FIDELITY CALIFORNIA MUNICIPAL TRUST II, N-30D, 1996-04-15

FIDELITY CALIFORNIA MUNICIPAL TRUST II
N-30D, 1996-04-15

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SPARTAN(registered trademark)

(registered trademark)
CALIFORNIA
MUNICIPAL
FUNDS
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL PORTFOLIOS)

ANNUAL REPORT
FEBRUARY 29, 1996
CONTENTS

CHECK PAGE NUMBERS !!!

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PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING
STRATEGIES

SPARTAN CALIFORNIA MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL HIGH YIELD PORTFOLIO)

4 PERFORMANCE

7 FUND TALK: THE MANAGER'S OVERVI
EW

10 INVESTMENT CHANGES

11 INVESTMENTS

20 FINANCIAL STATEMENTS

SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL PORTFOLIO)

24 PERFORMANCE

27 FUND TALK: THE MANAGER'S OVERVI
EW

30 INVESTMENT CHANGES

31 INVESTMENTS

37 FINANCIAL STATEMENTS

SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET PORTFOLIO)

41 PERFORMANCE

43 FUND TALK: THE MANAGER'S OVERVI
EW

45 INVESTMENT CHANGES

46 INVESTMENTS

55 FINANCIAL STATEMENTS

NOTES 59 NOTES TO THE FINANCIAL STATEMENTS

REPORT OF INDEPENDENT 63 THE AUDITOR'S OPINION
ACCOUNTANTS

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THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUNDS. THIS REPORT IS NOT AUTHORIZED
FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUNDS UNLESS PRECEDED OR
ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE
FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
NEITHER THE FUNDS NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES,
CALL
1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST
OR SEND
MONEY.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
Although the markets were fairly positive in 1995, no one can predict what
lies ahead for investors. The previous year, stocks posted below-average
returns and bonds had one of the worst years in history. This downturn
followed a period in which the investing environment was generally very
positive.
These market ups and downs are a normal part of investing, and there are
some basic principles that are helpful for investors to remember in
different types of markets.
Keeping in mind that the effects of interest rate changes on your bond
investments will only be "paper" gains or losses unless you sell your
shares, staying in your bond fund may be appropriate if your investment
horizon is at least a year or more. The longer your investing time frame,
the more likely it is that you will retain your principal investment
through both up and down markets. For example, a 10-year time frame, such
as saving
for a college education, enables you to weather these ups and downs in a
long-term fund, which has higher potential returns. An intermediate-length
fund could be appropriate if your investment horizon is two to four years,
and a short-term bond fund could be the right choice if you need your money
in one or two years.
If your time horizon is less than a year, you might want to consider moving
some of your bond investment into a money market fund, which seeks income
and a stable share price by investing in high-quality, short-term
investments. Of course, there is no assurance that a money market fund will
achieve its goal, and it is important to remember that money market funds
are not insured or guaranteed by any agency of the U.S. government.
No matter what your investment horizon or portfolio diversity, it makes
good sense to follow a regular investment plan - investing a certain amount
of money at the same time each month or quarter - and to review your
portfolio periodically. A periodic investment plan will not, of course,
assure a profit or protect against a loss.
If you have any questions, please call us at 1-800-544-8888. We stand ready
to provide the information you need to make the investments that are right
for you.
Best regards,
Edward C. Johnson 3d
SPARTAN CALIFORNIA MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL HIGH YIELD PORTFOLIO)

PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each figure
includes changes in a fund's share price, reinvestment of any dividends (or
income) and capital gains (the profits the fund earns when it sells bonds
that have grown in value), and the effect of the $5 account closeout fee.
You can also look at the fund's income to measure performance. If Fidelity
had not reimbursed certain fund expenses during the periods shown, the past
one year, five years and life of fund total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED FEBRUARY 29, 1996 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan California Municipal Income 10.94% 47.40% 64.04%

Lehman Brothers California Municipal
Bond Index 11.71% n/a n/a

California Municipal Debt Funds Average 10.35% 46.36% n/a

CUMULATIVE TOTAL RETURNS show the fund's performance over a set period - in
this case, one year, five years, or since the fund started on November 27,
1989. For example, if you invested $1,000 in a fund that had a 5% return
over the past year, the value of your investment would be $1,050. You can
compare the fund's returns to the performance of the Lehman Brothers
California Municipal Bond Index, which includes California
investment-grade municipal bonds. To measure how the fund's performance
stacked up against its peers, you can compare it to the California
municipal debt funds average, which reflects the performance of 93
California municipal debt funds with similar objectives tracked by Lipper
Analytical Services over the past year. Both benchmarks include reinvested
dividends and capital gains, if any.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED FEBRUARY 29, 1996 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan California Municipal Income 10.94% 8.07% 8.22%

Lehman Brothers California Municipal
Bond Index 11.71% n/a n/a

California Municipal Debt Funds Average 10.35% 7.91% n/a

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER LIFE OF FUND
Spartan CA MunLB Municipal Bon
11/30/89 10000.00 10000.00
12/31/89 10089.59 10081.80
01/31/90 9987.25 10034.11
02/28/90 10117.35 10123.92
03/31/90 10159.32 10126.96
04/30/90 10004.71 10053.64
05/31/90 10291.89 10273.11
06/30/90 10405.52 10363.41
07/31/90 10581.77 10516.27
08/31/90 10331.20 10363.57
09/30/90 10395.14 10369.48
10/31/90 10553.03 10557.58
11/30/90 10839.14 10769.89
12/31/90 10913.37 10816.74
01/31/91 11018.97 10961.90
02/28/91 11069.19 11057.27
03/31/91 11087.33 11061.25
04/30/91 11257.63 11208.92
05/31/91 11362.91 11308.57
06/30/91 11346.29 11297.37
07/31/91 11518.86 11434.98
08/31/91 11648.24 11585.57
09/30/91 11801.25 11736.42
10/31/91 11931.27 11842.05
11/30/91 11937.35 11875.08
12/31/91 12173.82 12129.92
01/31/92 12203.84 12157.58
02/29/92 12206.43 12161.47
03/31/92 12224.31 12165.97
04/30/92 12344.97 12274.25
05/31/92 12515.95 12418.72
06/30/92 12732.29 12627.10
07/31/92 13141.15 13005.66
08/31/92 12932.81 12878.86
09/30/92 13009.44 12963.08
10/31/92 12727.10 12835.66
11/30/92 13058.63 13065.54
12/31/92 13248.16 13198.94
01/31/93 13414.28 13352.45
02/28/93 14043.77 13835.41
03/31/93 13901.29 13689.16
04/30/93 14029.92 13827.29
05/31/93 14111.35 13905.00
06/30/93 14341.36 14137.07
07/31/93 14346.56 14155.59
08/31/93 14721.68 14450.31
09/30/93 14903.97 14614.90
10/31/93 14947.67 14643.11
11/30/93 14794.62 14514.10
12/31/93 15105.43 14820.49
01/31/94 15269.35 14989.74
02/28/94 14833.85 14601.51
03/31/94 14078.16 14006.94
04/30/94 14135.58 14125.72
05/31/94 14220.77 14248.19
06/30/94 14092.86 14161.13
07/31/94 14375.56 14420.70
08/31/94 14419.07 14470.60
09/30/94 14204.30 14258.17
10/31/94 13876.60 14004.94
11/30/94 13517.02 13751.73
12/31/94 13750.68 14054.41
01/31/95 14245.85 14456.09
02/28/95 14707.09 14876.47
03/31/95 14837.90 15047.40
04/30/95 14833.36 15065.16
05/31/95 15321.72 15545.88
06/30/95 15123.46 15409.86
07/31/95 15240.64 15555.94
08/31/95 15417.15 15753.19
09/30/95 15563.13 15852.91
10/31/95 15833.51 16083.41
11/30/95 16163.42 16350.24
12/31/95 16359.60 16507.36
01/31/96 16479.48 16631.99
02/29/96 16331.90 16519.73

$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Spartan
California Municipal Income Fund on November 30, 1989, shortly after the
fund started. As the chart shows, by February 29, 1996, the value of your
investment would have grown to $16,316 - a 63.16% increase on your initial
investment. This assumes you still own the fund on February 29, 1996 and
therefore does not include the effect of the $5 account closeout fee. For
comparison, look at how the Lehman Brothers Municipal Bond Index, which
reflects the performance of the investment-grade municipal bond market, did
over the same period. With dividends reinvested, the same $10,000 would
have grown to $16,520 - a 65.20% increase.

UNDERSTANDING
PERFORMANCE
How a fund did yesterday is no
guarantee of how it will do
tomorrow. Bond prices, for
example, generally move in
the opposite direction of
interest rates. In turn, the
share price, return, and yield of
a fund that invests in bonds
will vary. That means if you
sell your shares during a
market downturn, you might
lose money. But if you can ride
out the market's ups and
downs, you may have a gain.
(checkmark)
TOTAL RETURN COMPONENTS
YEAR
ENDED
FEBRUARY 29, YEARS ENDED FEBRUARY 28,

1996 1995 1994 1993 1992

Dividend return 5.95% 5.83% 5.62% 6.72% 6.83%

Capital appreciation
return 4.99% -6.69% 0.00% 8.32% 3.43%

Total return 10.94% -0.86% 5.62% 15.04% 10.26%

DIVIDEND returns and capital appreciation returns are both part of a bond
fund's total return. A dividend return reflects the actual dividends paid
by the fund. A capital appreciation return reflects both the amount paid by
the fund to shareholders as capital gain distributions and changes in the
fund's share price. Both returns assume the dividends or gains are
reinvested. Capital appreciation and total returns include the effect of
the $5 account closeout fee.
DIVIDENDS AND YIELD

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PERIODS ENDED FEBRUARY 29, 1996 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 4.45(cents) 28.20(cents) 57.02(cents)

Annualized dividend rate 5.25% 5.40% 5.53%

30-day annualized yield 4.87% - -

30-day annualized tax-equivalent yield 8.55% - -

</TABLE>

DIVIDENDS per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $10.65 over
the past month, $10.48 over the past six months and $10.31 over the past
year, you can compare the fund's income over these three periods. The
30-day annualized YIELD is a standard formula for all funds based on the
yields of the bonds in the fund, averaged over the past 30 days. This
figure shows you the yield characteristics of the fund's investments at the
end of the period. It also helps you compare funds from different companies
on an equal basis. The tax-equivalent yield shows what you would have to
earn on a taxable investment to equal the fund's tax-free yield, if you're
in the 43.04% combined effective 1996 federal and state income tax bracket,
but does not reflect payment of the federal alternative minimum tax, if
applicable.
SPARTAN CALIFORNIA MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL HIGH YIELD PORTFOLIO)

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
In sharp contrast to much of 1994,
the municipal bond market posted
strong returns for the 12 months
ended February 29, 1996. For
the period, the Lehman Brothers
Municipal Bond Index - a broad
measure of the tax-free market -
had a total return of 11.05%. By
comparison, the Lehman Brothers
Aggregate Bond Index - a proxy
for investment-grade taxable
bonds - had a total return of
12.24%. Tax-free bonds kicked
off 1995 by surging ahead of
their taxable counterparts in the
first quarter on signs of a slowing
economy and tamer inflation
expectations. By spring, however,
the muni bond market began to
underperform U.S. Treasury
securities when various proposals
for reforming the tax-code, some
of which threatened the
tax-exempt status of municipal
securities, began to receive
attention in Congress. This threat
of tax reform dampened
enthusiasm in the municipal bond
market, stalling the rally and
helping shorter maturity bonds to
outperform their longer
counterparts throughout the
spring and summer months. By
the fourth quarter of 1995,
historically attractive valuations
brought buyers back to the
market. Additionally, in the weeks
leading up to the end of the period,
the municipal market responded
favorably to diminishing supply
and the rhetorical beating the "flat
tax" took in the Republican
presidential primaries.
An interview with Jonathan Short, Portfolio Manager of Spartan California
Municipal Income Fund
Q. HOW HAS THE FUND PERFORMED, JONATHAN?
A. For the 12-month period ended February 29, 1996, the fund had a total
return of 10.94%. For the same period, the California municipal debt funds
average returned 10.35%, as tracked by Lipper Analytical Services.
Meanwhile, the Lehman Brothers California Municipal Bond Index returned
11.71%.
Q. WHAT HELPED THE FUND OUTPACE THE AVERAGE?
A. Throughout most of the year, I emphasized intermediate-term bonds. The
yield curve (a graphical representation of the yields bonds of various
maturities pay) steepened in the early part, and then again in the latter
part of the period. When the yield curve steepened, intermediate bonds
generally performed better than longer-term bonds. On balance, the fund's
holdings in intermediate bonds were a positive and helped its performance
relative to its competitors. The fund's holdings in non-callable bonds,
which can't be redeemed prior to maturity, also performed well during the
period.
Q. HOW DID YOU CHANGE THE WAY THE FUND IS DISTRIBUTED AMONG BONDS WITH
VARIOUS CREDIT RATINGS?
A. I upgraded the fund's overall credit quality. Credit ratings refer to a
formal evaluation of a municipal bond issuer's credit history and ability
to repay its debt obligations. I improved the fund's credit quality by
reducing its stake in bonds rated below investment-grade (below Baa, as
judged by Moody's Investors Service), and replaced them with
investment-grade bonds (rated Baa or higher). I did this because credit
spreads, which measure the difference in yields between bonds of various
credit ratings, had narrowed. By that I mean there was a smaller difference
in yield between lower- and higher-rated bonds. As spreads narrowed, the
low-rated bonds did well relative to higher-rated securities, which also
helped the fund's performance.
Q. WOULD THAT UPGRADING BE THE REASON WHY THE FUND'S STAKE IN HEALTH CARE
BONDS DECLINED OVER THE PAST SIX MONTHS?
A. That's part of the reason. I sold some of the fund's Baa-rated and
non-investment grade health care bonds in order to lock in the price
appreciation they had enjoyed. In doing so, I was able to reduce the fund's
exposure to lower-rated securities. In particular, I weeded out health care
bonds that I thought could be vulnerable in a more competitive, cost-driven
environment.
Q. ON THE OTHER HAND, THE FUND'S STAKE IN GENERAL OBLIGATION BONDS HAS
INCREASED DURING THE PAST SIX MONTH . . .
A. That's true. General obligation bonds (GOs) are backed by the full faith
and credit (which includes the taxing and further borrowing power) of the
issuing municipality or the state. GOs in general have benefited from
California's improving economy which has translated into higher tax
revenues. I concentrated on buying bonds issued by the state because that's
where the effects of an improving economy will first be apparent. State
revenues, including income taxes, tend to be more economically sensitive
than local revenues such as property taxes.
Q. WERE THERE ANY DISAPPOINTMENTS?
A. Housing bonds generally lagged the overall municipal market during the
period. These bonds were issued by housing authorities to finance
construction of housing and other projects. Because interest rates were
declining over the past year, investors were worried that the rate of
prepayments - or the rate at which these bonds are paid off prior to their
maturity - would increase. When bonds are prepayed, investors get their
principal returned, but typically are forced to reinvest the money in a
lower interest rate environment. However, I continued to maintain a stake
in high-yielding housing bonds that I believed were less susceptible to
high rates of prepayment.
Q. WHAT'S YOUR OUTLOOK?
A. Interest rates are relatively low right now. Given that falling interest
rates were the primary engine driving the bond markets' performance last
year, it may be difficult for municipals to match last year's gains this
year. So in my view, identifying the right securities within the right
sectors will be the key to outperforming the market in 1996.
FUND FACTS
GOAL: to provide high current
income exempt from
California state and federal
income taxes by investing
primarily in investment-grade
California municipal
securities
START DATE: November 27,
1989
SIZE: as of February 29,
1996, more than $409 million
MANAGER: Jonathan Short,
since March 1995; manager,
Fidelity California Insured
Municipal Income, Fidelity
California Municipal Income,
Spartan California
Intermediate Municipal
Income and Fidelity
Minnesota Municipal Income
funds, since March 1995;
Spartan Arizona Municipal
Income, as of October 1,
1995; joined Fidelity in 1990
(checkmark)
JONATHAN SHORT ON THE
CALIFORNIA ECONOMY:
"In hindsight, it appears that
the California economy hit a
turning point in 1995. Last
year, the state's economy
grew at a faster pace than the
nation as a whole, after
several years of lagging the
country. Job growth was
strong, driven by employment
gains in the entertainment,
technology and global trade
sectors. The state's
employment growth was
roughly three percent versus
a national average of below
two percent. The state's fiscal
situation has improved along
with the economy. For this
fiscal year so far, revenues are
coming in well ahead of
budget. For fiscal year 1996
which ends June 30, 1996, it is
estimated that revenues will
be about $1 billion ahead of
budget. In determining the
risks and rewards available in
the market, I use the Lehman
Brothers California Municipal
Bond Index as a proxy for the
overall market. I believe this
index is the best available
benchmark for managing the
fund."
DISTRIBUTIONS
The Board of Trustees of
Fidelity California Municipal
Trust: Spartan California
Municipal Income Fund voted
to pay on April 8, 1996, to
shareholders of record at the
opening of business on April
4, 1996, a distribution of $.002
derived from capital gains
realized from sales of portfolio
securities.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.
SPARTAN CALIFORNIA MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL HIGH YIELD PORTFOLIO)

