N-CSRS 1 filing676.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-3725


Fidelity California Municipal Trust

(Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

(Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

February 28


Date of reporting period:

August 31, 2017


Item 1.

Reports to Stockholders




Fidelity® California Limited Term Tax-Free Bond Fund



Semi-Annual Report

August 31, 2017



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2017 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Sectors as of August 31, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
General Obligations 33.3 36.8 
Health Care 17.9 16.6 
Special Tax 13.2 13.2 
Electric Utilities 12.4 8.0 
Transportation 6.8 7.4 

Quality Diversification (% of fund's net assets)

As of August 31, 2017 
   AAA 6.5% 
   AA,A 68.7% 
   BBB 7.7% 
   BB and Below 0.9% 
   Not Rated 1.9% 
   Short-Term Investments and Net Other Assets 14.3% 


As of February 28, 2017 
   AAA 7.6% 
   AA,A 71.3% 
   BBB 6.0% 
   BB and Below 1.0% 
   Not Rated 3.6% 
   Short-Term Investments and Net Other Assets 10.5% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Investments August 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 85.7%   
 Principal Amount Value 
California - 84.6%   
ABAG Fin. Auth. for Nonprofit Corps. Rev.:   
(Sharp HealthCare Proj.): $ $ 
Series 2011 A:   
5% 8/1/18 2,645,000 2,743,235 
5% 8/1/22 1,655,000 1,900,205 
Series 2012 A:   
4% 8/1/21 1,200,000 1,332,084 
5% 8/1/19 1,200,000 1,291,656 
Series 2007 A, 5% 12/1/37 (Pre-Refunded to 12/1/17 @ 100) 3,350,000 3,383,333 
Alameda Corridor Trans. Auth. Rev.:   
Series 2004, 0% 10/1/18 1,975,000 1,930,958 
Series 2013 A:   
5% 10/1/19 1,000,000 1,081,930 
5% 10/1/20 1,730,000 1,933,638 
5% 10/1/21 2,725,000 3,137,402 
Series 2016 A:   
4% 10/1/21 1,250,000 1,369,800 
4% 10/1/23 850,000 952,383 
5% 10/1/22 1,250,000 1,449,525 
Antelope Valley Healthcare District Rev. Series 2016 A, 5% 3/1/21 2,470,000 2,620,571 
Antioch Unified School District (School Facilities Impt. District #1 Proj.) Series 2008 B, 6.25% 8/1/19 (Assured Guaranty Corp. Insured) 440,000 484,132 
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev.:   
Bonds:   
Series B, 2.85%, tender 4/1/25 (a) 7,000,000 7,452,270 
Series C, 2.1%, tender 4/1/22 (a) 7,000,000 7,218,400 
Series H, 2.125%, tender 4/1/25 (a) 8,000,000 8,097,280 
1.5%, tender 10/1/17 (a) 1,000,000 1,000,550 
1.875%, tender 4/1/19 (a) 16,250,000 16,444,350 
Series 2014 E, 2% 4/1/34 3,000,000 3,072,090 
California Dept. of Wtr. Resources Pwr. Supply Rev.:   
Series 2010 L, 5% 5/1/21 1,890,000 2,092,136 
Series 2011 N, 5% 5/1/19 5,000,000 5,348,350 
California Econ. Recovery Series 2009 A:   
5% 7/1/18 (Escrowed to Maturity) 415,000 429,517 
5% 7/1/18 (Escrowed to Maturity) 1,490,000 1,542,120 
5% 7/1/19 (Escrowed to Maturity) 7,300,000 7,853,997 
California Edl. Facilities Auth. Rev. Series U5, 5% 5/1/21 8,000,000 9,175,920 
California Enterprise Dev. Auth. (The Thacher School Proj.) Series 2010:   
4% 9/1/18 255,000 263,305 
5% 9/1/17 400,000 400,000 
California Gen. Oblig.:   
Bonds:   
3%, tender 12/1/19 (a) 7,000,000 7,256,270 
4%, tender 12/1/21 (a) 4,000,000 4,403,320 
4% 5/1/23 2,440,000 2,780,746 
5% 9/1/21 6,080,000 6,989,446 
5% 2/1/22 3,850,000 4,466,539 
California Health Facilities Fing. Auth. Bonds:   
Series 2009 D, 1.7%, tender 10/18/22 (a) 5,000,000 5,068,850 
Series 2016 B1, 1.25%, tender 10/1/20 (a) 9,545,000 9,580,030 
Series 2016 B2, 4%, tender 10/1/24 (a) 6,000,000 6,885,360 
Series 2016 B3, 2%, tender 10/1/25 (a) 11,145,000 11,111,899 
Series 2016 C, 1%, tender 8/15/19 (a) 10,000,000 10,011,500 
California Health Facilities Fing. Auth. Rev.:   
(Children's Hosp. of Orange County Proj.) Series 2012 A:   
4% 11/15/17 1,000,000 1,005,310 
5% 11/15/21 1,450,000 1,650,332 
Series 2011 A, 5% 3/1/19 5,010,000 5,302,584 
Series 2011 D:   
5% 8/15/19 1,500,000 1,622,040 
5% 8/15/20 1,460,000 1,633,842 
Series 2011:   
5% 8/15/19 2,000,000 2,161,100 
5% 8/15/20 2,000,000 2,238,140 
Series 2014 A:   
5% 10/1/19 1,250,000 1,356,188 
5% 10/1/20 1,200,000 1,347,060 
5% 10/1/21 500,000 578,905 
5% 10/1/22 1,650,000 1,961,949 
California Infrastructure and Econ. Dev. Bank Rev. Bonds:   
Series 2010 E, 1.75%, tender 6/1/22 (a) 3,000,000 3,032,760 
Series 2013 A2, 1 month U.S. LIBOR + 0.500% 1.362%, tender 4/1/19 (a)(b) 10,000,000 10,086,000 
Series 2017, 1.75%, tender 6/1/22 (a) 4,150,000 4,195,318 
California Muni. Fin. Auth. (Orange County Civic Ctr. Infrastructure Impt. Prog.) Series 2017 A:   
5% 6/1/21 900,000 1,029,546 
5% 6/1/30 2,650,000 3,268,245 
California Muni. Fin. Auth. Rev.:   
( Biola Univeristy, Inc. Proj.) Series 2017, 5% 10/1/20 305,000 339,334 
( Univ. of Verne Proj.) Series 2017 A, 5% 6/1/23 700,000 829,087 
(Biola Univeristy, Inc. Proj.) Series 2017:   
5% 10/1/21 375,000 427,260 
5% 10/1/22 795,000 926,946 
5% 10/1/23 415,000 487,633 
5% 10/1/24 370,000 438,802 
(Biola Univeristy, Inc.Proj.) Series 2017, 4% 10/1/19 405,000 429,648 
(Channing House Proj.) Series 2017 A, 5% 5/15/26 360,000 445,115 
(Channing House Proj.) Series 2017 A:   
4% 5/15/28 2,000,000 2,254,900 
5% 5/15/24 910,000 1,099,799 
5% 5/15/27 350,000 436,142 
(Eisenhower Med. Ctr. Proj.) Series 2010 A, 5% 7/1/18 (Escrowed to Maturity) 1,645,000 1,701,851 
(Institute On Aging Proj.) Series 2017:   
5% 8/15/21 225,000 257,164 
5% 8/15/23 225,000 269,181 
5% 8/15/24 285,000 345,916 
5% 8/15/25 735,000 902,220 
5% 8/15/26 275,000 340,967 
(Northbay Healthcare Group Proj.) Series 2013 B, 5% 11/1/19 3,335,000 3,579,089 
(Univ. of Verne Proj.) Series 2017 A:   
4% 6/1/19 300,000 315,714 
5% 6/1/20 200,000 220,736 
5% 6/1/21 550,000 624,613 
5% 6/1/22 625,000 727,119 
5% 6/1/25 1,250,000 1,512,525 
Series 2010 A. 5% 7/1/22 (Pre-Refunded to 7/1/20 @ 100) 1,850,000 2,056,294 
Series 2017 A:   
5% 7/1/24 1,400,000 1,671,390 
5% 7/1/25 750,000 899,483 
5% 7/1/26 1,000,000 1,206,410 
5% 7/1/27 800,000 967,736 
Series 2017 B:   
5% 7/1/24 1,440,000 1,716,062 
5% 7/1/26 500,000 603,205 
5% 7/1/27 640,000 774,189 
California Pub. Works Board Lease Rev.:   
(Coalinga State Hosp. Proj.) Series 2013 E, 5% 6/1/21 7,000,000 7,985,460 
(Dept. of Corrections State Prison Proj.) Series A, 5% 12/1/19 (AMBAC Insured) 5,930,000 6,238,538 
(Riverside Campus Proj.) Series 2012 H, 5% 4/1/21 1,000,000 1,135,380 
(Univ. Proj.) Series 2012 D:   
4% 9/1/21 (Escrowed to Maturity) 1,000,000 1,115,280 
4% 9/1/22 (Escrowed to Maturity) 1,000,000 1,140,850 
4% 9/1/23 (Pre-Refunded to 9/1/22 @ 100) 1,000,000 1,140,850 
(Various Cap. Projs.):   
Series 2009 G1, 5.25% 10/1/17 (Escrowed to Maturity) 2,900,000 2,909,222 
Series 2011 A, 5% 10/1/21 4,230,000 4,871,987 
Series 2012 A, 5% 4/1/20 1,800,000 1,983,150 
Series 2012 G, 5% 11/1/21 1,500,000 1,731,525 
Series 2014 H, 5% 12/1/18 5,000,000 5,260,900 
(Various Judicial Council Projs.) Series 2011 D, 5% 12/1/19 2,700,000 2,942,595 
Series 2008 F, 5.25% 11/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,000,000 3,275,550 
Series 2009 A, 5% 4/1/19 (Escrowed to Maturity) 1,000,000 1,066,020 
Series 2009 J, 5% 11/1/17 2,700,000 2,718,009 
Series 2014 B:   
5% 10/1/21 1,000,000 1,151,770 
5% 10/1/22 1,225,000 1,442,046 
Series 2014 C:   
5% 10/1/21 1,355,000 1,560,648 
5% 10/1/22 1,000,000 1,177,180 
Series 2014 G, 5% 1/1/18 5,000,000 5,069,550 
5% 9/1/20 3,500,000 3,908,660 
California State Univ. Rev. Bonds 4%, tender 11/1/23 (a) 5,000,000 5,701,200 
California Statewide Cmntys. Dev. Auth. Series 2016:   
5% 5/15/19 1,000,000 1,066,920 
5% 5/15/20 575,000 634,467 
5% 5/15/21 825,000 936,581 
5% 5/15/22 1,000,000 1,163,400 
5% 5/15/23 1,250,000 1,482,550 
5% 5/15/24 1,000,000 1,202,960 
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. Bonds Series 2006 A, 1.375%, tender 4/2/18 (a) 1,000,000 1,002,930 
California Statewide Cmntys. Dev. Auth. Rev.:   
(Cottage Health Sys. Obligated Group Proj.) Series 2010, 5% 11/1/18 500,000 523,390 
Series 2016:   
5% 10/1/22 725,000 827,472 
5% 10/1/24 2,030,000 2,375,587 
5% 10/1/25 1,010,000 1,191,851 
Corona-Norco Unified School District Series 2013 A:   
5% 9/1/19 1,225,000 1,318,345 
5% 9/1/20 1,285,000 1,421,814 
5% 9/1/22 500,000 577,005 
Corona-Norco Unified School District Spl. Tax Series 2013:   
4% 9/1/18 1,405,000 1,443,033 
4% 9/1/20 1,665,000 1,787,111 
East Side Union High School District Santa Clara County Series B, 5.1% 2/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 500,000 529,420 
Eastern Muni. Wtr. Distr. Rfdg. Wtr. and Wastewtr. Rev. Series 2011 A, 5% 7/1/18 1,085,000 1,123,865 
El Dorado County Gen. Oblig.:   
5% 9/1/20 545,000 606,078 
5% 9/1/22 1,295,000 1,518,763 
El Dorado Irr. Distr. Rev. Series 2016 A:   
4% 3/1/20 500,000 538,790 
4% 3/1/21 625,000 690,894 
5% 3/1/22 500,000 587,045 
5% 3/1/23 500,000 601,765 
Elk Grove Fin. Auth. Spl. Tax Rev.:   
Series 2015:   
5% 9/1/22 425,000 498,215 
5% 9/1/23 775,000 926,799 
5% 9/1/24 1,000,000 1,213,570 
Series 2016:   
4% 9/1/21 1,130,000 1,241,215 
4% 9/1/23 1,500,000 1,688,295 
4% 9/1/25 1,915,000 2,158,703 
Elk Grove Unified School Distr. Cert. of Prtn. (Cap. Facilities Proj.) Series 2016:   
5% 2/1/19 (Build America Mutual Assurance Insured) 2,515,000 2,663,134 
5% 2/1/22 (Build America Mutual Assurance Insured) 2,895,000 3,365,380 
5% 2/1/23 (Build America Mutual Assurance Insured) 1,390,000 1,654,281 
5% 2/1/24 (Build America Mutual Assurance Insured) 1,460,000 1,769,841 
Elsinore Valley Muni. Wtr. District Series 2016 A:   
5% 7/1/21 1,375,000 1,579,463 
5% 7/1/22 900,000 1,062,909 
5% 7/1/23 750,000 906,435 
5% 7/1/24 1,000,000 1,228,960 
Fullerton School District 5% 8/1/18 500,000 519,635 
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.:   
Series 2013 A, 5% 6/1/21 5,000,000 5,713,750 
Series 2017 A1:   
5% 6/1/21 1,000,000 1,136,450 
5% 6/1/22 1,000,000 1,159,910 
5% 6/1/23 1,000,000 1,177,210 
5% 6/1/27 2,000,000 2,416,200 
Series A, 0% 6/1/24 (AMBAC Insured) 7,000,000 6,121,780 
Indio Pub. Fing. Auth. Lease Rev. Series 2012:   
5% 11/1/17 1,080,000 1,086,944 
5% 11/1/18 1,135,000 1,189,037 
5% 11/1/19 635,000 690,093 
5% 11/1/20 670,000 752,296 
5% 11/1/21 455,000 526,030 
5% 11/1/22 745,000 883,168 
Irvine Reassessment District 12-1 Ltd. Oblig.:   
4% 9/2/19 2,000,000 2,117,040 
4% 9/2/20 1,000,000 1,074,930 
5% 9/2/20 800,000 880,800 
5% 9/2/22 750,000 867,518 
La Quinta Redev. Agcy.:   
(La Quinta Redev. Proj. Areas No. 1 and 2) Series 2014 A:   
5% 9/1/20 500,000 556,660 
5% 9/1/21 615,000 704,403 
5% 9/1/22 615,000 721,918 
5% 9/1/23 1,205,000 1,441,783 
Series 2013 A:   
5% 9/1/21 1,000,000 1,144,530 
5% 9/1/22 2,000,000 2,345,580 
5% 9/1/23 1,500,000 1,792,860 
Laguna Beach Unified School District Gen. Oblig. (Election of 2001 Proj.) 5% 8/1/19 250,000 270,183 
Los Angeles Cmnty. College District Series 2016 I:   
2% 8/1/22 1,000,000 1,046,750 
3% 8/1/23 1,100,000 1,215,148 
4% 8/1/24 700,000 822,367 
Los Angeles County Ctfs. of Prtn.:   
(Disney Concert Hall Parking Garage Proj.):   
5% 9/1/20 500,000 559,480 
5% 3/1/21 500,000 568,170 
5% 9/1/21 1,270,000 1,464,259 
5% 3/1/22 1,000,000 1,168,340 
(Disney Parking Proj.) 0% 3/1/20 3,205,000 3,111,831 
Los Angeles County Metropolitan Trans. Auth. Sales Tax Rev. Series 2013 A, 5% 7/1/18 3,000,000 3,103,920 
Los Angeles Dept. of Wtr. & Pwr. Rev.:   
Series 2011 A, 5% 7/1/19 5,000,000 5,381,350 
Series 2014 B, 5% 7/1/19 450,000 484,322 
Los Angeles Muni. Impt. Corp. Lease Rev.:   
Series 2012 C, 5% 3/1/21 5,055,000 5,734,847 
Series 2014 A, 5% 5/1/23 475,000 568,760 
Series 2014 B, 5% 5/1/23 200,000 239,478 
Los Angeles Unified School District Series 2016:   
4% 7/1/23 3,000,000 3,470,760 
5% 7/1/23 2,000,000 2,425,920 
Los Angeles Unified School District Ctfs. of Prtn.:   
(Multiple Properties Proj.) Series 2010 A, 5% 12/1/17 1,045,000 1,055,544 
Series 2012 A, 5% 10/1/19 5,000,000 5,418,250 
Los Angeles Wastewtr. Sys. Rev. Series 2013 B, 5% 6/1/22 5,000,000 5,915,200 
Modesto Irrigation District Elec. Rev. Series 2011 A, 5% 7/1/18 2,000,000 2,069,280 
Montebello Pub. Fing. Auth.:   
(Montebello Home2 Suites By Hilton Hotel Proj.) Series 2016 A, 5% 6/1/27 1,415,000 1,719,508 
(Montebello Home2 Suites by Hilton Hotel Proj.) Series 2016 A, 5% 6/1/28 1,490,000 1,766,514 
(Montebello Home2 Suites By Hilton Hotel Proj.) Series 2016 A, 5% 6/1/29 1,560,000 1,828,226 
Monterey Peninsula Cmnty. College District Series 2016:   
0% 8/1/22 2,300,000 2,118,875 
0% 8/1/24 2,700,000 2,343,816 
Murrieta Pub. Fing. Auth. Spl. Tax Series 2012, 5% 9/1/19 1,090,000 1,169,047 
Oakland St. Bldg. Auth. Lease Rev. Series 2015 A:   
5% 12/1/19 3,500,000 3,806,320 
5% 12/1/20 8,110,000 9,098,933 
Oakland Unified School District Alameda County:   
Series 2013:   
5% 8/1/18 1,000,000 1,038,340 
5% 8/1/19 1,000,000 1,078,950 
Series 2015 A:   
5% 8/1/23 (FSA Insured) 2,000,000 2,428,000 
5% 8/1/24 1,900,000 2,347,127 
5% 8/1/24 (FSA Insured) 2,020,000 2,495,367 
Oakland-Alameda County Coliseum Auth. (Oakland Coliseum Proj.) Series 2012 A, 5% 2/1/22 3,300,000 3,850,077 
Ohlone Cmnty. College District Series 2010, 4% 8/1/18 200,000 205,964 
Orange County Trans. Auth. Toll Road Rev. Series 2013, 5% 8/15/20 1,440,000 1,608,336 
Padre Dam Muni. Wtr. District Ctfs. of Prtn. Series 2009 A, 4% 10/1/17 (Escrowed to Maturity) 420,000 420,958 
Palm Springs Fing. Auth. Lease (Downtown Revitalization Proj.) Series 2012 B:   
4% 6/1/18 1,345,000 1,377,724 
4% 6/1/20 1,560,000 1,687,748 
Palo Alto Unified School District Gen. Oblig. Series 2008, 0% 8/1/25 2,180,000 1,884,741 
Palomar Health Rev. Series 2016:   
5% 11/1/25 2,000,000 2,320,240 
5% 11/1/26 1,875,000 2,189,475 
Pasadena Area Cmnty. College District Gen. Oblig. Series 2009 D, 5% 8/1/18 505,000 524,599 
Poway California Redev. Agcy. Successor Series A:   
5% 12/15/23 4,330,000 5,234,277 
5% 6/15/24 2,440,000 2,961,867 
Poway Unified School District Pub. Fing.:   
4% 9/1/19 1,000,000 1,051,760 
4% 9/1/20 1,170,000 1,256,171 
4% 9/15/20 340,000 364,313 
4% 9/15/21 325,000 353,961 
5% 9/1/21 1,230,000 1,390,872 
5% 9/1/22 1,000,000 1,154,530 
5% 9/1/23 1,350,000 1,585,737 
Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.):   
5% 9/1/20 (FSA Insured) 1,175,000 1,309,984 
5% 9/1/21 (FSA Insured) 1,000,000 1,147,470 
5% 9/1/22 (FSA Insured) 1,400,000 1,647,086 
Riverside County Asset Leasing Rev. (Riverside Cap. Proj.) Series 2012 A, 5% 6/1/19 3,655,000 3,915,821 
Riverside County Palm Desert (County Facilities Proj.) Series 2008 A, 6% 5/1/22 (Pre-Refunded to 5/1/18 @ 100) 2,760,000 2,854,337 
Riverside Swr. Rev. Series 2015 A:   
5% 8/1/22 2,160,000 2,546,273 
5% 8/1/24 1,500,000 1,835,310 
Sacramento City Fing. Auth. Lease Rev.:   
Series 1993 A, 5.4% 11/1/20 (AMBAC Insured) 880,000 938,802 
Series 1993 B, 5.4% 11/1/20 2,000,000 2,133,640 
Sacramento Muni. Util. District Elec. Rev. Series 2011 X:   
5% 8/15/19 1,465,000 1,583,006 
5% 8/15/20 5,500,000 6,149,770 
San Bernardino County Ctfs. of Prtn. (Arrowhead Proj.) Series 2009 B, 5.25% 8/1/19 3,285,000 3,550,691 
San Bernardino Unified School District Gen. Oblig. Series 2013 A:   
5% 8/1/21 (FSA Insured) 1,150,000 1,323,248 
5% 8/1/22 (FSA Insured) 1,500,000 1,773,735 
San Diego Convention Ctr. Expansion Series 2012 A, 5% 4/15/19 3,000,000 3,201,930 
San Diego Pub. Facilities Fing. Auth. Lease Rev. Series 2015 B:   
5% 10/15/23 1,355,000 1,639,604 
5% 10/15/25 1,605,000 1,994,951 
San Diego Pub. Facilities Fing. Auth. Swr. Rev.:   
Series 2016, 5% 5/15/21 2,500,000 2,873,300 
4% 5/15/21 4,225,000 4,702,721 
San Francisco Bldg. Auth. Lease Rev. Series 2015 A, 5% 12/1/20 6,990,000 7,882,833 
San Francisco City & County Redev. Agcy. Successor:   
(San Francisco Redev. Projs.) Series 2014 C:   
5% 8/1/20 1,000,000 1,113,540 
5% 8/1/21 1,000,000 1,147,750 
5% 8/1/22 175,000 206,203 
5% 8/1/18 2,215,000 2,297,885 
5% 8/1/18 285,000 295,690 
5% 8/1/19 2,050,000 2,207,379 
San Jacinto Unified School District:   
Series 2014 A, 5% 8/1/22 (FSA Insured) 325,000 382,441 
Series 2014:   
5% 8/1/20 (FSA Insured) 165,000 183,584 
5% 8/1/21 (FSA Insured) 150,000 171,977 
5% 8/1/23 (FSA Insured) 400,000 480,552 
5% 8/1/24 (FSA Insured) 750,000 914,918 
San Joaquin County Ctfs. of Prtn. 5% 11/15/17 (Escrowed to Maturity) 1,280,000 1,290,458 
San Jose Fing. Auth. Lease Rev.:   
(Civic Ctr. Proj.) Series 2013 A, 5% 6/1/22 1,100,000 1,294,645 
Series 2013 A, 4% 6/1/21 1,000,000 1,108,570 
San Jose Int'l. Arpt. Rev. Series 2017 B, 3% 3/1/19 1,000,000 1,032,130 
San Marcos Redev. Agcy. Successor Series 2015 A:   
5% 10/1/22 1,850,000 2,183,759 
5% 10/1/23 900,000 1,083,240 
San Mateo Unified School District (Election of 2000 Proj.) Series B, 0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,055,000 2,599,927 
San Mateo-Foster City School District:   
5% 8/15/20 2,510,000 2,807,310 
5% 8/15/21 7,105,000 8,200,733 
San Pablo Redev. Agcy. Series 2014 A:   
4% 6/15/19 (FSA Insured) 380,000 399,794 
5% 6/15/20 (FSA Insured) 1,000,000 1,104,840 
5% 6/15/21 (FSA Insured) 500,000 568,915 
5% 6/15/22 (FSA Insured) 1,000,000 1,167,210 
5% 6/15/23 (FSA Insured) 630,000 750,374 
San Ramon Valley Union School District Series 2012, 4% 8/1/20 3,620,000 3,939,718 
Santa Monica Pub. Fin. Rev.:   
(Santa Monica Calif Proj.) Series 2017, 5% 7/1/22 (c) 400,000 474,344 
Series 2011 A:   
4% 6/1/19 880,000 929,227 
4% 6/1/20 770,000 834,796 
Santa Rosa Wastewtr. Rev. Series 2016 A:   
4% 9/1/20 2,000,000 2,184,120 
5% 9/1/21 1,250,000 1,447,025 
South Orange County Pub. Fing. Auth. Spl. Tax Rev. Series 2014 A:   
5% 8/15/18 1,000,000 1,034,030 
5% 8/15/21 750,000 841,830 
5% 8/15/22 750,000 849,653 
Southern California Pub. Pwr. Auth. Bonds Series 1, 2%, tender 7/1/20 (a)(c) 5,000,000 5,097,950 
Southern California Pub. Pwr. Auth. Transmission Proj. Rev. (Southern Transmission Proj.) Series 2013 A, 5% 7/1/21 5,000,000 5,749,600 
Stockton Unified School District Gen. Oblig.:   
Series 2011, 5% 7/1/20 (FSA Insured) 1,575,000 1,748,297 
5% 7/1/21 (FSA Insured) 1,200,000 1,373,100 
5% 7/1/22 (FSA Insured) 1,220,000 1,433,939 
Successor Agcy. To The Redev. Agcy. of Pittsburg:   
(Los Medanos Cmnty. Dev. Proj. Series 2016, 5% 9/1/21 (FSA Insured) 1,000,000 1,138,260 
(Los Medanos Cmnty. Dev. Proj.) Series 2016 A:   
5% 9/1/18 (FSA Insured) 5,000,000 5,191,750 
5% 9/1/19 (FSA Insured) 5,000,000 5,373,850 
5% 9/1/21 (FSA Insured) 1,025,000 1,167,567 
5% 9/1/22 (FSA Insured) 3,370,000 3,927,567 
5% 9/1/23 (FSA Insured) 3,000,000 3,561,210 
Sweetwater Union High School District:   
4.5% 9/1/17 500,000 500,000 
5% 9/1/19 1,000,000 1,077,030 
5% 9/1/20 1,000,000 1,111,760 
Torrance Unified School District Series 2008 Z, 5.25% 8/1/18 1,000,000 1,041,520 
Univ. of California Revs. Bonds 1.4%, tender 5/15/21 (a) 6,500,000 6,524,310 
Upland Gen. Oblig. Ctfs. of Prtn. 5% 1/1/18 2,220,000 2,242,888 
Vacaville Unified School District:   
Series 2014 C:   
5% 8/1/19 (Build America Mutual Assurance Insured) 1,255,000 1,355,074 
5% 8/1/21 (Build America Mutual Assurance Insured) 1,530,000 1,761,122 
Series 2015 A:   
4% 8/1/18 845,000 870,198 
5% 8/1/19 300,000 323,922 
5% 8/1/20 200,000 223,014 
Walnut Energy Ctr. Auth. Rev. Series 2014 A:   
5% 1/1/20 250,000 273,353 
5% 1/1/21 250,000 282,390 
5% 1/1/22 350,000 406,777 
West Contra Costa Unified School District:   
Series 2014 A:   
4% 8/1/20 2,715,000 2,953,974 
4% 8/1/21 1,355,000 1,509,646 
5% 8/1/18 2,630,000 2,732,070 
5% 8/1/19 2,325,000 2,510,396 
5% 8/1/22 575,000 681,438 
5% 8/1/23 1,500,000 1,817,190 
Series 2015 B, 5% 8/1/19 1,290,000 1,392,865 
5% 8/1/18 (FSA Insured) 1,500,000 1,558,215 
5% 8/1/19 (FSA Insured) 1,500,000 1,619,610 
Western Muni. Wtr. District Facilities Auth. Wtr. Rev. Series 2016 A, 1.5%, tender 7/1/20 (a) 5,500,000 5,556,265 
Wiseburn Unified School District Series 2015 B:   
5% 8/1/18 2,680,000 2,784,011 
5% 8/1/19 2,925,000 3,158,240 
5% 8/1/21 1,690,000 1,941,793 
TOTAL CALIFORNIA  682,748,849 
Guam - 1.1%   
Guam Gov't. Ltd. Oblig. Rev. Series 2016 A:   
5% 12/1/17 350,000 353,087 
5% 12/1/18 760,000 793,052 
5% 12/1/19 1,500,000 1,612,035 
5% 12/1/20 2,000,000 2,203,840 
5% 12/1/23 2,140,000 2,459,074 
Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/20 (FSA Insured) 1,500,000 1,657,860 
TOTAL GUAM  9,078,948 
TOTAL MUNICIPAL BONDS   
(Cost $674,541,424)  691,827,797 
Municipal Notes - 13.4%   
California - 13.4%   
California Health Facilities Fing. Auth. Rev. (Catholic Healthcare West Proj.):   
Series 2005 H, 0.77% 9/7/17, LOC Sumitomo Mitsui Banking Corp., VRDN (a) 1,800,000 $1,800,000 
Series 2009 H, 0.77% 9/7/17, LOC Wells Fargo Bank NA, VRDN (a) 33,150,000 33,150,000 
California Infrastructure & Econ. Dev. Bank Rev. (Pacific Gas & Elec. Co. Proj.) Series 2009 A, 0.78% 9/1/17, LOC MUFG Union Bank NA, VRDN (a) 4,000,000 4,000,000 
California Poll. Cont. Fing. Auth. Ctfs. of Prtn. (Pacific Gas & Elec. Co. Proj.):   
Series 1996 C, 0.8% 9/1/17, LOC Mizuho Corporate Bank Ltd., VRDN (a) 47,300,000 47,299,985 
Series 1996 E, 0.71% 9/1/17, LOC Sumitomo Mitsui Banking Corp., VRDN (a) 2,000,000 2,000,000 
California Statewide Cmntys. Dev. Auth. Poll. Cont. Rev. (Chevron U.S.A., Inc. Proj.) Series 2002, 0.75% 9/1/17, VRDN (a) 6,000,000 6,000,000 
California Statewide Cmntys. Dev. Auth. Rev. (SWEEP Ln. Prog.) Series 2007 A, 0.75% 9/7/17, LOC U.S. Bank NA, Cincinnati, VRDN (a) 5,500,000 5,500,000 
Irvine Impt. Bond Act of 1915:   
(Assessment District #00-18 Proj.) Series A, 0.8% 9/1/17, LOC State Street Bank & Trust Co., Boston, VRDN (a) 5,583,000 5,583,000 
(Assessment District #97-17 Proj.) 0.8% 9/1/17, LOC State Street Bank & Trust Co., Boston, VRDN (a) 2,600,000 2,600,000 
TOTAL MUNCIPAL NOTES   
(Cost $107,933,006)  107,932,985 
TOTAL INVESTMENT IN SECURITIES - 99.1%   
(Cost $782,474,430)  799,760,782 
NET OTHER ASSETS (LIABILITIES) - 0.9%  7,172,184 
NET ASSETS - 100%  $806,932,966 

