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 811-2741

Fidelity Court Street Trust
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	November 30

Date of reporting period:	November 30, 2011

Item 1. Reports to Stockholders

Fidelity®

New Jersey
Municipal Income Fund

and

Fidelity
New Jersey Municipal
Money Market Fund

Annual Report

November 30, 2011

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Fidelity® New Jersey Municipal Income Fund
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Fidelity New Jersey Municipal Money Market Fund
Investment Changes / Performance	(Click Here)	A summary of major shifts in the fund's investments over the past six months and one year, and performance information.
Investments	(Click Here)	A complete list of the fund's investments.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the Financial Statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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.

Annual Report

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds 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-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(Chairman's photo appears here)

Dear Shareholder:

The unusually high level of volatility that global equity markets have experienced since early August continued through the end of November. Most major indexes were unable to gain much traction during this time frame, as concern about the sovereign debt crisis in Europe continued to overshadow strong corporate earnings and better-than-expected economic news. High-grade bonds, meanwhile, fared slightly better amid periodic flights to quality. Financial markets are difficult to predict, of course, but you can help put the odds in your favor by following these time-tested investment principles.

One of the basic tenets is to invest according to your time horizon. For long-term investors, riding out the markets' inevitable ups and downs has proven much more effective than making decisions based on short-term developments. If your goal is approaching, you can also benefit from patience and restraint, rather than attempting to time the market. No matter your time horizon, missing only a few of the markets' best days can significantly diminish returns. Patience also affords the benefits of compounding - earning interest on additional income or reinvested dividends and capital gains. While staying the course doesn't eliminate risk, it can considerably lessen the negative impact of short-term downturns.

Asset allocation is another principle to manage risk. As you spread your portfolio among the asset classes, be sure to consider your time horizon, risk tolerance and investment objectives. Younger investors may be better served by emphasizing equities, which historically have been the best-performing asset class over time. Investors who are nearing a specific goal, such as retirement or sending a child to college, may choose to favor bonds and other investments that have tended to be more stable. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. After deciding on a suitable allocation strategy, make sure your portfolio is adequately diversified, with exposure to stocks of small-, mid- and large-cap companies in a range of sectors, for example. And today, more than ever, geographic diversification should be taken into account.

Lastly, investing a certain amount of money on a regular basis - a principle known as dollar-cost averaging - can help lower the average cost of your purchases, while also giving you the discipline to avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to learn more by visiting us on the Internet, dropping by one of our Investor Centers or calling us by phone. It is our privilege to provide the resources you need to choose investments that are right for you.

Sincerely,

(Chairman's signature appears here)

Abigail P. Johnson

Annual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds 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 (June 1, 2011 to November 30, 2011).

Actual Expenses

The first line of the accompanying table for each fund 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 fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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 for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's 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. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's 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.

Annual Report

	Annualized Expense Ratio	Beginning Account Value June 1, 2011	Ending Account Value November 30, 2011	Expenses Paid During Period^*June 1, 2011 to November 30, 2011
Fidelity New Jersey Municipal Income Fund	.47%
Actual		$ 1,000.00	$ 1,044.80	$ 2.41
Hypothetical^A		$ 1,000.00	$ 1,022.71	$ 2.38
Fidelity New Jersey Municipal Money Market Fund	.20%
Actual		$ 1,000.00	$ 1,000.10	$ 1.00**
Hypothetical^A		$ 1,000.00	$ 1,024.07	$ 1.01**

^A 5% return per year before expenses

* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

** If certain fees were not voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio would have been .51% and the expenses paid in the actual and hypothetical examples above would have been $2.56 and $2.59, respectively.

Annual Report

Fidelity New Jersey Municipal Income Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended November 30, 2011	Past 1 year	Past 5 years	Past 10 years
Fidelity New Jersey Municipal Income Fund	5.57%	4.18%	4.74%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® New Jersey Municipal Income Fund on November 30, 2001. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital® Municipal Bond Index performed over the same period.

njn162007

Annual Report

Management's Discussion of Fund Performance

Market Recap: Municipal bonds generated solid results during the 12 months ending November 30, 2011, closing the period as one of the best-performing fixed-income categories. The Barclays Capital® Municipal Bond Index - a measure of more than 45,000 tax-exempt investment-grade fixed-rate bonds - advanced 6.53%, outpacing the 5.52% gain of the taxable investment-grade debt market, as measured by the Barclays Capital® U.S. Aggregate Bond Index. Early on, muni prices fell due to inflation concern, uncertain tax policy, anticipated heavy supply and headlines forecasting an unprecedented wave of issuer defaults. But munis rallied sharply from mid-January, because supply was muted, demand strengthened, widespread defaults didn't materialize and the fiscal health of issuers improved. During the summer, a dimming U.S. economic outlook, unresolved debt woes in Europe and legislative wrangling over the U.S. debt ceiling further fueled demand. Even Standard & Poor's August 5 downgrade of the U.S. government's long-term sovereign credit rating didn't curtail investors' appetite for munis. Munis lost modest ground in October, due in part to a small number of issuers filing for bankruptcy and Congress and the Obama administration floating various proposals that could potentially limit munis' tax-free benefits. However, munis quickly erased those losses, and then some, in November, posting modest gains when demand firmed.

Comments from Jamie Pagliocco, Portfolio Manager of Fidelity®New Jersey Municipal Income Fund: For the year, the fund returned 5.57%, while the Barclays Capital® New Jersey Enhanced Modified Municipal Bond Index rose 6.01%. An underweighted position in tobacco bonds and larger-than-index exposure to state-backed general obligations bonds (GOs) and related securities bolstered relative results, helping offset what was lost by weak yield-curve positioning and an underweighting in health care. Tobacco bonds notably lagged most muni market sectors during the period, due to declining cigarette sales, growing disputes about payments owed by cigarette makers to states and a major credit rating agency's downgrade of tobacco debt to below-investment-grade. In contrast, state-backed GOs and related securities were among the New Jersey muni market's best performers, thanks in part to strong demand. In terms of the fund's yield-curve positioning, modestly overweighing longer-term bonds and underweighting intermediate-maturity securities detracted, as the yield differential between the two widened. Underweighting well-performing health care bonds hurt, as the sector rallied from depressed prices early in the period thanks largely to investors' surging appetite for higher-yielding tax-free securities.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Fidelity New Jersey Municipal Income Fund

Investment Changes (Unaudited)

Top Five Sectors as of November 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
General Obligations	49.3	48.5
Transportation	12.5	12.9
Education	8.1	7.8
Special Tax	6.6	6.8
Escrowed/Pre-Refunded	6.0	6.4
Weighted Average Maturity as of November 30, 2011
		6 months ago
Years	6.2	7.4

This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.

Duration as of November 30, 2011
		6 months ago
Years	7.2	7.4

Duration estimates how much a bond fund's price will change with a change in comparable interest rates. If rates rise 1%, for example, a fund with a 5-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. Duration takes into account any call or put option embedded in the bonds.

Quality Diversification (% of fund's net assets)
As of November 30, 2011		As of May 31, 2011
	AAA 4.3%		AAA 4.4%
	AA,A 82.1%		AA,A 81.0%
	BBB 7.0%		BBB 9.3%
	BB and Below 1.3%		BB and Below 0.0%
	Not Rated 1.9%		Not Rated 2.7%
	Short-Term Investments and Net Other Assets 3.4%		Short-Term Investments and Net Other Assets 2.6%

njn162028

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.