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF FEBRUARY 29, 1996
% OF FUND'S % OF FUND'S INVESTMENT
INVESTMENTS S
IN THESE SECTORS
6 MONTHS AGO

General Obligation 21.6 5.1

Lease Revenue 12.8 15.1

Special Tax 11.7 22.0

Health Care 11.4 15.3

Water & Sewer 11.2 7.4

AVERAGE YEARS TO MATURITY AS OF FEBRUARY 29, 1996
6 MONTHS AGO

Years 16.8 17.4

AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME UNTIL PRINCIPAL
PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS, WEIGHTED BY DOLLAR
AMOUNT.
DURATION AS OF FEBRUARY 29, 1996
6 MONTHS AGO

Years 8.0 8.0

DURATION SHOWS HOW MUCH A BOND FUND'S PRICE FLUCTUATES WITH CHANGES IN
COMPARABLE INTEREST RATES. IF RATES RISE 1%, FOR EXAMPLE, A FUND WITH A
FIVE-YEAR DURATION IS LIKELY TO LOSE ABOUT 5% OF ITS VALUE. OTHER FACTORS
ALSO CAN INFLUENCE A BOND FUND'S PERFORMANCE AND SHARE PRICE. ACCORDINGLY,
A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THIS EXAMPLE.
QUALITY DIVERSIFICATION (MOODY'S RATINGS)
AS OF FEBRUARY 29, 1996 AS OF AUGUST 31, 1995
Aaa 41.2%
Aa, A 35.3%
Baa 18.0%
Caa 0.8%
Non-rated 2.5%
Short-term and other
investments 2.2%
Aaa 34.3%
Aa, A 33.6%
Baa 18.2%
Caa 0.8%
Non-rated 7.2%
Short-term and other
investments 5.9%
Row: 1, Col: 1, Value: 41.2
Row: 1, Col: 2, Value: 35.3
Row: 1, Col: 3, Value: 18.0
Row: 1, Col: 4, Value: 1.8
Row: 1, Col: 5, Value: 2.5
Row: 1, Col: 6, Value: 2.2
Row: 1, Col: 1, Value: 34.3
Row: 1, Col: 2, Value: 33.6
Row: 1, Col: 3, Value: 18.2
Row: 1, Col: 4, Value: 1.8
Row: 1, Col: 5, Value: 7.2
Row: 1, Col: 6, Value: 5.9
SHOWN AS A PERCENTAGE OF THE FUND'S INVESTMENTS. WHERE MOODY'S RATINGS ARE
NOT AVAILABLE, WE HAVE USED S&P RATINGS. UNRATED DEBT SECURITIES THAT ARE
EQUIVALENT TO BA AND BELOW ACCOUNT FOR 0.0% OF THE FUND'S INVESTMENTS AT
FEBRUARY 29, 1996, AND AUGUST 31, 1995.
SPARTAN CALIFORNIA MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL HIGH YIELD PORTFOLIO)

INVESTMENTS FEBRUARY 29, 1996
Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 97.8%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - 97.8%
Alameda County Ctfs. of Prtn. Rfdg.
(Santa Rita Jail Proj.) 5.375% 6/1/09
(MBIA Insured) Aaa $ 3,100,000 $ 3,177,500
Alameda Hsg. Auth. Multi-Family Hsg. Rev.
(Independence Apts.) Series A, 7.50% 2/20/31
(Coll. GNMA) - 1,770,000 1,825,313
Anaheim Pub. Fing. Auth. Tax Allocation Rev.
(Cap. Appreciation Redev. Proj.) 0% 12/1/06
(MBIA Insured) Aaa 5,000,000 2,918,750
Buena Park Commty. Redev. Agcy. Tax Allocation:
Rfdg. (Central Business Dist. Proj.)
7.10% 9/1/14 BBB+ 1,500,000 1,571,250
Series A:
5.75% 12/1/08 Baa1 2,355,000 2,360,888
6% 12/1/23 Baa1 1,950,000 1,884,188
California Dept. Wtr. Resources Wtr. Sys. Rev.
(Central Valley Proj.):
Series J-1, 7% 12/1/12 (e) Aa 1,000,000 1,175,000
Series J-2, 6.125% 12/1/13 Aa 1,000,000 1,036,250
California Edl. Facs. Auth. Rev.:
(Stanford Univ.) Series J, 6% 11/1/16 Aaa 1,955,000 2,035,644
(Univ. of San Francisco Proj.) 7.30% 10/1/00
(AMBAC Insured) Aaa 1,000,000 1,095,000
California Gen. Oblig.:
11% 9/1/96 A1 2,000,000 2,072,060
6.10% 2/1/02 A1 1,000,000 1,085,000
6.40% 9/1/07 A1 2,000,000 2,262,500
5.25% 10/1/14 A1 1,000,000 971,250
5.25% 10/1/17 A1 1,500,000 1,425,000
Unltd. Tax:
6% 9/1/03 A1 5,000,000 5,437,500
6.40% 2/1/05 A1 1,690,000 1,884,350
California Hsg. Fin. Agcy. Rev. (Home Mtg.):
Series A:
5.10% 8/1/04 (f) Aaa 2,000,000 1,977,500
0% 8/1/23 (c) Aa 3,650,000 447,125
Series C:
8.30% 8/1/19 (c) Aa 1,240,000 1,288,050
0% 8/1/21 (c) Aa 5,870,000 843,813
7.60% 8/1/30 (c) Aa 6,265,000 6,554,756
Series F-2, 7.25% 8/1/16 (c) Aa 4,365,000 4,588,706
California Health Facs. Fing. Auth. Rev.:
Rfdg. (Children's Hosp.)
6% 7/1/06 (MBIA Insured) Aaa 1,000,000 1,087,500
(Gould Med. Foundation) Series A,
7.30% 4/1/20 A 1,500,000 1,695,000
(Los Medanos Health Care Corp.) Series A,
7.25% 3/1/20 A 1,500,000 1,567,500
(San Francisco Children's Hosp.) Series A,
7.50% 10/1/20 (MBIA Insured) Aaa 2,450,000 2,744,000
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
California Pub. Cap. Impt. Fing. Auth. Rev.
(Pooled Proj.) Series B, 8.10% 3/1/18
(MBIA Insured) Aaa $ 1,855,000 $ 1,998,763
California Pub. Works Board Lease Rev.:
(Dept. Corrections State Prisons, Madera)
Series E, 5.50% 6/1/15 A 3,000,000 2,936,250
(Franchise Tax Board-Phase II) Series A,
6.25% 9/1/11 A 1,150,000 1,196,000
(University of California Projs.):
Series A:
6.50% 9/1/04 A 1,090,000 1,204,450
5.50% 6/1/14 A1 6,475,000 6,345,500
6.40% 12/1/16 (AMBAC Insured) Aaa 1,500,000 1,616,250
Series B, 6.40% 12/1/09 A1 1,000,000 1,108,750
5% 6/1/06 A1 3,000,000 3,018,750
California Rural Home Mtg. Fin. 4.45% 8/1/01
(MBIA Insured) Aaa 3,000,000 2,981,250
California Statewide Commty. Dev. Corp. Ctfs. of Prtn.
Rfdg. (Insured Hosp.)(Triad Healthcare)
6.25% 8/1/06 A 2,000,000 2,060,000
(Children's Hosp.) 6% 6/1/13
(MBIA Insured) Aaa 1,570,000 1,654,388
(Odd Fellows):
5.375% 10/1/13 A+ 2,500,000 2,353,125
5.50% 10/1/23 A+ 780,000 731,250
(St. Joseph Health Sys.) 5.50% 7/1/23 Aa 3,000,000 2,883,750
(Sister of Charity Leavenworth Sys.):
5% 12/1/14 Aa 1,315,000 1,204,869
5% 12/1/23 Aa 5,000,000 4,462,500
(Villaview Commty. Hosp., Inc.)
Series A, 7% 9/1/09 A 1,200,000 1,306,500
5.616% 7/1/13 (MBIA Insured) Aaa 4,000,000 3,995,000
Campbell Ctfs. of Prtn. Rfdg. (Civic Center Proj.)
6% 10/1/18 A 2,565,000 2,561,794
Carson Redev. Agcy. Redev. Tax Allocation:
(Proj. Area #1):
6.375% 10/1/12 Baa1 1,465,000 1,483,313
6.375% 10/1/16 Baa1 1,000,000 1,006,250
(Proj. Area #2):
5.875% 10/1/09 Baa 2,000,000 1,975,000
Castaic Lake Wtr. Agcy. Ctfs. of Prtn.
(Wtr. Sys. Impt. Proj.) Series A:
7% 8/1/11 (MBIA Insured) Aaa 1,500,000 1,764,375
7% 8/1/13 (MBIA Insured) Aaa 1,580,000 1,860,450
Central California Joint Pwrs. Health Fing. Auth.
Ctfs. of Prtn. (Commty. Hosp. of
Central California Proj.):
Rfdg. 5% 2/1/23 A 7,450,000 6,304,563
5.25% 2/1/13 A 2,000,000 1,825,000
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Central Valley Fing. Auth. Rev.
(Cogeneration Proj.) (Carson Ice Gen. Proj.):
6% 7/1/09 BBB- $ 3,050,000 $ 3,042,375
6.10% 7/1/13 BBB- 1,000,000 988,750
6.20% 7/1/20 BBB- 1,450,000 1,431,875
Clovis Unified School Dist.
Series B, 0% 8/1/03 (MBIA Insured) Aaa 3,485,000 2,465,638
Coalinga Ctfs. of Prtn. 7% 4/1/10 BBB+ 1,655,000 1,723,269
Contra Costa County Ctfs. of Prtn.
(Merrithew Mem. Hosp.) (Cap. Appreciation)
0% 11/1/14 A1 3,000,000 990,000
Contra Costa Trans. Auth. Sales Tax Rev. Series A:
6% 3/1/03 (FGIC Insured) Aaa 1,000,000 1,087,500
6% 3/1/05 (FGIC Insured) Aaa 2,030,000 2,220,313
Desert Hosp. Dist. Rev. Ctfs. of Prtn.
6.392% 7/28/20 (Cap. Guaranty Insured) Aaa 8,000,000 8,330,000
Duarte Ctfs of Prtn. (City of Hope Nat'l. Medical Ctr.)
6.25% 4/1/23 Baa1 2,000,000 1,937,500
East Bay Muni. Util. Dist. Wastewtr. Treatment Rfdg.:
(Sub. Lien):
5.75% 6/1/04 (MBIA Insured) Aaa 1,000,000 1,076,250
6% 6/1/12 (FGIC Insured) Aaa 1,000,000 1,038,750
6% 6/1/12 A1 1,500,000 1,556,250
6% 6/1/03 (FGIC Insured) Aaa 1,500,000 1,635,000
6% 6/1/04 (FGIC Insured) Aaa 1,460,000 1,596,875
Eastern Muni. Wtr. Dist. Wtr. & Swr. Rev. Ctfs. of Prtn.
6.75% 7/1/12, (FGIC Insured) Aaa 2,000,000 2,287,500
Elk Grove Unified School Dist. Spl. Tax Rfdg.
(Commty. Facs. Dist. #1) 6.50% 12/1/24,
(AMBAC Insured) Aaa 2,000,000 2,300,000
Fairfield-Suisun Swr. Dist. Swr. Rev. Rfdg. Series A:
0% 5/1/07 (MBIA Insured) Aaa 1,635,000 925,819
0% 5/1/08 (MBIA Insured) Aaa 2,085,000 1,107,656
0% 5/1/09 (MBIA Insured) Aaa 2,080,000 1,034,800
Folsom Pub. Fing. Auth. Local Agcy. Rev. Series A,
7.25% 10/1/10 BBB+ 1,285,000 1,355,675
Fontana Redev. Agcy. Tax Allocation Rfdg.
(Jurupa Hills):
Series 1992 A, 7.10% 10/1/23 BBB 2,000,000 2,082,500
Series A, 7% 10/1/14 BBB+ 1,900,000 1,992,625
Foothill/Eastern Trans. Toll Rd. Rev. Sr. Lien
Series A, 6% 1/1/16 BBB- 8,000,000 7,870,000
Inglewood Ctfs. of Prtn. (Civic Center Impt. Proj.)
7% 8/1/19 A 1,000,000 1,050,000
Irvine Ranch Wtr. Dist. Joint Pwr. Agcy. Local Pool Rev.
7.80% 2/15/08 A+ 1,560,000 1,641,900
7.875% 2/15/23 A+ 5,500,000 5,781,875
8.25% 8/15/23 A+ 16,365,000 17,592,375
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
King Ctfs. of Prtn. 7.50% 7/1/04 - $ 2,800,000 $ 3,024,000
Kings River Conservation Dist. Rev. Rfdg.
(Pine Flat Pwr.) Series D, 6.375% 1/1/12 Aa 2,000,000 2,110,000
Long Beach Hbr. Rev.:
6% 5/15/06 (MBIA Insured) Aaa 3,000,000 3,210,000
5.75% 5/15/07 (MBIA Insured) Aaa 4,845,000 5,063,025
5.50% 5/15/15 (MBIA Insured) (c) Aaa 3,710,000 3,617,250
Los Angeles Ctfs. of Prtn. (Health Facs. Construction
Loan) (Bay Harbor Hosp.) 7.30% 4/1/20 A 1,000,000 1,068,750
Los Angeles Dept. Wtr. & Pwr. Elec. Plant Rev.
Rfdg. 6.375% 2/1/20 Aa 1,000,000 1,056,250
Los Angeles County Ctfs. of Prtn.:
(Correctional Facs.) (Cap. Appreciation) 0% 9/1/11
(MBIA Insured) Aaa 6,400,000 2,672,000
(Disney Parking Proj.):
0% 9/1/11 Baa1 6,270,000 2,288,550
0% 3/1/12 Baa1 2,180,000 763,000
0% 3/1/13 Baa1 2,750,000 900,625
0% 9/1/18 Baa1 7,500,000 1,678,125
0% 3/1/19 Baa1 3,175,000 686,594
(Cap. Appreciation) 0% 9/1/10 Baa1 2,980,000 1,177,100
Los Angeles County Metropolitan Trans. Auth.
Sales Tax Rev. (Prop C) 2nd Series A:
5.90% 7/1/04 (AMBAC Insured) Aaa 2,135,000 2,313,806
5.90% 7/1/08 (AMBAC Insured) Aaa 1,370,000 1,474,463
Los Angeles Wastewtr. Sys. 6% 2/1/04
(FGIC Insured) Aaa 2,000,000 2,187,500
Madera County Ctfs. Partn. (Valley Children's
Hospital) 6.25% 3/15/05 (MBIA Insured) Aaa 500,000 551,875
Modesto Ctfs. of Prtn.:
(Commty. Ctr. Refing. Proj.) Series A,
5.60% 11/1/14 (AMBAC Insured) Aaa 1,370,000 1,400,825
(Golf Course Refing. Proj.) Series B,
5% 11/1/23 (AMBAC Insured) Aaa 1,585,000 1,470,088
Modesto Irrigation Dist. Ctfs. of Prtn. Rfdg. &
Cap. Impts. Series A, 0% 10/1/10
(MBIA Insured) Aaa 2,270,000 1,032,850
Northern California Pwr. Agcy. Pub. Pwr. Rev.:
Crossover Rfdg. (Geothermal Proj. #3) Series A,
5.50% 7/1/05 (AMBAC Insured) Aaa 2,250,000 2,379,375
Rfdg. (Geothermal Proj.) Series A, 5.80% 7/1/09
(AMBAC Insured) Aaa 5,675,000 6,107,719
Rfdg. (Geothermal Proj. #3-B) 5.50% 7/1/01
(AMBAC Insured) (f) Aaa 2,000,000 2,100,000
7.50% 7/1/23 (AMBAC Insured)
(Pre-refunded to 7/1/21 @ 100) (d) Aaa 1,170,000 1,477,125
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Oakland Port. Rev. Rfdg.:
(Cap. Appreciation) Series F, 0% 11/1/08
(MBIA Insured) Aaa $ 3,500,000 $ 1,811,250
Series F, 0% 11/1/06 (MBIA Insured) Aaa 1,250,000 737,500
Ontario Redev. Fing. Auth. Rev.
(Ctr. City Cimarron Proj.#1):
0% 8/1/08 (MBIA Insured) Aaa 3,255,000 1,708,875
0% 8/1/09 (MBIA Insured) Aaa 3,260,000 1,601,475
(Redev. Proj. #1)
6.95% 8/1/11 (MBIA Insured) Aaa 1,000,000 1,171,250
Orange County Dev. Agcy. Tax Allocation
(Santa Ana Heights Proj.) 6.125% 9/1/23 Caa 3,500,000 3,268,125
Orange County Local Trans. Auth. Sales Tax Rev.
First Series-Measure M, 6% 2/15/08
(AMBAC Insured) Aaa 1,250,000 1,354,688
Palm Desert Fing. Auth. Tax Allocation
6.3675% 4/1/22 (MBIA Insured) Aaa 5,500,000 5,768,125
Palm Springs Ctfs. of Prtn. (Muni. Golf Course
Expansion Proj.) 7.40% 11/1/18 BBB+ 1,500,000 1,588,125
Palomar Pomerado Health Sys. Rev.
0% 11/1/05 (MBIA Insured) Aaa 3,075,000 1,914,188
Pasadena Ctfs. of Prtn. Rfdg. (Old Pasadena
Pkg. Facs. Proj.) 6.25% 1/1/18 A1 1,605,000 1,711,331
Pleasanton Joint Pwrs. Fing. Auth. Reassessment
Series A:
5.80% 9/2/02 Baa 2,500,000 2,571,875
6% 9/2/05 Baa 1,625,000 1,696,094
6.15% 9/2/12 Baa 5,245,000 5,258,113
Rancho Mirage Joint Pwrs. Fing. Auth. Ctfs. of Prtn.
(Eisenhower Mem. Hosp.) 7% 3/1/22 A 1,000,000 1,068,750
Rancho Wtr. Dist. Fing. Auth. Rev. Rfdg.
5.875% 11/1/10, (FGIC Insured) Aaa 2,500,000 2,631,250
Riverside County Asset Leasing Corp. Leasehold
Rev. (Riverside County Hosp. Proj.) Series A:
5.75% 6/1/01 A 1,250,000 1,290,625
6.375% 6/1/09 A 3,000,000 3,157,500
6.50% 6/1/12 A 5,500,000 5,795,625
Riverside County Redev. Agcy. Tax Allocation
(Redev. Proj. #4) Series A:
7.50% 10/1/10 BBB 1,000,000 1,073,750
7.50% 10/1/26 BBB 2,500,000 2,659,375
Riverside County. Trans. Commission Sales Tax
Rev. Series A, 5.30% 6/1/02,
(AMBAC Insured) Aaa 1,000,000 1,045,000
Riverside Unified School Dist. Ctfs. of Prtn.
(Cap. Appreciation Land Acquisition Proj.)
Series B, 0% 9/1/26, (FSA Insured) (g) Aaa 1,835,000 1,628,563
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Sacramento Cogeneration Auth. Cogeneration
Proj. Rev.
(Proctor & Gamble Proj.):
5.40% 7/1/98 BBB- $ 1,000,000 $ 1,013,750
5.70% 7/1/00 BBB- 1,200,000 1,228,500
6.375% 7/1/10 BBB- 800,000 817,000
6.50% 7/1/06 BBB- 1,500,000 1,595,625
5.875% 7/1/15 BBB- 2,500,000 2,421,875
Sacramento Muni. Util. Dist. Elec. Rev.:
1.76% 11/15/08 (FGIC Insured) (h) Aaa 7,000,000 6,387,500
6.30% 8/15/18 (FGIC Insured) Aaa 3,500,000 3,692,500
San Bernardino County Ctfs. of Prtn.
(Cap. Facs. Proj.) Series B, 6.875% 8/1/24
(Escrowed to Maturity) (d) Baa1 2,500,000 3,071,875
(Med. Ctr. Fin.) 5.50% 8/1/22 Baa1 4,500,000 4,021,875
San Diego County Reg. Trans. Commision
5.25% 4/1/02 (FGIC Insured) Aaa 2,000,000 2,082,500
San Diego County Reg. Trans. Commission Sales
Tax Rev.
Second Series A:
6% 4/1/04 (FGIC Insured) Aaa 1,875,000 2,048,438
5% 4/1/07 (FGIC Insured) Aaa 1,500,000 1,511,250
San Diego County Wtr. Auth. Ctfs. of Prtn.
5.632% 4/25/07(FGIC Insured) Aaa 2,500,000 2,637,500
San Francisco City & County Arpts. 5.125% 5/1/07
(FGIC Insured) Aaa 2,000,000 2,002,500
San Francisco City & County Gen. Oblig.
7.20% 9/1/01 A1 625,000 667,188
San Francisco City & County Redev. Agcy.
7.75% 9/1/06 - 6,000,000 6,390,000
San Francisco City & County Redev. Fing. Auth.
Tax Allocation Rfdg. (Cap. Appreciation)
(Redev. Proj.) Series B, 0% 8/1/10
(MBIA Insured) Aaa 1,475,000 678,500
San Francisco City & County Swr. Rev.:
Rfdg. 5.90% 10/1/08 (AMBAC Insured) Aaa 2,000,000 2,122,500
Series B:
0% 10/1/06 (FGIC Insured) Aaa 3,690,000 2,172,488
0% 10/1/08 (FGIC Insured) Aaa 1,600,000 832,000
San Francisco Bldg. Auth. Lease Rev. (Dept. Gen.
Svcs. Lease) Series A 5% 10/1/08 A 1,320,000 1,295,250
San Joaquin County Ctfs. of Prtn.
(Gen. Hosp. Proj.) 6.25% 9/1/13 A 2,500,000 2,503,125
San Jose Redev. Agcy. Tax. Allocation
(Merged Area Redev. Proj.):
6% 8/1/07 (MBIA Insured) Aaa 1,000,000 1,093,750
6% 8/1/08 (MBIA Insured) Aaa 1,300,000 1,417,000
Santa Ana Commty Redev. Agcy. Tax Allocation
(Santa Ana Redev. Proj. Area) Series B,
6.50% 12/15/14 Aaa 880,000 963,600
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Santa Barbara Ctfs. of Prtn. (American Baptist
Hosp.) 7.40% 5/15/15 A $ 2,000,000 $ 2,150,000
Santa Clara County Fing. Auth. Lease Rev.
(VMC Replacement Proj.) Series A,
7.75% 11/15/08, (AMBAC Insured) Aaa 1,175,000 1,474,625
Santa Margarita/Dana Point Auth. Rev.
(Impt. Dists. 1-2-2A & 8) 7 1/4% 8/1/08
(MBIA Insured) Aaa 1,780,000 2,144,900
Selma Redev. Agcy. Tax Allocation
(Selma Redev. Proj.) 8.10% 8/1/13 - 825,000 845,518
Sequoia Hosp. Dist. Rev.:
5.375% 8/15/13 Baa1 2,780,000 2,422,075
5.375% 8/15/23 Baa1 3,680,000 3,059,000
South Orange County Pub. Fin. Auth.
(Spl. Tax Sr. Lien):
Series A, 7% 9/1/10 (MBIA Insured) Aaa 3,300,000 3,856,875
(Spl. Tax Foothill Area ) Series C, 8% 8/15/09
(FGIC Insured) Aaa 3,650,000 4,626,363
Southern California Metropolitan Wtr. Dist.
Gen. Oblig. Crossover Rfdg. Rev.
Series A2, 5% 3/1/02 Aaa 1,250,000 1,293,750
Southern California Metropolitan Wtr. Dist.
Southern Wtrwks. Rev.:
6% 7/1/05 (MBIA Insured) Aaa 3,000,000 3,288,750
5.75% 8/12/18 Aa 5,000,000 5,106,250
5% 7/1/20 Aa 2,000,000 1,842,500
Southern California Pub. Pwr. Auth. Pwr. Proj. Rev.:
Rfdg. (Palo Verde Proj.) Series A,5%
7/1/15 Aa 2,000,000 1,841,820
(Multiple Proj.) 6.75% 7/1/11 A 2,500,000 2,809,375
Sulphur Springs Unified School Dist.:
Series A, 0% 9/1/08 (MBIA Insured) Aaa 2,745,000 1,434,263
Unltd. Tax Series A, 0% 9/1/12
(MBIA Insured) Aaa 2,750,000 1,093,125
Upland Hosp. Ctfs. Prtn.
(San Antonio Commty. Hosp.):
5.25% 1/1/08 A 1,850,000 1,773,688
5.25% 1/1/13 A 3,000,000 2,737,500
Vista Unified School Dist. Ctfs. of Prtn.
0% 9/1/11, (MBIA Insured) Aaa 8,585,000 2,904,306
West Covina Ctfs. of Prtn. (Queen of the Valley Hosp.)
6 1/2% 8/15/24 A 1,100,000 1,126,125
TOTAL MUNICIPAL BONDS
(Cost $389,531,581) 403,813,797
MUNICIPAL NOTES (A) - 2.2.%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - 2.2%
California Hsg. Fin. Agcy. Rev. (Home Mtg.)
Series E, 3.5% 2/1/97 (c) VMIG 1 $ 1,000,000 $ 1,000,420
California Poll. Cont. Fing. Auth. Resource
Recovery Rev., VRDN:
(Burney Forest Prod. Proj.)
3.45%, LOC Nat'l. Westminster Bank (c) P-1 800,000 800,000
(Delano Proj.) Series 1991,
3.25%, LOC Algemene/ABN-AMRO
Bank (c) P-1 500,000 500,000
(Ultra Pwr. Rocklin Proj.) Series 1988 B,
3.30%, LOC Bank of America
Nat'l. Trust & Savings - 400,000 400,000
Irvine Ranch Wtr. Dist. Consolidated Series 1993
(Dist. #140, 240, 105, 250) 3.55%, LOC Bank of
America National Trust & Saving, VRDN VMIG 1 2,100,000 2,100,000
Los Angeles County TRAN
4.50% 7/1/96 MIG 1 4,200,000 4,214,952
TOTAL MUNICIPAL NOTES
(Cost $9,015,411) 9,015,372
TOTAL INVESTMENTS - 100%
(Cost $398,546,992) $ 412,829,169
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
12 Municipal Bond Contracts Mar. 1996 $ 1,416,375 $ 1,704
7 30-Year Treasury Bond Contracts Mar. 1996 $ 803,906 (40,533)
$ (38,829)
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 0.5%