Security Type Abbreviations

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

Legend

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

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

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


Investment Valuation

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

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

General Obligations 33.3% 
Health Care 17.9% 
Special Tax 13.2% 
Electric Utilities 12.4% 
Transportation 6.8% 
Others* (Individually Less Than 5%) 16.4% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  August 31, 2017 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $782,474,430) 		 $799,760,782 
Cash  7,086,726 
Receivable for fund shares sold  245,430 
Interest receivable  7,260,811 
Receivable from investment adviser for expense reductions  74,774 
Other receivables  2,034 
Total assets  814,430,557 
Liabilities   
Payable for investments purchased   
Regular delivery $996,500  
Delayed delivery 5,573,286  
Payable for fund shares redeemed 321,535  
Distributions payable 272,572  
Accrued management fee 238,435  
Other affiliated payables 66,365  
Other payables and accrued expenses 28,898  
Total liabilities  7,497,591 
Net Assets  $806,932,966 
Net Assets consist of:   
Paid in capital  $790,406,354 
Distributions in excess of net investment income  (1,716) 
Accumulated undistributed net realized gain (loss) on investments  (758,024) 
Net unrealized appreciation (depreciation) on investments  17,286,352 
Net Assets, for 75,382,854 shares outstanding  $806,932,966 
Net Asset Value, offering price and redemption price per share ($806,932,966 ÷ 75,382,854 shares)  $10.70 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended August 31, 2017 (Unaudited) 
Investment Income   
Interest  $7,538,884 
Expenses   
Management fee $1,396,077  
Transfer agent fees 304,642  
Accounting fees and expenses 86,546  
Custodian fees and expenses 2,974  
Independent trustees' fees and expenses 1,442  
Registration fees 9,811  
Audit 30,799  
Legal 870  
Miscellaneous 3,941  
Total expenses before reductions 1,837,102  
Expense reductions (465,981) 1,371,121 
Net investment income (loss)  6,167,763 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  486,555 
Total net realized gain (loss)  486,555 
Change in net unrealized appreciation (depreciation) on investment securities  8,087,889 
Net gain (loss)  8,574,444 
Net increase (decrease) in net assets resulting from operations  $14,742,207 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended August 31, 2017 (Unaudited) Year ended February 28, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,167,763 $13,077,567 
Net realized gain (loss) 486,555 (350,325) 
Change in net unrealized appreciation (depreciation) 8,087,889 (16,207,874) 
Net increase (decrease) in net assets resulting from operations 14,742,207 (3,480,632) 
Distributions to shareholders from net investment income (6,165,897) (13,077,104) 
Distributions to shareholders from net realized gain – (855,127) 
Total distributions (6,165,897) (13,932,231) 
Share transactions   
Proceeds from sales of shares 106,095,201 274,696,744 
Reinvestment of distributions 4,548,922 10,333,680 
Cost of shares redeemed (79,738,375) (317,848,225) 
Net increase (decrease) in net assets resulting from share transactions 30,905,748 (32,817,801) 
Redemption fees – 18,040 
Total increase (decrease) in net assets 39,482,058 (50,212,624) 
Net Assets   
Beginning of period 767,450,908 817,663,532 
End of period $806,932,966 $767,450,908 
Other Information   
Distributions in excess of net investment income end of period $(1,716) $(3,582) 
Shares   
Sold 9,973,651 25,651,303 
Issued in reinvestment of distributions 427,414 966,955 
Redeemed (7,504,330) (29,873,889) 
Net increase (decrease) 2,896,735 (3,255,631) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity California Limited Term Tax-Free Bond Fund

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2017 2017 2016 A 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $10.59 $10.80 $10.76 $10.71 $10.81 $10.85 
Income from Investment Operations       
Net investment income (loss)B .084 .170 .183 .194 .219 .232 
Net realized and unrealized gain (loss) .110 (.199) .048 .051 (.080) (.039) 
Total from investment operations .194 (.029) .231 .245 .139 .193 
Distributions from net investment income (.084) (.170) (.183) (.195) (.218) (.227) 
Distributions from net realized gain – (.011) (.008) – (.021) (.006) 
Total distributions (.084) (.181) (.191) (.195) (.239) (.233) 
Redemption fees added to paid in capitalB – –C –C –C –C –C 
Net asset value, end of period $10.70 $10.59 $10.80 $10.76 $10.71 $10.81 
Total ReturnD,E 1.84% (.27)% 2.17% 2.31% 1.32% 1.79% 
Ratios to Average Net AssetsF       
Expenses before reductions .47%G .47% .48% .49% .49% .48% 
Expenses net of fee waivers, if any .35%G .35% .35% .35% .35% .35% 
Expenses net of all reductions .35%G .35% .35% .35% .35% .34% 
Net investment income (loss) 1.57%G 1.59% 1.71% 1.81% 2.05% 2.14% 
Supplemental Data       
Net assets, end of period (000 omitted) $806,933 $767,451 $817,664 $795,240 $705,030 $793,283 
Portfolio turnover rate 23%G 33% 20% 25% 22% 17% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.0005 per share.

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

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

 F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund 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 Fund.

 G Annualized


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2017

1. Organization.

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

2. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to market discount and losses deferred due to 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.

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

Gross unrealized appreciation $17,529,050 
Gross unrealized depreciation (240,790) 
Net unrealized appreciation (depreciation) $17,288,260 
Tax cost $782,472,522 

The Fund elected to defer to its next fiscal year $1,244,580 of capital losses recognized during the period November 1, 2016 to February 28, 2017.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. 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.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $80,701,816 and $78,485,165, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company 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 an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annualized rate of .08% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

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

5. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,251 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

6. Expense Reductions.

The investment adviser 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 $460,719.

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $2,913.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $2,349.

7. 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.

Shareholder Expense Example

As a shareholder of a 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, 2017 to August 31, 2017).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

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-A Beginning
Account Value
March 1, 2017 		Ending
Account Value
August 31, 2017 		Expenses Paid
During Period-B
March 1, 2017
to August 31, 2017 
Actual .35% $1,000.00 $1,018.40 $1.78 
Hypothetical-C  $1,000.00 $1,023.44 $1.79 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B 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).

 C 5% return per year before expenses






Fidelity Investments

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CSI-SANN-1017
1.817080.111

Fidelity Advisor® California Municipal Income Fund -
Class A, Class M (formerly Class T), Class C and Class I



Semi-Annual Report

August 31, 2017

Class A, Class M, Class C and Class I are classes of Fidelity® California Municipal Income Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2017 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Sectors as of August 31, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
General Obligations 35.3 37.2 
Transportation 18.5 13.8 
Special Tax 11.9 12.4 
Escrowed/Pre-Refunded 8.5 11.0 
Health Care 8.5 7.8 

Quality Diversification (% of fund's net assets)

As of August 31, 2017 
   AAA 5.0% 
   AA,A 79.6% 
   BBB 9.8% 
   BB and Below 1.5% 
   Not Rated 2.6% 
   Short-Term Investments and Net Other Assets 1.5% 