Annual Report

Fidelity New Jersey Municipal Income Fund

Investments November 30, 2011

Showing Percentage of Net Assets

Municipal Bonds - 96.6%
	Principal Amount	Value
New Jersey - 83.4%
Atlantic County Impt. Auth. Luxury Tax Rev. (Convention Ctr. Proj.) Series 1985 A, 7.4% 7/1/16 (Escrowed to Maturity)	$ 3,045,000	$ 3,517,675
Bayonne Gen. Oblig. 5.5% 7/1/39	5,000,000	5,377,450
Burlington County Board Commission Pooled Ln. Rev. (Govt. Ln. Prog.) Series 2004, 5.25% 12/15/22 (AMBAC Insured)	3,290,000	3,626,074
Burlington County Bridge Commission Lease Rev. Series 2002:
5.25% 8/15/16	20,000	20,584
5.25% 8/15/17	20,000	20,602
Camden County Impt. Auth. Health Care Redev. Rev. (Cooper Health Sys. Obligated Group Proj.) Series 2005 B, 5% 2/15/14	1,350,000	1,409,211
Cape May County Indl. Poll. Cont. Fing. Auth. Rev. (Atlantic City Elec. Co. Proj.) Series 1991 A, 6.8% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,350,000	1,698,989
Casino Reinvestment Dev. Auth. Hotel Room Fee Rev. Series 2004, 5.25% 1/1/24 (AMBAC Insured)	1,600,000	1,615,520
Essex County Util. Auth. Solid Waste Rev. Series 2009, 5% 4/1/20 (Assured Guaranty Corp. Insured)	1,000,000	1,116,630
Evesham Township Muni. Utils. Auth. Rev. Series 2003 A, 5.125% 7/1/15 (AMBAC Insured)	2,570,000	2,633,453
Garden State Preservation Trust Open Space & Farmland Preservation:
Series 2005 A, 5.8% 11/1/19 (FSA Insured)	5,000,000	5,858,200
Series 2005 B:
6.375% 11/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,000,000	4,413,600
6.375% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	11,515,000	13,845,406
Gloucester County Impt. Auth. Solid Waste Resource Recovery Rev. Bonds (Waste Mangement, Inc. Proj.) Series 1999 B, 3.375%, tender 12/3/12 (b)(c)	1,210,000	1,232,070
Hudson County Ctfs. of Prtn. Series 2002:
6.25% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,210,000	3,441,634
6.25% 6/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,420,000	2,662,653
6.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,525,000	1,692,445
6.25% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,610,000	1,798,112
Municipal Bonds - continued
	Principal Amount	Value
New Jersey - continued
Jersey City Gen. Oblig.:
Series 2002 B, 5.25% 3/1/15 (AMBAC Insured)	$ 1,250,000	$ 1,390,063
Series 2005 C, 5% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,500,000	3,819,515
Lenape Reg'l. High School District:
7.625% 1/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	675,000	720,677
7.625% 1/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000,000	1,124,280
Margate City Gen. Oblig. Series 2009, 5% 2/1/18	750,000	883,493
Middlesex County Ctfs. of Prtn. Series 2001, 5.5% 8/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000,000	1,002,750
Middlesex County Impt. Auth. Rev. (Guaranteed Open Space Trust Fund Prog.) Series 2003:
5.25% 9/15/16 (Pre-Refunded to 9/15/13 @ 100)	1,360,000	1,477,735
5.25% 9/15/17 (Pre-Refunded to 9/15/13 @ 100)	2,000,000	2,173,140
Monroe Township Muni. Util. Auth. Middlesex County Rev. 5.25% 2/1/12 (FGIC Insured)	850,000	852,992
Morristown Gen. Oblig. Series 2005, 6.5% 8/1/19 (FSA Insured)	20,000	26,028
New Jersey Econ. Dev. Auth. Exempt Facilities Rev. Bonds (Pub. Svc. Elec. and Gas Co. Proj.) Series 2010 A, 1.2%, tender 12/1/11 (b)(c)	2,900,000	2,900,000
New Jersey Econ. Dev. Auth. Poll. Cont. Rev. (Pub. Svc. Elec. & Gas Pwr. LLC Proj.) 5% 3/1/12	2,800,000	2,824,080
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.:
Bonds Series 2008 J4, 5%, tender 9/1/14 (FSA Insured) (b)	3,000,000	3,243,630
Series 2004 A, 5.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,500,000	3,797,535
Series 2005 K:
5.25% 12/15/16 (AMBAC Insured)	3,000,000	3,405,360
5.5% 12/15/19	8,000,000	9,442,400
Series 2005 N1, 5.5% 9/1/24 (AMBAC Insured)	5,000,000	5,785,950
Series 2005 O:
5% 3/1/20	2,700,000	2,908,656
5.125% 3/1/28	18,455,000	19,169,758
5.125% 3/1/30	2,175,000	2,241,838
5.25% 3/1/21	2,800,000	3,030,748
5.25% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000,000	3,247,230
5.25% 3/1/22	15,700,000	16,882,367
Municipal Bonds - continued
	Principal Amount	Value
New Jersey - continued
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: - continued
Series 2005 O:
5.25% 3/1/23	$ 4,740,000	$ 5,086,352
5.25% 3/1/24	9,000,000	9,640,260
5.25% 3/1/25	3,000,000	3,195,240
5.25% 3/1/26	9,000,000	9,523,080
Series 2005 P:
5.125% 9/1/28	6,800,000	7,101,240
5.25% 9/1/26	8,000,000	8,532,480
Series 2006 S, 5% 9/1/36	9,000,000	9,193,320
Series 2007 U, 5% 9/1/37	2,000,000	2,029,740
Series 2009 Z, 6% 12/15/34 (Assured Guaranty Corp. Insured)	2,900,000	3,176,022
New Jersey Econ. Dev. Auth. Wtr. Facilities Rev.:
(American Wtr. Co., Inc. Proj.):
Series 1997 B, 5.375% 5/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,750,000	3,752,963
Series 1998 A, 5.25% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,270,000	3,196,556
(American Wtr. Co., Inc. Proj.) Series 2009 A, 5.7% 10/1/39 (c)	5,000,000	5,135,950
(Middlesex Wtr. Co. Proj.) Series 1998, 5.35% 2/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	1,000,000	986,070
New Jersey Edl. Facilities Auth. Rev.:
(College of New Jersey Proj.) Series 2002 C, 5.375% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000,000	2,039,000
(Kean Univ. Proj.) Series 2009 A, 5.5% 9/1/36	4,500,000	4,815,270
(Montclair State Univ. Proj.):
Series 2002 F, 5% 7/1/17 (FGIC Insured) (Pre-Refunded to 7/1/15 @ 100)	1,000,000	1,143,810
Series 2003 L, 5.125% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	170,000	180,217
Series L, 5.125% 7/1/20 (Pre-Refunded to 7/1/14 @ 100)	1,975,000	2,200,604
(New Jersey Institute of Technology Proj.) Series 2010 H, 5% 7/1/31	2,000,000	2,047,540
(Princeton Theological Seminary Proj.) Series 2009 B:
4% 7/1/22	1,000,000	1,107,250
5% 7/1/12	175,000	179,802
5% 7/1/13	250,000	268,458
5% 7/1/14	235,000	260,523
5% 7/1/15	235,000	267,992
Municipal Bonds - continued
	Principal Amount	Value
New Jersey - continued
New Jersey Edl. Facilities Auth. Rev.: - continued
(Princeton Theological Seminary Proj.) Series 2009 B:
5% 7/1/17	$ 490,000	$ 585,976
5% 7/1/18	250,000	303,868
5% 7/1/19	200,000	245,112
(Princeton Univ. Proj.) Series 2010 B, 4.25% 7/1/40	5,000,000	5,067,800
(Rowan Univ. Proj.) Series 2007 B:
5.5% 7/1/16 (FGIC Insured)	2,500,000	2,807,150
5.5% 7/1/18 (FGIC Insured)	4,390,000	5,057,104
(The College of New Jersey Proj.) Series 2008 D, 5% 7/1/35 (FSA Insured)	4,000,000	4,156,360
(William Paterson College Proj.) Series 2008 C, 5% 7/1/19 (Assured Guaranty Corp. Insured)	2,570,000	2,948,741
New Jersey Envir. Infrastructure Trust:
5% 9/1/17	4,870,000	5,644,379
5% 9/1/17 (Pre-Refunded to 9/1/16 @ 100)	30,000	35,387
New Jersey Health Care Facilities Fing. Auth. Rev.:
(AHS Hosp. Corp. Proj.) Series 2011, 6% 7/1/41	5,000,000	5,408,100
(Atlantic City Med. Ctr. Proj.) Series 2002, 5.75% 7/1/25	1,670,000	1,691,627
(AtlantiCare Reg'l. Med. Ctr. Proj.) Series 2007, 5% 7/1/17	1,000,000	1,101,900
(Catholic Health East Proj.) Series 2003 A, 5.375% 11/15/33 (Pre-Refunded to 11/15/12 @ 100)	2,040,000	2,136,574
(Chilton Memorial Hosp. Proj.) Series 2009, 5.75% 7/1/39	3,000,000	3,021,240
(Hackensack Univ. Med. Ctr. Proj.):
Series 2010 B, 5% 1/1/22	1,725,000	1,811,371
Series 2010, 5% 1/1/34	2,000,000	1,947,760
(Robert Wood Johnson Univ. Hosp. Proj.) Series 2010, 5% 7/1/31	5,000,000	5,113,100
(Saint Mary's Hosp. - Passaic Proj.) Series 2007-1:
5% 3/1/20	2,030,000	2,202,814
5% 3/1/21	2,680,000	2,889,388
(South Jersey Hosp. Proj.) Series 2006, 5% 7/1/14	1,620,000	1,739,540
(Virtua Health Proj.) Series A, 5.25% 7/1/17 (Assured Guaranty Corp. Insured)	6,000,000	6,606,960
Series 2008 A, 5.25% 10/1/38	5,965,000	6,143,652
Series 2009 A, 5.75% 10/1/31	4,000,000	4,242,400
New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.:
Series 2010 1A, 5% 12/1/17	2,500,000	2,811,575
Series 2011-1, 5.5% 12/1/21 (c)	2,000,000	2,154,480
Municipal Bonds - continued
	Principal Amount	Value
New Jersey - continued
New Jersey Tobacco Settlement Fing. Corp.:
Series 2003, 6.375% 6/1/32 (Pre-Refunded to 6/1/13 @ 100)	$ 7,215,000	$ 7,734,047
Series 2007 1A:
5% 6/1/15	1,000,000	1,066,460
5% 6/1/41	11,735,000	8,073,445
New Jersey Tpk. Auth. Tpk. Rev.:
Series 1991 C:
6.5% 1/1/16 (Escrowed to Maturity)	3,130,000	3,420,714
6.5% 1/1/16 (Escrowed to Maturity)	7,745,000	8,592,613
Series 2005 C:
6.5% 1/1/16	595,000	701,243
6.5% 1/1/16 (Escrowed to Maturity)	190,000	232,193
Series 2009 E, 5.25% 1/1/40	4,920,000	5,132,150
Series 2009 G, 5% 1/1/17	3,745,000	4,255,256
Series 2009 I, 5% 1/1/35	5,000,000	5,153,850
New Jersey Trans. Trust Fund Auth.:
Series 2001 A:
5.5% 6/15/12	145,000	148,887
6% 6/15/35	2,800,000	3,134,012
Series 2004 B:
5.5% 12/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	11,000,000	12,606,660
5.5% 12/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,275,000	6,121,005
Series 2005 B:
5.25% 12/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	9,830,000	11,158,230
5.25% 12/15/22 (AMBAC Insured)	1,200,000	1,378,896
5.5% 12/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	15,235,000	17,937,384
Series 2005 C, 5.25% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	10,000,000	10,919,500
Series 2005 D, 5% 6/15/20	4,000,000	4,334,240
Series 2006 C:
0% 12/15/26 (AMBAC Insured)	10,000,000	4,424,800
0% 12/15/30 (Berkshire Hathaway Assurance Corp. Insured)	5,000,000	1,900,100
0% 12/15/34	4,000,000	975,520
0% 12/15/36 (AMBAC Insured)	2,000,000	430,620
Series 2008 A:
0% 12/15/35	12,055,000	2,747,576
Municipal Bonds - continued
	Principal Amount	Value
New Jersey - continued
New Jersey Trans. Trust Fund Auth.: - continued
Series 2006 C:
0% 12/15/36	$ 25,000,000	$ 5,332,000
5.5% 12/15/38 (Assured Guaranty Corp. Insured)	1,710,000	1,788,968
Series 2009 A:
0% 12/15/36	1,915,000	417,451
0% 12/15/38	13,900,000	2,654,761
0% 12/15/39	18,895,000	3,394,487
Series 2010 A, 0% 12/15/30	14,750,000	4,869,565
Series 2011 A, 5.25% 6/15/25	6,000,000	6,564,420
Series 2011 B:
5.25% 6/15/25 (a)	3,185,000	3,483,275
5.25% 6/15/26 (a)	2,000,000	2,171,660
New Jersey Transit Corp. Ctfs. of Prtn. Series 2003 A, 5.25% 9/15/15 (AMBAC Insured)	3,300,000	3,690,819
New Jersey Wtr. Supply Auth. Rev. (Delaware & Raritan Sys. Proj.) Series 1998, 5.375% 11/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	1,500,000	1,503,525
Newark City Hsg. Auth. City-Secured Police Facility Rev. (Southward Police Proj.) Series 2009 A, 6.75% 12/1/38 (Assured Guaranty Corp. Insured)	1,000,000	1,149,590
Newark Gen. Oblig. Series 2002, 5.375% 12/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,840,000	2,974,815
Newark Port Auth. Hsg. Auth. Rev.:
(City of Newark Redev. Proj.) Series 2004, 5.5% 1/1/27 (Pre-Refunded to 1/1/14 @ 100)	2,500,000	2,754,075
(Newark Redev. Proj.) Series 2007, 5.25% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,350,000	1,539,959
North Bergen Township Muni. Utils. Auth. Swr. Rev. Series 2003:
5.25% 12/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,800,000	3,022,376
5.25% 12/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,000,000	1,075,030
North Hudson Swr. Auth. Wtr. & Swr. Rev. Series 2001 A, 0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000,000	1,036,720
Ocean County Utils. Auth. Wastewtr. Rev. Series 2001, 5.25% 1/1/15	4,540,000	4,553,938
Rutgers State Univ. Rev.:
Series 1992 A, 6.4% 5/1/13	755,000	770,062
Series 2009 F:
5% 5/1/30	1,500,000	1,621,215
5% 5/1/39	9,500,000	9,991,435
Municipal Bonds - continued
	Principal Amount	Value
New Jersey - continued
Rutgers State Univ. Rev.: - continued
Series 2010 I, 5% 5/1/29	$ 1,110,000	$ 1,207,536
Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) Series 2005, 5.5% 5/1/34 (FGIC Insured)	6,000,000	6,152,940
		507,564,653
New Jersey/Pennsylvania - 2.0%
Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev.:
Series 2003, 5.25% 7/1/17	1,300,000	1,358,448
Series 2007 A, 5% 7/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,855,000	3,015,223
Delaware River Port Auth. Pennsylvania & New Jersey Rev.:
(Port District Proj.):
Series 1999 B, 5.7% 1/1/22 (FSA Insured)	2,000,000	2,003,200
Series 2001 A, 5.5% 1/1/18 (FSA Insured)	2,000,000	2,003,900
Series 2010 D, 5% 1/1/40	4,000,000	4,031,560
		12,412,331
New York & New Jersey - 7.2%
Port Auth. of New York & New Jersey:
124th Series, 5% 8/1/13 (FGIC Insured) (c)	3,000,000	3,008,490
126th Series, 5.25% 5/15/37 (FGIC Insured) (c)	7,285,000	7,390,123
127th Series, 5.5% 12/15/13 (AMBAC Insured) (c)	8,600,000	8,912,094
136th Series, 5.25% 11/1/16 (c)	2,800,000	3,061,548
141st Series:
5% 9/1/18 (c)	6,000,000	6,505,200
5% 9/1/21 (CIFG North America Insured) (c)	2,400,000	2,543,160
163rd Series, 5% 7/15/35	3,255,000	3,458,307
166th Series, 5% 1/15/41	5,000,000	5,261,300
Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,000,000	3,332,970
		43,473,192
Puerto Rico - 3.5%
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 2003, 5.75% 7/1/19 (FGIC Insured)	3,000,000	3,162,210
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2005 C, 5.5% 7/1/18	2,000,000	2,202,140
Municipal Bonds - continued
	Principal Amount	Value
Puerto Rico - continued
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2007 A, 5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 2,000,000	$ 2,183,340
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.:
Series NN, 5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000,000	5,539,000
Series QQ:
5.5% 7/1/17 (XL Cap. Assurance, Inc. Insured)	1,700,000	1,921,204
5.5% 7/1/18 (XL Cap. Assurance, Inc. Insured)	1,000,000	1,133,430
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.:
Series 2007 A:
0% 8/1/41 (FGIC Insured)	6,000,000	918,420
0% 8/1/47 (AMBAC Insured)	1,000,000	102,560
Series 2009 A, 6.5% 8/1/44	1,500,000	1,667,730
Series 2010 C, 6% 8/1/39	2,200,000	2,381,786
		21,211,820
Virgin Islands - 0.5%
Virgin Islands Pub. Fin. Auth.:
Series 2009 A, 6.75% 10/1/37	1,000,000	1,069,320
Series 2009 A1, 5% 10/1/24	500,000	510,675
Series 2009 B, 5% 10/1/25	1,200,000	1,217,760
		2,797,755

