FIDELITY CALIFORNIA TAX-FREE FUNDS
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED APRIL 16, 1993
The following tables replace those found in the section entitled
"Performance" beginning on page 16.
1994 TAX RATES
Combined California
Single Return Joint Return Federal and Federal Effective
Taxable Income* Taxable Income* Tax Bracket Tax Bracket
$ 22,751 - 24,228 $ 38,001 - 48,456 28.% 32.32%
24,229 - 30,620 48,457 - 61,240 28 33.76
30,621 - 55,100 61,241 - 91,850 28 34.70
55,101 - 106,190 91,851 - 140,000 31 37.42
106,191 - 115,000 -- - -- 31 37.90
-- - -- 140,001 - 212,380 36 41.95
115,001 - 212,380 212,381 - 250,000 36 42.40
212,381 - 250,000 -- - -- 36 43.04
-- - -- 250,001 - 424,760 39.6 45.64
250,001 + 424,761 + 39.6 46.24
*Net taxable income after all exemptions, adjustments, and deductions.
These are based on rates currently applicable in 1994 and assume one
exemption for single filers and two exemptions for married couples filing
jointly.
Having determined your effective tax bracket above, use the following table
to determine the tax-equivalent yield for a given tax-free yield.
If your effective combined federal and state personal tax rate in 1994
is:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
32.32% 33.76% 34.70% 37.42% 37.90% 41.95% 42.40% 43.04% 45.64% 46.24%
</TABLE>
Your taxable investment would have to earn the following yield:
To match these
Tax-Free Yields
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2% 2.96% 3.02% 3.06% 3.20% 3.22% 3.45% 3.47% 3.51% 3.68% 3.72%
3% 4.43% 4.53% 4.59% 4.79% 4.83% 5.17% 5.21% 5.27% 5.52% 5.58%
4% 5.91% 6.04% 6.13% 6.39% 6.44% 6.89% 6.94% 7.02% 7.36% 7.44%
5% 7.39% 7.55% 7.66% 7.99% 8.05% 8.61% 8.68% 8.78% 9.20% 9.30%
6% 8.87% 9.06% 9.19% 9.59% 9.66% 10.34% 10.42% 10.53% 11.04% 11.16%
7% 10.34% 10.57% 10.72% 11.19% 11.27% 12.06% 12.15% 12.29% 12.88% 13.02%
</TABLE>
MANAGEMENT CONTRACTS. Effective November 1, 1993, FMR agreed to
voluntarily adopt the following revised group fee rate schedule for
purposes of calculating the group fee component of the management fee. The
revised schedule provides for lower management fees as total assets under
management increase, and it will be presented to shareholders for approval
at the next shareholder meeting.
CFRB-94-1
(continued) February 18, 1994
The following information replaces the "Group Fee Rate" and "Effective
Annual Fee Rate" schedules found on page 29.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE
RATES
Average Group Annualized Group Net Effective Annual Fee
Assets Rate Assets Rate
0 - $ 3 billion .3700% $ 0.5 billion .3700%
3 - 6 .3400 25 .2664
6 - 9 .3100 50 .2188
9 - 12 .2800 75 .1986
12 - 15 .2500 100 .1869
15 - 18 .2200 125 .1793
18 - 21 .2000 150 .1736
21 - 24 .1900 175 .1695
24 - 30 .1800 200 .1658
30 - 36 .1750 225 .1629
36 - 42 .1700 250 .1604
42 - 48 .1650 275 .1583
48 - 66 .1600 300 .1565
66 - 84 .1550 325 .1548
84 - 120 .1500 350 .1533
120 - 174 .1450
174 - 228 .1400
228 - 282 .1375
282 - 336 .1350
Over 336 .1325