As of February 28, 2017 
   AAA 5.7% 
   AA,A 77.3% 
   BBB 7.7% 
   BB and Below 1.5% 
   Not Rated 2.6% 
   Short-Term Investments and Net Other Assets 5.2% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Investments August 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.5%   
 Principal Amount (000s) Value (000s) 
California - 97.2%   
ABAG Fin. Auth. for Nonprofit Corps. Rev. (Sharp HealthCare Proj.):   
Series 2009 B, 6.25% 8/1/39 $3,000 $3,276 
Series 2012 A:   
5% 8/1/24 1,050 1,207 
5% 8/1/25 1,245 1,421 
5% 8/1/27 300 339 
5% 8/1/28 400 450 
ABC Unified School District Series 1997 C:   
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,780 1,740 
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,760 2,245 
Alameda Corridor Trans. Auth. Rev.:   
Series 2004 A, 5.3% 10/1/23 (Pre-Refunded to 10/1/17 @ 100) 935 938 
Series 2004:   
0% 10/1/19 7,920 7,773 
0% 10/1/19 630 600 
Series 2013 A:   
5% 10/1/24 7,750 9,253 
5% 10/1/25 5,245 6,249 
Series 2016 B:   
5% 10/1/34 2,500 2,890 
5% 10/1/35 4,000 4,607 
5% 10/1/36 2,250 2,586 
5% 10/1/37 2,200 2,521 
Alameda County Ctfs. of Prtn. (Santa Rita Jail Proj.) Series 2007 A:   
5% 12/1/18 (AMBAC Insured) 2,645 2,672 
5% 12/1/20 (AMBAC Insured) 2,810 2,837 
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impt. Proj.):   
Series 1997 A, 6% 9/1/24 (FSA Insured) 1,000 1,216 
Series 1997 C:   
0% 9/1/19 (FSA Insured) 1,285 1,255 
0% 9/1/22 (FSA Insured) 5,150 4,750 
Antelope Valley Cmnty. College District:   
Series A:   
5% 8/1/31 1,325 1,605 
5% 8/1/32 1,345 1,618 
5% 8/1/33 1,805 2,156 
5% 8/1/34 3,000 3,559 
5% 8/1/35 4,000 4,719 
5% 8/1/39 17,680 20,443 
Antelope Valley Healthcare District Rev. Series 2016 A, 5% 3/1/26 5,000 5,405 
Antioch Unified School District (School Facilities Impt. District #1 Proj.) Series 2008 B, 5.75% 8/1/24 (Pre-Refunded to 8/1/19 @ 100) 1,000 1,092 
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev.:   
Bonds:   
Series B, 2.85%, tender 4/1/25 (a) 7,000 7,452 
Series C, 2.1%, tender 4/1/22 (a) 7,000 7,218 
Series H, 2.125%, tender 4/1/25 (a) 4,000 4,049 
1.5%, tender 10/1/17 (a) 1,000 1,001 
1.875%, tender 4/1/19 (a) 6,250 6,325 
Series 2014 E, 2% 4/1/34 6,000 6,144 
Beverly Hills Fin. Auth. Rev. (2007 Rfdg. Proj.) Series A:   
5% 6/1/24 3,235 3,765 
5% 6/1/25 4,355 5,062 
5% 6/1/27 2,755 3,191 
5% 6/1/28 3,045 3,521 
Burbank Unified School District:   
Series 1997 B, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,835 3,649 
Series 1997 C, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,865 5,618 
Cabrillo Unified School District Series A, 0% 8/1/18 (AMBAC Insured) 2,000 1,974 
California Dept. of Wtr. Resources Series AI, 5% 12/1/25 2,700 3,130 
California Econ. Recovery Series 2009 A, 5% 7/1/19 (Escrowed to Maturity) 1,725 1,856 
California Edl. Facilities Auth. Rev.:   
(Loyola Marymount Univ. Proj.) Series 2010 A, 5% 10/1/25 5,860 6,316 
(Pomona College Proj.) Series 2005 A, 0% 7/1/38 3,155 1,567 
(Santa Clara Univ. Proj.) Series 1999, 5.25% 9/1/26 (AMBAC Insured) 7,910 9,846 
Series 2009, 5% 1/1/39 (Pre-Refunded to 1/1/19 @ 100) 2,700 2,851 
California Enterprise Dev. Auth. (The Thacher School Proj.) Series 2010:   
4% 9/1/20 860 912 
4% 9/1/21 1,000 1,058 
4% 9/1/22 740 781 
4% 9/1/23 1,080 1,136 
4% 9/1/24 1,125 1,181 
5% 9/1/19 400 433 
5% 9/1/39 5,000 5,337 
California Gen. Oblig.:   
Series 2007:   
5% 8/1/22 5 5 
5.625% 5/1/20 85 85 
5.625% 5/1/26 120 120 
5.75% 5/1/30 90 90 
Series 2016, 5% 9/1/36 7,630 9,069 
4.5% 8/1/30 35 35 
5% 3/1/19 (Pre-Refunded to 3/1/18 @ 100) 3,000 3,063 
5% 10/1/22 1,355 1,470 
5% 11/1/22 (Pre-Refunded to 11/1/17 @ 100) 2,800 2,818 
5% 10/1/26 6,065 7,429 
5% 10/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 10 10 
5.25% 10/1/17 105 105 
5.25% 4/1/27 5 5 
5.25% 4/1/29 5 5 
5.25% 12/1/33 105 105 
5.25% 4/1/35 3,500 4,105 
5.25% 3/1/38 3,740 3,812 
5.5% 4/1/28 5 5 
5.5% 4/1/30 25 25 
5.5% 11/1/34 2,535 2,778 
5.5% 11/1/39 1,810 1,981 
6% 4/1/18 1,570 1,617 
6% 3/1/33 16,330 18,339 
6% 4/1/38 1,190 1,283 
6.5% 4/1/33 11,650 12,661 
California Health Facilities Fing. Auth.:   
Bonds:   
Series 2016 B1, 1.25%, tender 10/1/20 (a) 6,980 7,006 
Series 2016 B3, 2%, tender 10/1/25 (a) 8,190 8,166 
Series 2017 A, 5% 11/15/32 1,400 1,702 
California Health Facilities Fing. Auth. Rev.:   
(Catholic Healthcare West Proj.) Series 2009 E, 5.625% 7/1/25 11,000 11,913 
(Children's Hosp. of Orange County Proj.) Series 2012 A:   
5% 11/15/22 2,500 2,907 
5% 11/15/23 2,000 2,324 
(Providence Health and Svcs. Proj.):   
Series 2009 B, 5.5% 10/1/39 2,000 2,162 
Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) 90 95 
6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) 4,910 5,208 
(Scripps Health Proj.) Series 2010 A, 5% 11/15/36 3,000 3,259 
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 1,000 1,085 
Series 2008 A3, 5.5% 11/15/40 3,090 3,544 
Series 2011 A, 5% 3/1/20 3,250 3,568 
Series 2011 D:   
5% 8/15/22 900 1,042 
5% 8/15/23 700 809 
5% 8/15/25 2,000 2,302 
California Infrastructure & Econ. Dev. Bank Rev. (Performing Arts Ctr. of Los Angeles County Proj.) Series 2007:   
5% 12/1/27 1,080 1,090 
5% 12/1/32 1,000 1,009 
5% 12/1/42 3,000 3,024 
California Infrastructure and Econ. Dev. Bank Rev.:   
Bonds Series 2010 E, 1.75%, tender 6/1/22 (a) 1,000 1,011 
Series 2017:   
5% 10/1/35 5,000 6,067 
5% 10/1/36 5,000 6,053 
California Muni. Fin. Auth. (Orange County Civic Ctr. Infrastructure Impt. Prog.) Series 2017 A:   
5% 6/1/32 2,750 3,351 
5% 6/1/33 2,320 2,814 
5% 6/1/34 5,290 6,371 
5% 6/1/35 5,110 6,120 
5% 6/1/36 5,830 6,949 
5% 6/1/37 3,000 3,562 
California Muni. Fin. Auth. Ctfs. of Prtn. (Cmnty. Hospitals of Central California Obligated Group Proj.) Series 2009, 5.5% 2/1/39 (Pre-Refunded to 2/1/19 @ 100) 5,000 5,327 
California Muni. Fin. Auth. Rev.:   
( Channing House Proj.) Series 2017 A, 4% 5/15/32 1,000 1,089 
( Univ. of Verne Proj.) Series 2017 A:   
5% 6/1/27 1,000 1,223 
5% 6/1/33 1,000 1,174 
(Biola Univeristy, Inc. Proj.) Series 2017:   
5% 10/1/25 305 366 
5% 10/1/28 1,040 1,252 
5% 10/1/30 1,000 1,187 
5% 10/1/32 1,000 1,173 
5% 10/1/34 1,000 1,172 
(Biola Univeristy, Inc.Proj.) Series 2017, 5% 10/1/26 715 864 
(Channing House Proj.) Series 2017 A:   
4% 5/15/29 2,000 2,231 
4% 5/15/30 1,575 1,744 
4% 5/15/31 2,150 2,352 
5% 5/15/33 895 1,065 
5% 5/15/34 1,000 1,185 
(Eisenhower Med. Ctr. Proj.) Series 2010 A, 5% 7/1/19 (Escrowed to Maturity) 300 322 
(Institute On Aging Proj.) Series 2017:   
5% 8/15/27 230 287 
5% 8/15/29 245 300 
5% 8/15/30 225 273 
5% 8/15/33 750 896 
5% 8/15/36 1,435 1,695 
(Univ. of Verne Proj.) Series 2017 A, 5% 6/1/32 1,000 1,180 
(Univ. of Verne Proj.) Series 2017 A:   
5% 6/1/28 1,000 1,210 
5% 6/1/30 1,000 1,192 
5% 6/1/35 1,000 1,164 
Series 2016 A, 5% 11/1/36 (b) 1,000 1,082 
Series 2017 A:   
5% 7/1/29 575 685 
5% 7/1/31 1,000 1,176 
5% 7/1/32 1,400 1,639 
5% 7/1/33 1,000 1,165 
5% 7/1/34 1,395 1,618 
5% 7/1/35 1,500 1,733 
5% 7/1/36 1,500 1,729 
5% 7/1/37 1,250 1,436 
Series 2017 B:   
5% 7/1/28 1,250 1,501 
5% 7/1/29 1,300 1,549 
5% 7/1/30 750 887 
5% 7/1/31 800 941 
5% 7/1/32 1,385 1,622 
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev.:   
(U.S.A. Waste Svcs., Inc. Proj.) Series 1998 A, 1.5% 6/1/18 (c) 1,920 1,928 
Bonds:   
(Republic Svcs., Inc. Proj.) Series B, 5.25%, tender 12/1/17 (a)(c) 3,250 3,280 
(Waste Mgmt., Inc. Proj.) Series 2002 C, 3.25%, tender 6/3/24 (a)(c) 7,500 7,933 
California Pub. Fin. Auth. Univ. H (Claremont Colleges Proj.) Series 2017 A:   
5% 7/1/27 (b) 800 922 
5% 7/1/32 (b) 750 836 
5% 7/1/37 (b) 2,100 2,299 
California Pub. Works Board Lease Rev.:   
(Coalinga State Hosp. Proj.) Series 2013 E, 5% 6/1/29 7,000 8,166 
(Dept. of Corrections & Rehab. Proj.) Series 2011 C:   
5% 10/1/27 9,530 10,878 
5.25% 10/1/24 4,170 4,837 
5.25% 10/1/25 2,875 3,330 
5.75% 10/1/31 4,000 4,667 
(Dept. of Corrections State Prison Proj.) Series A, 5% 12/1/19 (AMBAC Insured) 2,285 2,404 
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 (Pre-Refunded to 4/1/19 @ 100) 5,900 6,404 
(Univ. Proj.) Series 2012 D:   
5% 9/1/24 (Pre-Refunded to 9/1/22 @ 100) 1,700 2,022 
5% 9/1/24 (Pre-Refunded to 9/1/22 @ 100) 1,865 2,218 
(Various Cap. Projs.):   
Series 2012 A:   
5% 4/1/24 1,000 1,164 
5% 4/1/25 5,300 6,154 
Series 2012 G, 5% 11/1/25 2,500 2,953 
(Various Judicial Council Projs.) Series 2011 D:   
5% 12/1/22 3,000 3,478 
5% 12/1/23 2,800 3,236 
Series 2009 G1, 5.75% 10/1/30 (Pre-Refunded to 10/1/19 @ 100) 1,800 1,982 
Series 2009 I:   
5.5% 11/1/23 (Pre-Refunded to 11/1/19 @ 100) 1,535 1,688 
6.125% 11/1/29 (Pre-Refunded to 11/1/19 @ 100) 1,200 1,336 
6.25% 11/1/21 (Pre-Refunded to 11/1/19 @ 100) 2,000 2,232 
6.375% 11/1/34 (Pre-Refunded to 11/1/19 @ 100) 3,000 3,356 
California Statewide Cmntys. Dev. Auth. Series 2016:   
5% 5/15/34 1,250 1,447 
5% 5/15/35 1,750 2,019 
5% 5/15/40 2,250 2,575 
California Statewide Cmntys. Dev. Auth. Rev.:   
(Adventist Health Sys. Proj.) Series 2007 B, 5% 3/1/37 (Pre-Refunded to 5/23/18 @ 100) 4,970 5,120 
(Cottage Health Sys. Obligated Group Proj.) Series 2010, 5.25% 11/1/30 3,000 3,324 
(Enloe Health Sys. Proj.) Series 2008 B, 5% 8/15/19 (Pre-Refunded to 8/15/18 @ 100) 50 52 
(Sutter Health Proj.) Series 2011 A, 6% 8/15/42 2,120 2,398 
Series 2016:   
5% 10/1/26 1,125 1,336 
5% 10/1/27 2,360 2,775 
5% 10/1/28 1,230 1,434 
5% 10/1/29 675 780 
5% 10/1/30 1,100 1,264 
5% 10/1/33 1,850 2,099 
5.375% 6/1/26 (Pre-Refunded to 6/1/21 @ 100) 2,520 2,922 
6% 6/1/33 (Pre-Refunded to 6/1/21 @ 100) 3,020 3,571 
Carlsbad Unified School District Series 2009 B:   
0% 5/1/18 1,335 1,327 
0% 5/1/19 1,000 984 
0% 5/1/34 (d) 5,300 5,757 
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series 2008 A:   
5% 11/1/24 (Pre-Refunded to 11/1/17 @ 100) 1,000 1,007 
5% 11/1/25 (Pre-Refunded to 11/1/17 @ 100) 3,820 3,845 
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co. Proj.) Series B, 5.875% 2/15/34 5,000 5,397 
Contra Costa Trans. Auth. Sales Tax Rev. Series 2012 B:   
5% 3/1/23 (Pre-Refunded to 3/1/20 @ 100) 1,500 1,653 
5% 3/1/24 (Pre-Refunded to 3/1/20 @ 100) 2,000 2,204 
5% 3/1/25 (Pre-Refunded to 3/1/20 @ 100) 2,000 2,204 
Corona-Norco Unified School District Series 2013 A:   
5% 9/1/25 645 737 
5% 9/1/28 1,250 1,408 
5% 9/1/32 1,125 1,255 
5% 9/1/35 585 648 
Ctr. Unified School District Series 1997 C:   
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,000 1,974 
0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,010 1,912 
Davis Spl. Tax Rev. Series 2007:   
5% 9/1/18 (AMBAC Insured) 835 835 
5% 9/1/20 (AMBAC Insured) 925 925 
5% 9/1/22 (AMBAC Insured) 1,020 1,020 
Desert Sands Unified School District Series 2013 B:   
5% 6/1/27 2,000 2,370 
5% 6/1/28 2,000 2,358 
5% 6/1/29 1,650 1,935 
5% 6/1/30 2,500 2,918 
5% 6/1/31 1,750 2,032 
East Bay Muni. Util. District Wastewtr. Sys. Rev.:   
Series 2017 A:   
5% 6/1/32 2,000 2,478 
5% 6/1/34 3,800 4,661 
Series 2017 B:   
5% 6/1/33 3,060 3,771 
5% 6/1/34 2,615 3,207 
El Dorado County Gen. Oblig. 5% 9/1/23 1,360 1,589 
El Dorado Irrigation District Rev. Ctfs. of Prtn. Series 2016 B:   
5% 3/1/28 3,125 3,812 
5% 3/1/29 8,125 9,821 
Elk Grove Fin. Auth. Spl. Tax Rev.:   
(Elk Grove Cfd Laguna Ridge Proj.) Series 2016, 5% 9/1/41 4,500 5,050 
Series 2015:   
5% 9/1/27 1,940 2,336 
5% 9/1/28 4,125 4,923 
5% 9/1/29 4,325 5,121 
5% 9/1/30 (Build America Mutual Assurance Insured) 1,135 1,337 
5% 9/1/31 (Build America Mutual Assurance Insured) 1,750 2,048 
5% 9/1/32 (Build America Mutual Assurance Insured) 1,615 1,881 
Series 2016:   
5% 9/1/27 1,875 2,220 
5% 9/1/28 1,500 1,761 
5% 9/1/29 2,000 2,328 
5% 9/1/30 1,720 1,994 
5% 9/1/31 2,500 2,883 
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 (AMBAC Insured) 4,025 4,742 
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 2002 A:   
0% 10/1/24 (AMBAC Insured) 1,665 1,387 
0% 10/1/25 (AMBAC Insured) 1,665 1,330 
Encinitas Union School District Series 1996, 0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000 954 
Escondido Union High School District Series 2008 A:   
0% 8/1/33 (Assured Guaranty Corp. Insured) 5,655 3,345 
0% 8/1/34 (Assured Guaranty Corp. Insured) 3,500 1,973 
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 1,256 
Foothill-De Anza Cmnty. College District:   
Series 1999 A:   
0% 8/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,365 5,276 
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 6,425 6,240 
Series 1999 B, 0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,000 4,446 
Gilroy School Facilities Fing. Series 2013 A, 5% 8/1/46 10,000 11,189 
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.:   
Series 2013 A, 5% 6/1/30 6,000 6,988 
Series 2017 A1:   
5% 6/1/21 2,000 2,273 
5% 6/1/22 2,000 2,320 
5% 6/1/23 2,000 2,354 
5% 6/1/24 3,000 3,564 
5% 6/1/25 3,000 3,590 
5% 6/1/26 3,000 3,611 
5% 6/1/27 5,760 6,959 
5% 6/1/28 7,500 8,961 
Series A, 0% 6/1/24 (AMBAC Insured) 8,030 7,023 
Golden West Schools Fing. Auth. Rev. Series A, 0% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,750 2,716 
Irvine Reassessment District 12-1 Ltd. Oblig.:   
4% 9/2/21 1,750 1,915 
5% 9/2/23 1,000 1,149 
5% 9/2/24 825 960 
5% 9/2/25 500 565 
5% 9/2/26 800 916 
La Quinta Redev. Agcy.:   
(La Quinta Redev. Proj. Areas No. 1 and 2) Series 2014 A:   
5% 9/1/24 1,200 1,455 
5% 9/1/25 1,700 2,069 
5% 9/1/26 1,860 2,255 
5% 9/1/27 1,725 2,083 
5% 9/1/28 1,000 1,203 
5% 9/1/29 1,250 1,501 
Series 2013 A:   
5% 9/1/24 3,830 4,566 
5% 9/1/25 4,085 4,857 
5% 9/1/26 4,105 4,868 
Ladera Ranch Cmnty. Facilities District 2004-1 Series 2014 A:   
5% 8/15/27 1,765 1,957 
5% 8/15/28 1,960 2,164 
5% 8/15/29 4,225 4,645 
5% 8/15/30 4,555 4,994 
Laguna Beach Unified School District Gen. Oblig. (Election of 2001 Proj.):   
5% 8/1/21 405 452 
5% 8/1/22 450 502 
5% 8/1/23 485 541 
5% 8/1/24 1,000 1,115 
5% 8/1/26 1,370 1,526 
5% 8/1/28 760 846 
Loma Linda Hosp. Rev. (Loma Linda Univ. Med. Ctr. Proj.) Series 2008 A, 8.25% 12/1/38 (Pre-Refunded to 12/1/17 @ 100) 4,400 4,477 
Long Beach Bond Fin. Auth. Lease Series 2012 A:   
5% 8/1/24 1,000 1,163 
5% 8/1/25 1,000 1,159 
5% 8/1/26 1,000 1,155 
5% 8/1/27 1,000 1,152 
5% 8/1/28 1,000 1,149 
5% 8/1/29 1,000 1,147 
5% 8/1/30 1,000 1,145 
5% 8/1/31 1,000 1,144 
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev. Series 2007 A, 5.25% 11/15/21 3,790 4,312 
Long Beach Cmnty. College:   
0% 6/1/28 (Escrowed to Maturity) 530 424 
0% 6/1/28 (FSA Insured) 2,995 2,208 
0% 6/1/31 (Escrowed to Maturity) 1,465 1,046 
0% 6/1/31 (FSA Insured) 8,285 5,357 
Long Beach Hbr. Rev.:   
Series 2010 B, 5% 5/15/22 2,735 3,025 
Series 2017 A:   
5% 5/15/26 (c) 1,110 1,374 
5% 5/15/27 (c) 2,000 2,498 
5% 5/15/28 (c) 3,390 4,194 
5% 5/15/29 (c) 1,350 1,657 
5% 5/15/30 (c) 1,300 1,584 
5% 5/15/31 (c) 1,200 1,453 
5% 5/15/32 (c) 1,760 2,121 
5% 5/15/33 (c) 1,350 1,620 
5% 5/15/34 (c) 1,650 1,970 
5% 5/15/35 (c) 2,500 2,973 
5% 5/15/36 (c) 3,000 3,560 
5% 5/15/37 (c) 2,755 3,261 
Long Beach Unified School District Series 2009:   
5.25% 8/1/33 410 442 
5.75% 8/1/33 170 185 
5.75% 8/1/33 (Pre-Refunded to 8/1/19 @ 100) 2,630 2,875 
Los Angeles Cmnty. College District:   
Series 2008 A, 6% 8/1/33 (Pre-Refunded to 8/1/19 @ 100) 10,025 10,997 
Series 2009 A, 5.5% 8/1/29 (Pre-Refunded to 8/1/19 @ 100) 1,000 1,088 
Series 2010 C, 5.25% 8/1/39 (Pre-Refunded to 8/1/20 @ 100) 1,300 1,460 
Series 2015 A, 5% 8/1/29 7,000 8,519 
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005, 5% 9/1/21 (AMBAC Insured) 2,805 2,813 
Los Angeles County Ctfs. of Prtn.:   
(Disney Concert Hall Parking Garage Proj.) 5% 3/1/23 1,600 1,914 
(Disney Parking Proj.):   
0% 3/1/18 3,000 2,987 
0% 3/1/19 3,200 3,151 
0% 3/1/20 1,000 971 
Los Angeles County Reg'l. Fin. Auth. (MonteCedro, Inc. Proj.) Series 2014 A, 5% 11/15/44 2,250 2,566 
Los Angeles Dept. Arpt. Rev.:   
Series 2015 A:   
5% 5/15/21 (c) 1,000 1,137 
5% 5/15/24 (c) 795 962 
5% 5/15/25 (c) 2,250 2,758 
5% 5/15/26 (c) 1,705 2,067 
5% 5/15/27 (c) 1,250 1,501 
5% 5/15/28 (c) 1,250 1,490 
5% 5/15/29 (c) 1,575 1,860 
5% 5/15/30 (c) 1,400 1,643 
Series 2015 D:   
5% 5/15/28 (c) 1,950 2,324 
5% 5/15/29 (c) 2,550 3,011 
5% 5/15/30 (c) 2,000 2,348 
5% 5/15/31 (c) 2,540 2,966 
5% 5/15/41 (c) 3,240 3,687 
Series 2016 A:   
5% 5/15/29 (c) 2,500 3,005 
5% 5/15/30 (c) 2,500 2,985 
5% 5/15/31 (c) 3,000 3,562 
5% 5/15/32 (c) 3,500 4,138 
5% 5/15/33 (c) 2,000 2,354 
5% 5/15/35 (c) 2,000 2,336 
5% 5/15/42 (c) 7,500 8,640 
Series 2016 B:   
5% 5/15/22 (c) 1,000 1,165 
5% 5/15/26 (c) 1,600 1,978 
5% 5/15/27 (c) 1,000 1,223 
5% 5/15/36 (c) 3,600 4,195 
5% 5/15/41 (c) 3,750 4,326 
Series 2017 B:   
5% 5/15/23 (c) 1,000 1,189 
5% 5/15/24 (c) 1,500 1,811 
5% 5/15/25 (c) 1,750 2,138 
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev. 4.75% 10/15/20 (Escrowed to Maturity) 125 125 
Los Angeles Dept. of Wtr. & Pwr. Rev. Series 2015 A:   
5% 7/1/28 3,400 4,096 
5% 7/1/30 19,905 23,713 
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2016 B:   
5% 7/1/38 2,000 2,359 
5% 7/1/42 3,500 4,096 
Los Angeles Hbr. Dept. Rev.:   
Series 2016 A, 5% 8/1/24 (c) 1,500 1,817 
7.6% 10/1/18 (Escrowed to Maturity) 3,010 3,118 
Los Angeles Muni. Impt. Corp. Lease Rev.:   
Series 2012 C, 5% 3/1/26 3,000 3,451 
Series 2014 A:   
5% 5/1/24 325 395 
5% 5/1/25 540 654 
5% 5/1/29 500 592 
5% 5/1/30 1,000 1,178 
5% 5/1/31 1,555 1,825 
Series 2014 B:   
5% 5/1/24 200 243 
5% 5/1/25 225 271 
5% 5/1/29 500 592 