TOTAL INVESTMENT PORTFOLIO - 96.6%

(Cost $563,638,205)

587,459,751

NET OTHER ASSETS (LIABILITIES) - 3.4%

20,915,847

NET ASSETS - 100%

$ 608,375,598

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited):

General Obligations	49.3%
Transportation	12.5%
Education	8.1%
Special Tax	6.6%
Escrowed/Pre-Refunded	6.0%
Others* (Individually Less Than 5%)	17.5%
	100.0%

*Includes net other assets

Income Tax Information

At November 30, 2011, the Fund had a capital loss carryforward of approximately $751,210 all of which will expire in fiscal 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity New Jersey Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

	November 30, 2011

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $563,638,205)		$ 587,459,751
Cash		17,972,327
Receivable for fund shares sold		224,285
Interest receivable		9,242,265
Prepaid expenses		1,530
Other receivables		631
Total assets		614,900,789

Liabilities
Payable for investments purchased on a delayed delivery basis	$ 5,572,810
Payable for fund shares redeemed	54,659
Distributions payable	576,616
Accrued management fee	184,882
Other affiliated payables	97,430
Other payables and accrued expenses	38,794
Total liabilities		6,525,191

Net Assets		$ 608,375,598
Net Assets consist of:
Paid in capital		$ 585,223,525
Undistributed net investment income		81,738
Accumulated undistributed net realized gain (loss) on investments		(751,211)
Net unrealized appreciation (depreciation) on investments		23,821,546
Net Assets, for 51,896,861 shares outstanding		$ 608,375,598
Net Asset Value, offering price and redemption price per share ($608,375,598 ÷ 51,896,861 shares)		$ 11.72

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended November 30, 2011

Investment Income
Interest		$ 25,945,426

Expenses
Management fee	$ 2,173,546
Transfer agent fees	431,240
Accounting fees and expenses	144,282
Custodian fees and expenses	7,203
Independent trustees' compensation	2,248
Registration fees	19,504
Audit	47,120
Legal	3,600
Miscellaneous	6,568
Total expenses before reductions	2,835,311
Expense reductions	(3,826)	2,831,485
Net investment income (loss)		23,113,941
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		1,678,000
Change in net unrealized appreciation (depreciation) on investment securities		5,576,026
Net gain (loss)		7,254,026
Net increase (decrease) in net assets resulting from operations		$ 30,367,967

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity New Jersey Municipal Income Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended November 30, 2011	Year ended November 30, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 23,113,941	$ 25,224,754
Net realized gain (loss)	1,678,000	365,151
Change in net unrealized appreciation (depreciation)	5,576,026	2,566,744
Net increase (decrease) in net assets resulting from operations	30,367,967	28,156,649
Distributions to shareholders from net investment income	(23,071,431)	(25,186,167)
Share transactions Proceeds from sales of shares	97,424,849	118,819,801
Reinvestment of distributions	15,927,072	18,239,839
Cost of shares redeemed	(178,970,772)	(124,845,638)
Net increase (decrease) in net assets resulting from share transactions	(65,618,851)	12,214,002
Redemption fees	9,291	3,421
Total increase (decrease) in net assets	(58,313,024)	15,187,905

Net Assets
Beginning of period	666,688,622	651,500,717
End of period (including undistributed net investment income of $81,738 and undistributed net investment income of $39,227, respectively)	$ 608,375,598	$ 666,688,622
Other Information Shares
Sold	8,551,214	10,214,426
Issued in reinvestment of distributions	1,391,611	1,566,138
Redeemed	(15,819,339)	(10,742,557)
Net increase (decrease)	(5,876,514)	1,038,007

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights

Years ended November 30,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.54	$ 11.48	$ 10.71	$ 11.49	$ 11.65
Income from Investment Operations
Net investment income (loss) ^B	.445	.435	.431	.440	.442
Net realized and unrealized gain (loss)	.179	.060	.795	(.771)	(.124)
Total from investment operations	.624	.495	1.226	(.331)	.318
Distributions from net investment income	(.444)	(.435)	(.431)	(.439)	(.441)
Distributions from net realized gain	-	-	(.025)	(.010)	(.037)
Total distributions	(.444)	(.435)	(.456)	(.449)	(.478)
Redemption fees added to paid in capital ^{B, D}	-	-	-	-	-
Net asset value, end of period	$ 11.72	$ 11.54	$ 11.48	$ 10.71	$ 11.49
Total Return ^A	5.57%	4.34%	11.64%	(2.98)%	2.83%
Ratios to Average Net Assets ^C
Expenses before reductions	.48%	.48%	.48%	.48%	.47%
Expenses net of fee waivers, if any	.48%	.48%	.48%	.48%	.47%
Expenses net of all reductions	.48%	.47%	.47%	.45%	.43%
Net investment income (loss)	3.88%	3.74%	3.85%	3.90%	3.87%
Supplemental Data
Net assets, end of period (000 omitted)	$ 608,376	$ 666,689	$ 651,501	$ 547,850	$ 596,718
Portfolio turnover rate	7%	5%	6%	19%	10%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^C Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^D Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity New Jersey Municipal Money Market Fund

Investment Changes/Performance (Unaudited)

Effective Maturity Diversification
Days	% of fund's investments 11/30/11	% of fund's investments 5/31/11	% of fund's investments 11/30/10
1 - 7	74.9	77.5	82.6
8 - 30	4.2	7.0	3.9
31 - 60	1.5	3.2	1.4
61 - 90	1.5	2.6	0.6
91 - 180	5.8	2.4	4.4
> 180	12.1	7.3	7.1

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Weighted Average Maturity
	11/30/11	5/31/11	11/30/10
Fidelity New Jersey Municipal Money Market Fund	47 Days	34 Days	30 Days
New Jersey Tax-Free Money Market Funds Average *	42 Days	36 Days	34 Days

Weighted Average Life
	11/30/11	5/31/11	11/30/10
Fidelity New Jersey Municipal Money Market Fund	47 Days	34 Days	30 Days

Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security.

