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UNITED STATES FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3725
Fidelity California Municipal Trust 82 Devonshire St., Boston, Massachusetts 02109 Scott C. Goebel, Secretary
82 Devonshire St.
Boston, Massachusetts 02109 Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end:
February 28
Date of reporting period:
August 31, 2009
Item 1. Reports to Stockholders
Fidelity® Semiannual Report
August 31, 2009
(2_fidelity_logos) (Registered_Trademark)
Chairman's Message
The Chairman's message to shareholders.
Shareholder Expense Example
An example of shareholder expenses.
Investment Changes
A summary of major shifts in the fund's investments over the past six
months.
Investments
A complete list of the fund's investments with their market values.
Financial Statements
Statements of assets and liabilities, operations, and changes in net
assets, as well as financial highlights.
Notes
Notes to the financial statements.
Proxy Voting Results
Board Approval of Investment Advisory
Contracts and Management Fees
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or
visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting
guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general
information of the shareholders of the fund. This report is not authorized for distribution to
prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at
http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC. Information regarding the operation of the SEC's Public
Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's
portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on
Fidelity's web site at http://www.fidelity.com or http://advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Exact name of registrant as specified in charter)
(Address of principal executive offices) (Zip code)
(Name and address of agent for service)
California
Municipal Income
Fund
Contents
Semiannual Report
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
We've seen a welcome uptick in the global equity markets this spring and summer, as signs of stabilization in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Abigail P. Johnson
Abigail P. Johnson
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2009 to August 31, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
|
Annualized Expense Ratio |
Beginning |
Ending |
Expenses Paid |
Class A |
.77% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,045.90 |
$ 3.97 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.32 |
$ 3.92 |
Class T |
.74% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,046.90 |
$ 3.82 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.48 |
$ 3.77 |
Class B |
1.41% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,042.60 |
$ 7.26 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.10 |
$ 7.17 |
Class C |
1.51% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,043.00 |
$ 7.78 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,017.59 |
$ 7.68 |
California Municipal Income |
.48% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,048.40 |
$ 2.48 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,022.79 |
$ 2.45 |
Institutional Class |
.51% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,048.10 |
$ 2.63 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,022.63 |
$ 2.60 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Semiannual Report
Top Five Sectors as of August 31, 2009 |
||
|
% of fund's |
% of fund's net assets |
General Obligations |
42.2 |
41.4 |
Transportation |
12.1 |
12.8 |
Health Care |
9.9 |
9.1 |
Education |
5.8 |
4.1 |
Water & Sewer |
5.8 |
6.1 |
Weighted Average Maturity as of August 31, 2009 |
||
|
|
6 months ago |
Years |
9.8 |
11.8 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of August 31, 2009 |
||
|
|
6 months ago |
Years |
7.8 |
7.9 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) |
|||||||
As of August 31, 2009 |
As of February 28, 2009 |
||||||
![]() |
AAA 3.5% |
|
![]() |
AAA 3.9% |
|
||
![]() |
AA,A 58.8% |
|
![]() |
AA,A 75.1% |
|
||
![]() |
BBB 31.4% |
|
![]() |
BBB 16.4% |
|
||
![]() |
BB and Below 0.2% |
|
![]() |
BB and Below 0.1% |
|
||
![]() |
Not Rated 3.6% |
|
![]() |
Not Rated 2.3% |
|
||
![]() |
Short-Term |
|
![]() |
Short-Term |
|
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Showing Percentage of Net Assets
Municipal Bonds - 97.5% |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - 96.4% |
||||
ABAG Fin. Auth. for Nonprofit Corps. Rev.: |
|
|
|
|
(Hamlin School Proj.) Series 2007: |
|
|
|
|
4.625% 8/1/16 |
|
$ 380 |
$ 336 |
|
4.625% 8/1/17 |
|
405 |
352 |
|
5% 8/1/18 |
|
530 |
466 |
|
5% 8/1/19 |
|
555 |
479 |
|
5% 8/1/20 |
|
585 |
498 |
|
5% 8/1/23 |
|
1,940 |
1,561 |
|
Series 2009 B, 6.25% 8/1/39 |
|
3,000 |
3,004 |
|
ABC Unified School District Series 1997 C: |
|
|
|
|
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,720 |
643 |
|
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,760 |
816 |
|
Alameda Corridor Trans. Auth. Rev. Series 1999 A, 5.25% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
7,575 |
7,603 |
|
Alameda County Ctfs. of Prtn.: |
|
|
|
|
(Santa Rita Jail Proj.) Series 2007 A: |
|
|
|
|
5% 12/1/18 (AMBAC Insured) |
|
2,645 |
2,739 |
|
5% 12/1/20 (AMBAC Insured) |
|
2,810 |
2,834 |
|
Series 1989, 0% 6/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,310 |
1,605 |
|
Alhambra Unified School District Series 2004 A, 5% 8/1/25 (FGIC Insured) |
|
1,880 |
1,886 |
|
Alhambra Unified School District Ctfs. of Prtn.: |
|
|
|
|
5.5% 4/1/23 (FSA Insured) |
|
1,600 |
1,638 |
|
5.5% 4/1/26 (FSA Insured) |
|
1,000 |
1,019 |
|
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impt. Proj.): |
|
|
|
|
Series 1997 A, 6% 9/1/24 |
|
1,000 |
1,111 |
|
Series 1997 C: |
|
|
|
|
0% 9/1/19 (FSA Insured) |
|
1,285 |
756 |
|
0% 9/1/22 (FSA Insured) |
|
5,150 |
2,494 |
|
Anaheim Pub. Fing. Auth. Rev. Series 2007 A, 4.5% 10/1/32 |
|
10,000 |
9,357 |
|
Antioch Unified School District (School Facilities Impt. District #1 Proj.) Series 2008 B, 5.75% 8/1/24 (Assured Guaranty Corp. Insured) |
|
1,000 |
1,104 |
|
Auburn Union School District Ctfs. of Prtn. (2008 Refing. Proj.) 5% 6/1/38 (Assured Guaranty Corp. Insured) |
|
5,615 |
5,320 |
|
Azusa Unified School District Series 2002, 5.375% 7/1/16 (FSA Insured) |
|
1,225 |
1,325 |
|
Bay Area Infrastructure Fing. Auth.: |
|
|
|
|
5% 8/1/17 |
|
5,000 |
4,977 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Bay Area Infrastructure Fing. Auth.: - continued |
|
|
|
|
5% 8/1/17 (FGIC Insured) |
|
$ 5,030 |
$ 5,007 |
|
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 |
|
2,700 |
2,861 |
|
Burbank Glendale Pasadena Arpt. Auth. Rev. Series 2005 B: |
|
|
|
|
5% 7/1/12 (AMBAC Insured) (d) |
|
1,840 |
1,934 |
|
5.25% 7/1/14 (AMBAC Insured) (d) |
|
2,035 |
2,151 |
|
5.25% 7/1/16 (AMBAC Insured) (d) |
|
1,255 |
1,311 |
|
5.25% 7/1/17 (AMBAC Insured) (d) |
|
1,370 |
1,417 |
|
Burbank Unified School District: |
|
|
|
|
Series 1997 B, 0% 8/1/20 |
|
3,835 |
2,113 |
|
Series 1997 C, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,865 |
3,197 |
|
Butte-Glenn Cmnty. College District Series A, 5.5% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,085 |
1,157 |
|
Cabrillo Unified School District Series A: |
|
|
|
|
0% 8/1/10 (AMBAC Insured) |
|
2,150 |
2,111 |
|
0% 8/1/12 (AMBAC Insured) |
|
2,800 |
2,580 |
|
0% 8/1/17 (AMBAC Insured) |
|
1,000 |
714 |
|
0% 8/1/18 (AMBAC Insured) |
|
2,000 |
1,345 |
|
California Dept. of Wtr. Resources Central Valley Proj. Rev. Series J1, 7% 12/1/12 |
|
730 |
867 |
|
California Dept. of Wtr. Resources Pwr. Supply Rev. Series 2002 A: |
|
|
|
|
5% 5/1/17 |
|
1,000 |
1,059 |
|
5.5% 5/1/15 |
|
8,400 |
9,144 |
|
6% 5/1/13 |
|
2,320 |
2,593 |
|
6% 5/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
2,220 |
|
California Econ. Recovery Series 2008 B4, 5%, tender 7/1/10 (c) |
|
4,700 |
4,832 |
|
California Edl. Facilities Auth. Rev.: |
|
|
|
|
(Claremont Graduate Univ. Proj.) Series 2008 A: |
|
|
|
|
6% 3/1/33 |
|
1,000 |
1,045 |
|
6% 3/1/38 |
|
1,000 |
1,040 |
|
(College & Univ. Fing. Prog.) Series 2007: |
|
|
|
|
5% 2/1/16 |
|
1,600 |
1,423 |
|
5% 2/1/17 |
|
1,000 |
871 |
|
(Loyola Marymount Univ. Proj.) Series 2001 A, 0% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,280 |
1,642 |
|
(Pomona College Proj.) Series 2005 A, 0% 7/1/38 |
|
3,155 |
646 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
(Santa Clara Univ. Proj.) Series 1999, 5.25% 9/1/26 (AMBAC Insured) |
|
$ 7,910 |
$ 8,620 |
|
California Gen. Oblig.: |
|
|
|
|
Series 1992, 6.25% 9/1/12 (FGIC Insured) |
|
2,000 |
2,124 |
|
Series 2005, 5.5% 6/1/28 |
|
275 |
276 |
|
Series 2007: |
|
|
|
|
5.625% 5/1/20 |
|
150 |
154 |
|
5.625% 5/1/26 |
|
215 |
218 |
|
5.75% 5/1/30 |
|
160 |
162 |
|
4.5% 8/1/30 |
|
3,250 |
2,898 |
|
4.5% 10/1/36 |
|
3,075 |
2,611 |
|
5% 3/1/15 |
|
2,230 |
2,451 |
|
5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,500 |
2,698 |
|
5% 9/1/17 |
|
900 |
974 |
|
5% 5/1/19 |
|
10,000 |
10,481 |
|
5% 11/1/22 (XL Cap. Assurance, Inc. Insured) |
|
2,800 |
2,893 |
|
5% 2/1/23 |
|
1,095 |
1,110 |
|
5% 2/1/26 |
|
1,500 |
1,503 |
|
5% 3/1/26 |
|
2,800 |
2,812 |
|
5% 6/1/26 |
|
2,600 |
2,610 |
|
5% 6/1/27 (AMBAC Insured) |
|
2,800 |
2,801 |
|
5% 6/1/29 |
|
5,005 |
4,943 |
|
5% 2/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,800 |
2,728 |
|
5% 6/1/31 |
|
2,000 |
1,948 |
|
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,947 |
|
5% 10/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
968 |
|
5% 8/1/33 |
|
3,400 |
3,280 |
|
5.125% 11/1/24 |
|
2,800 |
2,838 |
|
5.125% 2/1/26 |
|
2,800 |
2,822 |
|
5.25% 2/1/14 |
|
4,045 |
4,419 |
|
5.25% 10/1/14 |
|
140 |
140 |
|
5.25% 2/1/16 |
|
7,500 |
8,041 |
|
5.25% 10/1/17 |
|
105 |
105 |
|
5.25% 11/1/18 |
|
3,000 |
3,174 |
|
5.25% 2/1/20 |
|
6,805 |
7,080 |
|
5.25% 2/1/22 |
|
2,020 |
2,073 |
|
5.25% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,490 |
5,534 |
|
5.25% 4/1/27 |
|
5 |
5 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Gen. Oblig.: - continued |
|
|
|
|
5.25% 2/1/28 |
|
$ 2,785 |
$ 2,805 |
|
5.25% 2/1/29 |
|
5,000 |
5,023 |
|
5.25% 4/1/29 |
|
5 |
5 |
|
5.25% 11/1/29 |
|
2,000 |
2,011 |
|
5.25% 4/1/30 |
|
35 |
35 |
|
5.25% 2/1/33 |
|
8,150 |
8,139 |
|
5.25% 12/1/33 |
|
105 |
105 |
|
5.25% 3/1/38 |
|
6,000 |
5,904 |
|
5.375% 4/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
35 |
37 |
|
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) |
|
1,245 |
1,315 |
|
5.5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
100 |
103 |
|
5.5% 4/1/28 |
|
5 |
5 |
|
5.5% 8/1/29 |
|
7,790 |
8,011 |
|
5.5% 4/1/30 |
|
25 |
25 |
|
5.5% 11/1/33 |
|
30,940 |
31,217 |
|
6% 4/1/18 |
|
1,570 |
1,817 |
|
6% 4/1/38 |
|
9,500 |
10,060 |
|
6.5% 4/1/33 |
|
8,500 |
9,352 |
|
6.75% 8/1/12 |
|
1,100 |
1,242 |
|
California Health Facilities Fing. Auth. Rev.: |
|
|
|
|
(Catholic Healthcare West Proj.): |
|
|
|
|
Series 2004 I, 4.95%, tender 7/1/14 (c) |
|
5,000 |
5,118 |
|
Series 2008 H, 5.125% 7/1/22 |
|
3,000 |
2,951 |
|
Series 2008 L, 5.125% 7/1/22 |
|
3,000 |
2,944 |
|
Series 2009 C, 5%, tender 7/2/12 (c) |
|
6,300 |
6,477 |
|
(Cedars-Sinai Med. Ctr. Proj.) Series 2005, 5% 11/15/14 |
|
1,485 |
1,573 |
|
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/12 |
|
2,345 |
2,441 |
|
(Cottage Health Sys. Proj.) Series 2003 B, 5.25% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,260 |
1,294 |
|
(Providence Health & Svcs. Proj.) Series 2008 C, 6.5% 10/1/38 |
|
5,000 |
5,435 |
|
(Providence Health and Svcs. Proj.) Series 2009 B, 5.5% 10/1/39 |
|
2,000 |
2,003 |
|
(Stanford Hosp. and Clinics Proj.) Series 2008 A3, 3.45%, tender 6/15/11 (c) |
|
6,200 |
6,281 |
|
(Sutter Health Proj.): |
|
|
|
|
Series 2007 A, 5% 11/15/42 |
|
2,635 |
2,273 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Health Facilities Fing. Auth. Rev.: - continued |
|
|
|
|
(Sutter Health Proj.): |
|
|
|
|
Series 2008 A: |
|
|
|
|
5% 8/15/14 |
|
$ 4,205 |
$ 4,462 |
|
5% 8/15/15 |
|
4,500 |
4,753 |
|
California Hsg. Fin. Agcy. Rev. (Home Mtg. Prog.): |
|
|
|
|
Series 1983 A, 0% 2/1/15 |
|
5,432 |
3,386 |
|
Series 1983 B, 0% 8/1/15 |
|
70 |
38 |
|
Series 1998 J, 4.85% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
295 |
291 |
|
California Infrastructure & Econ. Dev. Bank Rev.: |
|
|
|
|
(California Science Ctr. Phase II Proj.) Series 2006 B, 5% 5/1/19 (FGIC Insured) |
|
1,000 |
993 |
|
(Pacific Gas and Elec. Co. Proj.) Series 2008 F, 3.75%, tender 9/20/10 (c) |
|
8,500 |
8,537 |
|
(Performing Arts Ctr. of Los Angeles County Proj.) Series 2007: |
|
|
|
|
5% 12/1/27 |
|
1,080 |
1,037 |
|
5% 12/1/32 |
|
1,000 |
933 |
|
5% 12/1/42 |
|
3,000 |
2,671 |
|
(YMCA Metropolitan L.A. Proj.) Series 2001: |
|
|
|
|
5.25% 2/1/26 (AMBAC Insured) |
|
2,000 |
2,007 |
|
5.25% 2/1/32 (AMBAC Insured) |
|
6,295 |
5,969 |
|
Series 2005, 5% 10/1/33 |
|
7,235 |
7,303 |
|
California Muni. Fin. Auth. Rev. (Loma Linda Univ. Proj.) Series 2007, 5% 4/1/22 |
|
1,090 |
1,122 |
|
California Poll. Cont. Fing. Auth. Ctfs. of Prtn.: |
|
|
|
|
(Pacific Gas & Elec. Co. Proj.) Series 1996 A, 5.35% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
4,335 |
4,391 |
|
(San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,250 |
4,675 |
|
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): |
|
|
|
|
Series 2001 A, 5.125%, tender 5/1/14 (c)(d) |
|
9,000 |
9,109 |
|
Series 2003 A, 5%, tender 5/1/13 (c)(d) |
|
3,000 |
3,042 |
|
Series 2005 A1, 4.7%, tender 4/1/12 (c)(d) |
|
3,250 |
3,271 |
|
California Pub. Works Board Lease Rev.: |
|
|
|
|
(Butterfield State Office Complex Proj.) Series 2005 A: |
|
|
|
|
5% 6/1/13 |
|
2,600 |
2,748 |
|
5% 6/1/14 |
|
2,000 |
2,104 |
|
5.25% 6/1/24 |
|
5,400 |
5,286 |
|
5.25% 6/1/25 |
|
5,000 |
4,843 |
|
5.25% 6/1/30 |
|
4,000 |
3,670 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Pub. Works Board Lease Rev.: - continued |
|
|
|
|
(California Cmnty. College Projs.) Series 1998 A, 5.25% 12/1/16 |
|
$ 4,450 |
$ 4,491 |
|
(California State Univ. Proj.): |
|
|
|
|
Series 2006 A, 5% 10/1/14 (FGIC Insured) |
|
2,700 |
2,949 |
|
Series 2006 G: |
|
|
|
|
5% 11/1/20 |
|
1,825 |
1,839 |
|
5% 11/1/21 |
|
2,020 |
2,018 |
|
(California Substance Abuse Treatment Facility and State Prison at Corcoran II Proj.) Series 2005 J, 5.25% 1/1/16 (AMBAC Insured) |
|
4,520 |
4,776 |
|
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series 2002 A, 5.25% 12/1/18 |
|
5,000 |
5,115 |
|
(Coalinga State Hosp. Proj.) Series 2004 A: |
|
|
|
|
5.25% 6/1/12 |
|
2,485 |
2,628 |
|
5.5% 6/1/15 |
|
1,000 |
1,066 |
|
5.5% 6/1/17 |
|
9,980 |
10,480 |
|
(Dept. of Corrections & Rehab. Proj.) Series 2006 F: |
|
|
|
|
5% 11/1/15 (FGIC Insured) |
|
2,455 |
2,586 |
|
5% 11/1/16 (FGIC Insured) |
|
2,000 |
2,095 |
|
(Dept. of Corrections State Prison Proj.) Series 1993 E: |
|
|
|
|
5.5% 6/1/15 (FSA Insured) |
|
2,000 |
2,134 |
|
5.5% 6/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,063 |
|
(Dept. of Corrections, Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/13 |
|
4,200 |
4,520 |
|
(Dept. of Corrections, Madera State Prison Proj.) |
|
8,775 |
9,329 |
|
(Dept. of Corrections, Monterey County State Prison Proj.) Series 2003 C, 5.5% 6/1/15 |
|
6,100 |
6,500 |
|
(Dept. of Corrections, Susanville State Prison Proj.) |
|
4,200 |
4,559 |
|
(Dept. of Gen. Svcs. Butterfield Proj.) Series 2005 A, 5% 6/1/23 |
|
2,900 |
2,792 |
|
(Dept. of Mental Health Proj.) Series 2004 A: |
|
|
|
|
5% 6/1/25 |
|
3,000 |
2,828 |
|
5.125% 6/1/29 |
|
5,000 |
4,572 |
|
5.5% 6/1/19 |
|
2,000 |
2,064 |
|
(Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,775 |
4,972 |
|
(Madera County, Valley State Prison for Women Proj.) Series 2005 H, 5% 6/1/16 |
|
5,000 |
5,197 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Pub. Works Board Lease Rev.: - continued |
|
|
|
|
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/20 |
|
$ 3,335 |
$ 3,330 |
|
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 |
|
5,900 |
6,053 |
|
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17 |
|
5,625 |
5,784 |
|
(Ten Administrative Segregation Hsg. Units Proj.) Series 2002 A, 5.25% 3/1/18 (AMBAC Insured) |
|
2,500 |
2,527 |
|
(Univ. of California Research Proj.): |
|
|
|
|
Series 2005 L: |
|
|
|
|
5% 11/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,165 |
5,247 |
|
5.25% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,500 |
3,659 |
|
Series 2006 E: |
|
|
|
|
5% 10/1/23 |
|
2,410 |
2,482 |
|
5.25% 10/1/21 |
|
2,900 |
3,092 |
|
California State Univ. Rev.: |
|
|
|
|
(Systemwide Proj.) Series 2002 A: |
|
|
|
|
5.375% 11/1/18 (AMBAC Insured) |
|
1,290 |
1,393 |
|
5.5% 11/1/16 (AMBAC Insured) |
|
1,500 |
1,647 |
|
Series 2009 A: |
|
|
|
|
5.75% 11/1/25 |
|
3,675 |
4,053 |
|
5.75% 11/1/28 |
|
6,525 |
7,067 |
|
6% 11/1/40 |
|
7,240 |
7,720 |
|
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co. Proj.): |
|
|
|
|
Series 2006 A, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) |
|
7,965 |
7,986 |
|
Series 2006 B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) |
|
2,425 |
2,431 |
|
California Statewide Cmntys. Dev. Auth. Rev.: |
|
|
|
|
(Adventist Health Sys. Proj.) Series 2007 B, 5% 3/1/37 (Assured Guaranty Corp. Insured) |
|
5,000 |
4,784 |
|
(Cmnty. Hosp. Monterey Peninsula Proj.) Series 2003 B, 5.25% 6/1/23 (FSA Insured) |
|
1,800 |
1,852 |
|
(Daughters of Charity Health Sys. Proj.): |
|
|
|
|
Series 2003 G, 5.25% 7/1/12 |
|
900 |
909 |
|
Series 2005 G, 5.25% 7/1/13 |
|
1,475 |
1,481 |
|
(Enloe Health Sys. Proj.) Series 2008 B: |
|
|
|
|
5% 8/15/16 |
|
125 |
131 |
|
5% 8/15/19 |
|
50 |
50 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Statewide Cmntys. Dev. Auth. Rev.: - continued |
|
|
|
|
(Enloe Health Sys. Proj.) Series 2008 B: |
|
|
|
|
5.75% 8/15/38 |
|
$ 3,000 |
$ 2,996 |
|
6.25% 8/15/33 |
|
2,500 |
2,615 |
|
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c) |
|
6,000 |
6,079 |
|
(Kaiser Permanente Health Sys. Proj.): |
|
|
|
|
Series 2004 I, 3.45%, tender 5/1/11 (c) |
|
2,750 |
2,782 |
|
Series 2007 A, 4.75% 4/1/33 |
|
2,000 |
1,728 |
|
(Los Angeles Orthopaedic Hosp. Foundation Prog.) Series 2000, 5.75% 6/1/30 (AMBAC Insured) |
|
10,000 |
8,932 |
|
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) |
|
8,900 |
8,861 |
|
(Sutter Health Systems Proj.): |
|
|
|
|
Series 2002 B, 5.625% 8/15/42 |
|
7,000 |
6,721 |
|
Series 2005 A, 5% 11/15/43 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,125 |
3,550 |
|
(Thomas Jefferson School of Law Proj.) Series 2001, 7.75% 10/1/31 (Pre-Refunded to
10/1/11 |
|
1,430 |
1,609 |
|
Campbell Union School District Gen. Oblig. Series 2002 C, 5% 8/1/34 |
|
1,910 |
1,888 |
|
Carlsbad Unified School District: |
|
|
|
|
Series 2009 B: |
|
|
|
|
0% 5/1/15 |
|
1,000 |
815 |
|
0% 5/1/16 |
|
1,365 |
1,048 |
|
0% 5/1/17 |
|
1,155 |
835 |
|
0% 5/1/18 |
|
1,335 |
908 |
|
0% 5/1/19 |
|
1,000 |
632 |
|
0% 5/1/34 (a) |
|
5,300 |
2,977 |
|
0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,700 |
1,361 |
|
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. (Wtr. Sys. Impt. Proj.) Series 1994 A, 7% 8/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
1,664 |
|
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series 2008 A: |
|
|
|
|
5% 11/1/24 (AMBAC Insured) |
|
1,000 |
1,052 |
|
5% 11/1/25 (AMBAC Insured) |
|
3,820 |
3,994 |
|
5% 11/1/33 (AMBAC Insured) |
|
5,000 |
5,003 |
|
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co. Proj.) Series B, 5.875% 2/15/34 |
|
5,000 |
5,064 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 3,295 |
$ 3,043 |
|
Colton Joint Unified School District Series 2001 C, 5.25% 2/1/22 (FGIC Insured) |
|
1,200 |
1,215 |
|
Commerce Refuse to Energy Auth. Rev. Series 2005: |
|
|
|
|
5.5% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,545 |
1,737 |
|
5.5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,685 |
3,040 |
|
Corona-Norco Unified School District Series A: |
|
|
|
|
5% 8/1/22 (FSA Insured) |
|
1,470 |
1,549 |
|
5% 8/1/25 (FSA Insured) |
|
1,435 |
1,478 |
|
5% 8/1/26 (FSA Insured) |
|
2,000 |
2,065 |
|
5% 8/1/27 (FSA Insured) |
|
1,785 |
1,821 |
|
5% 8/1/31 (FSA Insured) |
|
5,000 |
4,987 |
|
Covina Valley Unified School District Series 2006 A, 5% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,600 |
5,476 |
|
Ctr. Unified School District Series 1997 C: |
|
|
|
|
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,288 |
|
0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,010 |
1,149 |
|
Cucamonga County Wtr. District 5% 9/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,890 |
2,754 |
|
Davis Spl. Tax Rev. Series 2007: |
|
|
|
|
5% 9/1/11 (AMBAC Insured) |
|
595 |
610 |
|
5% 9/1/12 (AMBAC Insured) |
|
625 |
645 |
|
5% 9/1/13 (AMBAC Insured) |
|
655 |
669 |
|
5% 9/1/14 (AMBAC Insured) |
|
690 |
702 |
|
5% 9/1/15 (AMBAC Insured) |
|
725 |
732 |
|
5% 9/1/18 (AMBAC Insured) |
|
835 |
797 |
|
5% 9/1/20 (AMBAC Insured) |
|
925 |
866 |
|
5% 9/1/22 (AMBAC Insured) |
|
1,020 |
936 |
|
Desert Sands Union School District Ctfs. of Prtn.: |
|
|
|
|
5.75% 3/1/24 (FSA Insured) |
|
2,000 |
2,118 |
|
6% 3/1/20 (FSA Insured) |
|
1,000 |
1,107 |
|
Duarte Ctfs. of Prtn. Series 1999 A: |
|
|
|
|
5% 4/1/11 |
|
2,780 |
2,810 |
|
5% 4/1/12 |
|
4,210 |
4,254 |
|
5% 4/1/13 |
|
1,830 |
1,849 |
|
Eastern Muni. Wtr. District Wtr. and Swr. Rev. Ctfs. of Prtn. Series 2008 H, 5% 7/1/35 |
|
2,500 |
2,496 |
|
El Centro Fing. Auth. Wastewtr. Series 2006 A, 5.25% 10/1/35 (FSA Insured) |
|
8,340 |
8,154 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Elk Grove Fin. Auth. Spl. Tax Rev. 5% 9/1/17 (AMBAC Insured) |
|
$ 2,415 |
$ 2,361 |
|
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 (AMBAC Insured) |
|
4,025 |
4,081 |
|
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 2002 A: |
|
|
|
|
0% 10/1/24 (AMBAC Insured) |
|
1,665 |
743 |
|
0% 10/1/25 (AMBAC Insured) |
|
1,665 |
686 |
|
Encinitas Union School District Series 1996: |
|
|
|
|
0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
987 |
|
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
561 |
|
Escondido Union High School District: |
|
|
|
|
Series 2008 A: |
|
|
|
|
0% 8/1/33 (Assured Guaranty Corp. Insured) |
|
5,655 |
1,135 |
|
0% 8/1/34 (Assured Guaranty Corp. Insured) |
|
3,500 |
647 |
|
0% 11/1/16 (Escrowed to Maturity) (e) |
|
3,500 |
2,806 |
|
Fairfield-Suisun Unified School District Series 2004, 5.5% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
3,075 |
|
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.) Series 2007, 5% 5/1/37 (CIFG North America Insured) |
|
2,500 |
2,140 |
|
Folsom Cordova Unified School District School Facilities Impt. District #1 Series A, 0% 10/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,315 |
732 |
|
Foothill-De Anza Cmnty. College District: |
|
|
|
|
Series 1999 A: |
|
|
|
|
0% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. |
|
2,430 |
1,984 |
|
0% 8/1/19 (Nat'l. Pub. Fin. Guarantee Corp. |
|
5,365 |
3,415 |
|
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. |
|
6,425 |
3,854 |
|
Series 1999 B, 0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,000 |
2,312 |
|
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: |
|
|
|
|
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
24,070 |
18,418 |
|
Series 1999: |
|
|
|
|
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,860 |
5,515 |
|
5.75% 1/15/40 |
|
8,155 |
6,843 |
|
5.875% 1/15/27 |
|
4,000 |
3,633 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: - continued |
|
|
|
|
Series 1999: |
|
|
|
|
5.875% 1/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 4,500 |
$ 4,088 |
|
5.875% 1/15/29 |
|
4,000 |
3,553 |
|
Series A, 0% 1/1/18 (Escrowed to Maturity) (e) |
|
1,000 |
737 |
|
Fullerton Univ. Foundation Auxiliary Organization Rev. Series 2000 A: |
|
|
|
|
5.75% 7/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,250 |
1,282 |
|
5.75% 7/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,022 |
|
Garden Grove Agcy. Cmnty. Dev. Tax Allocation Rev. (Garden Grove Cmnty. Proj.) 5.375% 10/1/20 |
|
2,645 |
2,567 |
|
Glendora Unified School District Series 2005 A, 5.25% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,047 |
|
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: |
|
|
|
|
Series 2005 A: |
|
|
|
|
5% 6/1/45 |
|
13,425 |
11,479 |
|
5% 6/1/45 |
|
2,775 |
2,373 |
|
Series 2007 A1: |
|
|
|
|
5% 6/1/11 |
|
1,470 |
1,488 |
|
5% 6/1/12 |
|
1,400 |
1,417 |
|
5% 6/1/13 |
|
1,000 |
1,001 |
|
5% 6/1/14 |
|
2,000 |
1,963 |
|
5% 6/1/15 |
|
1,000 |
969 |
|
5% 6/1/33 |
|
3,000 |
2,349 |
|
5.125% 6/1/47 |
|
2,600 |
1,824 |
|
5.75% 6/1/47 |
|
5,000 |
3,874 |
|
Golden West Schools Fing. Auth. Rev. Series A, 0% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,750 |
1,866 |
|
Indio Pub. Fing. Auth. Lease Rev. Series 2007 B, 3.8%, tender 11/1/12 (AMBAC Insured) (c) |
|
2,500 |
2,504 |
|
La Quinta Redev. Agcy. Tax. Allocation (Area #1 Redev. Proj.) Series 1994, 7.3% 9/1/11 (National Public Finance Guarantee Corp. Insured) |
|
555 |
584 |
|
Lancaster Fing. Auth. Tax Allocation Rev. 5% 2/1/31 (AMBAC Insured) |
|
3,445 |
2,817 |
|
Loma Linda Hosp. Rev. (Loma Linda Univ. Med. Ctr. Proj.) Series 2008 A, 8.25% 12/1/38 |
|
4,400 |
4,622 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev. Series 2007 A, 5.25% 11/15/21 |
|
$ 3,790 |
$ 3,534 |
|
Long Beach Cmnty. College Series 2008 A, 0% 6/1/31 (FSA Insured) |
|
9,750 |
2,645 |
|
Long Beach Hbr. Rev.: |
|
|
|
|
Series 1998 A: |
|
|
|
|
6% 5/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,024 |
|
6% 5/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,500 |
3,781 |
|
Series 2000 A, 5.25% 5/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
6,505 |
6,504 |
|
Series 2004 A: |
|
|
|
|
5% 5/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,000 |
2,130 |
|
5% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,053 |
|
Series 2005 A: |
|
|
|
|
5% 5/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,040 |
|
5% 5/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,735 |
2,699 |
|
Long Beach Unified School District Series A, 5.75% 8/1/33 |
|
2,800 |
2,976 |
|
Los Angeles Cmnty. College District: |
|
|
|
|
Series 2007 A, 5% 8/1/32 |
|
10,000 |
10,123 |
|
Series 2008 A, 6% 8/1/33 |
|
10,000 |
10,863 |
|
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005, 5% 9/1/21 (AMBAC Insured) |
|
2,805 |
2,652 |
|
Los Angeles County Ctfs. of Prtn.: |
|
|
|
|
(Correctional Facilities Proj.) 0% 9/1/13 (Escrowed to Maturity) (e) |
|
3,380 |
3,106 |
|
(Disney Parking Proj.): |
|
|
|
|
0% 3/1/10 |
|
2,000 |
1,980 |
|
0% 3/1/11 |
|
1,950 |
1,880 |
|
0% 3/1/12 |
|
2,180 |
2,012 |
|
0% 3/1/13 |
|
6,490 |
5,721 |
|
0% 9/1/14 (AMBAC Insured) |
|
3,860 |
3,186 |
|
0% 3/1/18 |
|
3,000 |
1,984 |
|
0% 3/1/19 |
|
3,200 |
1,978 |
|
0% 3/1/20 |
|
1,000 |
579 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B: |
|
|
|
|
5.375% 9/1/16 (FSA Insured) |
|
$ 1,045 |
$ 1,162 |
|
5.375% 9/1/17 (FSA Insured) |
|
1,095 |
1,198 |
|
5.375% 9/1/18 (FSA Insured) |
|
1,155 |
1,252 |
|
5.375% 9/1/19 (FSA Insured) |
|
1,210 |
1,306 |
|
Los Angeles Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series 1999 A, 5.5% 8/1/24 (AMBAC Insured) |
|
3,700 |
3,744 |
|
Los Angeles Dept. Arpt. Rev.: |
|
|
|
|
Series 2002 A, 5.25% 5/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
3,135 |
|
Series 2006 A: |
|
|
|
|
5% 5/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,049 |
|
5% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,990 |
4,076 |
|
5% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,410 |
1,419 |
|
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.: |
|
|
|
|
4.75% 8/15/12 (Escrowed to Maturity) (e) |
|
3,120 |
3,121 |
|
4.75% 8/15/16 (Escrowed to Maturity) (e) |
|
1,395 |
1,395 |
|
4.75% 10/15/20 (Escrowed to Maturity) (e) |
|
150 |
150 |
|
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: |
|
|
|
|
Series 2001 A, 5.125% 7/1/41 |
|
5,500 |
5,507 |
|
Series 2004 C, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
1,504 |
|
Los Angeles Habor Dept. Rev. 7.6% 10/1/18 (Escrowed to Maturity) (e) |
|
11,505 |
14,261 |
|
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2008 A, 5% 9/1/22 |
|
5,500 |
5,564 |
|
Los Angeles Unified School District Series 2004 A1, 5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
3,237 |
|
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 |
|
10,000 |
10,748 |
|
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (Escrowed to Maturity) (e) |
|
1,880 |
2,278 |
|
Malibu Gen. Oblig. Ctfs. of Prtn. (City Hall Proj.) Series A: |
|
|
|
|
5% 7/1/32 (b) |
|
500 |
505 |
|
5% 7/1/39 (b) |
|
2,120 |
2,113 |
|
Marina Coast Wtr. District Ctfs. Prtn. Series 2006, 5% 6/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,500 |
3,134 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Merced Union High School District Series A, 0% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 1,100 |
$ 558 |
|
Modesto Elementary School District, Stanislaus County Series A: |
|
|
|
|
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,083 |
|
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,800 |
1,157 |
|
Modesto Gen. Oblig. Ctfs. of Prtn.: |
|
|
|
|
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured) |
|
2,500 |
2,447 |
|
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,585 |
1,551 |
|
Modesto Irrigation District Ctfs. of Prtn.: |
|
|
|
|
(Cap. Impts. Proj.) Series 2004 B, 5.5% 7/1/35 |
|
3,800 |
3,769 |
|
(Geysers Geothermal Pwr. Proj.) Series 1986 A, 5% 10/1/17 (Escrowed to Maturity) (e) |
|
5,000 |
5,392 |
|
(Rfdg. and Cap. Impts Proj.) Series 1991 A, 0% 10/1/10 (Escrowed to Maturity) (e) |
|
2,270 |
2,243 |
|
Monrovia Unified School District Series B, 0% 8/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,500 |
498 |
|
Montebello Unified School District Series 2001, 0% 6/1/26 (FSA Insured) |
|
1,580 |
534 |
|
Monterey County Ctfs. of Prtn. 5% 8/1/18 (AMBAC Insured) |
|
3,580 |
3,679 |
|
Moreland School District Series 2003 B, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,485 |
531 |
|
Murrieta Valley Unified School District: |
|
|
|
|
Series 1998 A, 0% 9/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
1,315 |
|
Series 2008, 0% 9/1/32 (FSA Insured) |
|
5,000 |
1,128 |
|
Natomas Unified School District Series 2007, 5.25% 8/1/30 (FGIC Insured) |
|
5,150 |
5,098 |
|
New Haven Unified School District: |
|
|
|
|
12% 8/1/16 (FSA Insured) |
|
1,500 |
2,358 |
|
12% 8/1/17 (FSA Insured) |
|
1,000 |
1,619 |
|
Newport Beach Rev. (Hoag Memorial Hosp. Presbyterian Proj.): |
|
|
|
|
Series 2009 A, 5% 12/1/24 |
|
2,000 |
2,035 |
|
Series 2009 E, 5%, tender 2/7/13 (c) |
|
2,800 |
2,986 |
|
North City West School Facilities Fing. Auth. Spl. Tax: |
|
|
|
|
Series 2005 B, 5.25% 9/1/23 (AMBAC Insured) |
|
1,530 |
1,434 |
|
Series 2006 C: |
|
|
|
|
5% 9/1/16 (AMBAC Insured) |
|
1,000 |
1,020 |
|
5% 9/1/17 (AMBAC Insured) |
|
2,735 |
2,749 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Northern California Gas Auth. #1 Gas Proj. Rev. Series 2007 A, 5% 7/1/11 |
|
$ 820 |
$ 848 |
|
Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/12 |
|
2,500 |
2,695 |
|
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 1986 A, 7.5% 7/1/23 (Pre-Refunded to 7/1/21 @ 100) (e) |
|
3,850 |
5,230 |
|
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
6,100 |
6,613 |
|
Norwalk-Mirada Unified School District Series 2009 D, 0% 8/1/33 (FSA Insured) |
|
5,700 |
1,141 |
|
Novato Unified School District Series 2002, 5.25% 8/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,061 |
|
Oakland Gen. Oblig. Series 2009 B, 6.25% 1/15/39 |
|
3,000 |
3,136 |
|
Oakland Joint Powers Fing. Auth. Series 2008 A1, 4.25% 1/1/13 (Assured Guaranty Corp. Insured) |
|
3,000 |
3,160 |
|
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): |
|
|
|
|
Series 1993 A, 5% 9/1/21 (Escrowed to Maturity) (e) |
|
1,000 |
1,135 |
|
Series 2003, 5.5% 9/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
2,973 |
|
Oakland Unified School District Alameda County Series 2009 A: |
|
|
|
|
6.5% 8/1/23 |
|
2,810 |
3,022 |
|
6.5% 8/1/24 |
|
1,220 |
1,304 |
|
Oceanside Unified School District Series A, 0% 8/1/31 (Assured Guaranty Corp. Insured) |
|
5,000 |
1,276 |
|
Ontario Redev. Fing. Auth. Rev. (Ctr. City Cimarron #1 Proj.) 0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,255 |
3,161 |
|
Orange County Local Trans. Auth. Sales Tax Rev. 6.2% 2/14/11 (AMBAC Insured) |
|
7,000 |
7,109 |
|
Orange County Pub. Fin. Auth. Waste Mgt. Sys. Rev. Series 1997: |
|
|
|
|
5.75% 12/1/09 (AMBAC Insured) (d) |
|
3,620 |
3,655 |
|
5.75% 12/1/11 (AMBAC Insured) (d) |
|
4,000 |
4,173 |
|
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) Series 2002, 5.375% 6/1/16 (AMBAC Insured) |
|
3,770 |
3,985 |
|
Oxnard Fin. Auth. Solid Waste Rev. Series 2005: |
|
|
|
|
5% 5/1/10 (AMBAC Insured) (d) |
|
1,820 |
1,853 |
|
5% 5/1/12 (AMBAC Insured) (d) |
|
2,065 |
2,120 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series 2004 A, 5% 6/1/29 (FGIC Insured) |
