Fidelity California AMT Tax-Free Money Market Fund - Institutional Class

  • Symbol: FSBXX
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Summary

Performance

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AS OF 11/30/2014
Average Annual Returns
YTD (Daily)* 1 Yr 3 Yr 5 Yr 10 Yr
YTD (Daily)* +0.02% 1 Yr +0.02% 3 Yr +0.01% 5 Yr +0.04% 10 Yr +1.12%
*AS OF 12/19/2014; Value is cumulative

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Fund Manager(s)

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Mike Marchese since 12/1/2011

Fund Overview

Objective

Seeks as high a level of current income, exempt from federal income tax and California state personal income tax, as is consistent with preservation of capital.

Strategy

Normally investing in municipal money market securities. Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal and California personal income taxes. Potentially investing up to 20% of assets in municipal securities whose interest is subject to California personal income tax. Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax.

Risk

The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. A portion of the dividends you receive may be subject to federal, state, or local income tax or may be subject to the federal alternative minimum tax. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

Additional Disclosures

A mutual fund registered under Fidelity California Municipal Trust II, and managed by Fidelity SelectCo, LLC. This description is only intended to provide a brief overview of the fund. Read the fund's prospectus for more detailed information about the fund.

Morningstar® Snapshot*

AS OF 11/30/2014; MORNINGSTAR CATEGORY: Money Market-Tax-Free
Risk of this Category Category Risk Rating:1, where 1 is Lower and 10 is Higher
LOWERHIGHER

*Data provided by Morningstar. Please click on the indicator above to learn more about comparison groups and methodology.

Details

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Morningstar Category Money Market-Tax-Free
Fund Inception 11/27/1989
Share Class Inception 4/18/2007
NAV
12/19/2014
$1.00
Glossary definition opens in new window.Exp Ratio (Gross)
4/29/2014
0.25%
($2.50 per $1000)
Glossary definition opens in new window.Exp Ratio - Annual Report (Net)
8/31/2014
0.08%
($0.80 per $1000)
Minimum to Invest 3 $1,000,000.00
Glossary definition opens in new window.Portfolio Net Assets ($M)
11/30/2014
$822.37
Glossary definition opens in new window.Share Class Net Assets ($M)
11/30/2014
$499.78
12 Month Low-High
11/30/2014
$1.00 - $1.00
Glossary definition opens in new window.Daily Market Value
12/19/2014
$1.0009

Prospectus Net Expense Ratio is 0.20% as of 4/29/2014 and may not include certain voluntary caps and waivers that reduce the actual expenses of the fund. The voluntary caps and waivers can be discontinued at any time.

Chart Fund Price (NAV)

Fixed Income Characteristics

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7-Day Yield 4
0.01%
11/30/2014
Tax Equivalent Yield
0.02%
12/19/2014

Composition by
Instrument

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AS OF 10/31/2014
Municipal Notes 9.37%
Municipal Bonds 5.95%
Tender Bonds 0.55%
Commercial Paper 10.90%
Variable-Rate Demand Notes 64.46%
Other Money Market Investments 8.64%
Net Other Assets 0.13%

Net Other Assets may include cash and receivables and payables related to open security or capital stock trades.

Quarter-End Average Annual Total Returns

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AS OF 9/30/2014; FUND INCEPTION 11/27/1989 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
0.25% AS OF 4/29/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Fidelity California AMT Tax-Free Money Market Fund - Institutional Class 0.01% 0.01% 0.04% 1.14% 2.19%
Money Market-Tax-Free 0.01% 0.02% 0.02% 1.05% --
Glossary definition opens in new window.After Taxes on Distributions
Fidelity California AMT Tax-Free Money Market Fund - Institutional Class 0.01% 0.01% 0.04% 1.14% --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Fidelity California AMT Tax-Free Money Market Fund - Institutional Class 0.01% 0.01% 0.04% 1.14% --

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Performance & Risk

Average Annual Total Returns

 8, 7, 2 More Information
AS OF 11/30/2014; FUND INCEPTION 11/27/1989
1 Yr 3 Yr 5 Yr 10 Yr Life
Fidelity California AMT Tax-Free Money Market Fund - Institutional Class 0.02% 0.01% 0.04% 1.12% 2.18%
Money Market-Tax-Free 0.01% 0.01% 0.02% 1.03% --