Asset Allocation (% of fund's net assets)
As of November 30, 2011		As of May 31, 2011
	Variable Rate Demand Notes (VRDNs) 66.5%		Variable Rate Demand Notes (VRDNs) 69.4%
	Commercial Paper (including CP Mode) 3.5%		Commercial Paper (including CP Mode) 2.5%
	Tender Bonds 0.0%		Tender Bonds 2.0%
	Municipal Notes 18.3%		Municipal Notes 17.0%
	Fidelity Municipal Cash Central Fund 9.4%		Fidelity Municipal Cash Central Fund 8.5%
	Other Investments 1.5%		Other Investments 1.1%
	Net Other Assets 0.8%		Net Other Assets^† (0.5)%

njn162049

^† Net Other Assets are not included in the pie chart.

* Source: iMoneyNet, Inc.

Current and Historical Seven Day Yields


	11/28/11	8/29/11	5/30/11	2/28/11	11/29/10

Fidelity New Jersey Municipal Money Market Fund	0.01%	0.01%	0.01%	0.01%	0.01%

Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending November 28, 2011, the most recent period shown in the table, would have been -0.30%.

Annual Report

Fidelity New Jersey Municipal Money Market Fund

Investments November 30, 2011

Showing Percentage of Net Assets

Municipal Securities - 99.2%
	Principal Amount		Value
California - 0.2%
Otay Wtr. District Ctfs. of Prtn. (1996 Cap. Projects) 0.1% 12/7/11, LOC Union Bank of California, VRDN (a)	$ 4,260,000		$ 4,260,000
Colorado - 0.0%
Colorado Hsg. Fin. Auth. Single Family Mtg. Rev. Series 2008 A3, 0.14% 12/7/11 (Liquidity Facility Fannie Mae Guaranteed Mtg. pass-thru certificates) (Liquidity Facility Freddie Mac), VRDN (a)(d)	1,000,000		1,000,000
Delaware/New Jersey - 0.5%
Delaware River & Bay Auth. Rev. Series 2008, 0.07% 12/7/11, LOC TD Banknorth, NA, VRDN (a)	10,300,000		10,300,000
Florida - 0.1%
Miami-Dade County Indl. Dev. Auth. Rev. (Tarmac America Proj.) Series 2004, 0.23% 12/7/11, LOC Bank of America NA, VRDN (a)(d)	3,200,000		3,200,000
Illinois - 0.2%
Illinois Fin. Auth. Rev. (Northwest Cmnty. Hosp. Proj.) Series 2008 C, 0.13% 12/7/11, LOC JPMorgan Chase Bank, VRDN (a)	4,580,000		4,580,000
Iowa - 0.4%
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.19% 12/7/11, VRDN (a)(d)	8,000,000		8,000,000
Kentucky - 0.5%
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.) Series 2006 B, 0.14% 12/7/11, LOC Sumitomo Mitsui Banking Corp., VRDN (a)(d)	5,000,000		5,000,000
Carroll County Solid Waste Disp. Rev. (North American Stainless LP Proj.) Series 2000, 0.15% 12/7/11, LOC PNC Bank NA, VRDN (a)(d)	1,070,000		1,070,000
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.32% tender 12/12/11, CP mode	900,000		900,000
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) 0.5% tender 12/5/11, CP mode (d)	3,400,000		3,400,000
			10,370,000
Louisiana - 0.6%
Louisiana Pub. Facilities Auth. Rev. (Air Products & Chemicals, Inc. Proj.):
Series 2002, 0.18% 12/7/11, VRDN (a)(d)	2,000,000		2,000,000
Series 2004, 0.1% 12/7/11, VRDN (a)	11,000,000		11,000,000
			13,000,000
Municipal Securities - continued
	Principal Amount		Value
Massachusetts - 0.2%
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992, 0.6% tender 1/3/12, CP mode	$ 3,740,000		$ 3,740,000
New Hampshire - 0.3%
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.):
Series 1990 B, 0.6% tender 12/9/11, CP mode	3,500,000		3,500,000
Series A1:
0.5% tender 12/5/11, CP mode (d)	700,000		700,000
0.6% tender 12/12/11, CP mode (d)	2,500,000		2,500,000
			6,700,000
New Jersey - 66.5%
Bergen County Impt. Auth. Multi-family Hsg. Rev. (Kentshire Apts. Proj.) Series 2001, 0.12% 12/7/11, LOC Fannie Mae Guaranteed Mtg. pass-thru certificates, VRDN (a)(d)	21,000,000		21,000,000
Burlington County Bridge Commission Rev. BAN (Solid Waste Proj.) Series 2011, 2% 10/10/12	6,700,000		6,787,495
Burlington County Gen. Oblig. BAN Series 2011 A, 1.5% 5/24/12	20,500,000		20,611,282
Camden County Impt. Auth. Rev.:
(Parkview Redev. Hsg. Proj.) 0.1% 12/7/11, LOC Fannie Mae Guaranteed Mtg. pass-thru certificates, VRDN (a)(d)	900,000		900,000
BAN (County Cap. Prog.) Series 2010 A2, 1.5% 12/28/11	6,120,000		6,123,913
Carteret Gen. Oblig. BAN 1.5% 10/19/12	8,888,000		8,930,708
Chatham Township Gen. Oblig. BAN 1.5% 7/20/12	6,343,750		6,379,695
Cherry Hill Township Gen. Oblig. BAN Series 2011, 1.5% 10/17/12	9,445,250		9,533,467
Cliffside Park Gen. Oblig. BAN Series 2011 A, 2% 3/23/12	14,722,000		14,789,366
Cranbury Township Gen. Oblig. BAN 1.25% 1/13/12	5,669,545		5,673,992
Denville Township BAN 1.5% 10/19/12	7,231,970		7,299,296
Edgewater Gen. Oblig. BAN 1.5% 8/10/12	7,374,000		7,410,902
Englewood Gen. Oblig. BAN 1.5% 5/4/12	19,507,017		19,586,677
Essex County Impt. Auth. Multi-family Hsg. Rev. (Fern Sr. Hsg. Proj.) Series 2010, 0.12% 12/7/11, LOC Freddie Mac, VRDN (a)	4,000,000		4,000,000
Garden State Preservation Trust Open Space & Farmland Preservation:
Bonds Series 2003 A, 5.25% 11/1/12	6,100,000		6,378,465
Participating VRDN Series Putters 2865, 0.14% 12/7/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e)	4,185,000		4,185,000
Gloucester County Gen. Oblig. BAN Series 2011 A, 1.5% 9/27/12	9,500,000		9,598,163
Municipal Securities - continued
	Principal Amount		Value
New Jersey - continued
Hudson County Impt. Auth. Rev. (Essential Purp. Pooled Govt. Ln. Prog.) Series 1986, 0.1% 12/7/11, LOC Bank of New York, New York, VRDN (a)	$ 39,120,000		$ 39,120,000
Mercer County Impt. Auth. Rev. (The Atlantic Foundation Proj.) Series 2008, 0.16% 12/1/11, LOC Bank of America NA, VRDN (a)	11,990,000		11,990,000
Middlesex County Gen. Oblig.:
BAN 1.5% 6/7/12	2,885,000		2,899,222
Bonds Series 2004, 5% 1/15/12	1,365,000		1,373,051
Millburn Township Gen. Oblig. BAN:
1.5% 1/13/12	2,940,288		2,943,039
2% 2/10/12	5,669,093		5,682,767
Montgomery Township Gen. Oblig. BAN 2% 9/7/12	11,500,000		11,632,624
Morris County NJ Impt. Auth. Rev. BAN 1.5% 8/29/12	4,500,000		4,540,531
Morristown Gen. Oblig. BAN 1.5% 6/14/12	6,000,000		6,024,227
New Jersey Bldg. Auth. State Bldg. Rev.:
Series 2003 A1, 0.09% 12/7/11, LOC Barclays Bank PLC, VRDN (a)	24,700,000		24,700,000
Series 2003 A2, 0.09% 12/7/11, LOC Barclays Bank PLC, VRDN (a)	35,000,000		35,000,000
Series 2003 A3, 0.09% 12/7/11, LOC Barclays Bank PLC, VRDN (a)	1,500,000		1,500,000
New Jersey Econ. Dev. Auth. Econ. Dev. Rev.:
(Duke Farms Foundation Proj.) Series 2009 A, 0.09% 12/1/11, LOC Northern Trust Co., VRDN (a)	2,000,000		2,000,000
(Stolt Haven Perth Amboy Proj.) Series 1998 A, 0.11% 12/7/11, LOC Citibank NA, VRDN (a)	900,000		900,000
New Jersey Econ. Dev. Auth. Gas Facilities Rev. (Pivotal Util. Hldgs., Inc. Proj.) Series 2005, 0.08% 12/1/11 (AGL Resources, Inc. Guaranteed), LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)	15,000,000		15,000,000
New Jersey Econ. Dev. Auth. Natural Gas Facilities Rev.:
(Natural Gas Co. Proj.):
Series 2011 B, 0.12% 12/1/11, VRDN (a)(d)	11,900,000		11,900,000
Series 2011 C, 0.12% 12/7/11, VRDN (a)(d)	17,400,000		17,400,000
(South Jersey Gas Co. Proj.) Series 2006-1, 0.17% 12/7/11, LOC JPMorgan Chase Bank, VRDN (a)(d)	8,300,000		8,300,000
New Jersey Econ. Dev. Auth. Rev. (Bayshore Health Ctr. Proj.) Series 1998 A, 0.14% 12/7/11, LOC JPMorgan Chase Bank, VRDN (a)	6,535,000		6,535,000
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.:
(Applewood Estates Proj.) Series 2005 B, 0.08% 12/7/11, LOC TD Banknorth, NA, VRDN (a)	5,000,000		5,000,000
Municipal Securities - continued
	Principal Amount		Value
New Jersey - continued
New Jersey Econ. Dev. Auth. School Facilities Construction Rev.: - continued
(Cooper Health Sys. Proj.) Series 2008 A, 0.09% 12/7/11, LOC TD Banknorth, NA, VRDN (a)	$ 7,700,000		$ 7,700,000
(LPS Inds. Proj.) Series 2002, 0.3% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)(d)	4,760,000		4,760,000
(Morris Hall/St. Lawrence, Inc. Proj.) Series 2003, 0.1% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)	15,735,000		15,735,000
New Jersey Econ. Dev. Auth. Spl. Facilities Rev. (Port Newark Container LLC Proj.) Series 2003, 0.12% 12/7/11, LOC Citibank NA, VRDN (a)(d)	106,300,000		106,300,000
New Jersey Econ. Dev. Auth. Thermal Energy Facilities Rev. (Marina Energy LLC Proj.):
Series 2001 A, 0.21% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)(d)	19,400,000		19,400,000
Series 2006 A, 0.21% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)(d)	16,400,000		16,400,000
New Jersey Edl. Facilities Auth. Rev.:
(Seton Hall Univ. Proj.) Series 2008 D, 0.08% 12/7/11, LOC TD Banknorth, NA, VRDN (a)	21,900,000		21,900,000
Participating VRDN Series Putters 3922, 0.14% 12/7/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e)	2,170,000		2,170,000
Series 1997 A, 0.1% 12/15/11, CP	4,200,000		4,200,000
New Jersey Gen. Oblig. Bonds:
Series H, 5.25% 7/1/12	2,000,000		2,058,436
Series O, 4% 8/1/12	10,000,000		10,251,715
New Jersey Health Care Facilities Fing. Auth. Rev.:
(AHS Hosp. Corp. Proj.):
Series 2008 B, 0.13% 12/7/11, LOC Bank of America NA, VRDN (a)	13,700,000		13,700,000
Series 2008 C, 0.11% 12/7/11, LOC JPMorgan Chase Bank, VRDN (a)	43,955,000		43,955,000
(AtlantiCare Reg'l. Med. Ctr. Proj.) Series 2005 A1, 0.09% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)	7,600,000		7,600,000
(East Orange Gen. Hosp. Proj.) Series 2006 A2, 0.09% 12/7/11, LOC PNC Bank NA, VRDN (a)	8,070,000		8,070,000
(Meridian Health Sys. Proj.):
Series 2003 A, 0.12% 12/7/11, LOC JPMorgan Chase Bank, VRDN (a)	15,915,000		15,915,000
Series 2006 A4, 0.1% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)	13,380,000		13,380,000