5% 5/1/30 400 471 
5% 5/1/31 400 469 
Series 2016 A:   
5% 11/1/21 2,500 2,891 
5% 11/1/22 2,500 2,965 
Series 2016 B, 5% 11/1/36 1,500 1,771 
Los Angeles Wastewtr. Sys. Rev.:   
Series 2009 A, 5.75% 6/1/34 (Pre-Refunded to 6/1/19 @ 100) 4,455 4,832 
Series 2012 B, 5% 6/1/28 4,800 5,608 
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (Escrowed to Maturity) 650 714 
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 3,425 3,685 
Malibu Gen. Oblig. Ctfs. of Prtn. (City Hall Proj.) Series A:   
5% 7/1/32 (Pre-Refunded to 7/1/19 @ 100) 500 537 
5% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) 4,095 4,402 
Merced Union High School District Series A, 0% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,100 1,005 
Modesto Elementary School District, Stanislaus County Series A:   
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,000 1,858 
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,800 2,272 
Modesto Gen. Oblig. Ctfs. of Prtn.:   
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured) 1,995 2,093 
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,290 1,356 
Modesto Irrigation District Ctfs. of Prtn.:   
(Cap. Impts. Proj.) Series 2004 B, 5.5% 7/1/35 (Pre-Refunded to 7/1/18 @ 100) 3,800 3,945 
(Geysers Geothermal Pwr. Proj.) Series 1986 A, 5% 10/1/17 (Escrowed to Maturity) 2,560 2,568 
Monrovia Unified School District Series B, 0% 8/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,500 1,463 
Montebello Pub. Fing. Auth.:   
(Montebello Home2 Suites by Hilton Hotel Proj.) Series 2016 A:   
5% 6/1/30 1,640 1,908 
5% 6/1/31 500 579 
5% 6/1/32 500 577 
5% 6/1/33 1,800 2,067 
5% 6/1/35 1,895 2,159 
5% 6/1/36 2,000 2,271 
5% 6/1/41 6,155 6,908 
(Montebello Home2 Suties by HIlton Hotel Proj.) Series 2016 A, 5% 6/1/34 1,345 1,538 
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. 5% 8/1/18 (AMBAC Insured) 3,580 3,590 
Moreland School District Series 2003 B, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,485 1,123 
Murrieta Pub. Fing. Auth. Spl. Tax Series 2012:   
5% 9/1/23 1,650 1,875 
5% 9/1/25 1,000 1,120 
5% 9/1/26 1,155 1,287 
Murrieta Valley Unified School District:   
Series 2008, 0% 9/1/32 (FSA Insured) 5,000 2,960 
Series 2015:   
4% 9/1/24 (FSA Insured) 330 383 
5% 9/1/25 (FSA Insured) 680 836 
5% 9/1/26 (FSA Insured) 500 608 
5% 9/1/26 (FSA Insured) 1,500 1,824 
5% 9/1/27 (FSA Insured) 455 547 
North City West School Facilities Fing. Auth. Spl. Tax:   
Series 2005 B, 5.25% 9/1/23 (AMBAC Insured) 1,530 1,872 
Series 2006 C, 5% 9/1/17 (AMBAC Insured) 2,735 2,735 
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 1986 A, 7.5% 7/1/23 (Pre-Refunded to 7/1/21 @ 100) 3,390 3,961 
Northern California Transmission Agcy. Rev.:   
5% 5/1/36 2,390 2,814 
5% 5/1/37 3,500 4,111 
5% 5/1/38 1,500 1,758 
5% 5/1/39 1,500 1,754 
Norwalk-Mirada Unified School District Series 2009 D, 0% 8/1/33 (FSA Insured) 5,700 3,387 
Oakland Gen. Oblig.:   
Series 2009 B, 6.25% 1/15/39 (Pre-Refunded to 1/15/19 @ 100) 3,000 3,221 
Series 2012, 5% 1/15/25 3,460 3,910 
Series 2015 A:   
5% 1/15/28 1,225 1,488 
5% 1/15/29 1,650 1,992 
5% 1/15/30 1,665 2,004 
5% 1/15/31 1,520 1,818 
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.) Series 1993 A, 5% 9/1/21 (Escrowed to Maturity) 670 717 
Oakland Unified School District Alameda County:   
Series 2009 A:   
6.5% 8/1/23 (Pre-Refunded to 8/1/19 @ 100) 2,810 3,112 
6.5% 8/1/24 (Pre-Refunded to 8/1/19 @ 100) 1,220 1,351 
Series 2013:   
6.25% 8/1/30 (Pre-Refunded to 8/1/21 @ 100) 1,500 1,802 
6.625% 8/1/38 (Pre-Refunded to 8/1/21 @ 100) 5,000 6,078 
Series 2015 A:   
5% 8/1/30 1,250 1,502 
5% 8/1/30 (FSA Insured) 1,570 1,886 
5% 8/1/40 3,500 4,053 
Oakland-Alameda County Coliseum Auth. (Oakland Coliseum Proj.) Series 2012 A:   
5% 2/1/22 2,935 3,424 
5% 2/1/23 5,000 5,819 
Oceanside Unified School District Series A, 0% 8/1/31 (Assured Guaranty Corp. Insured) 5,000 3,138 
Orange County San District Waste Series 2016 A:   
5% 2/1/35 5,490 6,552 
5% 2/1/36 6,630 7,890 
Palomar Health Rev. Series 2016:   
5% 11/1/36 7,970 8,913 
5% 11/1/39 5,250 5,767 
Placer County Union High School District Series A:   
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,000 1,913 
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000 938 
Port of Oakland Rev.:   
Series 2007 A, 5% 11/1/17 (Escrowed to Maturity) (c) 2,185 2,199 
Series 2011 O, 5% 5/1/22 (c) 4,500 5,095 
Series 2012 P:   
5% 5/1/22 (c) 4,000 4,646 
5% 5/1/24 (c) 2,820 3,269 
Series 2017 D:   
5% 11/1/23 (c) 5,100 6,089 
5% 11/1/24 (c) 6,100 7,377 
5% 11/1/25 (c) 2,585 3,157 
5% 11/1/26 (c) 2,285 2,815 
5% 11/1/27 (c) 4,000 4,956 
5% 11/1/28 (c) 4,925 6,033 
5% 11/1/29 (c) 3,850 4,670 
Poway California Redev. Agcy. Successor Series A:   
5% 6/15/27 2,385 2,967 
5% 6/15/28 2,190 2,646 
5% 12/15/28 2,200 2,658 
5% 12/15/29 4,825 5,781 
5% 12/15/30 3,500 4,318 
Poway Unified School District:   
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 12,800 7,825 
Series 2011, 0% 8/1/46 10,150 3,338 
Series B:   
0% 8/1/33 4,840 2,831 
0% 8/1/35 9,000 4,802 
0% 8/1/37 6,325 3,085 
0% 8/1/41 5,130 2,086 
Poway Unified School District Pub. Fing.:   
5% 9/15/26 935 1,081 
5% 9/1/30 1,500 1,715 
5% 9/1/31 1,265 1,440 
5% 9/1/32 1,800 2,038 
5% 9/1/33 2,750 3,101 
5% 9/1/34 1,230 1,380 
5% 9/1/35 1,585 1,772 
5% 9/1/36 3,410 3,804 
Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.):   
5% 9/1/25 (FSA Insured) 1,740 2,103 
5% 9/1/26 (FSA Insured) 1,350 1,615 
5% 9/1/27 (FSA Insured) 1,700 2,021 
5% 9/1/28 (FSA Insured) 1,700 2,009 
5% 9/1/29 (FSA Insured) 1,850 2,172 
Redwood City Elementary School District Series 1997, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 4,825 4,573 
Riverside County Trans. Commission Toll Rev. Series 2013 A:   
5.75% 6/1/44 2,500 2,812 
5.75% 6/1/48 5,000 5,596 
Riverside Swr. Rev. Series 2015 A:   
5% 8/1/26 1,710 2,097 
5% 8/1/27 1,725 2,093 
5% 8/1/28 1,935 2,328 
5% 8/1/29 2,330 2,780 
Rocklin Unified School District Series 2002:   
0% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,610 2,371 
0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 6,370 5,606 
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 6,725 5,670 
0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,365 4,358 
0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 6,500 5,062 
Roseville City School District Series 2002 A:   
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,745 1,458 
0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,940 1,507 
Sacramento City Fing. Auth. Lease Rev. Series 1993 A, 5.4% 11/1/20 (AMBAC Insured) 1,395 1,488 
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 6,000 4,566 
Sacramento County Arpt. Sys. Rev. Series 2016 B:   
5% 7/1/35 790 929 
5% 7/1/36 2,000 2,345 
5% 7/1/41 6,430 7,447 
Sacramento Muni. Util. District Elec. Rev.:   
Series 2012 Y, 5% 8/15/27 2,800 3,303 
Series 2013 A, 5% 8/15/41 2,810 3,237 
Series 2016 D, 5% 8/15/28 2,500 3,234 
San Bernardino County Ctfs. of Prtn.:   
(Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 3,000 3,214 
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity) 8,300 10,457 
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22 10,000 11,546 
San Bernardino Unified School District Gen. Oblig. Series 2013 A:   
5% 8/1/23 (FSA Insured) 1,100 1,329 
5% 8/1/24 (FSA Insured) 1,250 1,499 
5% 8/1/25 (FSA Insured) 2,000 2,388 
5% 8/1/27 (FSA Insured) 2,000 2,361 
San Diego Convention Ctr. Expansion Series 2012 A, 5% 4/15/24 3,300 3,859 
San Diego County Reg'l. Arpt. Auth. Arpt. Rev.:   
( Sub Lien Proj.) Series 2017 B, 5% 7/1/36 (c) 1,500 1,759 
( Sub Lien Proj.) Series A, 5% 7/1/26 (c) 400 489 
(Sub Lien Proj.) Series 2017 B:   
5% 7/1/22 (c) 500 582 
5% 7/1/23 (c) 280 332 
5% 7/1/24 (c) 1,000 1,202 
5% 7/1/25 (c) 515 625 
5% 7/1/27 (c) 500 615 
5% 7/1/28 (c) 1,000 1,225 
5% 7/1/29 (c) 1,725 2,093 
5% 7/1/30 (c) 2,915 3,509 
5% 7/1/31 (c) 1,250 1,496 
5% 7/1/32 (c) 1,300 1,549 
5% 7/1/33 (c) 530 628 
5% 7/1/34 (c) 1,000 1,180 
5% 7/1/37 (c) 750 877 
Series 2013 B, 5% 7/1/38 (c) 7,000 7,950 
Series 2017 B, 5% 7/1/21 (c) 300 340 
San Diego Pub. Facilities Fing. Auth. Lease Rev.:   
(Cap. Impt. Proj.) Series 2012 A, 5% 4/15/23 1,710 1,994 
Series 2015 A, 5% 10/15/44 4,005 4,565 
Series 2016:   
5% 10/15/29 2,000 2,391 
5% 10/15/30 1,000 1,185 
5% 10/15/31 650 765 
San Diego Pub. Facilities Fing. Auth. Wtr. Rev.:   
Series 2009 B, 5.75% 8/1/35 (Pre-Refunded to 8/1/19 @ 100) 3,455 3,774 
Series 2016 B:   
5% 8/1/38 4,000 4,751 
5% 8/1/39 3,520 4,172 
San Diego Unified School District:   
(Convention Ctr. Proj.) Series 2012, 0% 7/1/45 4,770 1,607 
Series 2008 C:   
0% 7/1/37 1,300 631 
0% 7/1/47 4,000 1,228 
Series 2008 E, 0% 7/1/47 (d) 8,700 5,466 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:   
(SFO Fuel Co. Proj.) Series 1997 A, 5.25% 1/1/18 (AMBAC Insured) (c) 4,515 4,536 
Second Series 32F, 5.25% 5/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,500 2,684 
Series 2014 A:   
5% 5/1/40 (c) 1,865 2,103 
5% 5/1/44 (c) 8,390 9,416 
Series 2016 B:   
5% 5/1/41 (c) 11,695 13,341 
5% 5/1/46 (c) 21,000 23,830 
5% 5/1/28 2,280 2,801 
5% 5/1/29 1,225 1,492 
5% 5/1/30 330 399 
5% 5/1/32 1,000 1,195 
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev. (San Francisco Redev. Projs.) Series 2009 B:   
6.125% 8/1/28 1,000 1,091 
6.625% 8/1/39 1,000 1,099 
San Francisco City & County Redev. Spl. Tax (Mission Bay South Pub. Impt. Proj.) Series 2013 A:   
5% 8/1/23 1,000 1,157 
5% 8/1/24 750 862 
San Francisco Pub. Utils. Commission Wtr. Rev. Series 2016, 5% 11/1/31 3,500 4,325 
San Jacinto Unified School District Series 2014:   
5% 8/1/25 (FSA Insured) 875 1,061 
5% 8/1/26 (FSA Insured) 1,055 1,272 
5% 8/1/27 (FSA Insured) 1,250 1,498 
5% 8/1/28 (FSA Insured) 1,250 1,489 
5% 8/1/29 (FSA Insured) 3,150 3,730 
5% 8/1/30 (FSA Insured) 4,070 4,790 
5% 8/1/31 (FSA Insured) 650 761 
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.):   
5% 11/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,720 3,750 
5% 11/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,645 3,675 
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series 1993, 0% 1/1/27 (Escrowed to Maturity) 4,000 3,317 
San Jose Fing. Auth. Lease Rev. (Civic Ctr. Proj.) Series 2013 A:   
5% 6/1/25 3,500 4,154 
5% 6/1/26 3,000 3,551 
San Jose Int'l. Arpt. Rev.:   
Series 2014 A:   
5% 3/1/19 (c) 500 530 
5% 3/1/20 (c) 3,500 3,826 
5% 3/1/21 (c) 2,750 3,094 
Series 2017 A:   
5% 3/1/20 (c) 6,370 6,963 
5% 3/1/21 (c) 2,750 3,094 
5% 3/1/22 (c) 1,750 2,019 
5% 3/1/27 (c) 2,480 3,038 
5% 3/1/31 (c) 1,100 1,306 
5% 3/1/32 (c) 850 1,005 
5% 3/1/33 (c) 1,095 1,288 
5% 3/1/34 (c) 1,250 1,464 
5% 3/1/35 (c) 2,250 2,625 
5% 3/1/36 (c) 2,250 2,621 
5% 3/1/37 (c) 2,250 2,615 
5% 3/1/41 (c) 5,000 5,767 
Series 2017 B:   
5% 3/1/29 200 245 
5% 3/1/30 250 304 
5% 3/1/32 235 282 
5% 3/1/33 250 299 
5% 3/1/34 500 595 
5% 3/1/37 3,000 3,541 
San Marcos Redev. Agcy. Successor Series 2015 A:   
5% 10/1/27 1,650 2,001 
5% 10/1/29 675 806 
5% 10/1/30 2,000 2,376 
5% 10/1/31 2,310 2,733 
San Marcos Unified School District:   
Series 2010 A, 5% 8/1/38 5,000 5,651 
Series 2010 B, 0% 8/1/47 9,000 2,759 
San Mateo County Cmnty. College District Series A, 0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,000 2,976 
San Mateo County Joint Powers Fing. Auth. (Cap. Projs.) Series 2009 A, 5.25% 7/15/24 5,280 5,816 
San Mateo Unified School District (Election of 2000 Proj.) Series B:   
0% 9/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,000 1,819 
0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,490 1,268 
0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,500 1,231 
San Pablo Redev. Agcy. Series 2014 A:   
5% 6/15/25 (FSA Insured) 825 988 
5% 6/15/26 (FSA Insured) 860 1,020 
5% 6/15/27 (FSA Insured) 1,770 2,080 
5% 6/15/28 (FSA Insured) 1,865 2,177 
5% 6/15/29 (FSA Insured) 1,780 2,064 
5% 6/15/30 (FSA Insured) 1,150 1,325 
5% 6/15/31 (FSA Insured) 1,000 1,146 
Sanger Unified School District 5.6% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,885 2,049 
Santa Clara Elec. Rev. Series 2011 A, 6% 7/1/31 3,000 3,521 
Santa Monica Pub. Fin. Rev. (City Svcs. Bldg. Proj.) Series 2017:   
4% 7/1/39 (e) 790 847 
5% 7/1/36 (e) 2,380 2,855 
5% 7/1/37 (e) 1,780 2,130 
Santa Monica-Malibu Unified School District Series 2017 C:   
4% 7/1/36 435 474 
4% 7/1/37 475 516 
4% 7/1/38 450 488 
4% 7/1/39 550 595 
5% 7/1/30 250 312 
5% 7/1/31 350 434 
5% 7/1/32 255 314 
5% 7/1/33 250 307 
5% 7/1/34 315 385 
5% 7/1/35 400 487 
Santa Rosa Wastewtr. Rev. Series 2002 B:   
0% 9/1/20 (AMBAC Insured) 4,030 3,877 
0% 9/1/22 (AMBAC Insured) 2,900 2,680 
0% 9/1/25 (AMBAC Insured) 6,800 5,728 
Shasta Union High School District:   
Series 2002, 0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000 796 
Series 2003, 0% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,340 2,481 
South Orange County Pub. Fin. Auth. Series 2016:   
5% 4/1/21 1,000 1,138 
5% 4/1/34 2,000 2,348 
5% 4/1/36 3,000 3,490 
South Orange County Pub. Fing. Auth. Spl. Tax Rev. Series 2014 A:   
5% 8/15/23 1,000 1,128 
5% 8/15/26 1,975 2,189 
5% 8/15/27 700 773 
5% 8/15/28 1,000 1,101 
Southwestern Cmnty. College District Gen. Oblig. Series 2000, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,495 1,932 
Stockton Unified School District Gen. Oblig.:   
Series 2012 A:   
5% 8/1/24 (FSA Insured) 300 367 
5% 8/1/25 (FSA Insured) 750 904 
5% 8/1/27 (FSA Insured) 265 316 
5% 8/1/28 (FSA Insured) 510 604 
5% 8/1/38 (FSA Insured) 2,500 2,860 
5% 8/1/42 (FSA Insured) 4,650 5,304 
5% 7/1/23 (FSA Insured) 1,270 1,496 
5% 7/1/24 (FSA Insured) 1,350 1,587 
5% 7/1/25 (FSA Insured) 1,060 1,243 
5% 7/1/26 (FSA Insured) 1,110 1,299 
5% 7/1/27 (FSA Insured) 1,065 1,244 
5% 1/1/29 (FSA Insured) 600 698 
Successor Agcy. To The Redev. Agcy. of Pittsburg (Los Medanos Cmnty. Dev. Proj.) Series 2016 A:   
5% 9/1/24 (FSA Insured) 2,440 2,933 
5% 9/1/25 (FSA Insured) 3,500 4,254 
5% 9/1/26 (FSA Insured) 8,000 9,810 
5% 9/1/27 (FSA Insured) 4,000 4,851 
5% 9/1/28 (FSA Insured) 3,500 4,203 
5% 9/1/29 (FSA Insured) 2,000 2,381 
Sweetwater Union High School District 5% 9/1/21 4,705 5,381 
Torrance Gen. Oblig. Rev. (Torrance Memorial Med. Ctr. Proj.) Series A, 5% 9/1/40 5,660 6,033 
Tracy Operating Partnership Joint Powers Auth. Rev. 6.375% 10/1/38 (Assured Guaranty Corp. Insured) 5,000 5,278 
Tulare Swr. Rev. Series 2015:   
5% 11/15/24 (FSA Insured) 820 995 
5% 11/15/25 (FSA Insured) 800 980 
5% 11/15/26 (FSA Insured) 965 1,171 
5% 11/15/27 (FSA Insured) 1,500 1,802 
5% 11/15/28 (FSA Insured) 1,165 1,389 
Turlock Irrigation District Rev. Series 2011, 5.5% 1/1/41 10,000 11,304 
Union Elementary School District Series A:   
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000 991 
0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,995 2,837 
Univ. of California Regents Med. Ctr. Pool Rev. Series 2013 J, 5% 5/15/48 7,300 8,127 
Univ. of California Revs.:   
Bonds 1.4%, tender 5/15/21 (a) 3,000 3,011 
Series 2009 O, 5.75% 5/15/34 (Pre-Refunded to 5/15/19 @ 100) 9,900 10,718 
Series 2017 AV:   
5% 5/15/29 2,500 3,125 
5% 5/15/34 2,000 2,426 
5% 5/15/35 5,000 6,041 
Vacaville Unified School District Series 2014 C:   
5% 8/1/23 (Build America Mutual Assurance Insured) 930 1,125 
5% 8/1/26 (Build America Mutual Assurance Insured) 1,295 1,584 
5% 8/1/30 6,710 8,026 
Ventura County Pub. Fing. Auth. Series 2013 A:   
5% 11/1/24 1,000 1,175 
5% 11/1/25 1,000 1,172 
5% 11/1/26 1,000 1,171 
Walnut Valley Unified School District Series D:   
0% 8/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,875 1,938 
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,715 1,746 
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,315 806 
Washington Township Health Care District Gen. Oblig. Series 2013 B:   
5% 8/1/43 5,000 5,730 
5.5% 8/1/38 1,500 1,819 
5.5% 8/1/40 5,000 6,055 
Washington Township Health Care District Rev.:   
Series 2009 A:   
6% 7/1/29 3,000 3,189 
6.25% 7/1/39 7,015 7,457 
Series 2010 A, 5.5% 7/1/38 3,100 3,356 
West Contra Costa Unified School District:   
Series 2012, 5% 8/1/32 8,265 9,555 
Series 2014 A:   
5% 8/1/23 365 442 
5% 8/1/25 2,555 3,134 
5% 8/1/26 2,550 3,111 
5% 8/1/27 1,150 1,395 
5% 8/1/28 1,000 1,207 
5% 8/1/29 1,675 2,011 
Western Riverside County Trust & Wastewtr. Fin. Auth.:   
5.5% 9/1/34 (Assured Guaranty Corp. Insured) 1,750 1,893 
5.625% 9/1/39 (Assured Guaranty Corp. Insured) 2,250 2,436 
Yuba City Unified School District Series A, 0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,090 1,947 
TOTAL CALIFORNIA  1,914,066 
Guam - 1.3%   
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2008, 5.875% 10/1/18 (Escrowed to Maturity) 825 846 
Guam Gov't. Ltd. Oblig. Rev. Series 2016 A:   
5% 12/1/22 3,000 3,440 
5% 12/1/24 3,000 3,511 
5% 12/1/25 2,500 2,939 
5% 12/1/26 2,000 2,362 
5% 12/1/27 2,000 2,345 
5% 12/1/29 645 743 
5% 12/1/31 2,500 2,843 
5% 12/1/33 2,250 2,536 
5% 12/1/34 1,750 1,967 
5% 12/1/36 1,000 1,118 
5% 12/1/46 645 710 
TOTAL GUAM  25,360 
TOTAL MUNICIPAL BONDS   
(Cost $1,811,848)  1,939,426 
Municipal Notes - 0.7%   
California - 0.7%   
San Jose Int'l. Arpt. Rev. Participating VRDN Series 2017, 0.98% 9/7/17 (Liquidity Facility Citibank NA) (a)(c)(f)   
(Cost $14,100) 14,100 14,100 
TOTAL INVESTMENT IN SECURITIES - 99.2%   
(Cost $1,825,948)  1,953,526 
NET OTHER ASSETS (LIABILITIES) - 0.8%  14,901 
NET ASSETS - 100%  $1,968,427 

