UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02741
Fidelity Court Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Margaret Carey, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
| |
Date of fiscal year end: | November 30 |
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Date of reporting period: | May 31, 2023 |
Item 1.
Reports to Stockholders
Fidelity® New Jersey Municipal Income Fund
Semi-Annual Report
May 31, 2023
Contents
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You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
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Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2023 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Revenue Sources (% of Fund's net assets) |
General Obligations | 33.9 | |
Transportation | 17.1 | |
Health Care | 16.0 | |
Education | 15.6 | |
Others* (Individually Less Than 5%) | 17.4 | |
| 100.0 | |
|
*Includes net other assets | | |
Quality Diversification (% of Fund's net assets) |
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Showing Percentage of Net Assets
Municipal Bonds - 90.8% |
| | Principal Amount (a) | Value ($) |
Delaware, New Jersey - 0.7% | | | |
Delaware River & Bay Auth. Rev. Series 2022: | | | |
5% 1/1/30 | | 825,000 | 932,806 |
5% 1/1/38 | | 410,000 | 455,579 |
5% 1/1/42 | | 2,075,000 | 2,247,987 |
TOTAL DELAWARE, NEW JERSEY | | | 3,636,372 |
Guam - 0.1% | | | |
Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (b) | | 480,000 | 483,899 |
New Jersey - 75.4% | | | |
Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | | | |
5% 2/15/25 | | 1,020,000 | 1,024,487 |
5% 2/15/26 | | 1,500,000 | 1,506,517 |
5% 2/15/27 | | 1,000,000 | 1,005,048 |
5% 2/15/28 | | 1,000,000 | 1,005,620 |
5% 2/15/29 | | 1,000,000 | 1,006,023 |
5% 2/15/32 | | 1,000,000 | 1,005,639 |
5% 2/15/33 | | 1,000,000 | 1,005,205 |
5% 2/15/34 | | 1,200,000 | 1,205,788 |
5% 2/15/35 | | 1,000,000 | 1,003,904 |
Cumberland County Impt. Auth. (Technical High School Proj.) Series 2014, 5% 9/1/23 (Assured Guaranty Muni. Corp. Insured) | | 600,000 | 602,066 |
Gloucester County Impt. Auth. Rev. (Rowan Univ. Proj.): | | | |
Series 2017 A: | | | |
5% 11/1/29 (Assured Guaranty Muni. Corp. Insured) | | 750,000 | 789,173 |
5% 11/1/30 (Assured Guaranty Muni. Corp. Insured) | | 605,000 | 635,802 |
Series 2019, 5% 7/1/44 | | 2,375,000 | 2,544,998 |
Hudson Co. Impt. Auth. Swsr Series 2019: | | | |
4% 1/1/35 | | 1,000,000 | 1,023,586 |
4% 1/1/37 | | 395,000 | 399,217 |
Hudson County Impt. Auth. (Hudson County Courthouse Proj.) Series 2020, 3% 10/1/36 | | 2,950,000 | 2,673,149 |
Jersey City Gen. Oblig. Series 2017 A: | | | |
5% 11/1/30 | | 800,000 | 868,769 |
5% 11/1/31 | | 500,000 | 542,899 |
Mercer County Gen. Oblig. Series 2021, 2.375% 2/15/30 | | 2,280,000 | 2,102,173 |
New Brunswick Parking Auth. Rev. Series 2012: | | | |
5% 9/1/26 | | 600,000 | 600,779 |
5% 9/1/27 | | 440,000 | 440,592 |
New Jersey Econ. Dev. Auth.: | | | |
(White Horse HMT Urban Renewal LLC Proj.) Series 2020, 5% 1/1/40 (c) | | 1,000,000 | 711,933 |
Series 2015: | | | |
5.25% 6/15/27 | | 1,395,000 | 1,435,133 |
5.25% 6/15/27 (Pre-Refunded to 6/15/25 @ 100) | | 1,605,000 | 1,671,813 |
Series 2024 SSS: | | | |
5% 6/15/33 (d) | | 1,725,000 | 1,849,506 |
5% 6/15/34 (d) | | 4,710,000 | 5,052,421 |
5.25% 6/15/37 (d) | | 1,570,000 | 1,670,664 |
5.25% 6/15/38 (d) | | 2,000,000 | 2,116,047 |
5.25% 6/15/39 (d) | | 3,000,000 | 3,159,874 |
Series A, 5% 11/1/35 | | 5,000,000 | 5,359,414 |
Series QQQ: | | | |
4% 6/15/46 | | 1,250,000 | 1,172,543 |
4% 6/15/50 | | 1,000,000 | 927,218 |
Series WW: | | | |
5.25% 6/15/40 (Pre-Refunded to 6/15/25 @ 100) | | 105,000 | 109,371 |
5.25% 6/15/40 (Pre-Refunded to 6/15/25 @ 100) | | 1,895,000 | 1,973,885 |
New Jersey Econ. Dev. Auth. Lease Rev. (Health Dept. and Taxation Division Office Proj.) Series 2018 A, 5% 6/15/31 | | 2,555,000 | 2,719,071 |
New Jersey Econ. Dev. Auth. Motor Vehicle Rev.: | | | |
Series 2017 A, 3.375% 7/1/30 | | 3,705,000 | 3,538,440 |
Series 2017 B, 3.125% 7/1/29 | | 1,335,000 | 1,264,052 |
New Jersey Econ. Dev. Auth. Rev.: | | | |
(Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% 10/1/39 (c) | | 1,250,000 | 896,913 |
(Goethals Bridge Replacement Proj.) Series 2013, 5.125% 1/1/34 (b) | | 1,500,000 | 1,509,300 |
(Provident Montclair Proj.) Series 2017: | | | |
5% 6/1/30 (Assured Guaranty Muni. Corp. Insured) | | 1,500,000 | 1,575,139 |
5% 6/1/31 (Assured Guaranty Muni. Corp. Insured) | | 1,500,000 | 1,572,564 |
5% 6/1/37 (Assured Guaranty Muni. Corp. Insured) | | 4,000,000 | 4,129,451 |
Series 2005 N1, 5.5% 9/1/24 (AMBAC Insured) | | 5,000,000 | 5,101,654 |
Series 2015 XX, 4.25% 6/15/26 | | 4,220,000 | 4,254,499 |
New Jersey Econ. Dev. Auth. Wtr. Facilities Rev.: | | | |
(Middlesex Wtr. Co. Proj.) Series 2019, 5% 8/1/59 (b) | | 1,000,000 | 1,023,953 |
(New Jersey-American Wtr. Co., Inc. Proj.): | | | |
Series 2020 A, 1% 6/1/23 | | 1,300,000 | 1,300,000 |
Series 2020 C, 1.15% 6/1/23 (b) | | 2,500,000 | 2,500,000 |
Bonds: | | | |
(New Jersey- American Wtr. Co., INC. Proj.) Series 2020 B, 3.75%, tender 6/1/28 (b)(d)(e) | | 5,000,000 | 4,979,111 |
(New Jersey-American Wtr. Co., Inc.) Series 2020, 1.2%, tender 6/1/23 (b)(e) | | 1,000,000 | 1,000,000 |
New Jersey Edl. Facility: | | | |
(Stevens Institute of Techonolgy Proj.) Series 2017 A: | | | |
5% 7/1/23 | | 635,000 | 635,428 |
5% 7/1/24 | | 690,000 | 696,650 |
5% 7/1/25 | | 600,000 | 610,636 |
5% 7/1/26 | | 945,000 | 972,835 |
5% 7/1/29 | | 865,000 | 907,164 |
Series 2015 B, 5% 7/1/31 | | 3,000,000 | 3,085,896 |
Series 2016 A: | | | |
5% 7/1/27 | | 2,875,000 | 2,980,761 |
5% 7/1/29 | | 1,000,000 | 1,036,278 |
5% 7/1/32 | | 600,000 | 620,834 |
Series 2016 E, 5% 7/1/32 (Build America Mutual Assurance Insured) | | 3,335,000 | 3,489,331 |