|
$ 3,000 |
$ 3,019 |
|
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) Series 1999, 5.8% 8/1/29 (FSA Insured) |
|
6,410 |
6,415 |
|
Placentia Pub. Fing. Auth. Rev.: |
|
|
|
|
3.125% 9/1/12 |
|
1,585 |
1,598 |
|
4% 9/1/13 |
|
1,855 |
1,905 |
|
Placer County Union High School District Series A: |
|
|
|
|
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,090 |
|
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
508 |
|
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) Series A, 3.75% 7/1/12 |
|
1,190 |
1,191 |
|
Pomona Unified School District Series C, 6% 8/1/30 (Escrowed to Maturity) (e) |
|
4,035 |
4,143 |
|
Port of Oakland Rev.: |
|
|
|
|
Series 2000 K: |
|
|
|
|
5.7% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
5,245 |
5,253 |
|
5.7% 11/1/19 (Pre-Refunded to 5/1/10 @ 100) (d)(e) |
|
40 |
41 |
|
5.75% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
4,000 |
4,046 |
|
5.75% 11/1/15 (Pre-Refunded to 5/1/10 @ 100) (d)(e) |
|
30 |
31 |
|
Series 2002 L, 5.5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,405 |
3,357 |
|
Series 2002 N: |
|
|
|
|
5% 11/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,800 |
3,000 |
|
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
5,850 |
5,890 |
|
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,355 |
3,295 |
|
5% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,740 |
2,633 |
|
Series 2007 A: |
|
|
|
|
5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
10,910 |
11,188 |
|
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,885 |
2,899 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Port of Oakland Rev.: - continued |
|
|
|
|
Series 2007 A: |
|
|
|
|
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
$ 2,185 |
$ 2,160 |
|
Poway Unified School District (District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 |
|
12,800 |
2,860 |
|
Poway Unified School District Pub. Fing. Auth. Lease Rev.: |
|
|
|
|
Cap. Appreciation Series 2007, 0%, tender 6/1/10 (FSA Insured) (c) |
|
1,890 |
1,850 |
|
Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) |
|
6,705 |
5,350 |
|
Series 2008 C: |
|
|
|
|
3.125%, tender 12/1/11 (FSA Insured) (c) |
|
2,915 |
2,996 |
|
4%, tender 12/1/11 (FSA Insured) (c) |
|
6,500 |
6,806 |
|
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 4.875% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,500 |
3,155 |
|
Redwood City Elementary School District Series 1997, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,825 |
2,658 |
|
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.): |
|
|
|
|
Series A, 6.5% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
15,500 |
16,315 |
|
Series B, 5.7% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,950 |
2,000 |
|
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.): |
|
|
|
|
Series 2004: |
|
|
|
|
5.25% 10/1/20 (XL Cap. Assurance, Inc. Insured) |
|
2,020 |
1,805 |
|
5.25% 10/1/21 (XL Cap. Assurance, Inc. Insured) |
|
2,125 |
1,869 |
|
Series 2005 A, 5% 10/1/18 (XL Cap. Assurance, Inc. Insured) |
|
3,740 |
3,548 |
|
Rocklin Unified School District Series 2002: |
|
|
|
|
0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,370 |
607 |
|
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,725 |
1,126 |
|
0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,365 |
531 |
|
Roseville City School District Series 2002 A: |
|
|
|
|
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,745 |
668 |
|
0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,940 |
629 |
|
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured) |
|
2,000 |
2,030 |
|
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
7,735 |
5,478 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Sacramento Muni. Util. District Elec. Rev.: |
|
|
|
|
Series 2001 P, 5.25% 8/15/16 (FSA Insured) |
|
$ 1,500 |
$ 1,594 |
|
Series 2003 R, 5% 8/15/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
6,825 |
6,487 |
|
San Bernardino Cmnty. College District Series A, 6.25% 8/1/33 |
|
3,400 |
3,731 |
|
San Bernardino County Ctfs. of Prtn.: |
|
|
|
|
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity) (e) |
|
8,300 |
10,826 |
|
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22 |
|
10,000 |
9,608 |
|
San Diego Cmnty. College District: |
|
|
|
|
Series 2002 A, 5% 5/1/22 (FSA Insured) |
|
1,000 |
1,043 |
|
Series 2007, 0% 8/1/17 (FSA Insured) |
|
3,395 |
2,478 |
|
San Diego County Ctfs. of Prtn.: |
|
|
|
|
(North and East County Justice Facilities Proj.): |
|
|
|
|
5% 11/15/16 (AMBAC Insured) |
|
2,000 |
2,193 |
|
5% 11/15/17 (AMBAC Insured) |
|
2,000 |
2,158 |
|
5% 11/15/18 (AMBAC Insured) |
|
2,000 |
2,128 |
|
(The Bishop's School Proj.) Series A, 6% 9/1/34, LOC Bank of New York, New York |
|
4,090 |
4,150 |
|
(Univ. of San Diego Proj.) 5.25% 10/1/11 |
|
1,705 |
1,820 |
|
San Diego County Reg'l. Arpt. Auth. Arpt. Rev.: |
|
|
|
|
Series 2005: |
|
|
|
|
5% 7/1/14 (AMBAC Insured) (d) |
|
1,000 |
1,031 |
|
5.25% 7/1/16 (AMBAC Insured) (d) |
|
1,400 |
1,433 |
|
5% 7/1/12 (AMBAC Insured) (d) |
|
2,200 |
2,259 |
|
San Diego County Wtr. Auth. Wtr. Rev. Series A, 5% 5/1/29 |
|
5,000 |
5,111 |
|
San Diego Pub. Facilities Fing. Auth. Swr. Rev. Series 2009 A, 5.25% 5/15/39 |
|
3,000 |
3,052 |
|
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. 2009 B, 5.75% 8/1/35 |
|
3,455 |
3,653 |
|
San Diego Unified School District (Election of 1998 Proj.) Series 2002 D, 5.25% 7/1/20 (Pre-Refunded to 7/1/12 @ 101) (e) |
|
4,000 |
4,420 |
|
San Francisco Bay Area Rapid Trans. District Sales Tax Rev. 5.25% 7/1/18 |
|
1,620 |
1,633 |
|
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: |
|
|
|
|
(SFO Fuel Co. Proj.) Series 1997 A: |
|
|
|
|
5.125% 1/1/17 (AMBAC Insured) (d) |
|
6,000 |
6,002 |
|
5.25% 1/1/18 (AMBAC Insured) (d) |
|
4,515 |
4,469 |
|
Second Series 32F, 5.25% 5/1/19 |
|
2,500 |
2,719 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: - continued |
|
|
|
|
Second Series 32H: |
|
|
|
|
5% 5/1/11 (CIFG North America Insured) (d) |
|
$ 2,325 |
$ 2,397 |
|
5% 5/1/12 (CIFG North America Insured) (d) |
|
1,000 |
1,026 |
|
San Francisco City & County Pub. Util. Commission Wtr. Rev. Series 2002 A, 5% 11/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
6,810 |
6,857 |
|
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev.: |
|
|
|
|
(San Francisco Redev. Proj.) Series B, 0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,475 |
1,453 |
|
(San Francisco Redev. Projs.) Series 2009 B: |
|
|
|
|
6.125% 8/1/28 (b) |
|
1,000 |
1,010 |
|
6.625% 8/1/39 (b) |
|
1,000 |
1,005 |
|
Series A, 0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,085 |
1,068 |
|
San Jacinto Unified School District Series 2007, 5.25% 8/1/32 (FSA Insured) |
|
3,080 |
3,168 |
|
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.): |
|
|
|
|
5% 11/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,720 |
3,541 |
|
5% 11/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,645 |
3,409 |
|
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.: |
|
|
|
|
Series 1993, 0% 1/1/27 (Escrowed to Maturity) (e) |
|
4,000 |
1,805 |
|
Series 1997 A: |
|
|
|
|
0% 1/15/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
11,000 |
3,088 |
|
5.5% 1/15/28 |
|
1,060 |
663 |
|
Series A: |
|
|
|
|
0% 1/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,240 |
2,212 |
|
0% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
7,000 |
6,154 |
|
0% 1/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,000 |
3,527 |
|
0% 1/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,765 |
1,767 |
|
0% 1/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,000 |
890 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
San Jose Int'l. Arpt. Rev.: |
|
|
|
|
Series 2001 A, 5.25% 3/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 1,000 |
$ 1,036 |
|
Series 2007 A: |
|
|
|
|
5% 3/1/24 (AMBAC Insured) (d) |
|
9,690 |
8,824 |
|
5% 3/1/37 (AMBAC Insured) (d) |
|
10,000 |
8,288 |
|
San Jose Unified School District Santa Clara County: |
|
|
|
|
Series 2002 A, 5.375% 8/1/20 (FSA Insured) |
|
1,895 |
1,991 |
|
Series 2002 B, 5% 8/1/25 (FGIC Insured) |
|
1,750 |
1,819 |
|
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) |
|
2,800 |
3,041 |
|
San Luis Obispo County Fing. Auth. Series 2000 A, 5.375% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,002 |
|
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity) (e) |
|
1,990 |
1,648 |
|
San Mateo County Cmnty. College District Series A, 0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
2,041 |
|
San Mateo Unified School District (Election of 2000 Proj.) Series B: |
|
|
|
|
0% 9/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,028 |
|
0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,490 |
667 |
|
0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
629 |
|
Sanger Unified School District 5.6% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
2,927 |
|
Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.): |
|
|
|
|
Series 2007 B, 5.125% 2/1/41 (AMBAC Insured) |
|
2,000 |
1,867 |
|
Series 2007 C, 5.75% 2/1/41 (AMBAC Insured) |
|
8,000 |
8,089 |
|
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,865 |
2,068 |
|
Santa Rosa Wastewtr. Rev. Series 2002 B: |
|
|
|
|
0% 9/1/20 (AMBAC Insured) |
|
4,030 |
2,253 |
|
0% 9/1/22 (AMBAC Insured) |
|
2,900 |
1,406 |
|
0% 9/1/25 (AMBAC Insured) |
|
6,800 |
2,666 |
|
Shasta Joint Powers Fing. Auth. Lease Rev. (County Administration Bldg. Proj.) Series A, 5% 4/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,015 |
4,863 |
|
Shasta Union High School District: |
|
|
|
|
Series 2002, 0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
356 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Shasta Union High School District: - continued |
|
|
|
|
Series 2003, 0% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 3,340 |
$ 1,012 |
|
Sierra View Local Health Care District Rev.: |
|
|
|
|
Series 1998, 5.4% 7/1/22 |
|
4,315 |
4,179 |
|
Series 2007, 5.25% 7/1/37 |
|
2,500 |
2,084 |
|
Southwestern Cmnty. College District Gen. Oblig. Series 2000, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,495 |
864 |
|
Sulphur Springs Union School District Series A, 0% 9/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,750 |
2,531 |
|
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) |
|
16,900 |
17,443 |
|
Tahoe-Truckee Joint Unified School District Series A, 0% 9/1/10 (FGIC Insured) |
|
1,320 |
1,264 |
|
Torrance Ctfs. of Prtn. (Refing. & Pub. Impt. Proj.) Series B, 5.25% 6/1/34 (AMBAC Insured) |
|
3,000 |
3,002 |
|
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A: |
|
|
|
|
5.5% 6/1/31 |
|
2,350 |
2,306 |
|
6% 6/1/22 |
|
1,100 |
1,121 |
|
Torrance Unified School District Series 2008 Z, 6% 8/1/33 |
|
5,000 |
5,330 |
|
Tracy Operating Partnership Joint Powers Auth. Rev. 6.375% 10/1/38 (Assured Guaranty Corp. Insured) |
|
5,000 |
5,379 |
|
Ukiah Unified School District 0% 8/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,040 |
2,540 |
|
Union Elementary School District Series A: |
|
|
|
|
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
661 |
|
0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,995 |
1,614 |
|
Univ. of California Revs.: |
|
|
|
|
(Ltd. Proj.): |
|
|
|
|
Series 2005 B, 5% 5/15/33 |
|
1,000 |
1,009 |
|
Series 2007 D, 5% 5/15/25 |
|
4,250 |
4,449 |
|
(UCLA Med. Ctr. Proj.): |
|
|
|
|
Series A: |
|
|
|
|
5.5% 5/15/21 (AMBAC Insured) |
|
785 |
799 |
|
5.5% 5/15/24 (AMBAC Insured) |
|
370 |
374 |
|
4.55% 12/1/09 (Escrowed to Maturity) (e)(f) |
|
13,290 |
13,426 |
|
Series 2008 L, 5% 5/15/40 |
|
3,000 |
3,023 |
|
Series 2009 O, 5.75% 5/15/34 |
|
9,900 |
10,758 |
|
Series C, 4.75% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,175 |
3,034 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Upland Ctfs. of Prtn. (San Antonio Cmnty. Hosp. Proj.) 5.25% 1/1/13 |
|
$ 6,970 |
$ 6,971 |
|
Val Verde Unified School District Ctfs. of Prtn.: |
|
|
|
|
5% 1/1/35 (FGIC Insured) |
|
2,090 |
1,569 |
|
5.25% 1/1/17 (Pre-Refunded to 1/1/15 @ 100) (e) |
|
1,000 |
1,160 |
|
5.25% 1/1/18 (Pre-Refunded to 1/1/15 @ 100) (e) |
|
1,380 |
1,600 |
|
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 |
|
5,000 |
5,145 |
|
Victor Elementary School District Series A, 0% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,375 |
1,974 |
|
Vista Gen. Oblig. Ctfs. of Prtn. 5% 5/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,120 |
2,124 |
|
Vista Unified School District Series A: |
|
|
|
|
5.375% 8/1/15 (FSA Insured) |
|
130 |
141 |
|
5.375% 8/1/16 (FSA Insured) |
|
100 |
108 |
|
Walnut Valley Unified School District Series D: |
|
|
|
|
0% 8/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,875 |
822 |
|
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,715 |
717 |
|
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,315 |
324 |
|
5.25% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,086 |
|
Washington Township Health Care District Rev. Series A: |
|
|
|
|
5% 7/1/23 |
|
1,460 |
1,298 |
|
5% 7/1/25 |
|
1,665 |
1,440 |
|
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) |
|
1,500 |
1,610 |
|
Western Placer Unified School District Ctfs. of Prtn. |
|
4,300 |
4,324 |
|
Western Riverside County Trust & Wastewtr. Fin. Auth.: |
|
|
|
|
5.5% 9/1/34 (Assured Guaranty Corp. Insured) |
|
1,750 |
1,786 |
|
5.625% 9/1/39 (Assured Guaranty Corp. Insured) |
|
2,250 |
2,303 |
|
Yuba City Unified School District Series A, 0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,090 |
1,039 |
|
|
1,529,727 |
|||
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
Guam - 0.2% |
||||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2008: |
|
|
|
|
4.625% 10/1/11 |
|
$ 805 |
$ 822 |
|
5.375% 10/1/14 |
|
1,000 |
1,056 |
|
5.875% 10/1/18 |
|
1,565 |
1,673 |
|
|
3,551 |
|||
Puerto Rico - 0.8% |
||||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2006 A, 0.163% 7/1/21 (FGIC Insured) (c) |
|
4,600 |
3,021 |
|
Puerto Rico Pub. Bldg. Auth. Rev. Series M2, 5.75%, tender 7/1/17 (c) |
|
7,000 |
7,318 |
|
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2007 A, 0% 8/1/41 |
|
9,500 |
1,337 |
|
|
11,676 |
|||
Virgin Islands - 0.1% |
||||
Virgin Islands Pub. Fin. Auth. Rev. Series A: |
|
|
|
|
5% 10/1/10 |
|
520 |
520 |
|
5.25% 10/1/15 |
|
1,255 |
1,293 |
|
|
1,813 |
TOTAL INVESTMENT PORTFOLIO - 97.5% (Cost $1,562,808) |
1,546,767 |
||
NET OTHER ASSETS - 2.5% |
39,978 |
||
NET ASSETS - 100% |
$ 1,586,745 |
Legend |
(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) Security collateralized by an amount sufficient to pay interest and principal. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $13,426,000 or 0.8% of net assets. |
Additional information on each holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (Escrowed to Maturity) |
3/6/02 |
$ 13,290 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations |
42.2% |
Transportation |
12.1% |
Health Care |
9.9% |
Education |
5.8% |
Water & Sewer |
5.8% |
Escrowed/Pre-Refunded |
5.1% |
Electric Utilities |
5.0% |
Others* (individually less than 5%) |
14.1% |
|
100.0% |
* Includes net other assets |
Income Tax Information |
At February 28, 2009, the fund had a capital loss carryforward of approximately $22,249,000 all of which will expire on February 28, 2017. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Amounts in thousands (except per-share amounts) |
August 31, 2009 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value - Unaffiliated issuers (cost $1,562,808) |
|
$ 1,546,767 |
Cash |
|
28,205 |
Receivable for investments sold |
|
208 |
Receivable for fund shares sold |
|
2,438 |
Interest receivable |
|
18,379 |
Prepaid expenses |
|
4 |
Other receivables |
|
2 |
Total assets |
|
1,596,003 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 1,223 |
|
Delayed delivery |
4,572 |
|
Payable for fund shares redeemed |
876 |
|
Distributions payable |
1,791 |
|
Accrued management fee |
476 |
|
Distribution fees payable |
25 |
|
Other affiliated payables |
233 |
|
Other payables and accrued expenses |
62 |
|
Total liabilities |
|
9,258 |
|
|
|
Net Assets |
|
$ 1,586,745 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 1,629,190 |
Undistributed net investment income |
|
1,424 |
Accumulated undistributed net realized gain (loss) on investments |
|
(27,828) |
Net unrealized appreciation (depreciation) on investments |
|
(16,041) |
Net Assets |
|
$ 1,586,745 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Amounts in thousands (except per-share amounts) |
August 31, 2009 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price |
|
$ 11.68 |
|
|
|
Maximum offering price per share (100/96.00 of $11.68) |
|
$ 12.17 |
Class T: |
|
$ 11.71 |
|
|
|
Maximum offering price per share (100/96.00 of $11.71) |
|
$ 12.20 |
Class B: |
|
$ 11.67 |
|
|
|
Class C: |
|
$ 11.67 |
|
|
|
California Municipal Income: |
|
$ 11.67 |
|
|
|
Institutional Class: |
|
$ 11.69 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Amounts in thousands |
Six months ended August 31, 2009 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Interest |
|
$ 37,755 |
|
|
|
Expenses |
|
|
Management fee |
$ 2,817 |
|
Transfer agent fees |
551 |
|
Distribution fees |
145 |
|
Accounting fees and expenses |
145 |
|
Custodian fees and expenses |
11 |
|
Independent trustees' compensation |
3 |
|
Registration fees |
61 |
|
Audit |
25 |
|
Legal |
2 |
|
Miscellaneous |
80 |
|
Total expenses before reductions |
3,840 |
|
Expense reductions |
(5) |
3,835 |
Net investment income |
|
33,920 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
|
184 |
Change in net unrealized appreciation (depreciation) on: Investment securities |
|
37,955 |
Net gain (loss) |
|
38,139 |
Net increase (decrease) in net assets resulting from operations |
|
$ 72,059 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Amounts in thousands |
Six months ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income |
$ 33,920 |
$ 68,016 |
Net realized gain (loss) |
184 |
(25,355) |
Change in net unrealized appreciation (depreciation) |
37,955 |
(12,917) |
Net increase (decrease) in net assets resulting |
72,059 |
29,744 |
Distributions to shareholders from net investment income |
(33,715) |
(67,824) |
Distributions to shareholders from net realized gain |
- |
(568) |
Total distributions |
(33,715) |
(68,392) |
Share transactions - net increase (decrease) |
45,959 |
(51,318) |
Redemption fees |
12 |
56 |
Total increase (decrease) in net assets |
84,315 |
(89,910) |
|
|
|
Net Assets |
|
|
Beginning of period |
1,502,430 |
1,592,340 |
End of period (including undistributed net investment income of $1,424 and undistributed net investment income of $1,219, respectively) |
$ 1,586,745 |
$ 1,502,430 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.40 |
$ 11.63 |
$ 12.41 |
$ 12.46 |
$ 12.56 |
$ 12.84 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.238 |
.459 |
.457 |
.478 |
.490 |
.505 |
Net realized and unrealized gain (loss) |
.279 |
(.224) |
(.711) |
.050 |
(.025) |
(.149) |
Total from investment operations |
.517 |
.235 |
(.254) |
.528 |
.465 |
.356 |
Distributions from net investment income |
(.237) |
(.461) |
(.457) |
(.483) |
(.490) |
(.501) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.237) |
(.465) |
(.526) |
(.578) |
(.565) |
(.636) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.68 |
$ 11.40 |
$ 11.63 |
$ 12.41 |
$ 12.46 |
$ 12.56 |
Total Return B, C, D |
4.59% |
2.04% |
(2.15)% |
4.36% |
3.78% |
2.92% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
.77% A |
.75% |
.73% |
.64% |
.65% |
.66% |
Expenses net of fee waivers, if any |
.77% A |
.75% |
.73% |
.64% |
.65% |
.66% |
Expenses net of all reductions |
.77% A |
.74% |
.70% |
.62% |
.62% |
.65% |
Net investment income |
4.13% A |
3.98% |
3.76% |
3.88% |
3.93% |
4.04% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 44 |
$ 34 |
$ 20 |
$ 13 |
$ 11 |
$ 7 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.42 |
$ 11.65 |
$ 12.43 |
$ 12.48 |
$ 12.58 |
$ 12.86 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.241 |
.464 |
.458 |
.466 |
.477 |
.492 |
Net realized and unrealized gain (loss) |
.288 |
(.227) |
(.712) |
.048 |
(.027) |
(.150) |
Total from investment operations |
.529 |
.237 |
(.254) |
.514 |
.450 |
.342 |
Distributions from net investment income |
(.239) |
(.463) |
(.457) |
(.469) |
(.475) |
(.487) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.239) |
(.467) |
(.526) |
(.564) |
(.550) |
(.622) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.71 |
$ 11.42 |
$ 11.65 |
$ 12.43 |
$ 12.48 |
$ 12.58 |
Total Return B, C, D |
4.69% |
2.05% |
(2.15)% |
4.24% |
3.66% |
2.80% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
.74% A |
.73% |
.74% |
.75% |
.77% |
.77% |
Expenses net of fee waivers, if any |
.74% A |
.73% |
.74% |
.75% |
.77% |
.77% |
Expenses net of all reductions |
.74% A |
.72% |
.70% |
.72% |
.73% |
.76% |
Net investment income |
4.17% A |
4.00% |
3.75% |
3.77% |
3.81% |
3.93% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 6 |
$ 7 |
$ 5 |
$ 5 |
$ 4 |
$ 3 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.39 |
$ 11.62 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
$ 12.84 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.202 |
.387 |
.376 |
.383 |
.394 |
.409 |
Net realized and unrealized gain (loss) |
.278 |
(.228) |
(.712) |
.049 |
(.026) |
(.159) |
Total from investment operations |
.480 |
.159 |
(.336) |
.432 |
.368 |
.250 |
Distributions from net investment income |
(.200) |
(.385) |
(.375) |
(.387) |
(.393) |
(.405) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.200) |
(.389) |
(.444) |
(.482) |
(.468) |
(.540) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.67 |
$ 11.39 |
$ 11.62 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
Total Return B, C, D |
4.26% |
1.38% |
(2.81)% |
3.57% |
2.99% |
2.06% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
1.41% A |
1.41% |
1.41% |
1.41% |
1.42% |
1.42% |
Expenses net of fee waivers, if any |
1.41% A |
1.41% |
1.41% |
1.41% |
1.42% |
1.42% |
Expenses net of all reductions |
1.41% A |
1.40% |
1.37% |
1.39% |
1.39% |
1.41% |
Net investment income |
3.50% A |
3.33% |
3.08% |
3.11% |
3.15% |
3.28% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 3 |
$ 4 |
$ 5 |
$ 5 |
$ 5 |
$ 5 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.44 |
$ 12.55 |
$ 12.83 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.196 |
.374 |
.364 |
.371 |
.382 |
.397 |
Net realized and unrealized gain (loss) |
.288 |
(.225) |
(.721) |
.061 |
(.035) |
(.149) |
Total from investment operations |
.484 |
.149 |
(.357) |
.432 |
.347 |
.248 |
Distributions from net investment income |
(.194) |
(.375) |
(.364) |
(.377) |
(.382) |
(.393) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.194) |
(.379) |
(.433) |
(.472) |
(.457) |
(.528) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.67 |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.44 |
$ 12.55 |
Total Return B, C, D |
4.30% |
1.29% |
(2.98)% |
3.56% |
2.81% |
2.04% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
1.51% A |
1.49% |
1.50% |
1.50% |
1.52% |
1.52% |
Expenses net of fee waivers, if any |
1.51% A |
1.49% |
1.50% |
1.50% |
1.52% |
1.52% |
Expenses net of all reductions |
1.51% A |
1.48% |
1.47% |
1.48% |
1.49% |
1.51% |
Net investment income |
3.40% A |
3.24% |
2.99% |
3.02% |
3.06% |
3.18% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 16 |
$ 12 |
$ 8 |
$ 10 |
$ 10 |
$ 11 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 F |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
$ 12.83 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D |
.255 |
.495 |
.491 |
.499 |
.512 |
.527 |
Net realized and unrealized gain (loss) |
.289 |
(.227) |
(.722) |
.050 |
(.025) |
(.149) |
Total from investment operations |
.544 |
.268 |
(.231) |
.549 |
.487 |
.378 |
Distributions from net investment income |
(.254) |
(.494) |
(.490) |
(.504) |
(.512) |
(.523) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.254) |
(.498) |
(.559) |
(.599) |
(.587) |
(.658) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.67 |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
Total Return B, C |
4.84% |
2.33% |
(1.97)% |
4.55% |
3.97% |
3.11% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before reductions |
.48% A |
.47% |
.46% |
.47% |
.48% |
.48% |
Expenses net of fee waivers, if any |
.48% A |
.47% |
.46% |
.47% |
.48% |
.48% |
Expenses net of all reductions |
.48% A |
.46% |
.43% |
.44% |
.45% |
.47% |
Net investment income |
4.43% A |
4.27% |
4.03% |
4.05% |
4.10% |
4.22% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,480 |
$ 1,427 |
$ 1,543 |
$ 1,611 |
$ 1,601 |
$ 1,506 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F For the year ended February 29. G Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 F |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.40 |
$ 11.63 |
$ 12.42 |
$ 12.47 |
$ 12.57 |
$ 12.85 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D |
.252 |
.491 |
.486 |
.493 |
.509 |
.529 |
Net realized and unrealized gain (loss) |
.290 |
(.226) |
(.722) |
.049 |
(.025) |
(.151) |
Total from investment operations |
.542 |
.265 |
(.236) |
.542 |
.484 |
.378 |
Distributions from net investment income |
(.252) |
(.491) |
(.485) |
(.497) |
(.509) |
(.523) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.252) |
(.495) |
(.554) |
(.592) |
(.584) |
(.658) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
- |
- |
- |
Net asset value, end of period |
$ 11.69 |
$ 11.40 |
$ 11.63 |
$ 12.42 |
$ 12.47 |
$ 12.57 |
Total Return B, C |
4.81% |
2.30% |
(2.00)% |
4.48% |
3.94% |
3.10% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before reductions |
.51% A |
.49% |
.50% |
.53% |
.50% |
.47% |
Expenses net of fee waivers, if any |
.51% A |
.49% |
.50% |
.53% |
.50% |
.47% |
Expenses net of all reductions |
.51% A |
.48% |
.47% |
.50% |
.46% |
.47% |
Net investment income |
4.39% A |
4.24% |
3.99% |
3.99% |
4.08% |
4.23% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 38 |
$ 19 |
$ 11 |
$ 8 |
$ 2 |
$ 1 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F For the year ended February 29. G Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended August 31, 2009 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity California Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity California Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, California Municipal Income and Institutional 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund may be affected by economic and political developments in the state of California.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, October 19, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of August 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For municipal securities, pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount, deferred trustees compensation, losses deferred due to futures transactions and excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation |
$ 36,907 |
Unrealized depreciation |
(51,568) |
Net unrealized appreciation (depreciation) |
$ (14,661) |
|
|
Cost for federal income tax purposes |
$ 1,561,428 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50 % of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $166,673 and $128,810, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
|
Distribution |
Service |
Paid to |
Retained |
Class A |
0% |
.25% |
$ 47 |
$ 8 |
Class T |
0% |
.25% |
8 |
8 |
Class B |
.65% |
.25% |
17 |
12 |
Class C |
.75% |
.25% |
73 |
33 |
|
|
|
$ 145 |
$ 61 |
Sales Load. FDC receives a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C,.75% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained |
Class A |
$ 10 |
Class T |
1 |
Class B* |
3 |
Class C* |
3 |
|
$ 17 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the Fund's Class A, Class T, Class B, Class C, California Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
|
Amount |
% of |
Class A |
$ 22 |
.12 |
Class T |
3 |
.08 |
Class B |
2 |
.11 |
Class C |
8 |
.11 |
California Municipal Income |
503 |
.07 |
Institutional Class |
13 |
.11 |
|
$ 551 |
|
* Annualized
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5.
Semiannual Report
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Class A |
$ 782 |
$ 1,098 |
Class T |
137 |
262 |
Class B |
67 |
151 |
Class C |
246 |
329 |
California Municipal Income |
31,936 |
65,274 |
Institutional Class |
547 |
710 |
Total |
$ 33,715 |
$ 67,824 |
From net realized gain |
|
|
Class A |
$ - |
$ 7 |
Class T |
- |
2 |
Class B |
- |
2 |
Class C |
- |
3 |
California Municipal Income |
- |
549 |
Institutional Class |
- |
5 |
Total |
$ - |
$ 568 |
9. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
||
|
Six months ended August 31, |
Year ended |
Six months ended August 31, |
Year ended |
Class A |
|
|
|
|
Shares sold |
1,187 |
1,926 |
$ 13,601 |
$ 22,454 |
Reinvestment of distributions |
49 |
66 |
565 |
754 |
Shares redeemed |
(482) |
(721) |
(5,506) |
(8,239) |
Net increase (decrease) |
754 |
1,271 |
$ 8,660 |
$ 14,969 |
Class T |
|
|
|
|
Shares sold |
101 |
311 |
$ 1,151 |
$ 3,658 |
Reinvestment of distributions |
8 |
18 |
97 |
204 |
Shares redeemed |
(178) |
(163) |
(2,060) |
(1,834) |
Net increase (decrease) |
(69) |
166 |
$ (812) |
$ 2,028 |
Class B |
|
|
|
|
Shares sold |
17 |
85 |
$ 181 |
$ 976 |
Reinvestment of distributions |
2 |
5 |
28 |
63 |
Shares redeemed |
(112) |
(151) |
(1,278) |
(1,751) |
Net increase (decrease) |
(93) |
(61) |
$ (1,069) |
$ (712) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
9. Share Transactions - continued
|
Shares |
Dollars |
||
|
Six months ended August 31, |
Year ended |
Six months ended August 31, |
Year ended |
Class C |
|
|
|
|
Shares sold |
462 |
635 |
$ 5,302 |
$ 7,343 |
Reinvestment of distributions |
12 |
16 |
133 |
186 |
Shares redeemed |
(172) |
(283) |
(1,961) |
(3,221) |
Net increase (decrease) |
302 |
368 |
$ 3,474 |
$ 4,308 |
California Municipal Income |
|
|
|
|
Shares sold |
13,775 |
35,274 |
$ 157,727 |
$ 409,272 |
Reinvestment of distributions |
1,947 |
3,952 |
22,291 |
45,637 |
Shares redeemed |
(14,244) |
(46,816) |
(162,767) |
(535,103) |
Net increase (decrease) |
1,478 |
(7,590) |
$ 17,251 |
$ (80,194) |
Institutional Class |
|
|
|
|
Shares sold |
1,855 |
1,386 |
$ 21,304 |
$ 16,182 |
Reinvestment of distributions |
21 |
37 |
240 |
422 |
Shares redeemed |
(270) |
(717) |
(3,089) |
(8,322) |
Net increase (decrease) |
1,606 |
706 |
$ 18,455 |
$ 8,282 |
10. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
A special meeting of the fund's shareholders was held on July 15, 2009. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
||
To elect a Board of Trustees.A |
||
|
# of |
% of |
James C. Curvey |
||
Affirmative |
1,041,000,256.67 |
94.299 |
Withheld |
62,938,673.31 |
5.701 |
TOTAL |
1,103,938,929.98 |
100.000 |
Albert R. Gamper, Jr. |
||
Affirmative |
1,044,613,524.91 |
94.626 |
Withheld |
59,325,405.07 |
5.374 |
TOTAL |
1,103,938,929.98 |
100.000 |
Abigail P. Johnson |
||
Affirmative |
1,039,890,816.16 |
94.198 |
Withheld |
64,048,113.82 |
5.802 |
TOTAL |
1,103,938,929.98 |
100.000 |
Arthur E. Johnson |
||
Affirmative |
1,043,541,819.48 |
94.529 |
Withheld |
60,397,110.50 |
5.471 |
TOTAL |
1,103,938,929.98 |
100.000 |
Michael E. Kenneally |
||
Affirmative |
1,045,866,100.84 |
94.739 |
Withheld |
58,072,829.14 |
5.261 |
TOTAL |
1,103,938,929.98 |
100.000 |
James H. Keyes |
||
Affirmative |
1,045,128,561.60 |
94.673 |
Withheld |
58,810,368.38 |
5.327 |
TOTAL |
1,103,938,929.98 |
100.000 |
Marie L. Knowles |
||
Affirmative |
1,043,771,244.22 |
94.550 |
Withheld |
60,167,685.76 |
5.450 |
TOTAL |
1,103,938,929.98 |
100.000 |
Kenneth L. Wolfe |
||
Affirmative |
1,044,954,180.51 |
94.657 |
Withheld |
58,984,749.47 |
5.343 |
TOTAL |
1,103,938,929.98 |
100.000 |
PROPOSAL 2 |
||
To amend the Declaration of Trust to reduce the required quorum for future shareholder meetings.A |
||
|
# of |
% of |
Affirmative |
789,928,518.52 |
71.556 |
Against |
109,475,883.11 |
9.917 |
Abstain |
70,754,986.10 |
6.409 |
Broker Non- Votes |
133,779,542.25 |
12.118 |
TOTAL |
1,103,938,929.98 |
100.000 |
A Denotes trust-wide proposal and voting results. |
Semiannual Report
Fidelity California Municipal Income Fund
On May 21, 2009, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract and subadvisory agreements (together, the Advisory Contracts) for the fund for four months, through September 30, 2009, in connection with the reorganization of the Board's new meeting schedule. The Board considered that the contractual terms of and fees payable under the fund's Advisory Contracts involve no changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the nature or level of services provided under the fund's Advisory Contracts; or (iii) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through September 30, 2009, with the understanding that the Board will consider their renewal in September 2009.