SECURITY TYPE ABBREVIATIONS
TRAN - Tax and Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
(c) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals.
(d) Security collateralized by an amount sufficient to pay interest and
principal.
(e) A portion of the Security was pledged to cover margin requirements for
futures contracts. At the period end, the value of securities pledged
amounted to $266,725.
(f) Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
(g) Debt obligation initially issued in zero coupon form which converts to
a coupon form at a specified rate and date.
(h) Debt obligation initially issued at one coupon which converts to a
higher coupon at a specified date.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows (ratings are unaudited):
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 65.5% AAA, AA, A 76.7%
Baa 9.8% BBB 12.3%
Ba 0.0% BB 0.0%
B 0.0% B 0.0%
Caa 0.8% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 2.5%. FMR has
determined that unrated debt securities that are lower quality account for
0.0% of the total value of investment in securities.
The distribution of municipal securities by revenue source, as a percentage
of total value of investment in securities, is as follows:
General Obligation 21.6
Lease Revenue 12.8
Special Tax 11.7
Health Care 11.4
Water & Sewer 11.2
Others
(individually less than 10%) 31.3
TOTAL 100.0%
INCOME TAX INFORMATION
At February 29, 1996, the aggregate cost of investment securities for
income tax purposes was $398,727,342. Net unrealized appreciation
aggregated $14,101,827, of which $17,236,570 related to appreciated
investment securities and $3,134,743 related to depreciated investment
securities.
At February 29, 1996, the fund had a capital loss carryforward of
approximately $9,792,000 of which $2,477,000 will expire on February 28,
2003 and of which $7,315,000 will expire on February 29, 2004.
At February 29, 1996, the fund was required to defer $1,204,928 of losses
on futures contracts.
SPARTAN CALIFORNIA MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL HIGH YIELD PORTFOLIO)

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
FEBRUARY 29, 1996

ASSETS

Investment in securities, at value (cost $398,546,992) - $ 412,829,169
See accompanying schedule

Cash 11,035

Receivable for investments sold 1,300,614

Interest receivable 5,067,287

Redemption fees receivable 171

Receivable for daily variation on futures contracts 3,125

TOTAL ASSETS 419,211,401

LIABILITIES

Payable for investments purchased $ 4,872,948
Regular delivery

Delayed delivery 4,108,664

Payable for fund shares redeemed 409,550

Distributions payable 440,363

Accrued management fee 178,731

TOTAL LIABILITIES 10,010,256

NET ASSETS $ 409,201,145

Net Assets consist of:

Paid in capital $ 406,046,876

Undistributed net interest income 49,329

Accumulated undistributed net realized gain (loss) on (11,138,408)
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 14,243,348
investments

NET ASSETS, for 38,880,792 shares outstanding $ 409,201,145

NET ASSET VALUE, offering price and redemption price per $10.52
share ($409,201,145 (divided by) 38,880,792 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED FEBRUARY 29, 1996

INTEREST INCOME $ 24,418,790

EXPENSES

Management fee $ 2,198,577

Non-interested trustees' compensation 1,662

Total expenses before reductions 2,200,239

Expense reductions (49,404) 2,150,835

NET INTEREST INCOME 22,267,955

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities 1,060,687

Futures contracts (1,228,375) (167,688)

Change in net unrealized appreciation (depreciation) on:

Investment securities 18,859,284

Futures contracts 756,157 19,615,441

NET GAIN (LOSS) 19,447,753

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 41,715,708
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED YEAR ENDED
FEBRUARY 29, FEBRUARY 28,
1996 1995

INCREASE (DECREASE) IN NET ASSETS

Operations $ 22,267,955 $ 26,733,413
Net interest income

Net realized gain (loss) (167,688) (7,835,729)

Change in net unrealized appreciation (depreciation) 19,615,441 (31,637,782)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 41,715,708 (12,740,098)
FROM OPERATIONS

Distributions to shareholders (22,267,955) (26,733,413)
From net interest income

From net realized gain - (8,512,355)

TOTAL DISTRIBUTIONS (22,267,955) (35,245,768)

Share transactions 51,893,617 80,085,080
Net proceeds from sales of shares

Reinvestment of distributions 17,497,697 28,631,425

Cost of shares redeemed (75,426,818) (231,670,779)

Redemption fees 28,650 87,648

NET INCREASE (DECREASE) IN NET ASSETS RESULTING (6,006,854) (122,866,626)
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 13,440,899 (170,852,492)

NET ASSETS

Beginning of period 395,760,246 566,612,738

End of period (including undistributed net interest $ 409,201,145 $ 395,760,246
income of $49,329 and $0, respectively)

OTHER INFORMATION
Shares

Sold 5,015,350 8,049,380

Issued in reinvestment of distributions 1,696,585 2,869,048

Redeemed (7,327,672) (23,261,421)