Series A: | | | |
4% 7/1/50 | | 3,000,000 | 2,607,048 |
5% 7/1/32 | | 420,000 | 448,494 |
5% 7/1/33 | | 675,000 | 718,447 |
5% 7/1/34 | | 540,000 | 573,665 |
5% 7/1/35 | | 570,000 | 602,053 |
5% 7/1/36 | | 1,095,000 | 1,147,292 |
5% 7/1/37 | | 1,095,000 | 1,139,348 |
5% 7/1/38 | | 985,000 | 1,021,240 |
5% 7/1/39 | | 1,040,000 | 1,075,264 |
5% 7/1/40 | | 1,035,000 | 1,066,404 |
5% 7/1/45 | | 3,500,000 | 3,569,162 |
New Jersey Envir. Infrastructure Trust Series 2015 AR1, 5% 9/1/26 | | 200,000 | 213,013 |
New Jersey Gen. Oblig. Series 2021: | | | |
2% 6/1/26 | | 6,300,000 | 5,925,815 |
2% 6/1/29 | | 3,110,000 | 2,775,399 |
New Jersey Health Care Facilities Fing. Auth. Rev.: | | | |
(Inspira Health Proj.) Series 2017 A, 5% 7/1/42 | | 5,325,000 | 5,461,065 |
(St Joseph Hosp. & Med. Ctr., Proj.) Series 2016, 5% 7/1/25 | | 700,000 | 708,229 |
Series 2014 A, 4% 7/1/45 | | 1,300,000 | 1,225,513 |
Series 2016 A: | | | |
5% 7/1/26 (Escrowed to Maturity) | | 1,575,000 | 1,659,225 |
5% 7/1/27 | | 100,000 | 105,256 |
5% 7/1/27 (Pre-Refunded to 7/1/26 @ 100) | | 1,700,000 | 1,790,910 |
5% 7/1/28 (Pre-Refunded to 7/1/26 @ 100) | | 2,040,000 | 2,149,091 |
5% 7/1/29 (Pre-Refunded to 7/1/26 @ 100) | | 1,550,000 | 1,632,888 |
5% 7/1/30 (Pre-Refunded to 7/1/26 @ 100) | | 2,000,000 | 2,106,952 |
5% 7/1/39 | | 11,000,000 | 11,294,265 |
5% 7/1/43 | | 2,500,000 | 2,563,662 |
Series 2016: | | | |
4% 7/1/48 | | 425,000 | 346,939 |
5% 7/1/26 | | 800,000 | 816,581 |
5% 7/1/29 | | 1,050,000 | 1,121,092 |
5% 7/1/30 | | 605,000 | 646,377 |
5% 7/1/31 | | 400,000 | 425,300 |
5% 7/1/35 | | 950,000 | 963,566 |
5% 7/1/36 | | 565,000 | 570,232 |
5% 7/1/41 | | 5,085,000 | 4,990,714 |
Series 2017 A, 5% 7/1/25 | | 110,000 | 113,703 |
Series 2019: | | | |
3% 7/1/49 | | 9,640,000 | 6,717,675 |
5% 7/1/34 | | 960,000 | 1,040,943 |
Series 2021: | | | |
3% 7/1/46 | | 7,140,000 | 5,333,013 |
4% 7/1/35 | | 750,000 | 767,835 |
4% 7/1/37 | | 700,000 | 703,387 |
5% 7/1/33 | | 1,420,000 | 1,591,189 |
5% 7/1/34 | | 1,250,000 | 1,398,636 |
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | | | |
Series 2016 1A, 5% 12/1/25 (b) | | 1,400,000 | 1,433,027 |
Series 2017 1A: | | | |
5% 12/1/25 (b) | | 3,000,000 | 3,070,773 |
5% 12/1/27 (b) | | 2,500,000 | 2,586,822 |
Series 2018 B: | | | |
5% 12/1/26 (b) | | 255,000 | 263,351 |
5% 12/1/28 (b) | | 950,000 | 997,372 |
Series 2019 A: | | | |
5% 12/1/26 | | 2,525,000 | 2,658,221 |
5% 12/1/27 | | 2,000,000 | 2,138,243 |
5% 12/1/28 | | 700,000 | 751,331 |
Series 2020, 5% 12/1/23 (b) | | 2,375,000 | 2,386,922 |
Series 2021 A: | | | |
5% 12/1/26 (b) | | 325,000 | 335,643 |
5% 12/1/27 (b) | | 325,000 | 339,177 |
5% 12/1/28 (b) | | 400,000 | 421,632 |
5% 12/1/29 (b) | | 1,050,000 | 1,119,922 |
Series 2021 B: | | | |
5% 12/1/27 (b) | | 1,325,000 | 1,382,800 |
5% 12/1/28 (b) | | 1,450,000 | 1,528,418 |
5% 12/1/29 (b) | | 1,415,000 | 1,507,552 |
Series 2023 A: | | | |
5% 12/1/25 (b) | | 575,000 | 588,565 |
5% 12/1/26 (b) | | 1,275,000 | 1,316,754 |
Series 2023 B: | | | |
5% 12/1/25 (b) | | 1,850,000 | 1,893,643 |
5% 12/1/26 (b) | | 7,000,000 | 7,229,235 |
New Jersey Hsg. & Mtg. Fin. Agcy. Rev.: | | | |
Series 2019 D, 4% 10/1/24 (b) | | 2,370,000 | 2,356,531 |
Series 2020 E, 1.75% 4/1/30 | | 900,000 | 784,163 |
Series 2021 H: | | | |
5% 4/1/28 | | 300,000 | 321,219 |
5% 10/1/28 | | 480,000 | 518,127 |
5% 4/1/29 | | 500,000 | 544,054 |
Series 2022 I, 5% 10/1/53 | | 3,530,000 | 3,632,382 |
New Jersey Institute of Technology Series A: | | | |
5% 7/1/27 | | 170,000 | 181,722 |
5% 7/1/28 | | 225,000 | 245,096 |
5% 7/1/29 | | 270,000 | 299,469 |
5% 7/1/30 | | 260,000 | 288,219 |
5% 7/1/31 | | 375,000 | 414,670 |
5% 7/1/32 | | 375,000 | 414,333 |
5% 7/1/33 | | 170,000 | 187,686 |
New Jersey Tobacco Settlement Fing. Corp.: | | | |
Series 2018 A: | | | |
5% 6/1/26 | | 5,000,000 | 5,224,687 |
5% 6/1/27 | | 1,000,000 | 1,060,865 |
5% 6/1/28 | | 2,000,000 | 2,145,692 |
Series 2018 B: | | | |
3.2% 6/1/27 | | 10,000 | 10,000 |
5% 6/1/46 | | 6,400,000 | 6,428,054 |
New Jersey Tpk. Auth. Tpk. Rev. Series 2017 B, 5% 1/1/34 | | 2,500,000 | 2,711,223 |
New Jersey Trans. Trust Fund Auth.: | | | |
(Trans. Prog.) Series 2019 AA, 5.25% 6/15/43 | | 520,000 | 545,396 |
Series 2006 C: | | | |
0% 12/15/26 (AMBAC Insured) | | 10,000,000 | 8,822,938 |
0% 12/15/34 | | 4,000,000 | 2,618,009 |
Series 2008 A, 0% 12/15/36 | | 25,000,000 | 14,475,180 |
Series 2009 A: | | | |
0% 12/15/33 | | 1,135,000 | 757,965 |
0% 12/15/38 | | 13,900,000 | 7,254,949 |
Series 2010 A: | | | |
0% 12/15/27 | | 3,000,000 | 2,555,333 |
0% 12/15/30 | | 14,795,000 | 11,165,929 |
Series 2010 A3, 0% 12/15/34 | | 10,775,000 | 6,894,384 |
Series 2013 AA, 5% 6/15/29 | | 510,000 | 510,264 |
Series 2014 AA: | | | |
5% 6/15/38 | | 770,000 | 776,330 |
5% 6/15/44 | | 555,000 | 558,019 |
Series 2016 A, 5% 6/15/29 | | 750,000 | 784,064 |
Series 2019 BB, 4% 6/15/38 | | 1,035,000 | 1,014,432 |
Series 2020 AA, 3% 6/15/50 | | 7,500,000 | 5,574,677 |
Series 2022 AA: | | | |
5% 6/15/37 | | 10,000,000 | 10,802,022 |
5% 6/15/38 | | 6,440,000 | 6,899,410 |
Series A: | | | |
0% 12/15/31 | | 365,000 | 264,122 |
5% 12/15/32 | | 2,600,000 | 2,845,241 |
5% 12/15/33 | | 2,850,000 | 3,104,918 |
Series AA, 4% 6/15/50 | | 10,730,000 | 9,949,046 |
Newark Port Auth. Hsg. Auth. Rev. Series 2007, 5.25% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 200,000 | 203,392 |
Passaic County Gen. Oblig.: | | | |
Series 2020 C, 2% 11/1/33 | | 685,000 | 570,644 |
Series 2021 AB: | | | |
2% 11/1/34 | | 1,840,000 | 1,491,009 |
2% 11/1/36 | | 1,230,000 | 932,849 |
Passaic County N J Impt. Auth. Cha: | | | |
(Paterson Arts & Science Charter School Proj.) Series 2023, 4.25% 7/1/33 | | 620,000 | 621,962 |
(Paterson Arts and Science Charter School Proj.) Series 2023: | | | |
5.25% 7/1/43 | | 670,000 | 676,546 |