Semiannual Report
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
19200 Von Karman Avenue
Irvine, CA
601 Larkspur Landing Circle
Larkspur, CA
2000 Avenue of the Stars
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73-575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
Indiana
4729 East 82nd Street
Indianapolis, IN
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
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Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Semiannual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 Old N. Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
11 Penn Plaza
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
14100 San Pedro
San Antonio, TX
1576 East Southlake Blvd.
Southlake, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
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and Account Assistance 1-800-544-6666
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Automated line for quickest service
CFL-USAN-1009 1.790942.106
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
California Municipal Income
Fund - Class A, Class T, Class B
and Class C
Semiannual Report
August 31, 2009
Class A, Class T, Class B, and Class C are classes of Fidelity® California Municipal Income Fund
(2_fidelity_logos) (Registered_Trademark)
Chairman's Message |
The Chairman's message to shareholders. |
|
Shareholder Expense Example |
An example of shareholder expenses. |
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
Investments |
A complete list of the fund's investments with their market values. |
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
|
Notes |
Notes to the financial statements. |
|
Proxy Voting Results |
|
|
Board Approval of Investment Advisory Contracts and Management Fees |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
We've seen a welcome uptick in the global equity markets this spring and summer, as signs of stabilization in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Abigail P. Johnson
Abigail P. Johnson
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2009 to August 31, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
|
Annualized Expense Ratio |
Beginning |
Ending |
Expenses Paid |
Class A |
.77% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,045.90 |
$ 3.97 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.32 |
$ 3.92 |
Class T |
.74% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,046.90 |
$ 3.82 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.48 |
$ 3.77 |
Class B |
1.41% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,042.60 |
$ 7.26 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.10 |
$ 7.17 |
Class C |
1.51% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,043.00 |
$ 7.78 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,017.59 |
$ 7.68 |
California Municipal Income |
.48% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,048.40 |
$ 2.48 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,022.79 |
$ 2.45 |
Institutional Class |
.51% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,048.10 |
$ 2.63 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,022.63 |
$ 2.60 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Semiannual Report
Top Five Sectors as of August 31, 2009 |
||
|
% of fund's |
% of fund's net assets |
General Obligations |
42.2 |
41.4 |
Transportation |
12.1 |
12.8 |
Health Care |
9.9 |
9.1 |
Education |
5.8 |
4.1 |
Water & Sewer |
5.8 |
6.1 |
Weighted Average Maturity as of August 31, 2009 |
||
|
|
6 months ago |
Years |
9.8 |
11.8 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of August 31, 2009 |
||
|
|
6 months ago |
Years |
7.8 |
7.9 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) |
|||||||
As of August 31, 2009 |
As of February 28, 2009 |
||||||
![]() |
AAA 3.5% |
|
![]() |
AAA 3.9% |
|
||
![]() |
AA,A 58.8% |
|
![]() |
AA,A 75.1% |
|
||
![]() |
BBB 31.4% |
|
![]() |
BBB 16.4% |
|
||
![]() |
BB and Below 0.2% |
|
![]() |
BB and Below 0.1% |
|
||
![]() |
Not Rated 3.6% |
|
![]() |
Not Rated 2.3% |
|
||
![]() |
Short-Term |
|
![]() |
Short-Term |
|
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Showing Percentage of Net Assets
Municipal Bonds - 97.5% |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - 96.4% |
||||
ABAG Fin. Auth. for Nonprofit Corps. Rev.: |
|
|
|
|
(Hamlin School Proj.) Series 2007: |
|
|
|
|
4.625% 8/1/16 |
|
$ 380 |
$ 336 |
|
4.625% 8/1/17 |
|
405 |
352 |
|
5% 8/1/18 |
|
530 |
466 |
|
5% 8/1/19 |
|
555 |
479 |
|
5% 8/1/20 |
|
585 |
498 |
|
5% 8/1/23 |
|
1,940 |
1,561 |
|
Series 2009 B, 6.25% 8/1/39 |
|
3,000 |
3,004 |
|
ABC Unified School District Series 1997 C: |
|
|
|
|
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,720 |
643 |
|
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,760 |
816 |
|
Alameda Corridor Trans. Auth. Rev. Series 1999 A, 5.25% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
7,575 |
7,603 |
|
Alameda County Ctfs. of Prtn.: |
|
|
|
|
(Santa Rita Jail Proj.) Series 2007 A: |
|
|
|
|
5% 12/1/18 (AMBAC Insured) |
|
2,645 |
2,739 |
|
5% 12/1/20 (AMBAC Insured) |
|
2,810 |
2,834 |
|
Series 1989, 0% 6/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,310 |
1,605 |
|
Alhambra Unified School District Series 2004 A, 5% 8/1/25 (FGIC Insured) |
|
1,880 |
1,886 |
|
Alhambra Unified School District Ctfs. of Prtn.: |
|
|
|
|
5.5% 4/1/23 (FSA Insured) |
|
1,600 |
1,638 |
|
5.5% 4/1/26 (FSA Insured) |
|
1,000 |
1,019 |
|
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impt. Proj.): |
|
|
|
|
Series 1997 A, 6% 9/1/24 |
|
1,000 |
1,111 |
|
Series 1997 C: |
|
|
|
|
0% 9/1/19 (FSA Insured) |
|
1,285 |
756 |
|
0% 9/1/22 (FSA Insured) |
|
5,150 |
2,494 |
|
Anaheim Pub. Fing. Auth. Rev. Series 2007 A, 4.5% 10/1/32 |
|
10,000 |
9,357 |
|
Antioch Unified School District (School Facilities Impt. District #1 Proj.) Series 2008 B, 5.75% 8/1/24 (Assured Guaranty Corp. Insured) |
|
1,000 |
1,104 |
|
Auburn Union School District Ctfs. of Prtn. (2008 Refing. Proj.) 5% 6/1/38 (Assured Guaranty Corp. Insured) |
|
5,615 |
5,320 |
|
Azusa Unified School District Series 2002, 5.375% 7/1/16 (FSA Insured) |
|
1,225 |
1,325 |
|
Bay Area Infrastructure Fing. Auth.: |
|
|
|
|
5% 8/1/17 |
|
5,000 |
4,977 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Bay Area Infrastructure Fing. Auth.: - continued |
|
|
|
|
5% 8/1/17 (FGIC Insured) |
|
$ 5,030 |
$ 5,007 |
|
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 |
|
2,700 |
2,861 |
|
Burbank Glendale Pasadena Arpt. Auth. Rev. Series 2005 B: |
|
|
|
|
5% 7/1/12 (AMBAC Insured) (d) |
|
1,840 |
1,934 |
|
5.25% 7/1/14 (AMBAC Insured) (d) |
|
2,035 |
2,151 |
|
5.25% 7/1/16 (AMBAC Insured) (d) |
|
1,255 |
1,311 |
|
5.25% 7/1/17 (AMBAC Insured) (d) |
|
1,370 |
1,417 |
|
Burbank Unified School District: |
|
|
|
|
Series 1997 B, 0% 8/1/20 |
|
3,835 |
2,113 |
|
Series 1997 C, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,865 |
3,197 |
|
Butte-Glenn Cmnty. College District Series A, 5.5% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,085 |
1,157 |
|
Cabrillo Unified School District Series A: |
|
|
|
|
0% 8/1/10 (AMBAC Insured) |
|
2,150 |
2,111 |
|
0% 8/1/12 (AMBAC Insured) |
|
2,800 |
2,580 |
|
0% 8/1/17 (AMBAC Insured) |
|
1,000 |
714 |
|
0% 8/1/18 (AMBAC Insured) |
|
2,000 |
1,345 |
|
California Dept. of Wtr. Resources Central Valley Proj. Rev. Series J1, 7% 12/1/12 |
|
730 |
867 |
|
California Dept. of Wtr. Resources Pwr. Supply Rev. Series 2002 A: |
|
|
|
|
5% 5/1/17 |
|
1,000 |
1,059 |
|
5.5% 5/1/15 |
|
8,400 |
9,144 |
|
6% 5/1/13 |
|
2,320 |
2,593 |
|
6% 5/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
2,220 |
|
California Econ. Recovery Series 2008 B4, 5%, tender 7/1/10 (c) |
|
4,700 |
4,832 |
|
California Edl. Facilities Auth. Rev.: |
|
|
|
|
(Claremont Graduate Univ. Proj.) Series 2008 A: |
|
|
|
|
6% 3/1/33 |
|
1,000 |
1,045 |
|
6% 3/1/38 |
|
1,000 |
1,040 |
|
(College & Univ. Fing. Prog.) Series 2007: |
|
|
|
|
5% 2/1/16 |
|
1,600 |
1,423 |
|
5% 2/1/17 |
|
1,000 |
871 |
|
(Loyola Marymount Univ. Proj.) Series 2001 A, 0% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,280 |
1,642 |
|
(Pomona College Proj.) Series 2005 A, 0% 7/1/38 |
|
3,155 |
646 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
(Santa Clara Univ. Proj.) Series 1999, 5.25% 9/1/26 (AMBAC Insured) |
|
$ 7,910 |
$ 8,620 |
|
California Gen. Oblig.: |
|
|
|
|
Series 1992, 6.25% 9/1/12 (FGIC Insured) |
|
2,000 |
2,124 |
|
Series 2005, 5.5% 6/1/28 |
|
275 |
276 |
|
Series 2007: |
|
|
|
|
5.625% 5/1/20 |
|
150 |
154 |
|
5.625% 5/1/26 |
|
215 |
218 |
|
5.75% 5/1/30 |
|
160 |
162 |
|
4.5% 8/1/30 |
|
3,250 |
2,898 |
|
4.5% 10/1/36 |
|
3,075 |
2,611 |
|
5% 3/1/15 |
|
2,230 |
2,451 |
|
5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,500 |
2,698 |
|
5% 9/1/17 |
|
900 |
974 |
|
5% 5/1/19 |
|
10,000 |
10,481 |
|
5% 11/1/22 (XL Cap. Assurance, Inc. Insured) |
|
2,800 |
2,893 |
|
5% 2/1/23 |
|
1,095 |
1,110 |
|
5% 2/1/26 |
|
1,500 |
1,503 |
|
5% 3/1/26 |
|
2,800 |
2,812 |
|
5% 6/1/26 |
|
2,600 |
2,610 |
|
5% 6/1/27 (AMBAC Insured) |
|
2,800 |
2,801 |
|
5% 6/1/29 |
|
5,005 |
4,943 |
|
5% 2/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,800 |
2,728 |
|
5% 6/1/31 |
|
2,000 |
1,948 |
|
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,947 |
|
5% 10/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
968 |
|
5% 8/1/33 |
|
3,400 |
3,280 |
|
5.125% 11/1/24 |
|
2,800 |
2,838 |
|
5.125% 2/1/26 |
|
2,800 |
2,822 |
|
5.25% 2/1/14 |
|
4,045 |
4,419 |
|
5.25% 10/1/14 |
|
140 |
140 |
|
5.25% 2/1/16 |
|
7,500 |
8,041 |
|
5.25% 10/1/17 |
|
105 |
105 |
|
5.25% 11/1/18 |
|
3,000 |
3,174 |
|
5.25% 2/1/20 |
|
6,805 |
7,080 |
|
5.25% 2/1/22 |
|
2,020 |
2,073 |
|
5.25% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,490 |
5,534 |
|
5.25% 4/1/27 |
|
5 |
5 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Gen. Oblig.: - continued |
|
|
|
|
5.25% 2/1/28 |
|
$ 2,785 |
$ 2,805 |
|
5.25% 2/1/29 |
|
5,000 |
5,023 |
|
5.25% 4/1/29 |
|
5 |
5 |
|
5.25% 11/1/29 |
|
2,000 |
2,011 |
|
5.25% 4/1/30 |
|
35 |
35 |
|
5.25% 2/1/33 |
|
8,150 |
8,139 |
|
5.25% 12/1/33 |
|
105 |
105 |
|
5.25% 3/1/38 |
|
6,000 |
5,904 |
|
5.375% 4/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
35 |
37 |
|
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) |
|
1,245 |
1,315 |
|
5.5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
100 |
103 |
|
5.5% 4/1/28 |
|
5 |
5 |
|
5.5% 8/1/29 |
|
7,790 |
8,011 |
|
5.5% 4/1/30 |
|
25 |
25 |
|
5.5% 11/1/33 |
|
30,940 |
31,217 |
|
6% 4/1/18 |
|
1,570 |
1,817 |
|
6% 4/1/38 |
|
9,500 |
10,060 |
|
6.5% 4/1/33 |
|
8,500 |
9,352 |
|
6.75% 8/1/12 |
|
1,100 |
1,242 |
|
California Health Facilities Fing. Auth. Rev.: |
|
|
|
|
(Catholic Healthcare West Proj.): |
|
|
|
|
Series 2004 I, 4.95%, tender 7/1/14 (c) |
|
5,000 |
5,118 |
|
Series 2008 H, 5.125% 7/1/22 |
|
3,000 |
2,951 |
|
Series 2008 L, 5.125% 7/1/22 |
|
3,000 |
2,944 |
|
Series 2009 C, 5%, tender 7/2/12 (c) |
|
6,300 |
6,477 |
|
(Cedars-Sinai Med. Ctr. Proj.) Series 2005, 5% 11/15/14 |
|
1,485 |
1,573 |
|
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/12 |
|
2,345 |
2,441 |
|
(Cottage Health Sys. Proj.) Series 2003 B, 5.25% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,260 |
1,294 |
|
(Providence Health & Svcs. Proj.) Series 2008 C, 6.5% 10/1/38 |
|
5,000 |
5,435 |
|
(Providence Health and Svcs. Proj.) Series 2009 B, 5.5% 10/1/39 |
|
2,000 |
2,003 |
|
(Stanford Hosp. and Clinics Proj.) Series 2008 A3, 3.45%, tender 6/15/11 (c) |
|
6,200 |
6,281 |
|
(Sutter Health Proj.): |
|
|
|
|
Series 2007 A, 5% 11/15/42 |
|
2,635 |
2,273 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Health Facilities Fing. Auth. Rev.: - continued |
|
|
|
|
(Sutter Health Proj.): |
|
|
|
|
Series 2008 A: |
|
|
|
|
5% 8/15/14 |
|
$ 4,205 |
$ 4,462 |
|
5% 8/15/15 |
|
4,500 |
4,753 |
|
California Hsg. Fin. Agcy. Rev. (Home Mtg. Prog.): |
|
|
|
|
Series 1983 A, 0% 2/1/15 |
|
5,432 |
3,386 |
|
Series 1983 B, 0% 8/1/15 |
|
70 |
38 |
|
Series 1998 J, 4.85% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
295 |
291 |
|
California Infrastructure & Econ. Dev. Bank Rev.: |
|
|
|
|
(California Science Ctr. Phase II Proj.) Series 2006 B, 5% 5/1/19 (FGIC Insured) |
|
1,000 |
993 |
|
(Pacific Gas and Elec. Co. Proj.) Series 2008 F, 3.75%, tender 9/20/10 (c) |
|
8,500 |
8,537 |
|
(Performing Arts Ctr. of Los Angeles County Proj.) Series 2007: |
|
|
|
|
5% 12/1/27 |
|
1,080 |
1,037 |
|
5% 12/1/32 |
|
1,000 |
933 |
|
5% 12/1/42 |
|
3,000 |
2,671 |
|
(YMCA Metropolitan L.A. Proj.) Series 2001: |
|
|
|
|
5.25% 2/1/26 (AMBAC Insured) |
|
2,000 |
2,007 |
|
5.25% 2/1/32 (AMBAC Insured) |
|
6,295 |
5,969 |
|
Series 2005, 5% 10/1/33 |
|
7,235 |
7,303 |
|
California Muni. Fin. Auth. Rev. (Loma Linda Univ. Proj.) Series 2007, 5% 4/1/22 |
|
1,090 |
1,122 |
|
California Poll. Cont. Fing. Auth. Ctfs. of Prtn.: |
|
|
|
|
(Pacific Gas & Elec. Co. Proj.) Series 1996 A, 5.35% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
4,335 |
4,391 |
|
(San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,250 |
4,675 |
|
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): |
|
|
|
|
Series 2001 A, 5.125%, tender 5/1/14 (c)(d) |
|
9,000 |
9,109 |
|
Series 2003 A, 5%, tender 5/1/13 (c)(d) |
|
3,000 |
3,042 |
|
Series 2005 A1, 4.7%, tender 4/1/12 (c)(d) |
|
3,250 |
3,271 |
|
California Pub. Works Board Lease Rev.: |
|
|
|
|
(Butterfield State Office Complex Proj.) Series 2005 A: |
|
|
|
|
5% 6/1/13 |
|
2,600 |
2,748 |
|
5% 6/1/14 |
|
2,000 |
2,104 |
|
5.25% 6/1/24 |
|
5,400 |
5,286 |
|
5.25% 6/1/25 |
|
5,000 |
4,843 |
|
5.25% 6/1/30 |
|
4,000 |
3,670 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Pub. Works Board Lease Rev.: - continued |
|
|
|
|
(California Cmnty. College Projs.) Series 1998 A, 5.25% 12/1/16 |
|
$ 4,450 |
$ 4,491 |
|
(California State Univ. Proj.): |
|
|
|
|
Series 2006 A, 5% 10/1/14 (FGIC Insured) |
|
2,700 |
2,949 |
|
Series 2006 G: |
|
|
|
|
5% 11/1/20 |
|
1,825 |
1,839 |
|
5% 11/1/21 |
|
2,020 |
2,018 |
|
(California Substance Abuse Treatment Facility and State Prison at Corcoran II Proj.) Series 2005 J, 5.25% 1/1/16 (AMBAC Insured) |
|
4,520 |
4,776 |
|
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series 2002 A, 5.25% 12/1/18 |
|
5,000 |
5,115 |
|
(Coalinga State Hosp. Proj.) Series 2004 A: |
|
|
|
|
5.25% 6/1/12 |
|
2,485 |
2,628 |
|
5.5% 6/1/15 |
|
1,000 |
1,066 |
|
5.5% 6/1/17 |
|
9,980 |
10,480 |
|
(Dept. of Corrections & Rehab. Proj.) Series 2006 F: |
|
|
|
|
5% 11/1/15 (FGIC Insured) |
|
2,455 |
2,586 |
|
5% 11/1/16 (FGIC Insured) |
|
2,000 |
2,095 |
|
(Dept. of Corrections State Prison Proj.) Series 1993 E: |
|
|
|
|
5.5% 6/1/15 (FSA Insured) |
|
2,000 |
2,134 |
|
5.5% 6/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,063 |
|
(Dept. of Corrections, Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/13 |
|
4,200 |
4,520 |
|
(Dept. of Corrections, Madera State Prison Proj.) |
|
8,775 |
9,329 |
|
(Dept. of Corrections, Monterey County State Prison Proj.) Series 2003 C, 5.5% 6/1/15 |
|
6,100 |
6,500 |
|
(Dept. of Corrections, Susanville State Prison Proj.) |
|
4,200 |
4,559 |
|
(Dept. of Gen. Svcs. Butterfield Proj.) Series 2005 A, 5% 6/1/23 |
|
2,900 |
2,792 |
|
(Dept. of Mental Health Proj.) Series 2004 A: |
|
|
|
|
5% 6/1/25 |
|
3,000 |
2,828 |
|
5.125% 6/1/29 |
|
5,000 |
4,572 |
|
5.5% 6/1/19 |
|
2,000 |
2,064 |
|
(Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,775 |
4,972 |
|
(Madera County, Valley State Prison for Women Proj.) Series 2005 H, 5% 6/1/16 |
|
5,000 |
5,197 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Pub. Works Board Lease Rev.: - continued |
|
|
|
|
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/20 |
|
$ 3,335 |
$ 3,330 |
|
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 |
|
5,900 |
6,053 |
|
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17 |
|
5,625 |
5,784 |
|
(Ten Administrative Segregation Hsg. Units Proj.) Series 2002 A, 5.25% 3/1/18 (AMBAC Insured) |
|
2,500 |
2,527 |
|
(Univ. of California Research Proj.): |
|
|
|
|
Series 2005 L: |
|
|
|
|
5% 11/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,165 |
5,247 |
|
5.25% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,500 |
3,659 |
|
Series 2006 E: |
|
|
|
|
5% 10/1/23 |
|
2,410 |
2,482 |
|
5.25% 10/1/21 |
|
2,900 |
3,092 |
|
California State Univ. Rev.: |
|
|
|
|
(Systemwide Proj.) Series 2002 A: |
|
|
|
|
5.375% 11/1/18 (AMBAC Insured) |
|
1,290 |
1,393 |
|
5.5% 11/1/16 (AMBAC Insured) |
|
1,500 |
1,647 |
|
Series 2009 A: |
|
|
|
|
5.75% 11/1/25 |
|
3,675 |
4,053 |
|
5.75% 11/1/28 |
|
6,525 |
7,067 |
|
6% 11/1/40 |
|
7,240 |
7,720 |
|
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co. Proj.): |
|
|
|
|
Series 2006 A, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) |
|
7,965 |
7,986 |
|
Series 2006 B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) |
|
2,425 |
2,431 |
|
California Statewide Cmntys. Dev. Auth. Rev.: |
|
|
|
|
(Adventist Health Sys. Proj.) Series 2007 B, 5% 3/1/37 (Assured Guaranty Corp. Insured) |
|
5,000 |
4,784 |
|
(Cmnty. Hosp. Monterey Peninsula Proj.) Series 2003 B, 5.25% 6/1/23 (FSA Insured) |
|
1,800 |
1,852 |
|
(Daughters of Charity Health Sys. Proj.): |
|
|
|
|
Series 2003 G, 5.25% 7/1/12 |
|
900 |
909 |
|
Series 2005 G, 5.25% 7/1/13 |
|
1,475 |
1,481 |
|
(Enloe Health Sys. Proj.) Series 2008 B: |
|
|
|
|
5% 8/15/16 |
|
125 |
131 |
|
5% 8/15/19 |
|
50 |
50 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Statewide Cmntys. Dev. Auth. Rev.: - continued |
|
|
|
|
(Enloe Health Sys. Proj.) Series 2008 B: |
|
|
|
|
5.75% 8/15/38 |
|
$ 3,000 |
$ 2,996 |
|
6.25% 8/15/33 |
|
2,500 |
2,615 |
|
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c) |
|
6,000 |
6,079 |
|
(Kaiser Permanente Health Sys. Proj.): |
|
|
|
|
Series 2004 I, 3.45%, tender 5/1/11 (c) |
|
2,750 |
2,782 |
|
Series 2007 A, 4.75% 4/1/33 |
|
2,000 |
1,728 |
|
(Los Angeles Orthopaedic Hosp. Foundation Prog.) Series 2000, 5.75% 6/1/30 (AMBAC Insured) |
|
10,000 |
8,932 |
|
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) |
|
8,900 |
8,861 |
|
(Sutter Health Systems Proj.): |
|
|
|
|
Series 2002 B, 5.625% 8/15/42 |
|
7,000 |
6,721 |
|
Series 2005 A, 5% 11/15/43 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,125 |
3,550 |
|
(Thomas Jefferson School of Law Proj.) Series 2001, 7.75% 10/1/31 (Pre-Refunded to
10/1/11 |
|
1,430 |
1,609 |
|
Campbell Union School District Gen. Oblig. Series 2002 C, 5% 8/1/34 |
|
1,910 |
1,888 |
|
Carlsbad Unified School District: |
|
|
|
|
Series 2009 B: |
|
|
|
|
0% 5/1/15 |
|
1,000 |
815 |
|
0% 5/1/16 |
|
1,365 |
1,048 |
|
0% 5/1/17 |
|
1,155 |
835 |
|
0% 5/1/18 |
|
1,335 |
908 |
|
0% 5/1/19 |
|
1,000 |
632 |
|
0% 5/1/34 (a) |
|
5,300 |
2,977 |
|
0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,700 |
1,361 |
|
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. (Wtr. Sys. Impt. Proj.) Series 1994 A, 7% 8/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
1,664 |
|
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series 2008 A: |
|
|
|
|
5% 11/1/24 (AMBAC Insured) |
|
1,000 |
1,052 |
|
5% 11/1/25 (AMBAC Insured) |
|
3,820 |
3,994 |
|
5% 11/1/33 (AMBAC Insured) |
|
5,000 |
5,003 |
|
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co. Proj.) Series B, 5.875% 2/15/34 |
|
5,000 |
5,064 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 3,295 |
$ 3,043 |
|
Colton Joint Unified School District Series 2001 C, 5.25% 2/1/22 (FGIC Insured) |
|
1,200 |
1,215 |
|
Commerce Refuse to Energy Auth. Rev. Series 2005: |
|
|
|
|
5.5% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,545 |
1,737 |
|
5.5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,685 |
3,040 |
|
Corona-Norco Unified School District Series A: |
|
|
|
|
5% 8/1/22 (FSA Insured) |
|
1,470 |
1,549 |
|
5% 8/1/25 (FSA Insured) |
|
1,435 |
1,478 |
|
5% 8/1/26 (FSA Insured) |
|
2,000 |
2,065 |
|
5% 8/1/27 (FSA Insured) |
|
1,785 |
1,821 |
|
5% 8/1/31 (FSA Insured) |
|
5,000 |
4,987 |
|
Covina Valley Unified School District Series 2006 A, 5% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,600 |
5,476 |
|
Ctr. Unified School District Series 1997 C: |
|
|
|
|
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,288 |
|
0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,010 |
1,149 |
|
Cucamonga County Wtr. District 5% 9/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,890 |
2,754 |
|
Davis Spl. Tax Rev. Series 2007: |
|
|
|
|
5% 9/1/11 (AMBAC Insured) |
|
595 |
610 |
|
5% 9/1/12 (AMBAC Insured) |
|
625 |
645 |
|
5% 9/1/13 (AMBAC Insured) |
|
655 |
669 |
|
5% 9/1/14 (AMBAC Insured) |
|
690 |
702 |
|
5% 9/1/15 (AMBAC Insured) |
|
725 |
732 |
|
5% 9/1/18 (AMBAC Insured) |
|
835 |
797 |
|
5% 9/1/20 (AMBAC Insured) |
|
925 |
866 |
|
5% 9/1/22 (AMBAC Insured) |
|
1,020 |
936 |
|
Desert Sands Union School District Ctfs. of Prtn.: |
|
|
|
|
5.75% 3/1/24 (FSA Insured) |
|
2,000 |
2,118 |
|
6% 3/1/20 (FSA Insured) |
|
1,000 |
1,107 |
|
Duarte Ctfs. of Prtn. Series 1999 A: |
|
|
|
|
5% 4/1/11 |
|
2,780 |
2,810 |
|
5% 4/1/12 |
|
4,210 |
4,254 |
|
5% 4/1/13 |
|
1,830 |
1,849 |
|
Eastern Muni. Wtr. District Wtr. and Swr. Rev. Ctfs. of Prtn. Series 2008 H, 5% 7/1/35 |
|
2,500 |
2,496 |
|
El Centro Fing. Auth. Wastewtr. Series 2006 A, 5.25% 10/1/35 (FSA Insured) |
|
8,340 |
8,154 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Elk Grove Fin. Auth. Spl. Tax Rev. 5% 9/1/17 (AMBAC Insured) |
|
$ 2,415 |
$ 2,361 |
|
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 (AMBAC Insured) |
|
4,025 |
4,081 |
|
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 2002 A: |
|
|
|
|
0% 10/1/24 (AMBAC Insured) |
|
1,665 |
743 |
|
0% 10/1/25 (AMBAC Insured) |
|
1,665 |
686 |
|
Encinitas Union School District Series 1996: |
|
|
|
|
0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
987 |
|
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
561 |
|
Escondido Union High School District: |
|
|
|
|
Series 2008 A: |
|
|
|
|
0% 8/1/33 (Assured Guaranty Corp. Insured) |
|
5,655 |
1,135 |
|
0% 8/1/34 (Assured Guaranty Corp. Insured) |
|
3,500 |
647 |
|
0% 11/1/16 (Escrowed to Maturity) (e) |
|
3,500 |
2,806 |
|
Fairfield-Suisun Unified School District Series 2004, 5.5% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
3,075 |
|
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.) Series 2007, 5% 5/1/37 (CIFG North America Insured) |
|
2,500 |
2,140 |
|
Folsom Cordova Unified School District School Facilities Impt. District #1 Series A, 0% 10/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,315 |
732 |
|
Foothill-De Anza Cmnty. College District: |
|
|
|
|
Series 1999 A: |
|
|
|
|
0% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. |
|
2,430 |
1,984 |
|
0% 8/1/19 (Nat'l. Pub. Fin. Guarantee Corp. |
|
5,365 |
3,415 |
|
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. |
|
6,425 |
3,854 |
|
Series 1999 B, 0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,000 |
2,312 |
|
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: |
|
|
|
|
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
24,070 |
18,418 |
|
Series 1999: |
|
|
|
|
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,860 |
5,515 |
|
5.75% 1/15/40 |
|
8,155 |
6,843 |
|
5.875% 1/15/27 |
|
4,000 |
3,633 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: - continued |
|
|
|
|
Series 1999: |
|
|
|
|
5.875% 1/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 4,500 |
$ 4,088 |
|
5.875% 1/15/29 |
|
4,000 |
3,553 |
|
Series A, 0% 1/1/18 (Escrowed to Maturity) (e) |
|
1,000 |
737 |
|
Fullerton Univ. Foundation Auxiliary Organization Rev. Series 2000 A: |
|
|
|
|
5.75% 7/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,250 |
1,282 |
|
5.75% 7/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,022 |
|
Garden Grove Agcy. Cmnty. Dev. Tax Allocation Rev. (Garden Grove Cmnty. Proj.) 5.375% 10/1/20 |
|
2,645 |
2,567 |
|
Glendora Unified School District Series 2005 A, 5.25% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,047 |
|
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: |
|
|
|
|
Series 2005 A: |
|
|
|
|
5% 6/1/45 |
|
13,425 |
11,479 |
|
5% 6/1/45 |
|
2,775 |
2,373 |
|
Series 2007 A1: |
|
|
|
|
5% 6/1/11 |
|
1,470 |
1,488 |
|
5% 6/1/12 |
|
1,400 |
1,417 |
|
5% 6/1/13 |
|
1,000 |
1,001 |
|
5% 6/1/14 |
|
2,000 |
1,963 |
|
5% 6/1/15 |
|
1,000 |
969 |
|
5% 6/1/33 |
|
3,000 |
2,349 |
|
5.125% 6/1/47 |
|
2,600 |
1,824 |
|
5.75% 6/1/47 |
|
5,000 |
3,874 |
|
Golden West Schools Fing. Auth. Rev. Series A, 0% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,750 |
1,866 |
|
Indio Pub. Fing. Auth. Lease Rev. Series 2007 B, 3.8%, tender 11/1/12 (AMBAC Insured) (c) |
|
2,500 |
2,504 |
|
La Quinta Redev. Agcy. Tax. Allocation (Area #1 Redev. Proj.) Series 1994, 7.3% 9/1/11 (National Public Finance Guarantee Corp. Insured) |
|
555 |
584 |
|
Lancaster Fing. Auth. Tax Allocation Rev. 5% 2/1/31 (AMBAC Insured) |
|
3,445 |
2,817 |
|
Loma Linda Hosp. Rev. (Loma Linda Univ. Med. Ctr. Proj.) Series 2008 A, 8.25% 12/1/38 |
|
4,400 |
4,622 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev. Series 2007 A, 5.25% 11/15/21 |
|
$ 3,790 |
$ 3,534 |
|
Long Beach Cmnty. College Series 2008 A, 0% 6/1/31 (FSA Insured) |
|
9,750 |
2,645 |
|
Long Beach Hbr. Rev.: |
|
|
|
|
Series 1998 A: |
|
|
|
|
6% 5/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,024 |
|
6% 5/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,500 |
3,781 |
|
Series 2000 A, 5.25% 5/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
6,505 |
6,504 |
|
Series 2004 A: |
|
|
|
|
5% 5/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,000 |
2,130 |
|
5% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,053 |
|
Series 2005 A: |
|
|
|
|
5% 5/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,040 |
|
5% 5/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,735 |
2,699 |
|
Long Beach Unified School District Series A, 5.75% 8/1/33 |
|
2,800 |
2,976 |
|
Los Angeles Cmnty. College District: |
|
|
|
|
Series 2007 A, 5% 8/1/32 |
|
10,000 |
10,123 |
|
Series 2008 A, 6% 8/1/33 |
|
10,000 |
10,863 |
|
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005, 5% 9/1/21 (AMBAC Insured) |
|
2,805 |
2,652 |
|
Los Angeles County Ctfs. of Prtn.: |
|
|
|
|
(Correctional Facilities Proj.) 0% 9/1/13 (Escrowed to Maturity) (e) |
|
3,380 |
3,106 |
|
(Disney Parking Proj.): |
|
|
|
|
0% 3/1/10 |
|
2,000 |
1,980 |
|
0% 3/1/11 |
|
1,950 |
1,880 |
|
0% 3/1/12 |
|
2,180 |
2,012 |
|
0% 3/1/13 |
|
6,490 |
5,721 |
|
0% 9/1/14 (AMBAC Insured) |
|
3,860 |
3,186 |
|
0% 3/1/18 |
|
3,000 |
1,984 |
|
0% 3/1/19 |
|
3,200 |
1,978 |
|
0% 3/1/20 |
|
1,000 |
579 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B: |
|
|
|
|
5.375% 9/1/16 (FSA Insured) |
|
$ 1,045 |
$ 1,162 |
|
5.375% 9/1/17 (FSA Insured) |
|
1,095 |
1,198 |
|
5.375% 9/1/18 (FSA Insured) |
|
1,155 |
1,252 |
|
5.375% 9/1/19 (FSA Insured) |
|
1,210 |
1,306 |
|
Los Angeles Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series 1999 A, 5.5% 8/1/24 (AMBAC Insured) |
|
3,700 |
3,744 |
|
Los Angeles Dept. Arpt. Rev.: |
|
|
|
|
Series 2002 A, 5.25% 5/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
3,135 |
|
Series 2006 A: |
|
|
|
|
5% 5/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,049 |
|
5% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,990 |
4,076 |
|
5% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,410 |
1,419 |
|
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.: |
|
|
|
|
4.75% 8/15/12 (Escrowed to Maturity) (e) |
|
3,120 |
3,121 |
|
4.75% 8/15/16 (Escrowed to Maturity) (e) |
|
1,395 |
1,395 |
|
4.75% 10/15/20 (Escrowed to Maturity) (e) |
|
150 |
150 |
|
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: |
|
|
|
|
Series 2001 A, 5.125% 7/1/41 |
|
5,500 |
5,507 |
|
Series 2004 C, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
1,504 |
|
Los Angeles Habor Dept. Rev. 7.6% 10/1/18 (Escrowed to Maturity) (e) |
|
11,505 |
14,261 |
|
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2008 A, 5% 9/1/22 |
|
5,500 |
5,564 |
|
Los Angeles Unified School District Series 2004 A1, 5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
3,237 |
|
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 |
|
10,000 |
10,748 |
|
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (Escrowed to Maturity) (e) |
|
1,880 |
2,278 |
|
Malibu Gen. Oblig. Ctfs. of Prtn. (City Hall Proj.) Series A: |
|
|
|
|
5% 7/1/32 (b) |
|
500 |
505 |
|
5% 7/1/39 (b) |
|
2,120 |
2,113 |
|
Marina Coast Wtr. District Ctfs. Prtn. Series 2006, 5% 6/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,500 |
3,134 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Merced Union High School District Series A, 0% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 1,100 |
$ 558 |
|
Modesto Elementary School District, Stanislaus County Series A: |
|
|
|
|
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,083 |
|
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,800 |
1,157 |
|
Modesto Gen. Oblig. Ctfs. of Prtn.: |
|
|
|
|
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured) |
|
2,500 |
2,447 |
|
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,585 |
1,551 |
|
Modesto Irrigation District Ctfs. of Prtn.: |
|
|
|
|
(Cap. Impts. Proj.) Series 2004 B, 5.5% 7/1/35 |
|
3,800 |
3,769 |
|
(Geysers Geothermal Pwr. Proj.) Series 1986 A, 5% 10/1/17 (Escrowed to Maturity) (e) |
|
5,000 |
5,392 |
|
(Rfdg. and Cap. Impts Proj.) Series 1991 A, 0% 10/1/10 (Escrowed to Maturity) (e) |
|
2,270 |
2,243 |
|
Monrovia Unified School District Series B, 0% 8/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,500 |
498 |
|
Montebello Unified School District Series 2001, 0% 6/1/26 (FSA Insured) |
|
1,580 |
534 |
|
Monterey County Ctfs. of Prtn. 5% 8/1/18 (AMBAC Insured) |
|
3,580 |
3,679 |
|
Moreland School District Series 2003 B, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,485 |
531 |
|
Murrieta Valley Unified School District: |
|
|
|
|
Series 1998 A, 0% 9/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
1,315 |
|
Series 2008, 0% 9/1/32 (FSA Insured) |
|
5,000 |
1,128 |
|
Natomas Unified School District Series 2007, 5.25% 8/1/30 (FGIC Insured) |
|
5,150 |
5,098 |
|
New Haven Unified School District: |
|
|
|
|
12% 8/1/16 (FSA Insured) |
|
1,500 |
2,358 |
|
12% 8/1/17 (FSA Insured) |
|
1,000 |
1,619 |
|
Newport Beach Rev. (Hoag Memorial Hosp. Presbyterian Proj.): |
|
|
|
|
Series 2009 A, 5% 12/1/24 |
|
2,000 |
2,035 |
|
Series 2009 E, 5%, tender 2/7/13 (c) |
|
2,800 |
2,986 |
|
North City West School Facilities Fing. Auth. Spl. Tax: |
|
|
|
|
Series 2005 B, 5.25% 9/1/23 (AMBAC Insured) |
|
1,530 |
1,434 |
|
Series 2006 C: |
|
|
|
|
5% 9/1/16 (AMBAC Insured) |
|
1,000 |
1,020 |
|
5% 9/1/17 (AMBAC Insured) |
|
2,735 |
2,749 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Northern California Gas Auth. #1 Gas Proj. Rev. Series 2007 A, 5% 7/1/11 |
|
$ 820 |
$ 848 |
|
Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/12 |
|
2,500 |
2,695 |
|
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 1986 A, 7.5% 7/1/23 (Pre-Refunded to 7/1/21 @ 100) (e) |
|
3,850 |
5,230 |
|
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
6,100 |
6,613 |
|
Norwalk-Mirada Unified School District Series 2009 D, 0% 8/1/33 (FSA Insured) |
|
5,700 |
1,141 |
|
Novato Unified School District Series 2002, 5.25% 8/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,061 |
|
Oakland Gen. Oblig. Series 2009 B, 6.25% 1/15/39 |
|
3,000 |
3,136 |
|
Oakland Joint Powers Fing. Auth. Series 2008 A1, 4.25% 1/1/13 (Assured Guaranty Corp. Insured) |
|
3,000 |
3,160 |
|
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): |
|
|
|
|
Series 1993 A, 5% 9/1/21 (Escrowed to Maturity) (e) |
|
1,000 |
1,135 |
|
Series 2003, 5.5% 9/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
2,973 |
|
