# EDGAR Filing Document

**Accession Number:** 0000878662
**File Stem:** 0000878662-26-000030
**Filing Date:** 2026-4
**Character Count:** 165289
**Document Hash:** f78fc09e7425274a58837b1f84e88c43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000878662-26-000030.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0000878662-26-000030

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**EFFECTIVENESS DATE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CALIFORNIA MUNICIPAL TRUST II
- **CENTRAL INDEX KEY:** 0000878662

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06397
- **FILM NUMBER:** 26881930

**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

## Series and Classes Contracts Data

### Fidelity California Municipal Money Market Fund (Formerly known as Fidelity California AMT Tax-Free Money Market Fund) (Series ID: S000005493)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000014951 | Premium Class                                   | FSPXX           |
| C000047918 | Institutional Class                             | FSBXX           |
| C000238263 | Fidelity California Municipal Money Market Fund | FABXX           |

?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>811-06397</u>

<u>Fidelity California Municipal Trust II</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 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;February 28, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® California Municipal Money Market Fund<br> **Fidelity® California Municipal Money Market Fund : FABXX** <br>|

---

This annual shareholder report contains information about Fidelity® California Municipal Money Market Fund for the period March 1, 2025 to February 28, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® California Municipal Money Market Fund  | $42  | 0.42% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6011426692<br>|
| Number of Holdings | 431<br>|
| Total Advisory Fee | $11601234<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 66.6 |
| 8-30 | 6.2 |
| 31-60 | 10.7 |
| 61-90 | 4.1 |
| 91-180 | 8.7 |
| >180 | 1.7 |

---

---

| | |
|:---|:---|
| Tender Option Bond | 32.7 |
| Variable Rate Demand Notes (VRDNs) | 22.7 |
| Commercial Paper | 21.2 |
| Municipal Securities | 10.8 |
| Net Other Assets (Liabilities) | 12.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img457_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Tender Option Bond - 32.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Variable Rate Demand Notes (VRDNs) - 22.7 |
| Commercial Paper - 21.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 12.6  |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img457_20260228_1.jpg)<br>| ![](img126138_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> 1.9912736.101 6958-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® California Municipal Money Market Fund<br> **Fidelity® California Municipal Money Market Fund Premium Class : FSPXX** <br>|

---

This annual shareholder report contains information about Fidelity® California Municipal Money Market Fund for the period March 1, 2025 to February 28, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Premium Class  | $30  | 0.30% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6011426692<br>|
| Number of Holdings | 431<br>|
| Total Advisory Fee | $11601234<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 66.6 |
| 8-30 | 6.2 |
| 31-60 | 10.7 |
| 61-90 | 4.1 |
| 91-180 | 8.7 |
| >180 | 1.7 |

---

---

| | |
|:---|:---|
| Tender Option Bond | 32.7 |
| Variable Rate Demand Notes (VRDNs) | 22.7 |
| Commercial Paper | 21.2 |
| Municipal Securities | 10.8 |
| Net Other Assets (Liabilities) | 12.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img457_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Tender Option Bond - 32.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Variable Rate Demand Notes (VRDNs) - 22.7 |
| Commercial Paper - 21.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 12.6  |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img457_20260228_1.jpg)<br>| ![](img126139_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> 1.9912735.101 457-TSRA-0426 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF FEBRUARY 28, 2026 |
| Fidelity® California Municipal Money Market Fund<br> **Fidelity® California Municipal Money Market Fund Institutional Class : FSBXX** <br>|

---

This annual shareholder report contains information about Fidelity® California Municipal Money Market Fund for the period March 1, 2025 to February 28, 2026. 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Institutional Class  | $20  | 0.20% |

---

**Key Fund Statistics**

(as of February 28, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6011426692<br>|
| Number of Holdings | 431<br>|
| Total Advisory Fee | $11601234<br>|

---

**What did the Fund invest in?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 66.6 |
| 8-30 | 6.2 |
| 31-60 | 10.7 |
| 61-90 | 4.1 |
| 91-180 | 8.7 |
| >180 | 1.7 |

---

---

| | |
|:---|:---|
| Tender Option Bond | 32.7 |
| Variable Rate Demand Notes (VRDNs) | 22.7 |
| Commercial Paper | 21.2 |
| Municipal Securities | 10.8 |
| Net Other Assets (Liabilities) | 12.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img457_20260228_AA.jpg) <br>|

---

---

| |
|:---|
| Tender Option Bond - 32.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Variable Rate Demand Notes (VRDNs) - 22.7 |
| Commercial Paper - 21.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Municipal Securities - 10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 12.6  |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 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.© 2026 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.© 2026 FMR LLC. All rights reserved. |
| ![](img457_20260228_1.jpg)<br>| ![](img126140_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> 1.9912734.101 1868-TSRA-0426 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, February 28, 2026, Fidelity California Municipal Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity California Municipal Money Market Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>February 28, 2026 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity California Municipal Money Market Fund | &nbsp;&nbsp;$39100  | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$2200  | &nbsp;&nbsp;$400  |

---

**<u>February 28, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity California Municipal Money Market Fund | &nbsp;&nbsp;$39200  | &nbsp;&nbsp;$3000  | &nbsp;&nbsp;$2200  | &nbsp;&nbsp;$1300  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>February 28, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>February 28, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$9428700  | &nbsp;&nbsp;$9845100  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>February 28, 2026</u><sup>A</sup>** | &nbsp;&nbsp;**<u>February 28, 2025</u><sup>A</sup>** |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$14709700  | &nbsp;&nbsp;$14819100  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

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 Money Market Fund**

**Annual Report**

**February 28, 2026**

![](img126057_1.jpg)

![](img126057_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SCM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® California Municipal Money Market Fund](#Sub_Sec_Fund_457_SCM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements457_SCM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SCM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SCM-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SCM-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SCM-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SCM-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SCM-ANN)** |

---

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, or for Institutional, call 1-877-208-0098, to request a free copy of the proxy voting guidelines.

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2026 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 (Annual Report)**

