SUPPLEMENT TO THE SPARTAN(registered trademark) CALIFORNIA MUNICIPAL MONEY
MARKET FUND
A FUND OF FIDELITY CALIFORNIA MUNICIPAL TRUST II
SPARTAN(registered trademark) CALIFORNIA INTERMEDIATE MUNICIPAL INCOME FUND
SPARTAN(registered trademark) CALIFORNIA MUNICIPAL INCOME FUND
FUNDS OF FIDELITY CALIFORNIA MUNICIPAL TRUST
STATEMENT OF ADDITIONAL INFORMATION
APRIL 19, 1996
The following information replaces similar information found on page 21:
Use the first table to find your approximate effective tax bracket taking
into account federal and state taxes for 1996.
1996 TAX RATES
Taxable Income* State Combined California
Federal Income Marginal and Federal Effective
Single Return Joint Return Tax Bracket Rate Tax Bracket**
$ 24,001 - 25,083 $40,101 - 50,166 28% 6.0% 32.32%
25,084 - 31,700 50,167 - 63,400 28% 8.0% 33.76%
31,701 - 58,150 63,401 - 96,900 28% 9.3% 34.70%
58,151 - 121,300 96,901 - 147,700 31% 9.3% 37.42%
121,301 - 263,750 147,701 - 263,750 36% 9.3% 41.95%
263,751 + 263,751 + 39.6% 9.3% 45.22%
* Net amount subject to federal income tax after deductions and exemptions.
Assumes ordinary income only.
** Excludes the impact of the phaseout of personal exemptions, limitations
on itemized deductions, and other credits, exclusions, and adjustments
which may increase a taxpayer's marginal tax rate. An increase in a
shareholder's marginal tax rate would increase that shareholder's
tax-equivalent yield.
Having determined your effective tax bracket, 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 1996 is:
32.32% 33.76% 34.70% 37.42% 41.95% 45.22%
To match
these
tax-free
yields: Your taxable investment would have to earn the following yield:
2% 2.96% 3.02% 3.06% 3.20% 3.45% 3.65%
3% 4.43% 4.53% 4.59% 4.79% 5.17% 5.48%
4% 5.91% 6.04% 6.13% 6.39% 6.89% 7.30%
5% 7.39% 7.55% 7.66% 7.99% 8.61% 9.13%
6% 8.87% 9.06% 9.19% 9.59% 10.34% 10.95%
7% 10.34% 10.57% 10.72% 11.19% 12.06% 12.78%
8% 11.82% 12.08% 12.25% 12.78% 13.78% 14.60%
9% 13.30% 13.59% 13.78% 14.38% 15.50% 16.43%
10% 14.78% 15.10% 15.31% 15.98% 17.23% 18.25%
11% 16.25% 16.61% 16.85% 17.58% 18.95% 20.08%
The California income tax rates are those in effect for 1996, however the
California income brackets are those in effect for 1995. California law
requires that the brackets be adjusted annually for inflation using 100% of
the California Consumer Price Index through June of the tax year. As of the
date of this Statement of Additional Information, the California Franchise
Tax Board had not published the 1996 inflation adjusted tax brackets.
SUPPLEMENT TO THE FIDELITY CALIFORNIA MUNICIPAL MONEY MARKET FUND
A FUND OF FIDELITY CALIFORNIA MUNICIPAL TRUST II
FIDELITY CALIFORNIA INSURED MUNICIPAL INCOME FUND
FIDELITY CALIFORNIA MUNICIPAL INCOME FUND
FUNDS OF FIDELITY CALIFORNIA MUNICIPAL TRUST
STATEMENT OF ADDITIONAL INFORMATION
APRIL 19, 1996
The following information replaces similar information found on page 22:
1996 TAX RATES
Taxable Income* State Combined California
Federal Income Marginal and Federal Effective
Single Return Joint Return Tax Bracket Rate Tax Bracket**
$ 24,001 - 25,083 $40,101 - 50,166 28% 6.0% 32.32%
25,084 - 31,700 50,167 - 63,400 28% 8.0% 33.76%
31,701 - 58,150 63,401 - 96,900 28% 9.3% 34.70%
58,151 - 121,300 96,901 - 147,700 31% 9.3% 37.42%
121,301 - 263,750 147,701 - 263,750 36% 9.3% 41.95%
263,751 + 263,751 + 39.6% 9.3% 45.22%
* Net amount subject to federal income tax after deductions and exemptions.
Assumes ordinary income only.
** Excludes the impact of the phaseout of personal exemptions, limitations
on itemized deductions, and other credits, exclusions, and adjustments
which may increase a taxpayer's marginal tax rate. An increase in a
shareholder's marginal tax rate would increase that shareholder's
tax-equivalent yield.
Having determined your effective tax bracket, 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 1996 is:
32.32% 33.76% 34.70% 37.42% 41.95% 45.22%
To match
these
tax-free
yields: Your taxable investment would have to earn the following yield:
2% 2.96% 3.02% 3.06% 3.20% 3.45% 3.65%
3% 4.43% 4.53% 4.59% 4.79% 5.17% 5.48%
4% 5.91% 6.04% 6.13% 6.39% 6.89% 7.30%
5% 7.39% 7.55% 7.66% 7.99% 8.61% 9.13%
6% 8.87% 9.06% 9.19% 9.59% 10.34% 10.95%
7% 10.34% 10.57% 10.72% 11.19% 12.06% 12.78%
8% 11.82% 12.08% 12.25% 12.78% 13.78% 14.60%
9% 13.30% 13.59% 13.78% 14.38% 15.50% 16.43%
10% 14.78% 15.10% 15.31% 15.98% 17.23% 18.25%
11% 16.25% 16.61% 16.85% 17.58% 18.95% 20.08%
The California income tax rates are those in effect for 1996, however the
California income brackets are those in effect for 1995. California law
requires that the brackets be adjusted annually for inflation using 100% of
the California Consumer Price Index through June of the tax year. As of the
date of this Statement of Additional Information, the California Franchise
Tax Board had not published the 1996 inflation adjusted tax brackets.
