F U N D P R O F I L E
EDGAR Submission type: 497K1
Filed pursuant to Rule 497(k)(1)(i)
CALIFORNIA MUNICIPAL INCOME FUND
SPARTAN CALIFORNIA MUNICIPAL INCOME FUND
[EFFECTIVE DATE]
This Profile summarizes key information about the fund that is
included in the fund's prospectus. The fund's prospectus includes
additional information about the fund, including a more detailed
description of the risks associated with investing in the fund that
you may want to consider before you invest. You may obtain the
prospectus and other information about the fund at no cost by calling
Fidelity(registered trademark) at 1-800-544-8888 or visiting
Fidelity's Web site at www.fidelity.com.
(fidelity_logo_graphic)(registered trademark)
82 Devonshire Street, Boston, MA 02109
_________________ CFL-profile-0299
INVESTMENT SUMMARY
INVESTMENT OBJECTIVE. Spartan California Municipal Income Fund seeks
a high level of current income, exempt from federal and California
state personal income tax.
PRINCIPAL INVESTMENT STRATEGIES. Fidelity Management & Research
Company (FMR)'s principal investment strategies include:
(small solid bullet) Investing normally in investment-grade municipal
debt securities.
(small solid bullet) Investing so that at least 80% of the fund's
income distributions is exempt from federal and California personal
income taxes.
(small solid bullet) Potentially investing more than 25% of total
assets in municipal securities that finance similar types of projects.
(small solid bullet) Managing the fund to have similar overall
interest rate risk to the Lehman Brothers California Municipal Bond
Index.
(small solid bullet) Allocating assets across different market sectors
and maturities.
(small solid bullet) Analyzing a security's structural features,
current pricing and trading opportunities, and the credit quality of
its issuer in selecting investments.
PRINCIPAL INVESTMENT RISKS. The fund is subject to the following
principal investment risks:
(small solid bullet) MUNICIPAL MARKET VOLATILITY. 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.
(small solid bullet) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.
(small solid bullet) GEOGRAPHIC CONCENTRATION. Unfavorable political
or economic conditions within California can affect the credit quality
of issuers located in that state.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole.
In addition, the fund is considered non-diversified and can invest a
greater portion of assets in securities of individual issuers than a
diversified fund. As a result, changes in the market value of a single
issuer could cause greater fluctuations in share price than would
occur in a more diversified fund.
An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency.
When you sell your shares of the fund, they could be worth more or
less than what you paid for them.
Additional information about the fund's investments is available in
the fund's annual and semi-annual reports to shareholders. In the
fund's annual and semi-annual reports, you will find a discussion of
the market conditions and investment strategies that significantly
affected the fund's performance during the period covered by the
report. You may obtain a free copy of the fund's annual or semi-annual
report by calling 1-800-544-8888.
Performance
The following information illustrates the changes in the fund's
performance from year to year and compares the bond fund's performance
to the performance of a market index, an additional index and an
average of the performance of similar funds over various periods of
time. Data for the additional index for Spartan California Municipal
Income is available only from June 30, 1993 to the present. Returns
are based on past results and are not an indication of future
performance.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
YEAR-BY-YEAR RETURNS
SPARTAN CALIFORNIA MUNICIPAL
INCOME
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
% % % % % % % % % %
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: nil
Row: 10, Col: 1, Value: nil
DURING THE PERIODS SHOWN IN THE CHART FOR SPARTAN CALIFORNIA MUNICIPAL
INCOME, THE HIGHEST RETURN FOR A QUARTER WAS __% (QUARTER ENDING
[CALENDAR QUARTER], [MONTH] [DAY] [YEAR]) AND THE LOWEST RETURN FOR A
QUARTER WAS __% (QUARTER ENDING [CALENDAR QUARTER], [MONTH] [DAY]
[YEAR]).
AVERAGE ANNUAL RETURNS
For the periods ended Past 1 year Past 5 years Life of fund
December 31, 1998
Spartan California Municipal % % %
Income
Lehman Bros. Muni. Bond Index % % %
Lehman Bros. CA Muni. Bond % % %
Index
Lipper California Municipal % % %
Debt Funds Average
[If FMR had not reimbursed certain fund expenses during these periods,
the fund's returns would have been lower.]
