Fidelity California Municipal Fund Money Market Pt
FCFXX
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- Fidelity California Municipal Money Market Fund (FCFXX) is a municipal money market mutual fund that seeks a high level of current income exempt from federal income tax and California state personal income tax, while preserving capital and maintaining liquidity. The fund, managed by Fidelity Management & Research Company LLC and part of Fidelity California Municipal Trust II, normally invests at least 80% of its assets in high-quality, short-term California municipal securities, including variable rate demand notes, tender option bonds, municipal bonds, and other money market instruments; it may allocate up to 20% to municipal securities subject to California personal income tax and more than 25% to projects financed by similar issuers such as state and local governments, transportation authorities, and public institutions. Available through share classes including retail (FABXX), premium (FSPXX), and institutional (FSBXX), the fund targets natural person investors, including individuals in non-retirement accounts seeking tax-exempt yields, with minimum investments varying from $25,000 for premium class to $1 million for institutional class; it maintains a stable $1.00 net asset value and features holdings weighted toward variable rate demand notes (approximately 24%), tender option bonds (33%), municipal bonds (31%), and other money market funds (11%) as of mid-2025. Operated globally by Fidelity Investments, headquartered in Smithfield, Rhode Island, with a focus on U.S. investors particularly in California for state tax benefits, the fund serves high-net-worth individuals, retail investors, and institutions prioritizing preservation of capital, liquidity, and tax efficiency in the municipal money market segment. In recent developments, the fund continues to adhere to post-2015 regulatory restrictions limiting new positions to natural person beneficial owners, excluding corporations and organizations; it maintains a contractual expense cap, with the most recent iteration expiring in late 2025, supporting a 7-day yield of approximately 2.21% and net assets exceeding $3.8 billion as of September 2025; no major acquisitions, partnerships, or product launches have been announced in the last 1-2 years, though Fidelity has emphasized stable operations amid market stress without sponsor reimbursement guarantees.