Series 2006 A5, 0.1% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)	1,400,000		1,400,000
Municipal Securities - continued
	Principal Amount		Value
New Jersey - continued
New Jersey Health Care Facilities Fing. Auth. Rev.: - continued
(Meridian Nursing and Rehab. at Red Bank, Inc. Proj.) Series 2004 A3, 0.18% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)	$ 6,510,000		$ 6,510,000
(Princeton Healthcare Sys. Proj.) Series 2010 B, 0.09% 12/7/11, LOC TD Banknorth, NA, VRDN (a)	10,600,000		10,600,000
(Robert Wood Johnson Univ. Hosp. Proj.):
Series 2003 A3, 0.1% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)	3,305,000		3,305,000
Series 2004, 0.1% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)	3,000,000		3,000,000
(South Jersey Hosp. Proj.) Series 2004 A4, 0.11% 12/7/11, LOC TD Banknorth, NA, VRDN (a)	1,300,000		1,300,000
(Underwood-Memorial Hosp. Proj.) Series 2008, 0.08% 12/7/11, LOC TD Banknorth, NA, VRDN (a)	24,030,000		24,030,000
(Virtua Health Proj.):
Series 2004, 0.1% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)	3,090,000		3,090,000
Series 2009 B, 0.09% 12/1/11, LOC JPMorgan Chase Bank, VRDN (a)	1,100,000		1,100,000
Series 2009 D, 0.09% 12/7/11, LOC TD Banknorth, NA, VRDN (a)	24,450,000		24,450,000
Series 2009 E, 0.05% 12/7/11, LOC TD Banknorth, NA, VRDN (a)	5,000,000		5,000,000
(Barnabas Health Proj.) Series 2011 B, 0.1% 12/7/11, LOC JPMorgan Chase Bank, VRDN (a)	28,000,000		28,000,000
New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev.:
Series 2008 B, 0.13% 12/7/11, LOC Bank of America NA, VRDN (a)	7,200,000		7,200,000
Series 2008 F, 0.2% 12/7/11, LOC Bank of America NA, VRDN (a)(d)	88,525,000		88,525,000
New Jersey Tobacco Settlement Fing. Corp. Participating VRDN Series Putters 1734 B, 0.11% 12/7/11 (Liquidity Facility JPMorgan Chase & Co.) (a)(e)	39,800,000		39,800,000
New Jersey Tpk. Auth. Tpk. Rev.:
Series 2009 A, 0.12% 12/7/11, LOC JPMorgan Chase Bank, VRDN (a)	44,775,000		44,775,000
Series 2009 B, 0.09% 12/7/11, LOC PNC Bank NA, VRDN (a)	26,200,000		26,200,000
Series 2009 C, 0.08% 12/7/11, LOC Bank of Nova Scotia New York Branch, VRDN (a)	10,900,000		10,900,000
Series 2009 D, 0.09% 12/7/11, LOC Bank of Nova Scotia New York Branch, VRDN (a)	7,565,000		7,565,000
Municipal Securities - continued
	Principal Amount		Value
New Jersey - continued
New Jersey Trans. Trust Fund Auth. Series 2009 D, 0.13% 12/7/11, LOC Sumitomo Mitsui Banking Corp., VRDN (a)	$ 105,900,000		$ 105,900,000
North Brunswick Township Gen. Oblig. BAN Series 2011 A, 1.5% 8/9/12	20,900,000		21,076,474
North Wildwood Gen. Oblig. BAN 1.5% 12/9/11	6,440,000		6,441,008
Ramsey Borough Gen. Oblig. BAN 1.5% 1/19/12	4,845,000		4,849,254
Robbinsville Township Gen. Oblig. BAN Series 2011 C, 2% 8/8/12	9,274,000		9,369,057
Rutgers State Univ. Rev. Participating VRDN Series Putters 3445, 0.14% 12/7/11 (Liquidity Facility JPMorgan Chase Bank) (a)(e)	2,500,000		2,500,000
Salem County Poll. Cont. Fin. Auth. Rev. (Atlantic City Elec. Co. Proj.) Series 1997 B, 0.15% 12/7/11, LOC JPMorgan Chase Bank, VRDN (a)(d)	4,400,000		4,400,000
South Jersey Trans. Auth. Trans. Sys. Rev.:
Series 2009 A3, 0.11% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)	24,975,000		24,975,000
Series 2009 A4, 0.1% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)	14,600,000		14,600,000
South Orange & Maplewood School District BAN Series 2011 A, 2% 3/9/12	4,555,753		4,569,679
South Orange Village Township Rev. BAN Series 2011 B, 2% 9/7/12	2,100,000		2,121,615
South Plainfield Gen. Oblig. BAN 1.5% 6/28/12	9,227,700		9,281,440
South River Borough Gen. Oblig. BAN 1.5% 12/20/11	10,900,000		10,903,937
Sparta Township Gen. Oblig. BAN Series 2011 B, 2% 2/24/12	8,140,150		8,165,002
Springfield Township Gen. Oblig. BAN 1.5% 8/10/12	11,316,902		11,396,269
Teaneck Township Gen. Oblig. BAN 1.5% 4/26/12	18,100,000		18,167,172
Toms River TAN 1% 2/29/12	11,400,000		11,412,741
Union County Gen. Oblig.:
BAN 1.5% 6/29/12	80,000,000		80,584,308
Bonds Series 2011, 3% 3/1/12	540,000		543,631
Vineland Gen. Oblig. 0.15% 12/7/11, LOC Wells Fargo Bank NA, VRDN (a)(d)	8,300,000		8,300,000
Watchung Gen. Oblig. BAN 1.5% 2/29/12	4,460,000		4,468,028
Wayne Township Wtr. Util. BAN 1.5% 9/14/12	7,000,000		7,042,087
West Caldwell Township BAN 1% 7/13/12	8,053,965		8,071,640
West Milford Township Gen. Oblig. BAN 1.5% 4/13/12	9,235,523		9,265,428
Municipal Securities - continued
	Principal Amount		Value
New Jersey - continued
West Orange Gen. Oblig. BAN:
1.5% 5/24/12	$ 6,453,098		$ 6,477,360
1.5% 5/24/12	2,708,900		2,716,349
			1,421,471,512
New Jersey/Pennsylvania - 2.4%
Delaware River Port Auth. Pennsylvania & New Jersey Rev.:
Series 2008 A, 0.09% 12/7/11, LOC Bank of America NA, VRDN (a)	45,835,000		45,835,000
Series 2008 B, 0.09% 12/7/11, LOC TD Banknorth, NA, VRDN (a)	4,460,000		4,460,000
			50,295,000
New York & New Jersey - 15.3%
Port Auth. of New York & New Jersey:
Bonds:
131st Series, 5% 12/15/12 (d)	1,000,000		1,046,796
138th Series, 5% 12/1/11 (d)	2,000,000		2,000,000
162nd Series, 1.25% 9/15/12	2,080,000		2,095,901
169th Series, 3% 10/15/12 (d)	5,500,000		5,627,857
Participating VRDN:
Series Austin 07 1017, 0.27% 12/7/11 (Liquidity Facility Bank of America NA) (a)(d)(e)	56,980,000		56,980,000
Series BA 08 1066, 0.31% 12/7/11 (Liquidity Facility Bank of America NA) (a)(d)(e)	3,540,000		3,540,000
Series BA 08 1067, 0.27% 12/7/11 (Liquidity Facility Bank of America NA) (a)(d)(e)	4,400,000		4,400,000
Series BA 08 1107, 0.27% 12/7/11 (Liquidity Facility Bank of America NA) (a)(d)(e)	24,260,000		24,260,000
Series EGL 06 107 Class A, 0.19% 12/7/11 (Liquidity Facility Citibank NA) (a)(d)(e)	39,200,000		39,200,000
Series GS 08 31TP, 0.15% 12/7/11 (Liquidity Facility Wells Fargo & Co.) (a)(d)(e)	9,955,000		9,955,000
Series MT 783, 0.27% 12/7/11 (Liquidity Facility Bank of America NA) (a)(d)(e)	3,585,000		3,585,000
Series Putters 2945, 0.2% 12/7/11 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	1,670,000		1,670,000
Series Putters 3114, 0.2% 12/7/11 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	7,190,000		7,190,000
Series Putters 3162, 0.2% 12/7/11 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	22,605,000		22,605,000
Municipal Securities - continued
	Principal Amount		Value
New York & New Jersey - continued
Port Auth. of New York & New Jersey: - continued
Participating VRDN:
Series Putters 3172, 0.2% 12/7/11 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	$ 13,505,000		$ 13,505,000
Series Putters 4001 Z, 0.2% 12/7/11 (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)	8,265,000		8,265,000
Series Solar 06 16, 0.13% 12/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (a)(e)	8,425,000		8,425,000
Series 1991 1, 0.22% 12/30/11, VRDN (a)(d)(f)	8,800,000		8,800,000
Series 1991 3, 0.22% 12/30/11, VRDN (a)(d)(f)	9,800,000		9,800,000
Series 1992 1, 0.19% 12/30/11, VRDN (a)(f)	6,800,000		6,800,000
Series 1995 3, 0.22% 12/30/11, VRDN (a)(d)(f)	9,400,000		9,400,000
Series 1995 4, 0.22% 12/30/11, VRDN (a)(d)(f)	10,500,000		10,500,000
Series 2006 4, 0.2% 12/7/11, VRDN (a)	10,000,000		10,000,000
Series A:
0.15% 1/19/12, CP (d)	12,520,000		12,520,000
0.17% 12/8/11, CP (d)	8,090,000		8,090,000
0.17% 2/28/12, CP (d)	5,200,000		5,200,000
0.17% 3/15/12, CP (d)	7,600,000		7,600,000
0.19% 2/2/12, CP (d)	7,455,000		7,455,000
0.19% 4/4/12, CP (d)	3,610,000		3,610,000
Series B:
0.21% 12/2/11, CP	7,405,000		7,405,000
0.22% 2/8/12, CP	5,245,000		5,245,000
			326,775,554
Ohio - 0.4%
Ohio Air Quality Dev. Auth. Rev. (Cincinnati Gas & Elec. Co. Proj.) Series A, 0.35% 12/7/11, VRDN (a)	6,000,000		6,000,000
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev. Series 2006 I, 0.14% 12/7/11 (Liquidity Facility Citibank NA), VRDN (a)(d)	2,200,000		2,200,000
			8,200,000
Oklahoma - 0.1%
Oklahoma Dev. Fin. Auth. Rev. (ConocoPhillips Co. Proj.) Series 2002 B, 0.16% 12/7/11, VRDN (a)(d)	2,500,000		2,500,000
Oregon - 0.4%
Port of Portland Arpt. Rev. Series Eighteen A, 0.1% 12/7/11, LOC U.S. Bank NA, Minnesota, VRDN (a)(d)	7,640,000		7,640,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - 0.3%
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. (FirstEnergy Nuclear Generation Corp. Proj.) Series 2006 B, 0.12% 12/7/11, LOC Citibank NA, VRDN (a)	$ 4,000,000		$ 4,000,000
Chester County Indl. Dev. Auth. Student Hsg. Rev. Series 2008 A, 0.19% 12/7/11, LOC Citizens Bank of Pennsylvania, VRDN (a)	2,090,000		2,090,000
			6,090,000
Puerto Rico - 1.2%
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998 A, 0.07% 12/7/11, LOC Bank of Nova Scotia New York Branch, VRDN (a)	26,650,000		26,650,000
Texas - 0.1%
Gulf Coast Waste Disp. Auth. Envir. Facilities Rev. (Air Products Proj.) Series 2005, 0.08% 12/7/11 (Air Products & Chemicals, Inc. Guaranteed), VRDN (a)	2,100,000		2,100,000
Virginia - 0.1%
Virginia Hsg. Dev. Auth. Commonwealth Mtg. Rev. Participating VRDN Series BA 1046, 0.27% 12/7/11 (Liquidity Facility Bank of America NA) (a)(d)(e)	2,500,000		2,500,000
	Shares
Other - 9.4%
Fidelity Municipal Cash Central Fund, 0.14% (b)(c)	199,852,000		199,852,000
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $2,119,224,066)			2,119,224,066
NET OTHER ASSETS (LIABILITIES) - 0.8%			18,077,029
NET ASSETS - 100%		$ 2,137,301,095