Oakland Unified School District Alameda County Series 2009 A: |
|
|
|
|
6.5% 8/1/23 |
|
2,810 |
3,022 |
|
6.5% 8/1/24 |
|
1,220 |
1,304 |
|
Oceanside Unified School District Series A, 0% 8/1/31 (Assured Guaranty Corp. Insured) |
|
5,000 |
1,276 |
|
Ontario Redev. Fing. Auth. Rev. (Ctr. City Cimarron #1 Proj.) 0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,255 |
3,161 |
|
Orange County Local Trans. Auth. Sales Tax Rev. 6.2% 2/14/11 (AMBAC Insured) |
|
7,000 |
7,109 |
|
Orange County Pub. Fin. Auth. Waste Mgt. Sys. Rev. Series 1997: |
|
|
|
|
5.75% 12/1/09 (AMBAC Insured) (d) |
|
3,620 |
3,655 |
|
5.75% 12/1/11 (AMBAC Insured) (d) |
|
4,000 |
4,173 |
|
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) Series 2002, 5.375% 6/1/16 (AMBAC Insured) |
|
3,770 |
3,985 |
|
Oxnard Fin. Auth. Solid Waste Rev. Series 2005: |
|
|
|
|
5% 5/1/10 (AMBAC Insured) (d) |
|
1,820 |
1,853 |
|
5% 5/1/12 (AMBAC Insured) (d) |
|
2,065 |
2,120 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series 2004 A, 5% 6/1/29 (FGIC Insured) |
|
$ 3,000 |
$ 3,019 |
|
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) Series 1999, 5.8% 8/1/29 (FSA Insured) |
|
6,410 |
6,415 |
|
Placentia Pub. Fing. Auth. Rev.: |
|
|
|
|
3.125% 9/1/12 |
|
1,585 |
1,598 |
|
4% 9/1/13 |
|
1,855 |
1,905 |
|
Placer County Union High School District Series A: |
|
|
|
|
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,090 |
|
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
508 |
|
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) Series A, 3.75% 7/1/12 |
|
1,190 |
1,191 |
|
Pomona Unified School District Series C, 6% 8/1/30 (Escrowed to Maturity) (e) |
|
4,035 |
4,143 |
|
Port of Oakland Rev.: |
|
|
|
|
Series 2000 K: |
|
|
|
|
5.7% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
5,245 |
5,253 |
|
5.7% 11/1/19 (Pre-Refunded to 5/1/10 @ 100) (d)(e) |
|
40 |
41 |
|
5.75% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
4,000 |
4,046 |
|
5.75% 11/1/15 (Pre-Refunded to 5/1/10 @ 100) (d)(e) |
|
30 |
31 |
|
Series 2002 L, 5.5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,405 |
3,357 |
|
Series 2002 N: |
|
|
|
|
5% 11/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,800 |
3,000 |
|
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
5,850 |
5,890 |
|
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,355 |
3,295 |
|
5% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,740 |
2,633 |
|
Series 2007 A: |
|
|
|
|
5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
10,910 |
11,188 |
|
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,885 |
2,899 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Port of Oakland Rev.: - continued |
|
|
|
|
Series 2007 A: |
|
|
|
|
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
$ 2,185 |
$ 2,160 |
|
Poway Unified School District (District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 |
|
12,800 |
2,860 |
|
Poway Unified School District Pub. Fing. Auth. Lease Rev.: |
|
|
|
|
Cap. Appreciation Series 2007, 0%, tender 6/1/10 (FSA Insured) (c) |
|
1,890 |
1,850 |
|
Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) |
|
6,705 |
5,350 |
|
Series 2008 C: |
|
|
|
|
3.125%, tender 12/1/11 (FSA Insured) (c) |
|
2,915 |
2,996 |
|
4%, tender 12/1/11 (FSA Insured) (c) |
|
6,500 |
6,806 |
|
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 4.875% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,500 |
3,155 |
|
Redwood City Elementary School District Series 1997, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,825 |
2,658 |
|
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.): |
|
|
|
|
Series A, 6.5% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
15,500 |
16,315 |
|
Series B, 5.7% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,950 |
2,000 |
|
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.): |
|
|
|
|
Series 2004: |
|
|
|
|
5.25% 10/1/20 (XL Cap. Assurance, Inc. Insured) |
|
2,020 |
1,805 |
|
5.25% 10/1/21 (XL Cap. Assurance, Inc. Insured) |
|
2,125 |
1,869 |
|
Series 2005 A, 5% 10/1/18 (XL Cap. Assurance, Inc. Insured) |
|
3,740 |
3,548 |
|
Rocklin Unified School District Series 2002: |
|
|
|
|
0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,370 |
607 |
|
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,725 |
1,126 |
|
0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,365 |
531 |
|
Roseville City School District Series 2002 A: |
|
|
|
|
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,745 |
668 |
|
0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,940 |
629 |
|
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured) |
|
2,000 |
2,030 |
|
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
7,735 |
5,478 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Sacramento Muni. Util. District Elec. Rev.: |
|
|
|
|
Series 2001 P, 5.25% 8/15/16 (FSA Insured) |
|
$ 1,500 |
$ 1,594 |
|
Series 2003 R, 5% 8/15/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
6,825 |
6,487 |
|
San Bernardino Cmnty. College District Series A, 6.25% 8/1/33 |
|
3,400 |
3,731 |
|
San Bernardino County Ctfs. of Prtn.: |
|
|
|
|
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity) (e) |
|
8,300 |
10,826 |
|
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22 |
|
10,000 |
9,608 |
|
San Diego Cmnty. College District: |
|
|
|
|
Series 2002 A, 5% 5/1/22 (FSA Insured) |
|
1,000 |
1,043 |
|
Series 2007, 0% 8/1/17 (FSA Insured) |
|
3,395 |
2,478 |
|
San Diego County Ctfs. of Prtn.: |
|
|
|
|
(North and East County Justice Facilities Proj.): |
|
|
|
|
5% 11/15/16 (AMBAC Insured) |
|
2,000 |
2,193 |
|
5% 11/15/17 (AMBAC Insured) |
|
2,000 |
2,158 |
|
5% 11/15/18 (AMBAC Insured) |
|
2,000 |
2,128 |
|
(The Bishop's School Proj.) Series A, 6% 9/1/34, LOC Bank of New York, New York |
|
4,090 |
4,150 |
|
(Univ. of San Diego Proj.) 5.25% 10/1/11 |
|
1,705 |
1,820 |
|
San Diego County Reg'l. Arpt. Auth. Arpt. Rev.: |
|
|
|
|
Series 2005: |
|
|
|
|
5% 7/1/14 (AMBAC Insured) (d) |
|
1,000 |
1,031 |
|
5.25% 7/1/16 (AMBAC Insured) (d) |
|
1,400 |
1,433 |
|
5% 7/1/12 (AMBAC Insured) (d) |
|
2,200 |
2,259 |
|
San Diego County Wtr. Auth. Wtr. Rev. Series A, 5% 5/1/29 |
|
5,000 |
5,111 |
|
San Diego Pub. Facilities Fing. Auth. Swr. Rev. Series 2009 A, 5.25% 5/15/39 |
|
3,000 |
3,052 |
|
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. 2009 B, 5.75% 8/1/35 |
|
3,455 |
3,653 |
|
San Diego Unified School District (Election of 1998 Proj.) Series 2002 D, 5.25% 7/1/20 (Pre-Refunded to 7/1/12 @ 101) (e) |
|
4,000 |
4,420 |
|
San Francisco Bay Area Rapid Trans. District Sales Tax Rev. 5.25% 7/1/18 |
|
1,620 |
1,633 |
|
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: |
|
|
|
|
(SFO Fuel Co. Proj.) Series 1997 A: |
|
|
|
|
5.125% 1/1/17 (AMBAC Insured) (d) |
|
6,000 |
6,002 |
|
5.25% 1/1/18 (AMBAC Insured) (d) |
|
4,515 |
4,469 |
|
Second Series 32F, 5.25% 5/1/19 |
|
2,500 |
2,719 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: - continued |
|
|
|
|
Second Series 32H: |
|
|
|
|
5% 5/1/11 (CIFG North America Insured) (d) |
|
$ 2,325 |
$ 2,397 |
|
5% 5/1/12 (CIFG North America Insured) (d) |
|
1,000 |
1,026 |
|
San Francisco City & County Pub. Util. Commission Wtr. Rev. Series 2002 A, 5% 11/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
6,810 |
6,857 |
|
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev.: |
|
|
|
|
(San Francisco Redev. Proj.) Series B, 0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,475 |
1,453 |
|
(San Francisco Redev. Projs.) Series 2009 B: |
|
|
|
|
6.125% 8/1/28 (b) |
|
1,000 |
1,010 |
|
6.625% 8/1/39 (b) |
|
1,000 |
1,005 |
|
Series A, 0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,085 |
1,068 |
|
San Jacinto Unified School District Series 2007, 5.25% 8/1/32 (FSA Insured) |
|
3,080 |
3,168 |
|
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.): |
|
|
|
|
5% 11/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,720 |
3,541 |
|
5% 11/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,645 |
3,409 |
|
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.: |
|
|
|
|
Series 1993, 0% 1/1/27 (Escrowed to Maturity) (e) |
|
4,000 |
1,805 |
|
Series 1997 A: |
|
|
|
|
0% 1/15/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
11,000 |
3,088 |
|
5.5% 1/15/28 |
|
1,060 |
663 |
|
Series A: |
|
|
|
|
0% 1/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,240 |
2,212 |
|
0% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
7,000 |
6,154 |
|
0% 1/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,000 |
3,527 |
|
0% 1/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,765 |
1,767 |
|
0% 1/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,000 |
890 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
San Jose Int'l. Arpt. Rev.: |
|
|
|
|
Series 2001 A, 5.25% 3/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 1,000 |
$ 1,036 |
|
Series 2007 A: |
|
|
|
|
5% 3/1/24 (AMBAC Insured) (d) |
|
9,690 |
8,824 |
|
5% 3/1/37 (AMBAC Insured) (d) |
|
10,000 |
8,288 |
|
San Jose Unified School District Santa Clara County: |
|
|
|
|
Series 2002 A, 5.375% 8/1/20 (FSA Insured) |
|
1,895 |
1,991 |
|
Series 2002 B, 5% 8/1/25 (FGIC Insured) |
|
1,750 |
1,819 |
|
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) |
|
2,800 |
3,041 |
|
San Luis Obispo County Fing. Auth. Series 2000 A, 5.375% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,002 |
|
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity) (e) |
|
1,990 |
1,648 |
|
San Mateo County Cmnty. College District Series A, 0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
2,041 |
|
San Mateo Unified School District (Election of 2000 Proj.) Series B: |
|
|
|
|
0% 9/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,028 |
|
0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,490 |
667 |
|
0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
629 |
|
Sanger Unified School District 5.6% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
2,927 |
|
Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.): |
|
|
|
|
Series 2007 B, 5.125% 2/1/41 (AMBAC Insured) |
|
2,000 |
1,867 |
|
Series 2007 C, 5.75% 2/1/41 (AMBAC Insured) |
|
8,000 |
8,089 |
|
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,865 |
2,068 |
|
Santa Rosa Wastewtr. Rev. Series 2002 B: |
|
|
|
|
0% 9/1/20 (AMBAC Insured) |
|
4,030 |
2,253 |
|
0% 9/1/22 (AMBAC Insured) |
|
2,900 |
1,406 |
|
0% 9/1/25 (AMBAC Insured) |
|
6,800 |
2,666 |
|
Shasta Joint Powers Fing. Auth. Lease Rev. (County Administration Bldg. Proj.) Series A, 5% 4/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,015 |
4,863 |
|
Shasta Union High School District: |
|
|
|
|
Series 2002, 0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
356 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Shasta Union High School District: - continued |
|
|
|
|
Series 2003, 0% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 3,340 |
$ 1,012 |
|
Sierra View Local Health Care District Rev.: |
|
|
|
|
Series 1998, 5.4% 7/1/22 |
|
4,315 |
4,179 |
|
Series 2007, 5.25% 7/1/37 |
|
2,500 |
2,084 |
|
Southwestern Cmnty. College District Gen. Oblig. Series 2000, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,495 |
864 |
|
Sulphur Springs Union School District Series A, 0% 9/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,750 |
2,531 |
|
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) |
|
16,900 |
17,443 |
|
Tahoe-Truckee Joint Unified School District Series A, 0% 9/1/10 (FGIC Insured) |
|
1,320 |
1,264 |
|
Torrance Ctfs. of Prtn. (Refing. & Pub. Impt. Proj.) Series B, 5.25% 6/1/34 (AMBAC Insured) |
|
3,000 |
3,002 |
|
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A: |
|
|
|
|
5.5% 6/1/31 |
|
2,350 |
2,306 |
|
6% 6/1/22 |
|
1,100 |
1,121 |
|
Torrance Unified School District Series 2008 Z, 6% 8/1/33 |
|
5,000 |
5,330 |
|
Tracy Operating Partnership Joint Powers Auth. Rev. 6.375% 10/1/38 (Assured Guaranty Corp. Insured) |
|
5,000 |
5,379 |
|
Ukiah Unified School District 0% 8/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,040 |
2,540 |
|
Union Elementary School District Series A: |
|
|
|
|
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
661 |
|
0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,995 |
1,614 |
|
Univ. of California Revs.: |
|
|
|
|
(Ltd. Proj.): |
|
|
|
|
Series 2005 B, 5% 5/15/33 |
|
1,000 |
1,009 |
|
Series 2007 D, 5% 5/15/25 |
|
4,250 |
4,449 |
|
(UCLA Med. Ctr. Proj.): |
|
|
|
|
Series A: |
|
|
|
|
5.5% 5/15/21 (AMBAC Insured) |
|
785 |
799 |
|
5.5% 5/15/24 (AMBAC Insured) |
|
370 |
374 |
|
4.55% 12/1/09 (Escrowed to Maturity) (e)(f) |
|
13,290 |
13,426 |
|
Series 2008 L, 5% 5/15/40 |
|
3,000 |
3,023 |
|
Series 2009 O, 5.75% 5/15/34 |
|
9,900 |
10,758 |
|
Series C, 4.75% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,175 |
3,034 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Upland Ctfs. of Prtn. (San Antonio Cmnty. Hosp. Proj.) 5.25% 1/1/13 |
|
$ 6,970 |
$ 6,971 |
|
Val Verde Unified School District Ctfs. of Prtn.: |
|
|
|
|
5% 1/1/35 (FGIC Insured) |
|
2,090 |
1,569 |
|
5.25% 1/1/17 (Pre-Refunded to 1/1/15 @ 100) (e) |
|
1,000 |
1,160 |
|
5.25% 1/1/18 (Pre-Refunded to 1/1/15 @ 100) (e) |
|
1,380 |
1,600 |
|
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 |
|
5,000 |
5,145 |
|
Victor Elementary School District Series A, 0% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,375 |
1,974 |
|
Vista Gen. Oblig. Ctfs. of Prtn. 5% 5/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,120 |
2,124 |
|
Vista Unified School District Series A: |
|
|
|
|
5.375% 8/1/15 (FSA Insured) |
|
130 |
141 |
|
5.375% 8/1/16 (FSA Insured) |
|
100 |
108 |
|
Walnut Valley Unified School District Series D: |
|
|
|
|
0% 8/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,875 |
822 |
|
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,715 |
717 |
|
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,315 |
324 |
|
5.25% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,086 |
|
Washington Township Health Care District Rev. Series A: |
|
|
|
|
5% 7/1/23 |
|
1,460 |
1,298 |
|
5% 7/1/25 |
|
1,665 |
1,440 |
|
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) |
|
1,500 |
1,610 |
|
Western Placer Unified School District Ctfs. of Prtn. |
|
4,300 |
4,324 |
|
Western Riverside County Trust & Wastewtr. Fin. Auth.: |
|
|
|
|
5.5% 9/1/34 (Assured Guaranty Corp. Insured) |
|
1,750 |
1,786 |
|
5.625% 9/1/39 (Assured Guaranty Corp. Insured) |
|
2,250 |
2,303 |
|
Yuba City Unified School District Series A, 0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,090 |
1,039 |
|
|
1,529,727 |
|||
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
Guam - 0.2% |
||||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2008: |
|
|
|
|
4.625% 10/1/11 |
|
$ 805 |
$ 822 |
|
5.375% 10/1/14 |
|
1,000 |
1,056 |
|
5.875% 10/1/18 |
|
1,565 |
1,673 |
|
|
3,551 |
|||
Puerto Rico - 0.8% |
||||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2006 A, 0.163% 7/1/21 (FGIC Insured) (c) |
|
4,600 |
3,021 |
|
Puerto Rico Pub. Bldg. Auth. Rev. Series M2, 5.75%, tender 7/1/17 (c) |
|
7,000 |
7,318 |
|
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2007 A, 0% 8/1/41 |
|
9,500 |
1,337 |
|
|
11,676 |
|||
Virgin Islands - 0.1% |
||||
Virgin Islands Pub. Fin. Auth. Rev. Series A: |
|
|
|
|
5% 10/1/10 |
|
520 |
520 |
|
5.25% 10/1/15 |
|
1,255 |
1,293 |
|
|
1,813 |
TOTAL INVESTMENT PORTFOLIO - 97.5% (Cost $1,562,808) |
1,546,767 |
||
NET OTHER ASSETS - 2.5% |
39,978 |
||
NET ASSETS - 100% |
$ 1,586,745 |
Legend |
(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) Security collateralized by an amount sufficient to pay interest and principal. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $13,426,000 or 0.8% of net assets. |
Additional information on each holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (Escrowed to Maturity) |
3/6/02 |
$ 13,290 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations |
42.2% |
Transportation |
12.1% |
Health Care |
9.9% |
Education |
5.8% |
Water & Sewer |
5.8% |
Escrowed/Pre-Refunded |
5.1% |
Electric Utilities |
5.0% |
Others* (individually less than 5%) |
14.1% |
|
100.0% |
* Includes net other assets |
Income Tax Information |
At February 28, 2009, the fund had a capital loss carryforward of approximately $22,249,000 all of which will expire on February 28, 2017. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Amounts in thousands (except per-share amounts) |
August 31, 2009 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value - Unaffiliated issuers (cost $1,562,808) |
|
$ 1,546,767 |
Cash |
|
28,205 |
Receivable for investments sold |
|
208 |
Receivable for fund shares sold |
|
2,438 |
Interest receivable |
|
18,379 |
Prepaid expenses |
|
4 |
Other receivables |
|
2 |
Total assets |
|
1,596,003 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 1,223 |
|
Delayed delivery |
4,572 |
|
Payable for fund shares redeemed |
876 |
|
Distributions payable |
1,791 |
|
Accrued management fee |
476 |
|
Distribution fees payable |
25 |
|
Other affiliated payables |
233 |
|
Other payables and accrued expenses |
62 |
|
Total liabilities |
|
9,258 |
|
|
|
Net Assets |
|
$ 1,586,745 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 1,629,190 |
Undistributed net investment income |
|
1,424 |
Accumulated undistributed net realized gain (loss) on investments |
|
(27,828) |
Net unrealized appreciation (depreciation) on investments |
|
(16,041) |
Net Assets |
|
$ 1,586,745 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Amounts in thousands (except per-share amounts) |
August 31, 2009 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price |
|
$ 11.68 |
|
|
|
Maximum offering price per share (100/96.00 of $11.68) |
|
$ 12.17 |
Class T: |
|
$ 11.71 |
|
|
|
Maximum offering price per share (100/96.00 of $11.71) |
|
$ 12.20 |
Class B: |
|
$ 11.67 |
|
|
|
Class C: |
|
$ 11.67 |
|
|
|
California Municipal Income: |
|
$ 11.67 |
|
|
|
Institutional Class: |
|
$ 11.69 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Amounts in thousands |
Six months ended August 31, 2009 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Interest |
|
$ 37,755 |
|
|
|
Expenses |
|
|
Management fee |
$ 2,817 |
|
Transfer agent fees |
551 |
|
Distribution fees |
145 |
|
Accounting fees and expenses |
145 |
|
Custodian fees and expenses |
11 |
|
Independent trustees' compensation |
3 |
|
Registration fees |
61 |
|
Audit |
25 |
|
Legal |
2 |
|
Miscellaneous |
80 |
|
Total expenses before reductions |
3,840 |
|
Expense reductions |
(5) |
3,835 |
Net investment income |
|
33,920 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
|
184 |
Change in net unrealized appreciation (depreciation) on: Investment securities |
|
37,955 |
Net gain (loss) |
|
38,139 |
Net increase (decrease) in net assets resulting from operations |
|
$ 72,059 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Amounts in thousands |
Six months ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income |
$ 33,920 |
$ 68,016 |
Net realized gain (loss) |
184 |
(25,355) |
Change in net unrealized appreciation (depreciation) |
37,955 |
(12,917) |
Net increase (decrease) in net assets resulting |
72,059 |
29,744 |
Distributions to shareholders from net investment income |
(33,715) |
(67,824) |
Distributions to shareholders from net realized gain |
- |
(568) |
Total distributions |
(33,715) |
(68,392) |
Share transactions - net increase (decrease) |
45,959 |
(51,318) |
Redemption fees |
12 |
56 |
Total increase (decrease) in net assets |
84,315 |
(89,910) |
|
|
|
Net Assets |
|
|
Beginning of period |
1,502,430 |
1,592,340 |
End of period (including undistributed net investment income of $1,424 and undistributed net investment income of $1,219, respectively) |
$ 1,586,745 |
$ 1,502,430 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.40 |
$ 11.63 |
$ 12.41 |
$ 12.46 |
$ 12.56 |
$ 12.84 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.238 |
.459 |
.457 |
.478 |
.490 |
.505 |
Net realized and unrealized gain (loss) |
.279 |
(.224) |
(.711) |
.050 |
(.025) |
(.149) |
Total from investment operations |
.517 |
.235 |
(.254) |
.528 |
.465 |
.356 |
Distributions from net investment income |
(.237) |
(.461) |
(.457) |
(.483) |
(.490) |
(.501) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.237) |
(.465) |
(.526) |
(.578) |
(.565) |
(.636) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.68 |
$ 11.40 |
$ 11.63 |
$ 12.41 |
$ 12.46 |
$ 12.56 |
Total Return B, C, D |
4.59% |
2.04% |
(2.15)% |
4.36% |
3.78% |
2.92% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
.77% A |
.75% |
.73% |
.64% |
.65% |
.66% |
Expenses net of fee waivers, if any |
.77% A |
.75% |
.73% |
.64% |
.65% |
.66% |
Expenses net of all reductions |
.77% A |
.74% |
.70% |
.62% |
.62% |
.65% |
Net investment income |
4.13% A |
3.98% |
3.76% |
3.88% |
3.93% |
4.04% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 44 |
$ 34 |
$ 20 |
$ 13 |
$ 11 |
$ 7 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.42 |
$ 11.65 |
$ 12.43 |
$ 12.48 |
$ 12.58 |
$ 12.86 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.241 |
.464 |
.458 |
.466 |
.477 |
.492 |
Net realized and unrealized gain (loss) |
.288 |
(.227) |
(.712) |
.048 |
(.027) |
(.150) |
Total from investment operations |
.529 |
.237 |
(.254) |
.514 |
.450 |
.342 |
Distributions from net investment income |
(.239) |
(.463) |
(.457) |
(.469) |
(.475) |
(.487) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.239) |
(.467) |
(.526) |
(.564) |
(.550) |
(.622) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.71 |
$ 11.42 |
$ 11.65 |
$ 12.43 |
$ 12.48 |
$ 12.58 |
Total Return B, C, D |
4.69% |
2.05% |
(2.15)% |
4.24% |
3.66% |
2.80% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
.74% A |
.73% |
.74% |
.75% |
.77% |
.77% |
Expenses net of fee waivers, if any |
.74% A |
.73% |
.74% |
.75% |
.77% |
.77% |
Expenses net of all reductions |
.74% A |
.72% |
.70% |
.72% |
.73% |
.76% |
Net investment income |
4.17% A |
4.00% |
3.75% |
3.77% |
3.81% |
3.93% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 6 |
$ 7 |
$ 5 |
$ 5 |
$ 4 |
$ 3 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.39 |
$ 11.62 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
$ 12.84 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.202 |
.387 |
.376 |
.383 |
.394 |
.409 |
Net realized and unrealized gain (loss) |
.278 |
(.228) |
(.712) |
.049 |
(.026) |
(.159) |
Total from investment operations |
.480 |
.159 |
(.336) |
.432 |
.368 |
.250 |
Distributions from net investment income |
(.200) |
(.385) |
(.375) |
(.387) |
(.393) |
(.405) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.200) |
(.389) |
(.444) |
(.482) |
(.468) |
(.540) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.67 |
$ 11.39 |
$ 11.62 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
Total Return B, C, D |
4.26% |
1.38% |
(2.81)% |
3.57% |
2.99% |
2.06% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
1.41% A |
1.41% |
1.41% |
1.41% |
1.42% |
1.42% |
Expenses net of fee waivers, if any |
1.41% A |
1.41% |
1.41% |
1.41% |
1.42% |
1.42% |
Expenses net of all reductions |
1.41% A |
1.40% |
1.37% |
1.39% |
1.39% |
1.41% |
Net investment income |
3.50% A |
3.33% |
3.08% |
3.11% |
3.15% |
3.28% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 3 |
$ 4 |
$ 5 |
$ 5 |
$ 5 |
$ 5 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.44 |
$ 12.55 |
$ 12.83 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.196 |
.374 |
.364 |
.371 |
.382 |
.397 |
Net realized and unrealized gain (loss) |
.288 |
(.225) |
(.721) |
.061 |
(.035) |
(.149) |
Total from investment operations |
.484 |
.149 |
(.357) |
.432 |
.347 |
.248 |
Distributions from net investment income |
(.194) |
(.375) |
(.364) |
(.377) |
(.382) |
(.393) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.194) |
(.379) |
(.433) |
(.472) |
(.457) |
(.528) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.67 |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.44 |
$ 12.55 |
Total Return B, C, D |
4.30% |
1.29% |
(2.98)% |
3.56% |
2.81% |
2.04% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
1.51% A |
1.49% |
1.50% |
1.50% |
1.52% |
1.52% |
Expenses net of fee waivers, if any |
1.51% A |
1.49% |
1.50% |
1.50% |
1.52% |
1.52% |
Expenses net of all reductions |
1.51% A |
1.48% |
1.47% |
1.48% |
1.49% |
1.51% |
Net investment income |
3.40% A |
3.24% |
2.99% |
3.02% |
3.06% |
3.18% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 16 |
$ 12 |
$ 8 |
$ 10 |
$ 10 |
$ 11 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 F |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
$ 12.83 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D |
.255 |
.495 |
.491 |
.499 |
.512 |
.527 |
Net realized and unrealized gain (loss) |
.289 |
(.227) |
(.722) |
.050 |
(.025) |
(.149) |
Total from investment operations |
.544 |
.268 |
(.231) |
.549 |
.487 |
.378 |
Distributions from net investment income |
(.254) |
(.494) |
(.490) |
(.504) |
(.512) |
(.523) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.254) |
(.498) |
(.559) |
(.599) |
(.587) |
(.658) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.67 |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
Total Return B, C |
4.84% |
2.33% |
(1.97)% |
4.55% |
3.97% |
3.11% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before reductions |
.48% A |
.47% |
.46% |
.47% |
.48% |
.48% |
Expenses net of fee waivers, if any |
.48% A |
.47% |
.46% |
.47% |
.48% |
.48% |
Expenses net of all reductions |
.48% A |
.46% |
.43% |
.44% |
.45% |
.47% |
Net investment income |
4.43% A |
4.27% |
4.03% |
4.05% |
4.10% |
4.22% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,480 |
$ 1,427 |
$ 1,543 |
$ 1,611 |
$ 1,601 |
$ 1,506 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F For the year ended February 29. G Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 F |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.40 |
$ 11.63 |
$ 12.42 |
$ 12.47 |
$ 12.57 |
$ 12.85 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D |
.252 |
.491 |
.486 |
.493 |
.509 |
.529 |
Net realized and unrealized gain (loss) |
.290 |
(.226) |
(.722) |
.049 |
(.025) |
(.151) |
Total from investment operations |
.542 |
.265 |
(.236) |
.542 |
.484 |
.378 |
Distributions from net investment income |
(.252) |
(.491) |
(.485) |
(.497) |
(.509) |
(.523) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.252) |
(.495) |
(.554) |
(.592) |
(.584) |
(.658) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
- |
- |
- |
Net asset value, end of period |
$ 11.69 |
$ 11.40 |
$ 11.63 |
$ 12.42 |
$ 12.47 |
$ 12.57 |
Total Return B, C |
4.81% |
2.30% |
(2.00)% |
4.48% |
3.94% |
3.10% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before reductions |
.51% A |
.49% |
.50% |
.53% |
.50% |
.47% |
Expenses net of fee waivers, if any |
.51% A |
.49% |
.50% |
.53% |
.50% |
.47% |
Expenses net of all reductions |
.51% A |
.48% |
.47% |
.50% |
.46% |
.47% |
Net investment income |
4.39% A |
4.24% |
3.99% |
3.99% |
4.08% |
4.23% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 38 |
$ 19 |
$ 11 |
$ 8 |
$ 2 |
$ 1 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F For the year ended February 29. G Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended August 31, 2009 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity California Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity California Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, California Municipal Income and Institutional 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund may be affected by economic and political developments in the state of California.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, October 19, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of August 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For municipal securities, pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount, deferred trustees compensation, losses deferred due to futures transactions and excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation |
$ 36,907 |
Unrealized depreciation |
(51,568) |
Net unrealized appreciation (depreciation) |
$ (14,661) |
|
|
Cost for federal income tax purposes |
$ 1,561,428 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50 % of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
3. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $166,673 and $128,810, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
|
Distribution |
Service |
Paid to |
Retained |
Class A |
0% |
.25% |
$ 47 |
$ 8 |
Class T |
0% |
.25% |
8 |
8 |
Class B |
.65% |
.25% |
17 |
12 |
Class C |
.75% |
.25% |
73 |
33 |
|
|
|
$ 145 |
$ 61 |
Sales Load. FDC receives a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C,.75% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained |
Class A |
$ 10 |
Class T |
1 |
Class B* |
3 |
Class C* |
3 |
|
$ 17 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the Fund's Class A, Class T, Class B, Class C, California Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
|
Amount |
% of |
Class A |
$ 22 |
.12 |
Class T |
3 |
.08 |
Class B |
2 |
.11 |
Class C |
8 |
.11 |
California Municipal Income |
503 |
.07 |
Institutional Class |
13 |
.11 |
|
$ 551 |
|
* Annualized
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Class A |
$ 782 |
$ 1,098 |
Class T |
137 |
262 |
Class B |
67 |
151 |
Class C |
246 |
329 |
California Municipal Income |
31,936 |
65,274 |
Institutional Class |
547 |
710 |
Total |
$ 33,715 |
$ 67,824 |
From net realized gain |
|
|
Class A |
$ - |
$ 7 |
Class T |
- |
2 |
Class B |
- |
2 |
Class C |
- |
3 |
California Municipal Income |
- |
549 |
Institutional Class |
- |
5 |
Total |
$ - |
$ 568 |
9. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
||
|
Six months ended August 31, |
Year ended |
Six months ended August 31, |
Year ended |
Class A |
|
|
|
|
Shares sold |
1,187 |
1,926 |
$ 13,601 |
$ 22,454 |
Reinvestment of distributions |
49 |
66 |
565 |
754 |
Shares redeemed |
(482) |
(721) |
(5,506) |
(8,239) |
Net increase (decrease) |
754 |
1,271 |
$ 8,660 |
$ 14,969 |
Class T |
|
|
|
|
Shares sold |
101 |
311 |
$ 1,151 |
$ 3,658 |
Reinvestment of distributions |
8 |
18 |
97 |
204 |
Shares redeemed |
(178) |
(163) |
(2,060) |
(1,834) |
Net increase (decrease) |
(69) |
166 |
$ (812) |
$ 2,028 |
Class B |
|
|
|
|
Shares sold |
17 |
85 |
$ 181 |
$ 976 |
Reinvestment of distributions |
2 |
5 |
28 |
63 |
Shares redeemed |
(112) |
(151) |
(1,278) |
(1,751) |
Net increase (decrease) |
(93) |
(61) |
$ (1,069) |
$ (712) |
Semiannual Report
9. Share Transactions - continued
|
Shares |
Dollars |
||
|
Six months ended August 31, |
Year ended |
Six months ended August 31, |
Year ended |
Class C |
|
|
|
|
Shares sold |
462 |
635 |
$ 5,302 |
$ 7,343 |
Reinvestment of distributions |
12 |
16 |
133 |
186 |
Shares redeemed |
(172) |
(283) |
(1,961) |
(3,221) |
Net increase (decrease) |
302 |
368 |
$ 3,474 |
$ 4,308 |
California Municipal Income |
|
|
|
|
Shares sold |
13,775 |
35,274 |
$ 157,727 |
$ 409,272 |
Reinvestment of distributions |
1,947 |
3,952 |
22,291 |
45,637 |
Shares redeemed |
(14,244) |
(46,816) |
(162,767) |
(535,103) |
Net increase (decrease) |
1,478 |
(7,590) |
$ 17,251 |
$ (80,194) |
Institutional Class |
|
|
|
|
Shares sold |
1,855 |
1,386 |
$ 21,304 |
$ 16,182 |
Reinvestment of distributions |
21 |
37 |
240 |
422 |
Shares redeemed |
(270) |
(717) |
(3,089) |
(8,322) |
Net increase (decrease) |
1,606 |
706 |
$ 18,455 |
$ 8,282 |
10. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
A special meeting of the fund's shareholders was held on July 15, 2009. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
||
To elect a Board of Trustees.A |
||
|
# of |
% of |
James C. Curvey |
||
Affirmative |
1,041,000,256.67 |
94.299 |
Withheld |
62,938,673.31 |
5.701 |
TOTAL |
1,103,938,929.98 |
