Fidelity CA S/I Tax-Free Bond  FCSTX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni California Int/Sh Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   2.90 Yrs
   Avg Credit Quality
   A
As of 2009-09-30
Day Change
$ 0.01
  
NAV (2009-11-20)
$ 10.57
  
YTD Return % (2009-11-20)
5.76%
  
Total Assets ($ mil)
539
View Data Definitions
  Performance    
Growth of $10,000 Fund: Fidelity CA S/I Tax-Free Bond
(from 2005-10-25 to 2009-10-31) Category: Muni California Int/Sh
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2005-10-25 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 5.76 6.39 4.69 --- --- 4.35
+/- Category -3.82 -2.82 1.94 --- --- ---
+/- BarCap Municipal TR USD -6.38 -5.28 0.44 --- --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 5.72 8.06 4.84 --- --- 4.69
Month-End (as of 2009-10-31) 4.75 7.10 4.38 --- --- 4.35
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 7.10 4.37 --- --- ---
On Distribution & Sale of Shares --- 5.59 4.19 --- --- ---
Morningstar Rating --- --- --- --- ---
# of compared funds covered (3 yrs : out of 77 funds), (5 yrs : out of funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 0.50%.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
General Obligations 23.39
Advance Refunded 7.02
State Appropriated Tobacco ---
Non-state Appropriated Tobacco 1.66
Education 2.72
Health 3.60
Housing ---
Industrial 4.46
Transportation 2.63
Utilities 10.09
Water/Sewer 4.31
Misc. Revenue 40.12
Bond Quality % of Bonds
AAA 17.4
AA 30.2
A 13.1
BBB 27.1
BB 0.2
B 0.0
Below B 0.0
Not Rated 12.0
 
Asset Allocation
% of Net Assets
Cash 10.1
Stocks 0.0
Bonds 89.9
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-09-30 Data through 2009-09-30
 
Holding Status
Total Number of Stock Holdings Turnover % 18
Total Number of Bond Holdings 355 30 Day SEC Yield % 1.92
% of Assets in Top 10 Holdings 17.84 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
California St Econ Recover Double 5.25% 2014-07-01 14,035 15,931 3.19
California St Dept Wtr Res Pwr Wt 5.375% 2022-05-01 11,650 13,077 2.62
California St Econ Recover Double 5.25% 2013-07-01 8,885 9,947 1.99
Golden St Tob Securitization C Asse 5.5% 2033-06-01 7,470 8,517 1.71
Los Angeles Calif Uni Sch Dist 5% 2028-01-01 6,815 7,770 1.56
California St Econ Recover Double 5.25% 2012-07-01 6,935 7,593 1.52
California St Dept Wtr Res Pwr Wtr 5.5% 2016-05-01 6,060 6,821 1.37
Los Angeles Calif Uni Sch Dist 5% 2022-07-01 5,865 6,687 1.34
San Diego Calif Pub Facs Fing Rev B 4.5% 2014-05-15 5,795 6,463 1.29
California St Dept Transn Rev Grant A 5% 2013-02-01 5,555 6,217 1.25
Data through 2009-09-30
  Other Information
Fund Inception: 2005-10-25
Portfolio Manager  (Start Date)
Jamie Pagliocco  (2006-07-03)
Pagliocco is co-manager of Advisor Municipal Income Fund, which he has managed since February 2009. He also manages other Fidelity funds. Since joining Fidelity Investments in 2001, Mr. Pagliocco has worked as a municipal bond trader, assistant fixed income head trader and portfolio manager.
Sales Charge %
(taken from prospectus dated 2009-04-29)
Front: None
Deferred: None
Expense Ratio % 0.31
based on net assets
(taken from annual report dated 2009-02-28)
Correspondence Information
Fidleity Investments
Suite 200
Toronto,  ON  M5G 2N7
Telephone:
800-544-6666
617-439-6793
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

© Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.