Net increase (decrease) (615,737) (12,342,993)

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEAR ENDED YEARS ENDED TEN MONTHS YEAR ENDED
FEBRUARY 29, FEBRUARY 28, ENDED APRIL 30,
FEBRUARY
28,

1996 1995 1994C 1993 1992

SELECTED PER-SHARE
DATA

Net asset value, $ 10.020 $ 10.930 $ 11.330 $ 10.540 $ 10.240
beginning of period

Income from Investment .571 .603 .631 .543 .663
Operations
Net interest income

Net realized and .498 (.732) (.012) .858 .297
unrealized gain (loss)

Total from investment 1.069 (.129) .619 1.401 .960
operations

Less Distributions (.570) (.603) (.631) (.543) (.663)
From net interest
income

From net realized gain - (.180) (.330) (.070) -

In excess of net - - (.060) - -
realized gain

Total distributions (.570) (.783) (1.021) (.613) (.663)

Redemption fees added .001 .002 .002 .002 .003
to paid in capital

Net asset value, end of $ 10.520 $ 10.020 $ 10.930 $ 11.330 $ 10.540
period

TOTAL RETURNB 10.94% (.85)% 5.63% 13.76% 9.66%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 409,201 $ 395,760 $ 566,613 $ 573,871 $ 479,137
(000 omitted)

Ratio of expenses to .54% .55% .52%D .40%A .36%
average net assets D ,D D

Ratio of net investment 5.57% 6.04% 5.58% 6.07%A 6.36%
income to average net
assets

Portfolio turnover rate 38% 30% 54% 26%A 13%

</TABLE>

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
C EFFECTIVE MARCH 1, 1993, THE FUND ADOPTED STATEMENT OF POSITION 93-2,
"DETERMINATION, DISCLOSURE, AND FINANCIAL STATEMENT PRESENTATION OF INCOME,
CAPITAL GAIN, AND RETURN OF CAPITAL DISTRIBUTIONS BY INVESTMENT COMPANIES."
AS A RESULT, NET INTEREST INCOME PER SHARE MAY REFLECT CERTAIN
RECLASSIFICATIONS RELATED TO BOOK TO TAX DIFFERENCES.
D FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO THE FINANCIAL STATEMENTS).
SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL PORTFOLIO)

PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each figure
includes changes in a fund's share price, reinvestment of any dividends (or
income) and capital gains (the profits the fund earns when it sells bonds
that have grown in value), and the effect of the $5 account closeout fee.
You can also look at the fund's income to measure performance. If Fidelity
had not reimbursed certain fund expenses during the periods shown, the
total returns, dividends and yields would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED FEBRUARY 29, 1996 PAST 1 LIFE OF
YEAR FUND

Spartan California Intermediate Municipal
Income 10.57% 10.50%

Lehman Brothers California 1-17 Year
Municipal Bond Index 10.92% n/a

California Intermediate Municipal Debt
Funds Average 9.14% n/a

CUMULATIVE TOTAL RETURNS show the fund's performance over a set period - in
this case, one year or since the fund started on December 30, 1993. For
example, if you invested $1,000 in a fund that had a 5% return over the
past year, the value of your investment would be $1,050. You can compare
the fund's returns to the performance of the Lehman Brothers California
1-17 Year Municipal Bond Index, which includes California investment-grade
municipal bonds with maturities between one and 17 years. To measure how
the fund's performance stacks up against its peers, you can compare it to
the California intermediate municipal debt funds average, which reflects
the performance of 27 California intermediate municipal debt funds with
similar objectives tracked by Lipper Analytical Services over the past
year. Both benchmarks include reinvested dividends and capital gains, if
any.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED FEBRUARY 29, 1996 PAST 1 LIFE OF
YEAR FUND

Spartan California Intermediate Municipal
Income 10.57% 4.71%

Lehman Brothers California 1-17 Year
Municipal Bond Index 10.92% n/a

California Intermediate Municipal Debt
Funds Average 9.14% n/a

$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Spartan
California Intermediate Municipal Income Fund on December 31, 1993, shortly
after the fund started. As the chart shows, by February 29, 1996, the value
of your investment would have grown to $11,050 - a 10.50% increase on your
initial investment. This assumes you still own the fund on February 29,
1996 and therefore does not include the effect of the $5 account closeout
fee. For comparison, look at how the Lehman Brothers Municipal Bond Index,
which reflects the performance of the investment-grade municipal bond
market, did over the same period. With dividends reinvested, the same
$10,000 would have grown to $11,147 - a 11.47% increase.

1996 1995 1994

Dividend return 5.28% 5.05% 0.69%

Capital appreciation
return 5.29% -3.39% -2.41%

Total return 10.57% 1.66% -1.72%
DIVIDEND returns and capital appreciation returns are both part of a bond
fund's total return. A dividend return reflects the actual dividends paid
by the fund. A capital appreciation return reflects both the amount paid by
the fund to shareholders as capital gain distributions and changes in the
fund's share price. Both returns assume the dividends or gains are
reinvested. Capital appreciation and total returns include the effect of
the $5 account closeout fee.
DIVIDENDS AND YIELD

<TABLE>
<CAPTION>
<S> <C> <C> <C>
PERIODS ENDED FEBRUARY 29, 1996 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 3.68(cents) 23.68(cents) 47.68(cents)

Annualized dividend rate 4.62% 4.81% 4.91%

30-day annualized yield 4.36% - -

30-day annualized tax-equivalent yield 7.65% - -

</TABLE>

DIVIDENDS per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $10.02 over
the past month, $9.88 over the past six months, and $9.72 over the past
year, you can compare the fund's income over these three periods. The
30-day annualized YIELD is a standard formula for all funds based on the
yields of the bonds in the fund, averaged over the past 30 days. This
figure shows you the yield characteristics of the fund's investments at the
end of the period. It also helps you compare funds from different companies
on an equal basis. The tax-equivalent yield shows what you would have to
earn on a taxable investment to equal the fund's tax-free yield, if you're
in the 43.04% combined effective 1996 federal and state income tax bracket,
but does not reflect payment of the federal alternative minimum tax, if
applicable. If the advisor had not reimbursed certain portfolio expenses
during the period shown, the yield and tax-equivalent yield would have been
4.21% and 7.39%, respectively.
SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL PORTFOLIO)

FUND TALK: THE MANAGER'S OVERVIEW

FUND FACTS
GOAL: to provide high current
income exempt from
California state and federal
income taxes by investing
primarily in investment-grade
intermediate California
municipal securities
START DATE: December 30, 1993
SIZE: as of February 29,
1996, more than $71 million
MANAGER: Jonathan Short,
since March 1995; manager,
Fidelity California Municipal
Income, Spartan California
Municipal Income, Fidelity
California Insured Municipal
Income and Fidelity
Minnesota Municipal Income
funds, since March 1995;
Spartan Arizona Municipal
Income, as of October 1, 1995;
joined Fidelity in 1990
(checkmark)
JONATHAN SHORT ON THE
CALIFORNIA ECONOMY:
"In hindsight, it appears that
the California economy hit a
turning point in 1995. Last
year, the state's economy
grew at a faster pace than the
nation as a whole, after
several years of lagging the
country. Job growth was
strong, driven by employment
gains in the entertainment,
technology and global trade
sectors. The state's
employment growth was
roughly three percent versus
a national average of below
two percent. The state's fiscal
situation has improved along
with the economy. For this
fiscal year so far, revenues
are coming in well ahead of
budget. For fiscal year 1996
which ends June 30, 1996 it is
estimated that revenues will
be about $1 billion over
budget. In determining the
risks and rewards available in
the market, I use the Lehman
Brothers California 1-17 Year
Municipal Bond Index as a
proxy for the overall market. I
believe this is the best
available benchmark for
managing the fund."
DISTRIBUTIONS
The Board of Trustees of
Fidelity California Municipal
Trust: Spartan California
Intermediate Municipal
Income Fund voted to pay on
April 8, 1996, to shareholders
of record at the opening of
business on April 4, 1996, a
distribution of $.001 derived
from capital gains realized
from sales of portfolio
securities
SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL PORTFOLIO)

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF FEBRUARY 29, 1996
% OF FUND'S % OF FUND'S INVESTMENT
INVESTMENTS S
IN THESE SECTORS
6 MONTHS AGO

General Obligation 23.0 8.2

Water & Sewer 16.7 16.7

Special Tax 16.6 9.2

Escrowed/Pre-Refunded 9.9 10.8

Health Care 9.2 15.1

AVERAGE YEARS TO MATURITY AS OF FEBRUARY 29, 1996
6 MONTHS AGO

Years 8.1 7.8

AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME UNTIL PRINCIPAL
PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS, WEIGHTED BY DOLLAR
AMOUNT.
DURATION AS OF FEBRUARY 29, 1996
6 MONTHS AGO

Years 6.2 6.0

DURATION SHOWS HOW MUCH A BOND FUND'S PRICE FLUCTUATES WITH CHANGES IN
COMPARABLE INTEREST RATES. IF RATES RISE 1%, FOR EXAMPLE, A FUND WITH A
FIVE-YEAR DURATION IS LIKELY TO LOSE ABOUT 5% OF ITS VALUE. OTHER FACTORS
ALSO CAN INFLUENCE A BOND FUND'S PERFORMANCE AND SHARE PRICE. ACCORDINGLY,
A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THIS EXAMPLE.
QUALITY DIVERSIFICATION (MOODY'S RATINGS)
AS OF FEBRUARY 29, 1996 AS OF AUGUST 31, 1995
Aaa 50.0%
Aa, A 32.1%
Baa 9.0%
Ba, B 0.0%
Non-rated 0.0%
Short-term
investments 8.9%
Aaa 54.5%
Aa, A 29.3%
Baa 10.8%
Ba, B 0.0%
Non-rated 0.0%
Short-term
investments 5.4%
Row: 1, Col: 1, Value: 50.0
Row: 1, Col: 2, Value: 32.1
Row: 1, Col: 3, Value: 9.0
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 8.9
Row: 1, Col: 1, Value: 54.5
Row: 1, Col: 2, Value: 29.3
Row: 1, Col: 3, Value: 10.8
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 5.5
SHOWN AS A PERCENTAGE OF THE FUND'S INVESTMENTS. WHERE MOODY'S RATINGS ARE
NOT AVAILABLE, WE HAVE USED S&P RATINGS.
SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL PORTFOLIO)