100.000 |
Albert R. Gamper, Jr. |
||
Affirmative |
1,044,613,524.91 |
94.626 |
Withheld |
59,325,405.07 |
5.374 |
TOTAL |
1,103,938,929.98 |
100.000 |
Abigail P. Johnson |
||
Affirmative |
1,039,890,816.16 |
94.198 |
Withheld |
64,048,113.82 |
5.802 |
TOTAL |
1,103,938,929.98 |
100.000 |
Arthur E. Johnson |
||
Affirmative |
1,043,541,819.48 |
94.529 |
Withheld |
60,397,110.50 |
5.471 |
TOTAL |
1,103,938,929.98 |
100.000 |
Michael E. Kenneally |
||
Affirmative |
1,045,866,100.84 |
94.739 |
Withheld |
58,072,829.14 |
5.261 |
TOTAL |
1,103,938,929.98 |
100.000 |
James H. Keyes |
||
Affirmative |
1,045,128,561.60 |
94.673 |
Withheld |
58,810,368.38 |
5.327 |
TOTAL |
1,103,938,929.98 |
100.000 |
Marie L. Knowles |
||
Affirmative |
1,043,771,244.22 |
94.550 |
Withheld |
60,167,685.76 |
5.450 |
TOTAL |
1,103,938,929.98 |
100.000 |
Kenneth L. Wolfe |
||
Affirmative |
1,044,954,180.51 |
94.657 |
Withheld |
58,984,749.47 |
5.343 |
TOTAL |
1,103,938,929.98 |
100.000 |
PROPOSAL 2 |
||
To amend the Declaration of Trust to reduce the required quorum for future shareholder meetings.A |
||
|
# of |
% of |
Affirmative |
789,928,518.52 |
71.556 |
Against |
109,475,883.11 |
9.917 |
Abstain |
70,754,986.10 |
6.409 |
Broker Non- Votes |
133,779,542.25 |
12.118 |
TOTAL |
1,103,938,929.98 |
100.000 |
A Denotes trust-wide proposal and voting results. |
Semiannual Report
Fidelity California Municipal Income Fund
On May 21, 2009, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract and subadvisory agreements (together, the Advisory Contracts) for the fund for four months, through September 30, 2009, in connection with the reorganization of the Board's new meeting schedule. The Board considered that the contractual terms of and fees payable under the fund's Advisory Contracts involve no changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the nature or level of services provided under the fund's Advisory Contracts; or (iii) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through September 30, 2009, with the understanding that the Board will consider their renewal in September 2009.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
ASCM-USAN-1009 1.790936.106
(Fidelity Investment logo)(registered trademark)
Fidelity Advisor
California Municipal Income
Fund - Institutional Class
Semiannual Report
August 31, 2009
Institutional Class is a class of Fidelity® California Municipal Income Fund
(2_fidelity_logos) (Registered_Trademark)
Chairman's Message |
The Chairman's message to shareholders. |
|
Shareholder Expense Example |
An example of shareholder expenses. |
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
Investments |
A complete list of the fund's investments with their market values. |
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
|
Notes |
Notes to the financial statements. |
|
Proxy Voting Results |
|
|
Board Approval of Investment Advisory Contracts and Management Fees |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
We've seen a welcome uptick in the global equity markets this spring and summer, as signs of stabilization in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Abigail P. Johnson
Abigail P. Johnson
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2009 to August 31, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
Shareholder Expense Example - continued
|
Annualized Expense Ratio |
Beginning |
Ending |
Expenses Paid |
Class A |
.77% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,045.90 |
$ 3.97 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.32 |
$ 3.92 |
Class T |
.74% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,046.90 |
$ 3.82 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,021.48 |
$ 3.77 |
Class B |
1.41% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,042.60 |
$ 7.26 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,018.10 |
$ 7.17 |
Class C |
1.51% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,043.00 |
$ 7.78 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,017.59 |
$ 7.68 |
California Municipal Income |
.48% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,048.40 |
$ 2.48 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,022.79 |
$ 2.45 |
Institutional Class |
.51% |
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,048.10 |
$ 2.63 |
HypotheticalA |
|
$ 1,000.00 |
$ 1,022.63 |
$ 2.60 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Semiannual Report
Top Five Sectors as of August 31, 2009 |
||
|
% of fund's |
% of fund's net assets |
General Obligations |
42.2 |
41.4 |
Transportation |
12.1 |
12.8 |
Health Care |
9.9 |
9.1 |
Education |
5.8 |
4.1 |
Water & Sewer |
5.8 |
6.1 |
Weighted Average Maturity as of August 31, 2009 |
||
|
|
6 months ago |
Years |
9.8 |
11.8 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of August 31, 2009 |
||
|
|
6 months ago |
Years |
7.8 |
7.9 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) |
|||||||
As of August 31, 2009 |
As of February 28, 2009 |
||||||
![]() |
AAA 3.5% |
|
![]() |
AAA 3.9% |
|
||
![]() |
AA,A 58.8% |
|
![]() |
AA,A 75.1% |
|
||
![]() |
BBB 31.4% |
|
![]() |
BBB 16.4% |
|
||
![]() |
BB and Below 0.2% |
|
![]() |
BB and Below 0.1% |
|
||
![]() |
Not Rated 3.6% |
|
![]() |
Not Rated 2.3% |
|
||
![]() |
Short-Term |
|
![]() |
Short-Term |
|
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Showing Percentage of Net Assets
Municipal Bonds - 97.5% |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - 96.4% |
||||
ABAG Fin. Auth. for Nonprofit Corps. Rev.: |
|
|
|
|
(Hamlin School Proj.) Series 2007: |
|
|
|
|
4.625% 8/1/16 |
|
$ 380 |
$ 336 |
|
4.625% 8/1/17 |
|
405 |
352 |
|
5% 8/1/18 |
|
530 |
466 |
|
5% 8/1/19 |
|
555 |
479 |
|
5% 8/1/20 |
|
585 |
498 |
|
5% 8/1/23 |
|
1,940 |
1,561 |
|
Series 2009 B, 6.25% 8/1/39 |
|
3,000 |
3,004 |
|
ABC Unified School District Series 1997 C: |
|
|
|
|
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,720 |
643 |
|
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,760 |
816 |
|
Alameda Corridor Trans. Auth. Rev. Series 1999 A, 5.25% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
7,575 |
7,603 |
|
Alameda County Ctfs. of Prtn.: |
|
|
|
|
(Santa Rita Jail Proj.) Series 2007 A: |
|
|
|
|
5% 12/1/18 (AMBAC Insured) |
|
2,645 |
2,739 |
|
5% 12/1/20 (AMBAC Insured) |
|
2,810 |
2,834 |
|
Series 1989, 0% 6/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,310 |
1,605 |
|
Alhambra Unified School District Series 2004 A, 5% 8/1/25 (FGIC Insured) |
|
1,880 |
1,886 |
|
Alhambra Unified School District Ctfs. of Prtn.: |
|
|
|
|
5.5% 4/1/23 (FSA Insured) |
|
1,600 |
1,638 |
|
5.5% 4/1/26 (FSA Insured) |
|
1,000 |
1,019 |
|
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impt. Proj.): |
|
|
|
|
Series 1997 A, 6% 9/1/24 |
|
1,000 |
1,111 |
|
Series 1997 C: |
|
|
|
|
0% 9/1/19 (FSA Insured) |
|
1,285 |
756 |
|
0% 9/1/22 (FSA Insured) |
|
5,150 |
2,494 |
|
Anaheim Pub. Fing. Auth. Rev. Series 2007 A, 4.5% 10/1/32 |
|
10,000 |
9,357 |
|
Antioch Unified School District (School Facilities Impt. District #1 Proj.) Series 2008 B, 5.75% 8/1/24 (Assured Guaranty Corp. Insured) |
|
1,000 |
1,104 |
|
Auburn Union School District Ctfs. of Prtn. (2008 Refing. Proj.) 5% 6/1/38 (Assured Guaranty Corp. Insured) |
|
5,615 |
5,320 |
|
Azusa Unified School District Series 2002, 5.375% 7/1/16 (FSA Insured) |
|
1,225 |
1,325 |
|
Bay Area Infrastructure Fing. Auth.: |
|
|
|
|
5% 8/1/17 |
|
5,000 |
4,977 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Bay Area Infrastructure Fing. Auth.: - continued |
|
|
|
|
5% 8/1/17 (FGIC Insured) |
|
$ 5,030 |
$ 5,007 |
|
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F1, 5.625% 4/1/44 |
|
2,700 |
2,861 |
|
Burbank Glendale Pasadena Arpt. Auth. Rev. Series 2005 B: |
|
|
|
|
5% 7/1/12 (AMBAC Insured) (d) |
|
1,840 |
1,934 |
|
5.25% 7/1/14 (AMBAC Insured) (d) |
|
2,035 |
2,151 |
|
5.25% 7/1/16 (AMBAC Insured) (d) |
|
1,255 |
1,311 |
|
5.25% 7/1/17 (AMBAC Insured) (d) |
|
1,370 |
1,417 |
|
Burbank Unified School District: |
|
|
|
|
Series 1997 B, 0% 8/1/20 |
|
3,835 |
2,113 |
|
Series 1997 C, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,865 |
3,197 |
|
Butte-Glenn Cmnty. College District Series A, 5.5% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,085 |
1,157 |
|
Cabrillo Unified School District Series A: |
|
|
|
|
0% 8/1/10 (AMBAC Insured) |
|
2,150 |
2,111 |
|
0% 8/1/12 (AMBAC Insured) |
|
2,800 |
2,580 |
|
0% 8/1/17 (AMBAC Insured) |
|
1,000 |
714 |
|
0% 8/1/18 (AMBAC Insured) |
|
2,000 |
1,345 |
|
California Dept. of Wtr. Resources Central Valley Proj. Rev. Series J1, 7% 12/1/12 |
|
730 |
867 |
|
California Dept. of Wtr. Resources Pwr. Supply Rev. Series 2002 A: |
|
|
|
|
5% 5/1/17 |
|
1,000 |
1,059 |
|
5.5% 5/1/15 |
|
8,400 |
9,144 |
|
6% 5/1/13 |
|
2,320 |
2,593 |
|
6% 5/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
2,220 |
|
California Econ. Recovery Series 2008 B4, 5%, tender 7/1/10 (c) |
|
4,700 |
4,832 |
|
California Edl. Facilities Auth. Rev.: |
|
|
|
|
(Claremont Graduate Univ. Proj.) Series 2008 A: |
|
|
|
|
6% 3/1/33 |
|
1,000 |
1,045 |
|
6% 3/1/38 |
|
1,000 |
1,040 |
|
(College & Univ. Fing. Prog.) Series 2007: |
|
|
|
|
5% 2/1/16 |
|
1,600 |
1,423 |
|
5% 2/1/17 |
|
1,000 |
871 |
|
(Loyola Marymount Univ. Proj.) Series 2001 A, 0% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,280 |
1,642 |
|
(Pomona College Proj.) Series 2005 A, 0% 7/1/38 |
|
3,155 |
646 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
(Santa Clara Univ. Proj.) Series 1999, 5.25% 9/1/26 (AMBAC Insured) |
|
$ 7,910 |
$ 8,620 |
|
California Gen. Oblig.: |
|
|
|
|
Series 1992, 6.25% 9/1/12 (FGIC Insured) |
|
2,000 |
2,124 |
|
Series 2005, 5.5% 6/1/28 |
|
275 |
276 |
|
Series 2007: |
|
|
|
|
5.625% 5/1/20 |
|
150 |
154 |
|
5.625% 5/1/26 |
|
215 |
218 |
|
5.75% 5/1/30 |
|
160 |
162 |
|
4.5% 8/1/30 |
|
3,250 |
2,898 |
|
4.5% 10/1/36 |
|
3,075 |
2,611 |
|
5% 3/1/15 |
|
2,230 |
2,451 |
|
5% 3/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,500 |
2,698 |
|
5% 9/1/17 |
|
900 |
974 |
|
5% 5/1/19 |
|
10,000 |
10,481 |
|
5% 11/1/22 (XL Cap. Assurance, Inc. Insured) |
|
2,800 |
2,893 |
|
5% 2/1/23 |
|
1,095 |
1,110 |
|
5% 2/1/26 |
|
1,500 |
1,503 |
|
5% 3/1/26 |
|
2,800 |
2,812 |
|
5% 6/1/26 |
|
2,600 |
2,610 |
|
5% 6/1/27 (AMBAC Insured) |
|
2,800 |
2,801 |
|
5% 6/1/29 |
|
5,005 |
4,943 |
|
5% 2/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,800 |
2,728 |
|
5% 6/1/31 |
|
2,000 |
1,948 |
|
5% 12/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,947 |
|
5% 10/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
968 |
|
5% 8/1/33 |
|
3,400 |
3,280 |
|
5.125% 11/1/24 |
|
2,800 |
2,838 |
|
5.125% 2/1/26 |
|
2,800 |
2,822 |
|
5.25% 2/1/14 |
|
4,045 |
4,419 |
|
5.25% 10/1/14 |
|
140 |
140 |
|
5.25% 2/1/16 |
|
7,500 |
8,041 |
|
5.25% 10/1/17 |
|
105 |
105 |
|
5.25% 11/1/18 |
|
3,000 |
3,174 |
|
5.25% 2/1/20 |
|
6,805 |
7,080 |
|
5.25% 2/1/22 |
|
2,020 |
2,073 |
|
5.25% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,490 |
5,534 |
|
5.25% 4/1/27 |
|
5 |
5 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Gen. Oblig.: - continued |
|
|
|
|
5.25% 2/1/28 |
|
$ 2,785 |
$ 2,805 |
|
5.25% 2/1/29 |
|
5,000 |
5,023 |
|
5.25% 4/1/29 |
|
5 |
5 |
|
5.25% 11/1/29 |
|
2,000 |
2,011 |
|
5.25% 4/1/30 |
|
35 |
35 |
|
5.25% 2/1/33 |
|
8,150 |
8,139 |
|
5.25% 12/1/33 |
|
105 |
105 |
|
5.25% 3/1/38 |
|
6,000 |
5,904 |
|
5.375% 4/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
35 |
37 |
|
5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured) |
|
1,245 |
1,315 |
|
5.5% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
100 |
103 |
|
5.5% 4/1/28 |
|
5 |
5 |
|
5.5% 8/1/29 |
|
7,790 |
8,011 |
|
5.5% 4/1/30 |
|
25 |
25 |
|
5.5% 11/1/33 |
|
30,940 |
31,217 |
|
6% 4/1/18 |
|
1,570 |
1,817 |
|
6% 4/1/38 |
|
9,500 |
10,060 |
|
6.5% 4/1/33 |
|
8,500 |
9,352 |
|
6.75% 8/1/12 |
|
1,100 |
1,242 |
|
California Health Facilities Fing. Auth. Rev.: |
|
|
|
|
(Catholic Healthcare West Proj.): |
|
|
|
|
Series 2004 I, 4.95%, tender 7/1/14 (c) |
|
5,000 |
5,118 |
|
Series 2008 H, 5.125% 7/1/22 |
|
3,000 |
2,951 |
|
Series 2008 L, 5.125% 7/1/22 |
|
3,000 |
2,944 |
|
Series 2009 C, 5%, tender 7/2/12 (c) |
|
6,300 |
6,477 |
|
(Cedars-Sinai Med. Ctr. Proj.) Series 2005, 5% 11/15/14 |
|
1,485 |
1,573 |
|
(Children's Hosp. of Orange County Proj.) Series 2009 A, 5% 11/1/12 |
|
2,345 |
2,441 |
|
(Cottage Health Sys. Proj.) Series 2003 B, 5.25% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,260 |
1,294 |
|
(Providence Health & Svcs. Proj.) Series 2008 C, 6.5% 10/1/38 |
|
5,000 |
5,435 |
|
(Providence Health and Svcs. Proj.) Series 2009 B, 5.5% 10/1/39 |
|
2,000 |
2,003 |
|
(Stanford Hosp. and Clinics Proj.) Series 2008 A3, 3.45%, tender 6/15/11 (c) |
|
6,200 |
6,281 |
|
(Sutter Health Proj.): |
|
|
|
|
Series 2007 A, 5% 11/15/42 |
|
2,635 |
2,273 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Health Facilities Fing. Auth. Rev.: - continued |
|
|
|
|
(Sutter Health Proj.): |
|
|
|
|
Series 2008 A: |
|
|
|
|
5% 8/15/14 |
|
$ 4,205 |
$ 4,462 |
|
5% 8/15/15 |
|
4,500 |
4,753 |
|
California Hsg. Fin. Agcy. Rev. (Home Mtg. Prog.): |
|
|
|
|
Series 1983 A, 0% 2/1/15 |
|
5,432 |
3,386 |
|
Series 1983 B, 0% 8/1/15 |
|
70 |
38 |
|
Series 1998 J, 4.85% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
295 |
291 |
|
California Infrastructure & Econ. Dev. Bank Rev.: |
|
|
|
|
(California Science Ctr. Phase II Proj.) Series 2006 B, 5% 5/1/19 (FGIC Insured) |
|
1,000 |
993 |
|
(Pacific Gas and Elec. Co. Proj.) Series 2008 F, 3.75%, tender 9/20/10 (c) |
|
8,500 |
8,537 |
|
(Performing Arts Ctr. of Los Angeles County Proj.) Series 2007: |
|
|
|
|
5% 12/1/27 |
|
1,080 |
1,037 |
|
5% 12/1/32 |
|
1,000 |
933 |
|
5% 12/1/42 |
|
3,000 |
2,671 |
|
(YMCA Metropolitan L.A. Proj.) Series 2001: |
|
|
|
|
5.25% 2/1/26 (AMBAC Insured) |
|
2,000 |
2,007 |
|
5.25% 2/1/32 (AMBAC Insured) |
|
6,295 |
5,969 |
|
Series 2005, 5% 10/1/33 |
|
7,235 |
7,303 |
|
California Muni. Fin. Auth. Rev. (Loma Linda Univ. Proj.) Series 2007, 5% 4/1/22 |
|
1,090 |
1,122 |
|
California Poll. Cont. Fing. Auth. Ctfs. of Prtn.: |
|
|
|
|
(Pacific Gas & Elec. Co. Proj.) Series 1996 A, 5.35% 12/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
4,335 |
4,391 |
|
(San Diego Gas & Elec. Co. Proj.) 5.9% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,250 |
4,675 |
|
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): |
|
|
|
|
Series 2001 A, 5.125%, tender 5/1/14 (c)(d) |
|
9,000 |
9,109 |
|
Series 2003 A, 5%, tender 5/1/13 (c)(d) |
|
3,000 |
3,042 |
|
Series 2005 A1, 4.7%, tender 4/1/12 (c)(d) |
|
3,250 |
3,271 |
|
California Pub. Works Board Lease Rev.: |
|
|
|
|
(Butterfield State Office Complex Proj.) Series 2005 A: |
|
|
|
|
5% 6/1/13 |
|
2,600 |
2,748 |
|
5% 6/1/14 |
|
2,000 |
2,104 |
|
5.25% 6/1/24 |
|
5,400 |
5,286 |
|
5.25% 6/1/25 |
|
5,000 |
4,843 |
|
5.25% 6/1/30 |
|
4,000 |
3,670 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Pub. Works Board Lease Rev.: - continued |
|
|
|
|
(California Cmnty. College Projs.) Series 1998 A, 5.25% 12/1/16 |
|
$ 4,450 |
$ 4,491 |
|
(California State Univ. Proj.): |
|
|
|
|
Series 2006 A, 5% 10/1/14 (FGIC Insured) |
|
2,700 |
2,949 |
|
Series 2006 G: |
|
|
|
|
5% 11/1/20 |
|
1,825 |
1,839 |
|
5% 11/1/21 |
|
2,020 |
2,018 |
|
(California Substance Abuse Treatment Facility and State Prison at Corcoran II Proj.) Series 2005 J, 5.25% 1/1/16 (AMBAC Insured) |
|
4,520 |
4,776 |
|
(Capitol East End Complex-Blocks 171-174 & 225 Proj.) Series 2002 A, 5.25% 12/1/18 |
|
5,000 |
5,115 |
|
(Coalinga State Hosp. Proj.) Series 2004 A: |
|
|
|
|
5.25% 6/1/12 |
|
2,485 |
2,628 |
|
5.5% 6/1/15 |
|
1,000 |
1,066 |
|
5.5% 6/1/17 |
|
9,980 |
10,480 |
|
(Dept. of Corrections & Rehab. Proj.) Series 2006 F: |
|
|
|
|
5% 11/1/15 (FGIC Insured) |
|
2,455 |
2,586 |
|
5% 11/1/16 (FGIC Insured) |
|
2,000 |
2,095 |
|
(Dept. of Corrections State Prison Proj.) Series 1993 E: |
|
|
|
|
5.5% 6/1/15 (FSA Insured) |
|
2,000 |
2,134 |
|
5.5% 6/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,063 |
|
(Dept. of Corrections, Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/13 |
|
4,200 |
4,520 |
|
(Dept. of Corrections, Madera State Prison Proj.) |
|
8,775 |
9,329 |
|
(Dept. of Corrections, Monterey County State Prison Proj.) Series 2003 C, 5.5% 6/1/15 |
|
6,100 |
6,500 |
|
(Dept. of Corrections, Susanville State Prison Proj.) |
|
4,200 |
4,559 |
|
(Dept. of Gen. Svcs. Butterfield Proj.) Series 2005 A, 5% 6/1/23 |
|
2,900 |
2,792 |
|
(Dept. of Mental Health Proj.) Series 2004 A: |
|
|
|
|
5% 6/1/25 |
|
3,000 |
2,828 |
|
5.125% 6/1/29 |
|
5,000 |
4,572 |
|
5.5% 6/1/19 |
|
2,000 |
2,064 |
|
(Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,775 |
4,972 |
|
(Madera County, Valley State Prison for Women Proj.) Series 2005 H, 5% 6/1/16 |
|
5,000 |
5,197 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Pub. Works Board Lease Rev.: - continued |
|
|
|
|
(Office of Emergency Svcs. Proj.) Series 2007 A, 5% 3/1/20 |
|
$ 3,335 |
$ 3,330 |
|
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 |
|
5,900 |
6,053 |
|
(Richmond Lab. Proj.) Series 2005 K, 5% 11/1/17 |
|
5,625 |
5,784 |
|
(Ten Administrative Segregation Hsg. Units Proj.) Series 2002 A, 5.25% 3/1/18 (AMBAC Insured) |
|
2,500 |
2,527 |
|
(Univ. of California Research Proj.): |
|
|
|
|
Series 2005 L: |
|
|
|
|
5% 11/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,165 |
5,247 |
|
5.25% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,500 |
3,659 |
|
Series 2006 E: |
|
|
|
|
5% 10/1/23 |
|
2,410 |
2,482 |
|
5.25% 10/1/21 |
|
2,900 |
3,092 |
|
California State Univ. Rev.: |
|
|
|
|
(Systemwide Proj.) Series 2002 A: |
|
|
|
|
5.375% 11/1/18 (AMBAC Insured) |
|
1,290 |
1,393 |
|
5.5% 11/1/16 (AMBAC Insured) |
|
1,500 |
1,647 |
|
Series 2009 A: |
|
|
|
|
5.75% 11/1/25 |
|
3,675 |
4,053 |
|
5.75% 11/1/28 |
|
6,525 |
7,067 |
|
6% 11/1/40 |
|
7,240 |
7,720 |
|
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co. Proj.): |
|
|
|
|
Series 2006 A, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) |
|
7,965 |
7,986 |
|
Series 2006 B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c) |
|
2,425 |
2,431 |
|
California Statewide Cmntys. Dev. Auth. Rev.: |
|
|
|
|
(Adventist Health Sys. Proj.) Series 2007 B, 5% 3/1/37 (Assured Guaranty Corp. Insured) |
|
5,000 |
4,784 |
|
(Cmnty. Hosp. Monterey Peninsula Proj.) Series 2003 B, 5.25% 6/1/23 (FSA Insured) |
|
1,800 |
1,852 |
|
(Daughters of Charity Health Sys. Proj.): |
|
|
|
|
Series 2003 G, 5.25% 7/1/12 |
|
900 |
909 |
|
Series 2005 G, 5.25% 7/1/13 |
|
1,475 |
1,481 |
|
(Enloe Health Sys. Proj.) Series 2008 B: |
|
|
|
|
5% 8/15/16 |
|
125 |
131 |
|
5% 8/15/19 |
|
50 |
50 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
California Statewide Cmntys. Dev. Auth. Rev.: - continued |
|
|
|
|
(Enloe Health Sys. Proj.) Series 2008 B: |
|
|
|
|
5.75% 8/15/38 |
|
$ 3,000 |
$ 2,996 |
|
6.25% 8/15/33 |
|
2,500 |
2,615 |
|
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c) |
|
6,000 |
6,079 |
|
(Kaiser Permanente Health Sys. Proj.): |
|
|
|
|
Series 2004 I, 3.45%, tender 5/1/11 (c) |
|
2,750 |
2,782 |
|
Series 2007 A, 4.75% 4/1/33 |
|
2,000 |
1,728 |
|
(Los Angeles Orthopaedic Hosp. Foundation Prog.) Series 2000, 5.75% 6/1/30 (AMBAC Insured) |
|
10,000 |
8,932 |
|
(St. Joseph Health Sys. Proj.) Series 2007 C, 5.75% 7/1/47 (FGIC Insured) |
|
8,900 |
8,861 |
|
(Sutter Health Systems Proj.): |
|
|
|
|
Series 2002 B, 5.625% 8/15/42 |
|
7,000 |
6,721 |
|
Series 2005 A, 5% 11/15/43 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,125 |
3,550 |
|
(Thomas Jefferson School of Law Proj.) Series 2001, 7.75% 10/1/31 (Pre-Refunded to
10/1/11 |
|
1,430 |
1,609 |
|
Campbell Union School District Gen. Oblig. Series 2002 C, 5% 8/1/34 |
|
1,910 |
1,888 |
|
Carlsbad Unified School District: |
|
|
|
|
Series 2009 B: |
|
|
|
|
0% 5/1/15 |
|
1,000 |
815 |
|
0% 5/1/16 |
|
1,365 |
1,048 |
|
0% 5/1/17 |
|
1,155 |
835 |
|
0% 5/1/18 |
|
1,335 |
908 |
|
0% 5/1/19 |
|
1,000 |
632 |
|
0% 5/1/34 (a) |
|
5,300 |
2,977 |
|
0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,700 |
1,361 |
|
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. (Wtr. Sys. Impt. Proj.) Series 1994 A, 7% 8/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
1,664 |
|
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series 2008 A: |
|
|
|
|
5% 11/1/24 (AMBAC Insured) |
|
1,000 |
1,052 |
|
5% 11/1/25 (AMBAC Insured) |
|
3,820 |
3,994 |
|
5% 11/1/33 (AMBAC Insured) |
|
5,000 |
5,003 |
|
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co. Proj.) Series B, 5.875% 2/15/34 |
|
5,000 |
5,064 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Clovis Pub. Fing. Auth. Wastewtr. Rev. Series 2005, 5% 8/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 3,295 |
$ 3,043 |
|
Colton Joint Unified School District Series 2001 C, 5.25% 2/1/22 (FGIC Insured) |
|
1,200 |
1,215 |
|
Commerce Refuse to Energy Auth. Rev. Series 2005: |
|
|
|
|
5.5% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,545 |
1,737 |
|
5.5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,685 |
3,040 |
|
Corona-Norco Unified School District Series A: |
|
|
|
|
5% 8/1/22 (FSA Insured) |
|
1,470 |
1,549 |
|
5% 8/1/25 (FSA Insured) |
|
1,435 |
1,478 |
|
5% 8/1/26 (FSA Insured) |
|
2,000 |
2,065 |
|
5% 8/1/27 (FSA Insured) |
|
1,785 |
1,821 |
|
5% 8/1/31 (FSA Insured) |
|
5,000 |
4,987 |
|
Covina Valley Unified School District Series 2006 A, 5% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,600 |
5,476 |
|
Ctr. Unified School District Series 1997 C: |
|
|
|
|
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,288 |
|
0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,010 |
1,149 |
|
Cucamonga County Wtr. District 5% 9/1/36 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,890 |
2,754 |
|
Davis Spl. Tax Rev. Series 2007: |
|
|
|
|
5% 9/1/11 (AMBAC Insured) |
|
595 |
610 |
|
5% 9/1/12 (AMBAC Insured) |
|
625 |
645 |
|
5% 9/1/13 (AMBAC Insured) |
|
655 |
669 |
|
5% 9/1/14 (AMBAC Insured) |
|
690 |
702 |
|
5% 9/1/15 (AMBAC Insured) |
|
725 |
732 |
|
5% 9/1/18 (AMBAC Insured) |
|
835 |
797 |
|
5% 9/1/20 (AMBAC Insured) |
|
925 |
866 |
|
5% 9/1/22 (AMBAC Insured) |
|
1,020 |
936 |
|
Desert Sands Union School District Ctfs. of Prtn.: |
|
|
|
|
5.75% 3/1/24 (FSA Insured) |
|
2,000 |
2,118 |
|
6% 3/1/20 (FSA Insured) |
|
1,000 |
1,107 |
|
Duarte Ctfs. of Prtn. Series 1999 A: |
|
|
|
|
5% 4/1/11 |
|
2,780 |
2,810 |
|
5% 4/1/12 |
|
4,210 |
4,254 |
|
5% 4/1/13 |
|
1,830 |
1,849 |
|
Eastern Muni. Wtr. District Wtr. and Swr. Rev. Ctfs. of Prtn. Series 2008 H, 5% 7/1/35 |
|
2,500 |
2,496 |
|
El Centro Fing. Auth. Wastewtr. Series 2006 A, 5.25% 10/1/35 (FSA Insured) |
|
8,340 |
8,154 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Elk Grove Fin. Auth. Spl. Tax Rev. 5% 9/1/17 (AMBAC Insured) |
|
$ 2,415 |
$ 2,361 |
|
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 (AMBAC Insured) |
|
4,025 |
4,081 |
|
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 2002 A: |
|
|
|
|
0% 10/1/24 (AMBAC Insured) |
|
1,665 |
743 |
|
0% 10/1/25 (AMBAC Insured) |
|
1,665 |
686 |
|
Encinitas Union School District Series 1996: |
|
|
|
|
0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
987 |
|
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
561 |
|
Escondido Union High School District: |
|
|
|
|
Series 2008 A: |
|
|
|
|
0% 8/1/33 (Assured Guaranty Corp. Insured) |
|
5,655 |
1,135 |
|
0% 8/1/34 (Assured Guaranty Corp. Insured) |
|
3,500 |
647 |
|
0% 11/1/16 (Escrowed to Maturity) (e) |
|
3,500 |
2,806 |
|
Fairfield-Suisun Unified School District Series 2004, 5.5% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
3,075 |
|
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.) Series 2007, 5% 5/1/37 (CIFG North America Insured) |
|
2,500 |
2,140 |
|
Folsom Cordova Unified School District School Facilities Impt. District #1 Series A, 0% 10/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,315 |
732 |
|
Foothill-De Anza Cmnty. College District: |
|
|
|
|
Series 1999 A: |
|
|
|
|
0% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. |
|
2,430 |
1,984 |
|
0% 8/1/19 (Nat'l. Pub. Fin. Guarantee Corp. |
|
5,365 |
3,415 |
|
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. |
|
6,425 |
3,854 |
|
Series 1999 B, 0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,000 |
2,312 |
|
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: |
|
|
|
|
Series 1995 A, 5% 1/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
24,070 |
18,418 |
|
Series 1999: |
|
|
|
|
5% 1/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,860 |
5,515 |
|
5.75% 1/15/40 |
|
8,155 |
6,843 |
|
5.875% 1/15/27 |
|
4,000 |
3,633 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.: - continued |
|
|
|
|
Series 1999: |
|
|
|
|
5.875% 1/15/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 4,500 |
$ 4,088 |
|
5.875% 1/15/29 |
|
4,000 |
3,553 |
|
Series A, 0% 1/1/18 (Escrowed to Maturity) (e) |
|
1,000 |
737 |
|
Fullerton Univ. Foundation Auxiliary Organization Rev. Series 2000 A: |
|
|
|
|
5.75% 7/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,250 |
1,282 |
|
5.75% 7/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,022 |
|
Garden Grove Agcy. Cmnty. Dev. Tax Allocation Rev. (Garden Grove Cmnty. Proj.) 5.375% 10/1/20 |
|
2,645 |
2,567 |
|
Glendora Unified School District Series 2005 A, 5.25% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,047 |
|
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: |
|
|
|
|
Series 2005 A: |
|
|
|
|
5% 6/1/45 |
|
13,425 |
11,479 |
|
5% 6/1/45 |
|
2,775 |
2,373 |
|
Series 2007 A1: |
|
|
|
|
5% 6/1/11 |
|
1,470 |
1,488 |
|
5% 6/1/12 |
|
1,400 |
1,417 |
|
5% 6/1/13 |
|
1,000 |
1,001 |
|
5% 6/1/14 |
|
2,000 |
1,963 |
|
5% 6/1/15 |
|
1,000 |
969 |
|
5% 6/1/33 |
|
3,000 |
2,349 |
|
5.125% 6/1/47 |
|
2,600 |
1,824 |
|
5.75% 6/1/47 |
|
5,000 |
3,874 |
|
Golden West Schools Fing. Auth. Rev. Series A, 0% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,750 |
1,866 |
|
Indio Pub. Fing. Auth. Lease Rev. Series 2007 B, 3.8%, tender 11/1/12 (AMBAC Insured) (c) |
|
2,500 |
2,504 |
|
La Quinta Redev. Agcy. Tax. Allocation (Area #1 Redev. Proj.) Series 1994, 7.3% 9/1/11 (National Public Finance Guarantee Corp. Insured) |
|
555 |
584 |
|
Lancaster Fing. Auth. Tax Allocation Rev. 5% 2/1/31 (AMBAC Insured) |
|
3,445 |
2,817 |
|
Loma Linda Hosp. Rev. (Loma Linda Univ. Med. Ctr. Proj.) Series 2008 A, 8.25% 12/1/38 |
|
4,400 |
4,622 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev. Series 2007 A, 5.25% 11/15/21 |
|
$ 3,790 |
$ 3,534 |
|
Long Beach Cmnty. College Series 2008 A, 0% 6/1/31 (FSA Insured) |
|
9,750 |
2,645 |
|
Long Beach Hbr. Rev.: |
|
|
|
|
Series 1998 A: |
|
|
|
|
6% 5/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,024 |
|
6% 5/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,500 |
3,781 |
|
Series 2000 A, 5.25% 5/15/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
6,505 |
6,504 |
|
Series 2004 A: |
|
|
|
|
5% 5/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,000 |
2,130 |
|
5% 5/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,053 |
|
Series 2005 A: |
|
|
|
|
5% 5/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,040 |
|
5% 5/15/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,735 |
2,699 |
|
Long Beach Unified School District Series A, 5.75% 8/1/33 |
|
2,800 |
2,976 |
|
Los Angeles Cmnty. College District: |
|
|
|
|
Series 2007 A, 5% 8/1/32 |
|
10,000 |
10,123 |
|
Series 2008 A, 6% 8/1/33 |
|
10,000 |
10,863 |
|
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005, 5% 9/1/21 (AMBAC Insured) |
|
2,805 |
2,652 |
|
Los Angeles County Ctfs. of Prtn.: |
|
|
|
|
(Correctional Facilities Proj.) 0% 9/1/13 (Escrowed to Maturity) (e) |
|
3,380 |
3,106 |
|
(Disney Parking Proj.): |
|
|
|
|
0% 3/1/10 |
|
2,000 |
1,980 |
|
0% 3/1/11 |
|
1,950 |
1,880 |
|
0% 3/1/12 |
|
2,180 |
2,012 |
|
0% 3/1/13 |
|
6,490 |
5,721 |
|
0% 9/1/14 (AMBAC Insured) |
|
3,860 |
3,186 |
|
0% 3/1/18 |
|
3,000 |
1,984 |
|
0% 3/1/19 |
|
3,200 |
1,978 |
|
0% 3/1/20 |
|
1,000 |
579 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Los Angeles County Schools Regionalized Bus. Svcs. Corp. Ctfs. of Prtn. (Pooled Fing. Prog.) Series 2003 B: |
|
|
|
|
5.375% 9/1/16 (FSA Insured) |
|
$ 1,045 |
$ 1,162 |
|
5.375% 9/1/17 (FSA Insured) |
|
1,095 |
1,198 |
|
5.375% 9/1/18 (FSA Insured) |
|
1,155 |
1,252 |
|
5.375% 9/1/19 (FSA Insured) |
|
1,210 |
1,306 |
|
Los Angeles Ctfs. of Prtn. (Dept. Pub. Social Svcs. Proj.) Series 1999 A, 5.5% 8/1/24 (AMBAC Insured) |
|
3,700 |
3,744 |
|
Los Angeles Dept. Arpt. Rev.: |
|
|
|
|
Series 2002 A, 5.25% 5/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
3,135 |
|
Series 2006 A: |
|
|
|
|
5% 5/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,000 |
1,049 |
|
5% 5/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,990 |
4,076 |
|
5% 5/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
1,410 |
1,419 |
|
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev.: |
|
|
|
|
4.75% 8/15/12 (Escrowed to Maturity) (e) |
|
3,120 |
3,121 |
|
4.75% 8/15/16 (Escrowed to Maturity) (e) |
|
1,395 |
1,395 |
|
4.75% 10/15/20 (Escrowed to Maturity) (e) |
|
150 |
150 |
|
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev.: |
|
|
|
|
Series 2001 A, 5.125% 7/1/41 |
|
5,500 |
5,507 |
|
Series 2004 C, 5% 7/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
1,504 |
|
Los Angeles Habor Dept. Rev. 7.6% 10/1/18 (Escrowed to Maturity) (e) |
|
11,505 |
14,261 |
|
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2008 A, 5% 9/1/22 |
|
5,500 |
5,564 |
|
Los Angeles Unified School District Series 2004 A1, 5% 7/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
3,237 |
|
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5.75% 6/1/34 |
|
10,000 |
10,748 |
|
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (Escrowed to Maturity) (e) |
|
1,880 |
2,278 |
|
Malibu Gen. Oblig. Ctfs. of Prtn. (City Hall Proj.) Series A: |
|
|
|
|
5% 7/1/32 (b) |
|
500 |
505 |
|
5% 7/1/39 (b) |
|
2,120 |
2,113 |
|
Marina Coast Wtr. District Ctfs. Prtn. Series 2006, 5% 6/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,500 |
3,134 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Merced Union High School District Series A, 0% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 1,100 |
$ 558 |
|
Modesto Elementary School District, Stanislaus County Series A: |
|
|
|
|
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,083 |
|
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,800 |
1,157 |
|
Modesto Gen. Oblig. Ctfs. of Prtn.: |
|
|
|
|
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured) |
|
2,500 |
2,447 |
|
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,585 |
1,551 |
|
Modesto Irrigation District Ctfs. of Prtn.: |
|
|
|
|
(Cap. Impts. Proj.) Series 2004 B, 5.5% 7/1/35 |
|
3,800 |
3,769 |
|
(Geysers Geothermal Pwr. Proj.) Series 1986 A, 5% 10/1/17 (Escrowed to Maturity) (e) |
|
5,000 |
5,392 |
|
(Rfdg. and Cap. Impts Proj.) Series 1991 A, 0% 10/1/10 (Escrowed to Maturity) (e) |
|
2,270 |
2,243 |
|
Monrovia Unified School District Series B, 0% 8/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,500 |
498 |
|
Montebello Unified School District Series 2001, 0% 6/1/26 (FSA Insured) |
|
1,580 |
534 |
|
Monterey County Ctfs. of Prtn. 5% 8/1/18 (AMBAC Insured) |
|
3,580 |
3,679 |
|
Moreland School District Series 2003 B, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,485 |
531 |
|
Murrieta Valley Unified School District: |
|
|
|
|
Series 1998 A, 0% 9/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
1,315 |
|
Series 2008, 0% 9/1/32 (FSA Insured) |
|
5,000 |
1,128 |
|
Natomas Unified School District Series 2007, 5.25% 8/1/30 (FGIC Insured) |
|
5,150 |
5,098 |
|
New Haven Unified School District: |
|
|
|
|
12% 8/1/16 (FSA Insured) |