Security Type Abbreviations

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

Legend

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

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,139,000 or 0.3% of net assets.

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

 (d) 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.

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

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


Investment Valuation

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

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

General Obligations 35.3% 
Transportation 18.5% 
Special Tax 11.9% 
Escrowed/Pre-Refunded 8.5% 
Health Care 8.5% 
Water & Sewer 5.4% 
Others* (Individually Less Than 5%) 11.9% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  August 31, 2017 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,825,948) 		 $1,953,526 
Cash  2,446 
Receivable for fund shares sold  574 
Interest receivable  20,839 
Other receivables  6 
Total assets  1,977,391 
Liabilities   
Payable for investments purchased on a delayed delivery basis $5,808  
Payable for fund shares redeemed 661  
Distributions payable 1,693  
Accrued management fee 583  
Distribution and service plan fees payable 35  
Other affiliated payables 158  
Other payables and accrued expenses 26  
Total liabilities  8,964 
Net Assets  $1,968,427 
Net Assets consist of:   
Paid in capital  $1,835,779 
Accumulated net investment loss  (176) 
Accumulated undistributed net realized gain (loss) on investments  5,246 
Net unrealized appreciation (depreciation) on investments  127,578 
Net Assets  $1,968,427 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($36,162 ÷ 2,762 shares)  $13.09 
Maximum offering price per share (100/96.00 of $13.09)  $13.64 
Class M:   
Net Asset Value and redemption price per share ($7,860 ÷ 599 shares)  $13.12 
Maximum offering price per share (100/96.00 of $13.12)  $13.67 
Class C:   
Net Asset Value and offering price per share ($31,081 ÷ 2,378 shares)(a)  $13.07 
California Municipal Income:   
Net Asset Value, offering price and redemption price per share ($1,829,768 ÷ 139,962 shares)  $13.07 
Class I:   
Net Asset Value, offering price and redemption price per share ($63,556 ÷ 4,851 shares)  $13.10 

 (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.


Statement of Operations

Amounts in thousands  Six months ended August 31, 2017 (Unaudited) 
Investment Income   
Interest  $33,627 
Expenses   
Management fee $3,420  
Transfer agent fees 745  
Distribution and service plan fees 212  
Accounting fees and expenses 175  
Custodian fees and expenses 7  
Independent trustees' fees and expenses 4  
Registration fees 69  
Audit 28  
Legal 7  
Miscellaneous 10  
Total expenses before reductions 4,677  
Expense reductions (13) 4,664 
Net investment income (loss)  28,963 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  6,131 
Total net realized gain (loss)  6,131 
Change in net unrealized appreciation (depreciation) on investment securities  41,239 
Net gain (loss)  47,370 
Net increase (decrease) in net assets resulting from operations  $76,333 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended August 31, 2017 (Unaudited) Year ended February 28, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $28,963 $62,517 
Net realized gain (loss) 6,131 18,294 
Change in net unrealized appreciation (depreciation) 41,239 (93,757) 
Net increase (decrease) in net assets resulting from operations 76,333 (12,946) 
Distributions to shareholders from net investment income (28,921) (62,370) 
Distributions to shareholders from net realized gain (2,493) – 
Total distributions (31,414) (62,370) 
Share transactions - net increase (decrease) 49,295 (46,002) 
Redemption fees – 34 
Total increase (decrease) in net assets 94,214 (121,284) 
Net Assets   
Beginning of period 1,874,213 1,995,497 
End of period $1,968,427 $1,874,213 
Other Information   
Accumulated net investment loss end of period $(176) $(218) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity California Municipal Income Fund Class A

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2017 2017 2016 A 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.79 $13.24 $13.16 $12.63 $13.02 $12.69 
Income from Investment Operations       
Net investment income (loss)B .176 .363 .390 .397 .437 .436 
Net realized and unrealized gain (loss) .316 (.451) .081 .544 (.396) .324 
Total from investment operations .492 (.088) .471 .941 .041 .760 
Distributions from net investment income (.175) (.362) (.390) (.411) (.431) (.428) 
Distributions from net realized gain (.017) – (.001) – – (.002) 
Total distributions (.192) (.362) (.391) (.411) (.431) (.430) 
Redemption fees added to paid in capitalB – –C –C –C –C –C 
Net asset value, end of period $13.09 $12.79 $13.24 $13.16 $12.63 $13.02 
Total ReturnD,E,F 3.88% (.70)% 3.66% 7.55% .40% 6.08% 
Ratios to Average Net AssetsG       
Expenses before reductions .80%H .80% .80% .79% .77% .77% 
Expenses net of fee waivers, if any .80%H .80% .80% .79% .77% .77% 
Expenses net of all reductions .80%H .80% .80% .79% .77% .77% 
Net investment income (loss) 2.70%H 2.75% 2.99% 3.07% 3.47% 3.38% 
Supplemental Data       
Net assets, end of period (in millions) $36 $47 $48 $42 $34 $56 
Portfolio turnover rate 26%H 25% 11% 10% 13% 9% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.0005 per share.

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

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

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

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.

 H Annualized


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity California Municipal Income Fund Class M

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2017 2017 2016 A 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.82 $13.28 $13.20 $12.67 $13.05 $12.72 
Income from Investment Operations       
Net investment income (loss)B .179 .368 .399 .408 .442 .440 
Net realized and unrealized gain (loss) .316 (.460) .080 .543 (.385) .323 
Total from investment operations .495 (.092) .479 .951 .057 .763 
Distributions from net investment income (.178) (.368) (.398) (.421) (.437) (.432) 
Distributions from net realized gain (.017) – (.001) – – (.002) 
Total distributions (.195) (.368) (.399) (.421) (.437) (.433)C 
Redemption fees added to paid in capitalB – –D –D –D –D –D 
Net asset value, end of period $13.12 $12.82 $13.28 $13.20 $12.67 $13.05 
Total ReturnE,F,G 3.89% (.74)% 3.72% 7.61% .53% 6.09% 
Ratios to Average Net AssetsH       
Expenses before reductions .77%I .76% .74% .72% .71% .75% 
Expenses net of fee waivers, if any .77%I .76% .74% .72% .71% .75% 
Expenses net of all reductions .76%I .76% .74% .72% .71% .74% 
Net investment income (loss) 2.73%I 2.79% 3.04% 3.14% 3.52% 3.41% 
Supplemental Data       
Net assets, end of period (in millions) $8 $9 $8 $7 $6 $6 
Portfolio turnover rate 26%I 25% 11% 10% 13% 9% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.433 per share is comprised of distributions from net investment income of $.4316 and distributions from net realized gain of $.0016 per share.

 D Amount represents less than $.0005 per share.

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

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

 G Total returns do not include the effect of the sales charges.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.

 I Annualized


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity California Municipal Income Fund Class C

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2017 2017 2016 A 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.77 $13.22 $13.14 $12.61 $13.00 $12.67 
Income from Investment Operations       
Net investment income (loss)B .127 .263 .292 .300 .337 .337 
Net realized and unrealized gain (loss) .316 (.451) .080 .544 (.393) .325 
Total from investment operations .443 (.188) .372 .844 (.056) .662 
Distributions from net investment income (.126) (.262) (.291) (.314) (.334) (.330) 
Distributions from net realized gain (.017) – (.001) – – (.002) 
Total distributions (.143) (.262) (.292) (.314) (.334) (.332) 
Redemption fees added to paid in capitalB – –C –C –C –C –C 
Net asset value, end of period $13.07 $12.77 $13.22 $13.14 $12.61 $13.00 
Total ReturnD,E,F 3.49% (1.46)% 2.88% 6.76% (.37)% 5.28% 
Ratios to Average Net AssetsG       
Expenses before reductions 1.55%H 1.55% 1.55% 1.54% 1.54% 1.54% 
Expenses net of fee waivers, if any 1.55%H 1.55% 1.55% 1.54% 1.54% 1.54% 
Expenses net of all reductions 1.55%H 1.55% 1.55% 1.54% 1.54% 1.53% 
Net investment income (loss) 1.95%H 2.00% 2.24% 2.32% 2.70% 2.62% 
Supplemental Data       
Net assets, end of period (in millions) $31 $31 $26 $24 $24 $24 
Portfolio turnover rate 26%H 25% 11% 10% 13% 9% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

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

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

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

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

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.

 H Annualized


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity California Municipal Income Fund

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2017 2017 2016 A 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.77 $13.22 $13.15 $12.62 $13.00 $12.67 
Income from Investment Operations       
Net investment income (loss)B .198 .407 .434 .440 .473 .475 
Net realized and unrealized gain (loss) .316 (.450) .070 .543 (.384) .325 
Total from investment operations .514 (.043) .504 .983 .089 .800 
Distributions from net investment income (.197) (.407) (.433) (.453) (.469) (.468) 
Distributions from net realized gain (.017) – (.001) – – (.002) 
Total distributions (.214) (.407) (.434) (.453) (.469) (.470) 
Redemption fees added to paid in capitalB – –C –C –C –C –C 
Net asset value, end of period $13.07 $12.77 $13.22 $13.15 $12.62 $13.00 
Total ReturnD,E 4.06% (.37)% 3.93% 7.91% .78% 6.41% 
Ratios to Average Net AssetsF       
Expenses before reductions .46%G .46% .46% .46% .46% .46% 
Expenses net of fee waivers, if any .46%G .46% .46% .46% .46% .46% 
Expenses net of all reductions .46%G .46% .46% .46% .46% .46% 
Net investment income (loss) 3.04%G 3.09% 3.33% 3.40% 3.77% 3.69% 
Supplemental Data       
Net assets, end of period (in millions) $1,830 $1,728 $1,866 $1,813 $1,629 $1,855 
Portfolio turnover rate 26%G 25% 11% 10% 13% 9% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.0005 per share.

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

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

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 Annualized


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity California Municipal Income Fund Class I

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2017 2017 2016 A 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.80 $13.25 $13.17 $12.64 $13.03 $12.70 
Income from Investment Operations       
Net investment income (loss)B .192 .395 .423 .429 .463 .465 
Net realized and unrealized gain (loss) .317 (.450) .080 .543 (.394) .324 
Total from investment operations .509 (.055) .503 .972 .069 .789 
Distributions from net investment income (.192) (.395) (.422) (.442) (.459) (.458) 
Distributions from net realized gain (.017) – (.001) – – (.002) 
Total distributions (.209) (.395) (.423) (.442) (.459) (.459)C 
Redemption fees added to paid in capitalB – –D –D –D –D –D 
Net asset value, end of period $13.10 $12.80 $13.25 $13.17 $12.64 $13.03 
Total ReturnE,F 4.00% (.46)% 3.91% 7.80% .62% 6.31% 
Ratios to Average Net AssetsG       
Expenses before reductions .55%H .55% .55% .55% .54% .54% 
Expenses net of fee waivers, if any .55%H .55% .55% .55% .54% .54% 
Expenses net of all reductions .55%H .55% .55% .55% .54% .54% 
Net investment income (loss) 2.94%H 3.00% 3.23% 3.31% 3.69% 3.61% 
Supplemental Data       
Net assets, end of period (in millions) $64 $59 $47 $40 $33 $33 
Portfolio turnover rate 26%H 25% 11% 10% 13% 9% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $459 per share is comprised of distributions from net investment income of $.4578 and distributions from net realized gain of $.0016 per share.

 D Amount represents less than $.0005 per share.

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

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

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.

 H Annualized


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2017
(Amounts in thousands except percentages)

1. Organization.

Fidelity California Municipal Income Fund (the Fund) is a fund of Fidelity California Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M (formerly Class T), Class C, California Municipal Income and Class I 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. The Fund may be affected by economic and political developments in the state of California.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period March 1, 2016 through June 24, 2016.

2. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income 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 GAAP.

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

Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to futures contracts.

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

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

Gross unrealized appreciation $130,719 
Gross unrealized depreciation (2,659) 
Net unrealized appreciation (depreciation) $128,060 
Tax cost $1,825,466 

At the prior fiscal period end, the Fund was required to defer approximately $644 of losses on futures contracts.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. 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.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $365,757 and $246,455, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.

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

 Distribution
Fee 		Service
Fee 		Total Fees Retained
by FDC 
Class A -% .25% $46 $2 
Class M -% .25% 10 – 
Class C .75% .25% 156 27 
   $212 $29 

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

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

 Retained
by FDC 
Class A $3 
Class M 1 
Class C(a) 2 
 $6 

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


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $31 .17 
Class M 5 .13 
Class C 27 .17 
California Municipal Income 625 .07 
Class I 57 .17 
 $745  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

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

5. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

6. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $7.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6.

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
August 31, 2017 		Year ended February 28, 2017 
From net investment income   
Class A $505 $1,420 
Class M 114 254 
Class B – 2 
Class C 304 606 
California Municipal Income 26,975 58,322 
Class I 1,023 1,766 
Total $28,921 $62,370 
From net realized gain   
Class A $49 $– 
Class M 11 – 
Class C 41 – 
California Municipal Income 2,300 – 
Class I 92 – 
Total $2,493 $– 

8. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
August 31, 2017 		Year ended February 28, 2017 Six months ended
August 31, 2017 		Year ended February 28, 2017 
Class A     
Shares sold 180 1,196 $2,320 $15,842 
Reinvestment of distributions 40 93 516 1,220 
Shares redeemed (1,118) (1,287) (14,286) (16,733) 
Net increase (decrease) (898) 2 $(11,450) $329 
Class M     
Shares sold 30 300 $394 $3,963 
Reinvestment of distributions 9 16 115 212 
Shares redeemed (121) (201) (1,567) (2,613) 
Net increase (decrease) (82) 115 $(1,058) $1,562 
Class B     
Shares sold – –(a) $– $–(b) 
Reinvestment of distributions – –(a) – 1 
Shares redeemed – (20)  (276) 
Net increase (decrease) – (20) $– $(275) 
Class C     
Shares sold 166 879 $2,145 $11,675 
Reinvestment of distributions 22 37 280 480 
Shares redeemed (263) (443) (3,386) (5,751) 
Net increase (decrease) (75) 473 $(961) $6,404 
California Municipal Income     
Shares sold 11,346 29,076 $146,510 $381,477 
Reinvestment of distributions 1,454 2,791 18,788 36,674 
Shares redeemed (8,160) (37,651) (105,144) (486,869) 
Net increase (decrease) 4,640 (5,784) $60,154 $(68,718) 
Class I     
Shares sold 1,924 3,196 $24,736 $42,101 
Reinvestment of distributions 69 100 890 1,317 
Shares redeemed (1,778) (2,208) (23,016) (28,722) 
Net increase (decrease) 215 1,088 $2,610 $14,696 

 (a) In the amount of less than five hundred shares.

 (b) In the amount of less than five hundred dollars.


9. 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.

Shareholder Expense Example

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, 2017 to August 31, 2017).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

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-A Beginning
Account Value
March 1, 2017 		Ending
Account Value
August 31, 2017 		Expenses Paid
During Period-B
March 1, 2017
to August 31, 2017 
Class A .80%    
Actual  $1,000.00 $1,038.80 $4.11 
Hypothetical-C  $1,000.00 $1,021.17 $4.08 
Class M .77%    
Actual  $1,000.00 $1,038.90 $3.96 
Hypothetical-C  $1,000.00 $1,021.32 $3.92 
Class C 1.55%    
Actual  $1,000.00 $1,034.90 $7.95 
Hypothetical-C  $1,000.00 $1,017.39 $7.88 
California Municipal Income .46%    
Actual  $1,000.00 $1,040.60 $2.37 
Hypothetical-C  $1,000.00 $1,022.89 $2.35 
Class I .55%    
Actual  $1,000.00 $1,040.00 $2.83 
Hypothetical-C  $1,000.00 $1,022.43 $2.80 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B 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).

 C 5% return per year before expenses






Fidelity Investments

ASCM-SANN-1017
1.777331.115

Fidelity® California Municipal Income Fund



Semi-Annual Report

August 31, 2017



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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. © 2017 FMR LLC. All rights reserved.



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Sectors as of August 31, 2017

 % of fund's net assets % of fund's net assets 6 months ago 
General Obligations 35.3 37.2 
Transportation 18.5 13.8 
Special Tax 11.9 12.4 
Escrowed/Pre-Refunded 8.5 11.0 
Health Care 8.5 7.8 

Quality Diversification (% of fund's net assets)

As of August 31, 2017 
   AAA 5.0% 
   AA,A 79.6% 
   BBB 9.8% 
   BB and Below 1.5% 
   Not Rated 2.6% 
   Short-Term Investments and Net Other Assets 1.5% 