5.375% 7/1/53 | | 1,000,000 | 1,004,254 |
5.5% 7/1/58 | | 635,000 | 638,718 |
Rahway Board of Ed. Series 2021: | | | |
2.125% 7/15/37 (Build America Mutual Assurance Insured) | | 1,110,000 | 832,246 |
2.125% 7/15/38 (Build America Mutual Assurance Insured) | | 1,400,000 | 1,025,766 |
Salem County Indl. Poll. Cont. Fing. Auth. Poll. Cont. Rev. Bonds (Philadelphia Elec. Co. Proj.) Series 1993 A, 4.45%, tender 3/1/25 (b)(e) | | 3,200,000 | 3,195,015 |
South Jersey Port Corp. Rev. (New Jersey Gen. Oblig. Proj.) Series 2017 B: | | | |
5% 1/1/29 (b) | | 955,000 | 992,888 |
5% 1/1/31 (b) | | 1,950,000 | 2,025,918 |
5% 1/1/33 (b) | | 750,000 | 777,276 |
5% 1/1/35 (b) | | 2,000,000 | 2,062,291 |
South Jersey Trans. Auth. Trans. Sys. Rev.: | | | |
Series 2019 A: | | | |
5% 11/1/28 (Assured Guaranty Muni. Corp. Insured) | | 200,000 | 216,176 |
5% 11/1/31 (Assured Guaranty Muni. Corp. Insured) | | 1,500,000 | 1,641,398 |
5% 11/1/32 (Assured Guaranty Muni. Corp. Insured) | | 1,230,000 | 1,344,161 |
5% 11/1/33 (Assured Guaranty Muni. Corp. Insured) | | 750,000 | 818,002 |
Series 2020 A: | | | |
5% 11/1/45 | | 7,000,000 | 7,236,853 |
5% 11/1/45 (Build America Mutual Assurance Insured) | | 2,000,000 | 2,126,047 |
The Board of Ed. of Newark Series 2021: | | | |
4% 7/15/36 (Build America Mutual Assurance Insured) | | 775,000 | 767,003 |
4% 7/15/37 (Build America Mutual Assurance Insured) | | 725,000 | 709,203 |
5% 7/15/23 | | 265,000 | 265,452 |
5% 7/15/24 | | 400,000 | 406,076 |
5% 7/15/25 (Build America Mutual Assurance Insured) | | 230,000 | 237,576 |
5% 7/15/26 (Build America Mutual Assurance Insured) | | 275,000 | 288,498 |
5% 7/15/27 (Build America Mutual Assurance Insured) | | 325,000 | 345,850 |
5% 7/15/28 (Build America Mutual Assurance Insured) | | 300,000 | 323,631 |
5% 7/15/29 (Build America Mutual Assurance Insured) | | 300,000 | 328,732 |
5% 7/15/30 (Build America Mutual Assurance Insured) | | 300,000 | 332,688 |
5% 7/15/31 (Build America Mutual Assurance Insured) | | 375,000 | 420,660 |
5% 7/15/32 (Build America Mutual Assurance Insured) | | 400,000 | 447,941 |
5% 7/15/33 (Build America Mutual Assurance Insured) | | 500,000 | 559,325 |
TOTAL NEW JERSEY | | | 379,484,367 |
New York - 0.2% | | | |
Port Auth. of New York & New Jersey Series 2020 221, 4% 7/15/50 (b) | | 1,215,000 | 1,139,115 |
New York And New Jersey - 11.1% | | | |
Port Auth. of New York & New Jersey: | | | |
Series 2014 185, 5% 9/1/30 (b) | | 1,105,000 | 1,116,097 |
Series 2016, 5% 11/15/32 (b) | | 5,000,000 | 5,172,365 |
Series 2018, 5% 9/15/34 (b) | | 5,000,000 | 5,258,507 |
Series 2022 236, 5% 1/15/47 (b) | | 6,000,000 | 6,275,579 |
Series 207, 5% 9/15/29 (b) | | 1,750,000 | 1,853,047 |
Series 214: | | | |
5% 9/1/30 (b) | | 250,000 | 270,709 |
5% 9/1/36 (b) | | 6,785,000 | 7,217,072 |
Series 218, 5% 11/1/44 (b) | | 1,420,000 | 1,477,161 |
Series 221: | | | |
4% 7/15/37 (b) | | 1,000,000 | 999,772 |
4% 7/15/45 (b) | | 1,500,000 | 1,426,170 |
5% 7/15/35 (b) | | 2,500,000 | 2,717,641 |
Series 223: | | | |
4% 7/15/34 (b) | | 2,000,000 | 2,072,159 |
4% 7/15/35 (b) | | 2,250,000 | 2,302,902 |
4% 7/15/36 (b) | | 1,350,000 | 1,365,156 |
4% 7/15/37 (b) | | 2,750,000 | 2,749,374 |
4% 7/15/38 (b) | | 6,000,000 | 5,926,525 |
4% 7/15/39 (b) | | 4,000,000 | 3,913,214 |
5% 7/15/56 (b) | | 3,500,000 | 3,610,823 |
TOTAL NEW YORK AND NEW JERSEY | | | 55,724,273 |
Pennsylvania, New Jersey - 1.6% | | | |
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev.: | | | |
Series 2015: | | | |
3% 7/1/27 (Build America Mutual Assurance Insured) | | 1,000,000 | 997,407 |
5% 7/1/26 | | 650,000 | 670,693 |
5% 7/1/29 (Pre-Refunded to 7/1/25 @ 100) | | 300,000 | 311,019 |
5% 7/1/30 (Pre-Refunded to 7/1/25 @ 100) | | 350,000 | 362,856 |
Series 2019 A, 5% 7/1/44 | | 700,000 | 737,619 |
Series 2019 B, 5% 7/1/32 | | 1,000,000 | 1,114,271 |
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Series 2018 A: | | | |
5% 1/1/37 | | 1,200,000 | 1,297,249 |
5% 1/1/38 | | 1,450,000 | 1,552,579 |
5% 1/1/39 | | 1,190,000 | 1,268,180 |
TOTAL PENNSYLVANIA, NEW JERSEY | | | 8,311,873 |
Puerto Rico - 1.7% | | | |
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Series 2021 B, 5% 7/1/37 (c) | | 1,395,000 | 1,381,047 |
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1: | | | |
0% 7/1/33 | | 1,552,650 | 909,991 |
5.625% 7/1/27 | | 175,000 | 182,921 |
5.625% 7/1/29 | | 545,000 | 577,278 |
5.75% 7/1/31 | | 1,300,000 | 1,399,891 |
Puerto Rico Indl., Tourist, Edl., Med. And Envir. Cont. Facilities Fing. Auth. Series 2021: | | | |
4% 7/1/41 | | 195,000 | 170,361 |
5% 7/1/30 | | 475,000 | 514,939 |
5% 7/1/32 | | 125,000 | 137,136 |
5% 7/1/34 | | 110,000 | 119,423 |
5% 7/1/35 | | 120,000 | 129,354 |
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | | | |
Series 2018 A1, 0% 7/1/31 | | 1,465,000 | 1,014,467 |
Series 2019 A2: | | | |
4.329% 7/1/40 | | 914,000 | 846,758 |
4.55% 7/1/40 | | 1,050,000 | 999,293 |
TOTAL PUERTO RICO | | | 8,382,859 |
TOTAL MUNICIPAL BONDS (Cost $465,332,915) | | | 457,162,758 |
| | | |
Municipal Notes - 10.7% |
| | Principal Amount (a) | Value ($) |
New Jersey - 10.7% | | | |
Mercer County Gen. Oblig. Participating VRDN Series Floater 005, 3.95% 6/1/23 (Liquidity Facility Barclays Bank PLC) (e)(f)(g) | | 22,400,000 | 22,400,001 |
New Jersey Health Care Facilities Fing. Auth. Rev. (Virtua Health Proj.): | | | |
Series 2009 B, 2.7% 6/1/23, LOC JPMorgan Chase Bank, VRDN (e) | | 11,400,000 | 11,400,000 |
Series 2009 C, 2.75% 6/1/23, LOC JPMorgan Chase Bank, VRDN (e) | | 8,885,000 | 8,885,000 |
Union County Poll. Cont. Fing. Auth. Poll. Cont. Rev.: | | | |
(Exxon Mobil Proj.) Series 1994, 3.93% 6/1/23, VRDN (e) | | 10,105,000 | 10,105,000 |
(ExxonMobil Proj.) Series 1989, 3.88% 6/1/23, VRDN (e) | | 1,200,000 | 1,200,000 |
| | | |