INVESTMENTS FEBRUARY 29, 1996
Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 91.1%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - 90.6%
California Dept. Wtr. Resource Wtr. Sys. Rev.
(Central Valley Proj. Rev.):
Series I, 6.95% 12/1/25 Aaa $ 500,000 $ 560,000
Series J-2, 5.50% 12/1/01 Aa 500,000 530,000
California Gen. Oblig.:
6.40% 2/1/06 A1 575,000 644,719
6.40% 9/1/07 A1 1,000,000 1,131,250
5.75% 3/1/11 A1 1,250,000 1,287,500
California Health Facs. Fin. Auth. Rev. Rfdg.
(Children's Hosp.) 6% 7/1/06 (MBIA Insured) Aaa 500,000 543,750
California Pub. Wks. Board Lease Rev:
(California University Proj.) Series A:
6.10% 10/1/06 (e) A 1,210,000 1,320,413
5.50% 6/1/14 A1 1,000,000 980,000
(Dept. Correction, Madera State Prison)
Series E, 6% 6/1/07 A 590,000 631,300
7% 9/1/00 A 1,000,000 1,101,250
6.30% 10/1/10 A 1,000,000 1,073,750
California Statewide Commty. Dev. Auth. Corp.
Ctfs.of Prtn. (Insured Hosp.) (Triad Healthcare) :
Rfdg. 5.25% 8/1/97 A 250,000 250,000
5.90% 8/1/01 A 200,000 203,500
6.25% 8/1/06 A 1,000,000 1,030,000
California Trans. Commission
(San Francisco Bay Toll Bridge) Rev. Northern
Bridge Series A, 4.60% 12/1/05 Aa 1,160,000 1,138,250
Carson Redev. Agcy. Rfdg. (Redev. Proj. Area 2)
(Tax Allocation) 5.50% 10/1/02 Baa 100,000 100,125
Castaic Lake Wtr. Agcy. Ctfs. of Prtn. Rfdg.
(Wtr. Sys. Impt. Proj.) 7.25% 8/1/07
(MBIA Insured) Aaa 1,755,000 2,110,388
Chino Basin Reg. Fing. Auth. Rev. Rfdg.
(Muni. Wtr. Dist. Swr. Sys. Proj.):
7% 8/1/05 (AMBAC Insured) Aaa 1,185,000 1,389,413
7% 8/1/09 (AMBAC Insured) Aaa 350,000 413,438
Clovis Unified School Dist. Series B, 0% 8/1/02
(MBIA Insured) Aaa 300,000 223,875
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Contra Costa Trans. Auth. Sales Tax Rev.:
Series A, 6% 3/1/03 (FGIC Insured) Aaa $ 530,000 $ 576,375
6% 3/1/08 (FGIC Insured) Aaa 1,000,000 1,087,500
East Bay Muni. Util. Dist. Wtr. Sys. Rev. Rfdg.
6% 6/1/12 A1 1,000,000 1,037,500
East Bay Reg. Park Dist.:
Series C, 6.50% 9/1/01 (FGIC Insured) Aaa 500,000 552,500
6.10% 9/1/06 Aa 300,000 318,750
Elk Grove Unified School Dist. Spl. Tax Rfdg.
(Commty. Facs. Dist. #1) 6.50% 12/1/07,
(AMBAC Insured) Aaa 500,000 572,500
Escondido Joint Pwrs. Fing. Auth. Lease Rev.
(California Ctr. for the Arts) 0% 9/1/04
(AMBAC Insured) Aaa 570,000 375,488
Foothill/Eastern Trans. Corridor A (California Toll
Td. Rev.) Sr. Lien Series A, 0% 1/1/04 BBB- 1,000,000 628,750
Inglewood Hosp. Rev. (Daniel Freeman Hosp. Inc.)
6.50% 5/1/01 A 1,000,000 1,068,750
La Quinta Redev. Agcy. (Redev. Proj. Area #1):
7.30% 9/1/06 (MBIA Insured) Aaa 620,000 745,550
7.30% 9/1/11 (MBIA Insured) Aaa 555,000 670,856
Long Beach Hbr. Rev.:
5.75% 5/15/07 (MBIA Insured) Aaa 1,000,000 1,045,000
5.50% 5/15/11 (MBIA Insured) (c) Aaa 1,000,000 998,750
Los Angeles Convention & Exhibition Ctr. Auth.
Ctfs. of Prtn. Rfdg. Series A, 7.375% 8/15/18
(Pre-refunded to 8/15/99 @ 101.50) (d) Aaa 2,500,000 2,806,250
Los Angeles County Metropolitan Trans. Auth.
Sales Tax Rev.:
(Prop C) Series A, 5.90%
7/1/08 (AMBAC Insured) Aaa 500,000 538,125
Series A, 6.75% 7/1/11 Aaa 1,250,000 1,417,188
2nd Series A,
5.90% 7/1/02 (AMBAC Insured) Aaa 1,200,000 1,293,000
5.30% 7/1/05 (MBIA Insured) Aaa 2,000,000 2,080,000
Los Angeles Dept. of Wtr. & Pwr. Rev.
(Electric Plant) Second Issue 9% 10/15/01 Aa 110,000 135,438
Los Angeles Wastewtr. Sys. Rev. Rfdg. Series A,
9% 6/1/00 (MBIA Insured) Aaa 500,000 589,375
Madera Cnty. Ctfs. Partn. (Valley Children's
Hospital) 6.25% 3/15/05 (MBIA Insured) Aaa 480,000 529,800
Manhattan Beach Unified School Dist. 0%
9/1/09 (FGIC Insured) Aaa 975,000 470,438
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Northern California Pwr. Agcy. Pub. Pwr. Rev. Rfdg.
(Geothermal Proj. #3-B) 5.50% 7/1/01
(AMBAC Insured) (f) Aaa $ 500,000 $ 525,000
Oakland Port. Rev. Rfdg. Series F, 0%
11/1/05 (MBIA Insured) Aaa 300,000 187,500
Ontario Redev. Fing. Auth. 6.65% 8/1/07
(MBIA Insured) Aaa 500,000 575,000
Orange County Wtr. Dist. Ctfs. of Prtn. Series A,
5.50% 8/15/09 (AMBAC Insured) Aaa 1,000,000 1,021,250
Rancho California Wtr. Dist. Fing. Auth. Rev.
Rfdg.:
6.50% 11/1/00 (FGIC Insured) Aaa 1,315,000 1,436,638
6.50% 11/1/03 (FGIC Insured) Aaa 1,300,000 1,460,875
Riverside County Asset Leasing Corp. Leasehold
Rev. (Riverside County Hosp. Proj.)
Series A: 6.0% 6/1/03 A 2,000,000 2,092,500
Riverside County Trans. Commission Sales Tax Rev.
Series A, 6.625% 6/1/02 (AMBAC Insured)
(Pre-refunded to 6/1/01 @102) (d) Aaa 1,045,000 1,179,544
Rosemead Redev. Agcy. (Sub. Lien Tax Allocation
Proj. Area 1) 0% 10/1/98
(Escrowed to Maturity) (d) A- 1,120,000 1,015,000
Roseville Joint Unified High School Dist. Series B,
0% 8/1/00 (FGIC Insured) Aaa 1,060,000 877,150
Sacramento City Fing. Auth. (Gas Tax Rev.)
Series A, 6.75% 12/1/08 (AMBAC Insured) Aaa 1,475,000 1,714,688
Sacramento Cogeneration Auth. Cogeneration
Proj. Rev. (Proctor & Gamble Proj.):
5.80% 7/1/01 BBB- 1,400,000 1,438,500
7% 7/1/05 BBB- 1,500,000 1,653,750
San Diego County Reg. Trans. Commision
(Sales Tax Rev.) Second Series A:
6.25% 4/1/03 (FGIC Insured) Aaa 1,000,000 1,103,750
6% 4/1/04 (FGIC Insured) Aaa 500,000 546,250
San Francisco Bldg. Auth. Lease Rev. Dept.
Gen'l Svcs. Lease Series A, 5% 10/1/05 A 400,000 404,500
San Francisco City & County Gen. Oblig.
Series 95 A & B, 6.50% 6/15/03
(FGIC Insured) Aaa 680,000 760,750
San Francisco City & County Pub. Utils. Wtr. Rev.
Crossover Rfdg. Series A, 6.50% 11/1/09 Aa 1,000,000 1,110,000
San Francisco Port. Comm. Rev. Rfdg. 5.50%
7/1/04 A 1,000,000 1,030,000
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Santa Barbara Ctfs. of Prtn. Rfdg. 5.10%
3/1/03 A1 $ 1,000,000 $ 1,002,500
Santa Barbara Redev. Agcy. Tax Allocation
6% 3/1/05 (AMBAC Insured) Aaa 500,000 544,375
Santa Margarita/Dana Pnt. Auth. Rev. (Impt.
Dists 1-2-2a & 8) Series A, 7.25% 8/1/06
(MBIA Insured) Aaa 1,500,000 1,796,250
Sequoia Hosp. Dist. Rev.:
Rfdg. 5% 8/15/03 Baa1 1,285,000 1,225,562
4.90% 8/15/02 Baa1 1,225,000 1,169,875
Southern California Metropolitan Wtr. Dist.
Crossover Rfdg. 5% 3/1/02 Aaa 500,000 517,500
Southern California Pub. Pwr. Auth. Pwr. Proj. Rev.
Series 11, 0% 7/1/15,
(Pre-Prefunded to 7/1/00 @ 101) (d) Aaa 300,000 251,625
University of California Rev. Rfdg. (Multiple Purp.
Projs.) Series C, 9% 9/1/02 (AMBAC Insured) Aaa 100,000 125,000
Walnut Creek Ctfs. of Prtn. Rfdg. (John Muir
Med. Ctr.) 4.95% 2/15/05 (MBIA Insured) Aaa 300,000 303,000
West Covina Ctfs. of Prtn. (Queen of the Valley Hosp.):
5.90% 8/15/02 A 875,000 912,188
6.00% 8/15/03 A 925,000 970,094
6.125% 8/15/04 A 980,000 1,033,900
66,185,318
GUAM - 0.5%
Guam Pwr. Auth. Rev. 5.10% 10/1/03 BBB 350,000 343,438
TOTAL MUNICIPAL BONDS
(Cost $64,543,494) 66,528,756
MUNICIPAL NOTES (A) - 8.9%
CALIFORNIA - 8.9%
California Poll. Cont. Fing. Auth. Resource
Recovery Rev., VRDN (c):
(Malaga Proj.):
Series A, 3.30%, LOC Bank of America - 500,000 500,000
Series B, 3.30%, LOC Bank America - 600,000 600,000
(Ultra Pwr. Rocklin Proj.):
Series 1988 A, 3.30%,
LOC Bank of America - 900,000 900,000
Series 1988 B, 3.30%,
LOC Bank of America - 1,500,000 1,500,000
MUNICIPAL NOTES - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (B) AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Irvine Impt. Bond (Dist. #89-10
Orange County) 3.15%,
LOC National Westminster Bank PLC VRDN VMIG 1 $ 500,000 $ 500,000
Irvine Ranch Wtr. Dist. Consolidated Series 1993
(Dist. #140, 240, 105, 250) 3.55%,
LOC Bank of America National Trust &
Saving VRDN VMIG 1 700,000 700,000
Irvine Ranch Wtr. Dist. Gen. Oblig.
(Impt. Dist. #105, 140, 240 & 250) 3.20%,
LOC Commerzbank AG, VRDN VMIG 1 400,000 400,000
Orange County Sanitation Dist. Cap. Impt. Prog.
1990-1992 Series A, (Dist. 1,2,3,5,6, 7,11,13,14)
3.20%, LOC Nat'l. Westminster Bank, VRDN VMIG 1 1,200,000 1,200,000
Orange County Various Sanitation Dist. Ctfs. of Prtn.
(Cap. Impt. Prog.) (Dist. 1-7 & 11) 3.35%,
(FGIC Insured), VRDN VMIG 1 200,000 200,000
TOTAL MUNICIPAL NOTES
(Cost $6,500,000) 6,500,000
TOTAL INVESTMENTS - 100%
(Cost $71,043,494) $ 73,028,756
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
10 Municipal Bond Contracts Mar. 1996 $1,180,313 $ 1,472
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 1.6%

SECURITY TYPE ABBREVIATIONS
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
(c) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals.
(d) Security collateralized by an amount sufficient to pay interest and
principal.
(e) A portion of the Security was pledged to cover margin requirements for
futures contracts. At the period end, the value of securities pledged
amounted to $1,091,250.
(f) Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows (ratings are unaudited):
MOODY'S RATINGS S&P RATING
Aaa, Aa, A 77.2% AAA, AA, A 80.7%
Baa 3.4% BBB 10.4%
Ba 0.0% BB 0.0%
B 0.0% B 0.0%
Caa 0.6% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 0.0%.
The distribution of municipal securities by revenue source, as a percentage
of total value of investment in securities, is as follows:
General Obligation 23.0
Water & Sewer 16.7
Special Tax 16.6
Others
(individually less than 10%) 43.7
TOTAL 100.0%
INCOME TAX INFORMATION
At February 29, 1996, the aggregate cost of investment securities for
income tax purposes was $71,043,494. Net unrealized appreciation aggregated
$1,985,262, of which $2,151,503 related to appreciated investment
securities and $166,241 related to depreciated investment securities.
At February 29, 1996, the fund had a capital loss carryforward of
approximately $582,000 which will expire on February 28, 2003.
SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CALIFORNIA INTERMEDIATE MUNICIPAL PORTFOLIO)

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
FEBRUARY 29, 1996

ASSETS

Investment in securities, at value (cost $71,043,494) - $ 73,028,756
See accompanying schedule

Interest receivable 849,487

Receivable for daily variation on futures contracts 1,875

TOTAL ASSETS 73,880,118

LIABILITIES

Payable to custodian bank $ 2,594

Payable for investments purchased 1,460,831
Regular delivery

Delayed delivery 526,680

Distributions payable 58,113

Accrued management fee 21,545

TOTAL LIABILITIES 2,069,763

NET ASSETS $ 71,810,355

Net Assets consist of:

Paid in capital $ 70,401,855

Undistributed net interest income 5,727

Accumulated undistributed net realized gain (loss) on (583,961)
investments

Net unrealized appreciation (depreciation) on 1,986,734
investments

NET ASSETS, for 7,230,361 shares outstanding $ 71,810,355

NET ASSET VALUE, offering price and redemption price per $9.93
share ($71,810,355 (divided by) 7,230,361 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED FEBRUARY 29, 1996

INTEREST INCOME $ 2,868,132

EXPENSES

Management fee $ 304,877

Non-interested trustees' compensation 208

Total expenses before reductions 305,085

Expense reductions (169,890) 135,195

NET INTEREST INCOME 2,732,937

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities 337,213

Futures contracts 141,808 479,021

Change in net unrealized appreciation (depreciation) on:

Investment securities 2,232,746

Futures contracts 1,472 2,234,218

NET GAIN (LOSS) 2,713,239

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 5,446,176
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED YEAR ENDED
FEBRUARY 29, FEBRUARY 28,
1996 1995

INCREASE (DECREASE) IN NET ASSETS

Operations $ 2,732,937 $ 1,842,201
Net interest income

Net realized gain (loss) 479,021 (1,056,995)

Change in net unrealized appreciation (depreciation) 2,234,218 152,087

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 5,446,176 937,293
FROM OPERATIONS

Distributions to shareholders from net interest income (2,732,937) (1,842,201)

Share transactions 48,603,881 53,135,545
Net proceeds from sales of shares

Reinvestment of distributions from net interest income 2,118,660 1,537,975

Cost of shares redeemed (27,396,571) (30,710,334)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 23,325,970 23,963,186
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 26,039,209 23,058,278

NET ASSETS

Beginning of period 45,771,146 22,712,868

End of period (including undistributed net interest $ 71,810,355 $ 45,771,146
income of $5,727 and $0, respectively)

OTHER INFORMATION
Shares

Sold 4,982,957 5,689,086

Issued in reinvestment of distributions 217,196 164,937

Redeemed (2,822,894) (3,327,012)

Net increase (decrease) 2,377,259 2,527,011

</TABLE>

FINANCIAL HIGHLIGHTS
YEAR ENDED YEAR ENDED DECEMBER 30,
FEBRUARY 29, FEBRUARY 28, 1993
(COMMENCEMENT
OF OPERATIONS) TO
FEBRUARY 28,

1996 1995 1994

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 9.430 $ 9.760 $ 10.000

Income from Investment Operations .478 .477 .070
Net interest income

Net realized and unrealized gain .499 (.330) (.240)
(loss)

Total from investment operations .977 .147 (.170)

Less Distributions (.477) (.477) (.070)
From net interest income

Net asset value, end of period $ 9.930 $ 9.430 $ 9.760

TOTAL RETURNB 10.58% 1.67% (1.71)%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 71,810 $ 45,771 $ 22,713

Ratio of expenses to average net .24%C .05% .00%C
assets C

Ratio of net interest income to average 4.93% 5.16% 4.66%A
net assets

Portfolio turnover rate 35% 55% 0%

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET PORTFOLIO)

PERFORMANCE: THE BOTTOM LINE

To measure a money market fund's performance, you can look at either total
return or yield. Total return reflects the change in a fund's share price
over a given period, reinvestment of its dividends (or income), and the
effect of the fund's $5 account closeout fee. Yield measures the income
paid by a fund. Since a money market fund tries to maintain a $1 share
price, yield is an important measure of performance. If Fidelity had not
reimbursed certain fund expenses during the periods shown, the total
returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED FEBRUARY 29, 1996 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan California Municipal Money Market 3.60% 17.31% 25.96%

California Tax-Free
Money Market Funds Average 3.25% 14.85% 22.29%

CUMULATIVE TOTAL RETURNS show the fund's performance over a set period - in
this case, one year, five years or since the fund started on November 27,
1989. For example, if you invested $1,000 in a fund that had a 5% return
over the past year, the value of your investment would be $1,050. To
measure how the fund's performance stacked up against its peers, you can
compare it to the California tax-free money market funds average, which
reflects the performance of 43 California tax-free money market funds with
similar objectives tracked by IBC/Donoghue over the past year. (The
periods covered by the IBC/Donoghue numbers are the closest match to those
covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED FEBRUARY 29, 1996 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan California Municipal Money Market 3.60% 3.24% 3.75%

California Tax-Free
Money Market Funds Average 3.25% 2.80% 3.27%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
YIELDS
2/27/95 5/29/95 8/28/95 11/27/95 2/26/96

Spartan California 3.90% 3.88% 3.47% 3.52% 3.06%
Municipal Money Market

If Fidelity had not reimburs 3.70% 3.68% 3.29% 3.34% 2.91%
ed
certain fund expenses

California Tax-Free Money 3.45% 3.50% 3.11% 3.22% 2.76%
Market Funds Average

Spartan California 6.85% 6.81% 6.09% 6.18% 5.37%
Municipal Money Market -
Tax-equivalent

If Fidelity had not reimburs 6.50% 6.46% 5.78% 5.86% 5.11%
ed
certain fund expenses

YIELD refers to the income paid by the fund over a given period. Yields for
money market funds are usually for seven-day periods, expressed as annual
percentage rates. A yield that assumes income earned is reinvested or
compounded is called an effective yield. The chart above shows the fund's
current seven-day yield at quarterly intervals over the past year. If the
advisor had not reimbursed certain fund expenses during the periods shown,
the yields would have been lower. You can compare these yields to the
California tax-free money market funds average. Or you can look at the
fund's tax-equivalent yield, which is based on a combined effective 1996
federal and state income tax rate of 43.04%. Figures for the California
tax-free money market funds average are from IBC/Donoghue. A portion of the
funds income may be subject to the alternative minimum tax.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT PAST
RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.