Security Type Abbreviations
BAN	-	BOND ANTICIPATION NOTE
CP	-	COMMERCIAL PAPER
TAN	-	TAX ANTICIPATION NOTE
VRDN	-	VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

(c) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(e) Provides evidence of ownership in one or more underlying municipal bonds.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $45,300,000 or 2.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Cost
Port Auth. of New York & New Jersey Series: 1991 1, 0.22% 12/30/11, VRDN	6/18/91	$ 8,800,000
1991 3, 0.22% 12/30/11, VRDN	12/3/03	$ 9,800,000
1992 1, 0.19% 12/30/11, VRDN	2/14/92	$ 6,800,000
1995 3, 0.22% 12/30/11, VRDN	9/15/95	$ 9,400,000
1995 4, 0.22% 12/30/11, VRDN	8/9/02	$ 10,500,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Municipal Cash Central Fund	$ 419,006

Other Information

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

All investments are categorized as Level 2 under the Fair Value Hierarchy which are categorized as Level 2. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At November 30, 2011, the Fund had a capital loss carryforward of approximately $103,301 of which $103,262 and $39 will expire in fiscal 2017 and 2019, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity New Jersey Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

	November 30, 2011

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,919,372,066)	$ 1,919,372,066
Fidelity Central Funds (cost $199,852,000)	199,852,000
Total Investments (cost $2,119,224,066)		$ 2,119,224,066
Cash		56,124
Receivable for investments sold Regular delivery		7,201,025
Delayed delivery		7,501,304
Receivable for fund shares sold		12,849,295
Interest receivable		3,387,398
Distributions receivable from Fidelity Central Funds		20,977
Prepaid expenses		5,763
Other receivables		25
Total assets		2,150,245,977

Liabilities
Payable for investments purchased	$ 2,290,000
Payable for fund shares redeemed	10,028,280
Distributions payable	175
Accrued management fee	326,022
Other affiliated payables	264,876
Other payables and accrued expenses	35,529
Total liabilities		12,944,882

Net Assets		$ 2,137,301,095
Net Assets consist of:
Paid in capital		$ 2,137,368,937
Accumulated undistributed net realized gain (loss) on investments		(67,842)
Net Assets, for 2,135,717,123 shares outstanding		$ 2,137,301,095
Net Asset Value, offering price and redemption price per share ($2,137,301,095 ÷ 2,135,717,123 shares)		$ 1.00

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity New Jersey Municipal Money Market Fund
Financial Statements - continued

Statement of Operations

	Year ended November 30, 2011

Investment Income
Interest		$ 5,020,759
Income from Fidelity Central Funds		419,006
Total income		5,439,765

Expenses
Management fee	$ 7,741,061
Transfer agent fees	2,709,491
Accounting fees and expenses	204,267
Custodian fees and expenses	26,827
Independent trustees' compensation	7,753
Registration fees	40,599
Audit	40,487
Legal	12,682
Miscellaneous	15,724
Total expenses before reductions	10,798,891
Expense reductions	(5,570,825)	5,228,066
Net investment income (loss)		211,699
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		(39)
Net increase in net assets resulting from operations		$ 211,660

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended November 30, 2011	Year ended November 30, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 211,699	$ 215,672
Net realized gain (loss)	(39)	25,847
Net increase in net assets resulting from operations	211,660	241,519
Distributions to shareholders from net investment income	(211,542)	(215,317)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	5,992,337,156	5,574,604,835
Reinvestment of distributions	209,423	213,124
Cost of shares redeemed	(5,931,191,190)	(5,740,490,388)
Net increase (decrease) in net assets and shares resulting from share transactions	61,355,389	(165,672,429)
Total increase (decrease) in net assets	61,355,507	(165,646,227)

Net Assets
Beginning of period	2,075,945,588	2,241,591,815
End of period	$ 2,137,301,095	$ 2,075,945,588

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights

Years ended November 30,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income (loss)	- ^D	- ^D	.001	.019	.032
Net realized and unrealized gain (loss) ^D	-	-	-	-	-
Total from investment operations	- ^D	- ^D	.001	.019	.032
Distributions from net investment income	- ^D	- ^D	(.001)	(.019)	(.032)
Distributions from net realized gain (loss)	-	-	-	- ^D	-
Total distributions	- ^D	- ^D	(.001)	(.019)	(.032)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return ^A	.01%	.01%	.11%	1.90%	3.23%
Ratios to Average Net Assets ^B,C
Expenses before reductions	.51%	.51%	.55%	.52%	.51%
Expenses net of fee waivers, if any	.25%	.30%	.51%	.52%	.51%
Expenses net of all reductions	.25%	.30%	.51%	.44%	.41%
Net investment income (loss)	.01%	.01%	.11%	1.84%	3.18%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,137,301	$2,075,946	$ 2,241,592	$ 2,598,967	$ 2,220,873

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^C Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^D Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended November 30, 2011

1. Organization.

Fidelity New Jersey Municipal Income Fund (the Income Fund) is a fund of Fidelity Court Street Trust. Fidelity New Jersey Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Court Street Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Court Street Trust and Fidelity Court Street Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Each Fund may be affected by economic and political developments in the state of New Jersey.

2. Investments in Fidelity Central Funds.

The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm are available on the SEC web site or upon request.

3. Significant Accounting Policies.

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 following summarizes the significant accounting policies of the Funds:

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - 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)

For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value each Fund's investments by major category are as follows:

For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

Annual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Funds' 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 for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

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. 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, each Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of November 30, 2011, each Fund did not have any unrecognized tax benefits in the financial statements. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.

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. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to market discount, deferred trustees compensation and capital loss carryforwards.