|
1,500 |
2,358 |
|
12% 8/1/17 (FSA Insured) |
|
1,000 |
1,619 |
|
Newport Beach Rev. (Hoag Memorial Hosp. Presbyterian Proj.): |
|
|
|
|
Series 2009 A, 5% 12/1/24 |
|
2,000 |
2,035 |
|
Series 2009 E, 5%, tender 2/7/13 (c) |
|
2,800 |
2,986 |
|
North City West School Facilities Fing. Auth. Spl. Tax: |
|
|
|
|
Series 2005 B, 5.25% 9/1/23 (AMBAC Insured) |
|
1,530 |
1,434 |
|
Series 2006 C: |
|
|
|
|
5% 9/1/16 (AMBAC Insured) |
|
1,000 |
1,020 |
|
5% 9/1/17 (AMBAC Insured) |
|
2,735 |
2,749 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Northern California Gas Auth. #1 Gas Proj. Rev. Series 2007 A, 5% 7/1/11 |
|
$ 820 |
$ 848 |
|
Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/12 |
|
2,500 |
2,695 |
|
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 1986 A, 7.5% 7/1/23 (Pre-Refunded to 7/1/21 @ 100) (e) |
|
3,850 |
5,230 |
|
Northern California Transmission Auth. Rev. (Ore Trans. Proj.) Series A, 7% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
6,100 |
6,613 |
|
Norwalk-Mirada Unified School District Series 2009 D, 0% 8/1/33 (FSA Insured) |
|
5,700 |
1,141 |
|
Novato Unified School District Series 2002, 5.25% 8/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,061 |
|
Oakland Gen. Oblig. Series 2009 B, 6.25% 1/15/39 |
|
3,000 |
3,136 |
|
Oakland Joint Powers Fing. Auth. Series 2008 A1, 4.25% 1/1/13 (Assured Guaranty Corp. Insured) |
|
3,000 |
3,160 |
|
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.): |
|
|
|
|
Series 1993 A, 5% 9/1/21 (Escrowed to Maturity) (e) |
|
1,000 |
1,135 |
|
Series 2003, 5.5% 9/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
2,973 |
|
Oakland Unified School District Alameda County Series 2009 A: |
|
|
|
|
6.5% 8/1/23 |
|
2,810 |
3,022 |
|
6.5% 8/1/24 |
|
1,220 |
1,304 |
|
Oceanside Unified School District Series A, 0% 8/1/31 (Assured Guaranty Corp. Insured) |
|
5,000 |
1,276 |
|
Ontario Redev. Fing. Auth. Rev. (Ctr. City Cimarron #1 Proj.) 0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,255 |
3,161 |
|
Orange County Local Trans. Auth. Sales Tax Rev. 6.2% 2/14/11 (AMBAC Insured) |
|
7,000 |
7,109 |
|
Orange County Pub. Fin. Auth. Waste Mgt. Sys. Rev. Series 1997: |
|
|
|
|
5.75% 12/1/09 (AMBAC Insured) (d) |
|
3,620 |
3,655 |
|
5.75% 12/1/11 (AMBAC Insured) (d) |
|
4,000 |
4,173 |
|
Orange County Pub. Fin. Lease Rev. (Juvenile Justice Ctr. Facility Proj.) Series 2002, 5.375% 6/1/16 (AMBAC Insured) |
|
3,770 |
3,985 |
|
Oxnard Fin. Auth. Solid Waste Rev. Series 2005: |
|
|
|
|
5% 5/1/10 (AMBAC Insured) (d) |
|
1,820 |
1,853 |
|
5% 5/1/12 (AMBAC Insured) (d) |
|
2,065 |
2,120 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series 2004 A, 5% 6/1/29 (FGIC Insured) |
|
$ 3,000 |
$ 3,019 |
|
Palmdale Elementary School District Spl. Tax (Cmnty. Facilities District #90-1 Proj.) Series 1999, 5.8% 8/1/29 (FSA Insured) |
|
6,410 |
6,415 |
|
Placentia Pub. Fing. Auth. Rev.: |
|
|
|
|
3.125% 9/1/12 |
|
1,585 |
1,598 |
|
4% 9/1/13 |
|
1,855 |
1,905 |
|
Placer County Union High School District Series A: |
|
|
|
|
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,090 |
|
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
508 |
|
Placer County Wtr. Agcy. Rev. (Middle Fork Proj.) Series A, 3.75% 7/1/12 |
|
1,190 |
1,191 |
|
Pomona Unified School District Series C, 6% 8/1/30 (Escrowed to Maturity) (e) |
|
4,035 |
4,143 |
|
Port of Oakland Rev.: |
|
|
|
|
Series 2000 K: |
|
|
|
|
5.7% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
5,245 |
5,253 |
|
5.7% 11/1/19 (Pre-Refunded to 5/1/10 @ 100) (d)(e) |
|
40 |
41 |
|
5.75% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
4,000 |
4,046 |
|
5.75% 11/1/15 (Pre-Refunded to 5/1/10 @ 100) (d)(e) |
|
30 |
31 |
|
Series 2002 L, 5.5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,405 |
3,357 |
|
Series 2002 N: |
|
|
|
|
5% 11/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,800 |
3,000 |
|
5% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
5,850 |
5,890 |
|
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
3,355 |
3,295 |
|
5% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,740 |
2,633 |
|
Series 2007 A: |
|
|
|
|
5% 11/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
10,910 |
11,188 |
|
5% 11/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
2,885 |
2,899 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Port of Oakland Rev.: - continued |
|
|
|
|
Series 2007 A: |
|
|
|
|
5% 11/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (d) |
|
$ 2,185 |
$ 2,160 |
|
Poway Unified School District (District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 |
|
12,800 |
2,860 |
|
Poway Unified School District Pub. Fing. Auth. Lease Rev.: |
|
|
|
|
Cap. Appreciation Series 2007, 0%, tender 6/1/10 (FSA Insured) (c) |
|
1,890 |
1,850 |
|
Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (c) |
|
6,705 |
5,350 |
|
Series 2008 C: |
|
|
|
|
3.125%, tender 12/1/11 (FSA Insured) (c) |
|
2,915 |
2,996 |
|
4%, tender 12/1/11 (FSA Insured) (c) |
|
6,500 |
6,806 |
|
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 4.875% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,500 |
3,155 |
|
Redwood City Elementary School District Series 1997, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,825 |
2,658 |
|
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.): |
|
|
|
|
Series A, 6.5% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
15,500 |
16,315 |
|
Series B, 5.7% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,950 |
2,000 |
|
Riverside County Pub. Fing. Auth. Tax Allocation Rev. (Redev. Projs.): |
|
|
|
|
Series 2004: |
|
|
|
|
5.25% 10/1/20 (XL Cap. Assurance, Inc. Insured) |
|
2,020 |
1,805 |
|
5.25% 10/1/21 (XL Cap. Assurance, Inc. Insured) |
|
2,125 |
1,869 |
|
Series 2005 A, 5% 10/1/18 (XL Cap. Assurance, Inc. Insured) |
|
3,740 |
3,548 |
|
Rocklin Unified School District Series 2002: |
|
|
|
|
0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,370 |
607 |
|
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,725 |
1,126 |
|
0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,365 |
531 |
|
Roseville City School District Series 2002 A: |
|
|
|
|
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,745 |
668 |
|
0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,940 |
629 |
|
Sacramento City Fing. Auth. Lease Rev. Series A, 5.4% 11/1/20 (AMBAC Insured) |
|
2,000 |
2,030 |
|
Sacramento City Fing. Auth. Rev. (Combined Area Projs.) Series B, 0% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
7,735 |
5,478 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Sacramento Muni. Util. District Elec. Rev.: |
|
|
|
|
Series 2001 P, 5.25% 8/15/16 (FSA Insured) |
|
$ 1,500 |
$ 1,594 |
|
Series 2003 R, 5% 8/15/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
6,825 |
6,487 |
|
San Bernardino Cmnty. College District Series A, 6.25% 8/1/33 |
|
3,400 |
3,731 |
|
San Bernardino County Ctfs. of Prtn.: |
|
|
|
|
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity) (e) |
|
8,300 |
10,826 |
|
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22 |
|
10,000 |
9,608 |
|
San Diego Cmnty. College District: |
|
|
|
|
Series 2002 A, 5% 5/1/22 (FSA Insured) |
|
1,000 |
1,043 |
|
Series 2007, 0% 8/1/17 (FSA Insured) |
|
3,395 |
2,478 |
|
San Diego County Ctfs. of Prtn.: |
|
|
|
|
(North and East County Justice Facilities Proj.): |
|
|
|
|
5% 11/15/16 (AMBAC Insured) |
|
2,000 |
2,193 |
|
5% 11/15/17 (AMBAC Insured) |
|
2,000 |
2,158 |
|
5% 11/15/18 (AMBAC Insured) |
|
2,000 |
2,128 |
|
(The Bishop's School Proj.) Series A, 6% 9/1/34, LOC Bank of New York, New York |
|
4,090 |
4,150 |
|
(Univ. of San Diego Proj.) 5.25% 10/1/11 |
|
1,705 |
1,820 |
|
San Diego County Reg'l. Arpt. Auth. Arpt. Rev.: |
|
|
|
|
Series 2005: |
|
|
|
|
5% 7/1/14 (AMBAC Insured) (d) |
|
1,000 |
1,031 |
|
5.25% 7/1/16 (AMBAC Insured) (d) |
|
1,400 |
1,433 |
|
5% 7/1/12 (AMBAC Insured) (d) |
|
2,200 |
2,259 |
|
San Diego County Wtr. Auth. Wtr. Rev. Series A, 5% 5/1/29 |
|
5,000 |
5,111 |
|
San Diego Pub. Facilities Fing. Auth. Swr. Rev. Series 2009 A, 5.25% 5/15/39 |
|
3,000 |
3,052 |
|
San Diego Pub. Facilities Fing. Auth. Wtr. Rev. 2009 B, 5.75% 8/1/35 |
|
3,455 |
3,653 |
|
San Diego Unified School District (Election of 1998 Proj.) Series 2002 D, 5.25% 7/1/20 (Pre-Refunded to 7/1/12 @ 101) (e) |
|
4,000 |
4,420 |
|
San Francisco Bay Area Rapid Trans. District Sales Tax Rev. 5.25% 7/1/18 |
|
1,620 |
1,633 |
|
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: |
|
|
|
|
(SFO Fuel Co. Proj.) Series 1997 A: |
|
|
|
|
5.125% 1/1/17 (AMBAC Insured) (d) |
|
6,000 |
6,002 |
|
5.25% 1/1/18 (AMBAC Insured) (d) |
|
4,515 |
4,469 |
|
Second Series 32F, 5.25% 5/1/19 |
|
2,500 |
2,719 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.: - continued |
|
|
|
|
Second Series 32H: |
|
|
|
|
5% 5/1/11 (CIFG North America Insured) (d) |
|
$ 2,325 |
$ 2,397 |
|
5% 5/1/12 (CIFG North America Insured) (d) |
|
1,000 |
1,026 |
|
San Francisco City & County Pub. Util. Commission Wtr. Rev. Series 2002 A, 5% 11/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
6,810 |
6,857 |
|
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev.: |
|
|
|
|
(San Francisco Redev. Proj.) Series B, 0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,475 |
1,453 |
|
(San Francisco Redev. Projs.) Series 2009 B: |
|
|
|
|
6.125% 8/1/28 (b) |
|
1,000 |
1,010 |
|
6.625% 8/1/39 (b) |
|
1,000 |
1,005 |
|
Series A, 0% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,085 |
1,068 |
|
San Jacinto Unified School District Series 2007, 5.25% 8/1/32 (FSA Insured) |
|
3,080 |
3,168 |
|
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.): |
|
|
|
|
5% 11/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,720 |
3,541 |
|
5% 11/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,645 |
3,409 |
|
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev.: |
|
|
|
|
Series 1993, 0% 1/1/27 (Escrowed to Maturity) (e) |
|
4,000 |
1,805 |
|
Series 1997 A: |
|
|
|
|
0% 1/15/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
11,000 |
3,088 |
|
5.5% 1/15/28 |
|
1,060 |
663 |
|
Series A: |
|
|
|
|
0% 1/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,240 |
2,212 |
|
0% 1/15/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
7,000 |
6,154 |
|
0% 1/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,000 |
3,527 |
|
0% 1/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,765 |
1,767 |
|
0% 1/15/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,000 |
890 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
San Jose Int'l. Arpt. Rev.: |
|
|
|
|
Series 2001 A, 5.25% 3/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 1,000 |
$ 1,036 |
|
Series 2007 A: |
|
|
|
|
5% 3/1/24 (AMBAC Insured) (d) |
|
9,690 |
8,824 |
|
5% 3/1/37 (AMBAC Insured) (d) |
|
10,000 |
8,288 |
|
San Jose Unified School District Santa Clara County: |
|
|
|
|
Series 2002 A, 5.375% 8/1/20 (FSA Insured) |
|
1,895 |
1,991 |
|
Series 2002 B, 5% 8/1/25 (FGIC Insured) |
|
1,750 |
1,819 |
|
San Leandro Unified School District Series 2006 B, 6.25% 8/1/33 (FSA Insured) |
|
2,800 |
3,041 |
|
San Luis Obispo County Fing. Auth. Series 2000 A, 5.375% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,002 |
|
San Marcos Pub. Facilities Auth. Pub. Facilities Rev. 0% 9/1/15 (Escrowed to Maturity) (e) |
|
1,990 |
1,648 |
|
San Mateo County Cmnty. College District Series A, 0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
2,041 |
|
San Mateo Unified School District (Election of 2000 Proj.) Series B: |
|
|
|
|
0% 9/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000 |
1,028 |
|
0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,490 |
667 |
|
0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500 |
629 |
|
Sanger Unified School District 5.6% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000 |
2,927 |
|
Santa Clara County Fing. Auth. Rev. (El Camino Hosp. Proj.): |
|
|
|
|
Series 2007 B, 5.125% 2/1/41 (AMBAC Insured) |
|
2,000 |
1,867 |
|
Series 2007 C, 5.75% 2/1/41 (AMBAC Insured) |
|
8,000 |
8,089 |
|
Santa Margarita/Dana Point Auth. Rev. Impt. (Dists. 1, 2, 2A & 8 Proj.) Series A, 7.25% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,865 |
2,068 |
|
Santa Rosa Wastewtr. Rev. Series 2002 B: |
|
|
|
|
0% 9/1/20 (AMBAC Insured) |
|
4,030 |
2,253 |
|
0% 9/1/22 (AMBAC Insured) |
|
2,900 |
1,406 |
|
0% 9/1/25 (AMBAC Insured) |
|
6,800 |
2,666 |
|
Shasta Joint Powers Fing. Auth. Lease Rev. (County Administration Bldg. Proj.) Series A, 5% 4/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,015 |
4,863 |
|
Shasta Union High School District: |
|
|
|
|
Series 2002, 0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
356 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Shasta Union High School District: - continued |
|
|
|
|
Series 2003, 0% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 3,340 |
$ 1,012 |
|
Sierra View Local Health Care District Rev.: |
|
|
|
|
Series 1998, 5.4% 7/1/22 |
|
4,315 |
4,179 |
|
Series 2007, 5.25% 7/1/37 |
|
2,500 |
2,084 |
|
Southwestern Cmnty. College District Gen. Oblig. Series 2000, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,495 |
864 |
|
Sulphur Springs Union School District Series A, 0% 9/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,750 |
2,531 |
|
Sweetwater Union High School District Series 2008 A, 5.625% 8/1/47 (FSA Insured) |
|
16,900 |
17,443 |
|
Tahoe-Truckee Joint Unified School District Series A, 0% 9/1/10 (FGIC Insured) |
|
1,320 |
1,264 |
|
Torrance Ctfs. of Prtn. (Refing. & Pub. Impt. Proj.) Series B, 5.25% 6/1/34 (AMBAC Insured) |
|
3,000 |
3,002 |
|
Torrance Hosp. Rev. (Torrance Memorial Med. Ctr. Proj.) Series 2001 A: |
|
|
|
|
5.5% 6/1/31 |
|
2,350 |
2,306 |
|
6% 6/1/22 |
|
1,100 |
1,121 |
|
Torrance Unified School District Series 2008 Z, 6% 8/1/33 |
|
5,000 |
5,330 |
|
Tracy Operating Partnership Joint Powers Auth. Rev. 6.375% 10/1/38 (Assured Guaranty Corp. Insured) |
|
5,000 |
5,379 |
|
Ukiah Unified School District 0% 8/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,040 |
2,540 |
|
Union Elementary School District Series A: |
|
|
|
|
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
661 |
|
0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,995 |
1,614 |
|
Univ. of California Revs.: |
|
|
|
|
(Ltd. Proj.): |
|
|
|
|
Series 2005 B, 5% 5/15/33 |
|
1,000 |
1,009 |
|
Series 2007 D, 5% 5/15/25 |
|
4,250 |
4,449 |
|
(UCLA Med. Ctr. Proj.): |
|
|
|
|
Series A: |
|
|
|
|
5.5% 5/15/21 (AMBAC Insured) |
|
785 |
799 |
|
5.5% 5/15/24 (AMBAC Insured) |
|
370 |
374 |
|
4.55% 12/1/09 (Escrowed to Maturity) (e)(f) |
|
13,290 |
13,426 |
|
Series 2008 L, 5% 5/15/40 |
|
3,000 |
3,023 |
|
Series 2009 O, 5.75% 5/15/34 |
|
9,900 |
10,758 |
|
Series C, 4.75% 5/15/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,175 |
3,034 |
|
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
California - continued |
||||
Upland Ctfs. of Prtn. (San Antonio Cmnty. Hosp. Proj.) 5.25% 1/1/13 |
|
$ 6,970 |
$ 6,971 |
|
Val Verde Unified School District Ctfs. of Prtn.: |
|
|
|
|
5% 1/1/35 (FGIC Insured) |
|
2,090 |
1,569 |
|
5.25% 1/1/17 (Pre-Refunded to 1/1/15 @ 100) (e) |
|
1,000 |
1,160 |
|
5.25% 1/1/18 (Pre-Refunded to 1/1/15 @ 100) (e) |
|
1,380 |
1,600 |
|
Ventura County Cmnty. College District Series C, 5.5% 8/1/33 |
|
5,000 |
5,145 |
|
Victor Elementary School District Series A, 0% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,375 |
1,974 |
|
Vista Gen. Oblig. Ctfs. of Prtn. 5% 5/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,120 |
2,124 |
|
Vista Unified School District Series A: |
|
|
|
|
5.375% 8/1/15 (FSA Insured) |
|
130 |
141 |
|
5.375% 8/1/16 (FSA Insured) |
|
100 |
108 |
|
Walnut Valley Unified School District Series D: |
|
|
|
|
0% 8/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,875 |
822 |
|
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,715 |
717 |
|
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,315 |
324 |
|
5.25% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000 |
1,086 |
|
Washington Township Health Care District Rev. Series A: |
|
|
|
|
5% 7/1/23 |
|
1,460 |
1,298 |
|
5% 7/1/25 |
|
1,665 |
1,440 |
|
West Contra Costa Unified School District (Election of 2005 Proj.) Series B, 5.625% 8/1/35 (Berkshire Hathaway Assurance Corp. Insured) |
|
1,500 |
1,610 |
|
Western Placer Unified School District Ctfs. of Prtn. |
|
4,300 |
4,324 |
|
Western Riverside County Trust & Wastewtr. Fin. Auth.: |
|
|
|
|
5.5% 9/1/34 (Assured Guaranty Corp. Insured) |
|
1,750 |
1,786 |
|
5.625% 9/1/39 (Assured Guaranty Corp. Insured) |
|
2,250 |
2,303 |
|
Yuba City Unified School District Series A, 0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,090 |
1,039 |
|
|
1,529,727 |
|||
Municipal Bonds - continued |
||||
|
Principal Amount (000s) |
Value (000s) |
||
Guam - 0.2% |
||||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2008: |
|
|
|
|
4.625% 10/1/11 |
|
$ 805 |
$ 822 |
|
5.375% 10/1/14 |
|
1,000 |
1,056 |
|
5.875% 10/1/18 |
|
1,565 |
1,673 |
|
|
3,551 |
|||
Puerto Rico - 0.8% |
||||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2006 A, 0.163% 7/1/21 (FGIC Insured) (c) |
|
4,600 |
3,021 |
|
Puerto Rico Pub. Bldg. Auth. Rev. Series M2, 5.75%, tender 7/1/17 (c) |
|
7,000 |
7,318 |
|
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2007 A, 0% 8/1/41 |
|
9,500 |
1,337 |
|
|
11,676 |
|||
Virgin Islands - 0.1% |
||||
Virgin Islands Pub. Fin. Auth. Rev. Series A: |
|
|
|
|
5% 10/1/10 |
|
520 |
520 |
|
5.25% 10/1/15 |
|
1,255 |
1,293 |
|
|
1,813 |
TOTAL INVESTMENT PORTFOLIO - 97.5% (Cost $1,562,808) |
1,546,767 |
||
NET OTHER ASSETS - 2.5% |
39,978 |
||
NET ASSETS - 100% |
$ 1,586,745 |
Legend |
(a) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) Security collateralized by an amount sufficient to pay interest and principal. |
(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $13,426,000 or 0.8% of net assets. |
Additional information on each holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost (000s) |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (Escrowed to Maturity) |
3/6/02 |
$ 13,290 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations |
42.2% |
Transportation |
12.1% |
Health Care |
9.9% |
Education |
5.8% |
Water & Sewer |
5.8% |
Escrowed/Pre-Refunded |
5.1% |
Electric Utilities |
5.0% |
Others* (individually less than 5%) |
14.1% |
|
100.0% |
* Includes net other assets |
Income Tax Information |
At February 28, 2009, the fund had a capital loss carryforward of approximately $22,249,000 all of which will expire on February 28, 2017. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Amounts in thousands (except per-share amounts) |
August 31, 2009 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value - Unaffiliated issuers (cost $1,562,808) |
|
$ 1,546,767 |
Cash |
|
28,205 |
Receivable for investments sold |
|
208 |
Receivable for fund shares sold |
|
2,438 |
Interest receivable |
|
18,379 |
Prepaid expenses |
|
4 |
Other receivables |
|
2 |
Total assets |
|
1,596,003 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 1,223 |
|
Delayed delivery |
4,572 |
|
Payable for fund shares redeemed |
876 |
|
Distributions payable |
1,791 |
|
Accrued management fee |
476 |
|
Distribution fees payable |
25 |
|
Other affiliated payables |
233 |
|
Other payables and accrued expenses |
62 |
|
Total liabilities |
|
9,258 |
|
|
|
Net Assets |
|
$ 1,586,745 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 1,629,190 |
Undistributed net investment income |
|
1,424 |
Accumulated undistributed net realized gain (loss) on investments |
|
(27,828) |
Net unrealized appreciation (depreciation) on investments |
|
(16,041) |
Net Assets |
|
$ 1,586,745 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Amounts in thousands (except per-share amounts) |
August 31, 2009 (Unaudited) |
|
|
|
|
Calculation of Maximum Offering Price |
|
$ 11.68 |
|
|
|
Maximum offering price per share (100/96.00 of $11.68) |
|
$ 12.17 |
Class T: |
|
$ 11.71 |
|
|
|
Maximum offering price per share (100/96.00 of $11.71) |
|
$ 12.20 |
Class B: |
|
$ 11.67 |
|
|
|
Class C: |
|
$ 11.67 |
|
|
|
California Municipal Income: |
|
$ 11.67 |
|
|
|
Institutional Class: |
|
$ 11.69 |
A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Amounts in thousands |
Six months ended August 31, 2009 (Unaudited) |
|
|
|
|
Investment Income |
|
|
Interest |
|
$ 37,755 |
|
|
|
Expenses |
|
|
Management fee |
$ 2,817 |
|
Transfer agent fees |
551 |
|
Distribution fees |
145 |
|
Accounting fees and expenses |
145 |
|
Custodian fees and expenses |
11 |
|
Independent trustees' compensation |
3 |
|
Registration fees |
61 |
|
Audit |
25 |
|
Legal |
2 |
|
Miscellaneous |
80 |
|
Total expenses before reductions |
3,840 |
|
Expense reductions |
(5) |
3,835 |
Net investment income |
|
33,920 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
|
184 |
Change in net unrealized appreciation (depreciation) on: Investment securities |
|
37,955 |
Net gain (loss) |
|
38,139 |
Net increase (decrease) in net assets resulting from operations |
|
$ 72,059 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Amounts in thousands |
Six months ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income |
$ 33,920 |
$ 68,016 |
Net realized gain (loss) |
184 |
(25,355) |
Change in net unrealized appreciation (depreciation) |
37,955 |
(12,917) |
Net increase (decrease) in net assets resulting |
72,059 |
29,744 |
Distributions to shareholders from net investment income |
(33,715) |
(67,824) |
Distributions to shareholders from net realized gain |
- |
(568) |
Total distributions |
(33,715) |
(68,392) |
Share transactions - net increase (decrease) |
45,959 |
(51,318) |
Redemption fees |
12 |
56 |
Total increase (decrease) in net assets |
84,315 |
(89,910) |
|
|
|
Net Assets |
|
|
Beginning of period |
1,502,430 |
1,592,340 |
End of period (including undistributed net investment income of $1,424 and undistributed net investment income of $1,219, respectively) |
$ 1,586,745 |
$ 1,502,430 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.40 |
$ 11.63 |
$ 12.41 |
$ 12.46 |
$ 12.56 |
$ 12.84 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.238 |
.459 |
.457 |
.478 |
.490 |
.505 |
Net realized and unrealized gain (loss) |
.279 |
(.224) |
(.711) |
.050 |
(.025) |
(.149) |
Total from investment operations |
.517 |
.235 |
(.254) |
.528 |
.465 |
.356 |
Distributions from net investment income |
(.237) |
(.461) |
(.457) |
(.483) |
(.490) |
(.501) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.237) |
(.465) |
(.526) |
(.578) |
(.565) |
(.636) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.68 |
$ 11.40 |
$ 11.63 |
$ 12.41 |
$ 12.46 |
$ 12.56 |
Total Return B, C, D |
4.59% |
2.04% |
(2.15)% |
4.36% |
3.78% |
2.92% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
.77% A |
.75% |
.73% |
.64% |
.65% |
.66% |
Expenses net of fee waivers, if any |
.77% A |
.75% |
.73% |
.64% |
.65% |
.66% |
Expenses net of all reductions |
.77% A |
.74% |
.70% |
.62% |
.62% |
.65% |
Net investment income |
4.13% A |
3.98% |
3.76% |
3.88% |
3.93% |
4.04% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 44 |
$ 34 |
$ 20 |
$ 13 |
$ 11 |
$ 7 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.42 |
$ 11.65 |
$ 12.43 |
$ 12.48 |
$ 12.58 |
$ 12.86 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.241 |
.464 |
.458 |
.466 |
.477 |
.492 |
Net realized and unrealized gain (loss) |
.288 |
(.227) |
(.712) |
.048 |
(.027) |
(.150) |
Total from investment operations |
.529 |
.237 |
(.254) |
.514 |
.450 |
.342 |
Distributions from net investment income |
(.239) |
(.463) |
(.457) |
(.469) |
(.475) |
(.487) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.239) |
(.467) |
(.526) |
(.564) |
(.550) |
(.622) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.71 |
$ 11.42 |
$ 11.65 |
$ 12.43 |
$ 12.48 |
$ 12.58 |
Total Return B, C, D |
4.69% |
2.05% |
(2.15)% |
4.24% |
3.66% |
2.80% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
.74% A |
.73% |
.74% |
.75% |
.77% |
.77% |
Expenses net of fee waivers, if any |
.74% A |
.73% |
.74% |
.75% |
.77% |
.77% |
Expenses net of all reductions |
.74% A |
.72% |
.70% |
.72% |
.73% |
.76% |
Net investment income |
4.17% A |
4.00% |
3.75% |
3.77% |
3.81% |
3.93% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 6 |
$ 7 |
$ 5 |
$ 5 |
$ 4 |
$ 3 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.39 |
$ 11.62 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
$ 12.84 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.202 |
.387 |
.376 |
.383 |
.394 |
.409 |
Net realized and unrealized gain (loss) |
.278 |
(.228) |
(.712) |
.049 |
(.026) |
(.159) |
Total from investment operations |
.480 |
.159 |
(.336) |
.432 |
.368 |
.250 |
Distributions from net investment income |
(.200) |
(.385) |
(.375) |
(.387) |
(.393) |
(.405) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.200) |
(.389) |
(.444) |
(.482) |
(.468) |
(.540) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.67 |
$ 11.39 |
$ 11.62 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
Total Return B, C, D |
4.26% |
1.38% |
(2.81)% |
3.57% |
2.99% |
2.06% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
1.41% A |
1.41% |
1.41% |
1.41% |
1.42% |
1.42% |
Expenses net of fee waivers, if any |
1.41% A |
1.41% |
1.41% |
1.41% |
1.42% |
1.42% |
Expenses net of all reductions |
1.41% A |
1.40% |
1.37% |
1.39% |
1.39% |
1.41% |
Net investment income |
3.50% A |
3.33% |
3.08% |
3.11% |
3.15% |
3.28% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 3 |
$ 4 |
$ 5 |
$ 5 |
$ 5 |
$ 5 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.44 |
$ 12.55 |
$ 12.83 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income E |
.196 |
.374 |
.364 |
.371 |
.382 |
.397 |
Net realized and unrealized gain (loss) |
.288 |
(.225) |
(.721) |
.061 |
(.035) |
(.149) |
Total from investment operations |
.484 |
.149 |
(.357) |
.432 |
.347 |
.248 |
Distributions from net investment income |
(.194) |
(.375) |
(.364) |
(.377) |
(.382) |
(.393) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.194) |
(.379) |
(.433) |
(.472) |
(.457) |
(.528) |
Redemption fees added to paid in capitalE, H |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.67 |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.44 |
$ 12.55 |
Total Return B, C, D |
4.30% |
1.29% |
(2.98)% |
3.56% |
2.81% |
2.04% |
Ratios to Average Net Assets F |
|
|
|
|
|
|
Expenses before reductions |
1.51% A |
1.49% |
1.50% |
1.50% |
1.52% |
1.52% |
Expenses net of fee waivers, if any |
1.51% A |
1.49% |
1.50% |
1.50% |
1.52% |
1.52% |
Expenses net of all reductions |
1.51% A |
1.48% |
1.47% |
1.48% |
1.49% |
1.51% |
Net investment income |
3.40% A |
3.24% |
2.99% |
3.02% |
3.06% |
3.18% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 16 |
$ 12 |
$ 8 |
$ 10 |
$ 10 |
$ 11 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G For the year ended February 29. H Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 F |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
$ 12.83 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D |
.255 |
.495 |
.491 |
.499 |
.512 |
.527 |
Net realized and unrealized gain (loss) |
.289 |
(.227) |
(.722) |
.050 |
(.025) |
(.149) |
Total from investment operations |
.544 |
.268 |
(.231) |
.549 |
.487 |
.378 |
Distributions from net investment income |
(.254) |
(.494) |
(.490) |
(.504) |
(.512) |
(.523) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.254) |
(.498) |
(.559) |
(.599) |
(.587) |
(.658) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
- |
- |
- |
Net asset value, |
$ 11.67 |
$ 11.38 |
$ 11.61 |
$ 12.40 |
$ 12.45 |
$ 12.55 |
Total Return B, C |
4.84% |
2.33% |
(1.97)% |
4.55% |
3.97% |
3.11% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before reductions |
.48% A |
.47% |
.46% |
.47% |
.48% |
.48% |
Expenses net of fee waivers, if any |
.48% A |
.47% |
.46% |
.47% |
.48% |
.48% |
Expenses net of all reductions |
.48% A |
.46% |
.43% |
.44% |
.45% |
.47% |
Net investment income |
4.43% A |
4.27% |
4.03% |
4.05% |
4.10% |
4.22% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 1,480 |
$ 1,427 |
$ 1,543 |
$ 1,611 |
$ 1,601 |
$ 1,506 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F For the year ended February 29. G Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
||||
|
(Unaudited) |
2009 |
2008 F |
2007 |
2006 |
2005 |
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning of period |
$ 11.40 |
$ 11.63 |
$ 12.42 |
$ 12.47 |
$ 12.57 |
$ 12.85 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D |
.252 |
.491 |
.486 |
.493 |
.509 |
.529 |
Net realized and unrealized gain (loss) |
.290 |
(.226) |
(.722) |
.049 |
(.025) |
(.151) |
Total from investment operations |
.542 |
.265 |
(.236) |
.542 |
.484 |
.378 |
Distributions from net investment income |
(.252) |
(.491) |
(.485) |
(.497) |
(.509) |
(.523) |
Distributions from net realized gain |
- |
(.004) |
(.069) |
(.095) |
(.075) |
(.135) |
Total distributions |
(.252) |
(.495) |
(.554) |
(.592) |
(.584) |
(.658) |
Redemption fees added to paid in capital D, G |
- |
- |
- |
- |
- |
- |
Net asset value, end of period |
$ 11.69 |
$ 11.40 |
$ 11.63 |
$ 12.42 |
$ 12.47 |
$ 12.57 |
Total Return B, C |
4.81% |
2.30% |
(2.00)% |
4.48% |
3.94% |
3.10% |
Ratios to Average Net Assets E |
|
|
|
|
|
|
Expenses before reductions |
.51% A |
.49% |
.50% |
.53% |
.50% |
.47% |
Expenses net of fee waivers, if any |
.51% A |
.49% |
.50% |
.53% |
.50% |
.47% |
Expenses net of all reductions |
.51% A |
.48% |
.47% |
.50% |
.46% |
.47% |
Net investment income |
4.39% A |
4.24% |
3.99% |
3.99% |
4.08% |
4.23% |
Supplemental Data |
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 38 |
$ 19 |
$ 11 |
$ 8 |
$ 2 |
$ 1 |
Portfolio turnover rate |
17% A |
26% |
27% |
23% |
19% |
15% |
A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F For the year ended February 29. G Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended August 31, 2009 (Unaudited)
(Amounts in thousands except ratios)
1. Organization.
Fidelity California Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity California Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, California Municipal Income and Institutional 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund may be affected by economic and political developments in the state of California.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, October 19, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of August 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
2. Significant Accounting Policies - continued
Security Valuation - continued
Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For municipal securities, pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to futures transactions, market discount, deferred trustees compensation, losses deferred due to futures transactions and excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation |
$ 36,907 |
Unrealized depreciation |
(51,568) |
Net unrealized appreciation (depreciation) |
$ (14,661) |
|
|
Cost for federal income tax purposes |
$ 1,561,428 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50 % of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
3. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $166,673 and $128,810, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Semiannual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:
|
Distribution |
Service |
Paid to |
Retained |
Class A |
0% |
.25% |
$ 47 |
$ 8 |
Class T |
0% |
.25% |
8 |
8 |
Class B |
.65% |
.25% |
17 |
12 |
Class C |
.75% |
.25% |
73 |
33 |
|
|
|
$ 145 |
$ 61 |
Sales Load. FDC receives a front-end sales charge of up to 4.00% for selling Class A shares and Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C,.75% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.