COMPARING
PERFORMANCE
Yields on tax-free investments
are usually lower than yields
on taxable investments.
However, a straight
comparison between the two
may be misleading because it
ignores the way taxes reduce
taxable returns. Tax-equivalent
yield - the yield you'd have to
earn on a similar taxable
investment to match the
tax-free yield - makes the
comparison more meaningful.
Keep in mind that the U.S.
government neither insures nor
guarantees a money market
fund. In fact, there is no
assurance that a money fund
will maintain a $1 share price.
(checkmark)
SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET PORTFOLIO)

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Deborah Watson, Portfolio Manager of Spartan California
Municipal Money Market Fund
Q. DEBORAH, WHAT KIND OF INVESTMENT CLIMATE HAVE YOU BEEN OPERATING IN FOR
THE PAST YEAR?
A. As late as February 1995, just before the period began, the Federal
Reserve was still in a restrictive mode, raising interest rates to slow
down the pace of economic growth and prevent an outbreak of inflation.
Early in the period, however, it became clear that growth had slowed
dramatically, and further rate increases would be unnecessary. With the
announcement that the economy had expanded at an annual rate of only 2.7%
during the first quarter of 1995, down from more than 5% during the fourth
quarter of 1994, speculation centered on when the Fed would reverse
direction and begin cutting rates. The first one-quarter percentage point
reduction in the rate banks charge each other for overnight loans - known
as the federal funds rate - came in July. Two more quarter-point rate cuts
followed in December and January. Lately, signals have been mixed, with
auto sales surprisingly strong, for example, and housing prices and
consumer spending rather weak. However, after the fourth-quarter growth
rate came in below expectations at less than 1%, most market participants
assumed the Fed would probably continue lowering rates on into the summer
of 1996.
Q. HOW DID YOU POSITION THE FUND TO TAKE ADVANTAGE OF DECLINING RATES?
A. When the period began, the fund's average maturity was a cautious 24
days. That was appropriate as long as interest rates were edging higher and
the supply of new issues was at a seasonal low. Later, as supplies entered
the market and rates began to fall, I extended the fund's average maturity,
reaching 69 days at the end of July. In lengthening the fund, I relied less
on variable rate demand notes, or VRDNs, and more on fixed-rate securities.
During the period, VRDNs as a percentage of the fund's total assets
declined from a high of around 70% to about 60%. Basically, the fund's
average maturity stayed between 60 and 70 days for most of the rest of the
period. The fund ended the period with an average maturity of 49 days.
That's toward the aggressive side of neutral and reflects my view that the
Fed may lower rates again in the near future.
Q. HOW DID THE FUND PERFORM?
A. Better than most of its peers. The fund's seven-day yield on February
29, 1996 was 3.05%, compared to 3.90% on February 28, 1995. The latest
yield was the equivalent of a 5.35% taxable yield for California investors
in the 43.04% combined state and federal income-tax bracket. The fund's
total return for the full one-year period was 3.60%, compared to 3.25% for
the California Tax-Free Money Market Funds Average, according to
IBC/Donoghue.
Q. WHAT'S THE OUTLOOK?
A. As we head toward the summer months and the start of California's annual
borrowing season, I'll probably let the fund's average maturity roll back
down. On the other hand, I believe the Fed has at least one more rate cut
in store for us, so I probably won't let the fund get as short as it did
last summer. Any such rate cuts are likely to be both modest and gradual.
As for the California economy, conditions have improved slightly since this
time a year ago. Some, though not all industries are doing better, and the
state's cash position - a measure of its ability to meet its debt
obligations - is healthier than it was during the depths of the California
recession.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: to provide high current
tax-free income for California
residents while maintaining a
stable $1 share price
START DATE: November 27,
1989
SIZE: as of February 29,1996,
more than $1 billion
MANAGER: Deborah Watson,
since November 1989;
manager, Fidelity California
Municipal Money Market Fund,
since 1988; Spartan
Pennsylvania Municipal Money
Market Fund, since 1989;
joined Fidelity in 1982
(checkmark)

WORDS TO KNOW
COMMERCIAL PAPER: A security
issued by a municipality to
finance capital or operating
needs.
FEDERAL FUNDS RATE: The interest
rate banks charge each other
for overnight loans.
MATURITY: The time remaining
before an issuer is scheduled
to repay the principal amount
on a debt security. When the
fund's average maturity -
weighted by dollar amount -
is short, the fund manager is
anticipating a rise in interest
rates. When the average
maturity is long, the manager
is expecting rates to fall.
When the average maturity is
neutral, the manager wants
the flexibility to respond to
rising rates, while still
capturing a portion of the
higher yields available from
issues with longer maturities.
MUNICIPAL NOTE: A security
issued in advance of future
tax or other revenues and
payable from those specific
sources.
TENDER BOND: A variable-rate,
long-term security that gives
the bond holder the option to
redeem the bond at face
value before maturity.
VARIABLE RATE DEMAND NOTE
(VRDN): A tender bond that
can be redeemed on short
notice, typically one or seven
days. VRDNs are useful in
managing the fund's average
maturity and liquidity.
SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET PORTFOLIO)

INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
2/29/96 8/31/95 2/28/95

0 - 30 69 76 80

31 - 90 7 6 10

91 - 180 17 1 10

181 - 397 7 17 0

WEIGHTED AVERAGE MATURITY
2/29/96 8/31/95 2/28/95

Spartan California Municipal
Money Market 49 days 65 days 24 days

California Tax-free
Money Market Funds 42 days 52 days 33 days
Average*

ASSET ALLOCATION
AS OF FEBRUARY 29, 1996 AS OF AUGUST 31, 1995

Row: 1, Col: 1, Value: 60.0
Row: 1, Col: 2, Value: 12.0
Row: 1, Col: 3, Value: 3.0
Row: 1, Col: 4, Value: 22.0
Row: 1, Col: 5, Value: 3.0
Row: 1, Col: 1, Value: 66.0
Row: 1, Col: 2, Value: 12.0
Row: 1, Col: 3, Value: 4.0
Row: 1, Col: 4, Value: 18.0
Row: 1, Col: 5, Value: 2.0
Variable rate
demand notes
(VRDNs) 60%
Commercial
paper 12%
Tender bonds 3%
Municipal
notes 22%
Other 3%
Variable rate
demand notes
(VRDNs) 66%
Commercial
paper 12%
Tender bonds 3%
Municipal
notes 18%
Other 1%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET PORTFOLIO)