Yield

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12/19/2014 11/30/2014
Compound Effective 0.01% 0.01%
7-Day Yield 4 0.01% 0.01%
Glossary definition opens in new window.7-Day Yield Without Subsidy 5 -- -0.19%

Tax Equivalent Yields

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AS OF 12/19/2014
Tax Rate 28% 33% 38.8% 43.4%
Yield 0.02% 0.02% 0.02% 0.02%

Quarter-End Average Annual Total Returns

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AS OF 9/30/2014; FUND INCEPTION 11/27/1989 Glossary definition opens in new window.

EXPENSE RATIO (GROSS):
0.25% AS OF 4/29/2014
1 Yr 3 Yr 5 Yr 10 Yr Life
Glossary definition opens in new window.Before Taxes
Fidelity California AMT Tax-Free Money Market Fund - Institutional Class 0.01% 0.01% 0.04% 1.14% 2.19%
Money Market-Tax-Free 0.01% 0.02% 0.02% 1.05% --
Glossary definition opens in new window.After Taxes on Distributions
Fidelity California AMT Tax-Free Money Market Fund - Institutional Class 0.01% 0.01% 0.04% 1.14% --
Glossary definition opens in new window.After taxes on distributions and sale of fund shares
Fidelity California AMT Tax-Free Money Market Fund - Institutional Class 0.01% 0.01% 0.04% 1.14% --

Cumulative Total Returns

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AS OF 11/30/2014
YTD (Daily)* YTD (Monthly) 1 Month 3 Months 6 Months
Fidelity California AMT Tax-Free Money Market Fund - Institutional Class 0.02% 0.02% 0.01% 0.01% 0.01%
Money Market-Tax-Free -- 0.01% 0.00% 0.00% 0.00%
*AS OF 12/19/2014

Risk

The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. A portion of the dividends you receive may be subject to federal, state, or local income tax or may be subject to the federal alternative minimum tax. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

Historical Fund Performance

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Current year's data as of: 11/30/2014
Year Total Returns Capital Gains Dividends Glossary definition opens in new window.Share Class Net Assets ($M)
2014 0.02% $0.00009 $0.000091516 $499.78
2013 0.01% -- $0.000101152 $550.82
2012 0.01% -- $0.000130229 $696.06
2011 0.05% -- $0.000473073 $868.14
2010 0.11% -- $0.001068107 $1,078.23
2009 0.25% -- $0.002502772 $1,439.11
2008 1.96% $0.00022 $0.01920337 $2,367.49
2007 3.47% $0.00017 $0.033949837 $3,169.20
2006 3.16% $0.0001 $0.031015617 --
2005 2.13% -- $0.021096623 --

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Fund Characteristics and Attribution

The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance data quoted.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Ratings

Lipper Ranking

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AS OF 11/30/2014; LIPPER PEER GROUP: CA Tx-Ex Money Mkt
1 Yr
#13 out of 62 funds
5 Yr
#9 out of 59 funds

The fund is ranked based on total return. Each fund is ranked within a universe of funds with similar investment objectives. Rankings include the reinvestment of dividends and capital gains but exclude the effect of a fund's sales load, if applicable. Lipper Inc. is a nationally recognized organization that ranks the performance of mutual funds.

Past performance is no guarantee of future results.

Watch a brief video to learn about using the new mutual fund library to evaluate funds

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Composition

Composition by Instrument

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AS OF 10/31/2014
Portfolio Weight
Municipal Notes 9.37%
Municipal Bonds 5.95%
Tender Bonds 0.55%
Commercial Paper 10.90%
Variable-Rate Demand Notes 64.46%
Other Money Market Investments 8.64%
Net Other Assets 0.13%

Net Other Assets may include cash and receivables and payables related to open security or capital stock trades.