As of February 28, 2017 
   AAA 5.7% 
   AA,A 77.3% 
   BBB 7.7% 
   BB and Below 1.5% 
   Not Rated 2.6% 
   Short-Term Investments and Net Other Assets 5.2% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Investments August 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.5%   
 Principal Amount (000s) Value (000s) 
California - 97.2%   
ABAG Fin. Auth. for Nonprofit Corps. Rev. (Sharp HealthCare Proj.):   
Series 2009 B, 6.25% 8/1/39 $3,000 $3,276 
Series 2012 A:   
5% 8/1/24 1,050 1,207 
5% 8/1/25 1,245 1,421 
5% 8/1/27 300 339 
5% 8/1/28 400 450 
ABC Unified School District Series 1997 C:   
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,780 1,740 
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,760 2,245 
Alameda Corridor Trans. Auth. Rev.:   
Series 2004 A, 5.3% 10/1/23 (Pre-Refunded to 10/1/17 @ 100) 935 938 
Series 2004:   
0% 10/1/19 7,920 7,773 
0% 10/1/19 630 600 
Series 2013 A:   
5% 10/1/24 7,750 9,253 
5% 10/1/25 5,245 6,249 
Series 2016 B:   
5% 10/1/34 2,500 2,890 
5% 10/1/35 4,000 4,607 
5% 10/1/36 2,250 2,586 
5% 10/1/37 2,200 2,521 
Alameda County Ctfs. of Prtn. (Santa Rita Jail Proj.) Series 2007 A:   
5% 12/1/18 (AMBAC Insured) 2,645 2,672 
5% 12/1/20 (AMBAC Insured) 2,810 2,837 
Anaheim Pub. Fing. Auth. Lease Rev. (Anaheim Pub. Impt. Proj.):   
Series 1997 A, 6% 9/1/24 (FSA Insured) 1,000 1,216 
Series 1997 C:   
0% 9/1/19 (FSA Insured) 1,285 1,255 
0% 9/1/22 (FSA Insured) 5,150 4,750 
Antelope Valley Cmnty. College District:   
Series A:   
5% 8/1/31 1,325 1,605 
5% 8/1/32 1,345 1,618 
5% 8/1/33 1,805 2,156 
5% 8/1/34 3,000 3,559 
5% 8/1/35 4,000 4,719 
5% 8/1/39 17,680 20,443 
Antelope Valley Healthcare District Rev. Series 2016 A, 5% 3/1/26 5,000 5,405 
Antioch Unified School District (School Facilities Impt. District #1 Proj.) Series 2008 B, 5.75% 8/1/24 (Pre-Refunded to 8/1/19 @ 100) 1,000 1,092 
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev.:   
Bonds:   
Series B, 2.85%, tender 4/1/25 (a) 7,000 7,452 
Series C, 2.1%, tender 4/1/22 (a) 7,000 7,218 
Series H, 2.125%, tender 4/1/25 (a) 4,000 4,049 
1.5%, tender 10/1/17 (a) 1,000 1,001 
1.875%, tender 4/1/19 (a) 6,250 6,325 
Series 2014 E, 2% 4/1/34 6,000 6,144 
Beverly Hills Fin. Auth. Rev. (2007 Rfdg. Proj.) Series A:   
5% 6/1/24 3,235 3,765 
5% 6/1/25 4,355 5,062 
5% 6/1/27 2,755 3,191 
5% 6/1/28 3,045 3,521 
Burbank Unified School District:   
Series 1997 B, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,835 3,649 
Series 1997 C, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,865 5,618 
Cabrillo Unified School District Series A, 0% 8/1/18 (AMBAC Insured) 2,000 1,974 
California Dept. of Wtr. Resources Series AI, 5% 12/1/25 2,700 3,130 
California Econ. Recovery Series 2009 A, 5% 7/1/19 (Escrowed to Maturity) 1,725 1,856 
California Edl. Facilities Auth. Rev.:   
(Loyola Marymount Univ. Proj.) Series 2010 A, 5% 10/1/25 5,860 6,316 
(Pomona College Proj.) Series 2005 A, 0% 7/1/38 3,155 1,567 
(Santa Clara Univ. Proj.) Series 1999, 5.25% 9/1/26 (AMBAC Insured) 7,910 9,846 
Series 2009, 5% 1/1/39 (Pre-Refunded to 1/1/19 @ 100) 2,700 2,851 
California Enterprise Dev. Auth. (The Thacher School Proj.) Series 2010:   
4% 9/1/20 860 912 
4% 9/1/21 1,000 1,058 
4% 9/1/22 740 781 
4% 9/1/23 1,080 1,136 
4% 9/1/24 1,125 1,181 
5% 9/1/19 400 433 
5% 9/1/39 5,000 5,337 
California Gen. Oblig.:   
Series 2007:   
5% 8/1/22 5 5 
5.625% 5/1/20 85 85 
5.625% 5/1/26 120 120 
5.75% 5/1/30 90 90 
Series 2016, 5% 9/1/36 7,630 9,069 
4.5% 8/1/30 35 35 
5% 3/1/19 (Pre-Refunded to 3/1/18 @ 100) 3,000 3,063 
5% 10/1/22 1,355 1,470 
5% 11/1/22 (Pre-Refunded to 11/1/17 @ 100) 2,800 2,818 
5% 10/1/26 6,065 7,429 
5% 10/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 10 10 
5.25% 10/1/17 105 105 
5.25% 4/1/27 5 5 
5.25% 4/1/29 5 5 
5.25% 12/1/33 105 105 
5.25% 4/1/35 3,500 4,105 
5.25% 3/1/38 3,740 3,812 
5.5% 4/1/28 5 5 
5.5% 4/1/30 25 25 
5.5% 11/1/34 2,535 2,778 
5.5% 11/1/39 1,810 1,981 
6% 4/1/18 1,570 1,617 
6% 3/1/33 16,330 18,339 
6% 4/1/38 1,190 1,283 
6.5% 4/1/33 11,650 12,661 
California Health Facilities Fing. Auth.:   
Bonds:   
Series 2016 B1, 1.25%, tender 10/1/20 (a) 6,980 7,006 
Series 2016 B3, 2%, tender 10/1/25 (a) 8,190 8,166 
Series 2017 A, 5% 11/15/32 1,400 1,702 
California Health Facilities Fing. Auth. Rev.:   
(Catholic Healthcare West Proj.) Series 2009 E, 5.625% 7/1/25 11,000 11,913 
(Children's Hosp. of Orange County Proj.) Series 2012 A:   
5% 11/15/22 2,500 2,907 
5% 11/15/23 2,000 2,324 
(Providence Health and Svcs. Proj.):   
Series 2009 B, 5.5% 10/1/39 2,000 2,162 
Series C, 6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) 90 95 
6.5% 10/1/38 (Pre-Refunded to 10/1/18 @ 100) 4,910 5,208 
(Scripps Health Proj.) Series 2010 A, 5% 11/15/36 3,000 3,259 
(St. Joseph Health Sys. Proj.) Series 2009 A, 5.75% 7/1/39 1,000 1,085 
Series 2008 A3, 5.5% 11/15/40 3,090 3,544 
Series 2011 A, 5% 3/1/20 3,250 3,568 
Series 2011 D:   
5% 8/15/22 900 1,042 
5% 8/15/23 700 809 
5% 8/15/25 2,000 2,302 
California Infrastructure & Econ. Dev. Bank Rev. (Performing Arts Ctr. of Los Angeles County Proj.) Series 2007:   
5% 12/1/27 1,080 1,090 
5% 12/1/32 1,000 1,009 
5% 12/1/42 3,000 3,024 
California Infrastructure and Econ. Dev. Bank Rev.:   
Bonds Series 2010 E, 1.75%, tender 6/1/22 (a) 1,000 1,011 
Series 2017:   
5% 10/1/35 5,000 6,067 
5% 10/1/36 5,000 6,053 
California Muni. Fin. Auth. (Orange County Civic Ctr. Infrastructure Impt. Prog.) Series 2017 A:   
5% 6/1/32 2,750 3,351 
5% 6/1/33 2,320 2,814 
5% 6/1/34 5,290 6,371 
5% 6/1/35 5,110 6,120 
5% 6/1/36 5,830 6,949 
5% 6/1/37 3,000 3,562 
California Muni. Fin. Auth. Ctfs. of Prtn. (Cmnty. Hospitals of Central California Obligated Group Proj.) Series 2009, 5.5% 2/1/39 (Pre-Refunded to 2/1/19 @ 100) 5,000 5,327 
California Muni. Fin. Auth. Rev.:   
( Channing House Proj.) Series 2017 A, 4% 5/15/32 1,000 1,089 
( Univ. of Verne Proj.) Series 2017 A:   
5% 6/1/27 1,000 1,223 
5% 6/1/33 1,000 1,174 
(Biola Univeristy, Inc. Proj.) Series 2017:   
5% 10/1/25 305 366 
5% 10/1/28 1,040 1,252 
5% 10/1/30 1,000 1,187 
5% 10/1/32 1,000 1,173 
5% 10/1/34 1,000 1,172 
(Biola Univeristy, Inc.Proj.) Series 2017, 5% 10/1/26 715 864 
(Channing House Proj.) Series 2017 A:   
4% 5/15/29 2,000 2,231 
4% 5/15/30 1,575 1,744 
4% 5/15/31 2,150 2,352 
5% 5/15/33 895 1,065 
5% 5/15/34 1,000 1,185 
(Eisenhower Med. Ctr. Proj.) Series 2010 A, 5% 7/1/19 (Escrowed to Maturity) 300 322 
(Institute On Aging Proj.) Series 2017:   
5% 8/15/27 230 287 
5% 8/15/29 245 300 
5% 8/15/30 225 273 
5% 8/15/33 750 896 
5% 8/15/36 1,435 1,695 
(Univ. of Verne Proj.) Series 2017 A, 5% 6/1/32 1,000 1,180 
(Univ. of Verne Proj.) Series 2017 A:   
5% 6/1/28 1,000 1,210 
5% 6/1/30 1,000 1,192 
5% 6/1/35 1,000 1,164 
Series 2016 A, 5% 11/1/36 (b) 1,000 1,082 
Series 2017 A:   
5% 7/1/29 575 685 
5% 7/1/31 1,000 1,176 
5% 7/1/32 1,400 1,639 
5% 7/1/33 1,000 1,165 
5% 7/1/34 1,395 1,618 
5% 7/1/35 1,500 1,733 
5% 7/1/36 1,500 1,729 
5% 7/1/37 1,250 1,436 
Series 2017 B:   
5% 7/1/28 1,250 1,501 
5% 7/1/29 1,300 1,549 
5% 7/1/30 750 887 
5% 7/1/31 800 941 
5% 7/1/32 1,385 1,622 
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev.:   
(U.S.A. Waste Svcs., Inc. Proj.) Series 1998 A, 1.5% 6/1/18 (c) 1,920 1,928 
Bonds:   
(Republic Svcs., Inc. Proj.) Series B, 5.25%, tender 12/1/17 (a)(c) 3,250 3,280 
(Waste Mgmt., Inc. Proj.) Series 2002 C, 3.25%, tender 6/3/24 (a)(c) 7,500 7,933 
California Pub. Fin. Auth. Univ. H (Claremont Colleges Proj.) Series 2017 A:   
5% 7/1/27 (b) 800 922 
5% 7/1/32 (b) 750 836 
5% 7/1/37 (b) 2,100 2,299 
California Pub. Works Board Lease Rev.:   
(Coalinga State Hosp. Proj.) Series 2013 E, 5% 6/1/29 7,000 8,166 
(Dept. of Corrections & Rehab. Proj.) Series 2011 C:   
5% 10/1/27 9,530 10,878 
5.25% 10/1/24 4,170 4,837 
5.25% 10/1/25 2,875 3,330 
5.75% 10/1/31 4,000 4,667 
(Dept. of Corrections State Prison Proj.) Series A, 5% 12/1/19 (AMBAC Insured) 2,285 2,404 
(Porterville Developmental Ctr. Hsg. Expansion and Recreation Complex Proj.) Series 2009 C, 6.25% 4/1/34 (Pre-Refunded to 4/1/19 @ 100) 5,900 6,404 
(Univ. Proj.) Series 2012 D:   
5% 9/1/24 (Pre-Refunded to 9/1/22 @ 100) 1,700 2,022 
5% 9/1/24 (Pre-Refunded to 9/1/22 @ 100) 1,865 2,218 
(Various Cap. Projs.):   
Series 2012 A:   
5% 4/1/24 1,000 1,164 
5% 4/1/25 5,300 6,154 
Series 2012 G, 5% 11/1/25 2,500 2,953 
(Various Judicial Council Projs.) Series 2011 D:   
5% 12/1/22 3,000 3,478 
5% 12/1/23 2,800 3,236 
Series 2009 G1, 5.75% 10/1/30 (Pre-Refunded to 10/1/19 @ 100) 1,800 1,982 
Series 2009 I:   
5.5% 11/1/23 (Pre-Refunded to 11/1/19 @ 100) 1,535 1,688 
6.125% 11/1/29 (Pre-Refunded to 11/1/19 @ 100) 1,200 1,336 
6.25% 11/1/21 (Pre-Refunded to 11/1/19 @ 100) 2,000 2,232 
6.375% 11/1/34 (Pre-Refunded to 11/1/19 @ 100) 3,000 3,356 
California Statewide Cmntys. Dev. Auth. Series 2016:   
5% 5/15/34 1,250 1,447 
5% 5/15/35 1,750 2,019 
5% 5/15/40 2,250 2,575 
California Statewide Cmntys. Dev. Auth. Rev.:   
(Adventist Health Sys. Proj.) Series 2007 B, 5% 3/1/37 (Pre-Refunded to 5/23/18 @ 100) 4,970 5,120 
(Cottage Health Sys. Obligated Group Proj.) Series 2010, 5.25% 11/1/30 3,000 3,324 
(Enloe Health Sys. Proj.) Series 2008 B, 5% 8/15/19 (Pre-Refunded to 8/15/18 @ 100) 50 52 
(Sutter Health Proj.) Series 2011 A, 6% 8/15/42 2,120 2,398 
Series 2016:   
5% 10/1/26 1,125 1,336 
5% 10/1/27 2,360 2,775 
5% 10/1/28 1,230 1,434 
5% 10/1/29 675 780 
5% 10/1/30 1,100 1,264 
5% 10/1/33 1,850 2,099 
5.375% 6/1/26 (Pre-Refunded to 6/1/21 @ 100) 2,520 2,922 
6% 6/1/33 (Pre-Refunded to 6/1/21 @ 100) 3,020 3,571 
Carlsbad Unified School District Series 2009 B:   
0% 5/1/18 1,335 1,327 
0% 5/1/19 1,000 984 
0% 5/1/34 (d) 5,300 5,757 
Chino Basin Reg'l. Fing. Auth. Rev. (Inland Empire Util. Agcy. Proj.) Series 2008 A:   
5% 11/1/24 (Pre-Refunded to 11/1/17 @ 100) 1,000 1,007 
5% 11/1/25 (Pre-Refunded to 11/1/17 @ 100) 3,820 3,845 
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co. Proj.) Series B, 5.875% 2/15/34 5,000 5,397 
Contra Costa Trans. Auth. Sales Tax Rev. Series 2012 B:   
5% 3/1/23 (Pre-Refunded to 3/1/20 @ 100) 1,500 1,653 
5% 3/1/24 (Pre-Refunded to 3/1/20 @ 100) 2,000 2,204 
5% 3/1/25 (Pre-Refunded to 3/1/20 @ 100) 2,000 2,204 
Corona-Norco Unified School District Series 2013 A:   
5% 9/1/25 645 737 
5% 9/1/28 1,250 1,408 
5% 9/1/32 1,125 1,255 
5% 9/1/35 585 648 
Ctr. Unified School District Series 1997 C:   
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,000 1,974 
0% 9/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,010 1,912 
Davis Spl. Tax Rev. Series 2007:   
5% 9/1/18 (AMBAC Insured) 835 835 
5% 9/1/20 (AMBAC Insured) 925 925 
5% 9/1/22 (AMBAC Insured) 1,020 1,020 
Desert Sands Unified School District Series 2013 B:   
5% 6/1/27 2,000 2,370 
5% 6/1/28 2,000 2,358 
5% 6/1/29 1,650 1,935 
5% 6/1/30 2,500 2,918 
5% 6/1/31 1,750 2,032 
East Bay Muni. Util. District Wastewtr. Sys. Rev.:   
Series 2017 A:   
5% 6/1/32 2,000 2,478 
5% 6/1/34 3,800 4,661 
Series 2017 B:   
5% 6/1/33 3,060 3,771 
5% 6/1/34 2,615 3,207 
El Dorado County Gen. Oblig. 5% 9/1/23 1,360 1,589 
El Dorado Irrigation District Rev. Ctfs. of Prtn. Series 2016 B:   
5% 3/1/28 3,125 3,812 
5% 3/1/29 8,125 9,821 
Elk Grove Fin. Auth. Spl. Tax Rev.:   
(Elk Grove Cfd Laguna Ridge Proj.) Series 2016, 5% 9/1/41 4,500 5,050 
Series 2015:   
5% 9/1/27 1,940 2,336 
5% 9/1/28 4,125 4,923 
5% 9/1/29 4,325 5,121 
5% 9/1/30 (Build America Mutual Assurance Insured) 1,135 1,337 
5% 9/1/31 (Build America Mutual Assurance Insured) 1,750 2,048 
5% 9/1/32 (Build America Mutual Assurance Insured) 1,615 1,881 
Series 2016:   
5% 9/1/27 1,875 2,220 
5% 9/1/28 1,500 1,761 
5% 9/1/29 2,000 2,328 
5% 9/1/30 1,720 1,994 
5% 9/1/31 2,500 2,883 
Elk Grove Unified School District Spl. Tax (Cmnty. Facilities District #1 Proj.) 6.5% 12/1/24 (AMBAC Insured) 4,025 4,742 
Empire Union School District Spl. Tax (Cmnty. Facilities District No. 1987 Proj.) Series 2002 A:   
0% 10/1/24 (AMBAC Insured) 1,665 1,387 
0% 10/1/25 (AMBAC Insured) 1,665 1,330 
Encinitas Union School District Series 1996, 0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000 954 
Escondido Union High School District Series 2008 A:   
0% 8/1/33 (Assured Guaranty Corp. Insured) 5,655 3,345 
0% 8/1/34 (Assured Guaranty Corp. Insured) 3,500 1,973 
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 1,256 
Foothill-De Anza Cmnty. College District:   
Series 1999 A:   
0% 8/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,365 5,276 
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 6,425 6,240 
Series 1999 B, 0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,000 4,446 
Gilroy School Facilities Fing. Series 2013 A, 5% 8/1/46 10,000 11,189 
Golden State Tobacco Securitization Corp. Tobacco Settlement Rev.:   
Series 2013 A, 5% 6/1/30 6,000 6,988 
Series 2017 A1:   
5% 6/1/21 2,000 2,273 
5% 6/1/22 2,000 2,320 
5% 6/1/23 2,000 2,354 
5% 6/1/24 3,000 3,564 
5% 6/1/25 3,000 3,590 
5% 6/1/26 3,000 3,611 
5% 6/1/27 5,760 6,959 
5% 6/1/28 7,500 8,961 
Series A, 0% 6/1/24 (AMBAC Insured) 8,030 7,023 
Golden West Schools Fing. Auth. Rev. Series A, 0% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,750 2,716 
Irvine Reassessment District 12-1 Ltd. Oblig.:   
4% 9/2/21 1,750 1,915 
5% 9/2/23 1,000 1,149 
5% 9/2/24 825 960 
5% 9/2/25 500 565 
5% 9/2/26 800 916 
La Quinta Redev. Agcy.:   
(La Quinta Redev. Proj. Areas No. 1 and 2) Series 2014 A:   
5% 9/1/24 1,200 1,455 
5% 9/1/25 1,700 2,069 
5% 9/1/26 1,860 2,255 
5% 9/1/27 1,725 2,083 
5% 9/1/28 1,000 1,203 
5% 9/1/29 1,250 1,501 
Series 2013 A:   
5% 9/1/24 3,830 4,566 
5% 9/1/25 4,085 4,857 
5% 9/1/26 4,105 4,868 
Ladera Ranch Cmnty. Facilities District 2004-1 Series 2014 A:   
5% 8/15/27 1,765 1,957 
5% 8/15/28 1,960 2,164 
5% 8/15/29 4,225 4,645 
5% 8/15/30 4,555 4,994 
Laguna Beach Unified School District Gen. Oblig. (Election of 2001 Proj.):   
5% 8/1/21 405 452 
5% 8/1/22 450 502 
5% 8/1/23 485 541 
5% 8/1/24 1,000 1,115 
5% 8/1/26 1,370 1,526 
5% 8/1/28 760 846 
Loma Linda Hosp. Rev. (Loma Linda Univ. Med. Ctr. Proj.) Series 2008 A, 8.25% 12/1/38 (Pre-Refunded to 12/1/17 @ 100) 4,400 4,477 
Long Beach Bond Fin. Auth. Lease Series 2012 A:   
5% 8/1/24 1,000 1,163 
5% 8/1/25 1,000 1,159 
5% 8/1/26 1,000 1,155 
5% 8/1/27 1,000 1,152 
5% 8/1/28 1,000 1,149 
5% 8/1/29 1,000 1,147 
5% 8/1/30 1,000 1,145 
5% 8/1/31 1,000 1,144 
Long Beach Bond Fin. Auth. Natural Gas Purchase Rev. Series 2007 A, 5.25% 11/15/21 3,790 4,312 
Long Beach Cmnty. College:   
0% 6/1/28 (Escrowed to Maturity) 530 424 
0% 6/1/28 (FSA Insured) 2,995 2,208 
0% 6/1/31 (Escrowed to Maturity) 1,465 1,046 
0% 6/1/31 (FSA Insured) 8,285 5,357 
Long Beach Hbr. Rev.:   
Series 2010 B, 5% 5/15/22 2,735 3,025 
Series 2017 A:   
5% 5/15/26 (c) 1,110 1,374 
5% 5/15/27 (c) 2,000 2,498 
5% 5/15/28 (c) 3,390 4,194 
5% 5/15/29 (c) 1,350 1,657 
5% 5/15/30 (c) 1,300 1,584 
5% 5/15/31 (c) 1,200 1,453 
5% 5/15/32 (c) 1,760 2,121 
5% 5/15/33 (c) 1,350 1,620 
5% 5/15/34 (c) 1,650 1,970 
5% 5/15/35 (c) 2,500 2,973 
5% 5/15/36 (c) 3,000 3,560 
5% 5/15/37 (c) 2,755 3,261 
Long Beach Unified School District Series 2009:   
5.25% 8/1/33 410 442 
5.75% 8/1/33 170 185 
5.75% 8/1/33 (Pre-Refunded to 8/1/19 @ 100) 2,630 2,875 
Los Angeles Cmnty. College District:   
Series 2008 A, 6% 8/1/33 (Pre-Refunded to 8/1/19 @ 100) 10,025 10,997 
Series 2009 A, 5.5% 8/1/29 (Pre-Refunded to 8/1/19 @ 100) 1,000 1,088 
Series 2010 C, 5.25% 8/1/39 (Pre-Refunded to 8/1/20 @ 100) 1,300 1,460 
Series 2015 A, 5% 8/1/29 7,000 8,519 
Los Angeles Cmnty. Redev. Agcy. Lease Rev. (Vermont Manchester Social Svcs. Proj.) Series 2005, 5% 9/1/21 (AMBAC Insured) 2,805 2,813 
Los Angeles County Ctfs. of Prtn.:   
(Disney Concert Hall Parking Garage Proj.) 5% 3/1/23 1,600 1,914 
(Disney Parking Proj.):   
0% 3/1/18 3,000 2,987 
0% 3/1/19 3,200 3,151 
0% 3/1/20 1,000 971 
Los Angeles County Reg'l. Fin. Auth. (MonteCedro, Inc. Proj.) Series 2014 A, 5% 11/15/44 2,250 2,566 
Los Angeles Dept. Arpt. Rev.:   
Series 2015 A:   
5% 5/15/21 (c) 1,000 1,137 
5% 5/15/24 (c) 795 962 
5% 5/15/25 (c) 2,250 2,758 
5% 5/15/26 (c) 1,705 2,067 
5% 5/15/27 (c) 1,250 1,501 
5% 5/15/28 (c) 1,250 1,490 
5% 5/15/29 (c) 1,575 1,860 
5% 5/15/30 (c) 1,400 1,643 
Series 2015 D:   
5% 5/15/28 (c) 1,950 2,324 
5% 5/15/29 (c) 2,550 3,011 
5% 5/15/30 (c) 2,000 2,348 
5% 5/15/31 (c) 2,540 2,966 
5% 5/15/41 (c) 3,240 3,687 
Series 2016 A:   
5% 5/15/29 (c) 2,500 3,005 
5% 5/15/30 (c) 2,500 2,985 
5% 5/15/31 (c) 3,000 3,562 
5% 5/15/32 (c) 3,500 4,138 
5% 5/15/33 (c) 2,000 2,354 
5% 5/15/35 (c) 2,000 2,336 
5% 5/15/42 (c) 7,500 8,640 
Series 2016 B:   
5% 5/15/22 (c) 1,000 1,165 
5% 5/15/26 (c) 1,600 1,978 
5% 5/15/27 (c) 1,000 1,223 
5% 5/15/36 (c) 3,600 4,195 
5% 5/15/41 (c) 3,750 4,326 
Series 2017 B:   
5% 5/15/23 (c) 1,000 1,189 
5% 5/15/24 (c) 1,500 1,811 
5% 5/15/25 (c) 1,750 2,138 
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Rev. 4.75% 10/15/20 (Escrowed to Maturity) 125 125 
Los Angeles Dept. of Wtr. & Pwr. Rev. Series 2015 A:   
5% 7/1/28 3,400 4,096 
5% 7/1/30 19,905 23,713 
Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series 2016 B:   
5% 7/1/38 2,000 2,359 
5% 7/1/42 3,500 4,096 
Los Angeles Hbr. Dept. Rev.:   
Series 2016 A, 5% 8/1/24 (c) 1,500 1,817 
7.6% 10/1/18 (Escrowed to Maturity) 3,010 3,118 
Los Angeles Muni. Impt. Corp. Lease Rev.:   
Series 2012 C, 5% 3/1/26 3,000 3,451 
Series 2014 A:   
5% 5/1/24 325 395 
5% 5/1/25 540 654 
5% 5/1/29 500 592 
5% 5/1/30 1,000 1,178 
5% 5/1/31 1,555 1,825 
Series 2014 B:   
5% 5/1/24 200 243 
5% 5/1/25 225 271 
5% 5/1/29 500 592 
5% 5/1/30 400 471 
5% 5/1/31 400 469 