**Fidelity® California Municipal Money Market Fund**

**Schedule of Investments February 28, 2026**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 10.8%** | &nbsp;&nbsp;**Municipal Securities - 10.8%** | &nbsp;&nbsp;**Municipal Securities - 10.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| California - 10.8%  |  |  |
| California - 10.8% |  |  |
| Education - 1.7% |  |  |
| California Edl Facs Auth Rev (Stanford University Proj.) 2.17% tender 10/20/2026 CP mode  | 10000000 | 10000000 |
| California Edl Facs Auth Rev (Stanford University Proj.) 2.17% tender 10/20/2026 CP mode  | 10000000 | 10000000 |
| California Edl Facs Auth Rev (Stanford University Proj.) 2.17% tender 10/20/2026 CP mode  | 10000000 | 10000000 |
| California Edl Facs Auth Rev (Stanford University Proj.) 2.46% tender 5/5/2026 CP mode  | 29400000 | 29400000 |
| California Edl Facs Auth Rev (Stanford University Proj.) 2.46% tender 5/5/2026 CP mode  | 1200000 | 1200000 |
| California Edl Facs Auth Rev (Stanford University Proj.) 2.46% tender 5/5/2026 CP mode  | 100000 | 100000 |
| California Edl Facs Auth Rev (Stanford University Proj.) 2.46% tender 5/5/2026 CP mode  | 100000 | 100000 |
| California Edl Facs Auth Rev (Stanford University Proj.) 2.48% tender 3/5/2026 CP mode  | 17000000 | 17000000 |
| University CA Revs Series 2017 AY, 5% 5/15/2026  | 2795000 | 2807028 |
| University CA Revs Series 2023 BN, 5% 5/15/2026  | 1140000 | 1146311 |
| University CA Revs Series 2024 BS, 5% 5/15/2026  | 805000 | 808693 |
| University CA Revs Series 2024 BW, 5% 5/15/2026  | 140000 | 140539 |
| University CA Revs Series 2024 BX, 5% 5/15/2026  | 3340000 | 3352995 |
| University CA Revs Series 2024BT, 5% 5/15/2026  | 13255000 | 13307710 |
| University CA Revs Series 2025 BZ, 5% 5/15/2026  | 275000 | 276313 |
|  |  | 99639589 |
| Electric Utilities - 0.0% |  |  |
| Los Angeles CA Wtr & Pwr Rev 5% 7/1/2026  | 310000 | 311759 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| California Educational Facilities Authority Series 2016, 5% 10/1/2046 (Pre-refunded to 4/1/2026 at 100)  | 125000 | 125294 |
| San Diego CA Comm Coll Dist Gen. Oblig. Series 2016, 4% 8/1/2032 (Pre-refunded to 8/1/2026 at 100)  | 635000 | 639617 |
| San Diego CA Comm Coll Dist Gen. Oblig. Series 2016, 5% 8/1/2031 (Pre-refunded to 8/1/2026 at 100)  | 690000 | 697900 |
|  |  | 1462811 |
| General Obligations - 8.0% |  |  |
| California St Pub Wks Brd Lse (State of California Proj.) Series 2016D, 4% 4/1/2026  | 425000 | 425550 |
| California St Pub Wks Brd Lse (State of California Proj.) Series 2016D, 5% 4/1/2026  | 320000 | 320672 |
| California St Pub Wks Brd Lse (State of California Proj.) Series 2017 G, 4% 10/1/2026  | 100000 | 100816 |
| California St Pub Wks Brd Lse (State of California Proj.) Series 2021 B, 5% 5/1/2026  | 535000 | 536801 |
| California St Pub Wks Brd Lse (State of California Proj.) Series 2021 D, 4% 11/1/2026  | 150000 | 151767 |
| California St Pub Wks Brd Lse (State of California Proj.) Series 2022 D, 5% 5/1/2026  | 1005000 | 1009170 |
| California St Pub Wks Brd Lse (State of California Proj.) Series 2023 C, 5% 9/1/2026  | 2170000 | 2196698 |
| California St Pub Wks Brd Lse (State of California Proj.) Series 2024C, 5% 9/1/2026  | 1940000 | 1965676 |
| California St Pub Wks Brd Lse (State of California Proj.) Series 2025 C, 5% 11/1/2026  | 1410000 | 1434067 |
| California St Pub Wks Brd Lse (State of California Proj.) Series B, 5% 10/1/2026  | 330000 | 335405 |
| California St Pub Wks Brd Lse (State of California Proj.) Series F, 5% 5/1/2026  | 500000 | 500539 |
| Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) Series 2025J, 5% 12/1/2026  | 605000 | 617416 |
| Los Angeles Cnty Calif TRAN Series 2025 26 A, 5% 6/30/2026  | 121120000 | 121988489 |
| Los Angeles Unified School District/CA 5% 7/1/2026  | 105000 | 105935 |
| Los Angeles Unified School District/CA Series 2016A, 5% 7/1/2026  | 300000 | 300000 |
| Los Angeles Unified School District/CA Series 2024 QRR, 5% 7/1/2026  | 2400000 | 2422180 |
| Los Angeles Unified School District/CA Series 2024A, 5% 7/1/2026  | 7080000 | 7145024 |
| Riverside Cnty CA TRAN Series 2025, 5% 6/30/2026  | 45730000 | 46077329 |
| Riverside Cnty Calif Teeter Plan Oblig Nts TAN (Riverside Cnty Ca Proj.) Series 2025 A, 2.55% 10/16/2026  | 36365000 | 36404472 |
| San Diego CA Uni Sch Dist Series 2025 C 3, 5% 7/1/2026  | 10000000 | 10088304 |
| San Diego CA Uni Sch Dist Series 2025 I 3, 5% 7/1/2026  | 20000000 | 20176610 |
| San Francisco CA City & Cnty Ctfs Partn (San Francisco CA City & Cnty Proj.) Series 2025 R1, 5% 4/1/2026  | 2750000 | 2755877 |
| San Francisco CA City & Cnty Gen. Oblig. Series 2022 R1, 5% 6/15/2026  | 500000 | 504069 |
| State of California Gen. Oblig. 3% 3/1/2026  | 900000 | 900000 |
| State of California Gen. Oblig. 4% 10/1/2026  | 550000 | 555388 |
| State of California Gen. Oblig. 4% 3/1/2026  | 770000 | 770000 |
| State of California Gen. Oblig. 4% 9/1/2026  | 780000 | 787405 |
| State of California Gen. Oblig. 5% 10/1/2026  | 11540000 | 11737912 |
| State of California Gen. Oblig. 5% 10/1/2026  | 1475000 | 1499731 |
| State of California Gen. Oblig. 5% 10/1/2026  | 1095000 | 1097365 |
| State of California Gen. Oblig. 5% 10/1/2026  | 170000 | 172887 |
| State of California Gen. Oblig. 5% 10/1/2026  | 110000 | 111822 |
| State of California Gen. Oblig. 5% 11/1/2026  | 455000 | 463380 |
| State of California Gen. Oblig. 5% 11/1/2026  | 100000 | 101930 |
| State of California Gen. Oblig. 5% 12/1/2026  | 125000 | 127309 |
| State of California Gen. Oblig. 5% 3/1/2026  | 31060000 | 31060000 |
| State of California Gen. Oblig. 5% 4/1/2026  | 20045000 | 20085012 |
| State of California Gen. Oblig. 5% 4/1/2026  | 19010000 | 19043858 |
| State of California Gen. Oblig. 5% 4/1/2026  | 400000 | 400876 |
| State of California Gen. Oblig. 5% 8/1/2026  | 55915000 | 56558706 |
| State of California Gen. Oblig. 5% 8/1/2026  | 11200000 | 11328672 |
| State of California Gen. Oblig. 5% 8/1/2026  | 2840000 | 2872575 |
| State of California Gen. Oblig. 5% 8/1/2026  | 2805000 | 2838753 |
| State of California Gen. Oblig. 5% 9/1/2026  | 7725000 | 7836839 |
| State of California Gen. Oblig. 5% 9/1/2026  | 2160000 | 2188761 |
| State of California Gen. Oblig. 5% 9/1/2026  | 1525000 | 1546246 |
| State of California Gen. Oblig. 5% 9/1/2026  | 1505000 | 1525393 |
| State of California Gen. Oblig. 5% 9/1/2026  | 1060000 | 1074272 |
| State of California Gen. Oblig. Series 2016, 5% 8/1/2026  | 15740000 | 15918370 |
| State of California Gen. Oblig. Series 2016B, 5% 9/1/2026  | 100000 | 101419 |
| State of California Gen. Oblig. Series 2017, 4% 11/1/2026  | 1500000 | 1518870 |
| State of California Gen. Oblig. Series 2017, 5% 11/1/2026  | 985000 | 1004213 |
| State of California Gen. Oblig. Series 2017, 5% 8/1/2026  | 10735000 | 10860864 |
| State of California Gen. Oblig. Series 2017, 5% 8/1/2026  | 7315000 | 7391997 |
| State of California Gen. Oblig. Series 2017, 5% 8/1/2026  | 450000 | 455026 |
| State of California Gen. Oblig. Series C, 5% 8/1/2026  | 6350000 | 6419071 |
|  |  | 477917788 |
| Health Care - 0.7% |  |  |
| California Hlth Facs Fin Auth (Stanford Healthcare Proj.) 2.55% tender 6/11/2026 CP mode  | 42050000 | 42050000 |
| Univ CA Regts Med Ctr Pooled Rev Series 2016L, 4% 5/15/2026  | 1955000 | 1960771 |
|  |  | 44010771 |
| Special Tax - 0.0% |  |  |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2020 A, 5% 6/1/2026  | 545000 | 548380 |
| Transportation - 0.3% |  |  |
| Bay Area Toll Auth CA Bridge Rev Series 2017 S 7, 5% 4/1/2026  | 360000 | 360615 |
| Bay Area Toll Auth CA Bridge Rev Series 2023 F1, 5% 4/1/2026  | 755000 | 756315 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (d) | 2440000 | 2449265 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026  | 750000 | 752857 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (d) | 665000 | 667948 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (d) | 480000 | 482556 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026  | 135000 | 135829 |
| Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2026 (d) | 415000 | 417012 |
| Los Angeles CA Dept Arpts Rev Series 2018 D, 5% 5/15/2026 (d) | 3110000 | 3127186 |
| Los Angeles CA Dept Arpts Rev Series 2019 A, 5% 5/15/2026 (d) | 220000 | 221095 |
| Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2026 (d) | 600000 | 602885 |
| Los Angeles CA Dept Arpts Rev Series 2020 A, 5% 5/15/2026  | 855000 | 859604 |
| Los Angeles CA Dept Arpts Rev Series 2021 A, 5% 5/15/2026 (d) | 250000 | 250760 |
| Los Angeles CA Dept Arpts Rev Series 2021 D, 5% 5/15/2026 (d) | 695000 | 697758 |
| Los Angeles CA Dept Arpts Rev Series 2022 H, 5% 5/15/2026 (d) | 445000 | 446369 |
| Los Angeles CA Hbr Dept Rev Series 2019 A, 5% 8/1/2026 (d) | 1185000 | 1195175 |
| Los Angeles CA Hbr Dept Rev Series 2019 C 2, 5% 8/1/2026  | 500000 | 505494 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2026 (d) | 1905000 | 1910168 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2016A, 5% 5/1/2026  | 120000 | 120528 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2017D, 5% 5/1/2026 (d) | 1090000 | 1093514 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019H, 5% 5/1/2026 (d) | 1030000 | 1033240 |
|  |  | 18086173 |
| Water & Sewer - 0.1% |  |  |
| San Francisco CA Pub Util Comm Wtr Rev 5% 11/1/2026  | 2635000 | 2681800 |
| San Francisco CA Pub Util Comm Wtr Rev Series 2025 F, 5% 11/1/2026  | 480000 | 489170 |
|  |  | 3170970 |
| TOTAL CALIFORNIA |  | 645148241 |
| Michigan - 0.0%  |  |  |
| Michigan - 0.0% |  |  |
| Health Care - 0.0% |  |  |
| Kent MI Hosp Fin Auth (Corewell Health Proj.) SIFMA Municipal Swap Index + 0.25%, 2.13% tender 1/15/2047 (b)(f) | 1800000 | 1800000 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $646,948,241) |  | <br> **646948241** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tender Option Bond - 32.7%** | &nbsp;&nbsp;**Tender Option Bond - 32.7%** | &nbsp;&nbsp;**Tender Option Bond - 32.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 0.1%  |  |  |
| Black Belt Energy Gas District Alagas Proj Rev Participating VRDN Series 5104, 2.08% 5/1/2056 (Liquidity Facility JP Morgan Securities LLC) (b)(c) | 5500000 | 5500000 |
| Arizona - 0.0%  |  |  |
| Arizona Health Facilities Auth Rev Participating VRDN Series 2022 MIZ9101, 2.08% 3/1/2029 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 639000 | 639000 |
| California - 32.6%  |  |  |
| Adventist Hlth CA Participating VRDN 1.88% 3/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 30000000 | 30000000 |
| California Cmnty Choice Fing Auth Clean Energy Proj Rev Participating VRDN 1.65% 2/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 18665000 | 18665000 |
| California Cmnty Choice Fing Auth Clean Energy Proj Rev Participating VRDN 1.88% 2/1/2052 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 9910000 | 9910000 |
| California Cmnty Choice Fing Auth Clean Energy Proj Rev Participating VRDN Series 2024 XG0584, 1.88% 2/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 1410000 | 1410000 |
| California Cmnty Choice Fing Auth Clean Energy Proj Rev Participating VRDN Series 2025 XM1305, 1.65% 1/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 14725000 | 14725000 |