The Lehman Brothers Municipal Bond Index is a market value-weighted
index of investment-grade municipal bonds with maturities of one year
or more.
The Lehman Brothers California Municipal Bond Index is a market
value-weighted index of California investment-grade municipal bonds
with maturities of one year or more.
The Lipper California Municipal Debt Funds Average reflects the
performance (excluding sales charges) of mutual funds with similar
objectives.
Fee Table
The following table describes the fees and expenses that are incurred
when you buy, hold or sell shares of the fund. [The annual fund
operating expenses provided below for the fund are based on historical
expenses, adjusted to reflect current fees.] [The annual fund
operating expenses provided below for the fund do not reflect the
effect of any expense reimbursements or reduction of certain expenses
during the period.][The annual fund operating expenses provided below
are based on historical expenses.]
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Sales charge (load) on None
purchases and reinvested
distributions
Deferred sales charge (load) None
on redemptions
Annual account maintenance $12.00
fee (for accounts under
$2,500)
ANNUAL FUND OPERATING EXPENSES (PAID FROM FUND ASSETS)
Management fee %
Distribution and Service None
(12b-1) fee
Other expenses %
Total annual fund operating %
expenses
A portion of the brokerage commissions that the fund pays is used to
reduce the fund's expenses. In addition, the fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including [this/these]
reduction[s], the total fund operating expenses[, after
reimbursement,] would have been __% .
This EXAMPLE helps you compare the cost of investing in the fund with
the cost of investing in other mutual funds.
Let's say, hypothetically, that the fund's annual return is 5% and
that your shareholder fees and the fund's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years
indicated:
1 year $
3 years $
5 years $
10 years $
Fund Management
FMR is the fund's manager.
As the manager, FMR is responsible for choosing the fund's investments
and handling its business affairs.
Beginning January 1, 1999, Fidelity Investments Money Management, Inc.
(FIMM) will serve as sub-adviser and be primarily responsible for
choosing investments for the fund. FIMM is an affiliate of FMR.
Christine Thompson is vice president and manager of Spartan California
Municipal Income, which she has managed since July 1998. She also
manages other Fidelity funds. Since joining Fidelity in 1985, Ms.
Thompson has worked as a senior analyst and portfolio manager.
Buying Shares
The fund's shares are sold without a sales charge.
You may buy shares of the fund after reading this profile or you may
request a prospectus to review before investing. If you buy shares
after reviewing this profile, Fidelity will send you a prospectus with
your confirmation.
The minimum initial purchase amount is $10,000, the minimum additional
purchase amount is $1,000, and the minimum balance amount is $5,000.
If you buy through an investment professional, certain account
features and policies may differ.
Selling Shares
You may sell all or a portion of your shares on any business day by
phone, by mail, by wire, or over the Internet through Fidelity's Web
site. You may also sell shares by exchange to another Fidelity fund.
Both accounts must have the same registration, including name, address
and taxpayer ID. A signature guarantee may be required in certain
circumstances.
Distributions and Taxes
The fund declares dividends daily and pays them monthly. The fund
normally pays capital gains distributions in April and December.
You may elect to have your dividends and/or capital gains
distributions automatically reinvested in additional shares of the
fund, paid in cash, or automatically invested in shares of another
identically registered Fidelity fund. If you do not indicate a choice
on your application, your distributions will be automatically
reinvested. Not all distribution options are available for every
account.
The fund seeks to earn income and pay dividends exempt from federal
income tax and California personal income tax.
A portion of the fund's income, and the dividends you receive, may be
subject to federal and state income taxes. The fund's income may be
subject to the federal alternative minimum tax. The fund may also
realize taxable income or gains on the sale of municipal bonds and may
make taxable distributions.
Summary of Available Services
Fidelity provides a number of services to its shareholders. Among them
are:
(small solid bullet) 24 hour telephone assistance, 1-800-544-6666;
(small solid bullet) TDD - Service for the Deaf and Hearing-Impaired
(9:00 a.m. - 9:00 p.m. Eastern time), 1-800-544-0118;
(small solid bullet) Fidelity's Web site, www.fidelity.com;
(small solid bullet) TouchTone Xpress(Registered trademark) (an
automated service for obtaining account information by phone),
1-800-544-5555;
(small solid bullet) Over 75 walk-in Investor Centers nationwide;
(small solid bullet) Exchange privileges among Fidelity funds; and
(small solid bullet) Regular investment and withdrawal plans, and
(small solid bullet) Checkwriting.
