SUPPLEMENT TO FIDELITY'S CALIFORNIA MUNICIPAL FUNDS APRIL 17, 1998
PROSPECTUS
The following information replaces similar information found in the
"Who May Want to Invest" section on page 4.
These funds may be appropriate for investors in higher tax brackets
who seek high current income that is free from federal and California
income taxes. Each fund's level of risk and potential reward depend on
the quality and maturity of its investments. The money market funds
are managed to keep their share prices stable at $1.00. The bond fund,
with its broader range of investments, has the potential for higher
yields, but also carries a higher degree of risk.
Spartan California Municipal Income is a non-diversified fund.
Non-diversified funds may invest a greater portion of their assets in
securities of individual issuers than diversified funds. As a result,
changes in the market value of a single issuer could cause greater
fluctuations in share value than would occur in a more diversified
fund.
The following information replaces similar information found in the
"Charter" section on page 12.
EACH FUND IS A MUTUAL FUND: an investment that pools shareholders'
money and invests it toward a specified goal. Fidelity California
Municipal Money Market Fund and Spartan California Municipal Money
Market Fund are diversified funds of Fidelity California Municipal
Trust II. Spartan California Municipal Income Fund is a
non-diversified fund of Fidelity California Municipal Trust. Both
trusts are open-end management investment companies. Fidelity
California Municipal Trust II was organized as a Delaware business
trust on June 20, 1991. Fidelity California Municipal Trust was
organized as a Massachusetts business trust on April 28, 1983. There
is a remote possibility that one fund might become liable for a
misstatement in the prospectus about another fund.
The following information replaces similar information found in the
Charter section under the heading "FMR and Its Affiliates" beginning
on page 15.
Christine Thompson is Vice President and manager of Spartan
California Municipal Income, which she has managed since July 1998.
She also manages several other Fidelity funds. Since joining Fidelity
in 1985, Ms. Thompson has worked as a senior analyst and portfolio
manager.
The following information replaces similar information found in the
"Securities and Investment Practices" section under the heading
"Diversification" on page 19.
DIVERSIFICATION. Diversifying a fund's investment portfolio can reduce
the risks of investing. This may include limiting the amount of money
invested in any one issuer or, on a broader scale, in any one industry
or type of project. Economic, business, or political changes can
affect all securities of a similar type. A fund that is not
diversified may be more sensitive to changes in the market value of a
single issuer or industry.
RESTRICTIONS: Spartan California Municipal Income is considered
non-diversified. Generally, to meet federal tax requirements at the
close of each quarter, the fund does not invest more than 25% of its
total assets in the securities of any one issuer and, with respect to
50% of total assets, does not invest more than 5% of its total assets
in the securities of any one issuer. These limitations do not apply to
U.S. Government securities or to securities of other investment
companies.
With respect to 75% of its total assets, each money market fund may
not invest more than 5% in the securities of any one issuer. This
limitation does not apply to U.S. Government securities or to
securities of other money market funds.
Each fund may invest more than 25% of its total assets in tax-free
securities that finance similar types of projects.
