc Insured) (b) | 1000000 | 871558 |
| Miracosta CA Cmnty Clg Dist Gen. Oblig. Series B, 2% 8/1/2040  | 1050000 | 728212 |
| Monrovia Calif Uni Sch Dist 0% 8/1/2033 (National Public Finance Guarantee Corporation Insured) (b) | 2625000 | 2014504 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2031  | 500000 | 507518 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2032  | 500000 | 506875 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2033  | 1800000 | 1822513 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2034  | 1345000 | 1360249 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2035  | 1895000 | 1914354 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2036  | 2000000 | 2017851 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2041  | 6155000 | 6177773 |
| Monterey Peninsula CA Cmnty College Dist Gen. Oblig. Series 2016, 3% 8/1/2034  | 270000 | 256768 |
| Moreno Valley CA Uni Sch Dist Series A, 5% 8/1/2039 (Build America Mutual Assurance Co Insured)  | 745000 | 816860 |
| Moreno Valley CA Uni Sch Dist Series A, 5% 8/1/2040 (Build America Mutual Assurance Co Insured)  | 650000 | 700908 |
| Moreno Valley CA Uni Sch Dist Series A, 5.25% 8/1/2041 (Build America Mutual Assurance Co Insured)  | 755000 | 820062 |
| Moreno Valley CA Uni Sch Dist Series A, 5.25% 8/1/2042 (Build America Mutual Assurance Co Insured)  | 1350000 | 1452030 |
| Moreno Valley CA Uni Sch Dist Series A, 5.25% 8/1/2043 (Build America Mutual Assurance Co Insured)  | 1250000 | 1335306 |
| Moreno Valley CA Uni Sch Dist Series A, 5.25% 8/1/2044 (Build America Mutual Assurance Co Insured)  | 1120000 | 1189635 |
| Moreno Valley CA Uni Sch Dist Series A, 5.25% 8/1/2045 (Build America Mutual Assurance Co Insured)  | 1300000 | 1374627 |
| Moreno Valley CA Uni Sch Dist Series E, 5% 8/1/2039 (Build America Mutual Assurance Co Insured)  | 700000 | 767519 |
| Moreno Valley CA Uni Sch Dist Series E, 5% 8/1/2040 (Build America Mutual Assurance Co Insured)  | 775000 | 835698 |
| Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2041 (Build America Mutual Assurance Co Insured)  | 775000 | 841785 |
| Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2042 (Build America Mutual Assurance Co Insured)  | 1000000 | 1075578 |
| Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2043 (Build America Mutual Assurance Co Insured)  | 1200000 | 1281893 |
| Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2044 (Build America Mutual Assurance Co Insured)  | 2000000 | 2124347 |
| Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2045 (Build America Mutual Assurance Co Insured)  | 2000000 | 2114810 |
| Moreno Valley CA Uni Sch Dist Series E, 5.25% 8/1/2048 (Build America Mutual Assurance Co Insured)  | 5000000 | 5219719 |
| Mount San Antonio CA Cmnty College Dist Gen. Oblig. Series 2021 C, 2% 8/1/2039  | 3670000 | 2659154 |
| Mountain View Calif Sch Dist Sch Facs Impt Dist No 2 San Bernardino Cnty Series 2024 B, 4% 8/1/2049 (Build America Mutual Assurance Co Insured)  | 5000000 | 4447399 |
| Mountain View Calif Sch Dist Sch Facs Impt Dist No 2 San Bernardino Cnty Series 2024 B, 4% 8/1/2054 (Build America Mutual Assurance Co Insured)  | 10000000 | 8648610 |
| Muroc Calif Jt Uni Sch Dist Series B, 5.25% 8/1/2047  | 4375000 | 4452235 |
| Murrieta Vy CA Uni Sch Dist 0% 9/1/2032 (Assured Guaranty Inc Insured) (b) | 5000000 | 3998410 |
| Norwalk-Mirada CA Uni Sch Dist 0% 8/1/2033 (Assured Guaranty Inc Insured) (b) | 5755000 | 4461485 |
| Novato CA Uni Sch Dist Series 2020 C, 2% 8/1/2039  | 5810000 | 4194025 |
| Oakland CA Uni Sch Dist Alameda Cnty Series 2016A, 3% 8/1/2041  | 1335000 | 1049423 |
| Oceanside Calif Uni Sch Dist 0% 8/1/2031 (b) | 4875000 | 4071386 |
| Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2036  | 1185000 | 1336493 |
| Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2037  | 1000000 | 1114093 |
| Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2038  | 1650000 | 1813558 |
| Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2039  | 1000000 | 1088878 |
| Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2040  | 1000000 | 1079037 |
| Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2041  | 1000000 | 1066521 |
| Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2042  | 1025000 | 1081366 |
| Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2043  | 1100000 | 1151447 |
| Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2044  | 1000000 | 1038180 |
| Ontario Calif Pub Fing Auth Lease Rev (Ontario CA Proj.) Series 2025A, 5% 11/1/2045  | 1000000 | 1033397 |
| Palm Springs CA Uni Sch Dist Series A, 1.5% 8/1/2032 (Assured Guaranty Inc Insured)  | 2360000 | 2026892 |
| Palm Springs CA Uni Sch Dist Series A, 1.5% 8/1/2033 (Assured Guaranty Inc Insured)  | 2725000 | 2258953 |
| Palm Springs CA Uni Sch Dist Series A, 1.75% 8/1/2034 (Assured Guaranty Inc Insured)  | 3000000 | 2447400 |
| Palomar Calif Cmnty College Dist Gen. Oblig. Series 2017, 5% 8/1/2035  | 1410000 | 1453385 |
| Palomar Pomerado Health Calif (Palomar Health Calif Proj.) Gen. Oblig. 0% 8/1/2026 (National Public Finance Guarantee Corporation Insured) (b) | 4870000 | 4685496 |
| Panama-Buena Vista Uni Sch Dist CA 2.625% 8/1/2037  | 2360000 | 1974484 |
| Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2040 (b) | 1000000 | 509195 |
| Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2041 (b) | 1000000 | 476632 |
| Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2042 (b) | 1000000 | 451178 |
| Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2043 (b) | 1000000 | 425084 |
| Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2044 (b) | 1100000 | 439547 |
| Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2045 (b) | 1150000 | 432775 |
| Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2046 (b) | 1000000 | 355735 |
| Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2047 (b) | 1000000 | 337226 |
| Pasadena Calif Pub Fing Auth Lease Rev (Pasadena CA Proj.) 0% 6/1/2048 (b) | 1025000 | 326144 |
| Perris Calif Un High Sch Dist Series C, 3% 9/1/2045  | 2540000 | 1882098 |
| Placentia-Yorba Linda CA Usd Series D, 0% 8/1/2036 (b) | 400000 | 263831 |
| Pomona CA Uni Sch Dist Series D, 2.375% 8/1/2045 (Assured Guaranty Inc Insured)  | 8510000 | 5447379 |
| Pomona CA Uni Sch Dist Series D, 2.5% 8/1/2048 (Assured Guaranty Inc Insured)  | 10000000 | 6236839 |
| Pomona CA Uni Sch Dist Series F, 3% 8/1/2048  | 4000000 | 2854139 |
| Poway CA Unified Sch Dist 0% 8/1/2032 (b) | 13070000 | 10563750 |
| Poway CA Unified Sch Dist 0% 8/1/2033 (b) | 7215000 | 5576625 |
| Poway CA Unified Sch Dist 0% 8/1/2035 (b) | 10120000 | 7084252 |
| Poway CA Unified Sch Dist 0% 8/1/2037 (b) | 6325000 | 3951284 |
| Poway CA Unified Sch Dist 0% 8/1/2038 (b) | 3200000 | 1872265 |
| Poway CA Unified Sch Dist 0% 8/1/2041 (b) | 12740000 | 6193509 |
| Poway CA Unified Sch Dist 0% 8/1/2046 (b) | 10150000 | 3534999 |
| Rio Hondo Calif Cmnty College Dist 6.85% 8/1/2042 (e) | 6830000 | 8223195 |
| Sacramento CA City Uni Sch Dis 4% 8/1/2044 (Assured Guaranty Inc Insured)  | 2250000 | 2088160 |
| Sacramento CA City Uni Sch Dis 5% 8/1/2041  | 1870000 | 1941571 |
| Sacramento CA City Uni Sch Dis 5.5% 8/1/2047  | 2500000 | 2605448 |
| Sacramento CA City Uni Sch Dis Series 2019 D, 3% 8/1/2049  | 275000 | 196604 |
| Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2033 (Build America Mutual Assurance Co Insured)  | 1500000 | 1718868 |
| Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2034 (Build America Mutual Assurance Co Insured)  | 400000 | 453387 |
| Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2035 (Build America Mutual Assurance Co Insured)  | 475000 | 533031 |
| Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2036 (Build America Mutual Assurance Co Insured)  | 500000 | 555437 |
| Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2037 (Build America Mutual Assurance Co Insured)  | 1400000 | 1540261 |
| Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2038 (Build America Mutual Assurance Co Insured)  | 1000000 | 1087532 |
| Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2039 (Build America Mutual Assurance Co Insured)  | 450000 | 485806 |
| Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2043 (Build America Mutual Assurance Co Insured)  | 1300000 | 1362305 |
| Sacramento CA City Uni Sch Dis Series 2024B, 5% 8/1/2044 (Build America Mutual Assurance Co Insured)  | 650000 | 677845 |
| San Bernadino Cty Un Sch Dist Series F, 3% 8/1/2044 (Assured Guaranty Inc Insured)  | 9200000 | 6943694 |
| San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) 5% 10/15/2031  | 650000 | 651623 |
| San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series 2024A, 5% 10/15/2031  | 1000000 | 1139458 |
| San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series 2024A, 5% 10/15/2032  | 850000 | 977618 |
| San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series 2024A, 5% 10/15/2033  | 1100000 | 1273179 |
| San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series 2024A, 5% 10/15/2034  | 615000 | 714407 |
| San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series 2024A, 5% 10/15/2035  | 825000 | 947443 |
| San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series 2024A, 5% 10/15/2036  | 1000000 | 1135605 |
| San Diego CA Uni Sch Dist 0% 7/1/2030 (b) | 1680000 | 1470996 |
| San Diego CA Uni Sch Dist 0% 7/1/2037 (b) | 1300000 | 829315 |
| San Diego CA Uni Sch Dist 0% 7/1/2047 (e) | 8700000 | 6508315 |
| San Diego CA Uni Sch Dist Series 2010C, 0% 7/1/2045 (b) | 4770000 | 1858719 |
| San Diego CA Uni Sch Dist Series 2012 E, 0% 7/1/2033 (b) | 1195000 | 922759 |
| San Francisco CA City & Cnty Gen. Oblig. Series 2020B, 2% 6/15/2035  | 1000000 | 823016 |
| San Francisco CA Cmnty College Dist Gen. Oblig. Series B, 5.25% 6/15/2049  | 1900000 | 1982299 |
| San Jacinto CA Uni Sch Dist 5% 8/1/2029 (Assured Guaranty Inc Insured)  | 3150000 | 3160058 |
| San Jacinto CA Uni Sch Dist Series 2014, 5% 8/1/2031 (Assured Guaranty Inc Insured)  | 650000 | 652031 |
| San Joaquin Valley Clean Energy Authority 5.5% tender 1/1/2056 (Goldman Sachs Group Inc/The Guaranteed) (f) | 6315000 | 7002092 |
| San Juan CA Uni Sch Dist Series 2020, 2.25% 8/1/2039  | 2000000 | 1467179 |
| San Marcos Unified School District 0% 8/1/2035 (b) | 3675000 | 2552426 |
| San Marcos Unified School District 0% 8/1/2037 (b) | 2675000 | 1655935 |
| San Marcos Unified School District 0% 8/1/2047 (b) | 6315000 | 2160089 |
| San Marcos Unified School District Series A, 5% 8/1/2043  | 1350000 | 1434208 |
| San Marcos Unified School District Series A, 5% 8/1/2044  | 780000 | 821321 |
| San Marcos Unified School District Series A, 5% 8/1/2045  | 885000 | 925487 |
| San Marcos Unified School District Series A, 5.25% 8/1/2050  | 4910000 | 5138493 |
| San Marcos Unified School District Series A, 5.25% 8/1/2055  | 3500000 | 3652649 |
| San Mateo CA Unified Sch Dist Series A, 2.25% 9/1/2042  | 3000000 | 2045794 |
| San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. Series 2018, 5% 9/1/2038  | 760000 | 802377 |
| San Mateo Cnty Calif Jt Pwrs Fing Auth Lease Rev (San Mateo CO CA Proj.) Series 2021 A 1, 2.5% 6/15/2055  | 10550000 | 6069985 |
| San Mateo Cnty Calif Jt Pwrs Fing Auth Lease Rev (San Mateo CO CA Proj.) Series 2021 A 1, 3% 6/15/2046  | 13660000 | 10098128 |
| Sanger CA Uni Sch Dist Series C, 3% 8/1/2048  | 2810000 | 2045790 |
| Santa Barbara CA Fing Auth Rev (Santa Barbara Calif Proj.) 5% 4/1/2032  | 1365000 | 1468286 |
| Santa Barbara CA Fing Auth Rev (Santa Barbara Calif Proj.) 5% 4/1/2034  | 1000000 | 1063825 |
| Santa Barbara CA Fing Auth Rev (Santa Barbara Calif Proj.) 5% 4/1/2036  | 2135000 | 2246900 |
| Santa Barbara CA Fing Auth Rev (Santa Barbara Calif Proj.) 5% 4/1/2037  | 1000000 | 1047314 |
| Santa Barbara CA Fing Auth Rev (Santa Barbara Calif Proj.) 5% 4/1/2038  | 845000 | 880215 |
| Santa Clara CA Uni Sch Dist Series 2017, 3% 7/1/2035  | 265000 | 250107 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) 3% 5/15/2037  | 540000 | 479702 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2019 A, 3% 5/1/2041  | 2000000 | 1621583 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2021 A, 3% 5/1/2039  | 3425000 | 2919810 |
| Santa Clarita CA Cmnty Coll Gen. Oblig. Series 2019, 3% 8/1/2044  | 265000 | 198045 |
| Santa Clarita CA Cmnty Coll Gen. Oblig. Series 2019, 3% 8/1/2049  | 2000000 | 1413596 |
| Santa Monica Calif Pub Fing Auth Lease Rev (Santa Monica Calif Proj.) Series 2017, 4% 7/1/2039  | 790000 | 779076 |
| Santa Monica-Malibu Uni Sch Dist CA Series 2017, 3.125% 7/1/2042  | 210000 | 169113 |
| Santa Monica-Malibu Uni Sch Dist CA Series 2017, 4% 7/1/2036  | 435000 | 437236 |
| Santa Monica-Malibu Uni Sch Dist CA Series 2017, 4% 7/1/2037  | 475000 | 475464 |
| Santa Monica-Malibu Uni Sch Dist CA Series 2017, 4% 7/1/2038  | 450000 | 447085 |
| Santa Monica-Malibu Uni Sch Dist CA Series 2017, 4% 7/1/2039  | 550000 | 542395 |
| Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2030  | 250000 | 261810 |
| Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2031  | 350000 | 365115 |
| Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2032  | 255000 | 264944 |
| Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2033  | 250000 | 259078 |
| Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2034  | 315000 | 325602 |
| Santa Monica-Malibu Uni Sch Dist CA Series 2017, 5% 7/1/2035  | 400000 | 412305 |
| Santa Monica-Malibu Uni Sch Dist CA Series A, 3% 8/1/2049  | 3190000 | 2270224 |
| Santee CA Sch Dist Series 2008D, 0% 8/1/2038 (b) | 4140000 | 2397263 |
| Southern CA Pub Pwr Auth Series 2024 A, 5% tender 4/1/2055 (American General Life Insurance Co Guaranteed) (f) | 7000000 | 7416232 |
| State of California Gen. Oblig. 2.5% 12/1/2049  | 1350000 | 863473 |
| State of California Gen. Oblig. 3% 10/1/2034  | 3580000 | 3505505 |
| State of California Gen. Oblig. 3% 10/1/2035  | 1895000 | 1785557 |
| State of California Gen. Oblig. 5% 10/1/2032 (National Public Finance Guarantee Corporation Insured)  | 10000 | 10014 |
| State of California Gen. Oblig. 5% 3/1/2033  | 7000000 | 8044378 |
| State of California Gen. Oblig. 5% 3/1/2037  | 10935000 | 12239450 |
| State of California Gen. Oblig. 5% 3/1/2038  | 10000000 | 11122513 |
| State of California Gen. Oblig. 5% 8/1/2033  | 3210000 | 3697402 |
| State of California Gen. Oblig. 5% 8/1/2037  | 4685000 | 5191433 |
| State of California Gen. Oblig. 5.25% 12/1/2033  | 105000 | 105157 |
| State of California Gen. Oblig. 5.25% 4/1/2027  | 5000 | 5016 |
| State of California Gen. Oblig. 5.25% 4/1/2029  | 5000 | 5010 |
| State of California Gen. Oblig. 5.5% 4/1/2028  | 5000 | 5011 |
| State of California Gen. Oblig. 5.5% 4/1/2030  | 25000 | 25052 |
| State of California Gen. Oblig. 5.625% 5/1/2026  | 30000 | 30071 |
| State of California Gen. Oblig. 5.75% 5/1/2030  | 90000 | 90203 |
| State of California Gen. Oblig. Series 2024, 5% 9/1/2032  | 16195000 | 18569830 |
| Stockton CA Unified School Dis Series 2011D, 0% 8/1/2033 (Assured Guaranty Inc Insured) (b) | 1900000 | 1462664 |
| Stockton CA Unified School Dis Series 2024, 5% 8/1/2031  | 1000000 | 1148299 |
| Stockton CA Unified School Dis Series 2024, 5% 8/1/2032  | 1000000 | 1161288 |
| Stockton CA Unified School Dis Series 2024, 5% 8/1/2033  | 1000000 | 1170811 |
| Stockton CA Unified School Dis Series 2024, 5% 8/1/2034  | 1245000 | 1466880 |
| Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2036 (Build America Mutual Assurance Co Insured)  | 1000000 | 1145700 |
| Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2037 (Build America Mutual Assurance Co Insured)  | 1500000 | 1697282 |
| Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2038 (Build America Mutual Assurance Co Insured)  | 2835000 | 3158450 |
| Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2039 (Build America Mutual Assurance Co Insured)  | 2125000 | 2341032 |
| Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2040 (Build America Mutual Assurance Co Insured)  | 1120000 | 1217263 |
| Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2041 (Build America Mutual Assurance Co Insured)  | 1245000 | 1333503 |
| Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2042 (Build America Mutual Assurance Co Insured)  | 1500000 | 1585849 |
| Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2043 (Build America Mutual Assurance Co Insured)  | 1500000 | 1571262 |
| Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2044 (Build America Mutual Assurance Co Insured)  | 1000000 | 1039076 |
| Stockton CA Unified School Dis Series 2025 A, 5% 8/1/2045 (Build America Mutual Assurance Co Insured)  | 1250000 | 1290960 |
| Temecula Vy CA Uni Sch Dist Series 2021 D, 3% 8/1/2044  | 2500000 | 1897811 |
| Ventura CA Usd Series B, 5% 8/1/2039  | 240000 | 260173 |
| Ventura CA Usd Series B, 5% 8/1/2040  | 200000 | 214945 |
| Ventura CA Usd Series B, 5% 8/1/2041  | 220000 | 234193 |