Fidelity Investments & (Pyramid) Design, and TouchTone Xpress are
registered trademarks of FMR Corp.
====================Front of Application======================
FIDELITY MUTUAL FUND (Fidelity Logo Graphic)
NEW ACCOUNT APPLICATION (registered trademark)
P.O. Box 5000
Cincinnati, OH 45273-8698
You may invest in the fund after reviewing the profile(s) or the prospectus(es)
for the fund(s).
For help with this application, or for an IRA, Keogh or Business Account
application, call us anytime at 1-800-544-8888.
If you are opening your account by an exchange from an existing Fidelity
account, call us at 1-800-544-7777.
1: PLEASE TELL US HOW WE SHOULD ESTABLISH YOUR ACCOUNT
______________________________________________________________
Account registration:
______________________________________________________________
__ Individual __ Joint Tenants - __ Custodial
Rights of (UGMA/UTMA)
Survivorship 1 Under the (state)
__ Tenants in Common 1 ____ Uniform
__ Community Property 1 Gifts/Transfer
to Minors Act
______________________________________________________________
/_/ Trust Accounts:
______________________________________________________________
Trustee(s) Name Trust Taxpayer
(first, MI, last): Identification Number:
______________________________________________________________
Name of Trust: for the benefit of: Date of Trust
(Month, day, year):
______________________________________________________________
Name:
______________________________________________________________
Account Owner/ Joint Owner/Custodian Name
Minor Name (first, MI, last): (first, MI, last):
______________________________________________________________
Address and Phone: /_/ Check here if this is
a new address.
______________________________________________________________
Street Address and City State Zip
Apartment or Box Number: 2
______________________________________________________________
Evening Phone (Home): Daytime Phone (Work):
( ) ( )
______________________________________________________________
1 If you are establishing a joint account and do not check a box, the account
will be registered as joint tenants with rights of survivorship. Types of
joint ownership are governed by the laws of your state of residence. If you
need more information about which are appropriate in your state, please ask
your state tax officials or financial advisor.
2 If you have provided a P.O. Box, please include your residential address
with this application.
2: WE ARE REQUIRED TO REQUEST THE FOLLOWING INFORMATION
______________________________________________________________
Account Owner/Minor Joint Account Owner/
Custodian 1
______________________________________________________________
Social Security ___________________ ___________________
or taxpayer
identification number 1:
Date of Birth
(month/day/year) ______ _____ ______ _______ ____ ______
______________________________________________________________
Citizenship
Country of
citizenship: _U.S. _Other________ _U.S. _Other_______
Country of
tax residence: _U.S. _Other________ _U.S. _Other_______
______________________________________________________________
Occupation: We
are required by the
National Association
of Securities
Dealers (NASD) to
ask for this
information.
______________________________________________________________
Employer's Name
and Address:
______________________________________________________________
Affiliations: _I am affiliated _I am affiliated
with, or work for, with, or work for,
a member firm of a member firm of
the NASD the NASD
______________________________________________________________
1 The Social Security Number or taxpayer identification number for account
owner/minor is used for tax reporting purposes. (The custodian's Social
Security Number will be used to determine eligibility for maintenance fee
waivers.)
3: INVESTMENT INFORMATION
______________________________________________________________
Please make your check payable to the full name of the Fidelity fund in which
you are investing. Note that Fidelity cannot accept foreign checks or
Traveler's checks. Be sure to read the profile(s) or the prospectus(es)
for the fund(s) you choose before your initial investment and, if you invest
based on the profile, be sure to read the prospectus(es) when [it/they]
[is/are] sent to you.
Fund Name: Initial Investment Amount - Fund
minimums vary, see the profile or the
prospectus for additional details.
A.______________________ $____,________,________._______
B.______________________ $____,________,________._______
C.______________________ $____,________,________._______
Dividend & Capital Gain Distributions Check one box: (If no box is checked, we
will reinvest all distributions.)