TOTAL MUNICIPAL NOTES (Cost $53,990,005) | | | 53,990,001 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 101.5% (Cost $519,322,920) | 511,152,759 |
NET OTHER ASSETS (LIABILITIES) - (1.5)% | (7,687,432) |
NET ASSETS - 100.0% | 503,465,327 |
| |
Security Type Abbreviations
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,989,893 or 0.6% of net assets. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
(f) | Provides evidence of ownership in one or more underlying municipal bonds. |
(g) | Coupon rates are determined by re-marketing agents based on current market conditions. |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Municipal Securities | 511,152,759 | - | 511,152,759 | - |
| | | | |
Total Investments in Securities: | 511,152,759 | - | 511,152,759 | - |
Statement of Assets and Liabilities |
| | | | May 31, 2023 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $519,322,920): | | | $ | 511,152,759 |
Cash | | | | 5,427,042 |
Receivable for fund shares sold | | | | 164,925 |
Interest receivable | | | | 6,477,729 |
Prepaid expenses | | | | 94 |
Other receivables | | | | 3,520 |
Total assets | | | | 523,226,069 |
Liabilities | | | | |
Payable for investments purchased on a delayed delivery basis | $ | 19,004,476 | | |
Payable for fund shares redeemed | | 124,098 | | |
Distributions payable | | 409,716 | | |
Accrued management fee | | 146,687 | | |
Other affiliated payables | | 47,325 | | |
Other payables and accrued expenses | | 28,440 | | |
Total Liabilities | | | | 19,760,742 |
Net Assets | | | $ | 503,465,327 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 518,833,516 |
Total accumulated earnings (loss) | | | | (15,368,189) |
Net Assets | | | $ | 503,465,327 |
Net Asset Value , offering price and redemption price per share ($503,465,327 ÷ 44,543,350 shares) | | | $ | 11.30 |
Statement of Operations |
| | | | Six months ended May 31, 2023 (Unaudited) |
Investment Income | | | | |
Interest | | | $ | 7,837,316 |
Expenses | | | | |
Management fee | $ | 881,576 | | |
Transfer agent fees | | 217,220 | | |
Accounting fees and expenses | | 65,347 | | |
Custodian fees and expenses | | 4,098 | | |
Independent trustees' fees and expenses | | 903 | | |
Registration fees | | 26,537 | | |
Audit | | 24,971 | | |
Legal | | 12,559 | | |
Miscellaneous | | 1,363 | | |
Total expenses before reductions | | 1,234,574 | | |
Expense reductions | | (10,336) | | |
Total expenses after reductions | | | | 1,224,238 |
Net Investment income (loss) | | | | 6,613,078 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (1,392,566) | | |
Total net realized gain (loss) | | | | (1,392,566) |
Change in net unrealized appreciation (depreciation) on investment securities | | | | 8,596,961 |
Net gain (loss) | | | | 7,204,395 |
Net increase (decrease) in net assets resulting from operations | | | $ | 13,817,473 |
Statement of Changes in Net Assets |
|
| | Six months ended May 31, 2023 (Unaudited) | | Year ended November 30, 2022 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 6,613,078 | $ | 13,320,664 |
Net realized gain (loss) | | (1,392,566) | | (6,055,908) |
Change in net unrealized appreciation (depreciation) | | 8,596,961 | | (70,380,118) |
Net increase (decrease) in net assets resulting from operations | | 13,817,473 | | (63,115,362) |
Distributions to shareholders | | (6,422,639) | | (16,833,658) |
Share transactions | | | | |
Proceeds from sales of shares | | 44,517,256 | | 330,846,118 |
Reinvestment of distributions | | 4,197,046 | | 10,396,284 |
Cost of shares redeemed | | (59,972,273) | | (471,930,206) |
Net increase (decrease) in net assets resulting from share transactions | | (11,257,971) | | (130,687,804) |
Total increase (decrease) in net assets | | (3,863,137) | | (210,636,824) |
| | | | |
Net Assets | | | | |
Beginning of period | | 507,328,464 | | 717,965,288 |
End of period | $ | 503,465,327 | $ | 507,328,464 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 3,931,959 | | 29,219,835 |
Issued in reinvestment of distributions | | 370,460 | | 893,169 |
Redeemed | | (5,316,236) | | (41,446,898) |
Net increase (decrease) | | (1,013,817) | | (11,333,894) |
| | | | |
Financial Highlights
Fidelity® New Jersey Municipal Income Fund |
|
| | Six months ended (Unaudited) May 31, 2023 | | Years ended November 30, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 11.14 | $ | 12.62 | $ | 12.48 | $ | 12.33 | $ | 11.56 | $ | 11.84 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .148 | | .263 | | .249 | | .299 | | .333 | | .343 |
Net realized and unrealized gain (loss) | | .178 | | (1.417) | | .194 | | .216 | | .773 | | (.216) |
Total from investment operations | | .326 | | (1.154) | | .443 | | .515 | | 1.106 | | .127 |
Distributions from net investment income | | (.166) | | (.263) | | (.249) | | (.299) | | (.333) | | (.343) |
Distributions from net realized gain | | - | | (.063) | | (.054) | | (.066) | | (.003) | | (.064) |
Total distributions | | (.166) | | (.326) | | (.303) | | (.365) | | (.336) | | (.407) |
Net asset value, end of period | $ | 11.30 | $ | 11.14 | $ | 12.62 | $ | 12.48 | $ | 12.33 | $ | 11.56 |
Total Return C,D | | 2.73% | | (9.22)% | | 3.58% | | 4.28% | | 9.66% | | 1.10% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .49% G | | .48% | | .47% | | .47% | | .47% | | .47% |
Expenses net of fee waivers, if any | | .49% G | | .47% | | .47% | | .47% | | .47% | | .47% |
Expenses net of all reductions | | .48% G | | .47% | | .47% | | .47% | | .47% | | .47% |
Net investment income (loss) | | 2.62% G | | 2.28% | | 1.97% | | 2.45% | | 2.75% | | 2.95% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 503,465 | $ | 507,328 | $ | 717,965 | $ | 616,308 | $ | 585,664 | $ | 510,645 |
Portfolio turnover rate H | | 32% G | | 14% | | 12% | | 15% | | 12% | | 18% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended May 31, 2023