INVESTMENTS FEBRUARY 29, 1996
Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CALIFORNIA - 99.3%
Alameda County TRAN 4.75% 7/25/96,
LOC Union Bank of Switzerland $ 10,000,000 $ 10,028,719
Anaheim Hsg. Auth. Multi-Family Hsg. Rev., VRDN (b):
(Bel Age Apts. Proj.) 3.15% 5,200,000 5,200,000
(Parka Vista Apts) 3.30%, LOC Citibank 8,500,000 8,500,000
(Sage Park Proj.) Series A, 3.25%,
LOC Bank of America 3,900,000 3,900,000
Big Bear Lake Ind. Dev. Board (Southwest Gas Corp. Proj.) Series
1993 A, 3.05%, LOC Union Bank of Switzerland, VRDN (b) 8,100,000
8,100,000
California Ed. Facs. Auth. Rev. (Stanford Univ.)
Series L-3, 2.75%, VRDN 3,000,000 3,000,000
California Gen. Oblig. Bonds:
Series CR-26I, 3.35%, tender 3/15/96
(Liquidity Facility Citibank) (AMBAC Insured) (c) 7,925,000 7,925,000
4% 10/1/96 4,000,000 4,003,330
4.40% 10/1/96 12,500,000 12,535,374
California Gen. Oblig. Participating VRDN, 3.40%
(Liquidity Facility Citibank) (c) (d) 14,000,000 14,000,000
California Gen. Oblig. RAN Series C,
5.75% 4/25/96 (FGIC Insured) 24,015,000 24,094,231
California Health Facs. Fin. Auth. Rev. Bonds
(Sisters of Providence) Series 1996, 4% 10/1/96 1,000,000 1,003,706
California Health Facs. Fin. Auth. Rev., VRDN:
(Catholic Healthcare West):
Series 1995 B, 3% (MBIA Insured)
(Liquidity Facility Rabobank) 4,600,000 4,600,000
Series 1995 C, 3% (MBIA Insured)
(Liquidity Facility Rabobank) 6,000,000 6,000,000
(Pooled Loan Prog.) Series 1985 B, 3% (FGIC Insured) 2,625,000
2,625,000
California Health Facs. Fing. Hosp. Rev. (Huntington Mem. Hosp.)
Series 1985, 3%, LOC Morgan Guaranty Trust Co., VRDN 1,415,000 1,415,000
California Hsg. Fin. Agcy. Home. Mtg. Rev. Bonds
Series 1995 E, 3.50% tender 2/1/97 (FGIC Insured)(b) 12,800,000
12,800,000
California Hsg. Fin. Agcy. Participating VRDN (c):
Series 1994-1, 3.48% (Liquidity Facility State Street Bank) (b)
15,493,614 15,493,614
Series PA-58, 3.20% (Liquidity Facility Merrill Lynch) 6,580,000
6,580,000
Series PA-90, 3.35% (Liquidity Facility Merrill Lynch) (b) 6,470,000
6,470,000
Series PT-14, 3.20%
(Liquidity Facility Commerzbank) 10,210,000 10,210,000
Series PT-40A, 3.35% (Liquidity Facility Commerzbank) (b) 1,300,000
1,300,000
Series PT-40B, 3.35% (Liquidity Facility Bayerische Hypo) (b) 14,610,000
14,610,000
Series PT-40C, 3.50%
(Liquidity Facility Banque Nationale de Paris) (d) 3,790,000 3,790,000
Series PT-40D, 3.35%
(Liquidity Facility Banque Nationale De Paris) (b) 13,795,000
13,795,000
Series PT-56, 3.35% (Liquidity Facility Credit Suisse) 2,000,000
2,000,000
Series PT-68, 3.35% (MBIA Insured)
(Liquidity Facility Credit Suisse) (b) 4,000,000 4,000,000
California Hsg. Fin. Agcy. Tender Option Bonds
Series CR-156, 3.47% (Liquidity Facility Citibank) (b) (c) 7,470,000
7,470,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
California Poll. Cont. Fing. Auth. Resource Recovery Rev., VRDN (b):
(Burney Forest Prod. Proj.) 3.45%,
LOC Nat'l. Westminster Bank $ 2,300,000 $ 2,300,000
(Delano Proj.):
Series 1990, 3.25%, LOC Algemene Bank 1,000,000 1,000,000
Series 1991, 3.25%, LOC Amro Holdings 3,600,000 3,600,000
(OMS Equity of Stanislaus) Series 1987, 3.45%,
LOC Swiss Bank Corp. 5,400,000 5,400,000
California Poll. Cont. & Fing. Auth. Rev. Bonds:
Rfdg. (Pacific Gas & Elec. Co.) Series 1988 F, 3.15%,
tender 3/14/96, LOC Banque Nationale de Paris 2,000,000 2,000,000
(Pacific Gas & Elec. Co.):
Series 1988 A (b):
3.70%, tender 3/8/96, LOC Swiss Bank Corp. 3,000,000 3,000,000
3.60%, tender 3/12/96, LOC Swiss Bank Corp 8,775,000 8,775,000
3.30%, tender 3/13/96, LOC Swiss Bank Corp 5,100,000 5,100,000
3.30%, tender 3/14/96, LOC Swiss Bank Corp 5,000,000 5,000,000
3.35%, tender 3/14/96, LOC Swiss Bank Corp 6,000,000 6,000,000
3.35%, tender 3/15/96, LOC Swiss Bank Corp 6,000,000 6,000,000
3.50%, tender 3/19/96, LOC Swiss Bank Corp 9,300,000 9,300,000
3.65%, tender 3/26/96, LOC Swiss Bank Corp 1,500,000 1,500,000
3.40%, tender 5/14/96, LOC Swiss Bank Corp 10,500,000 10,500,000
Series 1988 C:
3.50%, tender 3/11/96, LOC Credit Suisse 8,630,000 8,630,000
3.50%, tender 3/12/96, LOC Credit Suisse 10,000,000 10,000,000
3.25%, tender 8/8/96, LOC Credit Suisse 1,000,000 1,000,000
(Southern California Edison Co. 1st Mtg. Rev.)
Series 1985 C, 3.15%, tender 5/23/96 7,400,000 7,400,000
California Poll. Cont. Fing. Auth. Rev., VRDN:
(Contra Costa Waste Service Proj.) Series 1995 A,
3.15%, LOC Bank of America 4,725,000 4,725,000
(Southern California Edison Co.) Series 1986 A, 3.50% 3,200,000
3,200,000
California Poll. Cont. Fing. Auth. Solid Waste Disp. Rev., VRDN (b):
(Athens Disp. Co. Inc. Proj.) Series 1995, 3.20%,
LOC Wells Fargo Bank of San Francisco 8,000,000 8,000,000
(Colmac Energy Proj.) Series B, 3.05%,
LOC Swiss Bank 2,600,000 2,600,000
(Sanifill Inc. Proj.) Series 1995 A, 3.20% 3,000,000 3,000,000
California Pub. Works Board Lease Rev. Bond (Dept. Corrections
Amador State Prison) Series1986 A, 7.375% 11/1/96 1,000,000 1,045,965
California School Cash Reserve Prog. Auth. TRAN
Series 1995 A, 4.75% 7/3/96,
LOC Industrial Bank of Japan 9,500,000 9,531,003
California Statewide Commty. Dev. Auth. Apt. Dev. Rev. Rfdg., VRDN:
Series 1995 A-1, 3% (FNMA Guaranteed) 1,400,000 1,400,000
Series 1995 A-2, 3% (Liquidity Facility FNMA) 2,000,000 2,000,000
Series 1995 A-4, 3%, LOC FNMA 1,500,000 1,500,000
Series 1995 A-5, 3% (FNMA Guaranteed) 6,000,000 6,000,000
Series 1995 A-6, 3% (FNMA Guaranteed) 4,800,000 4,800,000
Series 1995 A-7, 3.15% (FNMA Guaranteed) (b) 8,000,000 8,000,000
California Statewide Commty. Dev. Auth. Ctfs. of Prtn.
(Kaiser Foundation Hosp.) Series 1995, 2.90%, VRDN 13,900,000 13,900,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
California Statewide Commty. Dev. Corp. Rev., VRDN:
(AHNN Proj.) 3.15%, LOC California State
Teachers' Retirement Sys. (b) $ 375,000 $ 375,000
(American River Packaging) 3.15%,
LOC California State Teachers' Retirement Sys. (b) 1,785,000 1,785,000
(American Zettler, Inc. Proj.) Series 1989, 3.40%,
LOC California State Teachers' Retirement Sys. (b) 2,205,000 2,205,000
(Bro-Co Gen. Proj.) Series 1990, 3.15%,
LOC California State Teachers' Retirement Sys. (b) 4,120,000 4,120,000
(Carvin Corp.) 3.15%,
LOC California State Teachers' Retirement Sys. (b) 1,400,000 1,400,000
(Charles & Loralie Harris Proj.) 3.15%,
LOC California State Teachers' Retirement Sys. (b) 2,575,000 2,575,000
(Covenant Retirement Commty. Inc.):
Series 1995, 3.30%, LOC LaSalle Nat'l. Bank 4,000,000 4,000,000
3.30%, LOC Lasalle Nat'l. Bank 8,000,000 8,000,000
(Florestone Prod. Co.) Series 1989, 3.40%,
LOC California State Teachers' Retirement Sys. (b) 440,000 440,000
(Grundfos Pumps) Series 1989, 3.15%,
LOC California State Teachers' Retirement Sys. (b) 5,700,000 5,700,000
(JDI Partners Proj.) 3.15%,
LOC California State Teachers' Retirement Sys. (b) 2,000,000 2,000,000
(Lance Computer Manufacturer) 3.15%,
LOC California State Teachers' Retirement Sys. (b) 4,000,000 4,000,000
(Leegin Creative Leather Prod.) Series 1995 A, 3.15%,
LOC California State Teachers' Retirement Sys. (b) 800,000 800,000
(Marcel & Margaret Schurman) 3.15%,
LOC California State Teachers' Retirement Sys. (b) 1,655,000 1,655,000
(Northwest Pipe & Casing Co. Proj.) Series 1990, 3.40%,
LOC California State Teachers' Retirement Sys. 3,750,000 3,750,000
(Pasco Scientific Proj.)1.65%,
LOC California State Teachers' Retirement Sys. (b) 3,150,000 3,150,000
(Pete's Coffee & Tea Inc.) 3.15%,
LOC California State Teachers' Retirement Sys. (b) 3,500,000 3,500,000
(Propak-California Corp. Proj.) Series 1994 B, 3.15%,
LOC California State Teachers' Retirement Sys. (b) 1,000,000 1,000,000
(Rapelli of California Proj.) Series 1989, 3.40%,
LOC California State Teachers' Retirement Sys. (b) 2,500,000 2,500,000
(Reliance Upholstery Supply Co., Inc. Proj.) Series 1990,
3.75%, LOC California State Teachers' Retirement Sys. (b) 500,000
500,000
(Sunclipse, Inc.):
(Alhambra Proj.) Series 1989, 3.15%,
LOC California State Teachers' Retirement Sys. (b) 2,600,000 2,600,000
(Union City Proj.) Series 1989, 3.15%,
LOC California State Teachers' Retirement Sys. (b) 1,785,000 1,785,000
(Tri-Valley Growers Proj.) Series 1995 A, 3.15%,
LOC ABN-AMRO Bank, VRDN (b) 4,100,000 4,100,000
(Zarn Inc. Proj.) Series 1989, 3.15%,
LOC California State Teachers' Retirement Sys. (b) 1,445,000 1,445,000
(Zieman Manufacturing Co. Proj.) Series 1990, 3.15%,
LOC California State Teachers' Retirement Sys. (b) 525,000 525,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Camarillo Multi-Family Hsg. Rev. (Heritage Park Apts.)
Series 1989 A, 3.15%, VRDN (b) $ 7,300,000 $ 7,300,000
Carlsbad Multi-Family Hsg. Rev. (La Costa Apt. Proj.)
Series 1993 A, 3.05%, LOC Bank of America, VRDN 3,800,000 3,800,000
Chula Vista Ind. Dev. Rev. (San Diego Gas & Elec. Co.) (b):
Series B, 3.15%, VRDN 9,800,000 9,800,000
Bonds:
Series C, 3.65%, tender 3/18/96 5,000,000 5,000,000
Series E, 3.30%, tender 5/15/96 2,500,000 2,500,000
Chula Vista Redev. Agcy. Tax Allocation Bonds
(Bay Front Town Center) 7.875% 5/1/96 6,400,000 6,571,082
Concord Multi-Family Hsg. Rev., VRDN:
(Crossroads Apts.) Series 1988 B, 3.05% (FNMA Guaranteed) 1,800,000
1,800,000
(Hill Apt. Proj.) 3.25%, LOC Citibank 8,850,000 8,850,000
Conejo Valley Unified School Dist. TRAN
(Ventura County Proj.) 4.75% 7/5/96 6,100,000 6,115,119
Contra Costa County Ctfs. of Prtn. 8.20% 7/1/96 1,800,000 1,863,893
Contra Costa County TRAN 4.50% 7/3/96 15,100,000 15,143,262
Contra Costa Transit Auth. Tax Rev. Series 1993 A, 3.10%,
(FGIC Insured), VRDN 7,000,000 7,000,000
Costa Mesa Redev. Agcy. Multi-Family Hsg. Rev.
(Costa Mesa Family Village Apts.) Series 1994 A, 3%,
LOC Bank of America, VRDN 3,500,000 3,500,000
Covina Redev. Agcy. Multi-Family Hsg. Rev. (Shadowhills Apt.
Proj.) Series 1994 A, 3.60%, VRDN 500,000 500,000
Duarte Redev. Agcy. Single-Family Mtg. Rev. Participating VRDN,
Series A-1, 3.45% (Liquidity Facility Norwest Bank) (c) 5,355,000
5,355,000
East Bay Muni. Util. Dist. Water Sys. Rev., CP:
Series 1988:
3.50% 3/21/96
(Liquidity Facility Westdeutsche Landesbanken) 5,000,000 5,000,000
3.10% 5/17/96
(Liquidity Facility Westdeutsche Landesbanken) 4,650,000 4,650,000
3.20% 6/7/96
(Liquidity Facility Westdeutsche Landesbanken) 2,500,000 2,500,000
Emeryville Redev. Agcy. Multi-Family Hsg. (Emerybay Apts. II)
3.15%, LOC Bank of America, VRDN (b) 14,000,000 14,000,000
Escondido Commty. Dev. Commission Rev. (Escondido Promeneade
Proj.) 3.45%, LOC Bank of America, VRDN (b) 1,000,000 1,000,000
Escondido Multi-Family Hsg. Rev. (Morning View Terrace Proj.)
Series 1985 A, 3% LOC Bank of America, VRDN 2,400,000 2,400,000
Fairfield Ind. Dev. Auth., 3.50%,
LOC Wells Fargo Bank of San Francisco, VRDN (b) 1,800,000 1,800,000
Fontana Apt. Dev. Rev. Rfdg. (Citrus Ave. Apt. Proj.)
Series 1992 A, 3%, LOC Bank of America, VRDN 3,700,000 3,700,000
Foothills-Eastern Transport Corridor Agcy. Toll Road Rev., VRDN:
Series 1995 D, 2.95%, LOC Morgan Guaranty Trust Co 16,100,000
16,100,000
Series 1995 E, 2.80%, LOC Banque Nat'l. De Paris 2,100,000 2,100,000
Garden Grove Hsg. Auth. Multi-Family Hsg. Rev.
(Valley View Sr. Villas Proj.) Series 1990 A, 3.30%,
LOC Wells Fargo Bank, VRDN (b) 5,400,000 5,400,000
Humbolt County TRAN 4.50% 7/5/96 6,500,000 6,510,748
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Huntington Beach Multi-Family Hsg. (Five Point Seniors Proj.)
Series 1991 A, 3.30%,
LOC Wells Fargo Bank of San Francisco, VRDN (b) $ 6,400,000 $ 6,400,000
Huntington Park Multi-Family Rev. (Casa Rita Apts.)
Series 1994 A, 3.45%, LOC Tokai Bank, VRDN (b) 1,700,000 1,700,000
Irvine Impt. Board Act of 1915 3.15%,
LOC Nat'l. Westminster Bank, VRDN 1,390,000 1,390,000
Irvine Ranch Wtr. Dist. Consolidated Rev., VRDN:
Rfdg. (Impt. Dist. #103,105,109) 3.55%,
LOC Bank of America 200,000 200,000
(Impt. Dist. #102, 103, 105, & 106) Series 1995, 3.20%,
LOC Commerzbank 700,000 700,000
Kern County Ctfs. of Prtn.:
Series 1986 B, 2.95%,
LOC Union Bank of Switzerland, VRDN 2,700,000 2,700,000
Series 1986 C, 2.95%,
LOC Union Bank of Switzerland, VRDN 7,300,000 7,300,000
Kern County TRAN 4.50% 7/2/95 11,000,000 11,017,705
La Verne Ind. Dev. Auth. Rev. (Paper-Pak Products Inc. Proj.)
3.55%, LOC First Union Nat'l Bank of North Carolina,
VRDN (b) 7,175,000 7,175,000
Livermore Ctfs. of Prtn. (Reverse Osmosis Proj.) 3.25%,
LOC Nat'l. Westminster Bank,VRDN 4,000,000 4,000,000
Livermore Multi-Family Mtg. Rev. (Portola Meadows Apts.)
Series 1989 A, 3.35%, LOC Bank of America, VRDN (b) 10,400,000
10,400,000
Los Angeles Ctfs. of Prtn. (Baldwin Hills Pub. Parking Facs.)
Series 1984, 3.20%, LOC Wells Fargo Bank, VRDN 5,400,000 5,400,000
Los Angeles Commty. Redev. Agcy. Ctfs. of Prtn.
(CMC Med. Plaza) 3.30%, LOC Bank of America, VRDN 4,200,000 4,200,000
Los Angeles Convention & Exhibit Ctr. Auth. Participating VRDN (c):
Series PA-1006, 3.20%,(MBIA Insured)
(Liquidity Facility Merrill Lynch) 9,420,000 9,420,000
Series PW-10, 3.80%
(Liquidity Facility Bank of Nova Scotia) 11,130,000 11,130,000
Los Angeles County Hsg. Auth. Multi-Family Hsg. Rev.
(Park Sierra Apt.) 3.25%, LOC Citibank, VRDN 39,200,000 39,200,000
Los Angeles County Multi-Family Hsg. Rev.
(Meadowridge Apt. Proj.) Series 1994 B, 3.60%
(Continental Casualty Insured), VRDN 4,000,000 4,000,000
Los Angeles County TRAN 4.50% 7/1/96, 54,100,000 54,245,743
Los Angeles Dept. of Wtr. & Pwr. Elec. Plant Short Term Rev.:
3.15% 5/16/96, CP 1,400,000 1,400,000
3.15% 6/13/96, CP 5,000,000 5,000,000
Los Angeles Dept. of Wtr. & Pwr. Participating VRDN,
Series BTP-51, 3.35% (Liquidity Facility Bankers Trust) (c) 6,430,000
6,430,000
Los Angeles Hbr. Dept. Series B, 3.20% 3/8/96
(Liquidity Facility Union Bank of Switzerland), CP 2,000,000 2,000,000
Los Angeles Metropolitan Trans. Auth. Rev. (Union Station
Gateway Proj.) Series 1995 A, 2.95% (FGIC Insured) VRDN 6,100,000
6,100,000
Los Angeles Multi-Family Hsg. Rev., VRDN:
(Beverly Park Apts.) Series 1988 A, 3.15%,
LOC Barclays Bank (b) 13,000,000 13,000,000
(Loan to Lenders Prog.) 3.35%, LOC Federal Home Loan
Bank of San Francisco, VRDN (b) 400,000 400,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Los Angeles Multi-Family Hsg. Rev., VRDN - continued
(Museum Terrace Apt. Proj.) Series H, 3.10%,
LOC Bank of America $ 8,000,000 $ 8,000,000
Series 1985 K, 3%, LOC Federal Home Loan Bank 2,700,000 2,700,000
Los Angeles Unified School Dist. TRAN 4.50% 7/3/96 20,400,000 20,453,887
Los Angeles Wastewtr. Sys., CP:
3.50% 3/21/96 1,900,000 1,900,000
3.10% 4/18/96 2,000,000 2,000,000
3.10% 5/7/96 1,000,000 1,000,000
3.10% 5/10/96 1,300,000 1,300,000
3.15% 5/13/96 4,000,000 4,000,000
3.15% 5/15/96 7,800,000 7,800,000
3.15% 5/16/96 400,000 400,000
3.25% 5/16/96 1,800,000 1,800,000
3.25% 5/28/96 3,000,000 3,000,000
Modesto Public. Pwr. Agcy. (San Juan Proj.)
Series 1995 B, 3.05% (AMBAC Insured)
(Liquidity Facility Bank of Nova Scotia), VRDN 4,900,000 4,900,000
Newark Ind. Dev. Auth. Rev. (Gas Tech Proj.) Series 1989 A,
3.25%, LOC Union Bank of Switzerland, VRDN (b) 3,000,000 3,000,000
Oakland Rev. (Children's Hosp. Med. Ctr.) Series 1994 B,
3.10%, LOC Banque Nationale de Paris, VRDN 5,500,000 5,500,000
Oakland TRAN 4.50% 7/31/96 6,000,000 6,014,892
Oakland Unified School Dist. TRAN 4.50% 8/30/96 7,000,000 7,013,717
Oceanside Multi-Family Rev. (Lakeridge Apt. Proj.)
Series 1994, 3.65%
(Continental Casualty Guaranteed), VRDN 6,000,000 6,000,000
Ontario Ind. Dev. Auth. Rev. (Safari Land Proj.)
Series 1989, 3.35%, LOC Bank of America, VRDN (b) 3,600,000 3,600,000
Orange County Apt. Dev. Rev.:
(Foothill Oaks Apts. Proj.) Issue 1989 B, 3.45%,
LOC Bank of America, VRDN (b) 12,000,000 12,000,000
(Frost Construction) Series 1985 B, 3.35%,
LOC Wells Fargo Bank, VRDN 2,000,000 2,000,000
(Niguel Summit II) Series 1985 U-B, 3.20%,
LOC Bank of America, VRDN 8,000,000 8,000,000
(Trabuco Woods Apts.) Series 1993 B, 3.20%,
LOC Wells Fargo Bank, VRDN 2,670,000 2,670,000
(Villa Marguerite Apts.), Series 1993 A, 3.15%,
LOC Wells Fargo Bank, VRDN 4,635,000 4,635,000
(Vista Verde Apt. Proj.) Series 1988 A, 3.40%,
LOC Wells Fargo Bank, VRDN (b) 12,050,000 12,050,000
(Wood Canyon Villas) Issue 1991 B, 3%,
LOC Bank of America, VRDN (b) 13,300,000 13,300,000
Orange County Ctfs. Prtn. (Capital Impt. Prog.)
Series 1990-92 C, 3.35%, (FGIC Insured), VRDN 3,700,000 3,700,000
Orange County Hsg. Auth. Apt. Dev. Rev. (Costa Mesa Partners)
Series 1985-BB, 3.20%, LOC Chemical Bank, VRDN 15,100,000 15,100,000
Orange County Wtr. Dist. Ctfs. of Prtn. Rev. Series 1990 B,
3.15%, LOC Nat'l Westminster Bank, VRDN 300,000 300,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
Oxnard School Dist. TRAN (Ventura County) 4.75% 7/5/96 $ 4,030,000 $
4,042,020
Pittsburg Unified School Dist. TRAN (Contra Costa County)
4.75% 7/5/95 2,000,000 2,005,965
Plumas County TRAN 4% 12/6/96 2,200,000 2,206,498
Poway Muni. Wtr. Dist. (San Diego County) 4.50% 10/1/96
(AMBAC Insured) 1,000,000 1,003,961
Redlands Multi-Family Hsg. Rev. (Parkview Terrace Proj.)
3.05%, LOC Bank of America, VRDN 8,600,000 8,600,000
Redondo Beach Redev. Agcy. Multi-Family Hsg. Rev.
(McCandless Senior Hsg.) Series1995 A, 3%,
LOC Comerica Bank of Detroit, VRDN 7,000,000 7,000,000
Riverside County Hsg. Auth. Multi-Family Hsg. Mtg. Rev.
(Mt. View Apts.) Series 1995 A, 3%, LOC Federal Home Loan
Bank of San Francisco, VRDN 2,000,000 2,000,000
Riverside County Ind. Dev. Auth. (Golden West Homes Proj.)
3.60%, LOC Wells Fargo Bank, VRDN (b) 2,400,000 2,400,000
Riverside Multi-Family Hsg. Rev. (Sierra Pines Apt. Proj.)
Series 1991 A, 3.10%, LOC Swiss Bank Corp 2,300,000 2,300,000
Rohnert Park Multi-Family Hsg. Rev. Rfdg. Series 1995 A,
3.15%, VRDN 2,500,000 2,500,000
Sacramento County Office of Ed. TRAN 4.25% 12/12/96 5,800,000 5,836,349
Sacramento Muni. Util. Dist. Elec. Rev. Series I, 3.05%
5/9/96, LOC Bayerische Landesbanken 1,800,000 1,800,000
Sacramento Unified School Dist. TRAN 4% 11/29/96 6,400,000 6,416,080
San Bernardino County Ind. Dev. Auth. Rev., VRDN (b):
(McClain Citrus Inc. Proj.) 3.10%,
LOC California State Teachers' Retirement Sys. 900,000 900,000
(McElroy Metal Mill Proj.) 3.15%,
LOC California State Teachers' Retirement Sys. 1,010,000 1,010,000
(NRI, Inc.) 3.40%,
LOC California State Teachers' Retirement Sys. 1,385,000 1,385,000
San Bernardino County Multi-Family Hsg. Rev., VRDN:
Rfdg. (Pepperwood Apts.) Series 1993 A, 3.10%,
LOC Federal Home Loan Bank of San Francisco 3,000,000 3,000,000
(Western Properties II) 3.10%, LOC Bank of America 900,000 900,000
(Western Properties IV) 3.10%, LOC Bank of America 2,700,000 2,700,000
(Woodview Apts.) 3.05%, LOC Bank of America 1,400,000 1,400,000
San Bernardino County TRAN 4.50% 7/5/96 9,000,000 9,016,387
San Diego County Wtr. Auth. Series 1, 3.10% 5/29/96
(Liquidity Facility Bayerische Landesbanken), CP 2,000,000 2,000,000
San Diego Hsg. Auth. Multi-Family Hsg. Rev., VRDN:
Rfdg. (Coral Pointe Apt. Proj.) Series 1993 A, 3.55%
(Continental Casualty Guarenteed) 5,000,000 5,000,000
(Carmel Del Mar Apr. Proj.) Series 1993-E, 3.15%,
LOC Citibank 7,608,000 7,608,000
(Las Flores Proj.) Series 1991 A, 3.10%,
LOC Swiss Bank Corp. 10,000,000 10,000,000
(Lusk Mira Mesa Apts.) Series 1985 E, 3.05%,
LOC Bank of America 6,800,000 6,800,000
(University Town Center Apts.) 3.05%, LOC Bank of America 6,200,000
6,200,000
San Francisco City & County Gen. Oblig. Bond 8% 6/15/96
(MBIA Insured) 1,000,000 1,012,991
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CALIFORNIA - CONTINUED
San Francisco City & County Parking Auth. Participating
VRDN, 3.35% (Liquidity Facility Bank of America) (c) $ 6,275,000 $
6,275,000
San Francisco City & County TRAN 4.75% 9/19/96 15,750,000 15,901,722
San Jose Multi-Family Mtg. Rev., VRDN:
(Kimberly Woods) Series 1984, 3%, LOC Bank of America 6,600,000
6,600,000
(Somerset Park Apts.) Series 1987 A, 3.35%,
LOC Bank of America (b) 3,100,000 3,100,000
(Timberwood Apt. Proj.) Series 1990 A:
3%, LOC Wells Fargo Bank 3,065,000 3,065,000
3%, LOC Wells Fargo Bank of San Francisco 4,360,000 4,360,000
San Jose Redev. Agcy. Participating VRDN, Series PA-42I,
3.20%, (MBIA Insured) (Liquidity Facility Merrill Lynch) (c) 3,400,000
3,400,000
San Luis Obispo County Unified School Dist. TRAN 4%
12/6/96 3,000,000 3,008,860
San Luis Obispo County TRAN 4.50% 7/19/96 12,400,000 12,427,348
San Mateo Ctfs. of Prtn. Series B, 2.90%,
LOC Swiss Bank, VRDN 1,035,000 1,035,000
Santa Ana Hsg. Auth. Multi-Family Hsg. Rev.
(Harbor Point Apt. Proj.) Series A, 3%,
LOC Bank of America, VRDN 2,650,000 2,650,000
Santa Clara County Hsg. Auth. Multi-Family Hsg. Rev.
(Benton Park Central Apt.) Series 1995 A, 3.10%,
LOC FNMA, VRDN 10,900,000 10,900,000
Santa Clara County TRAN 4.50% 8/2/96 14,500,000 14,535,058
Simi Valley Multi-Family Hsg. Rev. (Shadowridge Apts.)
Series 1989, 3.25%, LOC Citibank, VRDN (b) 20,200,000 20,200,000
South Poway Commty. Facs. Dist. #1 Spl. Tax Rev. Bond
(Pomerado Business Park) Series A. 9.75% 3/2/96 1,000,000 1,030,155
Southern California Metropolitan Wtr. Dist. Series B, 3.15%
3/13/96 (Liquidity Facility Westdeutsche Landesbanken), CP 7,400,000
7,400,000
Southern California Metropolitan Wtr. Dist. Participating VRDN (c):
Series 32 A, 3.20%
(Liquidity Facility Morgan Guaranty Trust. Co.) 6,350,000 6,350,000
Series 32 B, 3.20% (Liquidity Facility Morgan
Guaranty Trust. Co.) 4,945,000 4,945,000
Southern California Pub. Pwr. Auth. Participating VRDN,
Series SG-35, 3.30%, (Liquidity Facility Societe Generale) (c) 11,765,000
11,765,000
Southern California Pub. Pwr. Auth. Rev.:
Bonds Rfdg. (Palo Verde) Series A, 8.125% 7/1/96 2,000,000 2,091,231
(Transmission Proj.) Series 1991, 2.75%,
LOC Swiss Bank Corp. (AMBAC Insured), VRDN 1,500,000 1,500,000
Stanislaus County TRAN 4.50% 7/19/96 10,000,000 10,022,054
Stockton Unified School Dist. TRAN Series 1995-96,
4.50% 11/1/96 13,800,000 13,860,415
Ventura County TRAN 4.50% 7/2/96 15,500,000 15,535,100
Vista Ind. Dev. Auth. Rev. (Desalination Sys., Inc.)
Series 1995, 3.50%, LOC Wells Fargo Bank, VRDN (b) 6,550,000 6,550,000
Windsor Multi-Family Hsg. Rev. (Oakmont at Windsor Proj.)
Series 1995 A, 3.25%, LOC Banque Paribas,
VRDN (b) 2,160,000 2,160,000
1,272,581,184
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
PUERTO RICO - 0.7%
Puerto Rico Pub. Bldg. Auth. Participating VRDN, Series PA-110, 3%
(AMBAC Insured) (Liquidity Facility Merrill Lynch) (c) 3,500,000
3,500,000
Puerto Rico Govt. Dev. Bank, CP
3.152% 4/19/96 3,900,000 3,900,000
3.35% 4/23/96 2,100,000 2,100,000
9,500,000
TOTAL INVESTMENTS - 100% $ 1,282,081,184
Total Cost for Income Tax Purposes $ 1,282,081,585
SECURITY TYPE ABBREVIATIONS
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax and Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying bonds.
(d) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
California Gen. Oblig.
Participating VRDN, 3.40%
(Liquidity Facility
Citibank) 2/1/96 $14,000,000
California Hsg. Fin. Agcy.
Participating VRDN, Series PT-40 C
3.50% (Liquidity Facility
Banque Nationale
de Paris) 12/14/95 $3,790,000
INCOME TAX INFORMATION
At February 29, 1996, the fund had a capital loss carryforward of
approximately $601,000 which will expire on February 28, 2003.
SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN CALIFORNIA MUNICIPAL MONEY MARKET PORTFOLIO)