_ Reinvest all dividends _ Pay all dividends _ Pay all
and capital gains in and capital gains dividends and
my account. directly to my capital gains
bank account via to me by check.
MoneyLine
(registered
trademark). Please
attach a voided
check.
______________________________________________________________
* Note that some funds may charge a sales load and/or a short-term trading fee.
In addition an annual Fidelity mutual fund maintenance fee of $12 may be
deducted from accounts with a balance of less than $2,500. Minimum initial
investments vary by fund. See your profile or your prospectus for additional
details.
====================Back of Application=======================
4: OPTIONAL ACCOUNT FEATURES
______________________________________________________________
Fidelity Automatic Account Builder (registered trademark)
This service lets you invest automatically (monthly or quarterly) from your
bank account to your Fidelity account. Change or cancel your plan anytime
with a phone call at least one business day before your scheduled investment.
(Automatic Account Builder normally becomes active 20 days after your
application is processed.)
To establish this feature, complete the information below and staple to the
left a voided check from your bank account. One common name must appear on
your Fidelity and bank accounts.
Assign Investment Amount Investment Frequency (month,
to Fund (Spartan minimum: (check one) day,
(from $500; Non-Spartan year)
Section minimum: $100)
3)
__A. $____,______.____ _Monthly _Quarterly beginning _____
__B. $____,______.____ _Monthly _Quarterly beginning _____
__C. $____,______.____ _Monthly _Quarterly beginning _____
Direct Deposit
This service lets you invest directly from your paycheck or your Social
Security check. The minimum investment is $100 per pay period. To establish
this feature, check the appropriate box below. We will send you an
authorization form to complete and give to your employer.
_My check is from the _My check is from someone other than
federal government. the federal government.
Transfers Between Your Bank & Fidelity
This electronic link with your bank account offers flexible access to your
money. Transfers occur only when you initiate them and may be made through
either Bank Wire or Fidelity MoneyLine (Registered trademark). (See the
prospectus for details and minimum amounts. MoneyLine normally becomes active
20 days after your application is processed.) Your bank may charge a fee.
This feature is not available with passbook savings accounts.
_ To establish this feature, check the box at left and staple a voided check
from your bank account. One common name must appear on your Fidelity and bank
accounts. [F3]
Telephone Redemptions & Exchanges
You automatically have the ability to make redemptions or exchanges by
telephone. Exchanges can be made only between Fidelity funds that have the
same account ownership. Each fund has rules on the number of exchanges
allowed each year. Some funds have administrative fees (of up to $7.50) and
trading fees (of up to 3.0% on exchanges. (See the appropriate fund's
prospectus for details.) The exchange privilege may be terminated or
modified by Fidelity in the future.
Checkwriting
_Please add this feature to my account. All owners must sign the Signature
Card for checkwriting and the section below at the end of this application.
For custodial accounts, only the custodian may sign the Signature Card.
Checkwriting is an optional feature and is not available on all funds. In
addition there may be a charge for checkwriting. See prospectus for details.
______________________________________________________________
STAPLE VOIDED CHECK HERE.
______________________________________________________________
5: SIGNATURE
Each owner must sign this section.
By signing this application, I certify that:
(bullet) I have received and read the profile or the prospectus for the fund
in which I am investing. [I understand that if I am investing based on the
profile, I will be sent a prospectus with my confirmation.] I agree
to the terms of the profile and the prospectus. I have the authority and legal
capacity to purchase mutual fund shares, am of legal age and believe each
investment is suitable for me. It is my responsibility to read the
prospectus of any fund into which I exchange.
(bullet) I understand that all information provided in sections 1, 2, 4 and 5
will apply to any new fund into which my shares may be exchanged.
(bullet) I understand that neither this fund nor Fidelity Distributors
Corporation is a bank, and fund shares are not backed or guaranteed by any
bank or insured by the FDIC.
(bullet) I ratify any instructions, including telephone instructions, given
on this account. I agree that neither the fund nor Fidelity Service Company,
Inc. will be liable for any loss, cost or expense for acting upon any
instructions if it follows reasonable procedures designed to prevent
unauthorized transactions. (If you do not want the ability to redeem and
exchange by telephone, call Fidelity for instructions.) I consent to the use of
recorded telephone conversations.