| California Cmnty Choice Fing Auth Clean Energy Proj Rev Participating VRDN Series 2026 XF3505, 1.95% 12/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2500000 | 2500000 |
| California Cmnty Choice Fing Auth Participating VRDN 1.65% 3/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 30270000 | 30270000 |
| California Cmnty Choice Fing Auth Participating VRDN 1.65% 3/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 8000000 | 8000000 |
| California Cmnty Choice Fing Auth Participating VRDN Series 2023 XF1635, 1.88% 10/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 6665000 | 6665000 |
| California Cmnty Choice Fing Auth Participating VRDN Series 2023 XF1681, 1.65% 11/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 14000000 | 14000000 |
| California Cmnty Choice Fing Auth Participating VRDN Series 2023 XM1138, 1.88% 5/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 4000000 | 4000000 |
| California Cmnty Choice Fing Auth Participating VRDN Series 2025 XL0628, 1.88% 11/1/2054 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5250000 | 5250000 |
| California Cmnty Choice Fing Auth Participating VRDN Series 2025 XM1271, 1.65% 2/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 8000000 | 8000000 |
| California Cmnty Choice Fing Auth Participating VRDN Series 2025 XM1272, 1.65% 1/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 12750000 | 12750000 |
| California Cmnty Choice Fing Auth Participating VRDN Series 2025 XM1273, 1.65% 11/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 8180000 | 8180000 |
| California Cmnty Choice Fing Auth Participating VRDN Series 2025 XM1277, 1.65% 8/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 8000000 | 8000000 |
| California Community Choice Financing Auth Clean energy Proj Rev Participating VRDN Series 2025 XM1333, 1.55% 10/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 8000000 | 8000000 |
| California Community Choice Financing Auth Clean energy Proj Rev Participating VRDN Series 2025 XM1342, 1.65% 11/1/2033 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 8000000 | 8000000 |
| California Health Facilities Financing Authority Participating VRDN Series 2023 XF1527, 1.86% 8/15/2048 (Liquidity Facility Bank of America, N.A.) (b)(c) | 5335000 | 5335000 |
| California Health Facilities Financing Authority Participating VRDN Series 2023 XF3092, 1.9% 8/15/2048 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3925000 | 3925000 |
| California Health Facilities Financing Authority Participating VRDN Series 2023 YX1312, 1.9% 11/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c) | 10695000 | 10695000 |
| California Health Facilities Financing Authority Participating VRDN Series 2025 XX1396, 1.95% 8/15/2051 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3105000 | 3105000 |
| California Hlth Auth Rev Participating VRDN Series 2022 015, 2.13% 11/15/2049 (Liquidity Facility Barclays Bank PLC) (b)(c) | 8765000 | 8765000 |
| California Multi Fam Hsg Rev Participating VRDN 2.06% 8/27/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 8030000 | 8030000 |
| California Multi Fam Hsg Rev Participating VRDN 2.06% 8/6/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 7270000 | 7270000 |
| California Mun Fin Auth Lease Rev Participating VRDN 1.89% 6/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 10000000 | 10000000 |
| California Mun Fin Auth Rev Participating VRDN Series 2026 003, 2.18% 3/1/2027 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 13250000 | 13250000 |
| California Mun Fin Auth Rev Participating VRDN Series 2026 MIZ9247, 1.95% 2/1/2036 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 14235000 | 14235000 |
| California St Pub Wks Brd Lse Participating VRDN 1.91% 11/1/2039 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4130000 | 4130000 |
| California St Pub Wks Brd Lse Participating VRDN Series 2022 YX1191, 1.9% 5/1/2039 (Liquidity Facility Barclays Bank PLC) (b)(c) | 28715000 | 28715000 |
| California St Univ Rev Participating VRDN 1.9% 11/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1875000 | 1875000 |
| California St Univ Rev Participating VRDN 1.9% 11/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5475000 | 5475000 |
| California St Univ Rev Participating VRDN Series 2024 XG0587, 1.9% 11/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1800000 | 1800000 |
| California St Univ Rev Participating VRDN Series 2025 XF8001, 1.6% 11/1/2056 (Liquidity Facility Bank of America, N.A.) (b)(c) | 4935000 | 4935000 |
| California St Univ Rev Participating VRDN Series 2025 XL0687, 1.6% 11/1/2056 (Liquidity Facility Bank of America, N.A.) (b)(c) | 5000000 | 5000000 |
| California St Univ Rev Participating VRDN Series 2025 XM1298, 1.55% 11/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 4000000 | 4000000 |
| California St Univ Rev Participating VRDN Series 2025 YX1417, 1.9% 11/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2790000 | 2790000 |
| California St Univ Rev Participating VRDN Series 2025 ZF1999, 1.9% 11/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3335000 | 3335000 |
| California St Univ Rev Participating VRDN Series 2025 ZF2000, 1.9% 11/1/2056 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3275000 | 3275000 |
| California St Univ Rev Participating VRDN Series 2025 ZF3415, 1.9% 11/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 2000000 | 2000000 |
| California St Univ Rev Participating VRDN Series 2025 ZL0649, 1.9% 11/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c) | 26980000 | 26980000 |
| California St Wide Cmnty Dev Mf Participating VRDN Series 2025 MIZ9234, 2.06% 10/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 4205000 | 4205000 |
| California Statewide Cmntys Dev Auth Rev Participating VRDN Series 2024 BAML5060, 1.6% 12/1/2039 (Liquidity Facility Bank of America, N.A.) (b)(c) | 50710000 | 50710000 |
| California Statewide Etnerprise Dev Auth Edl Facs Rev Participating VRDN 2% 2/1/2056 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 26125000 | 26125000 |
| Central Valley CA Energy Auth Participating VRDN Series 2025 XL0578, 1.88% 12/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 12635000 | 12635000 |
| Central Valley CA Energy Auth Participating VRDN Series 2025 XM1303, 1.65% 12/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 17320000 | 17320000 |
| Chino Valley CA Uni Sch Dist Participating VRDN Series 2023 XF1661, 1.89% 8/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3175000 | 3175000 |
| Chula Vista CA Hsg Auth Mf Rev Participating VRDN Series 2025 CF7051, 1.98% 3/1/2046 (Liquidity Facility Citibank NA) (b)(c)(d) | 5529227 | 5529227 |
| CommonSpirit Health CA Participating VRDN Series 2022 MIZ9102, 2.08% 3/1/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 22705000 | 22705000 |
| CommonSpirit Health CA Participating VRDN Series 2023 007, 2.13% 3/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 90010000 | 90010000 |
| CommonSpirit Health CA Participating VRDN Series 2024 MIZ9190, 2.11% 10/8/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 33250000 | 33250000 |
| Dept of Water and Power of City of Los Angeles & Power System Rev Participating VRDN Series 2025 YX1399, 1.98% 7/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(c) | 415000 | 415000 |
| East Bay CA Mun Util Dist Wtr Sys Rev Participating VRDN Series 2025 XF1956, 1.6% 6/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 900000 | 900000 |
| Folsom-Cordova CA Sch Fac Impr Dist Participating VRDN 1.95% 10/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c) | 4065000 | 4065000 |
| Foothill Eastern CA Trans Auth Rev Participating VRDN Series 2019 XG0243, 1.86% 1/15/2046 (Liquidity Facility Bank of America, N.A.) (b)(c) | 8130000 | 8130000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN 1.6% 5/15/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 4000000 | 4000000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN 1.86% 5/15/2036 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 11025000 | 11025000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN 1.89% 5/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3000000 | 3000000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN 1.9% 5/15/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 6380000 | 6380000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN 1.93% 5/15/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | 1535000 | 1535000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2018 XF0675, 1.91% 5/15/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 6145000 | 6145000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2018 XX1082, 1.91% 5/15/2051 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 980000 | 980000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2019 XG0232, 1.92% 5/15/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 17700000 | 17700000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2021 XF1249, 1.91% 5/15/2040 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 3195000 | 3195000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2022 XF1368, 1.91% 5/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2250000 | 2250000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2022 XF1373, 1.91% 5/15/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 1665000 | 1665000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2022 XM1023, 1.96% 5/15/2051 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 5600000 | 5600000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2022 YX1229, 1.91% 5/15/2047 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 13960000 | 13960000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2023 XF1584, 1.91% 5/15/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2665000 | 2665000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2023 XG0476, 1.55% 5/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 13440000 | 13440000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2023 XX1308, 1.91% 5/15/2048 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 7500000 | 7500000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2023 ZF1673, 1.91% 5/15/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2200000 | 2200000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2023 ZL0519, 1.91% 5/15/2042 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2850000 | 2850000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 XF1918, 1.5% 5/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 9105000 | 9105000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 XF3335, 1.95% 5/15/2050 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4400000 | 4400000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 XF8093, 1.6% 5/15/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2410000 | 2410000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 XL0606, 1.95% 5/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 14955000 | 14955000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 XL0619, 1.55% 5/15/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5475000 | 5475000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 XL0636, 1.65% 5/15/2055 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 4000000 | 4000000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 XL0643, 1.65% 5/15/2055 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 3570000 | 3570000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 XM1260, 1.6% 5/15/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 4110000 | 4110000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 XX1383, 1.91% 5/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 6000000 | 6000000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 XX1385, 1.91% 5/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 27630000 | 27630000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 XX1386, 1.95% 5/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3750000 | 3750000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 ZF3336, 1.91% 5/15/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 6455000 | 6455000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 ZF3337, 1.91% 5/15/2055 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 9375000 | 9375000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 ZF3363, 1.91% 5/15/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 7210000 | 7210000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 ZF3389, 1.93% 5/15/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | 2010000 | 2010000 |
| Los Angeles CA Dept Arpts Rev Participating VRDN Series 2025 ZF3410, 1.91% 5/15/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 3330000 | 3330000 |
| Los Angeles CA Hbr Dept Rev Participating VRDN Series 2019 XF0761, 1.89% 8/1/2039 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1500000 | 1500000 |
| Los Angeles CA Wtr & Pwr Participating VRDN Series 2023 XM1153, 1.98% 7/1/2048 (Liquidity Facility Barclays Bank PLC) (b)(c) | 7400000 | 7400000 |
| Los Angeles CA Wtr & Pwr Rev Participating VRDN 2.08% 7/1/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3335000 | 3335000 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Participating VRDN 1.89% 7/1/2044 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2800000 | 2800000 |
| Los Angeles Cnty CA Pub Wks Participating VRDN 1.89% 12/1/2046 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 3970000 | 3970000 |
| Los Angeles Cnty CA Pub Wks Participating VRDN Series 2025 XL0694, 1.91% 12/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(c) | 11300000 | 11300000 |
| Los Angeles Cnty CA Pub Wks Participating VRDN Series 2025 XM1313, 1.6% 12/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(c) | 1875000 | 1875000 |
| Los Angeles Cnty Calif Facs Inc Lease Rev Participating VRDN 1.91% 12/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 7500000 | 7500000 |
| Los Angeles Cnty Calif Facs Inc Lease Rev Participating VRDN Series 2022 XF1376, 1.88% 12/1/2048 (Liquidity Facility Bank of America, N.A.) (b)(c) | 5000000 | 5000000 |
| Los Angeles Multi Fam Hsg Participating VRDN Series 2024 MIZ9189, 2.18% 9/26/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d)(e) | 52800000 | 52800000 |
| Los Angeles Multi Fam Hsg Participating VRDN Series 2025 BAML5065, 1.94% 11/15/2051 (Liquidity Facility Bank of America, N.A.) (b)(c) | 35750000 | 35750000 |
| Los Angeles Multi Fam Hsg Participating VRDN Series 2025 MIZ9237, 2.11% 10/22/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d)(e) | 17000000 | 17000000 |
| Los Angeles Unified School District/CA Participating VRDN 1.88% 7/1/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 4950000 | 4950000 |
| Los Angeles Unified School District/CA Participating VRDN 1.89% 7/1/2048 (Liquidity Facility Citibank NA) (b)(c) | 19250000 | 19250000 |
| Los Angeles Unified School District/CA Participating VRDN Series 2023 ZF3187, 1.89% 7/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 5535000 | 5535000 |
| M-S-R Energy Auth CA Participating VRDN Series 2025 XF1900, 1.88% 11/1/2034 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 5385000 | 5385000 |
| North Orange Cnty Calif Cmnty College Dist Gen. Oblig. Participating VRDN Series 2022 XX1239, 1.9% 8/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 10000000 | 10000000 |
| Palmdale Calif Sch Dist Participating VRDN 1.95% 8/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5800000 | 5800000 |
| Rbc Mun Prods Inc Tr Var Sts Gen. Oblig. Participating VRDN Series G 126, 1.88% 11/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(c) | 15230000 | 15230000 |
| River Islands CA PFA Cmty Facs Dist Participating VRDN Series 2024 MIZ9188, 2.06% 9/19/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 47500000 | 47500000 |
| River Islands Pub Fing Auth Participating VRDN 2.06% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 52200000 | 52200000 |
| Riverside Cnty CA Trans Toll Rev Participating VRDN Series 2021 XG0341, 1.86% 6/1/2047 (Liquidity Facility Bank of America, N.A.) (b)(c) | 15000000 | 15000000 |
| Sacramento CA Hsg Auth Participating VRDN Series 2024 MIZ9168, 1.95% 9/26/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 2770000 | 2770000 |
| Sacramento CA Participating VRDN Series 2022 XG0393, 1.91% 8/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 7200000 | 7200000 |
| San Diego CA Comm Coll Dist Gen. Oblig. Participating VRDN Series 2025 XF1804, 1.55% 8/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2715000 | 2715000 |
| San Diego CA Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9198, 2.06% 11/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e)(f) | 42395000 | 42395000 |
| San Diego CA Uni Sch Dist Participating VRDN Series 2022 XF1386, 1.86% 7/1/2052 (Liquidity Facility Bank of America, N.A.) (b)(c) | 8745000 | 8745000 |
| San Diego CA Uni Sch Dist Participating VRDN Series 2023 XF3150, 1.89% 7/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 1400000 | 1400000 |
| San Diego CA Uni Sch Dist Participating VRDN Series 2025 CF7045, 1.91% 7/1/2047 (Liquidity Facility Citibank NA) (b)(c) | 15500000 | 15500000 |
| San Diego CA Uni Sch Dist Participating VRDN Series 2025 XM1332, 1.55% 7/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2675000 | 2675000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2023 XF1620, 1.93% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 3160000 | 3160000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2023 XZF1672, 1.91% 7/1/2048 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 7250000 | 7250000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2023 ZL0510, 1.93% 7/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 13860000 | 13860000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2025 XF1950, 1.6% 7/1/2058 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 6365000 | 6365000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2025 XF8054, 1.65% 7/1/2058 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 2800000 | 2800000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2025 XF8117, 1.6% 7/1/2058 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 4000000 | 4000000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2025 XL0637, 1.65% 7/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 13815000 | 13815000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2025 XL0663, 1.65% 7/1/2040 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 20800000 | 20800000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2025 XM1302, 1.93% 7/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2555000 | 2555000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2025 XX1390, 2% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 33580000 | 33580000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2025 XX1442, 1.91% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4765000 | 4765000 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Participating VRDN Series 2025 ZL0651, 1.93% 7/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 11610000 | 11610000 |
| San Diego County Reg Arpt Auth Arpt Rev Participating VRDN 1.94% 7/1/2049 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 3210000 | 3210000 |
| San Diego County Reg Arpt Auth Arpt Rev Participating VRDN Series 2022 XX1215, 1.91% 7/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 7500000 | 7500000 |
| San Diego County Reg Arpt Auth Arpt Rev Participating VRDN Series 2023 XF1515, 1.94% 7/1/2056 (Liquidity Facility Toronto Dominion Bank NA) (b)(c)(d) | 21190000 | 21190000 |
| San Diego County Reg Arpt Auth Arpt Rev Participating VRDN Series 2023 XF3180, 1.91% 7/1/2058 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 8000000 | 8000000 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Participating VRDN Series 2022 XF1331, 1.91% 8/1/2052 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 1875000 | 1875000 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Participating VRDN Series 2025 CF7035, 1.91% 8/1/2047 (Liquidity Facility Citibank NA) (b)(c) | 15000000 | 15000000 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Participating VRDN Series 2025 XF8079, 1.6% 8/1/2052 (Liquidity Facility Bank of America, N.A.) (b)(c) | 3070000 | 3070000 |
| San Francisco CA Arprt Rev Participating VRDN 1.88% 5/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 2400000 | 2400000 |
| San Francisco CA Arprt Rev Participating VRDN Series 2023 010, 2.13% 5/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1975000 | 1975000 |
| San Francisco CA Arprt Rev Participating VRDN Series 2025 XM1285, 1.88% 5/1/2041 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 4800000 | 4800000 |
| San Francisco CA Arpt Rev Participating VRDN 1.88% 5/1/2055 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 8005000 | 8005000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN 1.8% 5/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 20000000 | 20000000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN 1.8% 5/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 5670000 | 5670000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN 1.95% 5/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 45865000 | 45865000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN 1.95% 5/1/2049 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3800000 | 3800000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN 1.95% 5/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 7795000 | 7795000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN 1.98% 5/1/2050 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 2300000 | 2300000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN Series 2025 XF8106, 1.8% 5/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 27485000 | 27485000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN Series 2025 XF8118, 1.8% 5/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 8000000 | 8000000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN Series 2025 XM1204, 1.8% 5/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 14000000 | 14000000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN Series 2025 XM1266, 1.8% 5/1/2038 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 12720000 | 12720000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN Series 2025 XM1267, 1.8% 5/1/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 4400000 | 4400000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN Series 2025 XX1369, 1.95% 5/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 23250000 | 23250000 |