| Ventura CA Usd Series B, 5% 8/1/2042  | 300000 | 316319 |
| Ventura CA Usd Series B, 5% 8/1/2043  | 465000 | 486846 |
| Ventura CA Usd Series B, 5% 8/1/2044  | 620000 | 646024 |
| Ventura CA Usd Series B, 5% 8/1/2045  | 795000 | 825240 |
| Ventura CA Usd Series B, 5% 8/1/2046  | 1000000 | 1032893 |
| Walnut Vly CA Usd Ban 0% 8/1/2030 (National Public Finance Guarantee Corporation Insured) (b) | 2875000 | 2505729 |
| Walnut Vly CA Usd Ban 0% 8/1/2031 (National Public Finance Guarantee Corporation Insured) (b) | 2900000 | 2429017 |
| Walnut Vly CA Usd Ban 0% 8/1/2032 (National Public Finance Guarantee Corporation Insured) (b) | 1315000 | 1056147 |
| Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2013B, 5% 8/1/2043  | 5000000 | 4929773 |
| Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2023 B, 4.5% 8/1/2053 (Assured Guaranty Inc Insured)  | 2400000 | 2252020 |
| Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2023 B, 5.25% 8/1/2048  | 1625000 | 1711632 |
| Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2023 B, 5.5% 8/1/2053  | 2600000 | 2732914 |
| West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 0% 8/1/2032 (Assured Guaranty Inc Insured) (b) | 1000000 | 803153 |
| West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 0% 8/1/2033 (Assured Guaranty Inc Insured) (b) | 1675000 | 1268558 |
| West Contra Costa Unified School District Series 2024 B TENDER, 5% 8/1/2033 (Build America Mutual Assurance Co Insured)  | 4000000 | 4559390 |
| West Contra Costa Unified School District Series 2025A, 5% 8/1/2036 (Build America Mutual Assurance Co Insured)  | 845000 | 946587 |
| West Contra Costa Unified School District Series 2025A, 5% 8/1/2037 (Build America Mutual Assurance Co Insured)  | 665000 | 736933 |
| West Contra Costa Unified School District Series 2025A, 5% 8/1/2038 (Build America Mutual Assurance Co Insured)  | 800000 | 874313 |
| West Contra Costa Unified School District Series 2025A, 5% 8/1/2039 (Build America Mutual Assurance Co Insured)  | 1600000 | 1731916 |
| West Contra Costa Unified School District Series 2025A, 5% 8/1/2040 (Build America Mutual Assurance Co Insured)  | 1625000 | 1732534 |
| West Contra Costa Unified School District Series 2025A, 5% 8/1/2041 (Build America Mutual Assurance Co Insured)  | 3655000 | 3856180 |
| West Contra Costa Unified School District Series 2025A, 5% 8/1/2042 (Build America Mutual Assurance Co Insured)  | 1265000 | 1324566 |
| West Hollywood Public Financing Authority Series 2016, 3% 4/1/2041  | 445000 | 357215 |
| Wiseburn CA Sch Dist Series 2012 C, 0% 8/1/2037 (b) | 1000000 | 628513 |
| Wiseburn School District 3% 8/1/2037  | 315000 | 279519 |
| Yosemite CA Cmnty College Dist Series 2010D, 0% 8/1/2036 (b) | 825000 | 557726 |
|  |  | 679649581 |
| Health Care - 9.5% |  |  |
| California Health Facilities Financing Authority (Childrens Hospital Ca Proj.) Series 2024B, 5% tender 11/1/2054 (f) | 15265000 | 17201107 |
| California Health Facilities Financing Authority (CommonSpirit Health Proj.) Series 2020 A, 4% 4/1/2035  | 2000000 | 2014784 |
| California Health Facilities Financing Authority (CommonSpirit Health Proj.) Series 2020 A, 4% 4/1/2049  | 14015000 | 11778195 |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) 5% 7/1/2032  | 4460000 | 5074612 |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2016A, 3% 10/1/2041  | 700000 | 554779 |
| California Health Facilities Financing Authority (Scripps Health, Sys Proj.) Series 2024B 2, 5% tender 11/15/2061 (f) | 10560000 | 11866662 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2017 A, 5% 11/15/2032  | 1400000 | 1463081 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 5% 11/15/2027  | 500000 | 530108 |
| California Mun Fin Auth Rev (Channing House Proj.) 4% 5/15/2031 (California Mortgage Insurance Guaranteed)  | 2150000 | 2186859 |
| California Mun Fin Auth Rev (Channing House Proj.) 4% 5/15/2032 (California Mortgage Insurance Guaranteed)  | 1000000 | 1012223 |
| California Mun Fin Auth Rev (Channing House Proj.) 5% 5/15/2033 (California Mortgage Insurance Guaranteed)  | 895000 | 924612 |
| California Mun Fin Auth Rev (Channing House Proj.) 5% 5/15/2034 (California Mortgage Insurance Guaranteed)  | 1000000 | 1029077 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2029  | 575000 | 590789 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2031  | 1000000 | 1021424 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2032  | 1400000 | 1426273 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2033  | 1000000 | 1016148 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2034  | 1395000 | 1414164 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2035  | 1500000 | 1513984 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2036  | 1500000 | 1507386 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2028  | 1250000 | 1286672 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2029  | 1300000 | 1335697 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2030  | 750000 | 768368 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2031  | 800000 | 817139 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2032  | 1385000 | 1410991 |
| California Mun Fin Auth Rev (Institute on Aging Proj.) 5% 8/15/2027 (California Mortgage Insurance Guaranteed)  | 230000 | 242319 |
| California Mun Fin Auth Rev (Institute on Aging Proj.) 5% 8/15/2029 (California Mortgage Insurance Guaranteed)  | 245000 | 257286 |
| California Mun Fin Auth Rev (Institute on Aging Proj.) 5% 8/15/2030 (California Mortgage Insurance Guaranteed)  | 225000 | 235783 |
| California Mun Fin Auth Rev (Institute on Aging Proj.) 5% 8/15/2033 (California Mortgage Insurance Guaranteed)  | 750000 | 777770 |
| California Mun Fin Auth Rev (Institute on Aging Proj.) 5% 8/15/2036 (California Mortgage Insurance Guaranteed)  | 1435000 | 1470046 |
| California Mun Fin Auth Sr Living Rev (MT San Antonio Gardens Proj.) Series 2019, 5% 11/15/2039  | 1155000 | 1151621 |
| California Mun Fin Auth Sr Living Rev (MT San Antonio Gardens Proj.) Series 2019, 5% 11/15/2049  | 2500000 | 2305335 |
| California Mun Fn Auth Rev (Community Hosps Central CA Sys Proj.) Series 2021A, 4% 2/1/2051  | 7500000 | 6103047 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2033  | 490000 | 531514 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2034  | 415000 | 449658 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2035  | 720000 | 776479 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2036  | 565000 | 601636 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2037  | 810000 | 851901 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2038  | 505000 | 524561 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2039  | 660000 | 678715 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2040  | 530000 | 540714 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2044  | 1415000 | 1384383 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2049  | 1300000 | 1226909 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2054  | 1540000 | 1429565 |
| California Mun Fn Auth Rev (Town And Country Manor Proj.) Series 2019, 5% 7/1/2034 (California Mortgage Insurance Guaranteed)  | 825000 | 877248 |
| California Mun Fn Auth Rev (Town And Country Manor Proj.) Series 2019, 5% 7/1/2039 (California Mortgage Insurance Guaranteed)  | 1000000 | 1032711 |
| California Mun Fn Auth Rev (Town And Country Manor Proj.) Series 2019, 5% 7/1/2049 (California Mortgage Insurance Guaranteed)  | 2100000 | 2131272 |
| California Pub Fin Auth Rev (Henry Mayo Newhall Mem Hosp,Ca Proj.) Series 2021A, 4% 10/15/2026  | 415000 | 418132 |
| California Pub Fin Auth Rev (Henry Mayo Newhall Mem Hosp,Ca Proj.) Series 2021A, 4% 10/15/2027  | 400000 | 407109 |
| California Pub Fin Auth Rev (Henry Mayo Newhall Mem Hosp,Ca Proj.) Series 2021A, 4% 10/15/2028  | 360000 | 368584 |
| California Statewide Community Development Authority Rev (Beverly Hospital Proj.) Series 2015, 5% (h)(i) | 80308 | 0 |
| California Statewide Community Development Authority Rev (Beverly Hospital Proj.) Series 2015, 5% (h)(i) | 180540 | 0 |
| California Statewide Community Development Authority Rev (Beverly Hospital Proj.) Series 2017, 5% (h)(i) | 32326 | 0 |
| California Statewide Community Development Authority Rev (Emanate Health Proj.) Series 2020 A, 3% 4/1/2050  | 13185000 | 8792786 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 3% 4/1/2046  | 9810000 | 6905842 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 4% 4/1/2038  | 2625000 | 2470824 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 4% 4/1/2039  | 2250000 | 2081861 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 4% 4/1/2040  | 2500000 | 2288394 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 4% 4/1/2041  | 1885000 | 1701887 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 4% 4/1/2046  | 2500000 | 2068205 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2027  | 245000 | 257150 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2028  | 660000 | 709104 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2029  | 695000 | 740211 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2030  | 730000 | 775959 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2031  | 765000 | 809626 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2032  | 805000 | 847030 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2033  | 845000 | 885149 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2034  | 885000 | 923471 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2035  | 925000 | 960118 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2036  | 500000 | 516369 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2037  | 650000 | 668691 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2038  | 500000 | 511909 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2043  | 1250000 | 1266289 |
| California Statewide Community Development Authority Rev (Huntington Mem Hosp Proj.) Series 2018, 5% 7/1/2048  | 9000000 | 9041619 |
| California Statewide Community Development Authority Rev (Redlands Community Hospital Proj.) 5% 10/1/2026  | 1125000 | 1149868 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 4% 1/1/2035  | 1000000 | 998310 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 4% 1/1/2036  | 1000000 | 983080 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2030  | 1335000 | 1393453 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2031  | 1350000 | 1404636 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2032  | 1400000 | 1451284 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2033  | 2835000 | 2929489 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2034  | 2230000 | 2297065 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2030  | 2500000 | 2552763 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2032  | 1350000 | 1370798 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2033  | 1000000 | 1012799 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2029  | 1120000 | 1172523 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2030  | 1000000 | 1045951 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2031  | 875000 | 909748 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2032  | 890000 | 920547 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2036  | 750000 | 761155 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 4% 7/1/2033  | 260000 | 261468 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 4% 7/1/2035  | 300000 | 294321 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 5% 7/1/2030  | 300000 | 324677 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 5% 7/1/2031  | 325000 | 348388 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2023A, 5.75% 7/1/2048  | 1000000 | 1035260 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2023A, 5.75% 7/1/2053  | 1000000 | 1019570 |
|  |  | 167379079 |
| Housing - 2.0% |  |  |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2019-2 CA Proj.) Series 2 Class A, 4% 3/20/2033  | 6020713 | 6102899 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 7176815 | 6768016 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-3 CA Proj.) Series 3 Class A, 3.25% 8/20/2036  | 1880490 | 1765165 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2023-1 CA Proj.) Series 1 Class A, 4.375% 9/20/2036  | 7838293 | 7865933 |
| California Hsg Fin Agy Mun Ctfs Series 2 Class A, 3.75% 3/25/2035 (Freddie Mac Non Gold Pool Guaranteed)  | 4793946 | 4790474 |
| California Mun Fin Auth Multifamily Hsg Rev Series 2019 A, 2.65% 8/1/2036  | 9285111 | 7822240 |
|  |  | 35114727 |
| Lease Revenue - 1.1% |  |  |
| California Infrastructure & Economic Dev Bank Lease Rev (California State Teachers' Retirement System Proj.) 5% 8/1/2044  | 7610000 | 7668822 |
| California Infrastructure & Economic Dev Bank Lease Rev (California State Teachers' Retirement System Proj.) 5% 8/1/2049  | 11000000 | 10992441 |
|  |  | 18661263 |
| Other - 2.0% |  |  |
| California Infrastructure & Economic Development Bank (CA Academy of Science Proj.) Series 2024A, 3.25% 8/1/2029  | 7000000 | 7100339 |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (f) | 17750000 | 16450081 |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation Proj.) Series 2020, 3% 7/1/2050  | 9075000 | 6056216 |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum of Natural History Foundation Proj.) Series 2020, 4% 7/1/2050  | 7125000 | 6190362 |
|  |  | 35796998 |
| Resource Recovery - 0.5% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2023A, 4.375% tender 9/1/2053 (d)(f) | 7000000 | 7181040 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A, 2.4% tender 10/1/2044 (d)(f) | 1140000 | 1080558 |
| South Bayside Waste Mgmt Auth Calif Solid Waste Enterprise Series 2019A, 5% 9/1/2042 (Assured Guaranty Inc Insured)  | 1255000 | 1271978 |
|  |  | 9533576 |
| Special Tax - 3.4% |  |  |
| Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd Laguna Ridge Proj.) 5% 9/1/2027  | 1875000 | 1908436 |
| Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd Laguna Ridge Proj.) 5% 9/1/2028  | 1500000 | 1525148 |
| Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd Laguna Ridge Proj.) 5% 9/1/2029  | 2000000 | 2031291 |
| Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd Laguna Ridge Proj.) 5% 9/1/2030  | 1720000 | 1744786 |
| Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd Laguna Ridge Proj.) 5% 9/1/2031  | 2500000 | 2531611 |
| Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd Laguna Ridge Proj.) Series 2016, 5% 9/1/2041  | 4500000 | 4500978 |
| Hesperia Calif Cmnty Redev Agy Tax Allocation Series 2018 A, 3.375% 9/1/2037 (Assured Guaranty Inc Insured)  | 1475000 | 1393435 |
| Irvine Calif Impt Bd Act 1915 (Irvine Reassessment Dist 12-1 Proj.) 5% 9/2/2025  | 500000 | 500000 |
| Irvine Calif Impt Bd Act 1915 4% 9/2/2035 (Build America Mutual Assurance Co Insured)  | 400000 | 406307 |
| Irvine Calif Impt Bd Act 1915 4% 9/2/2036 (Build America Mutual Assurance Co Insured)  | 250000 | 252181 |
| Irvine Calif Impt Bd Act 1915 4% 9/2/2037 (Build America Mutual Assurance Co Insured)  | 250000 | 250232 |
| Irvine Calif Impt Bd Act 1915 4% 9/2/2038 (Build America Mutual Assurance Co Insured)  | 350000 | 344436 |
| Irvine Calif Impt Bd Act 1915 4% 9/2/2039 (Build America Mutual Assurance Co Insured)  | 500000 | 482475 |
| Irvine Calif Impt Bd Act 1915 4% 9/2/2040 (Build America Mutual Assurance Co Insured)  | 1025000 | 971973 |
| Irvine Calif Impt Bd Act 1915 4% 9/2/2046 (Build America Mutual Assurance Co Insured)  | 1350000 | 1178292 |
| Irvine Calif Impt Bd Act 1915 5% 9/2/2044  | 2545000 | 2557861 |
| Palmdale CA Elem Sch Dist Series 2017A, 5% 8/1/2041 (Assured Guaranty Inc Insured)  | 1275000 | 1289370 |
| Poway Calif Redev Agy Successor Agy Tax Allocation (Poway Rda Paguay Project Proj.) Series A, 5% 12/15/2030  | 3500000 | 3889171 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2030  | 1495000 | 1496907 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2031  | 1260000 | 1261414 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2032  | 1795000 | 1796804 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2033  | 2740000 | 2742463 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2034  | 1225000 | 1226012 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2035  | 1580000 | 1581156 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2036  | 3395000 | 3397143 |
| Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2034  | 700000 | 733840 |
| Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2035  | 2065000 | 2156573 |
| Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2036  | 2215000 | 2304222 |
| Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2037  | 2405000 | 2491807 |
| Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2038  | 1240000 | 1278840 |
| Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2043  | 7165000 | 7271289 |