The Funds purchase 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.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation) on securities and other investments
Fidelity New Jersey Municipal Income Fund	$ 563,407,645	$ 28,187,565	$ (4,135,459)	$ 24,052,106
Fidelity New Jersey Municipal Money Market Fund	2,119,224,066	-	-	-

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed tax-exempt income	Undistributed ordinary income	Undistributed long-term capital gain	Capital loss carryforward	Net unrealized appreciation (depreciation)
Fidelity New Jersey Municipal Income Fund	$ -	$ -	$ -	$ (751,210)	$ 24,052,106
Fidelity New Jersey Municipal Money Market Fund	35,849	-	-	(103,301)	-

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Funds' first fiscal year end subject to the Act will be November 30, 2012.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

November 30, 2011
	Tax-exempt Income	Ordinary Income	Long-term Capital Gains	Total
Fidelity New Jersey Municipal Income Fund	$ 23,071,431	$ -	$ -	$ 23,071,431
Fidelity New Jersey Municipal Money Market Fund	211,542	-	-	211,542
November 30, 2010
	Tax-exempt Income	Ordinary Income	Long-term Capital Gains	Total
Fidelity New Jersey Municipal Income Fund	$ 25,186,167	$ -	$ -	$ 25,186,167
Fidelity New Jersey Municipal Money Market Fund	215,317	-	-	215,317

Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days are subject to a redemption fee equal to ..50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. During the period, the 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. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. The Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. 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. 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.

Annual Report

Notes to Financial Statements - continued

4. Operating Policies - continued

Restricted Securities. The 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 is included at the end of each applicable Fund's Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $42,610,343 and $108,412,957, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, each Fund's annual management fee rate expressed as a percentage of each Fund's average net assets was as follows:

	Individual Rate	Group Rate	Total
Fidelity New Jersey Municipal Income Fund	.25%	.12%	.37%
Fidelity New Jersey Municipal Money Market Fund	.25%	.12%	.37%

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and servicing agent for the Funds. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Funds' transfer agency, dividend disbursing and shareholder servicing functions. Funds pay 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, the transfer agent fees were equivalent to the following annual rates expressed as a percentage of average net assets:

Fidelity New Jersey Municipal Income Fund	.07%
Fidelity New Jersey Municipal Money Market Fund	.13%

During the period, FMR or its affiliates waived a portion of these fees for the Money Market Fund.

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent and Accounting Fees - continued

Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.

7. Committed Line of Credit.

The Income Fund participates with other funds managed by FMR or an affiliate in a $4.0 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 as follows:

Fidelity New Jersey Municipal Income Fund

$ 1,878

During the period, there were no borrowings on this line of credit.

8. Expense Reductions.

FMR or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver was $5,562,894.

Through arrangements with Funds' custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.

	Custody expense reduction	Transfer Agent expense reduction
Fidelity New Jersey Municipal Income Fund	$ 3,624	$ 202
Fidelity New Jersey Municipal Money Market Fund	7,931	-

9. Other.

The Funds' 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 Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Court Street Trust and Fidelity Court Street Trust II and the Shareholders of Fidelity New Jersey Municipal Income Fund and Fidelity New Jersey Municipal Money Market Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity New Jersey Municipal Income Fund (a fund of Fidelity Court Street Trust) and Fidelity New Jersey Municipal Money Market Fund (a fund of Fidelity Court Street Trust II) at November 30, 2011, the results of each of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity New Jersey Municipal Income Fund's and Fidelity New Jersey Municipal Money Market Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 23, 2012

Annual Report

Trustees and Officers

The Trustees and executive officers of the trusts and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for James C. Curvey, each of the Trustees oversees 203 funds advised by FMR or an affiliate. Mr. Curvey oversees 429 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers hold office without limit in time, except that any officer may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Annual Report

Board Structure and Oversight Function. Abigail P. Johnson is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Kenneth L. Wolfe serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds and another Board oversees Fidelity's equity and high income funds. The asset allocation funds may invest in Fidelity funds that are overseen by such other Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."

Annual Report

Trustees and Officers - continued

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Abigail P. Johnson (49)
	Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
James C. Curvey (76)
	Year of Election or Appointment: 2008 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trusts or various entities under common control with FMR.

⁺ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Albert R. Gamper, Jr. (69)
	Year of Election or Appointment: 2006 Mr. Gamper is Vice Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2011-present). Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (59)
	Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (64)
	Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present) and AGL Resources, Inc. (holding company). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Mr. Edward C. Johnson 3d or Ms. Abigail P. Johnson.
Michael E. Kenneally (57)
	Year of Election or Appointment: 2009 Previously, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of the Credit Suisse Funds (U.S. mutual funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (71)
	Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (65)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (72)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009).

Annual Report

Trustees and Officers - continued

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
John R. Hebble (53)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.
Christopher P. Sullivan (57)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Bond Funds. Mr. Sullivan also serves as President of Fidelity's Bond Division (2009-present). Mr. Sullivan is Executive Vice President of Fidelity Investments Money Management, Inc. (2009-present), and a Director of Fidelity Management & Research (U.K.) Inc. (2010-present). Previously, Mr. Sullivan served as Managing Director, Co-Head of U.S. Fixed Income at Goldman Sachs Asset Management (2001-2009).
Christine J. Thompson (53)
	Year of Election or Appointment: 2010 Vice President of Fidelity's Bond Funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments. Previously, Ms. Thompson served as Director of Municipal Bond Portfolio Managers (2002-2010).
Robert P. Brown (48)
	Year of Election or Appointment: 2010 Vice President of Fidelity's Money Market Funds and Executive Vice President of Fidelity Investments Money Management, Inc. (2010-present). Mr. Brown also serves as President, Money Market Group of FMR (2010-present), Managing Director of Research, Director of Fidelity Management & Research (U.K.) Inc. (2008-present) and is an employee of Fidelity Investments.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
David J. Carter (38)
	Year of Election or Appointment: 2010 Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Carter also serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Michael H. Whitaker (44)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker also serves as Chief Compliance Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present). Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey also serves as Assistant Treasurer of other Fidelity funds (2010-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Deputy Treasurer of other Fidelity funds (2008-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

During fiscal year ended 2011, 100% of each fund's income dividends were free from federal income tax, and 9.71% and 32.80% of Fidelity New Jersey Municipal Income Fund and Fidelity New Jersey Municipal Money Market Fund's, respectively, income dividends were subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity New Jersey Municipal Income Fund / Fidelity New Jersey Municipal Money Market Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established three standing committees, Operations, Audit, and Nominating and Governance, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and, among other matters, considers matters specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its September 2011 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with each fund; (iv) the extent to which economies of scale would be realized as each fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts is fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, managed by Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the funds' investment personnel and the funds' investment objectives and disciplines. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, managing, and compensating investment personnel. The Board also noted that FMR has devoted increased resources to non-U.S. offices. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and enhancers. The Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools which permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered the Investment Advisers' trading capabilities and resources which are an integral part of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.

Annual Report

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers, with 35 new branches opening since 2010.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and support of the senior management team that oversees asset management; (ii) rationalizing product lines through the mergers of six funds into other funds; (iii) continuing to migrate the Freedom Funds to dedicated lower cost underlying funds; (iv) obtaining shareholder approval to broaden the investment strategies for Fidelity Consumer Finance Portfolio, Fidelity Emerging Asia Fund, and Fidelity Environment and Alternative Energy Portfolio; (v) contractually agreeing to reduce the management fees and impose other expense limitations on Spartan 500 Index Fund and U.S. Bond Index Fund in connection with launching new institutional classes of these funds; (vi) changing the name, primary and supplemental benchmarks, and investment policies of Fidelity Global Strategies Fund to support the fund's flexible investment mandate and global orientation; and (vii) reducing the transfer agency account fee rates on certain accounts.

Investment Performance. The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance, as well as each fund's relative investment performance measured over multiple periods against (i) a broad-based securities market index (bond fund only, as money market funds are typically not compared against a market index), and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. For each fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark") (bond fund only), and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity New Jersey Municipal Income Fund

njn162051

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of the fund was in the second quartile for the one-year period and the first quartile for the three- and five-year periods. The Board also noted that the investment performance of the fund was lower than its benchmark for the three-and five-year periods, although the fund's one-year total return compared favorably to its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Annual Report

Fidelity New Jersey Municipal Money Market Fund

njn162053

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of the fund was in the third quartile for the one- and three-year periods and the second quartile for the five-year period. The Board considered that FMR had taken steps to provide shareholders with stability of principal and to enhance safety and liquidity, which contributed to the fund's weakened performance relative to its peer group. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should benefit each fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 36% would mean that 64% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked, is also included in the charts and considered by the Board.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity New Jersey Municipal Income Fund

njn162055

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Annual Report

Fidelity New Jersey Municipal Money Market Fund

njn162057

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and above the median of its ASPG for 2010.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each fund's total expense ratio, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered the current and historical total expense ratios of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that each fund's total expense ratio ranked below its competitive median for 2010. The Board considered that Fidelity has been voluntarily waiving part or all of the transfer agent fees and/or management fees to maintain a minimum yield for Fidelity New Jersey Municipal Money Market Fund, and also noted that Fidelity retains the ability to be repaid by the fund in certain circumstances.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of FMR and its affiliates, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. In March 2010, the Board created an ad hoc joint committee with the board of other Fidelity funds (the Committee) to review and compare Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for each fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive in the circumstances.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board also noted that in 2009, it and the board of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

Annual Report

The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the compensation paid to fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's fee structures and rationale for recommending different fees among different categories of funds and classes, as well as Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes; (vi) the reasons why certain expenses affect various funds and classes differently; (vii) Fidelity's transfer agent fees, expenses, and services and how the benefits of decreased costs and new efficiencies can be shared across all of the Fidelity funds; (viii) the reasons for and consequences of changes to certain product lines compared to competitors; (ix) the allocation of and historical trends in Fidelity's realization of fall-out benefits; and (x) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expense ratios for certain funds and classes or to achieve further economies of scale.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

njn162061 For mutual fund and brokerage trading.

njn162063 For quotes.*

njn162065 For account balances and holdings.

njn162067 To review orders and mutual
fund activity.

njn162069 To change your PIN.

njn162071 njn162073 To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains distributions, and the effects of any sales charges.