| San Francisco CA City & County Airports Commission International Airport Revenue Participating VRDN Series 2025 XX1420, 1.95% 5/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 8400000 | 8400000 |
| San Francisco CA Cty & Cnty SD Participating VRDN Series 2025 CF7056, 1.93% 6/15/2042 (Liquidity Facility Citibank NA) (b)(c) | 7000000 | 7000000 |
| San Francisco CA Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9199, 1.95% 7/1/2057 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 80200000 | 80200000 |
| San Francisco CA Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9200, 1.95% 11/1/2056 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c) | 28700000 | 28700000 |
| San Francisco CA Pub Util Comm Wstwtr Rev Participating VRDN 1.89% 10/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2130000 | 2130000 |
| San Francisco CA Pub Util Comm Wstwtr Rev Participating VRDN Series 2025 XF3448, 1.88% 10/1/2054 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2950000 | 2950000 |
| San Francisco CA Pub Util Comm Wstwtr Rev Participating VRDN Series 2025 ZL0626, 1.9% 10/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(c) | 8895000 | 8895000 |
| San Francisco CA Pub Util Comm Wtr Rev Participating VRDN Series 2025 XF3450, 1.88% 11/1/2055 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 4675000 | 4675000 |
| San Francisco CA Pub Util Comm Wtr Rev Participating VRDN Series 2025 XM1276, 1.55% 11/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 3750000 | 3750000 |
| San Francisco City & County Arpt Commission Intl Arpt Rev Participating VRDN 1.92% 5/1/2047 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 1675000 | 1675000 |
| San Jose CA Redev Agy Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9222, 2.16% 8/7/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d)(e) | 24060000 | 24060000 |
| State of California Gen. Oblig. Participating VRDN 1.88% 9/1/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2500000 | 2500000 |
| State of California Gen. Oblig. Participating VRDN 1.89% 3/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2185000 | 2185000 |
| State of California Gen. Oblig. Participating VRDN 1.89% 9/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 2040000 | 2040000 |
| State of California Gen. Oblig. Participating VRDN 1.91% 11/1/2042 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 1705000 | 1705000 |
| State of California Gen. Oblig. Participating VRDN 1.91% 9/1/2053 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 2375000 | 2375000 |
| State of California Gen. Oblig. Participating VRDN Series 2025 XL0696, 1.55% 3/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5000000 | 5000000 |
| State of California Gen. Oblig. Participating VRDN Series 2025 XM1315, 1.55% 9/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 5000000 | 5000000 |
| Sutter Hlth CA Participating VRDN Series 2023 015, 2.13% 11/15/2048 (Liquidity Facility Barclays Bank PLC) (b)(c) | 11340000 | 11340000 |
| Univ CA Regts Med Ctr Pooled Rev Participating VRDN 1.9% 5/15/2047 (Liquidity Facility Barclays Bank PLC) (b)(c) | 5625000 | 5625000 |
| Univ CA Regts Med Ctr Pooled Rev Participating VRDN 1.9% 5/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2685000 | 2685000 |
| Univ CA Regts Med Ctr Pooled Rev Participating VRDN Series 2022 XG0366, 1.91% 5/15/2054 (Liquidity Facility Wells Fargo Bank NA) (b)(c) | 8765000 | 8765000 |
| Univ CA Regts Med Ctr Pooled Rev Participating VRDN Series 2022 XX1201, 1.9% 5/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 7500000 | 7500000 |
| Univ CA Regts Med Ctr Pooled Rev Participating VRDN Series 2022 YX1200, 1.9% 5/15/2041 (Liquidity Facility Barclays Bank PLC) (b)(c) | 12285000 | 12285000 |
| Univ CA Regts Med Ctr Pooled Rev Participating VRDN Series 2023 XF1624, 1.55% 5/15/2047 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c) | 7570000 | 7570000 |
| University CA Revs Participating VRDN 1.91% 5/15/2058 (Liquidity Facility Toronto Dominion Bank NA) (b)(c) | 7500000 | 7500000 |
| University CA Revs Participating VRDN Series 2022 008, 1.95% 5/15/2052 (Liquidity Facility Barclays Bank PLC) (b)(c) | 9220000 | 9220000 |
| University CA Revs Participating VRDN Series 2023 ZF3164, 1.9% 5/15/2052 (Liquidity Facility Barclays Bank PLC) (b)(c) | 19000000 | 19000000 |
| University CA Revs Participating VRDN Series 2025 XF3315, 1.95% 5/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 2000000 | 2000000 |
| University CA Revs Participating VRDN Series 2025 XX1425, 1.9% 5/15/2053 (Liquidity Facility Barclays Bank PLC) (b)(c) | 3035000 | 3035000 |
| TOTAL CALIFORNIA |  | 1957409227 |
| Illinois - 0.0%  |  |  |
| Illinois Fin Auth Rev Participating VRDN Series 2018 017, 2.18% 8/15/2030 (Liquidity Facility Barclays Bank PLC) (b)(c) | 1030000 | 1030000 |
| <br> **TOTAL TENDER OPTION BOND**<br> (Cost $1,964,578,227) |  | <br> **1964578227** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Variable Rate Demand Note - 22.7%** | &nbsp;&nbsp;**Variable Rate Demand Note - 22.7%** | &nbsp;&nbsp;**Variable Rate Demand Note - 22.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 0.2%  |  |  |
| West Jefferson Ala Indl Dev Brd Solid Waste Disp Rev (Alabama Power & Light Proj.) Series 2023, 2.4% 8/1/2063 VRDN (b)(d) | 14600000 | 14600000 |
| Arizona - 0.2%  |  |  |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.08% 5/1/2029 VRDN (b) | 2500000 | 2500000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.13% 5/1/2029 VRDN (b) | 6400000 | 6400000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) Series 2009 A, 2.13% 5/1/2029 VRDN (b) | 1150000 | 1150000 |
| TOTAL ARIZONA |  | 10050000 |
| California - 19.4%  |  |  |
| Alameda Cnty CA Ida Indl Rev (Edward L Shimmon Inc Proj.) 1.83% 11/1/2026, LOC BNP Paribas SA VRDN (b)(d) | 3200000 | 3200000 |
| Bay Area Toll Auth CA Bridge Rev 1.1% 4/1/2047, LOC Bank of America NA VRDN (b) | 9395000 | 9395000 |
| Bay Area Toll Auth CA Bridge Rev 1.26% 4/1/2045, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 3630000 | 3630000 |
| Bay Area Toll Auth CA Bridge Rev 1.26% 4/1/2047, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 1700000 | 1700000 |
| Bay Area Toll Auth CA Bridge Rev Series 2007 A 2, 1.25% 4/1/2047, LOC PNC Bank NA VRDN (b) | 41150000 | 41150000 |
| Bay Area Toll Auth CA Bridge Rev Series 2008 E 1, 1.25% 4/1/2045, LOC PNC Bank NA VRDN (b) | 16000000 | 16000000 |
| Bay Area Toll Auth CA Bridge Rev Series 2024G, 1.1% 4/1/2059, LOC Bank of America NA VRDN (b) | 95585000 | 95585000 |
| Bay Area Toll Auth CA Bridge Rev Series C, 0.9% 4/1/2059, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 91555000 | 91555000 |
| California Hlth Facs Fin Auth (Commonspirit Health Proj.) 1.35% 3/1/2047, LOC Bank of Montreal/Chicago IL VRDN (b) | 16375000 | 16375000 |
| California Pcf Solid Wst Disp (Recology Proj.) Series 2018 A, 1.28% 9/1/2038, LOC Wells Fargo Bank NA VRDN (b)(d)(g) | 36915000 | 36909414 |
| California Pub Fin Auth Rev (Sharp Healthcare System, Ca Proj.) 1% 8/1/2054, LOC Royal Bank of Canada VRDN (b) | 5000000 | 5000000 |
| California Stwide Cmnty Mf Rev (Affirmed Housing Group Proj.) 1.83% 8/1/2039, LOC Citibank NA VRDN (b)(d) | 3555000 | 3555000 |
| California Stwide Cmnty Mf Rev (Irvine Apartment Comm Lp Proj.) 1.75% 9/15/2029, LOC Wells Fargo Bank NA VRDN (b)(d) | 11100000 | 11100000 |
| California Stwide Cmnty Mf Rev (The Crossings Phase Ii Lp Proj.) 1.43% 7/15/2040, LOC Fannie Mae VRDN (b)(d) | 2900000 | 2900000 |
| California Stwide Cmnty Mf Rev (The Salvation Army San Francisco Silvercrest Lp Proj.) 1.01% 6/15/2037, LOC Fannie Mae VRDN (b)(d) | 10505000 | 10505000 |
| California Stwide Cmnty Mf Rev (Urban Housing Communities Llc Proj.) 1.41% 4/1/2038, LOC Citibank NA VRDN (b)(d) | 5030000 | 5030000 |
| Calleguas-Las Virgines Calif Pub Fing Auth Rev 1.33% 7/1/2037, LOC Wells Fargo Bank NA VRDN (b) | 13990000 | 13990000 |
| Emeryville CA Redev Agy Multif Amily Hsg Rev (Bay Street Housing Partners Lp Proj.) 1.87% 10/15/2036, LOC Fannie Mae VRDN (b)(d) | 30000000 | 30000000 |
| Irvine Ranch CA Wtr Dist Gen. Oblig. 0.9% 7/1/2035, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 1955000 | 1955000 |
| Los Angeles CA Multifamily Rev (Colonia Corona Lp Proj.) 1.83% 12/1/2035, LOC Citibank NA VRDN (b)(d) | 2100000 | 2100000 |
| Orange Cnty CA Wtr Dist Rev Cert Part 1.1% 8/1/2042, LOC Bank of America NA VRDN (b) | 26850000 | 26850000 |
| Orange Cnty Calif Apt Dev Rev (Ladera Wng Llc Proj.) 1.43% 8/15/2034, LOC Fannie Mae VRDN (b)(d) | 11800000 | 11800000 |
| Orange Cnty Calif Apt Dev Rev (Wood Canyon Villas Lp Proj.) 1.43% 8/15/2031, LOC Fannie Mae VRDN (b)(d) | 7255000 | 7255000 |
| Riversid C (Riverside Cnty Ca Proj.) 1.14% 11/1/2039, LOC Bank of America NA VRDN (b) | 3545000 | 3545000 |
| Riverside CA Ctfs Partn 1.1% 3/1/2037, LOC Bank of America NA VRDN (b) | 66990000 | 66990000 |
| San Diego Noble CT Apts (Park & Market Development Partners, Lp Proj.) 1.4% 6/1/2057, LOC Bank of America NA VRDN (b) | 132385000 | 132385000 |
| San Diego Noble CT Apts (Various Capital Projects) Series 2020 F, 1.4% 10/1/2060, LOC Mizuho Bank Ltd/New York NY VRDN (b) | 2250000 | 2250000 |
| San Francisco CA C&C Redev Mfh (A M Preservation Lp Proj.) 2.22% 12/1/2033, LOC Citibank NA VRDN (b)(d) | 550000 | 550000 |
| San Francisco CA C&C Redev Mfh (Mercy Housing California Xx Lp Proj.) 1.44% 12/1/2038, LOC Citibank NA VRDN (b)(d) | 1190000 | 1190000 |
| San Jose Calif Mfhr (Almaden Lake Village Assoc Ltd Proj.) 1.87% 3/1/2032, LOC Fannie Mae VRDN (b)(d) | 16500000 | 16500000 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty Ca Proj.) 1.25% 5/15/2035, LOC Bank of America NA VRDN (b) | 62310000 | 62310000 |
| Santa Clara Valley CA Trans Auth Sales Tax Rev (Sta Clara Vly Tran 1976 Sls Tx Proj.) Series 2025 A 1, 0.9% 6/1/2055 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) VRDN (b) | 22255000 | 22255000 |
| Santa Cruz CA Redev Agy Mf Rev (1010 Pacific Investors L.P. Proj.) 1.41% 8/15/2035, LOC Fannie Mae VRDN (b)(d) | 14795000 | 14795000 |
| Santa Cruz CA Redev Agy Mf Rev (Santa Cruz Shaffer Road Investors L.P. Proj.) 1.41% 8/15/2035, LOC Fannie Mae VRDN (b)(d) | 3400000 | 3400000 |
| State of California Gen. Oblig. 1% 5/1/2040, LOC Sumitomo Mitsui Banking Corp/New York VRDN (b) | 68185000 | 68185000 |
| State of California Gen. Oblig. 1.1% 5/1/2046, LOC Bank of America NA VRDN (b) | 52800000 | 52800000 |
| State of California Gen. Oblig. Series 2024 C 2, 1% 5/1/2047, LOC Bank of America NA VRDN (b) | 16000000 | 16000000 |
| State of California Gen. Oblig. Series 2024D, 1.15% 5/1/2050, LOC JPMorgan Chase Bank NA VRDN (b) | 81290000 | 81290000 |
| University CA Revs 1.26% 5/15/2048 VRDN (b) | 35640000 | 35640000 |
| University CA Revs 1.41% 5/15/2048 VRDN (b) | 75575000 | 75575000 |
| University CA Revs Series 2024 BY 1, 1.4% 5/15/2054 VRDN (b) | 16400000 | 16400000 |
| University CA Revs Series 2024 BY 2, 1.41% 5/15/2054 VRDN (b) | 44200000 | 44200000 |