| San Francisco CA BART Dist Tax Series 2019 A, 3% 7/1/2044  | 2000000 | 1525032 |
| Upland Community Redevelopment Agency Successor Agency Series 2016, 2.75% 9/1/2036 (Assured Guaranty Municipal Corp Insured)  | 360000 | 311828 |
|  |  | 59333313 |
| Synthetics - 0.1% |  |  |
| California Stwide Cmnty Mf Rev Participating VRDN 4.45% 11/1/2033 (Liquidity Facility Mizuho Capital Markets LLC) (d)(f)(j) | 1400000 | 1400000 |
| Tobacco Bonds - 0.4% |  |  |
| California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2027  | 400000 | 413324 |
| California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2028  | 420000 | 441237 |
| California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2029  | 500000 | 532886 |
| California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2030  | 300000 | 315154 |
| California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2031  | 300000 | 313571 |
| California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2032  | 250000 | 260101 |
| California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2033  | 250000 | 259227 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (b) | 50000000 | 4639955 |
|  |  | 7175455 |
| Transportation - 19.8% |  |  |
| Alameda Corridor CA Tran Auth Rev Series 2024C, 0% 10/1/2049 (Assured Guaranty Inc Insured) (b) | 7250000 | 2145962 |
| Alameda Corridor CA Tran Auth Rev Series 2024C, 0% 10/1/2053 (Assured Guaranty Inc Insured) (b) | 20000000 | 4746094 |
| Bay Area Toll Auth CA Bridge Rev Series 2024 F 2, 5% 4/1/2043  | 4670000 | 4862819 |
| Bay Area Toll Auth CA Bridge Rev Series 2024 F 2, 5% 4/1/2044  | 1150000 | 1193242 |
| Bay Area Toll Auth CA Bridge Rev Series 2024 F 2, 5% 4/1/2045  | 1000000 | 1034242 |
| Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 5% 7/1/2036 (d) | 4750000 | 5017302 |
| Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 5% 7/1/2037 (d) | 7000000 | 7316691 |
| Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 5% 7/1/2038 (d) | 3200000 | 3303772 |
| Foothill/Estrn Transn CA Toll 0% 1/15/2033 (Assured Guaranty Inc Insured) (b) | 9000000 | 7098515 |
| Fresno Calif Arpt Rev Series 2023A, 4.125% 7/1/2043 (Build America Mutual Assurance Co Insured) (d) | 1000000 | 905403 |
| Fresno Calif Arpt Rev Series 2023A, 4.25% 7/1/2044 (Build America Mutual Assurance Co Insured) (d) | 1000000 | 914678 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2035 (Build America Mutual Assurance Co Insured) (d) | 2060000 | 2197634 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2036 (Build America Mutual Assurance Co Insured) (d) | 2160000 | 2281717 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2037 (Build America Mutual Assurance Co Insured) (d) | 1000000 | 1046337 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2038 (Build America Mutual Assurance Co Insured) (d) | 1385000 | 1433049 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2039 (Build America Mutual Assurance Co Insured) (d) | 2500000 | 2565625 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2040 (Build America Mutual Assurance Co Insured) (d) | 2625000 | 2671058 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2041 (Build America Mutual Assurance Co Insured) (d) | 2760000 | 2784032 |
| Long Beach CA Hbr Rev Series A, 5% 5/15/2032 (d) | 1760000 | 1803988 |
| Long Beach CA Hbr Rev Series A, 5% 5/15/2033 (d) | 1350000 | 1380813 |
| Long Beach CA Hbr Rev Series A, 5% 5/15/2034 (d) | 1650000 | 1684686 |
| Long Beach CA Hbr Rev Series A, 5% 5/15/2035 (d) | 2500000 | 2547247 |
| Long Beach CA Hbr Rev Series A, 5% 5/15/2036 (d) | 3000000 | 3050137 |
| Long Beach CA Hbr Rev Series A, 5% 5/15/2037 (d) | 2755000 | 2793884 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2034 (d) | 8840000 | 9681967 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2034 (d) | 7000000 | 7666716 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2035 (d) | 4735000 | 5001211 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2036 (d) | 3600000 | 3621260 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2041 (d) | 3750000 | 3751929 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2043 (d) | 10000000 | 9920438 |
| Los Angeles CA Dept Arpts Rev Series 2018 B, 5% 5/15/2031 (d) | 7350000 | 7674367 |
| Los Angeles CA Dept Arpts Rev Series 2018 D, 5% 5/15/2048 (d) | 2000000 | 1969140 |
| Los Angeles CA Dept Arpts Rev Series 2019 A, 5% 5/15/2049 (d) | 4950000 | 4875273 |
| Los Angeles CA Dept Arpts Rev Series 2019 F, 4% 5/15/2049 (d) | 5000000 | 4235918 |
| Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2030 (d) | 2480000 | 2645911 |
| Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2034 (d) | 950000 | 986692 |
| Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2044 (d) | 13685000 | 13566781 |
| Los Angeles CA Dept Arpts Rev Series A, 5% 5/15/2030 (d) | 700000 | 721941 |
| Ontario International Airport Authority Series 2021 A, 5% 5/15/2046 (Assured Guaranty Inc Insured)  | 4315000 | 4386194 |
| Ontario International Airport Authority Series 2021 B, 4% 5/15/2035 (Assured Guaranty Inc Insured) (d) | 1120000 | 1113047 |
| Ontario International Airport Authority Series 2021 B, 4% 5/15/2036 (Assured Guaranty Inc Insured) (d) | 775000 | 753899 |
| Ontario International Airport Authority Series 2021 B, 4% 5/15/2037 (Assured Guaranty Inc Insured) (d) | 1700000 | 1640118 |
| Ontario International Airport Authority Series 2021 B, 4% 5/15/2038 (Assured Guaranty Inc Insured) (d) | 800000 | 761830 |
| Ontario International Airport Authority Series 2021 B, 4% 5/15/2039 (Assured Guaranty Inc Insured) (d) | 555000 | 525114 |
| Ontario International Airport Authority Series 2021 B, 4% 5/15/2040 (Assured Guaranty Inc Insured) (d) | 685000 | 639428 |
| Riverside County Transportation Commission (91 Express Lanes Proj.) Series 2021 B1, 4% 6/1/2046  | 6400000 | 5478519 |
| Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2031 (d) | 2110000 | 2199616 |
| Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2032 (d) | 1590000 | 1648840 |
| Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2034 (d) | 4000000 | 4113851 |
| Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2035 (d) | 5000000 | 5121917 |
| Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2036 (d) | 7500000 | 7652322 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2034 (d) | 1375000 | 1490675 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2035 (d) | 450000 | 485608 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2036 (d) | 1250000 | 1333016 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2037 (d) | 1000000 | 1055912 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025A, 5% 7/1/2038 (d) | 1750000 | 1827405 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2034 (Assured Guaranty Inc Insured) (d) | 2140000 | 2315039 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2035 (Assured Guaranty Inc Insured) (d) | 1245000 | 1337236 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2036 (Assured Guaranty Inc Insured) (d) | 855000 | 907530 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2037 (Assured Guaranty Inc Insured) (d) | 1000000 | 1051813 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2038 (Assured Guaranty Inc Insured) (d) | 2600000 | 2704487 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2039 (Assured Guaranty Inc Insured) (d) | 2730000 | 2816265 |
| Sacramento Cnty CA Arpt Sys Rv Series 2025D, 5% 7/1/2040 (Assured Guaranty Inc Insured) (d) | 2865000 | 2936787 |
| San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2031  | 2000000 | 2088286 |
| San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2033  | 1735000 | 1800076 |
| San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2034  | 1380000 | 1427593 |
| San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2035  | 1500000 | 1546843 |
| San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2036  | 1980000 | 2035659 |
| San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2038  | 2000000 | 2044122 |
| San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2042  | 5000000 | 5052895 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2019 B, 5% 7/1/2028 (d) | 820000 | 868994 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2019 B, 5% 7/1/2049 (d) | 5050000 | 4980428 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2023B, 5.25% 7/1/2037 (d) | 2000000 | 2153169 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2040 (d) | 1800000 | 1916743 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2041 (d) | 1200000 | 1264554 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2042 (d) | 1200000 | 1252373 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2043 (d) | 1050000 | 1088449 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2044 (d) | 1000000 | 1030802 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2027 (d) | 500000 | 518217 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2031 (d) | 1250000 | 1284892 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2032 (d) | 1300000 | 1331644 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2033 (d) | 1330000 | 1357684 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2034 (d) | 1000000 | 1018390 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2036 (d) | 1500000 | 1519554 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2037 (d) | 750000 | 757839 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2047 (d) | 5250000 | 5182387 |
| San Francisco CA City & County Airports Commission International Airport Revenue (Sfo Fuel CO LLC Proj.) Series 2019 A, 5% 1/1/2047 (d) | 6005000 | 5905641 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2016A, 5% 5/1/2030  | 330000 | 335018 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2016B, 5% 5/1/2041 (d) | 9695000 | 9696602 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2016B, 5% 5/1/2046 (d) | 13000000 | 12759756 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2017A, 5% 5/1/2042 (d) | 3205000 | 3204787 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2018 D, 5% 5/1/2043 (d) | 1000000 | 997844 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2036 (d) | 10000000 | 10267233 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2037 (d) | 5595000 | 5708717 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2049 (d) | 12645000 | 12386336 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019E, 5% 5/1/2050 (d) | 7000000 | 6831830 |
| San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2029 (d) | 735000 | 756668 |
| San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2031 (d) | 1100000 | 1126758 |
| San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2032 (d) | 850000 | 867653 |
| San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2033 (d) | 1095000 | 1114597 |
| San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2034 (d) | 1250000 | 1269793 |
| San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2035 (d) | 3475000 | 3523221 |
| San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2036 (d) | 2250000 | 2275905 |
| San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2037 (d) | 2250000 | 2271066 |
| San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2041 (d) | 10235000 | 10241709 |
| San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2029  | 200000 | 207295 |
| San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2030  | 250000 | 258765 |
| San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2032  | 235000 | 242134 |
| San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2033  | 250000 | 257047 |
| San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2034  | 500000 | 513049 |
| San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2037  | 3000000 | 3052473 |
| San Jose Calif Arpt Rev Series 2021 A, 4% 3/1/2034 (d) | 2000000 | 2003828 |
| San Jose Calif Arpt Rev Series 2021 A, 5% 3/1/2027 (d) | 750000 | 771748 |
| San Jose Calif Arpt Rev Series 2021 A, 5% 3/1/2030 (d) | 1275000 | 1378898 |
| San Jose Calif Arpt Rev Series 2021 A, 5% 3/1/2031 (d) | 1600000 | 1738151 |
| San Jose Calif Arpt Rev Series 2021 A, 5% 3/1/2032 (d) | 2000000 | 2142317 |
| San Jose Calif Arpt Rev Series 2021 A, 5% 3/1/2033 (d) | 1500000 | 1591644 |
|  |  | 348615015 |
| Water & Sewer - 4.2% |  |  |
| Eastern Municipal Water District Financing Authority 5% 7/1/2029  | 250000 | 277620 |
| Eastern Municipal Water District Financing Authority 5% 7/1/2030  | 250000 | 283558 |
| Gilroy Calif Pub Facs Fing Auth Wastewater Rev Series 2021 A, 3% 8/1/2046  | 1285000 | 945946 |
| Glendale CA Wtr Rev 2% 2/1/2031  | 1240000 | 1142666 |
| Glendale CA Wtr Rev Series 2020, 2% 2/1/2037  | 420000 | 322262 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 1/1/2030 (g) | 25000000 | 26949119 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 7/1/2030  | 1380000 | 1524792 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 7/1/2031  | 1465000 | 1632096 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 5% 7/1/2030  | 2400000 | 2651813 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 5% 7/1/2036  | 1015000 | 1084151 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024 A, 5% 7/1/2029  | 2190000 | 2380907 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024 A, 5% 7/1/2030  | 4470000 | 4939001 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024 A, 5% 7/1/2034  | 1955000 | 2176332 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024B, 5% 7/1/2032  | 635000 | 709102 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024B, 5% 7/1/2034  | 250000 | 279761 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024B, 5% 7/1/2035  | 2030000 | 2242120 |
| Richmond Calif Wastewater Rev Series 2019 A, 5% 8/1/2039  | 390000 | 408425 |
| Richmond Calif Wastewater Rev Series 2019 A, 5% 8/1/2044  | 2135000 | 2190055 |
| San Francisco CA Pub Util Comm Wtr Rev Series 2025 SUB E, 5.25% 11/1/2055  | 15000000 | 15605234 |
| Stockton Calif Pub Fing Auth Wtr Rev Series 2018 A, 4% 10/1/2037  | 2000000 | 1982708 |
| Stockton Calif Pub Fing Auth Wtr Rev Series 2018 A, 5% 10/1/2035  | 1000000 | 1043897 |
| Stockton Calif Pub Fing Auth Wtr Rev Series 2018 A, 5% 10/1/2036  | 1585000 | 1646076 |
| Vallecitos Water Dist CA Series 2021 A, 2.25% 8/1/2046  | 2000000 | 1237632 |
|  |  | 73655273 |
| TOTAL CALIFORNIA |  | 1732652135 |
| Guam - 0.8%  |  |  |
| Special Tax - 0.7% |  |  |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2034  | 2910000 | 3157321 |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2035  | 2600000 | 2802726 |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2036  | 2500000 | 2660138 |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5.25% 1/1/2038  | 2630000 | 2788972 |
|  |  | 11409157 |
| Water & Sewer - 0.1% |  |  |
| Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5.5% 7/1/2044  | 1000000 | 1036970 |
| Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5.5% 7/1/2045  | 1000000 | 1032882 |
|  |  | 2069852 |
| TOTAL GUAM |  | 13479009 |
| Puerto Rico - 0.8%  |  |  |
| General Obligations - 0.6% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033  | 4980183 | 3481571 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2027  | 595000 | 615220 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 1815000 | 1933485 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031  | 4240000 | 4649994 |
|  |  | 10680270 |
| Water & Sewer - 0.2% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (c) | 3690000 | 3786047 |
| TOTAL PUERTO RICO |  | 14466317 |
| Virgin Islands - 0.5%  |  |  |
| Transportation - 0.5% |  |  |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2028  | 1000000 | 1062176 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2029  | 1000000 | 1080065 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2034  | 315000 | 347384 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2035  | 870000 | 957434 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2040  | 755000 | 783382 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2041  | 1225000 | 1260558 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2042  | 435000 | 442538 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2043  | 1300000 | 1315512 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2044  | 1250000 | 1258663 |
|  |  | 8507712 |
| TOTAL VIRGIN ISLANDS |  | 8507712 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $1,798,863,373) |  | <br> **1769105173** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (k)(l)<br>(Cost $20,105,924)<br>| 3.21 | 20101904 | **20105924** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.5%**<br> (Cost $1,818,969,297)<br>| <br>**1789211097** |
| **NET OTHER ASSETS (LIABILITIES) - (1.5)%**  | **(26129910)** |
| **NET ASSETS - 100.0%** | **1763081187** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(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 $14,093,698 or 0.8% of net assets.