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
FEBRUARY 29, 1996

ASSETS

Investment in securities, at value - See accompanying $ 1,282,081,184
schedule

Cash 3,959,323

Receivable for investments sold 10,004,590

Interest receivable 12,148,134

TOTAL ASSETS 1,308,193,231

LIABILITIES

Payable for investments purchased $ 361,918

Distributions payable 167,812

Accrued management fee 357,442

TOTAL LIABILITIES 887,172

NET ASSETS $ 1,307,306,059

Net Assets consist of:

Paid in capital $ 1,307,903,170

Accumulated net realized gain (loss) on investments (597,111)

NET ASSETS, for 1,307,903,143 shares outstanding $ 1,307,306,059

NET ASSET VALUE, offering price and redemption price per $1.00
share ($1,307,306,059 (divided by) 1,307,903,143 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED FEBRUARY 29, 1996

INTEREST INCOME $ 48,502,862

EXPENSES

Management fee $ 6,275,939

Non-interested trustees' compensation 4,162

Total expenses before reductions 6,280,101

Expense reductions (2,405,374) 3,874,727

NET INTEREST INCOME 44,628,135

REALIZED AND UNREALIZED GAIN (LOSS) 163,135
Net realized gain (loss) on investment securities

Increase (decrease) in net unrealized gain from (375)
accretion of market discount

NET GAIN (LOSS) 162,760

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 44,790,895

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED YEAR ENDED
FEBRUARY 29, FEBRUARY 28,
1996 1995

INCREASE (DECREASE) IN NET ASSETS

Operations $ 44,628,135 $ 35,570,302
Net interest income

Net realized gain (loss) 163,135 (725,885)

Increase (decrease) in net unrealized gain from (375) 375
accretion of market discount

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 44,790,895 34,844,792
FROM OPERATIONS

Distributions to shareholders from net interest income (44,628,135) (35,570,302)

Share transactions at net asset value of $1.00 per share 1,571,224,348 1,667,363,709
Proceeds from sales of shares

Reinvestment of distributions from net interest income 43,274,284 34,366,827

Cost of shares redeemed (1,470,606,698) (1,602,356,882)

NET INCREASE (DECREASE) IN NET ASSETS AND SHARES 143,891,934 99,373,654
RESULTING FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 144,054,694 98,648,144

NET ASSETS

Beginning of period 1,163,251,365 1,064,603,221

End of period $ 1,307,306,059 $ 1,163,251,365

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEAR ENDED YEARS ENDED TEN MONTHS YEAR
FEBRUARY 29, FEBRUARY 28, ENDED ENDED
FEBRUARY APRIL 30,
28,

1996 1995 1994 1993 1992

SELECTED PER-SHARE
DATA

Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of period

Income from Investment .035 .030 .024 .022 .041
Operations
Net interest income

Less Distributions (.035) (.030) (.024) (.022) (.041)
From net interest
income

Net asset value, end of $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
period

TOTAL RETURNB 3.60% 3.00% 2.45% 2.24% 4.15%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 1,307,306 $ 1,163,251 $ 1,064,603 $ 855,590 $ 917,640
(000 omitted)

Ratio of expenses to .31% .28%C .21%C .30%A .10%
average net assets C ,C C

Ratio of net interest 3.55% 2.96% 2.42% 2.67%A 4.05%
income to average net
assets

</TABLE>

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).

NOTES TO FINANCIAL STATEMENTS
For the period ended February 29, 1996

1. SIGNIFICANT ACCOUNTING
POLICIES.
On December 14, 1995, the Board of Trustees approved a change in the funds'
names from Spartan California Municipal High Yield Portfolio, Spartan
California Intermediate Municipal Portfolio and Spartan California
Municipal Money Market Portfolio to Spartan California Municipal Income
Fund, Spartan California Intermediate Municipal Income Fund and Spartan
California Municipal Money Market Fund, respectively. The fund name changes
became effective February 20, 1996. Spartan California Municipal Income
Fund (the income fund) and Spartan California Intermediate Municipal Income
Fund (the intermediate fund) are funds of Fidelity California Municipal
Trust. Spartan California Municipal Money Market Fund (the money market
fund) is a fund of Fidelity California Municipal Trust II. Each trust is
registered under the Investment Company Act of 1940, as amended (the 1940
Act), as an open-end management investment company. Fidelity California
Municipal Trust and Fidelity California Municipal Trust II (the trusts) are
organized as a Massachusetts business trust and a Delaware business trust,
respectively. Each fund is authorized to issue an unlimited number of
shares. The financial statements have been prepared in conformity with
generally accepted accounting principles which permit management to make
certain estimates and assumptions at the date of the financial statements.
The following summarizes the significant accounting policies of the income
fund, the intermediate fund and the money market fund:
SECURITY VALUATION.
INCOME AND INTERMEDIATE FUNDS. Securities are valued based upon a
computerized matrix system and/or appraisals by a pricing service, both of
which consider market transactions and dealer-supplied valuations.
Short-term securities maturing within sixty days of their purchase date are
valued either at amortized cost or original cost plus accrued interest,
both of which approximate current value. Securities for which quotations
are not readily available through the pricing service are valued at their
fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
MONEY MARKET FUND. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, each fund is not subject to income taxes to
the extent that it distributes substantially all of its taxable income for
the fiscal year. The schedules of investments include information regarding
income taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. For the
money market fund, accretion of market
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
INTEREST INCOME - CONTINUED
discount represents unrealized gain until realized at the time of a
security disposition or maturity.
EXPENSES. Most expenses of each
trust can be directly attributed to a fund. Expenses which cannot be
directly attributed are apportioned between the funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income. Distributions to shareholders from
realized capital gains on investments, if any, are recorded on the
ex-dividend date.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences, which may result in distribution
reclassifications, are primarily due to differing treatments for futures
and options transactions and losses deferred due to wash sales, futures and
options, and excise tax regulations.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Undistributed net interest income and accumulated undistributed net
realized gain (loss) on investments may include temporary book and tax
basis differences that will reverse in a subsequent period. Any taxable
gain remaining at the fiscal year end is distributed in the following year.
REDEMPTION FEES. Shares held in the income fund less than 180 days are
subject to a redemption fee equal to .50% of the proceeds of the redeemed
shares. The fee, which is retained by the fund, is accounted for as an
addition to paid in capital.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
DELAYED DELIVERY TRANSACTIONS. Each fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. The
market value of the securities purchased or sold on a when-issued or
forward commitment basis are identified as such in the fund's schedule of
investments. Each fund may receive compensation for interest forgone in the
purchase of a delayed delivery security. Losses may arise due to changes in
the market value of the underlying securities or if the counterparty does
not perform under the contract.
FUTURES CONTRACTS AND OPTIONS. The income and intermediate funds may use
futures and options contracts to manage their exposure to the bond market
and to fluctuations in interest rates. Buying futures, writing puts, and
buying calls tend to increase the funds' exposure to the underlying
instrument. Selling futures, buying puts, and writing calls tend to
decrease the funds' exposure to the
2. OPERATING POLICIES -
CONTINUED
FUTURES CONTRACTS AND OPTIONS -
CONTINUED
underlying instrument, or hedge other fund investments. Futures contracts
involve, to varying degrees, risk of loss in excess of the futures
variation margin reflected in the Statement of Assets and Liabilities. The
underlying face amount at value of any futures contract at period end, is
shown in the schedule of investments under the caption "Futures Contracts."
This amount reflects each contract's exposure to the underlying instrument
at period end. Losses may arise from changes in the value of the underlying
instruments, if there is an illiquid secondary market for the contracts, or
if the counterparties do not perform under the contracts' terms.
Futures contracts are valued at the settlement price established each day
by the board of trade or exchange on which they are traded. Exchange-traded
options are valued using the last sale price or, in the absence of a sale,
the last offering price. Options traded over-the-counter are valued using
dealer-supplied valuations.
RESTRICTED SECURITIES. Each fund is permitted to invest in securities that
are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from registration
or to the public if the securities are registered. Disposal of these
securities may involve time-consuming negotiations and expense, and prompt
sale at an acceptable price may be difficult. At the end of the period,
restricted securities (excluding 144A issues) amounted to $17,790,000 or
1.4% of net assets for the money market fund.
3. PURCHASES AND SALES OF
INVESTMENTS.
INCOME FUND. Purchases and sales of securities, other than short-term
securities, aggregated $158,278,458 and $144,581,144, respectively.
The market value of futures contracts opened and closed during the period
amounted to $106,603,496 and $119,143,540, respectively.
INTERMEDIATE FUND. Purchases and sales of securities, other than short-term
securities, aggregated $45,971,456 and $18,337,883, respectively.
The market value of futures contracts opened and closed during the period
amounted to $18,194,171 and $17,157,139, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, Fidelity Management &
Research Company (FMR) pays all expenses, except the compensation of the
non-interested Trustees and certain exceptions such as interest, taxes,
brokerage commissions and extraordinary expenses. FMR receives a fee that
is computed daily at an annual rate of .55%, .55%, and .50% of average net
assets for the income, intermediate and money market funds, respectively.
FMR also bears the cost of providing shareholder services to each fund. To
offset the cost of providing these services, FMR or its affiliates
collected certain transaction fees from shareholders which amounted to
$4,260, $1,002 and $22,358 for the period for the income, intermediate and
money markets funds, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
SUB-ADVISER FEE. As the money market fund's investment sub-adviser, FMR
Texas Inc., a wholly owned subsidiary of FMR, receives a fee from FMR of
50% of the management fee payable to FMR.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the funds' operating expenses
(excluding interest, taxes, brokerage commissions and extraordinary
expenses) above a specified percentage of average net assets.
INTERMEDIATE FUND. For the period, the expense limitation ranged from an
annualized rate of .10% to .40%. For the period, the reimbursement reduced
expenses by $169,890. Effective April 1, 1996, the fund's expense
limitation was eliminated.
MONEY MARKET FUND. For the period, the expense limitation ranged from an
annualized rate of .30% to .35%. For the period, the reimbursement reduced
expenses by $2,246,452.
In addition, FMR agreed to reimburse a portion of the income and money
market fund's operating expenses. For the period, the reimbursement reduced
expenses by $49,404 and $158,922, respectively.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity California Municipal Trust and Fidelity
California Municipal Trust II and the Shareholders of Spartan California
Municipal Income Fund (formerly Spartan California Municipal High Yield
Portfolio), Spartan California Intermediate Municipal Income Fund (formerly
Spartan California Intermediate Municipal Portfolio), and Spartan
California Municipal Money Market Fund (formerly Spartan California
Municipal Money Market Portfolio):
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments (except for Moody's and Standard &
Poor's ratings), and the related statements of operations and of changes in
net assets and the financial highlights present fairly, in all material
respects, the financial position of Spartan California Municipal Income
Fund (formerly Spartan California Municipal High Yield Portfolio), Spartan
California Intermediate Municipal Income Fund (formerly Spartan California
Intermediate Municipal Portfolio) (funds of Fidelity California Municipal
Trust) and Spartan California Municipal Money Market Fund (formerly Spartan
California Municipal Money Market Portfolio) (a fund of Fidelity California
Municipal Trust II) at February 29, 1996, the results of each of their
operations for the year then ended, the changes in each of their net assets
and the financial highlights for the periods indicated, in conformity with
generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are
the responsibility of each portfolio's management; our responsibility is to
express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with
generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which
included confirmation of securities at February 29, 1996 by correspondence
with the custodian and brokers and the application of alternative auditing
procedures where confirmations from brokers were not received, provide a
reasonable basis for the opinion expressed above.
/s/PRICE WATERHOUSE LLP
Boston, Massachusetts
April 3, 1996
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISER,
MONEY MARKET FUND
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Fred L. Henning, Jr., Vice President
Deborah F. Watson, Vice President -
MONEY MARKET FUND
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Thomas D. Maher, Assistant
Vice President - MONEY MARKET FUND
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
UMB Bank, n.a.
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
UMB Bank, n.a.
Kansas City, MO
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE