Fidelity California Limited Term Tax-Free Bond Fund
FCSTX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 245 Summer Street Boston MA United States of America 02210
- IPO Date
- Oct 26, 2005
- CIK
- 0000718891
- Website
- fundresearch.fidelity.com
- Similar Companies
- Business
- Fidelity California Limited Term Tax-Free Bond Fund (FCSTX) is an open-end mutual fund that seeks a high level of current income exempt from federal and California personal income taxes by investing primarily in investment-grade municipal bonds issued by or on behalf of the State of California or its instrumentalities; the fund normally invests at least 80% of its assets in securities whose interest is exempt from federal and California state personal income tax, with a dollar-weighted average maturity of less than five years and an emphasis on short- to intermediate-term bonds, including general obligation notes/bonds, revenue notes/bonds, and pre-refunded bonds from issuers such as California Health Facilities Financing Authority, University of California, and Bay Area Toll Authority. The portfolio maintains a focus on mid-credit quality and limited interest-rate sensitivity within the municipal single-state short category, with top holdings typically comprising California municipal tax-exempt securities representing approximately 97.75% of assets; diversification includes US bonds (96.82%), non-US bonds (0.93%), and cash (0.91%), managed through active selection of securities with durations generally under four years. Net assets stand at approximately $560 million to $629 million, with a net expense ratio of 0.30%, no front-end or deferred loads, a portfolio turnover rate of 15%, and daily pricing available to investors in the United States. Launched on October 25, 2005, and domiciled in the United States, the fund operates under Fidelity Investments, headquartered in Boston, Massachusetts, targeting California residents and tax-sensitive investors seeking tax-free income from short-term state-specific municipals. Portfolio management is led by Cormac Cullen (since May 2, 2016), Elizah McLaughlin (since September 11, 2018), and Michael Maka (since March 31, 2020), who also oversee related Fidelity California municipal income funds and emphasize longer-term objectives amid market recalibrations such as Federal Reserve policy shifts. Recent developments include the announcement on August 1, 2024, of a supplemental benchmark change from the Bloomberg California Enhanced Municipal Bond Index to the Bloomberg California 4+ Year Enhanced Municipal Bond Index for aligned performance tracking; the fund continues to post solid gains in investment-grade California municipals, reflecting a mid-2024 advance amid increased supply and interest-rate recalibrations into late 2024. No major acquisitions, partnerships, funding rounds, name changes, or reorganizations specific to FCSTX have been reported in the last 1-2 years, with ongoing emphasis on tax-exempt income generation and portfolio stability as of late 2025.