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

(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

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

(h) Non-income producing - Security is in default.

(i) Level 3 security

(j) Provides evidence of ownership in one or more underlying municipal bonds. Coupon rates are determined by re-marketing agents based on current market conditions.

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

(l) Affiliated fund that is generally 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.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 5123999 | 342205278 | 327223353 | 361311 | - | - | 20105924 | 20101904 | 0.7% |
| Total | 5123999 | 342205278 | 327223353 | 361311 | - | - | 20105924 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of August 31, 2025, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 192541809 | - | 192541809 | - |
| Electric Utilities | 101942207 | - | 101942207 | - |
| Escrowed/Pre-Refunded | 1853839 | - | 1853839 | - |
| General Obligations | 690329851 | - | 690329851 | - |
| Health Care | 167379079 | - | 167379079 | - |
| Housing | 35114727 | - | 35114727 | - |
| Lease Revenue | 18661263 | - | 18661263 | - |
| Other | 35796998 | - | 35796998 | - |
| Resource Recovery | 9533576 | - | 9533576 | - |
| Special Tax | 70742470 | - | 70742470 | - |
| Synthetics | 1400000 | - | 1400000 | - |
| Tobacco Bonds | 7175455 | - | 7175455 | - |
| Transportation | 357122727 | - | 357122727 | - |
| Water & Sewer | 79511172 | - | 79511172 | - |
|  **Money Market Funds** | 20105924 | 20105924 | - | - |
| **Total Investments in Securities:** | 1789211097 | 20105924 | 1769105173 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,798,863,373) | $1769105173 |  |
| Fidelity Central Funds (cost $20,105,924) | 20105924 |  |
| Total Investment in Securities (cost $1,818,969,297) |  | $1789211097 |
| Receivable for fund shares sold |  | 998220 |
| Interest receivable |  | 18112967 |
| Distributions receivable from Fidelity Central Funds |  | 57421 |
| Prepaid expenses |  | 2127 |
| Other receivables |  | 13 |
| **Total assets** |  | 1808381845 |
| **Liabilities** |  |  |
| Payable to custodian bank | $44497 |  |
| Payable for investments purchased on a delayed delivery basis | 40962798 |  |
| Payable for fund shares redeemed | 1440824 |  |
| Distributions payable | 2179288 |  |
| Accrued management fee | 621741 |  |
| Distribution and service plan fees payable | 13772 |  |
| Other payables and accrued expenses | 37738 |  |
| **Total liabilities** |  | 45300658 |
| **Net Assets**  |  | $1763081187 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1829544914 |
| Total accumulated earnings (loss) |  | (66463727) |
| **Net Assets** |  | $1763081187 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($39,046,892 ÷ 3,259,497 shares)(a) |  | $11.98 |
| Maximum offering price per share (100/96.00 of $11.98) |  | $12.48 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($2,658,454 ÷ 221,344 shares)(a) |  | $12.01 |
| Maximum offering price per share (100/96.00 of $12.01) |  | $12.51 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($5,991,914 ÷ 501,059 shares)(a) |  | $11.96 |
| **California Municipal Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,550,850,492 ÷ 129,647,728 shares) |  | $11.96 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($56,572,304 ÷ 4,719,099 shares) |  | $11.99 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($107,961,131 ÷ 9,007,207 shares) |  | $11.99 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $30555550 |
| Income from Fidelity Central Funds  |  | 361311 |
| **Total income** |  | 30916861 |
| **Expenses** |  |  |
| Management fee | $3620950 |  |
| Distribution and service plan fees | 87105 |  |
| Custodian fees and expenses | 11033 |  |
| Independent trustees' fees and expenses | 1951 |  |
| Registration fees | 75451 |  |
| Audit fees | 31586 |  |
| Legal | 4611 |  |
| Miscellaneous | 3754 |  |
| Total expenses before reductions | 3836441 |  |
| Expense reductions | (124) |  |
| Total expenses after reductions |  | 3836317 |
| **Net Investment income (loss)** |  | 27080544 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3596522) |  |
| Total net realized gain (loss) |  | (3596522) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (37271072) |
| **Net gain (loss)** |  | (40867594) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(13787050) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $27080544 | $46831584 |
| &nbsp;&nbsp;Net realized gain (loss) | (3596522)<br>| (2303554)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (37271072) | 11626706<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (13787050)<br>| 56154736<br>|
| Distributions to shareholders | (25996218)<br>| (45267465)<br>|
| Share transactions - net increase (decrease) | 166886952<br>| (19299388)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 127103684<br>| (8412117)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1635977503 | 1644389620<br>|
| &nbsp;&nbsp;End of period | $1763081187 | $1635977503 |

---

**Financial Highlights** 

**Fidelity Advisor® California Municipal Income Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.29 | $12.20 | $11.90 | $12.85 | $13.28 | $13.63 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .170  | .317  | .302  | .267  | .245  | .281  |
| Net realized and unrealized gain (loss)  | (.318)  | .078  | .291  | (.952)  | (.370)  | (.305)  |
| Total from investment operations  | (.148)  | .395  | .593  | (.685)  | (.125)  | (.024)  |
| Distributions from net investment income  | (.162)  | (.304)  | (.293)  | (.265)  | (.245)  | (.281)  |
| Distributions from net realized gain  | -  | (.001)  | -  | -  | (.060)  | (.045)  |
| Total distributions  | (.162)  | (.305)  | (.293)  | (.265)  | (.305)  | (.326)  |
| Net asset value, end of period  | $11.98 | $12.29 | $12.20 | $11.90 | $12.85 | $13.28 |
| **Total Return** D,E,F | (1.19)% <br>| 3.28%  | 5.06%  | (5.32)%  | (1.00)%  | (.15)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .76% I | .76%  | .78%  | .79%  | .79%  | .79%  |
| Expenses net of fee waivers, if any  | .76% I<br>| .76%  | .78%  | .79%  | .78%  | .79%  |
| Expenses net of all reductions, if any  | .76% I | .76%  | .78%  | .79%  | .78%  | .78%  |
| Net investment income (loss)  | 2.82% I | 2.60%  | 2.53%  | 2.23%  | 1.84%  | 2.11%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $39047 | $42788 | $41198 | $49498 | $59032 | $60246 |
| Portfolio turnover rate J | 25% I<br>| 22%  | 15%  | 14%  | 14%  | 13%  |