For the period, sales charge amounts retained by FDC were as follows:
|
Retained |
Class A |
$ 10 |
Class T |
1 |
Class B* |
3 |
Class C* |
3 |
|
$ 17 |
* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the Fund's Class A, Class T, Class B, Class C, California Municipal Income and Institutional Class shares. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Company, Inc. (FIIOC), an affiliate of FMR, with respect to all classes of the Fund, to perform the transfer, dividend disbursing, and shareholder servicing agent functions. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. All fees are paid to FIIOC by Citibank, which is reimbursed by each class for such payments. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
|
Amount |
% of |
Class A |
$ 22 |
.12 |
Class T |
3 |
.08 |
Class B |
2 |
.11 |
Class C |
8 |
.11 |
California Municipal Income |
503 |
.07 |
Institutional Class |
13 |
.11 |
|
$ 551 |
|
* Annualized
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5.
Semiannual Report
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
Six months ended |
Year ended |
From net investment income |
|
|
Class A |
$ 782 |
$ 1,098 |
Class T |
137 |
262 |
Class B |
67 |
151 |
Class C |
246 |
329 |
California Municipal Income |
31,936 |
65,274 |
Institutional Class |
547 |
710 |
Total |
$ 33,715 |
$ 67,824 |
From net realized gain |
|
|
Class A |
$ - |
$ 7 |
Class T |
- |
2 |
Class B |
- |
2 |
Class C |
- |
3 |
California Municipal Income |
- |
549 |
Institutional Class |
- |
5 |
Total |
$ - |
$ 568 |
9. Share Transactions.
Transactions for each class of shares were as follows:
|
Shares |
Dollars |
||
|
Six months ended August 31, |
Year ended |
Six months ended August 31, |
Year ended |
Class A |
|
|
|
|
Shares sold |
1,187 |
1,926 |
$ 13,601 |
$ 22,454 |
Reinvestment of distributions |
49 |
66 |
565 |
754 |
Shares redeemed |
(482) |
(721) |
(5,506) |
(8,239) |
Net increase (decrease) |
754 |
1,271 |
$ 8,660 |
$ 14,969 |
Class T |
|
|
|
|
Shares sold |
101 |
311 |
$ 1,151 |
$ 3,658 |
Reinvestment of distributions |
8 |
18 |
97 |
204 |
Shares redeemed |
(178) |
(163) |
(2,060) |
(1,834) |
Net increase (decrease) |
(69) |
166 |
$ (812) |
$ 2,028 |
Class B |
|
|
|
|
Shares sold |
17 |
85 |
$ 181 |
$ 976 |
Reinvestment of distributions |
2 |
5 |
28 |
63 |
Shares redeemed |
(112) |
(151) |
(1,278) |
(1,751) |
Net increase (decrease) |
(93) |
(61) |
$ (1,069) |
$ (712) |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
(Amounts in thousands except ratios)
9. Share Transactions - continued
|
Shares |
Dollars |
||
|
Six months ended August 31, |
Year ended |
Six months ended August 31, |
Year ended |
Class C |
|
|
|
|
Shares sold |
462 |
635 |
$ 5,302 |
$ 7,343 |
Reinvestment of distributions |
12 |
16 |
133 |
186 |
Shares redeemed |
(172) |
(283) |
(1,961) |
(3,221) |
Net increase (decrease) |
302 |
368 |
$ 3,474 |
$ 4,308 |
California Municipal Income |
|
|
|
|
Shares sold |
13,775 |
35,274 |
$ 157,727 |
$ 409,272 |
Reinvestment of distributions |
1,947 |
3,952 |
22,291 |
45,637 |
Shares redeemed |
(14,244) |
(46,816) |
(162,767) |
(535,103) |
Net increase (decrease) |
1,478 |
(7,590) |
$ 17,251 |
$ (80,194) |
Institutional Class |
|
|
|
|
Shares sold |
1,855 |
1,386 |
$ 21,304 |
$ 16,182 |
Reinvestment of distributions |
21 |
37 |
240 |
422 |
Shares redeemed |
(270) |
(717) |
(3,089) |
(8,322) |
Net increase (decrease) |
1,606 |
706 |
$ 18,455 |
$ 8,282 |
10. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
A special meeting of the fund's shareholders was held on July 15, 2009. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
||
To elect a Board of Trustees.A |
||
|
# of |
% of |
James C. Curvey |
||
Affirmative |
1,041,000,256.67 |
94.299 |
Withheld |
62,938,673.31 |
5.701 |
TOTAL |
1,103,938,929.98 |
100.000 |
Albert R. Gamper, Jr. |
||
Affirmative |
1,044,613,524.91 |
94.626 |
Withheld |
59,325,405.07 |
5.374 |
TOTAL |
1,103,938,929.98 |
100.000 |
Abigail P. Johnson |
||
Affirmative |
1,039,890,816.16 |
94.198 |
Withheld |
64,048,113.82 |
5.802 |
TOTAL |
1,103,938,929.98 |
100.000 |
Arthur E. Johnson |
||
Affirmative |
1,043,541,819.48 |
94.529 |
Withheld |
60,397,110.50 |
5.471 |
TOTAL |
1,103,938,929.98 |
100.000 |
Michael E. Kenneally |
||
Affirmative |
1,045,866,100.84 |
94.739 |
Withheld |
58,072,829.14 |
5.261 |
TOTAL |
1,103,938,929.98 |
100.000 |
James H. Keyes |
||
Affirmative |
1,045,128,561.60 |
94.673 |
Withheld |
58,810,368.38 |
5.327 |
TOTAL |
1,103,938,929.98 |
100.000 |
Marie L. Knowles |
||
Affirmative |
1,043,771,244.22 |
94.550 |
Withheld |
60,167,685.76 |
5.450 |
TOTAL |
1,103,938,929.98 |
100.000 |
Kenneth L. Wolfe |
||
Affirmative |
1,044,954,180.51 |
94.657 |
Withheld |
58,984,749.47 |
5.343 |
TOTAL |
1,103,938,929.98 |
100.000 |
PROPOSAL 2 |
||
To amend the Declaration of Trust to reduce the required quorum for future shareholder meetings.A |
||
|
# of |
% of |
Affirmative |
789,928,518.52 |
71.556 |
Against |
109,475,883.11 |
9.917 |
Abstain |
70,754,986.10 |
6.409 |
Broker Non- Votes |
133,779,542.25 |
12.118 |
TOTAL |
1,103,938,929.98 |
100.000 |
A Denotes trust-wide proposal and voting results. |
Semiannual Report
Fidelity California Municipal Income Fund
On May 21, 2009, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract and subadvisory agreements (together, the Advisory Contracts) for the fund for four months, through September 30, 2009, in connection with the reorganization of the Board's new meeting schedule. The Board considered that the contractual terms of and fees payable under the fund's Advisory Contracts involve no changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the nature or level of services provided under the fund's Advisory Contracts; or (iii) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through September 30, 2009, with the understanding that the Board will consider their renewal in September 2009.
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Advisers
Fidelity Investments
Money Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
ASCMI-USAN-1009 1.790937.106
Fidelity®
California Short-Intermediate Tax-Free Bond Fund
Semiannual Report
August 31, 2009
(2_fidelity_logos) (Registered_Trademark)
Chairman's Message |
The Chairman's message to shareholders. |
|
Shareholder Expense Example |
An example of shareholder expenses. |
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
Investments |
A complete list of the fund's investments with their market values. |
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
|
Notes |
Notes to the financial statements. |
|
Proxy Voting Results |
|
|
Board Approval of Investment Advisory Contracts and Management Fees |
|
|
|
|
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual Report
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
We've seen a welcome uptick in the global equity markets this spring and summer, as signs of stabilization in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Abigail P. Johnson
Abigail P. Johnson
Semiannual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2009 to August 31, 2009).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
Annualized Expense Ratio |
Beginning |
Ending |
Expenses Paid |
Actual |
.35% |
$ 1,000.00 |
$ 1,027.40 |
$ 1.79 |
Hypothetical (5% return per year before expenses) |
|
$ 1,000.00 |
$ 1,023.44 |
$ 1.79 |
* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Semiannual Report
Top Five Sectors as of August 31, 2009 |
||
|
% of fund's |
% of fund's net assets |
General Obligations |
23.6 |
29.1 |
Escrowed/Pre-Refunded |
21.3 |
22.2 |
Special Tax |
17.5 |
13.1 |
Electric Utilities |
9.1 |
9.5 |
Health Care |
7.6 |
7.5 |
Weighted Average Maturity as of August 31, 2009 |
||
|
|
6 months ago |
Years |
3.4 |
3.6 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of August 31, 2009 |
||
|
|
6 months ago |
Years |
3.0 |
3.1 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) |
|||||||
As of August 31, 2009 |
As of February 28, 2009 |
||||||
![]() |
AAA 17.9% |
|
![]() |
AAA 16.5% |
|
||
![]() |
AA,A 42.7% |
|
![]() |
AA,A 64.7% |
|
||
![]() |
BBB 27.0% |
|
![]() |
BBB 5.1% |
|
||
![]() |
BB and Below 0.3% |
|
![]() |
BB and Below 0.1% |
|
||
![]() |
Not Rated 3.5% |
|
![]() |
Not Rated 3.4% |
|
||
![]() |
Short-Term |
|
![]() |
Short-Term |
|
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Semiannual Report
Showing Percentage of Net Assets
Municipal Bonds - 91.5% |
||||
|
Principal Amount |
Value |
||
California - 90.1% |
||||
ABAG Fin. Auth. for Nonprofit Corps. Rev. (Hamlin School Proj.) Series 2007, 4.375% 8/1/13 |
|
$ 220,000 |
$ 204,501 |
|
Alameda County Ctfs. of Prtn. Series 2001 A, 5.375% 12/1/09 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
170,000 |
170,908 |
|
Alameda Unified School District Gen. Oblig. Series 2002, 5.5% 7/1/13 (FSA Insured) |
|
25,000 |
28,446 |
|
Alhambra Unified School District Ctfs. of Prtn. 5.5% 4/1/15 (FSA Insured) |
|
1,000,000 |
1,042,780 |
|
Anaheim Union High School District Series 2002 A, 5% 8/1/22 (Pre-Refunded to 8/1/12 @ 100) (c) |
|
155,000 |
172,224 |
|
Antioch Unified School District (School Facilities Impt. District #1 Proj.) Series 2008 B: |
|
|
|
|
6.25% 8/1/16 (Assured Guaranty Corp. Insured) |
|
370,000 |
441,484 |
|
6.25% 8/1/17 (Assured Guaranty Corp. Insured) |
|
395,000 |
465,895 |
|
6.25% 8/1/19 (Assured Guaranty Corp. Insured) |
|
440,000 |
518,751 |
|
Bay Area Infrastructure Fing. Auth. 5% 8/1/13 (XL Cap. Assurance, Inc. Insured) |
|
1,000,000 |
1,009,090 |
|
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2001 D, 5% 4/1/10 |
|
245,000 |
251,194 |
|
Big Bear Lake Wtr. Rev. 6% 4/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
840,000 |
854,566 |
|
California County Tobacco Securitization Agcy. Tobacco Settlement Asset-Backed Series 2002 A: |
|
|
|
|
5.875% 6/1/43 (Pre-Refunded to 6/1/12 @ 100) (c) |
|
165,000 |
185,952 |
|
5.875% 6/1/43 (Pre-Refunded to 6/1/12 @ 100) (c) |
|
125,000 |
140,873 |
|
California Dept. of Trans. Rev. Series 2004 A: |
|
|
|
|
5% 2/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
355,000 |
372,537 |
|
5% 2/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
100,000 |
108,529 |
|
California Dept. of Wtr. Resources Central Valley Proj. Rev.: |
|
|
|
|
Series J2, 7% 12/1/12 |
|
2,600,000 |
3,088,462 |
|
Series J3, 7% 12/1/12 (Escrowed to Maturity) (c) |
|
70,000 |
83,028 |
|
Series Q, 6% 12/1/09 |
|
40,000 |
40,489 |
|
California Dept. of Wtr. Resources Pwr. Supply Rev.: |
|
|
|
|
Series 2002 A: |
|
|
|
|
5.125% 5/1/18 (Pre-Refunded to 5/1/12 @ 101) (c) |
|
1,110,000 |
1,237,306 |
|
5.125% 5/1/19 (Pre-Refunded to 5/1/12 @ 101) (c) |
|
1,000,000 |
1,114,690 |
|
5.25% 5/1/12 |
|
135,000 |
147,821 |
|
5.25% 5/1/12 (FSA Insured) |
|
605,000 |
664,121 |
|
5.25% 5/1/20 (Pre-Refunded to 5/1/12 @ 101) (c) |
|
3,000,000 |
3,353,880 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
California Dept. of Wtr. Resources Pwr. Supply Rev.: - continued |
|
|
|
|
Series 2002 A: |
|
|
|
|
5.375% 5/1/18 (Pre-Refunded to 5/1/12 @ 101) (c) |
|
$ 1,195,000 |
$ 1,339,870 |
|
5.375% 5/1/21 (Pre-Refunded to 5/1/12 @ 101) (c) |
|
1,225,000 |
1,373,507 |
|
5.375% 5/1/22 (Pre-Refunded to 5/1/12 @ 101) (c) |
|
11,310,000 |
12,681,111 |
|
5.375% 5/1/22 (Pre-Refunded to 5/1/12 @ 101) (c) |
|
1,255,000 |
1,407,144 |
|
5.5% 5/1/10 |
|
220,000 |
226,503 |
|
5.5% 5/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,050,000 |
1,123,658 |
|
5.5% 5/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,295,000 |
2,527,851 |
|
5.5% 5/1/13 (AMBAC Insured) |
|
715,000 |
788,860 |
|
5.5% 5/1/15 |
|
2,000,000 |
2,177,060 |
|
5.5% 5/1/16 (Pre-Refunded to 5/1/12 @ 101) (c) |
|
3,070,000 |
3,452,184 |
|
5.75% 5/1/17 (Pre-Refunded to 5/1/12 @ 101) (c) |
|
4,000,000 |
4,524,120 |
|
6% 5/1/13 |
|
1,610,000 |
1,799,336 |
|
Series 2005 F3, 5% 5/1/21 |
|
1,445,000 |
1,548,722 |
|
California Dept. of Wtr. Resources Wtr. Rev.: |
|
|
|
|
Series W, 5.5% 12/1/13 (FSA Insured) |
|
110,000 |
127,927 |
|
5.5% 12/1/09 (AMBAC Insured) |
|
100,000 |
101,076 |
|
California Econ. Recovery: |
|
|
|
|
Series 2004 A: |
|
|
|
|
5% 7/1/10 |
|
350,000 |
360,917 |
|
5% 7/1/12 |
|
1,135,000 |
1,226,822 |
|
5% 7/1/15 |
|
1,525,000 |
1,663,943 |
|
5% 7/1/15 |
|
4,075,000 |
4,446,273 |
|
5.25% 1/1/11 |
|
5,525,000 |
5,786,498 |
|
5.25% 7/1/12 |
|
6,185,000 |
6,727,672 |
|
5.25% 7/1/12 (FGIC Insured) |
|
415,000 |
451,412 |
|
5.25% 7/1/13 |
|
8,430,000 |
9,313,127 |
|
5.25% 7/1/13 |
|
1,605,000 |
1,773,140 |
|
5.25% 7/1/14 |
|
610,000 |
678,771 |
|
5.25% 7/1/14 |
|
12,475,000 |
13,881,404 |
|
Series 2008 A: |
|
|
|
|
5% 1/1/10 |
|
500,000 |
506,405 |
|
5% 1/1/11 |
|
2,800,000 |
2,923,368 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
California Econ. Recovery: - continued |
|
|
|
|
Series 2008 B: |
|
|
|
|
4%, tender 3/1/10 (b) |
|
$ 2,000,000 |
$ 2,024,840 |
|
5%, tender 3/1/10 (b) |
|
2,000,000 |
2,034,660 |
|
5%, tender 3/1/11 (b) |
|
5,640,000 |
5,900,681 |
|
Series 2008 B4, 5%, tender 7/1/10 (b) |
|
4,400,000 |
4,523,552 |
|
Series 2008 B7, 5%, tender 7/1/11 (b) |
|
735,000 |
774,771 |
|
California Edl. Facilities Auth. Rev.: |
|
|
|
|
(College & Univ. Fing. Prog.) Series 2007, 5% 2/1/13 |
|
1,265,000 |
1,210,301 |
|
(Santa Clara Univ. Proj.) Series 2008: |
|
|
|
|
5% 4/1/15 |
|
500,000 |
560,270 |
|
5% 4/1/16 |
|
400,000 |
448,184 |
|
(Stanford Univ. Proj.) Series T4, 5% 3/15/14 |
|
3,215,000 |
3,677,510 |
|
California Gen. Oblig.: |
|
|
|
|
0% 4/1/11 |
|
15,000 |
14,421 |
|
4% 8/1/13 |
|
500,000 |
528,920 |
|
4.5% 9/1/11 (Pre-Refunded to 9/1/10 @ 100) (c) |
|
20,000 |
20,823 |
|
5% 2/1/10 |
|
175,000 |
177,557 |
|
5% 2/1/10 |
|
115,000 |
116,680 |
|
5% 2/1/10 |
|
100,000 |
101,461 |
|
5% 3/1/10 |
|
65,000 |
66,136 |
|
5% 6/1/10 |
|
75,000 |
76,946 |
|
5% 5/1/11 |
|
95,000 |
100,143 |
|
5% 6/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
60,000 |
63,409 |
|
5% 9/1/11 |
|
2,085,000 |
2,219,795 |
|
5% 2/1/12 |
|
260,000 |
278,013 |
|
5% 2/1/12 |
|
120,000 |
128,314 |
|
5% 2/1/12 |
|
110,000 |
118,160 |
|
5% 3/1/12 |
|
1,425,000 |
1,527,073 |
|
5% 4/1/12 |
|
125,000 |
134,179 |
|
5% 10/1/12 |
|
2,000,000 |
2,170,720 |
|
5% 2/1/13 |
|
4,555,000 |
4,943,678 |
|
5% 2/1/13 |
|
175,000 |
189,933 |
|
5% 6/1/13 |
|
1,000,000 |
1,091,790 |
|
5% 10/1/13 |
|
50,000 |
53,803 |
|
5% 11/1/13 |
|
1,000,000 |
1,099,430 |
|
5% 3/1/14 |
|
3,675,000 |
4,020,707 |
|
5% 2/1/19 (Pre-Refunded to 2/1/12 @ 100) (c) |
|
3,785,000 |
4,146,657 |
|
5% 2/1/33 (Pre-Refunded to 2/1/14 @ 100) (c) |
|
3,005,000 |
3,434,294 |
|
5.25% 10/1/12 |
|
110,000 |
120,205 |
|
5.25% 3/1/13 (Pre-Refunded to 3/1/10 @ 101) (c) |
|
80,000 |
82,693 |
|
5.25% 10/1/13 |
|
185,000 |
204,906 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
California Gen. Oblig.: - continued |
|
|
|
|
5.25% 2/1/14 (FSA Insured) |
|
$ 270,000 |
$ 296,017 |
|
5.25% 2/1/15 |
|
40,000 |
43,282 |
|
5.25% 10/1/15 (Pre-Refunded to 10/1/10 @ 100) (c) |
|
75,000 |
78,908 |
|
5.25% 2/1/16 |
|
1,000,000 |
1,063,390 |
|
5.25% 6/1/18 (Pre-Refunded to 6/1/10 @ 100) (c) |
|
25,000 |
25,824 |
|
5.25% 9/1/18 (Pre-Refunded to 9/1/10 @ 100) (c) |
|
35,000 |
36,540 |
|
5.25% 12/1/24 (Pre-Refunded to 12/1/10 @ 100) (c) |
|
45,000 |
47,590 |
|
5.25% 4/1/29 (Pre-Refunded to 4/1/14 @ 100) (c) |
|
2,000,000 |
2,318,100 |
|
5.25% 4/1/34 (Pre-Refunded to 4/1/14 @ 100) (c) |
|
2,335,000 |
2,706,382 |
|
5.5% 4/1/11 |
|
45,000 |
47,665 |
|
5.75% 10/1/10 |
|
60,000 |
62,649 |
|
5.75% 2/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
20,000 |
21,133 |
|
5.75% 10/1/11 |
|
170,000 |
183,959 |
|
5.75% 11/1/11 |
|
100,000 |
108,489 |
|
5.75% 3/1/27 (Pre-Refunded to 3/1/10 @ 101) (c) |
|
75,000 |
77,709 |
|
6% 9/1/09 |
|
110,000 |
110,000 |
|
6% 10/1/09 (FGIC Insured) |
|
40,000 |
40,140 |
|
6.25% 9/1/09 |
|
85,000 |
85,000 |
|
6.25% 9/1/12 |
|
470,000 |
499,201 |
|
7% 10/1/09 |
|
10,000 |
10,044 |
|
10% 9/1/09 |
|
85,000 |
85,000 |
|
California Health Facilities Fing. Auth. Rev.: |
|
|
|
|
(Adventist Health Sys. West Proj.) Series 2009 C: |
|
|
|
|
5% 3/1/13 |
|
1,000,000 |
1,041,910 |
|
5% 3/1/14 |
|
2,000,000 |
2,071,540 |
|
(Catholic Healthcare West Proj.): |
|
|
|
|
Series 2004 I, 4.95%, tender 7/1/14 (b) |
|
275,000 |
281,498 |
|
Series 2008 H, 5.125% 7/1/22 |
|
1,000,000 |
983,740 |
|
Series 2009 C, 5%, tender 7/2/12 (b) |
|
1,700,000 |
1,747,736 |
|
(Cedars-Sinai Med. Ctr. Proj.) Series 2005: |
|
|
|
|
5% 11/15/09 |
|
100,000 |
100,445 |
|
5% 11/15/14 |
|
50,000 |
52,974 |
|
(Providence Health & Svcs. Proj.) Series 2008 C, 5.25% 10/1/13 |
|
750,000 |
815,498 |
|
(Scripps Health Sys. Proj.) Series 2008 A, 5% 10/1/15 |
|
1,000,000 |
1,057,320 |
|
(St. Joseph Health Sys. Proj.) Series 2009 C, 5%, tender 10/16/14 (b) |
|
2,800,000 |
2,944,228 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
California Health Facilities Fing. Auth. Rev.: - continued |
|
|
|
|
(Stanford Hosp. and Clinics Proj.) Series 2008 A3, 3.45%, tender 6/15/11 (b) |
|
$ 2,310,000 |
$ 2,340,307 |
|
(Sutter Health Proj.) Series 2008 A: |
|
|
|
|
5% 8/15/12 |
|
2,000,000 |
2,121,400 |
|
5.5% 8/15/16 |
|
1,000,000 |
1,078,880 |
|
California Infrastructure & Econ. Dev. Bank Rev.: |
|
|
|
|
(Asian Art Museum of San Francisco Proj.) Series 2000, 5.5% 6/1/17 (Pre-Refunded to 6/1/10 @ 101) (c) |
|
80,000 |
83,858 |
|
(Bay Area Toll Bridges Seismic Retrofit Prog.) Series 2003 A: |
|
|
|
|
5% 7/1/11 (Escrowed to Maturity) (c) |
|
135,000 |
145,832 |
|
5.25% 7/1/20 (Pre-Refunded to 7/1/13 @ 100) (c) |
|
5,300,000 |
6,062,087 |
|
(California Independent Sys. Operator Corp. Proj.) Series 2008 A, 5% 2/1/12 |
|
2,500,000 |
2,633,900 |
|
(Clean Wtr. State Revolving Fund Proj.) Series 2002, 5% 10/1/15 |
|
1,660,000 |
1,825,668 |
|
(Pacific Gas and Elec. Co. Proj.) Series 2008 F, 3.75%, tender 9/20/10 (b) |
|
1,500,000 |
1,506,525 |
|
(Performing Arts Ctr. of Los Angeles County Proj.) Series 2007: |
|
|
|
|
4% 12/1/09 |
|
100,000 |
100,524 |
|
4% 12/1/10 |
|
100,000 |
102,643 |
|
(The J. Paul Getty Trust Proj.): |
|
|
|
|
Series 2003 A, 3.9%, tender 12/1/11 (b) |
|
3,825,000 |
4,059,970 |
|
Series 2003 C, 3.9%, tender 12/1/11 (b) |
|
1,745,000 |
1,852,195 |
|
Series 2004 A, 4%, tender 12/1/11 (b) |
|
1,785,000 |
1,898,597 |
|
Series 2007 A3, 2.25%, tender 4/1/12 (b) |
|
2,000,000 |
2,035,740 |
|
(Worker's Compensation Relief Proj.) Series 2004 A, 5.25% 10/1/13 (AMBAC Insured) |
|
45,000 |
50,009 |
|
California Muni. Fin. Auth. Rev. (Loma Linda Univ. Proj.) Series 2007: |
|
|
|
|
4.5% 4/1/13 |
|
365,000 |
388,926 |
|
5% 4/1/14 |
|
200,000 |
218,418 |
|
California Muni. Fin. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.): |
|
|
|
|
Series 2004, 4.1%, tender 3/1/10 (b) |
|
1,500,000 |
1,500,675 |
|
Series 2009 A, 4.905%, tender 2/1/10 (b) |
|
1,000,000 |
1,004,160 |
|
California Poll. Cont. Fing. Auth. Envir. Impt. Rev. (BP West Coast Products LLC Proj.) Series 2009, 2.6%, tender 9/2/14 (a)(b) |
|
3,000,000 |
2,998,590 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
California Pub. Works Board Lease Rev.: |
|
|
|
|
(California Substance Abuse Treatment Facility and State Prison at Corcoran II Proj.) Series 2005 J, 5% 1/1/10 (AMBAC Insured) |
|
$ 130,000 |
$ 131,087 |
|
(Coalinga State Hosp. Proj.) Series 2004 A: |
|
|
|
|
5% 6/1/10 |
|
550,000 |
555,335 |
|
5% 6/1/11 |
|
375,000 |
390,109 |
|
5.25% 6/1/12 |
|
1,420,000 |
1,501,962 |
|
5.25% 6/1/13 |
|
3,550,000 |
3,782,738 |
|
5.25% 6/1/14 |
|
70,000 |
74,395 |
|
(Dept. of Corrections & Rehab. Proj.): |
|
|
|
|
Series 2005 J, 5% 1/1/14 (AMBAC Insured) |
|
2,710,000 |
2,839,619 |
|
Series 2007 F, 4% 11/1/13 |
|
165,000 |
168,998 |
|
(Dept. of Corrections Proj.) Series B, 5.25% 1/1/13 |
|
40,000 |
42,347 |
|
(Dept. of Corrections, Kern County at Delano II Proj.) Series 2003 C, 5.5% 6/1/13 |
|
1,700,000 |
1,829,387 |
|
(Dept. of Corrections, Madera State Prison Proj.) Series E, 6% 6/1/10 |
|
100,000 |
102,922 |
|
(Dept. of Corrections, Monterey County State Prison Proj.): |
|
|
|
|
Series 2003 C: |
|
|
|
|
5.5% 6/1/14 |
|
100,000 |
106,842 |
|
5.5% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
50,000 |
53,421 |
|
Series 2004 D, 5% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
150,000 |
156,591 |
|
Series C, 5.2% 12/1/09 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
135,000 |
135,898 |
|
(Dept. of Food & Agric. Proj.) Series 2007 H, 4% 11/1/13 |
|
335,000 |
343,117 |
|
(Dept. of Forestry & Fire Protection Proj.) Series 2007 E, 5% 11/1/13 |
|
935,000 |
993,671 |
|
(Judicial Council Proj.) Series 2007 G, 3.7% 11/1/12 |
|
110,000 |
112,169 |
|
(Lassen County, Susanville State Prison Proj.) Series 2001 A, 5.25% 6/1/10 (AMBAC Insured) |
|
50,000 |
50,943 |
|
(Monterey Bay Campus Library Proj.) Series 2009 D: |
|
|
|
|
4% 4/1/15 |
|
660,000 |
669,550 |
|
5% 4/1/14 |
|
1,270,000 |
1,344,943 |
|
(Regents Univ. of California Proj.) Series A, 5.25% 6/1/12 (AMBAC Insured) |
|
50,000 |
54,401 |
|
(Various California State Univ. Projs.): |
|
|
|
|
Series 2005 L, 5.25% 11/1/09 |
|
260,000 |
261,628 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
California Pub. Works Board Lease Rev.: - continued |
|
|
|
|
(Various California State Univ. Projs.): |
|
|
|
|
Series 2006 A, 5% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 2,000,000 |
$ 2,154,800 |
|
Series A, 5.5% 6/1/14 |
|
155,000 |
165,979 |
|
Series B: |
|
|
|
|
5.55% 6/1/10 |
|
100,000 |
103,624 |
|
5.55% 6/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
250,000 |
257,348 |
|
Series 2005 L, 5% 11/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,490,000 |
1,647,478 |
|
Series 2007 F, 4% 11/1/12 |
|
110,000 |
113,156 |
|
California State L.A. Univ. Auxiliary Svcs., Inc. Auxiliary Organization Series 2001, 5.25% 6/1/28 (Pre-Refunded to 6/1/11 @ 100) (c) |
|
40,000 |
43,201 |
|
California State Univ. Rev.: |
|
|
|
|
Series 2005 B, 5% 11/1/11 (AMBAC Insured) |
|
40,000 |
43,081 |
|
Series 2007 C, 5% 11/1/10 (FSA Insured) |
|
1,005,000 |
1,048,416 |
|
Series 2009 A: |
|
|
|
|
5% 11/1/15 |
|
1,000,000 |
1,123,070 |
|
5% 11/1/16 |
|
1,485,000 |
1,673,016 |
|
California State Univ., Fresno Assoc., Inc. Auxiliary Organization Event Ctr. Rev. Series 2002, 6% 7/1/26 (Pre-Refunded to 7/1/12 @ 101) (c) |
|
35,000 |
39,774 |
|
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co. Proj.): |
|
|
|
|
Series 2006 A, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (b) |
|
1,000,000 |
1,002,610 |
|
Series 2006 B, 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (b) |
|
2,000,000 |
2,005,220 |
|
California Statewide Cmntys. Dev. Auth. Rev.: |
|
|
|
|
(Daughters of Charity Health Sys. Proj.) Series 2005 F, 5% 7/1/10 |
|
1,545,000 |
1,552,988 |
|
(Enloe Health Sys. Proj.): |
|
|
|
|
Series 2008 A: |
|
|
|
|
5% 8/15/11 |
|
1,050,000 |
1,101,282 |
|
5.5% 8/15/14 |
|
1,435,000 |
1,548,135 |
|
Series 2008 B, 5% 8/15/15 |
|
60,000 |
63,278 |
|
(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (b) |
|
1,000,000 |
1,013,230 |
|
(Kaiser Permanente Health Sys. Proj.): |
|
|
|
|
Series 2001 B, 3.9%, tender 7/1/14 (b) |
|
4,000,000 |
3,954,760 |
|
Series 2004 E, 3.875%, tender 4/1/10 (b) |
|
375,000 |
382,624 |
|
Series 2004 I, 3.45%, tender 5/1/11 (b) |
|
2,000,000 |
2,023,180 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
California Statewide Cmntys. Dev. Auth. Rev.: - continued |
|
|
|
|
(Sr. Living Presbyterian Homes Proj.) Series A, 4.5% 11/15/10 |
|
$ 445,000 |
$ 445,027 |
|
(St. Joseph Health Sys. Proj.) Series 2007 F, 5% 7/1/14 (FSA Insured) |
|
2,195,000 |
2,402,208 |
|
(Thomas Jefferson School of Law Proj.) Series 2001, 7.75% 10/1/31 (Pre-Refunded to 10/1/11 @ 101) (c) |
|
950,000 |
1,069,159 |
|
California Statewide Cmntys. Dev. Auth. Wtr. & Wastewtr. Rev. Series 2004 A: |
|
|
|
|
5% 10/1/13 (Escrowed to Maturity) (c) |
|
15,000 |
17,094 |
|
5% 10/1/13 (FSA Insured) |
|
40,000 |
44,810 |
|
Carlsbad Unified School District Series 2009 B: |
|
|
|
|
0% 5/1/10 |
|
150,000 |
148,448 |
|
0% 5/1/14 |
|
400,000 |
343,560 |
|
Carmichael Wtr. District Wtr. Rev. Ctfs. of Prtn. 4.75% 9/1/09 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
70,000 |
70,000 |
|
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. (Wtr. Sys. Impt. Proj.) Series 1994 A, 7% 8/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,025,000 |
1,136,766 |
|
Central Valley Fing. Auth. Cogeneration Proj. Rev. (Carson Ice-Gen. Proj.) Series 2009, 5% 7/1/16 |
|
1,150,000 |
1,263,425 |
|
Cerritos Cmnty. College District Series 2004 C: |
|
|
|
|
4% 8/1/10 |
|
200,000 |
205,668 |
|
4% 8/1/11 |
|
400,000 |
421,328 |
|
Chaffey Cmnty. College District Series A, 5.25% 7/1/14 (Pre-Refunded to 7/1/12 @ 101) (c) |
|
30,000 |
33,783 |
|
Chaffey Unified High School District: |
|
|
|
|
Series 1998 B, 5.5% 8/1/13 (Pre-Refunded to 8/1/10 @ 101) (c) |
|
70,000 |
73,808 |
|
Series 2005, 5% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
20,000 |
21,902 |
|
Contra Costa County Pub. Fing. Auth. Lease Rev. Series B, 5% 6/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000,000 |
2,059,760 |
|
Davis Spl. Tax Rev.: |
|
|
|
|
5% 9/1/09 (AMBAC Insured) |
|
540,000 |
540,000 |
|
5% 9/1/10 (AMBAC Insured) |
|
565,000 |
572,328 |
|
Desert Sands Union School District Ctfs. of Prtn. 5.25% 3/1/14 |
|
500,000 |
538,470 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
East Side Union High School District Santa Clara County Series C: |
|
|
|
|
5% 8/1/11 (FSA Insured) |
|
$ 45,000 |
$ 47,894 |
|
5% 8/1/12 (FSA Insured) |
|
55,000 |
59,335 |
|
El Centro School District Gen. Oblig. Series A, 6% 8/1/12 (AMBAC Insured) |
|
15,000 |
16,648 |
|
Fillmore Pub. Fing. Auth. Rev. (Wtr. Recycling Fing. Proj.): |
|
|
|
|
4% 5/1/11 (CIFG North America Insured) |
|
240,000 |
248,318 |
|
4% 5/1/12 (CIFG North America Insured) |
|
300,000 |
312,375 |
|
Fontana Unified School District Gen. Oblig.: |
|
|
|
|
3% 5/1/11 (Assured Guaranty Corp. Insured) |
|
385,000 |
393,986 |
|
5.25% 5/1/13 (Assured Guaranty Corp. Insured) |
|
380,000 |
416,051 |
|
Foothill-De Anza Cmnty. College District Series 2007 B, 4% 8/1/10 (AMBAC Insured) |
|
2,000,000 |
2,063,540 |
|
Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev. 4.75% 1/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
35,000 |
34,888 |
|
Fremont Union High School District, Santa Clara Series 1998 C, 5% 9/1/18 (Pre-Refunded to 9/1/12 @ 100) (c) |
|
85,000 |
94,846 |
|
Fresno Swr. Rev. Series A, 6% 9/1/09 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
100,000 |
100,000 |
|
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.: |
|
|
|
|
Series 2003 A1, 6.75% 6/1/39 (Pre-Refunded to 6/1/13 @ 100) (c) |
|
2,685,000 |
3,156,620 |
|
Series 2003 B: |
|
|
|
|
5% 6/1/38 (Pre-Refunded to 6/1/13 @ 100) (c) |
|
775,000 |
862,312 |
|
5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (c) |
|
205,000 |
228,095 |
|
5.375% 6/1/28 (Pre-Refunded to 6/1/10 @ 100) (c) |
|
60,000 |
62,203 |
|
5.5% 6/1/33 (Pre-Refunded to 6/1/13 @ 100) (c) |
|
7,470,000 |
8,445,956 |
|
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (c) |
|
3,290,000 |
3,719,839 |
|
5.6% 6/1/28 (Pre-Refunded to 6/1/10 @ 100) (c) |
|
115,000 |
119,414 |
|
Series 2007 A1, 5% 6/1/11 |
|
1,000,000 |
1,012,250 |
|
Series B: |
|
|
|
|
5.5% 6/1/43 (Pre-Refunded to 6/1/13 @ 100) (c) |
|
1,000,000 |
1,130,650 |
|
5.625% 6/1/33 (Pre-Refunded to 6/1/13 @ 100) (c) |
|
175,000 |
198,651 |
|
Grossmont-Cuyamaca Cmnty. College District 5% 8/1/12 (Assured Guaranty Corp. Insured) |
|
2,915,000 |
3,217,694 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
Indio Pub. Fing. Auth. Lease Rev. Series 2007 B, 3.8%, tender 11/1/12 (AMBAC Insured) (b) |
|
$ 500,000 |
$ 500,865 |
|
Jefferson Union High School District Gen. Oblig. Series A, 6.25% 2/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
50,000 |
53,775 |
|
Kern Cmnty. College District Gen. Oblig. Series A, 4.75% 11/1/26 (Pre-Refunded to 11/1/13 @ 100) (c) |
|
170,000 |
192,131 |
|
Kern County High School District Series A, 6.3% 8/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
75,000 |
78,258 |
|
Lodi Elec. Sys. Rev. Ctfs. of Prtn. Series A, 5% 7/1/16 (Assured Guaranty Corp. Insured) |
|
2,390,000 |
2,618,102 |
|
Long Beach Unified School District Series A: |
|
|
|
|
4% 8/1/14 |
|
2,335,000 |
2,519,442 |
|
5% 8/1/14 |
|
1,000,000 |
1,125,180 |
|
Los Angeles Cmnty. College District Series 2005 A, 5.25% 8/1/14 (FSA Insured) |
|
4,000,000 |
4,548,920 |
|
Los Angeles County Ctfs. of Prtn.: |
|
|
|
|
(Correctional Facilities Proj.) 0% 9/1/12 (Escrowed to Maturity) (c) |
|
100,000 |
94,747 |
|
(Disney Parking Proj.) 0% 3/1/14 |
|
20,000 |
16,835 |
|
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. (Proposition C Proj.) First Tier Sr. Series 2003 A, 5% 7/1/13 (FSA Insured) |
|
35,000 |
39,387 |
|
Los Angeles County Pub. Works Fing. Auth. Lease Rev. (Multiple Cap. Facilities #6 Proj.) Series A, 5.625% 5/1/26 (Pre-Refunded to 5/1/10 @ 100) (c) |
|
105,000 |
108,511 |
|
Los Angeles County Pub. Works Fing. Auth. Rev.: |
|
|
|
|
(Los Angeles County Flood Cont. District Proj.) Series A, 5% 3/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
35,000 |
37,997 |
|
(Reg'l. Park & Open Space District Proj.) Series 2005 A: |
|
|
|
|
5% 10/1/12 (FSA Insured) |
|
105,000 |
115,945 |
|
5% 10/1/14 (FSA Insured) |
|
25,000 |
28,320 |
|
Los Angeles Dept. Arpt. Rev.: |
|
|
|
|
(Los Angeles Int'l. Arpt. Proj.) Series 2003 B, 5% 5/15/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
65,000 |
66,748 |
|
Series 2003 B, 5% 5/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
165,000 |
180,571 |
|
Los Angeles Dept. of Wtr. & Pwr. Rev.: |
|
|
|
|
Series 2001 A1, 5.25% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
120,000 |
129,440 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
Los Angeles Dept. of Wtr. & Pwr. Rev.: - continued |
|
|
|
|
Series 2003 A1: |
|
|
|
|
5% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 25,000 |
$ 27,508 |
|
5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000,000 |
3,311,310 |
|
Los Angeles Gen. Oblig.: |
|
|
