Fund Evaluator:
Fidelity California Ltd Trm Tax-Free Bd (FCSTX)
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Best Performing in Muni Single State Short Over the Last Year
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| 2.0% | Fidelity California Ltd Trm Tax-Free Bd (FCSTX) |
Fund Details
Fidelity California Ltd Trm Tax-Free Bd Overview
Fidelity California Ltd Trm Tax-Free Bd (FCSTX) is an actively managed Municipal Bond Muni Single State Short fund. Fidelity Investments launched the fund in 2005.
The investment seeks a high level of current income, exempt from federal and California personal income taxes. The fund normally invests at least 80% of assets in investment-grade municipal debt securities whose interest is exempt from federal and California personal income taxes. Potentially it invests more than 25% of total assets in municipal securities that finance similar types of projects. The fund normally maintains a dollar-weighted average maturity between two and five years. It is non-diversified.
About Fidelity California Ltd Trm Tax-Free Bd (FCSTX)
There are 3 members of the management team with an average tenure of 8.16 years: Cormac Cullen (2016), Elizah McLaughlin (2018), Michael Maka (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg CA Enh Mun 1-7Y Non-AMT TR USD index with a weighting of 100%. Fidelity California Ltd Trm Tax-Free Bd has 315 securities in its portfolio. The top 10 holdings constitute 15.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Fidelity California Ltd Trm Tax-Free Bd is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Fidelity California Ltd Trm Tax-Free Bd has 1.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.7% (94.4% domestic bond, 1.3% foreign bond and 0.0% convertible bond). Fidelity California Ltd Trm Tax-Free Bd has 2.9% of the portfolio in cash.
Assets Under Management
The fund has $648 million in total assets, which is above the $238 million average for the Muni Single State Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FCSTX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity California Ltd Trm Tax-Free Bd expense ratio is below average compared to funds in the Muni Single State Short category. Fidelity California Ltd Trm Tax-Free Bd has an expense ratio of 0.30%, which is 54% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity California Ltd Trm Tax-Free Bd has a portfolio turnover rate of 15%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 43% for the Muni Single State Short category.
Recently, in the month of July 2026, Fidelity California Ltd Trm Tax-Free Bd returned -0.6%, which earned it a grade of C, as the Muni Single State Short category had an average return of -0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Fidelity California Ltd Trm Tax-Free Bd has a trailing yield of 2.38%, which is below the 2.95% category average. The fund normally distributes its income monthly and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity California Ltd Trm Tax-Free Bd Grades
Year to date, the fund has returned 0.2%, 0.5 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.0% over the past year (grade of F), 3.0% over the past three years (grade of C) and 1.0% per year over the past five years (grade of D) and 1.3% per year over the past 10 years (grade of C).
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FCSTX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FCSTX Return (NAV) | -0.6% | -0.1% | 2.0% | 3.0% | 1.0% | 1.3% |
| FCSTX Grade | C | D | F | C | D | C |
| +/- Category | 0.1% | -0.1% | -1.3% | -0.0% | -0.1% | -0.2% |
| Muni Single State Short Avg | -0.7% | -0.0% | 3.3% | 3.0% | 1.1% | 1.5% |
| FCSTX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
FCSTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FCSTX Return (NAV) | 0.2% | 4.5% | 1.7% | 3.5% | -4.4% | 0.2% | 2.9% | 4.1% | 1.2% | 2.3% | -0.5% |
| FCSTX Grade | F | A | D | D | C | C | B | B | C | A | D |
| +/- Category | -0.5% | 0.6% | -0.5% | -0.3% | 0.0% | -0.4% | 0.6% | -0.4% | -2.5% | 2.1% | -0.8% |
| Muni Single State Short Avg | 0.7% | 3.9% | 2.2% | 3.9% | -4.4% | 0.7% | 2.3% | 4.5% | 3.7% | 0.2% | 0.4% |
| Risk Measures | |
| Standard Deviation: | 2.8% |
| Total Risk Index: | 0.23 - Low |
| Category Risk Index: | 1.05 - Average |
| Category Risk Grade: | C (42% Rank) |
| Beta: | 0.46 |
| R-Squared: | 85% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 2.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $648 Mil |
| Fund Total Assets: | $ 649 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 15% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 10.3 years | |||
| Average Tenure: 8.2 years | |||
| Managers (Year): Cullen Cormac (2016), McLaughlin Elizah (2018), Maka Michael (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 315 |
| % in Top 10 Holdings: | 15.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.4% |
| Foreign Bond: | 1.3% |
| Convertible Bond: | 0.0% |
| Other: | 1.5% |
| Cash: | 2.9% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | October 25, 2005 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.30% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.65% |
| Share Class: | Fidelity California Ltd Trm Tax-Free Bd |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