---

A*For the year ended February 29.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

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

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® California Municipal Income Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.32 | $12.23 | $11.93 | $12.88 | $13.31 | $13.66 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .176  | .329  | .314  | .280  | .258  | .290  |
| Net realized and unrealized gain (loss)  | (.318)  | .078  | .291  | (.953)  | (.370)  | (.304)  |
| Total from investment operations  | (.142)  | .407  | .605  | (.673)  | (.112)  | (.014)  |
| Distributions from net investment income  | (.168)  | (.316)  | (.305)  | (.277)  | (.258)  | (.291)  |
| Distributions from net realized gain  | -  | (.001)  | -  | -  | (.060)  | (.045)  |
| Total distributions  | (.168)  | (.317)  | (.305)  | (.277)  | (.318)  | (.336)  |
| Net asset value, end of period  | $12.01 | $12.32 | $12.23 | $11.93 | $12.88 | $13.31 |
| **Total Return** D,E,F | (1.14)% <br>| 3.38%  | 5.15%  | (5.21)%  | (.91)%  | (.08)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .67% I | .67%  | .69%  | .69%  | .70%  | .72%  |
| Expenses net of fee waivers, if any  | .67% I<br>| .67%  | .69%  | .69%  | .70%  | .72%  |
| Expenses net of all reductions, if any  | .67% I | .67%  | .69%  | .69%  | .70%  | .72%  |
| Net investment income (loss)  | 2.91% I | 2.69%  | 2.61%  | 2.32%  | 1.92%  | 2.18%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2658 | $2964 | $3272 | $3571 | $5087 | $5326 |
| Portfolio turnover rate J | 25% I<br>| 22%  | 15%  | 14%  | 14%  | 13%  |

---

A*For the year ended February 29.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

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

F*Total returns do not include the effect of the sales charges.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® California Municipal Income Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.27 | $12.18 | $11.88 | $12.83 | $13.26 | $13.61 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .127  | .228  | .215  | .179  | .146  | .181  |
| Net realized and unrealized gain (loss)  | (.318)  | .078  | .291  | (.953)  | (.370)  | (.305)  |
| Total from investment operations  | (.191)  | .306  | .506  | (.774)  | (.224)  | (.124)  |
| Distributions from net investment income  | (.119)  | (.215)  | (.206)  | (.176)  | (.146)  | (.181)  |
| Distributions from net realized gain  | -  | (.001)  | -  | -  | (.060)  | (.045)  |
| Total distributions  | (.119)  | (.216)  | (.206)  | (.176)  | (.206)  | (.226)  |
| Net asset value, end of period  | $11.96 | $12.27 | $12.18 | $11.88 | $12.83 | $13.26 |
| **Total Return** D,E,F | (1.55)% <br>| 2.54%  | 4.31%  | (6.03)%  | (1.74)%  | (.90)%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.48% I | 1.49%  | 1.51%  | 1.53%  | 1.53%  | 1.54%  |
| Expenses net of fee waivers, if any  | 1.48% I<br>| 1.49%  | 1.50%  | 1.52%  | 1.53%  | 1.54%  |
| Expenses net of all reductions, if any  | 1.48% I | 1.49%  | 1.50%  | 1.52%  | 1.53%  | 1.54%  |
| Net investment income (loss)  | 2.10% I | 1.87%  | 1.80%  | 1.49%  | 1.09%  | 1.36%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5992 | $8080 | $8745 | $9991 | $13692 | $20586 |
| Portfolio turnover rate J | 25% I<br>| 22%  | 15%  | 14%  | 14%  | 13%  |

---

A*For the year ended February 29.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

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

F*Total returns do not include the effect of the contingent deferred sales charge.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® California Municipal Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.27 | $12.19 | $11.88 | $12.83 | $13.26 | $13.61 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .189  | .357  | .341  | .307  | .290  | .325  |
| Net realized and unrealized gain (loss)  | (.317)  | .068  | .301  | (.953)  | (.370)  | (.305)  |
| Total from investment operations  | (.128)  | .425  | .642  | (.646)  | (.080)  | .020  |
| Distributions from net investment income  | (.182)  | (.344)  | (.332)  | (.304)  | (.290)  | (.325)  |
| Distributions from net realized gain  | -  | (.001)  | -  | -  | (.060)  | (.045)  |
| Total distributions  | (.182)  | (.345)  | (.332)  | (.304)  | (.350)  | (.370)  |
| Net asset value, end of period  | $11.96 | $12.27 | $12.19 | $11.88 | $12.83 | $13.26 |
| **Total Return** D,E | (1.03)% <br>| 3.54%  | 5.50%  | (5.02)%  | (.67)%  | .18%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .43% H | .43%  | .45%  | .46%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .43% H<br>| .43%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .43% H | .43%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | 3.15% H | 2.93%  | 2.85%  | 2.56%  | 2.17%  | 2.45%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1550850 | $1422622 | $1473001 | $1684834 | $1946948 | $2047035 |
| Portfolio turnover rate I | 25% H<br>| 22%  | 15%  | 14%  | 14%  | 13%  |

---

A*For the year ended February 29.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® California Municipal Income Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.30 | $12.21 | $11.91 | $12.86 | $13.29 | $13.64 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .184  | .346  | .330  | .297  | .278  | .313  |
| Net realized and unrealized gain (loss)  | (.317)  | .078  | .292  | (.953)  | (.370)  | (.304)  |
| Total from investment operations  | (.133)  | .424  | .622  | (.656)  | (.092)  | .009  |
| Distributions from net investment income  | (.177)  | (.333)  | (.322)  | (.294)  | (.278)  | (.314)  |
| Distributions from net realized gain  | -  | (.001)  | -  | -  | (.060)  | (.045)  |
| Total distributions  | (.177)  | (.334)  | (.322)  | (.294)  | (.338)  | (.359)  |
| Net asset value, end of period  | $11.99 | $12.30 | $12.21 | $11.91 | $12.86 | $13.29 |
| **Total Return** D,E | (1.07)% <br>| 3.52%  | 5.31%  | (5.08)%  | (.75)%  | .09%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .52% H | .53%  | .55%  | .55%  | .54%  | .54%  |
| Expenses net of fee waivers, if any  | .52% H<br>| .53%  | .54%  | .54%  | .54%  | .54%  |
| Expenses net of all reductions, if any  | .52% H | .53%  | .54%  | .54%  | .54%  | .54%  |
| Net investment income (loss)  | 3.06% H | 2.83%  | 2.76%  | 2.47%  | 2.08%  | 2.36%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $56572 | $51825 | $47272 | $44850 | $52424 | $67213 |
| Portfolio turnover rate I | 25% H<br>| 22%  | 15%  | 14%  | 14%  | 13%  |

---

A*For the year ended February 29.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® California Municipal Income Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.30 | $12.21 | $11.91 | $12.86 | $13.29 | $13.64 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .192  | .362  | .345  | .311  | .294  | .329  |
| Net realized and unrealized gain (loss)  | (.318)  | .077  | .291  | (.953)  | (.370)  | (.305)  |
| Total from investment operations  | (.126)  | .439  | .636  | (.642)  | (.076)  | .024  |
| Distributions from net investment income  | (.184)  | (.348)  | (.336)  | (.308)  | (.294)  | (.329)  |
| Distributions from net realized gain  | -  | (.001)  | -  | -  | (.060)  | (.045)  |
| Total distributions  | (.184)  | (.349)  | (.336)  | (.308)  | (.354)  | (.374)  |
| Net asset value, end of period  | $11.99 | $12.30 | $12.21 | $11.91 | $12.86 | $13.29 |
| **Total Return** D,E | (1.01)% <br>| 3.66%  | 5.44%  | (4.97)%  | (.64)%  | .21%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .40% H | .40%  | .43%  | .43%  | .42%  | .43%  |
| Expenses net of fee waivers, if any  | .40% H<br>| .40%  | .42%  | .43%  | .42%  | .43%  |
| Expenses net of all reductions, if any  | .40% H | .40%  | .42%  | .43%  | .42%  | .43%  |
| Net investment income (loss)  | 3.18% H | 2.96%  | 2.88%  | 2.59%  | 2.20%  | 2.47%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $107961 | $107699 | $70902 | $59963 | $59571 | $52667 |
| Portfolio turnover rate I | 25% H<br>| 22%  | 15%  | 14%  | 14%  | 13%  |

---

A*For the year ended February 29.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended August 31, 2025

**1. Organization.**

Fidelity California Municipal Income Fund (the Fund) is a fund of Fidelity California Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, California Municipal Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. The Fund may be affected by economic and political developments in the state of California.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted 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)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due market discount and capital loss carryforwards.

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

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $28337043 |
| **Gross unrealized depreciation** | <u>(53085366)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(24748323)</u> |
| **Tax cost** | <u>$1813959420</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(4592373) |
| Long-term | <u>(31962849)</u> |
| **Total capital loss carryforward** | <u>$(36555222)</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity California Municipal Income Fund** | 410810136 | 211799624 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .50 |
| **Class M** | .41 |
| **Class C** | .48 |
| **California Municipal Income** | .42 |
| **Class I** | .52 |
| **Class Z** | .39 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .50 |
| **Class M** | .41 |
| **Class C** | .48 |
| **California Municipal Income** | .42 |
| **Class I** | .51 |
| **Class Z** | .39 |

---

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 50172 | 4499 |
| **Class M** | - % | .25% | 3482 | - |
| **Class C** | .75% | .25% | <u>33451</u> | <u>7627</u> |
|  |  |  | <u>87105</u> | <u>12126</u> |

---

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

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

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 234 |
| **Class M** | 9 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>74</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>317</u> |

---

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

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity California Municipal Income Fund** | - | 37412429 | (498195) |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity California Municipal Income Fund** | 1291 |

---

**7. Expense Reductions.**

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $124.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **August 31, 2025** | **Year ended**<br> **February 28, 2025** |
| **Fidelity California Municipal Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $545175 | $1086500 |
| Class M | 39074 | 80065 |
| Class C | 66273 | 150594 |
| California Municipal Income | 22971930 | 40224588 |
| Class I | 792762 | 1313894 |
| Class Z | <u>1581004</u> | <u>2411824</u> |
| Total  | <u>$25996218</u> | <u>$45267465</u> |

---

**9. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **August 31, 2025**  | **Year ended**<br> **February 28, 2025** | **Six months ended** <br> **August 31, 2025**  | **Year ended**<br> **February 28, 2025** |
| **Fidelity California Municipal Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 183294 | 1047700 | $2183750 | $12717633 |
| Reinvestment of distributions | 41709 | 79389 | 498487 | 969298 |
| Shares redeemed | <u>(447362)</u> | <u>(1021201)</u> | <u>(5339309)</u> | <u>(12463116)</u> |
| Net increase (decrease) | <u>(222359)</u> | <u>105888</u> | <u>$(2657072)</u> | <u>$1223815</u> |
| **Class M** |  |  |  |  |
| Shares sold | 2044 | 16264 | $24660 | $198447 |
| Reinvestment of distributions | 2825 | 5800 | 33854 | 70962 |
| Shares redeemed | <u>(24059)</u> | <u>(48982)</u> | <u>(288645)</u> | <u>(596078)</u> |
| Net increase (decrease) | <u>(19190)</u> | <u>(26918)</u> | <u>$(230131)</u> | <u>$(326669)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 42874 | 172704 | $512256 | $2114117 |
| Reinvestment of distributions | 5055 | 11392 | 60324 | 138856 |
| Shares redeemed | <u>(205550)</u> | <u>(243267)</u> | <u>(2448237)</u> | <u>(2967676)</u> |
| Net increase (decrease) | <u>(157621)</u> | <u>(59171)</u> | <u>$(1875657)</u> | <u>$(714703)</u> |
| **California Municipal Income** |  |  |  |  |
| Shares sold | 27348736 | 17239691 | $324918668 | $210471258 |
| Reinvestment of distributions | 971930 | 1899005 | 11599864 | 23145247 |
| Shares redeemed | <u>(14606126)</u> | <u>(24084882)</u> | <u>(173888569)</u> | <u>(293539828)</u> |
| Net increase (decrease) | <u>13714540</u> | <u>(4946186)</u> | <u>$162629963</u> | <u>$(59923323)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1245469 | 1428797 | $14902411 | $17458323 |
| Reinvestment of distributions | 51831 | 79063 | 619945 | 966156 |
| Shares redeemed | <u>(792390)</u> | <u>(1164587)</u> | <u>(9447361)</u> | <u>(14177754)</u> |
| Net increase (decrease) | <u>504910</u> | <u>343273</u> | <u>$6074995</u> | <u>$4246725</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 1313077 | 3913488 | $15666968 | $47926430 |
| Reinvestment of distributions | 122233 | 182156 | 1462159 | 2225883 |
| Shares redeemed | <u>(1187174)</u> | <u>(1143403)</u> | <u>(14184273)</u> | <u>(13957546)</u> |
| Net increase (decrease) | <u>248136</u> | <u>2952241</u> | <u>$2944854</u> | <u>$36194767</u> |

---

**10. Other.**

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

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img114169_4.jpg)<br>

1.777802.123 CFL-SANN-1025

**Fidelity® California Limited Term Tax-Free Bond Fund**

**Semi-Annual Report**

**August 31, 2025**

![](img114170_1.jpg)

![](img114170_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CSI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® California Limited Term Tax-Free Bond Fund](#Sub_Sec_Fund_1534_CSI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1534_CSI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CSI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CSI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CSI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CSI-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

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

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® California Limited Term Tax-Free Bond Fund**