1. Organization.
Fidelity New Jersey Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity Court Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may be affected by economic and political developments in the state of New Jersey.
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2023 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $12,561,120 |
Gross unrealized depreciation | (20,488,055) |
Net unrealized appreciation (depreciation) | $(7,926,935) |
Tax cost | $519,079,694 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(1,207,013) |
Long-term | (4,848,895) |
Total capital loss carryforward | $(6,055,908) |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. 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. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may 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. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity New Jersey Municipal Income Fund | 73,029,704 | 85,467,663 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .35% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annualized rate of .09% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity New Jersey Municipal Income Fund | .03 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
5. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount |
Fidelity New Jersey Municipal Income Fund | $499 |
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $4,145.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $6,191.
7. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
8. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2022 to May 31, 2023). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value December 1, 2022 | | Ending Account Value May 31, 2023 | | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 |
| | | | | | | | | | |
Fidelity® New Jersey Municipal Income Fund | | | | .49% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,027.30 | | $ 2.48 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.49 | | $ 2.47 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.704871.125
NJN-SANN-0723
Fidelity® Connecticut Municipal Income Fund
Semi-Annual Report
May 31, 2023
Contents
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Revenue Sources (% of Fund's net assets) |
General Obligations | 35.9 | |
Education | 28.2 | |
Health Care | 15.6 | |
Special Tax | 7.4 | |
Housing | 5.6 | |
Others* (Individually Less Than 5%) | 7.3 | |
| 100.0 | |
|
*Includes net other assets | | |
Quality Diversification (% of Fund's net assets) |
|
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Showing Percentage of Net Assets
Municipal Bonds - 85.0% |
| | Principal Amount (a) | Value ($) |
Connecticut - 83.5% | | | |
Bridgeport Gen. Oblig.: | | | |
Series 2016 D: | | | |
5% 8/15/31 (Assured Guaranty Muni. Corp. Insured) | | 1,000,000 | 1,057,445 |
5% 8/15/32 (Assured Guaranty Muni. Corp. Insured) | | 3,090,000 | 3,266,063 |
Series 2019 A: | | | |
5% 2/1/32 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,101,907 |
5% 2/1/37 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,076,774 |
5% 2/1/39 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,067,089 |
Series 2021 A: | | | |
4% 8/1/38 | | 800,000 | 790,099 |
4% 8/1/41 | | 1,050,000 | 995,790 |
4% 8/1/46 | | 375,000 | 346,892 |
4% 8/1/51 | | 575,000 | 516,912 |
5% 8/1/35 | | 450,000 | 499,660 |
Connecticut Arpt. Auth. Customer Facility Charge Rev. (Ground Trans. Ctr. Proj.) Series 2019 A: | | | |
4% 7/1/49 (b) | | 2,000,000 | 1,647,076 |
5% 7/1/49 (b) | | 2,925,000 | 2,920,787 |
Connecticut Gen. Oblig.: | | | |
Series 2013 A, 5% 10/15/27 | | 1,000,000 | 1,005,776 |
Series 2015 B: | | | |
5% 6/15/27 | | 4,825,000 | 4,996,940 |
5% 6/15/30 | | 1,290,000 | 1,335,873 |
Series 2015 F, 5% 11/15/31 | | 4,000,000 | 4,166,138 |
Series 2018 A: | | | |
5% 4/15/30 | | 2,500,000 | 2,731,440 |
5% 4/15/38 | | 1,700,000 | 1,809,333 |
Series 2018 C, 5% 6/15/31 | | 725,000 | 794,505 |
Series 2019 A: | | | |
4% 4/15/37 | | 1,825,000 | 1,854,003 |
5% 4/15/25 | | 1,140,000 | 1,176,222 |
5% 4/15/35 | | 2,000,000 | 2,200,082 |
5% 4/15/36 | | 2,300,000 | 2,513,865 |
5% 4/15/39 | | 2,450,000 | 2,642,542 |
Series 2020 A, 3% 1/15/39 | | 5,500,000 | 4,829,592 |
Series 2020 C, 3% 6/1/40 | | 3,380,000 | 2,803,034 |
Series 2021 A: | | | |
3% 1/15/35 | | 1,850,000 | 1,753,809 |
3% 1/15/36 | | 9,130,000 | 8,267,227 |
3% 1/15/37 | | 2,875,000 | 2,545,743 |
Series 2021 B: | | | |
3% 6/1/39 | | 1,400,000 | 1,184,144 |
5% 6/1/41 | | 1,000,000 | 1,093,008 |
Series 2022 A, 4% 1/15/34 | | 400,000 | 426,286 |
Series 2022 B, 2% 1/15/38 | | 320,000 | 231,638 |
Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
(Fairfield Univ.): | | | |
Series 2017 R: | | | |
5% 7/1/31 | | 1,825,000 | 1,944,749 |
5% 7/1/32 | | 1,000,000 | 1,065,011 |
Series 2017, 5% 7/1/30 | | 2,400,000 | 2,557,191 |
(Sacred Heart Univ., CT. Proj.) Series 2017 I-1: | | | |
5% 7/1/27 | | 80,000 | 84,887 |
5% 7/1/28 | | 1,150,000 | 1,218,333 |
5% 7/1/29 | | 350,000 | 371,692 |
5% 7/1/30 | | 1,100,000 | 1,169,019 |
5% 7/1/31 | | 1,300,000 | 1,379,175 |
5% 7/1/32 | | 1,050,000 | 1,113,317 |
5% 7/1/33 | | 700,000 | 741,812 |
5% 7/1/34 | | 750,000 | 794,157 |
5% 7/1/42 | | 2,000,000 | 2,058,645 |
Series 2013 N: | | | |
5% 7/1/24 | | 400,000 | 400,614 |
5% 7/1/25 | | 300,000 | 300,246 |
Series 2014 E: | | | |
5% 7/1/28 | | 3,260,000 | 3,304,855 |
5% 7/1/29 | | 3,840,000 | 3,895,500 |
Series 2015 L, 5% 7/1/29 | | 1,500,000 | 1,544,389 |
Series 2016 K, 4% 7/1/46 | | 7,000,000 | 6,166,090 |
Series 2018 K3, 5% 7/1/38 | | 985,000 | 953,619 |
Series 2019 A: | | | |
4% 7/1/49 | | 1,365,000 | 1,148,031 |
5% 7/1/26 | | 310,000 | 316,784 |
5% 7/1/29 | | 1,290,000 | 1,361,034 |
5% 7/1/49 (c) | | 6,000,000 | 5,074,868 |
Series 2020 A, 4% 7/1/40 | | 1,250,000 | 1,181,116 |
Series 2020 C, 4% 7/1/45 | | 1,800,000 | 1,672,812 |
Series 2020 K, 5% 7/1/39 | | 2,830,000 | 3,012,592 |
Series 2021 A, 3% 7/1/39 | | 5,000,000 | 4,010,203 |
Series 2021 G, 4% 3/1/51 | | 3,000,000 | 2,807,660 |
Series 2021 L, 3% 7/1/41 | | 1,340,000 | 1,116,160 |