Composition by Quality

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AS OF 10/31/2014
First Tier
97.67%
Second Tier
2.33%

Fixed Income Characteristics

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7-Day Yield 4
0.01%
11/30/2014
Tax Equivalent Yield
0.02%
12/19/2014

Maturity Distribution

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AS OF 10/31/2014
1-7 days
75.75%
8-30 days
2.03%
31-60 days
6.10%
61-90 days
0.00%
91-180 days
2.88%
> 180 days
13.24%

Subject to Alternative Min Tax

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AS OF  10/31/2014
0%

Fund Facts

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Fiscal Year End
February
Fund Inception
11/27/1989
Share Class Inception
4/18/2007
Fund Number
1868
Fund Symbol
FSBXX
Order Cutoff Time
04:00 PM EST

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

Browse Our Proxy Voting Results

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2013 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.

Fees and Distributions

Expenses & Fees

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0.20%
($2.00 per $1000)
4/18/2007
Distribution and/or service fee(12b-1) Fees
0.00%
Small Balance Fee 10

Prospectus Net Expense Ratio is 0.20% as of 4/29/2014 and may not include certain voluntary caps and waivers that reduce the actual expenses of the fund. The voluntary caps and waivers can be discontinued at any time.

You can receive a prospectus from Fidelity by mail

See prospectus for more information on Fees, Expenses & Loads.

Minimums

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Initial Investment
$1,000,000.00
Additional Investment
$0.00
Initial Group Retirement Investment 3
$10,000.00
Additional Group Retirement Investment
$0.00
Required Balance
$1,000,000.00
Check Writing
$1,000.00
Direct Deposit
$0.00

Features

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Retirement Accounts
no
Check Writing
yes
Direct Deposit
yes
Automatic Account Builder
yes
Max Exchange Redemptions in a Year
no
Simple IRA
no

Distribution

Dividend History

Date Per Share Amount Reinvestment Price
11/30/14 $0.00000822 $1.00
10/31/14 $0.000008494 $1.00
9/30/14 $0.00000822 $1.00
8/31/14 $0.000008494 $1.00

Capital Gains History

Date Per Share Amount Reinvestment Price
11/26/14 $0.00009 $1.00
11/28/08 $0.00002 $1.00
4/11/08 $0.0002 $1.00
11/30/07 $0.00007 $1.00

Pricing

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AS OF 11/30/2014
NAV
$1.00
12/19/2014
12 Month Low-High
$1.00 - $1.00
Monthly Low-High
$1.00 - $1.00
On 11/30/2014
$1.00

Price History By Month

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Actual Values: Nov. 2014 to Nov. 2013

Close Low High
Nov $1.00 $1.00 $1.00
Oct $1.00 $1.00 $1.00
Sep $1.00 $1.00 $1.00
Aug $1.00 $1.00 $1.00
Jul $1.00 $1.00 $1.00
Jun $1.00 $1.00 $1.00
May $1.00 $1.00 $1.00
Apr $1.00 $1.00 $1.00
Mar $1.00 $1.00 $1.00
Feb $1.00 $1.00 $1.00
Jan $1.00 $1.00 $1.00
Dec $1.00 $1.00 $1.00
Nov $1.00 $1.00 $1.00

The "Mutual Funds" area at the top of each page allows access to mutual fund holdings with individual and joint Fidelity non-retirement accounts. Individual stock positions, ETFs and 529 funds are not available through this view. For the full list of your holdings visit Portfolio Summary.

Mutual Funds are priced as of the previous business day's market close when the market is open. Mutual fund positions are priced as of the official market close (typically 4p.m.) and prices are generally available between 5 p.m. and 6p.m.

1. No Transaction Fee Fidelity funds are available without paying a trading fee to Fidelity or a sales load to the fund. However, the fund may charge a short-term trading or redemption fee to protect the interests of long-term shareholders of the fund. Shares are subject to the fund's management and operating expenses. See Expenses & Fees for more information.

2. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Life of fund figures are reported as of the commencement date to the period indicated and are cumulative if the fund is less than one year old. Total returns do not reflect the fund's [%] sales charge. If sales charges were included, total returns would have been lower.