**Schedule of Investments August 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 97.2%** | &nbsp;&nbsp;**Municipal Securities - 97.2%** | &nbsp;&nbsp;**Municipal Securities - 97.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| California - 95.7%  |  |  |
| Education - 10.7% |  |  |
| CA Mun Fin Auth Student Hsg Rev (Chf Riverside Proj.) 5% 5/15/2027  | 750000 | 774968 |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) 5% 5/15/2026  | 3000000 | 3040938 |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) 5% 5/15/2027  | 3000000 | 3099870 |
| CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 5% 5/15/2026 (Build America Mutual Assurance Co Insured)  | 450000 | 456999 |
| CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 5% 5/15/2027 (Build America Mutual Assurance Co Insured)  | 470000 | 488757 |
| CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 5% 5/15/2028 (Build America Mutual Assurance Co Insured)  | 375000 | 396972 |
| CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 5% 5/15/2029 (Build America Mutual Assurance Co Insured)  | 400000 | 430694 |
| CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 5% 5/15/2030 (Build America Mutual Assurance Co Insured)  | 500000 | 545126 |
| California Edl Facs Auth Rev (Pomona College Proj.) 0% 7/1/2028 (b) | 400000 | 374003 |
| California Educational Facilities Authority (Chapman University, CA Proj.) Series 2021 A, 5% 4/1/2026  | 475000 | 482625 |
| California Educational Facilities Authority (Chapman University, CA Proj.) Series 2021 A, 5% 4/1/2027  | 475000 | 496064 |
| California Educational Facilities Authority (Chapman University, CA Proj.) Series 2021 A, 5% 4/1/2028  | 375000 | 401021 |
| California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2025  | 1210000 | 1211615 |
| California Mun Fin Auth Rev (Biola Univeristy Inc Proj.) Series 2017, 5% 10/1/2026  | 355000 | 362611 |
| California Mun Fin Auth Rev (California Baptist Univ Proj.) Series 2016 A, 4% 11/1/2026 (c) | 250000 | 250285 |
| California Mun Fin Auth Rev (University of LA Verne Proj.) 5% 6/1/2028  | 390000 | 403033 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2025  | 275000 | 275251 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2026  | 300000 | 306142 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2026  | 650000 | 659443 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2027  | 1285000 | 1339899 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2028  | 2000000 | 2136178 |
| California Mun Fn Auth Rev (Natl Uni Sys Man Grp Proj.) 5% 4/1/2029  | 3000000 | 3275853 |
| California St Univ Rev Series 2016 B 1, 1.6% tender 11/1/2047 (d) | 5525000 | 5448852 |
| California St Univ Rev Series 2016B 3, 3.125% tender 11/1/2051 (d) | 6000000 | 6012295 |
| California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 5% 1/1/2026  | 1090000 | 1099417 |
| California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 5% 1/1/2027  | 1900000 | 1968238 |
| Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2026  | 210000 | 211254 |
| Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2027  | 230000 | 234796 |
| Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2028  | 230000 | 239037 |
| Fullerton Public Financing Authority (Marshall B Ketchum Univ Proj.) 4% 2/1/2030  | 385000 | 408352 |
| University CA Revs Series 2023 BM, 5% 5/15/2028  | 3000000 | 3239857 |
| University CA Revs Series 2023 BM, 5% 5/15/2029  | 2350000 | 2602499 |
| University CA Revs Series 2023 BN, 5% 5/15/2029  | 5000000 | 5537232 |
| University CA Revs Series 2024 BW, 5% 5/15/2033  | 10785000 | 12523539 |
| University CA Revs Series 2025 BZ, 5% 5/15/2032  | 3000000 | 3463523 |
|  |  | 64197238 |
| Electric Utilities - 6.2% |  |  |
| Los Angeles CA Wtr & Pwr Rev Series 2018 A, 5% 7/1/2030  | 580000 | 606305 |
| Los Angeles CA Wtr & Pwr Rev Series 2019A, 5% 7/1/2028  | 770000 | 820763 |
| Los Angeles CA Wtr & Pwr Rev Series 2022 B, 5% 7/1/2029  | 500000 | 543205 |
| Los Angeles CA Wtr & Pwr Rev Series 2022 B, 5% 7/1/2031  | 2335000 | 2598675 |
| Los Angeles CA Wtr & Pwr Rev Series 2022 B, 5% 7/1/2032  | 195000 | 217501 |
| Los Angeles CA Wtr & Pwr Rev Series 2023 A, 5% 7/1/2032  | 285000 | 317887 |
| Los Angeles CA Wtr & Pwr Rev Series 2023 D, 5% 7/1/2027  | 500000 | 521768 |
| Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2031  | 1910000 | 2125682 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2028  | 250000 | 266482 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2031  | 1190000 | 1324378 |
| Los Angeles CA Wtr & Pwr Rev Series 2024A, 5% 7/1/2029  | 725000 | 787648 |
| Los Angeles CA Wtr & Pwr Rev Series 2024A, 5% 7/1/2035  | 125000 | 137238 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2030  | 1000000 | 1103967 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2031  | 1500000 | 1669384 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2030  | 4000000 | 4415869 |
| Middle Fork Project Finance Authority 5% 4/1/2030  | 1200000 | 1283689 |
| Sacramento CA Muni Util Dist Elec Rev Series 2023D, 5% tender 8/15/2049 (d) | 6000000 | 6675906 |
| Santa Clara CA Elec Rev Series 2024A, 5% 7/1/2032  | 1200000 | 1385019 |
| Santa Clara CA Elec Rev Series 2024A, 5% 7/1/2033  | 600000 | 697921 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern Ca Pub Pwr Auth Proj.) Series 2025 2, 5% tender 7/1/2053 (d) | 5000000 | 5318340 |
| Vernon Calif Elec Sys Rev Series 2021 A, 5% 4/1/2026  | 1000000 | 1012710 |
| Vernon Calif Elec Sys Rev Series 2021 A, 5% 4/1/2028  | 1500000 | 1581520 |
| Vernon Calif Elec Sys Rev Series 2022A, 5% 8/1/2026  | 600000 | 612366 |
| Vernon Calif Elec Sys Rev Series 2022A, 5% 8/1/2029  | 1055000 | 1143292 |
|  |  | 37167515 |
| Escrowed/Pre-Refunded - 2.5% |  |  |
| California St Pub Wks Brd Lse Series B, 5% 10/1/2026 (Escrowed to Maturity)  | 20000 | 20598 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement 0% 6/1/2026 (Escrowed to Maturity) (b) | 500000 | 491212 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement 0% 6/1/2027 (Escrowed to Maturity) (b) | 5000000 | 4798957 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement 5% 6/1/2026  | 500000 | 510242 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement 5% 6/1/2028 (Pre-refunded to 6/1/2027 at 100)  | 1805000 | 1892632 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2029 (Escrowed to Maturity)  | 2825000 | 3120049 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2030 (Escrowed to Maturity)  | 2975000 | 3337679 |
| San Diego CA Uni Sch Dist Series 2009 1, 0% 7/1/2030 (Escrowed to Maturity) (b) | 1050000 | 919811 |
|  |  | 15091180 |
| General Obligations - 47.0% |  |  |
| Acton-Agua Dulce Uni Sch Dist Calif 0% 8/1/2032 (Assured Guaranty Inc Insured) (b) | 1795000 | 1439700 |
| Anaheim Calif City Sch Dist 0% 8/1/2029 (b) | 875000 | 786334 |
| Antelope Valley CA Cmnty College Dist Gen. Oblig. Series 2026, 5% 8/1/2031 (e) | 1015000 | 1095410 |
| Azusa Calif Uni Sch Dist Series 2002, 0% 7/1/2026 (Assured Guaranty Inc Insured) (b) | 1125000 | 1098677 |
| California Community Choice Financing Authority 5% 12/1/2027 (Athene Annuity And Life Company Guaranteed)  | 180000 | 186664 |
| California Community Choice Financing Authority 5% 12/1/2028 (Athene Annuity And Life Company Guaranteed)  | 240000 | 252395 |
| California Community Choice Financing Authority 5% 12/1/2029 (Athene Annuity And Life Company Guaranteed)  | 240000 | 255180 |
| California Community Choice Financing Authority 5% 12/1/2030 (Athene Annuity And Life Company Guaranteed)  | 290000 | 310280 |
| California Community Choice Financing Authority 5% 12/1/2031 (Athene Annuity And Life Company Guaranteed)  | 325000 | 347827 |
| California Community Choice Financing Authority 5% 12/1/2032 (Athene Annuity And Life Company Guaranteed)  | 545000 | 579907 |
| California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (d) | 4600000 | 4801308 |
| California Community Choice Financing Authority 5% tender 2/1/2055 (Morgan Stanley Guaranteed) (d) | 2410000 | 2582595 |
| California Community Choice Financing Authority 5% tender 2/1/2055 (Royal Bank of Canada Guaranteed) (d) | 5075000 | 5463891 |
| California Community Choice Financing Authority 5.25% tender 11/1/2054 (Goldman Sachs Group Inc/The Guaranteed) (d) | 6670000 | 7140230 |
| California Community Choice Financing Authority Series 2023 F, 5.5% tender 10/1/2054 (National Bank of Canada Guaranteed) (d) | 1150000 | 1235321 |
| California Community Choice Financing Authority Series 2024 A 1, 5% tender 5/1/2054 (Morgan Stanley Guaranteed) (d) | 5000000 | 5339948 |
| California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (d) | 3000000 | 3187116 |
| California Community Choice Financing Authority Series 2024G, 5% tender 11/1/2055 (Athene Annuity And Life Company Guaranteed) (d) | 1520000 | 1584851 |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2029 (Pacific Life Insurance Co Guaranteed)  | 450000 | 480477 |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2030 (Pacific Life Insurance Co Guaranteed)  | 650000 | 698136 |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2031 (Pacific Life Insurance Co Guaranteed)  | 1550000 | 1666595 |
| California Community Choice Financing Authority Series 2025D, 5% 7/1/2031 (Global Atlantic Fin Co Guaranteed)  | 3890000 | 4093953 |
| California Mun Fin Auth Lease Rev (Orange County CA Proj.) Series 2017A, 5% 6/1/2030  | 2650000 | 2766645 |
| California St Pub Wks Brd Lse 5% 8/1/2026  | 6255000 | 6405051 |
| California St Pub Wks Brd Lse 5% 8/1/2027  | 5165000 | 5438810 |
| California St Pub Wks Brd Lse 5% 8/1/2028  | 3175000 | 3437435 |
| California St Pub Wks Brd Lse Series 2016D, 5% 4/1/2028  | 4635000 | 4767130 |
| California St Pub Wks Brd Lse Series 2021 D, 4% 11/1/2026  | 2905000 | 2960890 |
| California St Pub Wks Brd Lse Series 2021 D, 5% 11/1/2027  | 3555000 | 3778441 |
| California St Pub Wks Brd Lse Series 2021 D, 5% 11/1/2028  | 3745000 | 4078824 |
| California St Pub Wks Brd Lse Series 2023B, 5% 12/1/2029  | 5000000 | 5573494 |
| California St Pub Wks Brd Lse Series B, 5% 10/1/2026  | 325000 | 334246 |
| Cerritos CA Cmnty College Dist Gen. Oblig. Series 2012 D, 0% 8/1/2028 (b) | 740000 | 691834 |
| El Camino CA Hosp Dist Gen. Oblig. 0% 8/1/2029 (National Public Finance Guarantee Corporation Insured) (b) | 5000000 | 4507238 |
| Evergreen Calif Elem Sch Dist (Evergreen Calif Sch Dist Proj.) Series 2009B, 0% 8/1/2027 (b) | 1240000 | 1183869 |
| Fort Bragg Calif Uni Sch Dist 0% 8/1/2030 (Ambac Assurance Corp Insured) (b) | 1000000 | 864830 |
| Garvey CA Sch Dist Series 2004 B, 0% 8/1/2030 (b) | 1625000 | 1401950 |
| Kingsburg CA Joint Uni High Sch Dist 0% 8/1/2032 (Assured Guaranty Inc Insured) (b) | 1170000 | 939689 |
| Long Beach CA Uni Sch Dist 0% 8/1/2029 (Assured Guaranty Inc Insured) (b) | 3995000 | 3597113 |
| Long Beach CA Uni Sch Dist Series D 1, 0% 8/1/2029 (b) | 1915000 | 1646811 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2029  | 1925000 | 2141228 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2030  | 2025000 | 2293721 |
| Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) 5% 12/1/2025  | 1500000 | 1510527 |
| Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) 5% 12/1/2026  | 1750000 | 1814147 |
| Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) 5% 12/1/2027  | 3375000 | 3596768 |
| Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) 5% 12/1/2027  | 1875000 | 1998204 |
| Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) 5% 12/1/2028  | 1625000 | 1777126 |
| Los Angeles Unified School District/CA Series 2016B, 2% 7/1/2029  | 465000 | 449922 |
| Los Angeles Unified School District/CA Series 2024A, 5% 7/1/2028  | 2000000 | 2167199 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2027  | 1415000 | 1441367 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2028  | 1490000 | 1517446 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2029  | 1560000 | 1587510 |
| Monterey Peninsula CA Cmnty College Dist Gen. Oblig. Series 2016, 0% 8/1/2032 (b) | 545000 | 427424 |
| Mountain View Calif Sch Dist Sch Facs Impt Dist No 2 San Bernardino Cnty Series 2024, 0% 7/1/2029 (b) | 5000000 | 4384836 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2027  | 3000000 | 3099781 |
| Napa Valley CA Cmnty College Dist Gen. Oblig. 0% 8/1/2027 (National Public Finance Guarantee Corporation Insured) (b) | 1025000 | 978971 |
| Napa Valley CA Uni Sch Dist 0% 8/1/2027 (b) | 2065000 | 1970778 |
| Newport Mesa CA Uni Sch Dist Series 2007, 0% 8/1/2029 (National Public Finance Guarantee Corporation Insured) (b) | 3915000 | 3564809 |
| Oakland CA Uni Sch Dist Alameda Cnty Series 2016, 5% 8/1/2026  | 1725000 | 1762939 |
| Oakland CA Uni Sch Dist Alameda Cnty Series 2016, 5% 8/1/2029  | 940000 | 960550 |
| Palm Springs CA Uni Sch Dist Series A, 1.25% 8/1/2030 (Assured Guaranty Inc Insured)  | 1895000 | 1700886 |
| Palmdale Calif Sch Dist 0% 2/1/2027 (National Public Finance Guarantee Corporation Insured) (b) | 1400000 | 1352973 |
| Palo Alto Calif Uni Sch Dist 0% 8/1/2031 (b) | 965000 | 821100 |
| Palomar Calif Cmnty College Dist Series 2010B, 0% 8/1/2029 (b) | 1015000 | 919576 |
| Palomar Pomerado Health Calif (Palomar Health Calif Proj.) Gen. Oblig. 0% 8/1/2031 (Assured Guaranty Inc Insured) (b) | 800000 | 619911 |
| Pasadena CA Uni Sch Dist Series C, 5% 8/1/2029  | 1300000 | 1442685 |
| Placentia-Yorba Linda CA Usd Series CAB, 0% 8/1/2027 (b) | 1905000 | 1816361 |
| Poway CA Unified Sch Dist 0% 8/1/2026 (b) | 2145000 | 2099925 |
| Rio Hondo Calif Cmnty College Dist Series 2010C, 0% 8/1/2029 (b) | 1800000 | 1620727 |
| Robla CA Sch Dist 0% 8/1/2031 (National Public Finance Guarantee Corporation Insured) (b) | 2235000 | 1850343 |
| Sacramento CA City Uni Sch Dis 4% 7/1/2026 (Assured Guaranty Inc Insured)  | 1100000 | 1116209 |
| Sacramento CA City Uni Sch Dis 4% 7/1/2027 (Assured Guaranty Inc Insured)  | 350000 | 360797 |
| Sacramento CA City Uni Sch Dis 4% 7/1/2028 (Assured Guaranty Inc Insured)  | 625000 | 654302 |
| Sacramento CA City Uni Sch Dis 4% 7/1/2029 (Assured Guaranty Inc Insured)  | 250000 | 264982 |
| Sacramento CA City Uni Sch Dis 5% 7/1/2026 (Build America Mutual Assurance Co Insured)  | 1415000 | 1447424 |
| Sacramento CA City Uni Sch Dis 5% 7/1/2027 (Build America Mutual Assurance Co Insured)  | 1825000 | 1913829 |
| Sacramento CA City Uni Sch Dis 5% 7/1/2028 (Build America Mutual Assurance Co Insured)  | 2250000 | 2416812 |
| Sacramento CA City Uni Sch Dis 5% 7/1/2029 (Build America Mutual Assurance Co Insured)  | 2750000 | 3017070 |
| Sacramento CA City Uni Sch Dis 5% 7/1/2030 (Build America Mutual Assurance Co Insured)  | 1575000 | 1756867 |
| Sacramento CA City Uni Sch Dis Series 2007, 0% 7/1/2027 (Assured Guaranty Inc Insured) (b) | 1455000 | 1394309 |
| San Diego CA Pub Facs Fing Auth Lease Rev (San Diego CA Proj.) Series B, 5% 10/15/2025  | 1605000 | 1610544 |
| San Lorenzo Valley CA Uni Sch Dist Santa Cruz Cnty Series 2004, 0% 8/1/2028 (National Public Finance Guarantee Corporation Insured) (b) | 1485000 | 1380370 |
| San Lorenzo Valley CA Uni Sch Dist Santa Cruz Cnty Series 2004, 0% 8/1/2029 (National Public Finance Guarantee Corporation Insured) (b) | 3500000 | 3156286 |
| San Mateo CA Unified Sch Dist 0% 9/1/2028 (National Public Finance Guarantee Corporation Insured) (b) | 6750000 | 6316229 |
| San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. 0% 9/1/2026 (National Public Finance Guarantee Corporation Insured) (b) | 3505000 | 3431675 |
| San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. 0% 9/1/2028 (National Public Finance Guarantee Corporation Insured) (b) | 7945000 | 7432233 |
| Santa Monica CA Cmnty College Dist Gen. Oblig. 0% 5/1/2028 (National Public Finance Guarantee Corporation Insured) (b) | 300000 | 281686 |
| Southern CA Pub Pwr Auth Series 2024 A, 5% tender 4/1/2055 (American General Life Insurance Co Guaranteed) (d) | 1000000 | 1059461 |
| State of California Gen. Oblig. 3% 10/1/2032  | 790000 | 773036 |