|
|
Series 2001 A, 5% 9/1/15 (Pre-Refunded to 9/1/11 @ 100) (c) |
|
60,000 |
65,189 |
|
Series 2002 A, 5.25% 9/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
170,000 |
193,776 |
|
Series 2003 A, 5% 9/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
20,000 |
22,605 |
|
Series 2003 B, 5% 9/1/09 (FSA Insured) |
|
35,000 |
35,000 |
|
Series 2009 A, 4% 9/1/15 |
|
2,085,000 |
2,281,199 |
|
Los Angeles Muni. Impt. Corp. Lease Rev. Series 2008 A, 3.5% 9/1/09 |
|
525,000 |
525,000 |
|
Los Angeles State Bldg. Auth. Lease Rev. (State of California Dept. of Gen. Svcs. Lease Proj.) Series A, 5.625% 5/1/11 |
|
35,000 |
36,234 |
|
Los Angeles Unified School District: |
|
|
|
|
(Election of 1997 Proj.): |
|
|
|
|
Series 2000 D, 5.625% 7/1/15 (Pre-Refunded to 7/1/10 @ 100) (c) |
|
80,000 |
83,485 |
|
Series 2002 E: |
|
|
|
|
5.5% 7/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
40,000 |
43,748 |
|
5.5% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,300,000 |
1,413,594 |
|
Series 2003 F: |
|
|
|
|
4.5% 7/1/13 |
|
3,000,000 |
3,262,260 |
|
5% 7/1/14 |
|
25,000 |
27,373 |
|
(Election of 2002 Proj.) Series 2003 A: |
|
|
|
|
5% 7/1/13 |
|
25,000 |
27,546 |
|
5% 7/1/22 (Pre-Refunded to 7/1/13 @ 100) (c) |
|
5,000,000 |
5,672,500 |
|
(Election of 2004 Proj.) Series 2006 G, 5% 7/1/10 (AMBAC Insured) |
|
2,200,000 |
2,277,374 |
|
Series 1997 A, 6% 7/1/14 |
|
3,055,000 |
3,512,792 |
|
Series 2002, 5.75% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,000,000 |
4,564,160 |
|
Series 2003 A, 5% 1/1/28 (Pre-Refunded to 7/1/13 @ 100) (c) |
|
5,785,000 |
6,563,083 |
|
Series 2007 E, 5% 7/1/10 |
|
1,865,000 |
1,930,275 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
Los Angeles Unified School District Ctfs. of Prtn. (Multiple Properties Proj.) Series A, 5% 8/1/10 (Escrowed to Maturity) (c) |
|
$ 60,000 |
$ 62,536 |
|
Los Angeles Wastewtr. Sys. Rev. Series 2009 A, 5% 6/1/15 |
|
5,000,000 |
5,705,050 |
|
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series 2008 L: |
|
|
|
|
4% 7/1/12 (FSA Insured) |
|
145,000 |
155,038 |
|
4% 7/1/13 (FSA Insured) |
|
175,000 |
189,109 |
|
5% 7/1/14 (FSA Insured) |
|
2,000,000 |
2,258,040 |
|
Malibu Gen. Oblig. Ctfs. of Prtn. (City Hall Proj.) Series A: |
|
|
|
|
4% 7/1/13 (a) |
|
50,000 |
53,954 |
|
4% 7/1/15 (a) |
|
100,000 |
108,141 |
|
4% 7/1/17 (a) |
|
85,000 |
90,157 |
|
Marin Muni. Wtr. District Rev. Ctfs. of Prtn. (2004 Fing. Proj.) 5% 7/1/12 (AMBAC Insured) |
|
25,000 |
27,311 |
|
Metropolitan Wtr. District of Southern California Wtrwks. Rev.: |
|
|
|
|
Series 2001 A: |
|
|
|
|
5.25% 7/1/10 (Escrowed to Maturity) (c) |
|
70,000 |
72,832 |
|
5.25% 3/1/21 (Pre-Refunded to 3/1/11 @ 101) (c) |
|
270,000 |
291,411 |
|
5.375% 7/1/12 |
|
1,000,000 |
1,090,960 |
|
Series 2003 A, 5% 7/1/13 |
|
35,000 |
39,582 |
|
Series 2004 B: |
|
|
|
|
5% 7/1/10 |
|
90,000 |
93,287 |
|
5% 7/1/11 |
|
1,155,000 |
1,244,593 |
|
Monterey Peninsula Cmnty. College District Series A, 4.75% 8/1/27 (Pre-Refunded to 8/1/13 @ 100) (c) |
|
15,000 |
16,918 |
|
New Haven Unified School District Series B, 7.9% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
100,000 |
117,378 |
|
Newhall School District Gen. Oblig. Series B, 5% 8/1/18 (Pre-Refunded to 8/1/12 @ 101) (c) |
|
45,000 |
50,436 |
|
Newport Beach Rev. (Hoag Memorial Hosp. Presbyterian Proj.) Series 2009 C, 4%, tender 2/8/11 (b) |
|
2,900,000 |
2,971,021 |
|
North Orange County Cmnty. College District Rev.: |
|
|
|
|
5% 8/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
60,000 |
68,288 |
|
5% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
35,000 |
39,330 |
|
Northern California Gas Auth. #1 Gas Proj. Rev. Series 2007 A, 5% 7/1/11 |
|
535,000 |
553,292 |
|
Northern California Power Agency Rev. (Hydroelectric #1 Proj.) Series 2008 C, 5% 7/1/11 |
|
1,350,000 |
1,429,313 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
Northern California Pwr. Agcy. Rev. (Geothermal #3 Proj.): |
|
|
|
|
Series 1993 A: |
|
|
|
|
5.85% 7/1/10 (AMBAC Insured) |
|
$ 25,000 |
$ 25,819 |
|
5.85% 7/1/10 (Escrowed to Maturity) (c) |
|
25,000 |
26,103 |
|
Series 2009 A, 5% 7/1/16 |
|
1,940,000 |
2,131,342 |
|
Oakland Joint Powers Fing. Auth. Series 2008 A1: |
|
|
|
|
4.25% 1/1/13 (Assured Guaranty Corp. Insured) |
|
1,000,000 |
1,053,230 |
|
5% 1/1/13 (Assured Guaranty Corp. Insured) |
|
1,320,000 |
1,421,627 |
|
Oakland Joint Powers Fing. Auth. Lease Rev. (Oakland Convention Centers Proj.) Series 2001, 5.25% 10/1/09 (AMBAC Insured) |
|
50,000 |
50,146 |
|
Oakland Unified School District Alameda County Series 2005, 5% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
60,000 |
63,337 |
|
Orange County Local Trans. Auth. Sales Tax Rev.: |
|
|
|
|
Series A, 5.5% 2/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
20,000 |
21,346 |
|
Sr. Series A, 5.7% 2/15/10 (AMBAC Insured) |
|
140,000 |
143,151 |
|
Orange County Rfdg. Recovery Series A, 5% 6/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
150,000 |
160,376 |
|
Orange County Wtr. District Rev. Ctfs. of Prtn. Series 2009 A: |
|
|
|
|
3% 8/15/13 |
|
110,000 |
115,785 |
|
4% 8/15/15 |
|
50,000 |
54,672 |
|
Oxnard Fing. Auth. Wastewtr. Rev. 5% 6/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
25,000 |
26,738 |
|
Palos Verdes Peninsula Unified School District Series A, 5.25% 11/1/14 (Pre-Refunded to 11/1/10 @ 101) (c) |
|
50,000 |
53,304 |
|
Pasadena Unified School District Gen. Oblig.: |
|
|
|
|
(Election of 1997 Proj.) Series C, 4.75% 11/1/24 (Pre-Refunded to 11/1/11 @ 101) (c) |
|
50,000 |
54,817 |
|
5% 11/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
35,000 |
36,612 |
|
Placentia Pub. Fing. Auth. Rev.: |
|
|
|
|
2% 9/1/10 |
|
1,000,000 |
1,002,160 |
|
2.625% 9/1/11 |
|
750,000 |
755,895 |
|
Pleasanton Unified School District Gen. Oblig.: |
|
|
|
|
Series 1997 F, 4.75% 8/1/25 (Pre-Refunded to 8/1/11 @ 101) (c) |
|
50,000 |
54,451 |
|
Series 2003, 5% 8/1/11 (FSA Insured) |
|
100,000 |
108,029 |
|
Series 2004 B, 5% 8/1/14 (FSA Insured) |
|
60,000 |
68,590 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
Pomona Pub. Fing. Auth. Rev.: |
|
|
|
|
5% 2/1/12 (AMBAC Insured) |
|
$ 30,000 |
$ 30,793 |
|
5% 2/1/12 (Escrowed to Maturity) (c) |
|
10,000 |
10,930 |
|
Port of Oakland Rev. Series M, 5% 11/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
85,000 |
93,237 |
|
Poway Unified School District Pub. Fing. Auth. Lease Rev.: |
|
|
|
|
Cap. Appreciation Series 2007, 0%, tender 6/1/10 (FSA Insured) (b) |
|
1,215,000 |
1,189,230 |
|
Series 2008 B, 0%, tender 12/1/14 (FSA Insured) (b) |
|
5,400,000 |
4,309,038 |
|
Series 2008 C: |
|
|
|
|
3.125%, tender 12/1/11 (FSA Insured) (b) |
|
1,225,000 |
1,259,165 |
|
4%, tender 12/1/11 (FSA Insured) (b) |
|
1,500,000 |
1,570,545 |
|
Rancho Mirage Joint Powers Fing. Auth. Rev. (Eisenhower Med. Ctr. Proj.) Series A, 5% 7/1/14 |
|
1,205,000 |
1,255,212 |
|
Rancho Santiago Cmnty. College District 5% 9/1/16 (FSA Insured) |
|
45,000 |
50,244 |
|
Redding Elec. Sys. Rev. Ctfs. of Prtn. Series 2008 A, 4.5% 6/1/11 (FSA Insured) |
|
2,000,000 |
2,112,140 |
|
Riverside County Asset Leasing Corp. Leasehold Rev. (Riverside County Hosp. Proj.) Series A, 6.5% 6/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000,000 |
1,052,600 |
|
Riverside County Trans. Commission Sales Tax Rev. Series 2008 A2, 4%, tender 12/1/09 (b) |
|
1,400,000 |
1,411,256 |
|
Sacramento Area Flood Cont. Agcy. Series 2008, 4% 10/1/14 (Berkshire Hathaway Assurance Corp. Insured) |
|
1,000,000 |
1,094,080 |
|
Sacramento City Fing. Auth. Rev.: |
|
|
|
|
(Pub. Safety and Parking Impts. Proj.) Series 2002, 5.5% 6/1/20 (Pre-Refunded to 6/1/10 @ 101) (c) |
|
140,000 |
146,751 |
|
(Solid Waste, Redev. and Master Lease Prog. Facilities Proj.) Series 2005, 5% 12/1/14 (FGIC Insured) |
|
40,000 |
43,469 |
|
(Wtr. and Cap. Impt. Proj.) Series 2001 A, 5.5% 12/1/18 (Pre-Refunded to 6/1/11 @ 100) (c) |
|
130,000 |
140,966 |
|
Sacramento Cogeneration Auth. Cogeneration Proj. Rev. (Proctor & Gamble Proj.) Series 2009: |
|
|
|
|
5% 7/1/12 |
|
500,000 |
541,890 |
|
5% 7/1/13 |
|
625,000 |
685,994 |
|
5% 7/1/14 |
|
550,000 |
605,831 |
|
5% 7/1/16 |
|
1,275,000 |
1,400,753 |
|
Sacramento Muni. Util. District Elec. Rev. Series 2002 Q, 5.25% 8/15/17 (FSA Insured) |
|
1,000,000 |
1,072,710 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
San Bernardino Cmnty. College District Series A: |
|
|
|
|
5% 8/1/16 |
|
$ 215,000 |
$ 243,518 |
|
5% 8/1/17 |
|
150,000 |
169,070 |
|
San Bernardino County Trans. Auth. Sales Tax Rev. Series A, 5% 3/1/10 (AMBAC Insured) |
|
260,000 |
264,636 |
|
San Diego Cmnty. College District Series 2007, 0% 8/1/16 (FSA Insured) |
|
3,900,000 |
3,033,264 |
|
San Diego County Wtr. Auth. Wtr. Rev. Series A, 5.25% 5/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
50,000 |
55,821 |
|
San Diego Pub. Facilities Fing. Auth. Swr. Rev. Series 2009 A, 4.5% 5/15/14 |
|
5,795,000 |
6,321,881 |
|
San Diego Pub. Facilities Fing. Auth. Wtr. Rev.: |
|
|
|
|
5% 8/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
200,000 |
213,646 |
|
5% 8/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,055,000 |
2,241,265 |
|
San Diego Unified School District (Election of 1998 Proj.): |
|
|
|
|
Series 2002 D, 5.25% 7/1/20 (Pre-Refunded to 7/1/12 @ 101) (c) |
|
3,000,000 |
3,315,180 |
|
Series 2003 E: |
|
|
|
|
5.25% 7/1/20 (FSA Insured) (Pre-Refunded to 7/1/13 @ 101) (c) |
|
2,000,000 |
2,247,380 |
|
5.25% 7/1/22 (FSA Insured) (Pre-Refunded to 7/1/13 @ 101) (c) |
|
1,695,000 |
1,904,655 |
|
Series 2004 F, 5% 7/1/16 (FSA Insured) |
|
75,000 |
82,507 |
|
San Francisco Bldg. Auth. Lease Rev.: |
|
|
|
|
(Dept. Gen. Svcs. Lease Proj.) Series A, 5% 10/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
25,000 |
26,311 |
|
(San Francisco Civic Ctr. Complex Proj.) Series A, 6% 12/1/09 (AMBAC Insured) |
|
55,000 |
55,589 |
|
San Francisco City & County Pub. Util. Commission Wtr. Rev. Series 2002 B, 5% 11/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
650,000 |
713,830 |
|
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev. (San Francisco Redev. Projs.) Series 2009 B: |
|
|
|
|
4% 8/1/13 (a) |
|
905,000 |
927,706 |
|
5% 8/1/16 (a) |
|
1,095,000 |
1,134,409 |
|
San Francisco Cmnty. College District Gen. Oblig. (Election of 2001 Proj.) Series 2004 B, 5% 6/15/10 (AMBAC Insured) |
|
75,000 |
77,502 |
|
San Jose Gen. Oblig. (Libraries, Parks and Pub. Safety Projs.) 5% 9/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
45,000 |
48,667 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
San Mateo Unified School District 5% 9/1/15 (FSA Insured) |
|
$ 25,000 |
$ 27,967 |
|
Santa Clara County Fing. Auth. Lease Rev. (VMC Rfdg. Proj.) Series 1997 A, 6% 11/15/12 (AMBAC Insured) |
|
240,000 |
269,686 |
|
Santa Clara Valley Wtr. District Ctfs. of Prtn. 5.25% 2/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
35,000 |
38,192 |
|
Santa Margarita/Dana Point Auth. Rev. (Wtr. Impt. Districts 3, 3A, 4 & 4A Proj.) Series B, 7.25% 8/1/11 |
|
1,425,000 |
1,537,447 |
|
Santa Maria Joint Union High School District Gen. Oblig. Series A, 5.375% 8/1/14 (Escrowed to Maturity) (c) |
|
20,000 |
23,366 |
|
Saugus Union School District Series B, 5% 8/1/14 (FSA Insured) |
|
55,000 |
62,323 |
|
South Orange County Pub. Fing. Auth. Spl. Tax Rev. (Foothill Area Proj.): |
|
|
|
|
Series 2004 A, 5% 8/15/11 (FGIC Insured) |
|
1,000,000 |
1,045,920 |
|
Series C, 6.5% 8/15/10 (FGIC Insured) |
|
160,000 |
166,154 |
|
Southern California Pub. Pwr. Auth. Rev.: |
|
|
|
|
(Multiple Projs.): |
|
|
|
|
6.75% 7/1/12 |
|
30,000 |
33,995 |
|
6.75% 7/1/13 |
|
65,000 |
75,486 |
|
(San Juan Unit 3 Proj.) Series A, 5.5% 1/1/14 (FSA Insured) |
|
200,000 |
226,302 |
|
6.75% 7/1/13 (FSA Insured) |
|
1,800,000 |
2,097,576 |
|
Southern California Pub. Pwr. Auth. Transmission Proj. Rev.: |
|
|
|
|
Series 2002 B, 5% 7/1/12 (FSA Insured) |
|
55,000 |
60,647 |
|
Series 2009 A, 5% 7/1/20 |
|
2,000,000 |
2,208,400 |
|
Southwestern Cmnty. College District Gen. Oblig.: |
|
|
|
|
Series 2004, 5% 8/1/15 (Pre-Refunded to 8/1/14 @ 100) (c) |
|
45,000 |
51,899 |
|
Series B, 5.25% 8/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
25,000 |
28,171 |
|
Stockton Unified School District Gen. Oblig. 5.5% 7/1/11 (FSA Insured) |
|
50,000 |
54,160 |
|
Sweetwater Union High School District Pub. Fing. Auth. Spl. Tax Rev. Series A, 5% 9/1/14 (FSA Insured) |
|
35,000 |
37,903 |
|
Tobacco Securitization Auth. Northern California Tobacco Settlement Rev. Series B, 5% 6/1/28 (Pre-Refunded to 6/1/11 @ 100) (c) |
|
60,000 |
64,487 |
|
Torrance Unified School District: |
|
|
|
|
Series 2008 Y, 5.375% 8/1/22 |
|
1,250,000 |
1,369,088 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
California - continued |
||||
Torrance Unified School District: - continued |
|
|
|
|
Series 2008 Z: |
|
|
|
|
5.25% 8/1/18 |
|
$ 1,000,000 |
$ 1,126,420 |
|
5.375% 8/1/22 |
|
1,750,000 |
1,916,723 |
|
Univ. of California Revs.: |
|
|
|
|
(Multiple Purp. Projs.): |
|
|
|
|
Series O, 5.75% 9/1/09 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
35,000 |
35,000 |
|
Series Q, 5% 9/1/11 (FSA Insured) |
|
50,000 |
53,816 |
|
(UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (Escrowed to Maturity) (c)(d) |
|
10,000,000 |
10,102,500 |
|
Series 2009 O, 5% 5/15/17 |
|
1,000,000 |
1,149,900 |
|
Series A: |
|
|
|
|
5% 5/15/10 (AMBAC Insured) |
|
120,000 |
123,115 |
|
5% 5/15/12 (AMBAC Insured) |
|
100,000 |
109,756 |
|
Upland Unified School District Gen. Oblig. Series A, 5.25% 8/1/10 (FSA Insured) |
|
50,000 |
52,166 |
|
Washington Township Health Care District Rev. Series A, 5% 7/1/12 |
|
385,000 |
399,033 |
|
Western Placer Unified School District Ctfs. of Prtn. (School Facilities Proj.) Series 2006 B, 3.625%, tender 12/1/09 (FSA Insured) (b) |
|
1,250,000 |
1,257,113 |
|
Western Riverside County Trust & Wastewtr. Fin. Auth.: |
|
|
|
|
4% 9/1/14 (Assured Guaranty Corp. Insured) |
|
500,000 |
534,040 |
|
5% 9/1/13 (Assured Guaranty Corp. Insured) |
|
500,000 |
553,860 |
|
Whisman School District Gen. Oblig. Series A, 0% 8/1/14 (Escrowed to Maturity) (c) |
|
40,000 |
35,785 |
|
Whittier School District Gen. Oblig. Series D, 5% 8/1/11 (FSA Insured) |
|
25,000 |
26,829 |
|
|
420,781,658 |
|||
Guam - 0.2% |
||||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/09 |
|
1,000,000 |
1,001,120 |
|
Puerto Rico - 0.7% |
||||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: |
|
|
|
|
Series 1993, 7% 7/1/10 (AMBAC Insured) |
|
325,000 |
335,286 |
|
Series 1996, 6.5% 7/1/12 (FSA Insured) |
|
1,140,000 |
1,240,229 |
|
Series 2002, 5.25% 7/1/10 (FGIC Insured) |
|
170,000 |
172,970 |
|
Series 2003 B, 5.5% 7/1/11 (FGIC Insured) |
|
250,000 |
260,708 |
|
6.5% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
75,000 |
81,066 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Puerto Rico - continued |
||||
Puerto Rico Govt. Dev. Bank Series 2006 B, 5% 12/1/12 |
|
$ 1,000,000 |
$ 1,048,080 |
|
Puerto Rico Pub. Bldg. Auth. Rev. Series M, 5.5% 7/1/10 |
|
385,000 |
392,508 |
|
|
3,530,847 |
|||
Virgin Islands - 0.5% |
||||
Virgin Islands Pub. Fin. Auth. Rev.: |
|
|
|
|
Series 2006: |
|
|
|
|
4% 10/1/09 (FGIC Insured) |
|
350,000 |
350,102 |
|
4% 10/1/10 (FGIC Insured) |
|
580,000 |
571,689 |
|
Series 2009 A, 6% 10/1/14 |
|
1,250,000 |
1,313,963 |
|
|
2,235,754 |
|||
TOTAL MUNICIPAL BONDS (Cost $417,155,283) |
427,549,379 |
Municipal Notes - 2.2% |
|||
|
|
|
|
California - 2.2% |
|||
Baldwin Park Unified School District Gen. Oblig. BAN Series 2009, 0% 8/1/14 |
1,500,000 |
1,181,475 |
|
California Cmnty. College Fing. Auth. Rev. TRAN Series 2009 B, 2.25% 6/30/10 |
3,000,000 |
3,020,850 |
|
California Gen. Oblig. 1.4% 9/2/09, LOC Dexia Cr. Local de France, LOC Royal Bank of Canada, CP |
6,000,000 |
6,000,000 |
|
TOTAL MUNICIPAL NOTES (Cost $10,196,245) |
10,202,325 |
||
TOTAL INVESTMENT PORTFOLIO - 93.7% (Cost $427,351,528) |
437,751,704 |
||
NET OTHER ASSETS - 6.3% |
29,414,417 |
||
NET ASSETS - 100% |
$ 467,166,121 |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
CP - COMMERCIAL PAPER |
TRAN - TAX AND REVENUE |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,102,500 or 2.2% of net assets. |
Additional information on each holding is as follows: |
Security |
Acquisition Date |
Acquisition Cost |
Univ. of California Revs. (UCLA Med. Ctr. Proj.) 4.55% 12/1/09 (Escrowed to Maturity) |
1/7/09 |
$ 10,334,900 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations |
23.6% |
Escrowed/Pre-Refunded |
21.3% |
Special Tax |
17.5% |
Electric Utilities |
9.1% |
Health Care |
7.6% |
Water & Sewer |
5.9% |
Others* (individually less than 5%) |
15.0% |
|
100.0% |
*Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
August 31, 2009 (Unaudited) |
|
|
|
|
Assets |
|
|
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $427,351,528) |
|
$ 437,751,704 |
Cash |
|
30,653,260 |
Receivable for investments sold |
|
283,313 |
Receivable for fund shares sold |
|
4,174,933 |
Interest receivable |
|
4,357,391 |
Prepaid expenses |
|
715 |
Receivable from investment adviser for expense reductions |
|
46,997 |
Other receivables |
|
2,496 |
Total assets |
|
477,270,809 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 4,036,941 |
|
Delayed delivery |
5,310,621 |
|
Payable for fund shares redeemed |
328,948 |
|
Distributions payable |
184,334 |
|
Accrued management fee |
134,290 |
|
Other affiliated payables |
69,450 |
|
Other payables and accrued expenses |
40,104 |
|
Total liabilities |
|
10,104,688 |
|
|
|
Net Assets |
|
$ 467,166,121 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 456,124,220 |
Undistributed net investment income |
|
5,372 |
Accumulated undistributed net realized gain (loss) on investments |
|
636,353 |
Net unrealized appreciation (depreciation) on investments |
|
10,400,176 |
Net Assets, for 44,548,601 shares outstanding |
|
$ 467,166,121 |
Net Asset Value, offering price and redemption price per share ($467,166,121 ÷ 44,548,601 shares) |
|
$ 10.49 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Six months ended August 31, 2009 (Unaudited) |
||
|
|
|
Investment Income |
|
|
Interest |
|
$ 6,284,714 |
|
|
|
Expenses |
|
|
Management fee |
$ 753,172 |
|
Transfer agent fees |
152,000 |
|
Accounting fees and expenses |
52,868 |
|
Custodian fees and expenses |
3,527 |
|
Independent trustees' compensation |
636 |
|
Registration fees |
16,570 |
|
Audit |
26,000 |
|
Legal |
498 |
|
Miscellaneous |
14,659 |
|
Total expenses before reductions |
1,019,930 |
|
Expense reductions |
(308,283) |
711,647 |
Net investment income |
|
5,573,067 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
|
643,561 |
Change in net unrealized appreciation (depreciation) on: Investment securities |
|
4,193,514 |
Net gain (loss) |
|
4,837,075 |
Net increase (decrease) in net assets resulting from operations |
|
$ 10,410,142 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended August 31, 2009 (Unaudited) |
Year ended February 28, |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income |
$ 5,573,067 |
$ 6,909,923 |
Net realized gain (loss) |
643,561 |
28,647 |
Change in net unrealized appreciation (depreciation) |
4,193,514 |
5,797,788 |
Net increase (decrease) in net assets resulting |
10,410,142 |
12,736,358 |
Distributions to shareholders from net investment income |
(5,570,962) |
(6,905,280) |
Share transactions |
237,622,129 |
331,398,166 |
Reinvestment of distributions |
4,450,371 |
5,486,315 |
Cost of shares redeemed |
(134,795,043) |
(135,239,235) |
Net increase (decrease) in net assets resulting from share transactions |
107,277,457 |
201,645,246 |
Redemption fees |
5,565 |
21,627 |
Total increase (decrease) in net assets |
112,122,202 |
207,497,951 |
|
|
|
Net Assets |
|
|
Beginning of period |
355,043,919 |
147,545,968 |
End of period (including undistributed net investment income of $5,372 and undistributed net investment income of $3,267, respectively) |
$ 467,166,121 |
$ 355,043,919 |
Other Information Shares |
|
|
Sold |
22,822,934 |
32,399,093 |
Issued in reinvestment of distributions |
427,413 |
537,400 |
Redeemed |
(12,990,907) |
(13,267,796) |
Net increase (decrease) |
10,259,440 |
19,668,697 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
Six months ended
|
Years ended February 28, |
|||
|
(Unaudited) |
2009 |
2008 G |
2007 |
2006 E |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period |
$ 10.35 |
$ 10.09 |
$ 10.08 |
$ 10.06 |
$ 10.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income D |
.142 |
.295 |
.335 |
.328 |
.105 |
Net realized and unrealized gain (loss) |
.140 |
.263 |
.017 |
.021 |
.059 |
Total from investment operations |
.282 |
.558 |
.352 |
.349 |
.164 |
Distributions from net investment income |
(.142) |
(.299) |
(.336) |
(.328) |
(.104) |
Distributions from net realized gain |
- |
- |
(.007) |
(.001) |
- |
Total distributions |
(.142) |
(.299) |
(.343) |
(.329) |
(.104) |
Redemption fees added to paid in capital D |
- H |
.001 |
.001 |
-H |
- H |
Net asset value, end of period |
$ 10.49 |
$ 10.35 |
$ 10.09 |
$ 10.08 |
$ 10.06 |
Total Return B, C |
2.74% |
5.62% |
3.55% |
3.54% |
1.64% |
Ratios to Average Net Assets F |
|
|
|
|
|
Expenses before reductions |
.50% |
.49% |
.52% |
.57% |
.94%A |
Expenses net of fee waivers, if any |
.35% |
.35% |
.35% |
.35% |
.35%A |
Expenses net of all reductions |
.35% |
.31% |
.27% |
.26% |
.23%A |
Net investment income |
2.71% |
2.90% |
3.32% |
3.27% |
3.06%A |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 467,166 |
$ 355,044 |
$ 147,546 |
$ 102,049 |
$ 54,387 |
Portfolio turnover rate |
24% |
18% |
13% |
16% |
0%A |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Calculated based on average shares outstanding during the period.
E For the period October 25, 2005 (commencement of operations) to February 28, 2006.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G For the year ended February 29.
H Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended August 31, 2009 (Unaudited)
1. Organization.
Fidelity California Short-Intermediate Tax-Free Bond Fund (the Fund) is a non-diversified fund of Fidelity California Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may be affected by economic and political developments in the state of California.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, October 09, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of August 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.
Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For municipal securities, pricing services generally utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and types as well as dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
Semiannual Report
2. Significant Accounting Policies - continued
Security Valuation - continued
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations,
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
which may differ from generally accepted accounting principles. 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. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and losses deferred due to wash sales.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation |
$ 10,715,470 |
Unrealized depreciation |
(313,698) |
Net unrealized appreciation (depreciation) |
$ 10,401,772 |
Cost for federal income tax purposes |
$ 427,349,932 |
Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by Fidelity Management & Research Company (FMR), are retained by the Fund and accounted for as an addition to paid in capital.
3. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of
Semiannual Report
3. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, aggregated $154,411,132 and $44,122,092, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and a group fee rate that averaged .12% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .37% of the Fund's average net assets.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer, dividend disbursing and shareholder servicing agent functions. The Fund pays account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annualized rate of .07% of average net assets.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
6. Committed Line of Credit.
The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $639 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
FMR voluntarily agreed to reimburse the Fund to the extent annual operating expenses exceeded .35% of average net assets. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $298,500.
In addition, through arrangements with the Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody, transfer agent and accounting expenses by $3,526, $6,233 and $24, respectively.
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
A special meeting of the fund's shareholders was held on July 15, 2009. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 |
||
To elect a Board of Trustees.A |
||
|
# of |
% of |
James C. Curvey |
||
Affirmative |
1,041,000,256.67 |
94.299 |
Withheld |
62,938,673.31 |
5.701 |
TOTAL |
1,103,938,929.98 |
100.000 |
Albert R. Gamper, Jr. |
||
Affirmative |
1,044,613,524.91 |
94.626 |
Withheld |
59,325,405.07 |
5.374 |
TOTAL |
1,103,938,929.98 |
100.000 |
Abigail P. Johnson |
||
Affirmative |
1,039,890,816.16 |
94.198 |
Withheld |
64,048,113.82 |
5.802 |
TOTAL |
1,103,938,929.98 |
100.000 |
Arthur E. Johnson |
||
Affirmative |
1,043,541,819.48 |
94.529 |
Withheld |
60,397,110.50 |
5.471 |
TOTAL |
1,103,938,929.98 |
100.000 |
Michael E. Kenneally |
||
Affirmative |
1,045,866,100.84 |
94.739 |
Withheld |
58,072,829.14 |
5.261 |
TOTAL |
1,103,938,929.98 |
100.000 |
James H. Keyes |
||
Affirmative |
1,045,128,561.60 |
94.673 |
Withheld |
58,810,368.38 |
5.327 |
TOTAL |
1,103,938,929.98 |
100.000 |
Marie L. Knowles |
||
Affirmative |
1,043,771,244.22 |
94.550 |
Withheld |
60,167,685.76 |
5.450 |
TOTAL |
1,103,938,929.98 |
100.000 |
Kenneth L. Wolfe |
||
Affirmative |
1,044,954,180.51 |
94.657 |
Withheld |
58,984,749.47 |
5.343 |
TOTAL |
1,103,938,929.98 |
100.000 |
PROPOSAL 2 |
||
To amend the Declaration of Trust to reduce the required quorum for future shareholder meetings.A |
||
|
# of |
% of |
Affirmative |
789,928,518.52 |
71.556 |
Against |
109,475,883.11 |
9.917 |
Abstain |
70,754,986.10 |
6.409 |
Broker Non- Votes |
133,779,542.25 |
12.118 |
TOTAL |
1,103,938,929.98 |
100.000 |
A Denotes trust-wide proposal and voting results. |
Annual Report
Fidelity California Short-Intermediate Tax-Free Bond Fund
On May 21, 2009, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract and subadvisory agreements (together, the Advisory Contracts) for the fund for four months, through September 30, 2009, in connection with the reorganization of the Board's new meeting schedule. The Board considered that the contractual terms of and fees payable under the fund's Advisory Contracts involve no changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the nature or level of services provided under the fund's Advisory Contracts; or (iii) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through September 30, 2009, with the understanding that the Board will consider their renewal in September 2009.
Semiannual Report
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Semiannual Report
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Semiannual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Investments
Money Management, Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) 1-800-544-5555
Automated line for quickest service
CSI-USAN-1009 1.817079.103
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity California Municipal Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity California Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) |
(1) |
Not applicable. |
(a) |
(2) |
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) |
(3) |
Not applicable. |
(b) |
|
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity California Municipal Trust
By: |
/s/ John R. Hebble |
|
John R. Hebble |
|
President and Treasurer |
|
|
Date: |
October 27, 2009 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: |
/s/ John R. Hebble |
|
John R. Hebble |
|
President and Treasurer |
|
|
Date: |
October 27, 2009 |
By: |
/s/Christine Reynolds |
|
Christine Reynolds |
|
Chief Financial Officer |
|
|
Date: |
October 27, 2009 |
Exhibit EX-99.CERT
I, John R. Hebble, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity California Municipal Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
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;
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;
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
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the 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):
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
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: October 27, 2009
/s/John R. Hebble |
John R. Hebble |
President and Treasurer |
I, Christine Reynolds, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity California Municipal Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
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;
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;
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
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the 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):
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
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: October 27, 2009
/s/Christine Reynolds |
Christine Reynolds |
Chief Financial Officer |
Exhibit EX-99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)
In connection with the attached Report of Fidelity California Municipal Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:
1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.
Dated: October 27, 2009
/s/John R. Hebble |
John R. Hebble |
President and Treasurer |
Dated: October 27, 2009
/s/Christine Reynolds |
Christine Reynolds |
Chief Financial Officer |
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.