| TOTAL CALIFORNIA |  | 1163799414 |
| Delaware - 0.0%  |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 2.06% 10/1/2028 VRDN (b) | 1200000 | 1200000 |
| Florida - 1.3%  |  |  |
| Bay Cny Fla Pcr (Florida Pwr & Lt Co Proj.) Series 2020, 2.2% 6/1/2050 VRDN (b)(d) | 900000 | 900000 |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2018 B, 2.05% 12/1/2048 VRDN (b)(d) | 3700000 | 3700000 |
| Lee Cnty FL Indl DevAuth Rev (Florida Pwr & Lt Co Proj.) Series 2016 A, 1.99% 12/1/2046 VRDN (b)(d) | 9500000 | 9500000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2021, 2% 5/1/2046 VRDN (b)(d) | 2300000 | 2300000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2024A, 2.15% 5/1/2054 VRDN (b)(d) | 29200000 | 29200000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2024B, 2.03% 5/1/2054 VRDN (b)(d) | 31400000 | 31400000 |
| TOTAL FLORIDA |  | 77000000 |
| Georgia - 0.1%  |  |  |
| Monroe Cnty GA Dev Auth Rev (Florida Pwr & Lt Co Proj.) Series 2017, 2.1% 11/1/2047 VRDN (b)(d) | 7600000 | 7600000 |
| Monroe Cnty GA Dev Auth Rev (Florida Pwr & Lt Co Proj.) Series 2019, 2.15% 6/1/2049 VRDN (b)(d) | 400000 | 400000 |
| TOTAL GEORGIA |  | 8000000 |
| Indiana - 0.0%  |  |  |
| Indiana St Dev Fin Auth Envr Rev (Duke Energy Ind Inc Proj.) 1.96% 12/1/2038 VRDN (b)(d) | 900000 | 900000 |
| Iowa - 0.6%  |  |  |
| Iowa Fin Auth Sld Disp Wst Rev (Midamerican Energy Co Proj.) 2.08% 7/1/2038 VRDN (b)(d) | 14500000 | 14500000 |
| Iowa Fin Auth Solid Waste Facs Rev (Midamerican Energy Co Proj.) 2.05% 12/1/2047 VRDN (b)(d) | 22445000 | 22445000 |
| TOTAL IOWA |  | 36945000 |
| Kansas - 0.0%  |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.18% 9/1/2035 VRDN (b) | 900000 | 900000 |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.18% 9/1/2035 VRDN (b) | 200000 | 200000 |
| TOTAL KANSAS |  | 1100000 |
| Kentucky - 0.4%  |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 2.45% 7/1/2060 VRDN (b)(d) | 2300000 | 2300000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2021 A 1, 2.45% 8/1/2061 VRDN (b)(d) | 11950000 | 11950000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2021B 1, 2.45% 8/1/2061 VRDN (b)(d) | 7350000 | 7350000 |
| TOTAL KENTUCKY |  | 21600000 |
| North Carolina - 0.1%  |  |  |
| Hertford Cnty NC Indl Facs & Pollutn Ctl Fing Auth Indl Dev Rev (Nucor Corp Proj.) 2.25% 11/1/2033 VRDN (b)(d) | 6500000 | 6500000 |
| South Carolina - 0.3%  |  |  |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.55% 3/1/2029 VRDN (b)(d) | 5630000 | 5630000 |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.55% 4/1/2031 VRDN (b)(d) | 7100000 | 7100000 |
| Darlington Cnty SC Indl Dev Re (Nucor Corp Proj.) 2.55% 8/1/2029 VRDN (b)(d) | 3600000 | 3600000 |
| TOTAL SOUTH CAROLINA |  | 16330000 |
| Tennessee - 0.0%  |  |  |
| Loudon CO TN Idb Exmpt Fac Rv (Kimberly-Clark Corp Proj.) 2.2% 11/1/2034 VRDN (b)(d) | 3500000 | 3500000 |
| Texas - 0.1%  |  |  |
| Jewett Economic Dev Corp Tex I (Nucor Corp Proj.) 2.2% 8/1/2038 VRDN (b)(d) | 3625000 | 3625000 |
| <br> **TOTAL VARIABLE RATE DEMAND NOTE**<br> (Cost $1,365,149,414) |  | <br> **1365149414** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 21.2%** | &nbsp;&nbsp;**Commercial Paper - 21.2%** | &nbsp;&nbsp;**Commercial Paper - 21.2%** | &nbsp;&nbsp;**Commercial Paper - 21.2%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| California Edl Facs Auth Rev 2.3% 4/2/2026 CP  | 2.30 | 2900000 | 2900000 |
| California St Univ Rev 2.23% 3/6/2026, LOC Barclays Bank PLC CP  | 2.23 | 36688000 | 36688000 |
| California St Univ Rev 2.53% 3/5/2026, LOC Wells Fargo Bank NA CP  | 2.53 | 25495000 | 25495000 |
| City of Los Angeles CA Wastewater System Revenue 2.2% 5/12/2026, LOC TD Bank NA CP  | 2.20 | 15000000 | 15000000 |
| East Bay CA Mun Util Dist Wtr Sys Rev 2.3% 6/2/2026 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) CP  | 2.30 | 13450000 | 13450000 |
| East Bay CA Mun Util Dist Wtr Sys Rev 2.3% 6/9/2026 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) CP  | 2.30 | 23000000 | 23000000 |
| East Bay CA Mun Util Dist Wtr Sys Rev 2.31% 6/10/2026 (Liquidity Facility Sumitomo Mitsui Banking Corp/New York) CP  | 2.31 | 5000000 | 5000000 |
| East Bay CA Mun Util Dist Wtr Sys Rev 2.53% 3/2/2026 (Liquidity Facility Bank of America NA) CP  | 2.53 | 28800000 | 28800000 |
| Golden Gate Brdg & Hwy Dist CA 2.47% 4/7/2026 CP  | 2.47 | 16800000 | 16800000 |
| Golden Gate Brdg & Hwy Dist CA 2.47% 4/7/2026 CP  | 2.47 | 9625000 | 9625000 |
| Los Angeles CA Mun Imp Crp Lse 2.2% 3/3/2026, LOC Bank of America NA CP  | 2.20 | 8000000 | 8000000 |
| Los Angeles CA Mun Imp Crp Lse 2.2% 3/3/2026, LOC BMO Bank NA CP  | 2.20 | 10000000 | 10000000 |
| Los Angeles CA Mun Imp Crp Lse 2.2% 3/3/2026, LOC BMO Bank NA CP  | 2.20 | 9000000 | 9000000 |
| Los Angeles CA Mun Imp Crp Lse 2.2% 3/3/2026, LOC BMO Bank NA CP  | 2.20 | 5000000 | 5000000 |
| Los Angeles CA Mun Imp Crp Lse 2.2% 3/3/2026, LOC US Bank NA/Cincinnati OH CP  | 2.20 | 12611000 | 12611000 |
| Los Angeles CA Mun Imp Crp Lse 2.3% 3/3/2026, LOC Bank of America NA CP  | 2.30 | 6700000 | 6700000 |
| Los Angeles CA Mun Imp Crp Lse 2.3% 3/3/2026, LOC BMO Bank NA CP  | 2.30 | 23500000 | 23500000 |
| Los Angeles Cnty CA Asset Lease 2.28% 3/5/2026, LOC US Bank NA/Cincinnati OH CP  | 2.28 | 15388000 | 15388000 |
| Los Angeles Cnty CA Asset Lease 2.3% 5/4/2026, LOC Bank of Montreal/Chicago IL CP  | 2.30 | 11750000 | 11750000 |
| Los Angeles Cnty CA Asset Lease 2.32% 4/2/2026, LOC Sumitomo Mitsui Banking Corp/New York CP  | 2.32 | 4000000 | 4000000 |
| Los Angeles Cnty CA Asset Lease 2.35% 5/4/2026, LOC Bank of America NA CP  | 2.35 | 25350000 | 25350000 |
| Los Angeles Cnty CA Asset Lease 2.53% 3/3/2026, LOC Bank of America NA CP  | 2.53 | 24968000 | 24968000 |
| Los Angeles Cnty CA Asset Lease 2.53% 3/3/2026, LOC Bank of Montreal/Chicago IL CP  | 2.53 | 23000000 | 23000000 |
| Los Angeles Cnty CA Asset Lease 2.53% 3/3/2026, LOC Sumitomo Mitsui Banking Corp/New York CP  | 2.53 | 6000000 | 6000000 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev 2.2% 3/17/2026, LOC TD Bank NA CP  | 2.20 | 6834000 | 6834000 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev 2.25% 3/19/2026, LOC TD Bank NA CP  | 2.25 | 19604000 | 19604000 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev 2.25% 3/20/2026, LOC TD Bank NA CP  | 2.25 | 4000000 | 4000000 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev 2.26% 3/12/2026, LOC TD Bank NA CP  | 2.38 | 9705000 | 9704660 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev 2.27% 4/6/2026, LOC TD Bank NA CP  | 2.27 | 19605000 | 19605000 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev 2.44% 3/19/2026, LOC TD Bank NA CP  | 2.44 | 13728000 | 13728000 |
| Port of Oakland CA Port Rev 2.35% 3/26/2026, LOC Bank of America NA CP (d) | 2.35 | 10193000 | 10193000 |
| Port of Oakland CA Port Rev 2.35% 3/26/2026, LOC Bank of America NA CP (d) | 2.35 | 2342000 | 2342000 |
| San Francisco CA City & Cnty Pub Utils Commn Wastewtr 2.3% 6/10/2026, LOC Sumitomo Mitsui Banking Corp/New York CP  | 2.30 | 19000000 | 19000000 |
| San Francisco CA City & Cnty Pub Utils Commn Wastewtr 2.53% 3/3/2026, LOC Sumitomo Mitsui Banking Corp/New York CP  | 2.53 | 27500000 | 27500000 |
| San Francisco CA City & County Airports Commission International Airport Revenue 2.66% 3/13/2026, LOC Sumitomo Mitsui Banking Corp/New York CP (d) | 2.66 | 85500000 | 85500000 |
| San Francisco CA Pub Util Comm Power Rev 2.32% 3/4/2026, LOC Bank of America NA CP  | 2.32 | 9430000 | 9430000 |
| San Francisco CA Pub Util Comm Power Rev 2.39% 7/9/2026, LOC Bank of America NA CP  | 2.39 | 46730000 | 46730000 |
| Santa Clara Valley Water District Public Facilities Financing Corp 2.46% 3/16/2026, LOC Sumitomo Mitsui Banking Corp/New York CP  | 2.46 | 15625000 | 15625000 |
| State of California 2.2% 3/10/2026, LOC US Bank NA/Cincinnati OH CP  | 2.20 | 11000000 | 11000000 |
| State of California 2.23% 3/5/2026, LOC US Bank NA/Cincinnati OH CP  | 2.23 | 15900000 | 15900000 |
| State of California 2.25% 3/3/2026, LOC Wells Fargo Bank NA CP  | 2.25 | 15000000 | 15000000 |
| State of California 2.25% 3/5/2026, LOC Toronto-Dominion Bank/NY CP  | 2.25 | 5225000 | 5225000 |
| State of California 2.25% 4/8/2026, LOC Bank of Montreal/Chicago IL CP  | 2.25 | 4840000 | 4840000 |
| State of California 2.3% 5/4/2026, LOC State Street Bank & Trust Co CP  | 2.30 | 20500000 | 20500000 |
| State of California 2.32% 4/2/2026, LOC Royal Bank of Canada CP  | 2.32 | 31375000 | 31375000 |
| State of California 2.32% 5/19/2026, LOC Royal Bank of Canada CP  | 2.32 | 19100000 | 19100000 |
| State of California 2.33% 5/19/2026, LOC Wells Fargo Bank NA CP  | 2.33 | 13480000 | 13480000 |
| State of California 2.35% 5/13/2026, LOC Toronto-Dominion Bank/NY CP  | 2.35 | 20000000 | 20000000 |
| State of California 2.35% 5/14/2026, LOC Wells Fargo Bank NA CP  | 2.35 | 14935000 | 14935000 |
| State of California 2.55% 3/12/2026, LOC Royal Bank of Canada CP  | 2.55 | 41495000 | 41495000 |
| State of California 2.55% 3/5/2026, LOC Royal Bank of Canada CP  | 2.55 | 15000000 | 15000000 |
| State of California 2.56% 3/18/2026, LOC Wells Fargo Bank NA CP  | 2.56 | 31835000 | 31835000 |
| University CA Revs 2.25% 3/13/2026 CP  | 2.25 | 27000000 | 27000000 |
| University CA Revs 2.25% 8/4/2026 CP  | 2.25 | 10000000 | 10000000 |
| University CA Revs 2.33% 6/3/2026 CP  | 2.33 | 10000000 | 10000000 |
| University CA Revs 2.33% 8/4/2026 CP  | 2.33 | 1000000 | 1000000 |
| University CA Revs 2.35% 6/3/2026 CP  | 2.35 | 10000000 | 10000000 |
| University CA Revs 2.35% 7/21/2026 CP  | 2.35 | 7500000 | 7500000 |
| University CA Revs 2.4% 3/12/2026 CP  | 2.40 | 15000000 | 15000000 |
| University CA Revs 2.4% 3/12/2026 CP  | 2.40 | 15000000 | 15000000 |
| University CA Revs 2.4% 3/12/2026 CP  | 2.40 | 12500000 | 12500000 |
| University CA Revs 2.4% 3/13/2026 CP  | 2.40 | 20000000 | 20000000 |
| University CA Revs 2.4% 4/21/2026 CP  | 2.40 | 9000000 | 9000000 |
| University CA Revs 2.5% 3/13/2026 CP  | 2.50 | 15000000 | 15000000 |
| University CA Revs 2.5% 4/9/2026 CP  | 2.50 | 36000000 | 36000000 |
| University CA Revs 2.6% 3/4/2026 CP  | 2.60 | 17500000 | 17500000 |
| University CA Revs 2.6% 5/7/2026 CP  | 2.60 | 7500000 | 7500000 |
| University CA Revs 2.62% 3/19/2026 CP  | 2.62 | 19750000 | 19750000 |
| University CA Revs 2.62% 5/7/2026 CP  | 2.62 | 35000000 | 35000000 |
| University CA Revs 2.63% 3/5/2026 CP  | 2.63 | 50000000 | 50000000 |
| University CA Revs 2.65% 4/2/2026 CP  | 2.65 | 9000000 | 9000000 |
| University CA Revs 2.65% 4/7/2026 CP  | 2.65 | 35000000 | 35000000 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $1,273,255,660) |  |  | **1273255660** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 10.6%** | &nbsp;&nbsp;**Money Market Funds - 10.6%** | &nbsp;&nbsp;**Money Market Funds - 10.6%** | &nbsp;&nbsp;**Money Market Funds - 10.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (i)(j)<br>(Cost $643,776,549)<br>| 1.91 | 643652392 | **643776549** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.0%**<br> (Cost $5,893,708,091)<br>| <br>**5893708091** |
| **NET OTHER ASSETS (LIABILITIES) - 2.0%**  | **117718601** |
| **NET ASSETS - 100.0%** | **6011426692** |