| State of California Gen. Oblig. 4% 9/1/2029  | 1515000 | 1615995 |
| State of California Gen. Oblig. 5% 10/1/2028  | 5000000 | 5425840 |
| State of California Gen. Oblig. 5% 10/1/2028  | 1845000 | 2002135 |
| State of California Gen. Oblig. 5% 11/1/2026  | 2000000 | 2066923 |
| State of California Gen. Oblig. 5% 11/1/2028  | 11690000 | 12709550 |
| State of California Gen. Oblig. 5% 11/1/2030  | 1060000 | 1196728 |
| State of California Gen. Oblig. 5% 11/1/2031  | 2990000 | 3342128 |
| State of California Gen. Oblig. 5% 3/1/2030  | 2000000 | 2229469 |
| State of California Gen. Oblig. 5% 3/1/2031  | 2000000 | 2262658 |
| State of California Gen. Oblig. 5% 3/1/2032  | 5500000 | 6279045 |
| State of California Gen. Oblig. 5% 8/1/2032  | 6000000 | 6875049 |
| State of California Gen. Oblig. 5% 9/1/2030  | 5000000 | 5628017 |
| State of California Gen. Oblig. 5% 9/1/2030  | 1550000 | 1590471 |
| State of California Gen. Oblig. 5% 9/1/2032  | 10070000 | 11546662 |
| State of California Gen. Oblig. 5% 9/1/2034  | 5335000 | 6161675 |
| State of California Gen. Oblig. Series 2016, 5% 8/1/2027  | 2000000 | 2052622 |
| State of California Gen. Oblig. Series 2017, 5% 8/1/2026  | 5170000 | 5305416 |
| West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 0% 8/1/2027 (National Public Finance Guarantee Corporation Insured) (b) | 530000 | 503528 |
| West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 4% 8/1/2027 (Assured Guaranty Inc Insured)  | 600000 | 618587 |
| West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) Series 2020 E, 4% 8/1/2027 (Assured Guaranty Inc Insured)  | 650000 | 670137 |
| West Contra Costa Unified School District Series 2024 B TENDER, 4% 8/1/2029 (Build America Mutual Assurance Co Insured)  | 360000 | 380432 |
| West Contra Costa Unified School District Series 2024 B TENDER, 4% 8/1/2030 (Build America Mutual Assurance Co Insured)  | 850000 | 903316 |
| West Contra Costa Unified School District Series 2024 B TENDER, 5% 8/1/2031 (Build America Mutual Assurance Co Insured)  | 1500000 | 1690321 |
| West Contra Costa Unified School District Series 2024 B TENDER, 5% 8/1/2032 (Build America Mutual Assurance Co Insured)  | 500000 | 567593 |
| West Contra Costa Unified School District Series 2024 B, 5% 8/1/2032 (Build America Mutual Assurance Co Insured)  | 325000 | 368936 |
| West Contra Costa Unified School District Series 2024 B, 5% 8/1/2033 (Build America Mutual Assurance Co Insured)  | 300000 | 341954 |
| West Contra Costa Unified School District Series 2024A, 4% 8/1/2029 (Build America Mutual Assurance Co Insured)  | 300000 | 317026 |
| West Contra Costa Unified School District Series 2024A, 4% 8/1/2030 (Build America Mutual Assurance Co Insured)  | 715000 | 759848 |
| West Contra Costa Unified School District Series 2024A, 4% 8/1/2031 (Build America Mutual Assurance Co Insured)  | 765000 | 812714 |
| West Contra Costa Unified School District Series 2024A, 4% 8/1/2032 (Build America Mutual Assurance Co Insured)  | 1000000 | 1061179 |
| West Contra Costa Unified School District Series 2024A, 4% 8/1/2033 (Build America Mutual Assurance Co Insured)  | 1500000 | 1587455 |
|  |  | 281348365 |
| Health Care - 11.0% |  |  |
| California Health Facilities Financing Authority (Adventist Health System-West Proj.) Series 2016A, 4% 3/1/2027  | 475000 | 477240 |
| California Health Facilities Financing Authority (Cedars-Sinai Medical Center,Ca Proj.) Series 2015, 5% 11/15/2025  | 675000 | 678331 |
| California Health Facilities Financing Authority (Childrens Hospital CA Proj.) Series 2021A, 5% 11/1/2025  | 500000 | 502111 |
| California Health Facilities Financing Authority (Childrens Hospital CA Proj.) Series 2021A, 5% 11/1/2026  | 300000 | 309413 |
| California Health Facilities Financing Authority (Childrens Hospital CA Proj.) Series 2021A, 5% 11/1/2027  | 200000 | 212269 |
| California Health Facilities Financing Authority (Childrens Hospital CA Proj.) Series 2021B, 5% 11/1/2026  | 250000 | 257844 |
| California Health Facilities Financing Authority (Childrens Hospital CA Proj.) Series 2021B, 5% 11/1/2027  | 600000 | 636808 |
| California Health Facilities Financing Authority (Childrens Hospital Ca Proj.) Series 2024B, 5% tender 11/1/2054 (d) | 4735000 | 5335554 |
| California Health Facilities Financing Authority (Lucile Salter Packrd Chil Hosp Proj.) 5% 5/15/2026  | 1000000 | 1019088 |
| California Health Facilities Financing Authority (Lucile Salter Packrd Chil Hosp Proj.) 5% 5/15/2027  | 275000 | 287816 |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) 2% tender 10/1/2036 (d) | 12985000 | 12979164 |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) 5% 7/1/2032  | 1335000 | 1518970 |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2019 B, 5% tender 10/1/2039 (d) | 5625000 | 5851878 |
| California Health Facilities Financing Authority (Scripps Health, Sys Proj.) Series 2024B 2, 5% tender 11/15/2061 (d) | 5000000 | 5618685 |
| California Mun Fin Auth Rev (Channing House Proj.) 4% 5/15/2028 (California Mortgage Insurance Guaranteed)  | 2000000 | 2050253 |
| California Mun Fin Auth Rev (Channing House Proj.) 5% 5/15/2026 (California Mortgage Insurance Guaranteed)  | 360000 | 366795 |
| California Mun Fin Auth Rev (Channing House Proj.) 5% 5/15/2027 (California Mortgage Insurance Guaranteed)  | 350000 | 366311 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2026  | 1065000 | 1078186 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2027  | 1235000 | 1277048 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) 5% 7/1/2029  | 115000 | 118158 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2026  | 500000 | 506190 |
| California Mun Fin Auth Rev (Eisenhower Medical Center Proj.) Series 2017 B, 5% 7/1/2027  | 640000 | 661790 |
| California Mun Fin Auth Rev (Institute on Aging Proj.) 5% 8/15/2026 (California Mortgage Insurance Guaranteed)  | 275000 | 282104 |
| California Mun Fin Auth Rev (Northbay Healthcare Group Proj.) Series 2017 A, 5% 11/1/2025  | 745000 | 745803 |
| California Mun Fin Auth Sr Living Rev (MT San Antonio Gardens Proj.) Series 2019, 4% 11/15/2025  | 630000 | 630026 |
| California Mun Fin Auth Sr Living Rev (MT San Antonio Gardens Proj.) Series 2019, 4% 11/15/2028  | 710000 | 717269 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2027  | 365000 | 375594 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2028  | 305000 | 319365 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2029  | 250000 | 265685 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2030  | 200000 | 214852 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2031  | 210000 | 227007 |
| California Mun Fn Auth Rev (Prs CA Obligated Gr Proj.) Series 2024A, 5% 4/1/2032  | 315000 | 341366 |
| California Pub Fin Auth Rev (Henry Mayo Newhall Mem Hosp,Ca Proj.) Series 2021A, 4% 10/15/2025  | 390000 | 390168 |
| California Pub Fin Auth Rev (Sharp Healthcare System, CA Proj.) 5% 8/1/2030  | 5500000 | 6191254 |
| California Statewide Community Development Authority Rev (Adventist Health System-West Proj.) Series 2018 A, 5% 3/1/2027  | 555000 | 574960 |
| California Statewide Community Development Authority Rev (Beverly Hospital Proj.) Series 2015, 4% (f)(g) | 38222 | 0 |
| California Statewide Community Development Authority Rev (Beverly Hospital Proj.) Series 2015, 5% (f)(g) | 8132 | 0 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 5% 4/1/2026  | 380000 | 384026 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 5% 4/1/2027  | 600000 | 617329 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 5% 4/1/2028  | 425000 | 444808 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 5% 4/1/2029  | 625000 | 663483 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 5% 4/1/2030  | 440000 | 471411 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 5% 4/1/2031  | 450000 | 484283 |
| California Statewide Community Development Authority Rev (John Muir Medical Ctr, CA Proj.) Series 2024A, 5% 12/1/2028  | 910000 | 985333 |
| California Statewide Community Development Authority Rev (John Muir Medical Ctr, CA Proj.) Series 2024A, 5% 12/1/2029  | 1240000 | 1368550 |
| California Statewide Community Development Authority Rev (John Muir Medical Ctr, CA Proj.) Series 2024A, 5% 12/1/2030  | 1250000 | 1399069 |
| California Statewide Community Development Authority Rev (Redlands Community Hospital Proj.) 5% 10/1/2025  | 1010000 | 1011540 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2026  | 500000 | 503152 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 5% 1/1/2028  | 1000000 | 1047518 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2026  | 935000 | 946499 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2019 A, 5% 7/1/2027  | 1090000 | 1117123 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 5% 7/1/2026  | 250000 | 253692 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 5% 7/1/2027  | 375000 | 388786 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 5% 7/1/2028  | 400000 | 422316 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2020 A, 5% 7/1/2029  | 350000 | 374681 |
|  |  | 66268954 |
| Housing - 2.9% |  |  |
| California Hsg Fin Agy Affordable Hsg Rev (Ca Mhsg Rev 2023 Proj.) 3.25% tender 8/1/2064 (d) | 4000000 | 4031590 |
| California Hsg Fin Agy Affordable Hsg Rev (Ca Mhsg Rev 2023 Proj.) Series 2023A 2, 3.6% tender 8/1/2063 (d) | 2500000 | 2507300 |
| California Mun Fin Auth Multifamily Hsg Rev Series 2024 A 1, 5% tender 6/1/2056 (d) | 2000000 | 2121854 |
| California Mun Fin Auth Multifamily Hsg Rev Series 2024A, 3.2% tender 9/1/2045 (d) | 5750000 | 5759475 |
| Los Angeles Cnty Calif Dev Auth Multifamily Hsg Rev (La County West La Va 156/157 Proj.) Series 2023C, 3.75% tender 12/1/2046 (d) | 3000000 | 3008245 |
|  |  | 17428464 |
| Lease Revenue - 0.1% |  |  |
| California Infrastructure & Economic Dev Bank Lease Rev (California State Teachers' Retirement System Proj.) 5% 8/1/2027  | 300000 | 315441 |
| Other - 2.0% |  |  |
| California Infrastructure & Economic Development Bank (CA Academy of Science Proj.) Series 2024A, 3.25% 8/1/2029  | 3000000 | 3043003 |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (d) | 7665000 | 7103654 |
| California Infrastructure & Economic Development Bank (Segerstrom Ctr For The Arts Proj.) Series 2024, 5% 1/1/2032  | 1885000 | 2086420 |
|  |  | 12233077 |
| Special Tax - 1.6% |  |  |
| Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd E Frank & Poppy Proj.) Series 2015, 5% 9/1/2027  | 150000 | 150000 |
| Elk Grove CA Fin Auth Spl Tax (Elk Grove Cfd Laguna Ridge Proj.) 4% 9/1/2025  | 1915000 | 1915086 |
| Pittsburg Successor Agency Redevelopment Agency Series A, 5% 9/1/2026 (Assured Guaranty Inc Insured)  | 3610000 | 3699819 |
| Rancho Cucamonga Redevelopment Agency Successor Agency Series 2024, 5% 9/1/2030  | 2000000 | 2241833 |
| Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2026  | 900000 | 918632 |
| Sacramento Calif Transient Occupancy Tax Rev Series 2018 A, 5% 6/1/2031  | 500000 | 530139 |
|  |  | 9455509 |
| Synthetics - 0.2% |  |  |
| Los Angeles CA Wtr & Pwr Participating VRDN Series 2023 XM1153, 2.88% 7/1/2048 (Liquidity Facility Barclays Bank PLC) (d)(h) | 1000000 | 1000000 |
| Tobacco Bonds - 0.2% |  |  |
| California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2026  | 500000 | 507104 |
| Tobacco Securitization South CA Tobacco Settlement Rev 5% 6/1/2027  | 500000 | 516655 |
|  |  | 1023759 |
| Transportation - 5.5% |  |  |
| Bay Area Toll Auth CA Bridge Rev 2% tender 4/1/2056 (d) | 11900000 | 11591688 |
| Bay Area Toll Auth CA Bridge Rev 2.95% tender 4/1/2047 (d) | 1785000 | 1786068 |
| Bay Area Toll Auth CA Bridge Rev Series 2018 A, 2.625% tender 4/1/2045 (d) | 7300000 | 7289731 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026  | 7000000 | 7131142 |
| Sacramento Cnty CA Arpt Sys Rv 5% 7/1/2026  | 370000 | 378015 |
| Sacramento Cnty CA Arpt Sys Rv Series 2018 E, 5% 7/1/2028  | 745000 | 802161 |
| Sacramento Cnty CA Arpt Sys Rv Series 2020, 5% 7/1/2027  | 830000 | 870399 |
| Sacramento Cnty CA Arpt Sys Rv Series 2020, 5% 7/1/2028  | 700000 | 753708 |
| San Diego Association of Governments South Bay Expressway Revenue (South Bay Expressway Proj.) Series 2017 A, 5% 7/1/2026  | 1450000 | 1479360 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2020B, 5% 7/1/2029  | 1025000 | 1124967 |
|  |  | 33207239 |
| Water & Sewer - 5.8% |  |  |
| Bay Area Water Supply & Conservation Agency Series 2023 A, 5% 10/1/2026  | 1000000 | 1031187 |
| Bay Area Water Supply & Conservation Agency Series 2023 A, 5% 10/1/2027  | 1000000 | 1058305 |
| Bay Area Water Supply & Conservation Agency Series 2023 A, 5% 10/1/2028  | 1000000 | 1085025 |
| Eastern Municipal Water District Financing Authority 5% 7/1/2026  | 250000 | 256000 |
| Eastern Municipal Water District Financing Authority 5% 7/1/2027  | 255000 | 268636 |
| Fairfield CA Ctfs Partn (Fairfield CA Water Rev Proj.) Series 2007A, 0% 4/1/2027 (b) | 1850000 | 1776563 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 1/1/2030 (e) | 6000000 | 6467789 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 7/1/2029  | 455000 | 494663 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 7/1/2033  | 50000 | 55322 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2018 A, 5% 7/1/2027  | 2125000 | 2216738 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2018 A, 5% 7/1/2033  | 185000 | 190987 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2018 B, 5% 7/1/2036  | 25000 | 25628 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2020B, 4% 7/1/2029  | 655000 | 683980 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 5% 7/1/2032  | 265000 | 293873 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2023 A, 5% 7/1/2033  | 135000 | 151222 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2023 A, 5% 7/1/2034  | 255000 | 282357 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024 A, 5% 7/1/2030  | 1500000 | 1657383 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024B, 5% 7/1/2029  | 3000000 | 3261516 |
| Santa Rosa CA Wstwtr Series 2002 B, 0% 9/1/2026 (Ambac Assurance Corp Insured) (b) | 11165000 | 10910963 |
| Stockton Calif Pub Fing Auth Wtr Rev Series 2018 A, 5% 10/1/2025  | 750000 | 751445 |
| Stockton Calif Pub Fing Auth Wtr Rev Series 2018 A, 5% 10/1/2026  | 1000000 | 1027389 |
| Stockton Calif Pub Fing Auth Wtr Rev Series 2018 A, 5% 10/1/2027  | 1000000 | 1054952 |
|  |  | 35001923 |
| TOTAL CALIFORNIA |  | 573738664 |
| Guam - 0.6%  |  |  |
| Special Tax - 0.6% |  |  |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2029  | 2750000 | 2915529 |
| Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2031  | 430000 | 464312 |
|  |  | 3379841 |
| TOTAL GUAM |  | 3379841 |
| Puerto Rico - 0.7%  |  |  |
| General Obligations - 0.0% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2027  | 200000 | 206797 |
| Health Care - 0.4% |  |  |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2026  | 100000 | 101304 |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2027  | 1050000 | 1081208 |
| Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2028  | 1035000 | 1083266 |
|  |  | 2265778 |
| Water & Sewer - 0.3% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 5% 7/1/2028 (c) | 1500000 | 1547237 |
| TOTAL PUERTO RICO |  | 4019812 |
| Virgin Islands - 0.2%  |  |  |
| Transportation - 0.2% |  |  |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2033  | 1010000 | 1116019 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $580,937,238) |  | <br> **582254336** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** | &nbsp;&nbsp;**Money Market Funds - 3.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Tax-Free Cash Central Fund (i)(j)<br>(Cost $19,938,856)<br>| 3.18 | 19930884 | **19938856** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $600,876,094)<br>| <br>**602193192** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(2855125)** |
| **NET ASSETS - 100.0%** | **599338067** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