(bullet) I understand that for joint tenant accounts "I" refers to all account
owners, and each of the account owners agrees that any account owner has
authority to act on the account without notice to the other account owners.
Fidelity Service Company, Inc. in its sole discretion, and for its protection,
may require the written consent of all account owners prior to acting upon
the instructions of any account owner.
(bullet) If I am a U.S. Citizen or Resident Alien, as I have indicated above,
I certify under penalties of perjury that (1) the Social Security or
taxpayer identification number provided above is correct (or I am waiting for a
number to be issued to me), and (2) I am not subject to backup withholding
because (a) I am exempt from backup withholding, or (b) I have not been
notified by the Internal Revenue Service (IRS) that I am subject to backup
withholding for failure to report all dividend and interest income, or (c) I
have been notified by the IRS that I am no longer subject to backup
withholding. (Please cross out item 2 if it does not apply to you.)
(bullet) If I am a Non-Resident Alien, as I have indicated above, I certify
under penalties of perjury that I am not a U.S. Citizen or Resident Alien,
that the information entered above is correct, that if a reduced rate of tax
or exemption from tax applies, I have complied with all requirements to
qualify for the reduced tax, and I am an exempt foreign person under IRS
regulations.
The Internal Revenue Service does not require your consent to any provision
of this document other than the certifications required to avoid backup
withholding.
Signature of Owner Signature of Joint Owner
Date (month,day,year) Date (month,day,year)
X____________________________ X______________________________
For trusts, all trustees must sign. Only the custodian should sign the
application for custodial accounts.
Not authorized for distribution unless preceded or accompanied by a current
profile or prospectus.
61605.001 Fidelity distributors Corporation MFFK-APP-0998
1.706324.101
===================Front of Signature Card====================
SIGNATURE CARD FOR CHECKWRITING ________________________
Please do not detach this card.
Checkwriting is available only for money market funds and certain bond funds.
Checkwriting minimums vary and fees may apply. See prospectus for more
information.
Please sign within the boxes
below using BLACK BALLPOINT INK.
Please use a pen and print
clearly in CAPITAL LETTERS.
Owner's Name
(first,MI,last):
____________________________ X________________________________
Joint Owner's Name
(first,MI,last):
____________________________ X________________________________
__Check here if more than one
signature will be required
on checks. If this box is
not checked, only one
signature will be required
on checks. 8324100
==================Back of Signature Card======================
By signing this signature card on the reverse side, the signatory(ies) agree(s)
to be subject to the terms and conditions, guidelines, and rules applicable
to your account as now in effect and as amended from time to time, of the
fund(s) and of UMB Bank, n.a.. ("the Bank"), as they pertain to the use of
redemption checks; therefore, all registered owners must sign this signature
card. All checks will require only one signature unless otherwise indicated
on the face of this card. Each signatory guarantees the genuineness of the
other's signature on this card.
The Bank is hereby appointed agent by the shareholders signing this card and,
as such agent, is directed to request redemption of shares of such Fidelity
fund(s) as designated by the shareholders from time to time, and as recorded
on Fidelity's records, upon receipt of, and to the amount of, checks drawn upon
this account(s). In so acting, the Bank shall be liable only for its own
negligence. Shareholders will be subject the the Bank's rules, regulations
and associated laws governing check collection, including the Uniform
Commercial Code as enacted in the State of Missouri.
It is further agreed as follows:
1. All items, with exception of those drawn on Spartan (registered trademark)
money market funds, Fidelity Daily Income Trust ("FDIT"), and Fidelity
Municipal Money Market Fund, must be for a minimum of $500 (or such other
minimum amounts as may from time to time be established upon prior written
notice to the shareholders, including the accounts of Spartan money market
funds, FDIT and Fidelity Municipal Money Market Fund), or they may be
returned to shareholders marked "Refer to Maker."
2 This card supersedes any card already on file for the same T Master Account
or fund or account number.
3. Refer to the fund prospectus for minimum check amounts and any applicable
fees.
4. You may obtain a copy of the "Statement of Terms and Conditions" applicable
to your account by calling Fidelity.