Series 2022 M: | | | |
4% 7/1/36 | | 250,000 | 249,429 |
4% 7/1/37 | | 260,000 | 255,345 |
4% 7/1/39 | | 2,600,000 | 2,425,095 |
4% 7/1/40 | | 3,300,000 | 3,047,404 |
4% 7/1/41 | | 1,195,000 | 1,111,734 |
4% 7/1/42 | | 1,750,000 | 1,586,562 |
Series 2023 E: | | | |
5% 7/15/38 | | 900,000 | 960,184 |
5% 7/15/39 | | 1,060,000 | 1,125,964 |
5% 7/15/40 | | 1,300,000 | 1,374,763 |
Series E, 5% 7/1/28 | | 1,250,000 | 1,270,655 |
Series G: | | | |
5% 7/1/29 (c) | | 1,055,000 | 1,073,141 |
5% 7/1/30 (c) | | 275,000 | 275,967 |
5% 7/1/34 (c) | | 695,000 | 690,280 |
5% 7/1/39 (c) | | 2,600,000 | 2,498,198 |
5% 7/1/50 (c) | | 1,000,000 | 906,985 |
Series K1: | | | |
5% 7/1/24 | | 600,000 | 602,253 |
5% 7/1/25 | | 1,240,000 | 1,237,513 |
5% 7/1/27 | | 250,000 | 250,960 |
Series K3, 5% 7/1/48 | | 3,695,000 | 3,406,988 |
Series L: | | | |
5% 7/1/26 | | 1,000,000 | 1,025,500 |
5% 7/1/27 | | 2,000,000 | 2,052,599 |
Series L1: | | | |
4% 7/1/24 | | 650,000 | 646,685 |
4% 7/1/25 | | 600,000 | 595,323 |
4% 7/1/26 | | 700,000 | 696,104 |
4% 7/1/27 | | 700,000 | 697,014 |
Series N: | | | |
4% 7/1/39 | | 1,850,000 | 1,572,822 |
5% 7/1/23 | | 415,000 | 414,922 |
5% 7/1/24 | | 375,000 | 374,844 |
5% 7/1/25 | | 340,000 | 341,647 |
5% 7/1/27 | | 430,000 | 435,616 |
5% 7/1/31 | | 500,000 | 508,931 |
5% 7/1/32 | | 550,000 | 558,794 |
5% 7/1/33 | | 720,000 | 729,817 |
5% 7/1/34 | | 675,000 | 682,360 |
Series R: | | | |
5% 6/1/37 | | 1,000,000 | 1,078,625 |
5% 6/1/38 | | 1,045,000 | 1,120,804 |
5% 6/1/39 | | 1,595,000 | 1,703,944 |
5% 6/1/40 | | 1,125,000 | 1,194,180 |
Connecticut Higher Ed. Supplemental Ln. Auth. Rev.: | | | |
(Chesla Ln. Prog.): | | | |
Series 2017 B, 5% 11/15/24 (Escrowed to Maturity) (b) | | 1,065,000 | 1,088,723 |
Series B: | | | |
5% 11/15/24 (b) | | 300,000 | 304,494 |
5% 11/15/25 (b) | | 400,000 | 409,491 |
5% 11/15/26 (b) | | 600,000 | 622,057 |
5% 11/15/27 (b) | | 610,000 | 641,083 |
5% 11/15/28 (b) | | 525,000 | 558,402 |
5% 11/15/29 (b) | | 530,000 | 569,116 |
(Chesla Loan Prog.): | | | |
Series C: | | | |
5% 11/15/24 (Escrowed to Maturity) | | 225,000 | 230,655 |
5% 11/15/25 (Escrowed to Maturity) | | 240,000 | 250,915 |
5% 11/15/26 (Escrowed to Maturity) | | 200,000 | 213,521 |
5% 11/15/27 (Pre-Refunded to 11/15/26 @ 100) | | 125,000 | 133,451 |
Series D: | | | |
5% 11/15/24 (Escrowed to Maturity) | | 425,000 | 435,378 |
5% 11/15/25 (Escrowed to Maturity) | | 250,000 | 261,069 |
5% 11/15/26 (Escrowed to Maturity) | | 180,000 | 191,864 |
Connecticut Hsg. Fin. Auth.: | | | |
Series 2014 C, 4% 11/15/44 | | 50,000 | 49,859 |
Series 2016 F, 3.5% 5/15/39 (b) | | 580,000 | 568,173 |
Series 2019 B1, 4% 5/15/49 | | 2,590,000 | 2,558,694 |
Series 2019 F, 3.5% 11/15/43 | | 2,610,000 | 2,547,463 |
Series 2021 B1, 3% 11/15/49 | | 2,545,000 | 2,432,826 |
Series A2: | | | |
5% 11/15/26 (b) | | 840,000 | 875,295 |
5% 5/15/27 (b) | | 1,890,000 | 1,973,398 |
5% 11/15/27 (b) | | 860,000 | 904,183 |
5% 5/15/28 (b) | | 615,000 | 649,826 |
5% 11/15/28 (b) | | 225,000 | 239,315 |
Series C: | | | |
5% 5/15/26 (b) | | 1,820,000 | 1,883,041 |
5% 5/15/27 (b) | | 800,000 | 835,301 |
5% 11/15/28 (b) | | 580,000 | 616,901 |
5% 5/15/29 (b) | | 1,115,000 | 1,190,819 |
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
Series 2021 A, 5% 5/1/35 | | 1,000,000 | 1,131,206 |
Series 2021 C: | | | |
5% 1/1/28 | | 1,600,000 | 1,741,404 |
5% 1/1/30 | | 3,500,000 | 3,939,446 |
5% 1/1/31 | | 3,410,000 | 3,889,324 |
5% 1/1/32 | | 2,500,000 | 2,890,790 |
Series 2022 A, 5% 7/1/37 | | 1,000,000 | 1,133,440 |
Series A: | | | |
5% 5/1/28 | | 1,000,000 | 1,095,962 |
5% 9/1/33 | | 1,000,000 | 1,017,287 |
East Lyme Gen. Oblig. Series 2020, 3% 7/15/38 | | 530,000 | 453,977 |
Greater New Haven Wtr. Poll. Cont. Auth. Reg'l. Wastewtr. Sys. Rev.: | | | |
Series 2005 A, 5% 8/15/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 10,000 | 10,004 |
Series 2014 B: | | | |
5% 8/15/25 | | 450,000 | 459,665 |
5% 8/15/26 | | 700,000 | 716,221 |
5% 8/15/27 | | 750,000 | 767,902 |
5% 8/15/28 | | 385,000 | 394,390 |
Hartford County Metropolitan District (Connecticut Clean Wtr. Proj.) Series 2014 A, 5% 11/1/28 (Pre-Refunded to 11/1/24 @ 100) | | 1,000,000 | 1,023,768 |
Hartford County Metropolitan District Gen. Oblig. Series 2018: | | | |
5% 7/15/31 | | 1,000,000 | 1,104,260 |
5% 7/15/32 | | 1,250,000 | 1,376,863 |
5% 7/15/33 | | 1,000,000 | 1,097,197 |
5% 7/15/34 | | 1,000,000 | 1,092,464 |
Hartford Gen. Oblig.: | | | |
Series 2014 C, 5% 8/15/24 (Build America Mutual Assurance Insured) | | 1,835,000 | 1,871,036 |
Series 2015 A: | | | |
5% 7/1/28 (Assured Guaranty Muni. Corp. Insured) | | 1,000,000 | 1,040,712 |
5% 7/1/29 (Assured Guaranty Muni. Corp. Insured) | | 1,000,000 | 1,041,233 |
Hbr. Point Infrastructure Impt. District Series 2017, 5% 4/1/39 (c) | | 2,000,000 | 1,979,340 |
Milford Gen. Oblig. Series 2021 A, 2% 11/1/33 | | 330,000 | 273,914 |
Naugatuck Ctfs. of Prtn. (Naugatuck Incineration Facilities Proj.) Series 2021 A, 4% 8/15/38 (b) | | 3,330,000 | 3,116,492 |
New Britain Gen. Oblig.: | | | |
Series 2015 A: | | | |
5% 3/1/27 (Build America Mutual Assurance Insured) | | 1,605,000 | 1,651,983 |
5% 3/1/29 (Build America Mutual Assurance Insured) | | 1,770,000 | 1,825,765 |
5% 3/1/30 | | 600,000 | 618,624 |
5% 3/1/30 (Pre-Refunded to 3/1/25 @ 100) | | 1,260,000 | 1,296,834 |
5% 3/1/31 (Pre-Refunded to 3/1/25 @ 100) | | 1,955,000 | 2,012,151 |
Series 2017 C: | | | |
5% 3/1/32 (Assured Guaranty Muni. Corp. Insured) | | 1,635,000 | 1,736,938 |
5% 3/1/33 (Assured Guaranty Muni. Corp. Insured) | | 1,900,000 | 2,017,582 |
New Haven Gen. Oblig.: | | | |
Series 2015 B: | | | |
5% 8/15/26 (Build America Mutual Assurance Insured) | | 615,000 | 634,760 |
5% 8/15/27 (Build America Mutual Assurance Insured) | | 765,000 | 791,361 |
Series 2015: | | | |
5% 9/1/29 (Assured Guaranty Muni. Corp. Insured) | | 2,655,000 | 2,757,254 |
5% 9/1/31 (Assured Guaranty Muni. Corp. Insured) | | 1,430,000 | 1,485,594 |
Series 2016 A: | | | |
5% 8/15/27 (Pre-Refunded to 8/15/26 @ 100) | | 35,000 | 37,171 |