---

**Security Type Abbreviations**

TAN - TAX ANTICIPATION NOTE <br> TRAN - TAX AND REVENUE ANTICIPATION NOTE <br> VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

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

**Legend**

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

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

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

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

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $326,980,000 or 5.4% of net assets.

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

(g) 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 $36,909,414 or 0.6% of net assets.

(h) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

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

(j) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Cost ($)<br>|
| California Cmnty Choice Fing Auth Participating VRDN 1.65% 3/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) | 6/20/2025 | 30270000 |
| California Cmnty Choice Fing Auth Participating VRDN 1.65% 3/1/2056 (Liquidity Facility JP Morgan Chase Bank NA) | 6/20/2025 | 8000000 |
| California Multi Fam Hsg Rev Participating VRDN 2.06% 8/27/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/28/2025 | 8030000 |
| California Multi Fam Hsg Rev Participating VRDN 2.06% 8/6/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/6/2024 | 7270000 |
| California St Wide Cmnty Dev Mf Participating VRDN Series 2025 MIZ9234, 2.06% 10/15/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 10/16/2025 | 4205000 |
| CommonSpirit Health CA Participating VRDN Series 2024 MIZ9190, 2.11% 10/8/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/9/2024 | 33250000 |
| Los Angeles Multi Fam Hsg Participating VRDN Series 2024 MIZ9189, 2.18% 9/26/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 11/13/2024 | 52800000 |
| Los Angeles Multi Fam Hsg Participating VRDN Series 2025 MIZ9237, 2.11% 10/22/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 10/23/2025 | 17000000 |
| River Islands CA PFA Cmty Facs Dist Participating VRDN Series 2024 MIZ9188, 2.06% 9/19/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 9/19/2024 | 47500000 |
| River Islands Pub Fing Auth Participating VRDN 2.06% 10/10/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 10/10/2024 | 52200000 |
| San Diego CA Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9198, 2.06% 11/4/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 11/4/2024 | 42395000 |
| San Jose CA Redev Agy Multi Fam Hsg Auth Participating VRDN Series 2025 MIZ9222, 2.16% 8/7/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 8/8/2025 - 8/29/2025 | 24060000 |

---

**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 | 801575808 | 2205943841 | 2363743100 | 20162510 | - | - | 643776549 | 643652392 | 14.7% |
| Total | 801575808 | 2205943841 | 2363743100 | 20162510 | - | - | 643776549 |  |  |

---

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**

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

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of February 28, 2026** | **As of February 28, 2026** | **As of February 28, 2026** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,249,931,542) | $5249931542 |  |
| Fidelity Central Funds (cost $643,776,549) | 643776549 |  |
| Total Investment in Securities (cost $5,893,708,091) |  | $5893708091 |
| Receivable for investments sold |  | 52000000 |
| Receivable for fund shares sold |  | 56192181 |
| Interest receivable |  | 28722267 |
| Distributions receivable from Fidelity Central Funds |  | 1070672 |
| Receivable from investment adviser for expense reductions |  | 213117 |
| Other receivables |  | 1913 |
| **Total assets** |  | 6031908241 |
| **Liabilities** |  |  |
| Payable to custodian bank  | $251357 |  |
| Payable for investments purchased  | 101923 |  |
| Payable for fund shares redeemed | 17939044 |  |
| Distributions payable | 871261 |  |
| Accrued management fee | 983800 |  |
| Other affiliated payables | 334164 |  |
| **Total liabilities** |  | 20481549 |
| **Net Assets**  |  | $6011426692 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6011253099 |
| Total accumulated earnings (loss) |  | 173593 |
| **Net Assets** |  | $6011426692 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Fidelity California Municipal Money Market Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($78,452,766 ÷ 78,478,283 shares) |  | $1.00 |
| **Institutional Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,065,162,234 ÷ 4,062,200,924 shares) |  | $1.00 |
| **Premium Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,867,811,692 ÷ 1,866,472,732 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** | <br> **Year ended February 28, 2026** |
| **Investment Income** |  |  |
| Interest  |  | $122632996 |
| Income from Fidelity Central Funds  |  | 20155151 |
| **Total income** |  | 142788147 |
| **Expenses** |  |  |
| Management fee | $11601234 |  |
| Transfer agent fees | 3904662 |  |
| Independent trustees' fees and expenses | 12783 |  |
| Total expenses before reductions | 15518679 |  |
| Expense reductions | (1985718) |  |
| Total expenses after reductions |  | 13532961 |
| **Net Investment income (loss)** |  | 129255186 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 94139 |  |
| Capital gain distributions from Fidelity Central Funds | 7359 |  |
| Total net realized gain (loss) |  | 101498 |
| **Net increase in net assets resulting from operations** |  | $129356684 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $129255186 | $140811832 |
| &nbsp;&nbsp;Net realized gain (loss) | 101498<br>| 4336<br>|
| **Net increase in net assets resulting from operations** | 129356684<br>| 140816168<br>|
| Distributions to shareholders | (129251230)<br>| (140798303)<br>|
| Share transactions - net increase (decrease) | 392738558<br>| 1374491650<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 392844012<br>| 1374509515<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5618582680 | 4244073165<br>|
| &nbsp;&nbsp;End of period | $6011426692 | $5618582680 |