3. Initial minimum investments into group retirement accounts such as Fidelity Simplified Employee Pension-IRA, Keogh, Self-Employed 401(k), and Non-Fidelity Prototype Retirement accounts are $500 or higher. There is no minimum for additional investments in any type of Fidelity fund you already own.

4. The current yield reflects the current earnings of the fund, while the total return refers to a specific past holding period.

5. Yield without Subsidy is the yield without applicable waivers or reimbursements, whenever Fidelity is subsidizing all or a portion of the fund's expenses as of the current reporting period. Absent such waivers or reimbursements, the returns would have been lower. Waivers and/or reimbursements may be discontinued any time.

6. Any holdings, asset allocation, diversification breakdowns or other composition data shown are as of the date indicated and are subject to change at any time. They may not be representative of the fund's current or future investments. The Top Ten holdings do not include money market instruments or futures contracts, if any. Depository receipts are normally combined with the underlying security. Some breakdowns may be intentionally limited to a particular asset class or other subset of the fund's entire portfolio, particularly in multi-asset class funds where the attributes of the equity and fixed income portions are different.

Under the asset allocation section, international (or foreign) assets may be reported differently depending on how an investment option reports its holdings. Some do not report international (or foreign) holdings here, but instead report them in a "Regional Diversification" section. Some report them in this section in addition to the equity, bond and other allocation shown. Others report international (or foreign) holding as a subset of the equity and bond allocations shown. If the allocation without the foreign component equals (or rounds to) 100%, then international (or foreign) is a subset of the equity and bond percentage shown.

7. The Morningstar Category Average is the average return for the peer group based on the returns of each individual fund within the group, for the period shown. This average assumes reinvestment of dividends.

8. Percent Rank in Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. % Rank in Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges.

9. The tax-equivalent yields (TEYs) estimate what you would have to earn on a taxable investment to equal the fund's tax-exempt yield for a given tax rate. TEYs are calculated by first dividing that portion of a fund's yield that is tax-exempt by one minus the specified federal tax rate, or if it is a state specific fund, by one minus the combined federal tax rate indicated and the state tax rate associated with the upper income limit of that federal tax bracket. Then, that amount is added to the portion, if any, of the fund's yield that is not tax-exempt. TEYs do not reflect tax credits, exemptions, limits on itemized deductions, or federal and/or state alternative minimum taxes. For state specific funds, TEYs also assume investors are state residents and take an itemized deduction for state income taxes on their federal tax returns. For NY funds, TEYs also reflect NYC income taxes and treat them the same as state taxes.

The two highest federal tax brackets include a Medicare surtax of 3.8% imposed by the Patient Protection and Affordable Care Act of 2010. Many, but not all taxpayers in the 33% bracket will also be affected. Consult a tax professional for further detail.

AMT Holdings reflects the percentage of the fund's holdings subject to the federal alternative minimum tax (AMT) as of the date indicated. It does not correspond precisely with the fund's income subject to the AMT because bonds whose income is subject to the AMT usually pay higher dividend income to compensate for the additional tax. As a result, the percentage of income subject to the AMT is usually higher than the AMT holdings shown. AMT holdings can vary significantly throughout the year and may not be representative of the average AMT holdings for the entire year.

10. Fidelity may deduct a small balance maintenance fee of $12.00 from a fund balance with a value less than $2,000. Fund positions opened after September 30 will not be subject to the fee for that calendar year. This fee will not be deducted from fund positions opened after January 1 of that calendar year if those positions use regular investment plans. Refer to the fund prospectus for details.

Generally, data on Fidelity mutual funds is provided by FMR, LLC, Morningstar ratings and data on non-Fidelity mutual funds is provided by Morningstar, Inc. and data on non-mutual fund products is provided by the product's investment manager, trustee or issuer or the plan sponsor whose plan is offering the product to participants. Although Fidelity believes the data gathered from these third-party sources is reliable, it does not review such information and cannot warrant it to be accurate, complete or timely. Fidelity is not responsible for any damages or losses arising from any use of this third-party information.

Before investing, consider the investment objectives, risks, charges and expenses of the fund or annuity and its investment options. Contact Fidelity for a free prospectus and, if available, summary prospectus containing this information. Read it carefully.