Series 2016 A:   
5% 11/1/21 2,500 2,891 
5% 11/1/22 2,500 2,965 
Series 2016 B, 5% 11/1/36 1,500 1,771 
Los Angeles Wastewtr. Sys. Rev.:   
Series 2009 A, 5.75% 6/1/34 (Pre-Refunded to 6/1/19 @ 100) 4,455 4,832 
Series 2012 B, 5% 6/1/28 4,800 5,608 
M-S-R Pub. Pwr. Agcy. San Juan Proj. Rev. Series D, 6.75% 7/1/20 (Escrowed to Maturity) 650 714 
Madera County Ctfs. of Prtn. (Children's Hosp. Central California Proj.) Series 2010, 5.375% 3/15/36 3,425 3,685 
Malibu Gen. Oblig. Ctfs. of Prtn. (City Hall Proj.) Series A:   
5% 7/1/32 (Pre-Refunded to 7/1/19 @ 100) 500 537 
5% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) 4,095 4,402 
Merced Union High School District Series A, 0% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,100 1,005 
Modesto Elementary School District, Stanislaus County Series A:   
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,000 1,858 
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,800 2,272 
Modesto Gen. Oblig. Ctfs. of Prtn.:   
(Cmnty. Ctr. Refing. Proj.) Series A, 5% 11/1/23 (AMBAC Insured) 1,995 2,093 
(Golf Course Refing. Proj.) Series B, 5% 11/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,290 1,356 
Modesto Irrigation District Ctfs. of Prtn.:   
(Cap. Impts. Proj.) Series 2004 B, 5.5% 7/1/35 (Pre-Refunded to 7/1/18 @ 100) 3,800 3,945 
(Geysers Geothermal Pwr. Proj.) Series 1986 A, 5% 10/1/17 (Escrowed to Maturity) 2,560 2,568 
Monrovia Unified School District Series B, 0% 8/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,500 1,463 
Montebello Pub. Fing. Auth.:   
(Montebello Home2 Suites by Hilton Hotel Proj.) Series 2016 A:   
5% 6/1/30 1,640 1,908 
5% 6/1/31 500 579 
5% 6/1/32 500 577 
5% 6/1/33 1,800 2,067 
5% 6/1/35 1,895 2,159 
5% 6/1/36 2,000 2,271 
5% 6/1/41 6,155 6,908 
(Montebello Home2 Suties by HIlton Hotel Proj.) Series 2016 A, 5% 6/1/34 1,345 1,538 
Monterey County Pub. Impt. Corp. Ctfs. of Prtn. 5% 8/1/18 (AMBAC Insured) 3,580 3,590 
Moreland School District Series 2003 B, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,485 1,123 
Murrieta Pub. Fing. Auth. Spl. Tax Series 2012:   
5% 9/1/23 1,650 1,875 
5% 9/1/25 1,000 1,120 
5% 9/1/26 1,155 1,287 
Murrieta Valley Unified School District:   
Series 2008, 0% 9/1/32 (FSA Insured) 5,000 2,960 
Series 2015:   
4% 9/1/24 (FSA Insured) 330 383 
5% 9/1/25 (FSA Insured) 680 836 
5% 9/1/26 (FSA Insured) 500 608 
5% 9/1/26 (FSA Insured) 1,500 1,824 
5% 9/1/27 (FSA Insured) 455 547 
North City West School Facilities Fing. Auth. Spl. Tax:   
Series 2005 B, 5.25% 9/1/23 (AMBAC Insured) 1,530 1,872 
Series 2006 C, 5% 9/1/17 (AMBAC Insured) 2,735 2,735 
Northern California Pwr. Agcy. Rev. (Hydroelectric #1 Proj.) Series 1986 A, 7.5% 7/1/23 (Pre-Refunded to 7/1/21 @ 100) 3,390 3,961 
Northern California Transmission Agcy. Rev.:   
5% 5/1/36 2,390 2,814 
5% 5/1/37 3,500 4,111 
5% 5/1/38 1,500 1,758 
5% 5/1/39 1,500 1,754 
Norwalk-Mirada Unified School District Series 2009 D, 0% 8/1/33 (FSA Insured) 5,700 3,387 
Oakland Gen. Oblig.:   
Series 2009 B, 6.25% 1/15/39 (Pre-Refunded to 1/15/19 @ 100) 3,000 3,221 
Series 2012, 5% 1/15/25 3,460 3,910 
Series 2015 A:   
5% 1/15/28 1,225 1,488 
5% 1/15/29 1,650 1,992 
5% 1/15/30 1,665 2,004 
5% 1/15/31 1,520 1,818 
Oakland Redev. Agcy. Sub Tax Allocation (Central District Redev. Proj.) Series 1993 A, 5% 9/1/21 (Escrowed to Maturity) 670 717 
Oakland Unified School District Alameda County:   
Series 2009 A:   
6.5% 8/1/23 (Pre-Refunded to 8/1/19 @ 100) 2,810 3,112 
6.5% 8/1/24 (Pre-Refunded to 8/1/19 @ 100) 1,220 1,351 
Series 2013:   
6.25% 8/1/30 (Pre-Refunded to 8/1/21 @ 100) 1,500 1,802 
6.625% 8/1/38 (Pre-Refunded to 8/1/21 @ 100) 5,000 6,078 
Series 2015 A:   
5% 8/1/30 1,250 1,502 
5% 8/1/30 (FSA Insured) 1,570 1,886 
5% 8/1/40 3,500 4,053 
Oakland-Alameda County Coliseum Auth. (Oakland Coliseum Proj.) Series 2012 A:   
5% 2/1/22 2,935 3,424 
5% 2/1/23 5,000 5,819 
Oceanside Unified School District Series A, 0% 8/1/31 (Assured Guaranty Corp. Insured) 5,000 3,138 
Orange County San District Waste Series 2016 A:   
5% 2/1/35 5,490 6,552 
5% 2/1/36 6,630 7,890 
Palomar Health Rev. Series 2016:   
5% 11/1/36 7,970 8,913 
5% 11/1/39 5,250 5,767 
Placer County Union High School District Series A:   
0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,000 1,913 
0% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000 938 
Port of Oakland Rev.:   
Series 2007 A, 5% 11/1/17 (Escrowed to Maturity) (c) 2,185 2,199 
Series 2011 O, 5% 5/1/22 (c) 4,500 5,095 
Series 2012 P:   
5% 5/1/22 (c) 4,000 4,646 
5% 5/1/24 (c) 2,820 3,269 
Series 2017 D:   
5% 11/1/23 (c) 5,100 6,089 
5% 11/1/24 (c) 6,100 7,377 
5% 11/1/25 (c) 2,585 3,157 
5% 11/1/26 (c) 2,285 2,815 
5% 11/1/27 (c) 4,000 4,956 
5% 11/1/28 (c) 4,925 6,033 
5% 11/1/29 (c) 3,850 4,670 
Poway California Redev. Agcy. Successor Series A:   
5% 6/15/27 2,385 2,967 
5% 6/15/28 2,190 2,646 
5% 12/15/28 2,200 2,658 
5% 12/15/29 4,825 5,781 
5% 12/15/30 3,500 4,318 
Poway Unified School District:   
(District #2007-1 School Facilities Proj.) Series 2008 A, 0% 8/1/32 12,800 7,825 
Series 2011, 0% 8/1/46 10,150 3,338 
Series B:   
0% 8/1/33 4,840 2,831 
0% 8/1/35 9,000 4,802 
0% 8/1/37 6,325 3,085 
0% 8/1/41 5,130 2,086 
Poway Unified School District Pub. Fing.:   
5% 9/15/26 935 1,081 
5% 9/1/30 1,500 1,715 
5% 9/1/31 1,265 1,440 
5% 9/1/32 1,800 2,038 
5% 9/1/33 2,750 3,101 
5% 9/1/34 1,230 1,380 
5% 9/1/35 1,585 1,772 
5% 9/1/36 3,410 3,804 
Rancho Cucamonga Redev. Agcy. (Rancho Redev. Proj.):   
5% 9/1/25 (FSA Insured) 1,740 2,103 
5% 9/1/26 (FSA Insured) 1,350 1,615 
5% 9/1/27 (FSA Insured) 1,700 2,021 
5% 9/1/28 (FSA Insured) 1,700 2,009 
5% 9/1/29 (FSA Insured) 1,850 2,172 
Redwood City Elementary School District Series 1997, 0% 8/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 4,825 4,573 
Riverside County Trans. Commission Toll Rev. Series 2013 A:   
5.75% 6/1/44 2,500 2,812 
5.75% 6/1/48 5,000 5,596 
Riverside Swr. Rev. Series 2015 A:   
5% 8/1/26 1,710 2,097 
5% 8/1/27 1,725 2,093 
5% 8/1/28 1,935 2,328 
5% 8/1/29 2,330 2,780 
Rocklin Unified School District Series 2002:   
0% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,610 2,371 
0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 6,370 5,606 
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 6,725 5,670 
0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,365 4,358 
0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 6,500 5,062 
Roseville City School District Series 2002 A:   
0% 8/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,745 1,458 
0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,940 1,507 
Sacramento City Fing. Auth. Lease Rev. Series 1993 A, 5.4% 11/1/20 (AMBAC Insured) 1,395 1,488 
Sacramento City Fing. Auth. Rev. Series A, 0% 12/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 6,000 4,566 
Sacramento County Arpt. Sys. Rev. Series 2016 B:   
5% 7/1/35 790 929 
5% 7/1/36 2,000 2,345 
5% 7/1/41 6,430 7,447 
Sacramento Muni. Util. District Elec. Rev.:   
Series 2012 Y, 5% 8/15/27 2,800 3,303 
Series 2013 A, 5% 8/15/41 2,810 3,237 
Series 2016 D, 5% 8/15/28 2,500 3,234 
San Bernardino County Ctfs. of Prtn.:   
(Arrowhead Proj.) Series 2009 A, 5.25% 8/1/26 3,000 3,214 
(Cap. Facilities Proj.) Series B, 6.875% 8/1/24 (Escrowed to Maturity) 8,300 10,457 
(Med. Ctr. Fing. Prog.) 5.5% 8/1/22 10,000 11,546 
San Bernardino Unified School District Gen. Oblig. Series 2013 A:   
5% 8/1/23 (FSA Insured) 1,100 1,329 
5% 8/1/24 (FSA Insured) 1,250 1,499 
5% 8/1/25 (FSA Insured) 2,000 2,388 
5% 8/1/27 (FSA Insured) 2,000 2,361 
San Diego Convention Ctr. Expansion Series 2012 A, 5% 4/15/24 3,300 3,859 
San Diego County Reg'l. Arpt. Auth. Arpt. Rev.:   
( Sub Lien Proj.) Series 2017 B, 5% 7/1/36 (c) 1,500 1,759 
( Sub Lien Proj.) Series A, 5% 7/1/26 (c) 400 489 
(Sub Lien Proj.) Series 2017 B:   
5% 7/1/22 (c) 500 582 
5% 7/1/23 (c) 280 332 
5% 7/1/24 (c) 1,000 1,202 
5% 7/1/25 (c) 515 625 
5% 7/1/27 (c) 500 615 
5% 7/1/28 (c) 1,000 1,225 
5% 7/1/29 (c) 1,725 2,093 
5% 7/1/30 (c) 2,915 3,509 
5% 7/1/31 (c) 1,250 1,496 
5% 7/1/32 (c) 1,300 1,549 
5% 7/1/33 (c) 530 628 
5% 7/1/34 (c) 1,000 1,180 
5% 7/1/37 (c) 750 877 
Series 2013 B, 5% 7/1/38 (c) 7,000 7,950 
Series 2017 B, 5% 7/1/21 (c) 300 340 
San Diego Pub. Facilities Fing. Auth. Lease Rev.:   
(Cap. Impt. Proj.) Series 2012 A, 5% 4/15/23 1,710 1,994 
Series 2015 A, 5% 10/15/44 4,005 4,565 
Series 2016:   
5% 10/15/29 2,000 2,391 
5% 10/15/30 1,000 1,185 
5% 10/15/31 650 765 
San Diego Pub. Facilities Fing. Auth. Wtr. Rev.:   
Series 2009 B, 5.75% 8/1/35 (Pre-Refunded to 8/1/19 @ 100) 3,455 3,774 
Series 2016 B:   
5% 8/1/38 4,000 4,751 
5% 8/1/39 3,520 4,172 
San Diego Unified School District:   
(Convention Ctr. Proj.) Series 2012, 0% 7/1/45 4,770 1,607 
Series 2008 C:   
0% 7/1/37 1,300 631 
0% 7/1/47 4,000 1,228 
Series 2008 E, 0% 7/1/47 (d) 8,700 5,466 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev.:   
(SFO Fuel Co. Proj.) Series 1997 A, 5.25% 1/1/18 (AMBAC Insured) (c) 4,515 4,536 
Second Series 32F, 5.25% 5/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,500 2,684 
Series 2014 A:   
5% 5/1/40 (c) 1,865 2,103 
5% 5/1/44 (c) 8,390 9,416 
Series 2016 B:   
5% 5/1/41 (c) 11,695 13,341 
5% 5/1/46 (c) 21,000 23,830 
5% 5/1/28 2,280 2,801 
5% 5/1/29 1,225 1,492 
5% 5/1/30 330 399 
5% 5/1/32 1,000 1,195 
San Francisco City & County Redev. Fing. Auth. Tax Allocation Rev. (San Francisco Redev. Projs.) Series 2009 B:   
6.125% 8/1/28 1,000 1,091 
6.625% 8/1/39 1,000 1,099 
San Francisco City & County Redev. Spl. Tax (Mission Bay South Pub. Impt. Proj.) Series 2013 A:   
5% 8/1/23 1,000 1,157 
5% 8/1/24 750 862 
San Francisco Pub. Utils. Commission Wtr. Rev. Series 2016, 5% 11/1/31 3,500 4,325 
San Jacinto Unified School District Series 2014:   
5% 8/1/25 (FSA Insured) 875 1,061 
5% 8/1/26 (FSA Insured) 1,055 1,272 
5% 8/1/27 (FSA Insured) 1,250 1,498 
5% 8/1/28 (FSA Insured) 1,250 1,489 
5% 8/1/29 (FSA Insured) 3,150 3,730 
5% 8/1/30 (FSA Insured) 4,070 4,790 
5% 8/1/31 (FSA Insured) 650 761 
San Joaquin County Ctfs. of Prtn. (County Administration Bldg. Proj.):   
5% 11/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,720 3,750 
5% 11/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,645 3,675 
San Joaquin Hills Trans. Corridor Agcy. Toll Road Rev. Series 1993, 0% 1/1/27 (Escrowed to Maturity) 4,000 3,317 
San Jose Fing. Auth. Lease Rev. (Civic Ctr. Proj.) Series 2013 A:   
5% 6/1/25 3,500 4,154 
5% 6/1/26 3,000 3,551 
San Jose Int'l. Arpt. Rev.:   
Series 2014 A:   
5% 3/1/19 (c) 500 530 
5% 3/1/20 (c) 3,500 3,826 
5% 3/1/21 (c) 2,750 3,094 
Series 2017 A:   
5% 3/1/20 (c) 6,370 6,963 
5% 3/1/21 (c) 2,750 3,094 
5% 3/1/22 (c) 1,750 2,019 
5% 3/1/27 (c) 2,480 3,038 
5% 3/1/31 (c) 1,100 1,306 
5% 3/1/32 (c) 850 1,005 
5% 3/1/33 (c) 1,095 1,288 
5% 3/1/34 (c) 1,250 1,464 
5% 3/1/35 (c) 2,250 2,625 
5% 3/1/36 (c) 2,250 2,621 
5% 3/1/37 (c) 2,250 2,615 
5% 3/1/41 (c) 5,000 5,767 
Series 2017 B:   
5% 3/1/29 200 245 
5% 3/1/30 250 304 
5% 3/1/32 235 282 
5% 3/1/33 250 299 
5% 3/1/34 500 595 
5% 3/1/37 3,000 3,541 
San Marcos Redev. Agcy. Successor Series 2015 A:   
5% 10/1/27 1,650 2,001 
5% 10/1/29 675 806 
5% 10/1/30 2,000 2,376 
5% 10/1/31 2,310 2,733 
San Marcos Unified School District:   
Series 2010 A, 5% 8/1/38 5,000 5,651 
Series 2010 B, 0% 8/1/47 9,000 2,759 
San Mateo County Cmnty. College District Series A, 0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,000 2,976 
San Mateo County Joint Powers Fing. Auth. (Cap. Projs.) Series 2009 A, 5.25% 7/15/24 5,280 5,816 
San Mateo Unified School District (Election of 2000 Proj.) Series B:   
0% 9/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,000 1,819 
0% 9/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,490 1,268 
0% 9/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,500 1,231 
San Pablo Redev. Agcy. Series 2014 A:   
5% 6/15/25 (FSA Insured) 825 988 
5% 6/15/26 (FSA Insured) 860 1,020 
5% 6/15/27 (FSA Insured) 1,770 2,080 
5% 6/15/28 (FSA Insured) 1,865 2,177 
5% 6/15/29 (FSA Insured) 1,780 2,064 
5% 6/15/30 (FSA Insured) 1,150 1,325 
5% 6/15/31 (FSA Insured) 1,000 1,146 
Sanger Unified School District 5.6% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,885 2,049 
Santa Clara Elec. Rev. Series 2011 A, 6% 7/1/31 3,000 3,521 
Santa Monica Pub. Fin. Rev. (City Svcs. Bldg. Proj.) Series 2017:   
4% 7/1/39 (e) 790 847 
5% 7/1/36 (e) 2,380 2,855 
5% 7/1/37 (e) 1,780 2,130 
Santa Monica-Malibu Unified School District Series 2017 C:   
4% 7/1/36 435 474 
4% 7/1/37 475 516 
4% 7/1/38 450 488 
4% 7/1/39 550 595 
5% 7/1/30 250 312 
5% 7/1/31 350 434 
5% 7/1/32 255 314 
5% 7/1/33 250 307 
5% 7/1/34 315 385 
5% 7/1/35 400 487 
Santa Rosa Wastewtr. Rev. Series 2002 B:   
0% 9/1/20 (AMBAC Insured) 4,030 3,877 
0% 9/1/22 (AMBAC Insured) 2,900 2,680 
0% 9/1/25 (AMBAC Insured) 6,800 5,728 
Shasta Union High School District:   
Series 2002, 0% 8/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000 796 
Series 2003, 0% 5/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 3,340 2,481 
South Orange County Pub. Fin. Auth. Series 2016:   
5% 4/1/21 1,000 1,138 
5% 4/1/34 2,000 2,348 
5% 4/1/36 3,000 3,490 
South Orange County Pub. Fing. Auth. Spl. Tax Rev. Series 2014 A:   
5% 8/15/23 1,000 1,128 
5% 8/15/26 1,975 2,189 
5% 8/15/27 700 773 
5% 8/15/28 1,000 1,101 
Southwestern Cmnty. College District Gen. Oblig. Series 2000, 0% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,495 1,932 
Stockton Unified School District Gen. Oblig.:   
Series 2012 A:   
5% 8/1/24 (FSA Insured) 300 367 
5% 8/1/25 (FSA Insured) 750 904 
5% 8/1/27 (FSA Insured) 265 316 
5% 8/1/28 (FSA Insured) 510 604 
5% 8/1/38 (FSA Insured) 2,500 2,860 
5% 8/1/42 (FSA Insured) 4,650 5,304 
5% 7/1/23 (FSA Insured) 1,270 1,496 
5% 7/1/24 (FSA Insured) 1,350 1,587 
5% 7/1/25 (FSA Insured) 1,060 1,243 
5% 7/1/26 (FSA Insured) 1,110 1,299 
5% 7/1/27 (FSA Insured) 1,065 1,244 
5% 1/1/29 (FSA Insured) 600 698 
Successor Agcy. To The Redev. Agcy. of Pittsburg (Los Medanos Cmnty. Dev. Proj.) Series 2016 A:   
5% 9/1/24 (FSA Insured) 2,440 2,933 
5% 9/1/25 (FSA Insured) 3,500 4,254 
5% 9/1/26 (FSA Insured) 8,000 9,810 
5% 9/1/27 (FSA Insured) 4,000 4,851 
5% 9/1/28 (FSA Insured) 3,500 4,203 
5% 9/1/29 (FSA Insured) 2,000 2,381 
Sweetwater Union High School District 5% 9/1/21 4,705 5,381 
Torrance Gen. Oblig. Rev. (Torrance Memorial Med. Ctr. Proj.) Series A, 5% 9/1/40 5,660 6,033 
Tracy Operating Partnership Joint Powers Auth. Rev. 6.375% 10/1/38 (Assured Guaranty Corp. Insured) 5,000 5,278 
Tulare Swr. Rev. Series 2015:   
5% 11/15/24 (FSA Insured) 820 995 
5% 11/15/25 (FSA Insured) 800 980 
5% 11/15/26 (FSA Insured) 965 1,171 
5% 11/15/27 (FSA Insured) 1,500 1,802 
5% 11/15/28 (FSA Insured) 1,165 1,389 
Turlock Irrigation District Rev. Series 2011, 5.5% 1/1/41 10,000 11,304 
Union Elementary School District Series A:   
0% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000 991 
0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,995 2,837 
Univ. of California Regents Med. Ctr. Pool Rev. Series 2013 J, 5% 5/15/48 7,300 8,127 
Univ. of California Revs.:   
Bonds 1.4%, tender 5/15/21 (a) 3,000 3,011 
Series 2009 O, 5.75% 5/15/34 (Pre-Refunded to 5/15/19 @ 100) 9,900 10,718 
Series 2017 AV:   
5% 5/15/29 2,500 3,125 
5% 5/15/34 2,000 2,426 
5% 5/15/35 5,000 6,041 
Vacaville Unified School District Series 2014 C:   
5% 8/1/23 (Build America Mutual Assurance Insured) 930 1,125 
5% 8/1/26 (Build America Mutual Assurance Insured) 1,295 1,584 
5% 8/1/30 6,710 8,026 
Ventura County Pub. Fing. Auth. Series 2013 A:   
5% 11/1/24 1,000 1,175 
5% 11/1/25 1,000 1,172 
5% 11/1/26 1,000 1,171 
Walnut Valley Unified School District Series D:   
0% 8/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,875 1,938 
0% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,715 1,746 
0% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,315 806 
Washington Township Health Care District Gen. Oblig. Series 2013 B:   
5% 8/1/43 5,000 5,730 
5.5% 8/1/38 1,500 1,819 
5.5% 8/1/40 5,000 6,055 
Washington Township Health Care District Rev.:   
Series 2009 A:   
6% 7/1/29 3,000 3,189 
6.25% 7/1/39 7,015 7,457 
Series 2010 A, 5.5% 7/1/38 3,100 3,356 
West Contra Costa Unified School District:   
Series 2012, 5% 8/1/32 8,265 9,555 
Series 2014 A:   
5% 8/1/23 365 442 
5% 8/1/25 2,555 3,134 
5% 8/1/26 2,550 3,111 
5% 8/1/27 1,150 1,395 
5% 8/1/28 1,000 1,207 
5% 8/1/29 1,675 2,011 
Western Riverside County Trust & Wastewtr. Fin. Auth.:   
5.5% 9/1/34 (Assured Guaranty Corp. Insured) 1,750 1,893 
5.625% 9/1/39 (Assured Guaranty Corp. Insured) 2,250 2,436 
Yuba City Unified School District Series A, 0% 9/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 2,090 1,947 
TOTAL CALIFORNIA  1,914,066 
Guam - 1.3%   
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2008, 5.875% 10/1/18 (Escrowed to Maturity) 825 846 
Guam Gov't. Ltd. Oblig. Rev. Series 2016 A:   
5% 12/1/22 3,000 3,440 
5% 12/1/24 3,000 3,511 
5% 12/1/25 2,500 2,939 
5% 12/1/26 2,000 2,362 
5% 12/1/27 2,000 2,345 
5% 12/1/29 645 743 
5% 12/1/31 2,500 2,843 
5% 12/1/33 2,250 2,536 
5% 12/1/34 1,750 1,967 
5% 12/1/36 1,000 1,118 
5% 12/1/46 645 710 
TOTAL GUAM  25,360 
TOTAL MUNICIPAL BONDS   
(Cost $1,811,848)  1,939,426 
Municipal Notes - 0.7%   
California - 0.7%   
San Jose Int'l. Arpt. Rev. Participating VRDN Series 2017, 0.98% 9/7/17 (Liquidity Facility Citibank NA) (a)(c)(f)   
(Cost $14,100) 14,100 14,100 
TOTAL INVESTMENT IN SECURITIES - 99.2%   
(Cost $1,825,948)  1,953,526 
NET OTHER ASSETS (LIABILITIES) - 0.8%  14,901 
NET ASSETS - 100%  $1,968,427 