---

**Financial Highlights** 

**Fidelity® California Municipal Money Market Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023** B |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) C | .020  | .026  | .026  | .009  |
| Net realized and unrealized gain (loss) D | -  | -  | -  | -  |
| Total from investment operations  | .020  | .026  | .026  | .009  |
| Distributions from net investment income  | (.020)  | (.026)  | (.026)  | (.009)  |
| Distributions from net realized gain  | -  | -  | -  | - D |
| Total distributions  | (.020)  | (.026)  | (.026)  | (.009)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** E,F | 2.06% <br>| 2.64%  | 2.66%  | .89%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | .42%  | .42%  | .42%  | .42% I |
| Expenses net of fee waivers, if any  | .42% <br>| .42%  | .42%  | .42% I |
| Expenses net of all reductions, if any  | .42%  | .42%  | .42%  | .42% I |
| Net investment income (loss)  | 2.04%  | 2.58%  | 2.63%  | 2.12% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $78453 | $75808 | $24826 | $11416 |

---

A*For the year ended February 29.*

B*For the period September 22, 2022 (commencement of sale of shares) through February 28, 2023.*

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*Amount represents less than $.0005 per share.*

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

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

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.*

**Fidelity® California Municipal Money Market Fund Institutional Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B | .023  | .028  | .029  | .014  | - C |
| Net realized and unrealized gain (loss) C | -  | -  | -  | -  | -  |
| Total from investment operations  | .023  | .028  | .029  | .014  | - C |
| Distributions from net investment income  | (.023)  | (.028)  | (.029)  | (.014)  | - C |
| Distributions from net realized gain  | -  | -  | -  | - C | -  |
| Total distributions  | (.023)  | (.028)  | (.029)  | (.014)  | - C |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** D | 2.29% <br>| 2.87%  | 2.89%  | 1.38%  | .01%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .20% <br>| .20%  | .20%  | .20%  | .09%  |
| Expenses net of all reductions, if any  | .20%  | .20%  | .20%  | .20%  | .09%  |
| Net investment income (loss)  | 2.26%  | 2.80%  | 2.85%  | 1.57%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4065162 | $3836421 | $2669861 | $2340366 | $1523119 |

---

A*For the year ended February 29.*

B*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.*

C*Amount represents less than $.0005 per share.*

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

E*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.*

F*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.*

**Fidelity® California Municipal Money Market Fund Premium Class**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended February 28,** | **2026**  | **2025**  | **2024** A  | **2023**  | **2022**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B | .022  | .027  | .028  | .013  | - C |
| Net realized and unrealized gain (loss) C | -  | -  | -  | -  | -  |
| Total from investment operations  | .022  | .027  | .028  | .013  | - C |
| Distributions from net investment income  | (.022)  | (.027)  | (.028)  | (.013)  | - C |
| Distributions from net realized gain  | -  | -  | -  | - C | -  |
| Total distributions  | (.022)  | (.027)  | (.028)  | (.013)  | - C |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** D | 2.19% <br>| 2.77%  | 2.79%  | 1.28%  | .01%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .30%  | .30%  | .30%  | .30%  | .30%  |
| Expenses net of fee waivers, if any  | .30% <br>| .30%  | .30%  | .30%  | .09%  |
| Expenses net of all reductions, if any  | .30%  | .30%  | .30%  | .30%  | .09%  |
| Net investment income (loss)  | 2.16%  | 2.70%  | 2.75%  | 1.47%  | .01%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1867812 | $1706354 | $1549386 | $1625879 | $445862 |

---

A*For the year ended February 29.*

B*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.*

C*Amount represents less than $.0005 per share.*

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

E*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.*

F*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.*

**Notes to Financial Statements**

For the period ended February 28, 2026

**1. Organization.**

Fidelity California Municipal Money Market Fund (the Fund) is a fund of Fidelity California Municipal Trust II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund offers Fidelity California Municipal Money Market Fund, Institutional Class and Premium Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Shares of the Fund are only available for purchase by retail shareholders. The Fund may be affected by economic and political developments in the state of California.

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

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.** 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)

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

**Investment Transactions and Income.** The net asset value 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. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. 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. As of February 28, 2026, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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 for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $- |
| **Gross unrealized depreciation**  | <u>-</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$-</u> |
| **Tax Cost**  | <u>$5893708091</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$173162</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$-</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** |
| **Tax-exempt Income** | <u>129251230</u> | <u>140798303</u> |
| **Total**  | <u>$129251230</u> | <u>$140798303</u> |

---

**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.

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

**Management Fee and Expense Contract.** 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 fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

In addition, under the expense contract, the investment adviser pays class-level expenses for Premium Class so that the total expenses do not exceed .35%, expressed as a percentage of class average net assets, with certain exceptions such as interest expense.

**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 asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Class-Level Average Net Assets** |
| **Fidelity California Municipal Money Market Fund** | 140522 | .22 |
| **Institutional Class** | 1978995 | .05 |
| **Premium Class** | <u>1785145</u> | .10 |
|  | <u>3904662</u> |  |

---

**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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity California Municipal Money Market Fund** | 46421811 | 31675000 | - |

---

**5. Expense Reductions.** 

The investment adviser contractually agreed to reimburse Institutional Class to the extent annual operating expenses, expressed as a percentage of average net assets, exceed .20%. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class expenses by $1,979,943.

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 $5,775.

**6. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **February 28, 2026** | **Year ended**<br> **February 28, 2025** |
| **Fidelity California Municipal Money Market Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Fidelity California Municipal Money Market Fund | $1293656 | $1144469 |
| Institutional Class | 89482837 | 93776667 |
| Premium Class | <u>38474737</u> | <u>45877167</u> |
| Total  | <u>$129251230</u> | <u>$140798303</u> |

---

**7. Share Transactions.**

Share transactions for each class of shares at a $1.00 per share were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** | **Year ended** <br> **February 28, 2026**  | **Year ended**<br> **February 28, 2025** |
| **Fidelity California Municipal Money Market Fund** |  |  |  |  |
| **Fidelity California Municipal Money Market Fund** |  |  |  |  |
| Shares sold | 112931247 | 107375358 | $112931247 | $107375358 |
| Reinvestment of distributions  | 1013708 | 1001496 | 1013708 | 1001496 |
| Shares redeemed | <u>(111297233)</u> | <u>(57374030)</u> | <u>(111297233)</u> | <u>(57374030)</u> |
| Net increase (decrease) | <u>2647722</u> | <u>51002824</u> | <u>$2647722</u> | <u>$51002824</u> |
| **Institutional Class** |  |  |  |  |
| Shares sold | 5964907451 | 5631540940 | $5964907451 | $5631540940 |
| Reinvestment of distributions  | 81351040 | 83949304 | 81351040 | 83949304 |
| Shares redeemed | <u>(5817568812)</u> | <u>(4549204008)</u> | <u>(5817568812)</u> | <u>(4549204008)</u> |
| Net increase (decrease) | <u>228689679</u> | <u>1166286236</u> | <u>$228689679</u> | <u>$1166286236</u> |
| **Premium Class** |  |  |  |  |
| Shares sold | 1697364397 | 1214527109 | $1697364397 | $1214527109 |
| Reinvestment of distributions  | 34024574 | 41045625 | 34024574 | 41045625 |
| Shares redeemed | <u>(1569987814)</u> | <u>(1098370144)</u> | <u>(1569987814)</u> | <u>(1098370144)</u> |
| Net increase (decrease) | <u>161401157</u> | <u>157202590</u> | <u>$161401157</u> | <u>$157202590</u> |

---

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity California Municipal Trust II and Shareholders of Fidelity California Municipal Money Market Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity California Municipal Money Market Fund ("Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 13, 2026

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended February 28, 2026, $27,231, or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2026, 100% of the fund's income dividends were free from federal income tax, and 24.76% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in the first quarter of 2027 of amounts for use in preparing 2026 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity California Municipal Money Market Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, managing, training, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by Fidelity under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account and market information over the Internet, via the Fidelity mobile app and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and the total expense ratio of a representative class (Institutional Class), the Board considered other "fund-level" expenses, such as pricing and bookkeeping fees and custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also considered other "class-level" expenses, such as transfer agent fees and fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of Institutional Class of the fund relative to the total peer group; and (iv) total expense comparisons of Institutional Class (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked equal to the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of Institutional Class of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board considered that the fund has a flat fee, which covers expenses for services beyond portfolio management. The Board also considered that Fidelity believes that management fee comparisons are particularly unhelpful in the context of the fund and that total expense comparisons are more useful. The Board noted that the total expense ratio of Institutional Class of the fund ranked below the competitives median for 2024.

<u>Other Contractual Arrangements</u>. The Board further considered that current contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of Premium of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.35%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board and by a vote of a majority of the outstanding voting securities of the class. The Board further considered that FMR has contractually agreed to reimburse Institutional Class of the fund to the extent that total operating expenses, with certain exceptions, as a percentage of their respective average net assets, exceed 0.20% through at least one year from the date of the current prospectus.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img126057_4.jpg)<br>

1.855631.118 SCM-ANN-0426

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>Purchase 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 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 trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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.](ex99906.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 II

---

| | |
|:---|:---|
| &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; April 22, 2026 |

---

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; April 22, 2026 |

---

---

| | |
|:---|:---|
| &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; April 22, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## 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;

<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 II;

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:

April 22, 2026

---

| |
|:---|
| &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 II;

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:

April 22, 2026

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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 II (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: April 22, 2026

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

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Dated: April 22, 2026

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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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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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