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

(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 $1,797,522 or 0.3% of net assets.

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

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

(f) Non-income producing - Security is in default.

(g) Level 3 security

(h) Provides evidence of ownership in one or more underlying municipal bonds. Coupon rates are determined by re-marketing agents based on current market conditions.

(i) Affiliated fund that is generally 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.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Tax-Free Cash Central Fund | 10529333 | 97182277 | 87772754 | 229385 | - | - | 19938856 | 19930884 | 1.4% |
| Total | 10529333 | 97182277 | 87772754 | 229385 | - | - | 19938856 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of August 31, 2025, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 64197238 | - | 64197238 | - |
| Electric Utilities | 37167515 | - | 37167515 | - |
| Escrowed/Pre-Refunded | 15091180 | - | 15091180 | - |
| General Obligations | 281555162 | - | 281555162 | - |
| Health Care | 68534732 | - | 68534732 | - |
| Housing | 17428464 | - | 17428464 | - |
| Lease Revenue | 315441 | - | 315441 | - |
| Other | 12233077 | - | 12233077 | - |
| Special Tax | 12835350 | - | 12835350 | - |
| Synthetics | 1000000 | - | 1000000 | - |
| Tobacco Bonds | 1023759 | - | 1023759 | - |
| Transportation | 34323258 | - | 34323258 | - |
| Water & Sewer | 36549160 | - | 36549160 | - |
|  **Money Market Funds** | 19938856 | 19938856 | - | - |
| **Total Investments in Securities:** | 602193192 | 19938856 | 582254336 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $580,937,238) | $582254336 |  |
| Fidelity Central Funds (cost $19,938,856) | 19938856 |  |
| Total Investment in Securities (cost $600,876,094) |  | $602193192 |
| Cash |  | 83035 |
| Receivable for fund shares sold |  | 390078 |
| Interest receivable |  | 5941943 |
| Distributions receivable from Fidelity Central Funds |  | 35303 |
| Other receivables |  | 10 |
| **Total assets** |  | 608643561 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $7533015 |  |
| Payable for fund shares redeemed | 1291785 |  |
| Distributions payable | 336005 |  |
| Accrued management fee | 97561 |  |
| Other affiliated payables | 47128 |  |
| **Total liabilities** |  | 9305494 |
| **Net Assets**  |  | $599338067 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $606511796 |
| Total accumulated earnings (loss) |  | (7173729) |
| **Net Assets** |  | $599338067 |
| **Net Asset Value**, offering price and redemption price per share ($599,338,067 ÷ 57,009,912 shares) |  | $10.51 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $6799903 |
| Income from Fidelity Central Funds  |  | 229385 |
| **Total income** |  | 7029288 |
| **Expenses** |  |  |
| Management fee | $563342 |  |
| Transfer agent fees | 280258 |  |
| Independent trustees' fees and expenses | 644 |  |
| Total expenses before reductions | 844244 |  |
| Expense reductions | (8) |  |
| Total expenses after reductions |  | 844236 |
| **Net Investment income (loss)** |  | 6185052 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (175799) |  |
| Total net realized gain (loss) |  | (175799) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 6530477 |
| **Net gain (loss)** |  | 6354678 |
| **Net increase (decrease) in net assets resulting from operations** |  | $12539730 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $6185052 | $10513022 |
| &nbsp;&nbsp;Net realized gain (loss) | (175799)<br>| (365431)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6530477 | 5224419<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 12539730<br>| 15372010<br>|
| Distributions to shareholders | (6169012)<br>| (10545650)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 117473984 | 176174113 |
| Reinvestment of distributions | 4300513<br>| 7275509<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (82495079) | (145232016) |
| **Net increase (decrease) in net assets resulting from share transactions** | 39279418<br>| 38217606<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 45650136<br>| 43043966<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 553687931 | 510643965<br>|
| &nbsp;&nbsp;End of period | $599338067 | $553687931 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 11308894 | 17045558 |
| Issued in reinvestment of distributions | 414088<br>| 705617<br>|
| &nbsp;&nbsp;Redeemed | (7980276) | (14083191) |
| &nbsp;&nbsp;Net increase (decrease) | 3742706 | 3667984 |

---

**Financial Highlights** 

**Fidelity® California Limited Term Tax-Free Bond Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.39 | $10.30 | $10.12 | $10.50 | $10.81 | $10.87 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .114  | .208  | .179  | .143  | .132  | .157  |
| Net realized and unrealized gain (loss)  | .120  | .090  | .180  | (.380)  | (.309)  | (.040)  |
| Total from investment operations  | .234  | .298  | .359  | (.237)  | (.177)  | .117  |
| Distributions from net investment income  | (.114)  | (.207)  | (.179)  | (.143)  | (.132)  | (.157)  |
| Distributions from net realized gain  | -  | (.001)  | -  | -  | (.001)  | (.020)  |
| Total distributions  | (.114)  | (.208)  | (.179)  | (.143)  | (.133)  | (.177)  |
| Net asset value, end of period  | $10.51 | $10.39 | $10.30 | $10.12 | $10.50 | $10.81 |
| **Total Return** D,E | 2.27% <br>| 2.93%  | 3.58%  | (2.26)%  | (1.66)%  | 1.09%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .30% H | .30%  | .32%  | .48%  | .47%  | .47%  |
| Expenses net of fee waivers, if any  | .30% H<br>| .30%  | .30%  | .35%  | .35%  | .35%  |
| Expenses net of all reductions, if any  | .30% H | .30%  | .30%  | .35%  | .35%  | .35%  |
| Net investment income (loss)  | 2.18% H | 2.01%  | 1.76%  | 1.41%  | 1.23%  | 1.45%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $599338 | $553688 | $510644 | $570838 | $704785 | $775453 |
| Portfolio turnover rate I | 15% H<br>| 15%  | 23%  | 23%  | 18%  | 19%  |

---

A*For the year ended February 29.*

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

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*Total returns for periods of less than one year are not annualized.*

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

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

I*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended August 31, 2025

**1. Organization.**

Fidelity California Limited Term Tax-Free Bond Fund (the Fund) is a non-diversified fund of Fidelity California Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may be affected by economic and political developments in the state of California.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted 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)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of August 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount and capital loss carryforwards.

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

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $5437061 |
| **Gross unrealized depreciation** | <u>(3990583)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1446478</u> |
| **Tax cost** | <u>$600746714</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(1429299) |
| Long-term | <u>(7002475)</u> |
| **Total capital loss carryforward** | <u>$(8431774)</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** 

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity California Limited Term Tax-Free Bond Fund** | 83087344 | 41155585 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, transfer agent fees and certain other expenses such as proxy and shareholder meeting expenses.

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annualized rate of .10% of average net assets.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity California Limited Term Tax-Free Bond Fund** | 16536877 | - | - |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $8.

**8. Other.**

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

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img114170_4.jpg)<br>

1.817080.119 CSI-SANN-1025

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity California Municipal Trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity California Municipal Trust'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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99_906.htm)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; October 23, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity California Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

October 23, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity California Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

October 23, 2025

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

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## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity California Municipal Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: October 23, 2025

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer |

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Dated: October 23, 2025

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| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer |

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A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

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