5% 8/15/28 (Assured Guaranty Muni. Corp. Insured) | | 1,500,000 | 1,578,328 |
5% 8/15/30 (Assured Guaranty Muni. Corp. Insured) | | 1,000,000 | 1,054,615 |
5% 8/15/34 (Assured Guaranty Muni. Corp. Insured) | | 1,000,000 | 1,052,586 |
5% 8/15/35 (Assured Guaranty Muni. Corp. Insured) | | 1,000,000 | 1,049,275 |
Series 2017 B, 5% 8/1/25 | | 500,000 | 515,285 |
Series 2021 A, 4% 8/1/32 | | 950,000 | 957,370 |
South Central Reg'l. Wtr. Auth. Wtr. Sys. Rev. Series 32 B: | | | |
5% 8/1/32 | | 1,000,000 | 1,061,300 |
5% 8/1/33 | | 1,150,000 | 1,218,803 |
5% 8/1/38 | | 1,000,000 | 1,043,619 |
Steelpointe Hbr. Infrastructure Impt. District (Steelpointe Hbr. Proj.) Series 2021: | | | |
4% 4/1/31 (c) | | 390,000 | 356,653 |
4% 4/1/36 (c) | | 485,000 | 412,629 |
4% 4/1/41 (c) | | 660,000 | 522,781 |
4% 4/1/51 (c) | | 1,225,000 | 882,274 |
Stratford Gen. Oblig.: | | | |
Series 2017, 5% 7/1/30 (Assured Guaranty Muni. Corp. Insured) | | 1,000,000 | 1,040,196 |
Series 2019, 5% 1/1/27 | | 1,990,000 | 2,104,814 |
Univ. of Connecticut Gen. Oblig.: | | | |
Series 2018 A, 5% 4/15/28 | | 4,400,000 | 4,813,577 |
Series A, 5% 8/15/27 | | 1,335,000 | 1,338,326 |
West Haven Gen. Oblig.: | | | |
Series 2017 A: | | | |
5% 11/1/25 | | 635,000 | 657,882 |
5% 11/1/26 | | 635,000 | 669,215 |
Series 2017 B, 5% 11/1/32 | | 400,000 | 426,727 |
Series 2021, 4% 9/15/41 | | 1,125,000 | 1,055,315 |
TOTAL CONNECTICUT | | | 257,763,403 |
Guam - 0.1% | | | |
Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (b) | | 385,000 | 388,128 |
Puerto Rico - 1.4% | | | |
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Series 2021 B, 5% 7/1/37 (c) | | 835,000 | 826,649 |
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2021 A1: | | | |
0% 7/1/33 | | 863,283 | 505,961 |
5.625% 7/1/27 | | 100,000 | 104,526 |
5.625% 7/1/29 | | 310,000 | 328,360 |
5.75% 7/1/31 | | 735,000 | 791,477 |
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: | | | |
Series 2018 A1, 0% 7/1/31 | | 855,000 | 592,061 |
Series 2019 A2, 4.329% 7/1/40 | | 1,105,000 | 1,023,706 |
TOTAL PUERTO RICO | | | 4,172,740 |
TOTAL MUNICIPAL BONDS (Cost $277,348,833) | | | 262,324,271 |
| | | |
Municipal Notes - 13.6% |
| | Principal Amount (a) | Value ($) |
Connecticut - 13.6% | | | |
Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
(Yale Univ. Proj.) Series V1, 3.5% 6/1/23, VRDN (d) | | 9,000,000 | 9,000,000 |
Series 2013 A, 3.15% 6/1/23, VRDN (d) | | 8,200,000 | 8,200,000 |
Series 2016 A1, 3.5% 6/1/23, VRDN (d) | | 24,900,000 | 24,899,999 |
TOTAL MUNICIPAL NOTES (Cost $42,099,995) | | | 42,099,999 |
| | | |
TOTAL INVESTMENT IN SECURITIES - 98.6% (Cost $319,448,828) | 304,424,270 |
NET OTHER ASSETS (LIABILITIES) - 1.4% | 4,230,243 |
NET ASSETS - 100.0% | 308,654,513 |
| |
Security Type Abbreviations
VRDN | - | VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
Legend
(a) | Amount is stated in United States dollars unless otherwise noted. |
(b) | Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $15,499,765 or 5.0% of net assets. |
(d) | Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: |
Description | Total ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) |
Investments in Securities: | | | | |
|
Municipal Securities | 304,424,270 | - | 304,424,270 | - |
| | | | |
Total Investments in Securities: | 304,424,270 | - | 304,424,270 | - |
Statement of Assets and Liabilities |
| | | | May 31, 2023 (Unaudited) |
| | | | |
Assets | | | | |
Investment in securities, at value - See accompanying schedule Unaffiliated issuers (cost $319,448,828): | | | $ | 304,424,270 |
Cash | | | | 742,539 |
Receivable for fund shares sold | | | | 22,471 |
Interest receivable | | | | 3,833,725 |
Prepaid expenses | | | | 53 |
Other receivables | | | | 2,244 |
Total assets | | | | 309,025,302 |
Liabilities | | | | |
Payable for fund shares redeemed | $ | 72,398 | | |
Distributions payable | | 148,909 | | |
Accrued management fee | | 89,867 | | |
Transfer agent fee payable | | 23,283 | | |
Other affiliated payables | | 6,710 | | |
Audit fee payable | | 26,752 | | |
Other payables and accrued expenses | | 2,870 | | |
Total Liabilities | | | | 370,789 |
Net Assets | | | $ | 308,654,513 |
Net Assets consist of: | | | | |
Paid in capital | | | $ | 325,268,738 |
Total accumulated earnings (loss) | | | | (16,614,225) |
Net Assets | | | $ | 308,654,513 |
Net Asset Value , offering price and redemption price per share ($308,654,513 ÷ 28,835,946 shares) | | | $ | 10.70 |
Statement of Operations |
| | | | Six months ended May 31, 2023 (Unaudited) |
Investment Income | | | | |
Interest | | | $ | 4,471,061 |
Expenses | | | | |
Management fee | $ | 537,519 | | |
Transfer agent fees | | 138,770 | | |
Accounting fees and expenses | | 40,080 | | |
Custodian fees and expenses | | 3,312 | | |
Independent trustees' fees and expenses | | 543 | | |
Registration fees | | 20,898 | | |
Audit | | 26,908 | | |
Legal | | 6,525 | | |
Miscellaneous | | 622 | | |
Total expenses before reductions | | 775,177 | | |
Expense reductions | | (6,444) | | |
Total expenses after reductions | | | | 768,733 |
Net Investment income (loss) | | | | 3,702,328 |
Realized and Unrealized Gain (Loss) | | | | |
Net realized gain (loss) on: | | | | |
Investment Securities: | | | | |
Unaffiliated issuers | | (1,064,778) | | |
Total net realized gain (loss) | | | | (1,064,778) |
Change in net unrealized appreciation (depreciation) on investment securities | | | | 1,559,893 |
Net gain (loss) | | | | 495,115 |
Net increase (decrease) in net assets resulting from operations | | | $ | 4,197,443 |
Statement of Changes in Net Assets |
|
| | Six months ended May 31, 2023 (Unaudited) | | Year ended November 30, 2022 |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | $ | 3,702,328 | $ | 7,159,890 |
Net realized gain (loss) | | (1,064,778) | | (689,343) |
Change in net unrealized appreciation (depreciation) | | 1,559,893 | | (35,527,060) |
Net increase (decrease) in net assets resulting from operations | | 4,197,443 | | (29,056,513) |