Security Type Abbreviations

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

Legend

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

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $5,139,000 or 0.3% of net assets.

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

 (d) 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.

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

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


Investment Valuation

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

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

General Obligations 35.3% 
Transportation 18.5% 
Special Tax 11.9% 
Escrowed/Pre-Refunded 8.5% 
Health Care 8.5% 
Water & Sewer 5.4% 
Others* (Individually Less Than 5%) 11.9% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  August 31, 2017 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,825,948) 		 $1,953,526 
Cash  2,446 
Receivable for fund shares sold  574 
Interest receivable  20,839 
Other receivables  6 
Total assets  1,977,391 
Liabilities   
Payable for investments purchased on a delayed delivery basis $5,808  
Payable for fund shares redeemed 661  
Distributions payable 1,693  
Accrued management fee 583  
Distribution and service plan fees payable 35  
Other affiliated payables 158  
Other payables and accrued expenses 26  
Total liabilities  8,964 
Net Assets  $1,968,427 
Net Assets consist of:   
Paid in capital  $1,835,779 
Accumulated net investment loss  (176) 
Accumulated undistributed net realized gain (loss) on investments  5,246 
Net unrealized appreciation (depreciation) on investments  127,578 
Net Assets  $1,968,427 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($36,162 ÷ 2,762 shares)  $13.09 
Maximum offering price per share (100/96.00 of $13.09)  $13.64 
Class M:   
Net Asset Value and redemption price per share ($7,860 ÷ 599 shares)  $13.12 
Maximum offering price per share (100/96.00 of $13.12)  $13.67 
Class C:   
Net Asset Value and offering price per share ($31,081 ÷ 2,378 shares)(a)  $13.07 
California Municipal Income:   
Net Asset Value, offering price and redemption price per share ($1,829,768 ÷ 139,962 shares)  $13.07 
Class I:   
Net Asset Value, offering price and redemption price per share ($63,556 ÷ 4,851 shares)  $13.10 

 (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.


Statement of Operations

Amounts in thousands  Six months ended August 31, 2017 (Unaudited) 
Investment Income   
Interest  $33,627 
Expenses   
Management fee $3,420  
Transfer agent fees 745  
Distribution and service plan fees 212  
Accounting fees and expenses 175  
Custodian fees and expenses 7  
Independent trustees' fees and expenses 4  
Registration fees 69  
Audit 28  
Legal 7  
Miscellaneous 10  
Total expenses before reductions 4,677  
Expense reductions (13) 4,664 
Net investment income (loss)  28,963 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  6,131 
Total net realized gain (loss)  6,131 
Change in net unrealized appreciation (depreciation) on investment securities  41,239 
Net gain (loss)  47,370 
Net increase (decrease) in net assets resulting from operations  $76,333 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended August 31, 2017 (Unaudited) Year ended February 28, 2017 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $28,963 $62,517 
Net realized gain (loss) 6,131 18,294 
Change in net unrealized appreciation (depreciation) 41,239 (93,757) 
Net increase (decrease) in net assets resulting from operations 76,333 (12,946) 
Distributions to shareholders from net investment income (28,921) (62,370) 
Distributions to shareholders from net realized gain (2,493) – 
Total distributions (31,414) (62,370) 
Share transactions - net increase (decrease) 49,295 (46,002) 
Redemption fees – 34 
Total increase (decrease) in net assets 94,214 (121,284) 
Net Assets   
Beginning of period 1,874,213 1,995,497 
End of period $1,968,427 $1,874,213 
Other Information   
Accumulated net investment loss end of period $(176) $(218) 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity California Municipal Income Fund Class A

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2017 2017 2016 A 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.79 $13.24 $13.16 $12.63 $13.02 $12.69 
Income from Investment Operations       
Net investment income (loss)B .176 .363 .390 .397 .437 .436 
Net realized and unrealized gain (loss) .316 (.451) .081 .544 (.396) .324 
Total from investment operations .492 (.088) .471 .941 .041 .760 
Distributions from net investment income (.175) (.362) (.390) (.411) (.431) (.428) 
Distributions from net realized gain (.017) – (.001) – – (.002) 
Total distributions (.192) (.362) (.391) (.411) (.431) (.430) 
Redemption fees added to paid in capitalB – –C –C –C –C –C 
Net asset value, end of period $13.09 $12.79 $13.24 $13.16 $12.63 $13.02 
Total ReturnD,E,F 3.88% (.70)% 3.66% 7.55% .40% 6.08% 
Ratios to Average Net AssetsG       
Expenses before reductions .80%H .80% .80% .79% .77% .77% 
Expenses net of fee waivers, if any .80%H .80% .80% .79% .77% .77% 
Expenses net of all reductions .80%H .80% .80% .79% .77% .77% 
Net investment income (loss) 2.70%H 2.75% 2.99% 3.07% 3.47% 3.38% 
Supplemental Data       
Net assets, end of period (in millions) $36 $47 $48 $42 $34 $56 
Portfolio turnover rate 26%H 25% 11% 10% 13% 9% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.0005 per share.

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

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

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

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.

 H Annualized


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity California Municipal Income Fund Class M

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2017 2017 2016 A 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.82 $13.28 $13.20 $12.67 $13.05 $12.72 
Income from Investment Operations       
Net investment income (loss)B .179 .368 .399 .408 .442 .440 
Net realized and unrealized gain (loss) .316 (.460) .080 .543 (.385) .323 
Total from investment operations .495 (.092) .479 .951 .057 .763 
Distributions from net investment income (.178) (.368) (.398) (.421) (.437) (.432) 
Distributions from net realized gain (.017) – (.001) – – (.002) 
Total distributions (.195) (.368) (.399) (.421) (.437) (.433)C 
Redemption fees added to paid in capitalB – –D –D –D –D –D 
Net asset value, end of period $13.12 $12.82 $13.28 $13.20 $12.67 $13.05 
Total ReturnE,F,G 3.89% (.74)% 3.72% 7.61% .53% 6.09% 
Ratios to Average Net AssetsH       
Expenses before reductions .77%I .76% .74% .72% .71% .75% 
Expenses net of fee waivers, if any .77%I .76% .74% .72% .71% .75% 
Expenses net of all reductions .76%I .76% .74% .72% .71% .74% 
Net investment income (loss) 2.73%I 2.79% 3.04% 3.14% 3.52% 3.41% 
Supplemental Data       
Net assets, end of period (in millions) $8 $9 $8 $7 $6 $6 
Portfolio turnover rate 26%I 25% 11% 10% 13% 9% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.433 per share is comprised of distributions from net investment income of $.4316 and distributions from net realized gain of $.0016 per share.

 D Amount represents less than $.0005 per share.

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

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

 G Total returns do not include the effect of the sales charges.

 H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.

 I Annualized


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity California Municipal Income Fund Class C

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2017 2017 2016 A 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.77 $13.22 $13.14 $12.61 $13.00 $12.67 
Income from Investment Operations       
Net investment income (loss)B .127 .263 .292 .300 .337 .337 
Net realized and unrealized gain (loss) .316 (.451) .080 .544 (.393) .325 
Total from investment operations .443 (.188) .372 .844 (.056) .662 
Distributions from net investment income (.126) (.262) (.291) (.314) (.334) (.330) 
Distributions from net realized gain (.017) – (.001) – – (.002) 
Total distributions (.143) (.262) (.292) (.314) (.334) (.332) 
Redemption fees added to paid in capitalB – –C –C –C –C –C 
Net asset value, end of period $13.07 $12.77 $13.22 $13.14 $12.61 $13.00 
Total ReturnD,E,F 3.49% (1.46)% 2.88% 6.76% (.37)% 5.28% 
Ratios to Average Net AssetsG       
Expenses before reductions 1.55%H 1.55% 1.55% 1.54% 1.54% 1.54% 
Expenses net of fee waivers, if any 1.55%H 1.55% 1.55% 1.54% 1.54% 1.54% 
Expenses net of all reductions 1.55%H 1.55% 1.55% 1.54% 1.54% 1.53% 
Net investment income (loss) 1.95%H 2.00% 2.24% 2.32% 2.70% 2.62% 
Supplemental Data       
Net assets, end of period (in millions) $31 $31 $26 $24 $24 $24 
Portfolio turnover rate 26%H 25% 11% 10% 13% 9% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

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

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

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

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

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.

 H Annualized


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity California Municipal Income Fund

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2017 2017 2016 A 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.77 $13.22 $13.15 $12.62 $13.00 $12.67 
Income from Investment Operations       
Net investment income (loss)B .198 .407 .434 .440 .473 .475 
Net realized and unrealized gain (loss) .316 (.450) .070 .543 (.384) .325 
Total from investment operations .514 (.043) .504 .983 .089 .800 
Distributions from net investment income (.197) (.407) (.433) (.453) (.469) (.468) 
Distributions from net realized gain (.017) – (.001) – – (.002) 
Total distributions (.214) (.407) (.434) (.453) (.469) (.470) 
Redemption fees added to paid in capitalB – –C –C –C –C –C 
Net asset value, end of period $13.07 $12.77 $13.22 $13.15 $12.62 $13.00 
Total ReturnD,E 4.06% (.37)% 3.93% 7.91% .78% 6.41% 
Ratios to Average Net AssetsF       
Expenses before reductions .46%G .46% .46% .46% .46% .46% 
Expenses net of fee waivers, if any .46%G .46% .46% .46% .46% .46% 
Expenses net of all reductions .46%G .46% .46% .46% .46% .46% 
Net investment income (loss) 3.04%G 3.09% 3.33% 3.40% 3.77% 3.69% 
Supplemental Data       
Net assets, end of period (in millions) $1,830 $1,728 $1,866 $1,813 $1,629 $1,855 
Portfolio turnover rate 26%G 25% 11% 10% 13% 9% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.0005 per share.

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

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

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 Annualized


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity California Municipal Income Fund Class I

 Six months ended (Unaudited) August 31, Years ended February 28,     
 2017 2017 2016 A 2015 2014 2013 
Selected Per–Share Data       
Net asset value, beginning of period $12.80 $13.25 $13.17 $12.64 $13.03 $12.70 
Income from Investment Operations       
Net investment income (loss)B .192 .395 .423 .429 .463 .465 
Net realized and unrealized gain (loss) .317 (.450) .080 .543 (.394) .324 
Total from investment operations .509 (.055) .503 .972 .069 .789 
Distributions from net investment income (.192) (.395) (.422) (.442) (.459) (.458) 
Distributions from net realized gain (.017) – (.001) – – (.002) 
Total distributions (.209) (.395) (.423) (.442) (.459) (.459)C 
Redemption fees added to paid in capitalB – –D –D –D –D –D 
Net asset value, end of period $13.10 $12.80 $13.25 $13.17 $12.64 $13.03 
Total ReturnE,F 4.00% (.46)% 3.91% 7.80% .62% 6.31% 
Ratios to Average Net AssetsG       
Expenses before reductions .55%H .55% .55% .55% .54% .54% 
Expenses net of fee waivers, if any .55%H .55% .55% .55% .54% .54% 
Expenses net of all reductions .55%H .55% .55% .55% .54% .54% 
Net investment income (loss) 2.94%H 3.00% 3.23% 3.31% 3.69% 3.61% 
Supplemental Data       
Net assets, end of period (in millions) $64 $59 $47 $40 $33 $33 
Portfolio turnover rate 26%H 25% 11% 10% 13% 9% 

 A For the year ended February 29.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $459 per share is comprised of distributions from net investment income of $.4578 and distributions from net realized gain of $.0016 per share.

 D Amount represents less than $.0005 per share.

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

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

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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.

 H Annualized


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended August 31, 2017
(Amounts in thousands except percentages)

1. Organization.

Fidelity California Municipal Income Fund (the Fund) is a fund of Fidelity California Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M (formerly Class T), Class C, California Municipal Income and Class I 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. The Fund may be affected by economic and political developments in the state of California.

After the close of business on June 24, 2016, all outstanding Class B shares were converted to Class A shares. All prior fiscal period dollar and share amounts for Class B presented in the Notes to Financial Statements are for the period March 1, 2016 through June 24, 2016.

2. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income 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 GAAP.

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

Book-tax differences are primarily due to market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to futures contracts.

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

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

Gross unrealized appreciation $130,719 
Gross unrealized depreciation (2,659) 
Net unrealized appreciation (depreciation) $128,060 
Tax cost $1,825,466 

At the prior fiscal period end, the Fund was required to defer approximately $644 of losses on futures contracts.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. 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.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

3. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $365,757 and $246,455, respectively.

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .11% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .36% of the Fund's average net assets.

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

 Distribution
Fee 		Service
Fee 		Total Fees Retained
by FDC 
Class A -% .25% $46 $2 
Class M -% .25% 10 – 
Class C .75% .25% 156 27 
   $212 $29 

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

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

 Retained
by FDC 
Class A $3 
Class M 1 
Class C(a) 2 
 $6 

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


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Class A $31 .17 
Class M 5 .13 
Class C 27 .17 
California Municipal Income 625 .07 
Class I 57 .17 
 $745  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

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

5. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

6. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $7.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6.

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
August 31, 2017 		Year ended February 28, 2017 
From net investment income   
Class A $505 $1,420 
Class M 114 254 
Class B – 2 
Class C 304 606 
California Municipal Income 26,975 58,322 
Class I 1,023 1,766 
Total $28,921 $62,370 
From net realized gain   
Class A $49 $– 
Class M 11 – 
Class C 41 – 
California Municipal Income 2,300 – 
Class I 92 – 
Total $2,493 $– 

8. Share Transactions.

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

 Shares Shares Dollars Dollars 
 Six months ended
August 31, 2017 		Year ended February 28, 2017 Six months ended
August 31, 2017 		Year ended February 28, 2017 
Class A     
Shares sold 180 1,196 $2,320 $15,842 
Reinvestment of distributions 40 93 516 1,220 
Shares redeemed (1,118) (1,287) (14,286) (16,733) 
Net increase (decrease) (898) 2 $(11,450) $329 
Class M     
Shares sold 30 300 $394 $3,963 
Reinvestment of distributions 9 16 115 212 
Shares redeemed (121) (201) (1,567) (2,613) 
Net increase (decrease) (82) 115 $(1,058) $1,562 
Class B     
Shares sold – –(a) $– $–(b) 
Reinvestment of distributions – –(a) – 1 
Shares redeemed – (20)  (276) 
Net increase (decrease) – (20) $– $(275) 
Class C     
Shares sold 166 879 $2,145 $11,675 
Reinvestment of distributions 22 37 280 480 
Shares redeemed (263) (443) (3,386) (5,751) 
Net increase (decrease) (75) 473 $(961) $6,404 
California Municipal Income     
Shares sold 11,346 29,076 $146,510 $381,477 
Reinvestment of distributions 1,454 2,791 18,788 36,674 
Shares redeemed (8,160) (37,651) (105,144) (486,869) 
Net increase (decrease) 4,640 (5,784) $60,154 $(68,718) 
Class I     
Shares sold 1,924 3,196 $24,736 $42,101 
Reinvestment of distributions 69 100 890 1,317 
Shares redeemed (1,778) (2,208) (23,016) (28,722) 
Net increase (decrease) 215 1,088 $2,610 $14,696 

 (a) In the amount of less than five hundred shares.

 (b) In the amount of less than five hundred dollars.


9. 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.

Shareholder Expense Example

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, 2017 to August 31, 2017).

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

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-A Beginning
Account Value
March 1, 2017 		Ending
Account Value
August 31, 2017 		Expenses Paid
During Period-B
March 1, 2017
to August 31, 2017 
Class A .80%    
Actual  $1,000.00 $1,038.80 $4.11 
Hypothetical-C  $1,000.00 $1,021.17 $4.08 
Class M .77%    
Actual  $1,000.00 $1,038.90 $3.96 
Hypothetical-C  $1,000.00 $1,021.32 $3.92 
Class C 1.55%    
Actual  $1,000.00 $1,034.90 $7.95 
Hypothetical-C  $1,000.00 $1,017.39 $7.88 
California Municipal Income .46%    
Actual  $1,000.00 $1,040.60 $2.37 
Hypothetical-C  $1,000.00 $1,022.89 $2.35 
Class I .55%    
Actual  $1,000.00 $1,040.00 $2.83 
Hypothetical-C  $1,000.00 $1,022.43 $2.80 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B 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).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

CFL-SANN-1017
1.777802.115

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/Stephanie J. Dorsey


Stephanie J. Dorsey


President and Treasurer



Date:

October 25, 2017


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



By:

/s/Stephanie J. Dorsey


Stephanie J. Dorsey


President and Treasurer



Date:

October 25, 2017



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

October 25, 2017