Distributions to shareholders | | (3,606,647) | | (8,014,941) |
Share transactions | | | | |
Proceeds from sales of shares | | 33,345,327 | | 55,551,642 |
Reinvestment of distributions | | 2,727,314 | | 5,786,014 |
Cost of shares redeemed | | (34,371,210) | | (76,487,612) |
Net increase (decrease) in net assets resulting from share transactions | | 1,701,431 | | (15,149,956) |
Total increase (decrease) in net assets | | 2,292,227 | | (52,221,410) |
| | | | |
Net Assets | | | | |
Beginning of period | | 306,362,286 | | 358,583,696 |
End of period | $ | 308,654,513 | $ | 306,362,286 |
| | | | |
Other Information | | | | |
Shares | | | | |
Sold | | 3,074,616 | | 5,114,174 |
Issued in reinvestment of distributions | | 252,934 | | 523,425 |
Redeemed | | (3,185,875) | | (6,975,028) |
Net increase (decrease) | | 141,675 | | (1,337,429) |
| | | | |
Financial Highlights
Fidelity® Connecticut Municipal Income Fund |
|
| | Six months ended (Unaudited) May 31, 2023 | | Years ended November 30, 2022 | | 2021 | | 2020 | | 2019 | | 2018 |
Selected Per-Share Data | | | | | | | | | | | | |
Net asset value, beginning of period | $ | 10.68 | $ | 11.94 | $ | 11.96 | $ | 11.78 | $ | 11.10 | $ | 11.35 |
Income from Investment Operations | | | | | | | | | | | | |
Net investment income (loss) A,B | | .129 | | .246 | | .247 | | .279 | | .292 | | .282 |
Net realized and unrealized gain (loss) | | .037 | | (1.232) | | .035 | | .190 | | .680 | | (.191) |
Total from investment operations | | .166 | | (.986) | | .282 | | .469 | | .972 | | .091 |
Distributions from net investment income | | (.146) | | (.244) | | (.247) | | (.279) | | (.292) | | (.282) |
Distributions from net realized gain | | - | | (.030) | | (.055) | | (.010) | | - | | (.059) |
Total distributions | | (.146) | | (.274) | | (.302) | | (.289) | | (.292) | | (.341) |
Net asset value, end of period | $ | 10.70 | $ | 10.68 | $ | 11.94 | $ | 11.96 | $ | 11.78 | $ | 11.10 |
Total Return C,D | | 1.36% | | (8.31)% | | 2.39% | | 4.04% | | 8.83% | | .82% |
Ratios to Average Net Assets B,E,F | | | | | | | | | | | | |
Expenses before reductions | | .50% G | | .49% | | .48% | | .49% | | .48% | | .48% |
Expenses net of fee waivers, if any | | .50% G | | .49% | | .48% | | .49% | | .48% | | .48% |
Expenses net of all reductions | | .50% G | | .49% | | .48% | | .49% | | .48% | | .48% |
Net investment income (loss) | | 2.40% G | | 2.23% | | 2.07% | | 2.37% | | 2.53% | | 2.52% |
Supplemental Data | | | | | | | | | | | | |
Net assets, end of period (000 omitted) | $ | 308,655 | $ | 306,362 | $ | 358,584 | $ | 354,094 | $ | 352,073 | $ | 326,476 |
Portfolio turnover rate H | | 5% G | | 13% | | 13% | | 16% | | 20% | | 12% |
A Calculated based on average shares outstanding during the period.
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized.
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
For the period ended May 31, 2023
1. Organization.
Fidelity Connecticut Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity Court Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may be affected by economic and political developments in the state of Connecticut.
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies . The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2023, is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $711,795 |
Gross unrealized depreciation | (15,598,534) |
Net unrealized appreciation (depreciation) | $(14,886,739) |
Tax cost | $319,311,009 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Short-term | $(387,488) |
Long-term | (301,855) |
Total capital loss carryforward | $(689,343) |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities as applicable, are noted in the table below.
| Purchases ($) | Sales ($) |
Fidelity Connecticut Municipal Income Fund | 7,331,655 | 28,648,720 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .25% of the Fund's average net assets and an annualized group fee rate that averaged .10% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .35% of the Fund's average net assets.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to an annualized rate of .09% of average net assets.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:
| % of Average Net Assets |
Fidelity Connecticut Municipal Income Fund | .03 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
5. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount |
Fidelity Connecticut Municipal Income Fund | $302 |
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,679.
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $3,765.
7. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
8. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2022 to May 31, 2023). |
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | Annualized Expense Ratio- A | | Beginning Account Value December 1, 2022 | | Ending Account Value May 31, 2023 | | Expenses Paid During Period- C December 1, 2022 to May 31, 2023 |
| | | | | | | | | | |
Fidelity® Connecticut Municipal Income Fund | | | | .50% | | | | | | |
Actual | | | | | | $ 1,000 | | $ 1,013.60 | | $ 2.51 |
Hypothetical- B | | | | | | $ 1,000 | | $ 1,022.44 | | $ 2.52 |
|
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B 5% return per year before expenses
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments - cash or convertible to cash within three business days or less
- Moderately liquid investments - convertible to cash in three to seven calendar days
- Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
1.704902.125
CTF-SANN-0723
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Court Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Court Street Trust’s (the “Trust”) disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Court Street Trust
| |
By: | /s/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
|
|
Date: | July 20, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
By: | /s/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
|
|
Date: | July 20, 2023 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
|
Date: | July 20, 2023 |