Annual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

17550 North 75th Avenue
Glendale, AZ

5330 E. Broadway Blvd
Tucson, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

2211 Michelson Drive
Irvine, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

1261 Post Road
Fairfield, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

1400 Glades Road
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3242 Peachtree Road
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

1823 Freedom Drive
Naperville, IL

Indiana

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Annual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 N. Old Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

3480 28th Street
Grand Rapids, MI

2425 S. Linden Road STE E
Flint, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

3349 Monroe Avenue
Rochester, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

1576 East Southlake Blvd.
Southlake, TX

15600 Southwest Freeway
Sugar Land, TX

139 N. Loop 1604 East
San Antonio, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

11957 Democracy Drive
Reston, VA

Washington

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Washington, DC

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Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

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Fidelity®

Connecticut Municipal
Income Fund

and

Fidelity
Connecticut Municipal
Money Market Fund

Annual Report

November 30, 2011

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Fidelity® Connecticut Municipal Income Fund
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Investment Changes/ Performance	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Fidelity Connecticut Municipal Money Market Fund
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the Financial Statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(Chairman's photo appears here)

Dear Shareholder:

Sincerely,

(Chairman's signature appears here)

Abigail P. Johnson

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2011 to November 30, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value June 1, 2011	Ending Account Value November 30, 2011	Expenses Paid During Period* June 1, 2011 to November 30, 2011
Fidelity Connecticut Municipal Income Fund	.48%
Actual		$ 1,000.00	$ 1,039.00	$ 2.45
Hypothetical^A		$ 1,000.00	$ 1,022.66	$ 2.43
Fidelity Connecticut Municipal Money Market Fund	.16%
Actual		$ 1,000.00	$ 1,000.10	$ .80 **
Hypothetical^A		$ 1,000.00	$ 1,024.27	$ .81 **

^A 5% return per year before expenses

* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

** If certain fees were not voluntarily waived by FMR or its affiliates during the period, the annualized expense ratio for the Connecticut Municipal Money Market Fund would have been .48% and the expenses paid in the actual and hypothetical examples above would have been $2.40 and $2.43, respectively.

Annual Report

Fidelity® Connecticut Municipal Income Fund

Performance: The Bottom Line

Average Annual Total Returns

Periods ended November 30, 2011	Past 1 year	Past 5 years	Past 10 years
Fidelity® Connecticut Municipal Income Fund	6.18%	4.60%	4.71%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Connecticut Municipal Income Fund on November 30, 2001. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital® Municipal Bond Index performed over the same period.

ctf258

Annual Report

Fidelity Connecticut Municipal Income Fund

Management's Discussion of Fund Performance

Comments from Mark Sommer, Portfolio Manager of Fidelity® Connecticut Municipal Income Fund: For the year, the fund returned 6.18%, while the Barclays Capital Connecticut 4+ Year Enhanced Municipal Bond Index rose 6.50%. The fund's comparatively small exposure to housing bonds, its yield-curve positioning and its holdings in some bonds that were called - meaning redeemed by their issuers prior to maturity - during the period offset the negative impact of out-of-benchmark holdings in Puerto Rico bonds. Housing bonds performed poorly mainly due to concern about weak housing market conditions, limited disclosure about the loans backing these bonds and unfavorable call features. In terms of yield-curve positioning, overweighting bonds with 10-year maturities bolstered relative performance, because they were among the market's best performers due to strong demand. In terms of some holdings that were called during the period, their prices climbed to their call price, boosting the fund's performance. In contrast, out-of-benchmark holdings in bonds issued in Puerto Rico, which are free from Connecticut and federal income taxes, lagged, primarily due to weak demand for lower-quality bonds, in general, and a deteriorating credit outlook for Puerto Rico.

Annual Report

Fidelity Connecticut Municipal Income Fund

Investment Changes/Performance (Unaudited)

Top Five Sectors as of November 30, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
General Obligations	47.7	47.1
Special Tax	11.5	13.5
Water & Sewer	11.4	11.5
Health Care	10.8	7.1
Education	9.5	9.0
Weighted Average Maturity as of November 30, 2011
		6 months ago
Years	6.2	6.3

Duration as of November 30, 2011
		6 months ago
Years	6.8	7.0

Quality Diversification (% of fund's net assets)
As of November 30, 2011		As of May 31, 2011
	AAA 16.8%		AAA 18.3%
	AA,A 74.7%		AA,A 72.8%
	BBB 3.6%		BBB 1.4%
	BB and Below 0.2%		BB & Below 0.0%
	Not Rated 3.9%		Not Rated 3.6%
	Short-Term Investments and Net Other Assets 0.8%		Short-Term Investments and Net Other Assets 3.9%

ctf279

Annual Report

Fidelity Connecticut Municipal Income Fund

Investments November 30, 2011

Showing Percentage of Net Assets

Municipal Bonds - 99.2%
	Principal Amount	Value
Connecticut - 91.9%
Bethany, Orange and Woodbridge Reg'l. School District #5:
4.5% 8/15/20	$ 1,315,000	$ 1,479,756
4.5% 8/15/21	1,225,000	1,363,878
4.5% 8/15/22	1,325,000	1,457,407
5% 8/15/18	1,500,000	1,790,910
5% 8/15/19	750,000	883,770
Bloomfield Gen. Oblig.:
Series 2010 A, 4% 10/15/20	750,000	849,098
Series 2010 B, 4% 10/15/19	1,110,000	1,262,936
Bridgeport Gen. Oblig.:
Series 2002 A:
5.375% 8/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,570,000	4,682,102
5.375% 8/15/18 (FSA Insured)	3,400,000	3,485,816
5.375% 8/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	3,000,000	3,073,380
Series 2004 A, 5.25% 8/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,320,000	1,436,662
Series 2006 B:
5% 12/1/14 (FSA Insured)	1,655,000	1,823,181
5% 12/1/17 (FSA Insured)	1,830,000	2,069,913
5% 12/1/18 (FSA Insured)	1,635,000	1,835,386
Cap. City Econ. Dev. Auth. Series 2004 A, 5% 6/15/15 (FSA Insured)	1,705,000	1,852,909
Connecticut Clean Wtr. Fund Rev. Series 1993, 6% 10/1/12 (Escrowed to Maturity)	2,060,000	2,068,508
Connecticut Dev. Auth. Poll. Cont. Rev. Bonds (Connecticut Lt. & Pwr. Co. Proj.) Series 1996 A, 1.25%, tender 4/2/12 (b)(c)	3,000,000	3,000,450
Connecticut Dev. Auth. Wtr. Facilities Rev.:
(Aquatron Wtr. Corp., Proj.) Series 2006, 4.7% 7/1/36 (XL Cap. Assurance, Inc. Insured) (c)	5,000,000	4,220,800
(Bridgeport Hydraulic Proj.) 6.15% 4/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c)	3,000,000	3,000,390
Connecticut Gen. Oblig.:
Series 2005 B, 5.25% 6/1/18 (AMBAC Insured)	1,925,000	2,347,133
Series 2006 D:
5% 11/1/24	17,980,000	20,407,120
5% 11/1/25	10,000,000	11,270,300
Series 2006 E, 5% 12/15/16	3,020,000	3,563,721
Series 2006 F, 5% 12/1/21	14,000,000	16,179,100
Series 2007 D, 5% 12/1/19	1,745,000	2,077,056
Municipal Bonds - continued
	Principal Amount	Value
Connecticut - continued
Connecticut Gen. Oblig.: - continued
Series 2008 A, 5% 4/15/27	$ 5,000,000	$ 5,541,400
Series 2008 B, 5% 4/15/28	4,000,000	4,413,680
Series 2011 D, 5% 11/1/25	10,000,000	11,581,900
Series A:
5% 2/15/28	2,500,000	2,840,325
5% 2/15/29	2,500,000	2,819,550
Connecticut Health & Ed. Rev.:
Series A:
5% 7/1/20	4,855,000	5,344,870
5% 7/1/21	800,000	879,104
5% 7/1/41	3,000,000	2,967,900
Series N:
5% 7/1/20	1,250,000	1,350,288
5% 7/1/21	610,000	656,592
5% 7/1/21	1,940,000	2,133,476
5% 7/1/22	2,035,000	2,222,546
5% 7/1/23	1,500,000	1,596,165
Connecticut Health & Edl. Facilities Auth. Rev.:
(Danbury Hosp. Proj.) Series G, 5.625% 7/1/25 (AMBAC Insured)	4,695,000	4,710,587
(Fairfield Univ. Proj.):
Series 2008 N, 5% 7/1/21	3,000,000	3,286,050
Series M, 5% 7/1/34	1,000,000	1,017,320
Series O, 5% 7/1/40	2,000,000	2,037,620
(Hosp. for Spl. Care Proj.) Series C, 5.25% 7/1/19 (Radian Asset Assurance, Inc. Insured)	1,170,000	1,233,402
(Loomis Chaffee School Proj.) Series G, 5% 7/1/38	3,000,000	3,106,860
(Lutheran Gen. Health Care Sys. Proj.) 7.375% 7/1/19 (Escrowed to Maturity)	2,115,000	2,619,618
(Quinnipiac Univ. Proj.):
Series J, 5.75% 7/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000,000	2,158,500
Series K1, 5% 7/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000,000	2,095,680
(Sacred Heart Univ. Proj.) Series G:
5% 7/1/17	1,000,000	1,089,050
5% 7/1/18	1,000,000	1,082,480
(Saint Raphael Hosp. Proj.) Series H, 6.5% 7/1/13 (AMBAC Insured)	2,755,000	2,773,982
(Stamford Hosp. Proj.) Series I, 5% 7/1/30	12,640,000	12,940,453
Municipal Bonds - continued
	Principal Amount	Value
Connecticut - continued
Connecticut Health & Edl. Facilities Auth. Rev.: - continued
(Wesleyan Univ. Proj.) Series G:
5% 7/1/29	$ 3,000,000	$ 3,279,570
5% 7/1/30	2,000,000	2,171,080
(William W. Backus Hosp. Proj.) Series F, 5.125% 7/1/35 (FSA Insured)	1,000,000	1,034,610
(Yale Univ. Proj.):
Series X1, 5% 7/1/42	12,015,000	12,448,621
Series Y1, 5% 7/1/35	5,000,000	5,294,500
Series Z1, 5% 7/1/42	3,335,000	3,524,361
(Yale-New Haven Hosp. Proj.) Series J1:
5% 7/1/17 (AMBAC Insured)	3,095,000	3,420,254
5% 7/1/18 (AMBAC Insured)	3,020,000	3,316,836
5% 7/1/19 (AMBAC Insured)	2,035,000	2,210,356
5% 7/1/31 (AMBAC Insured)	5,000,000	5,175,200
Series 2011 M, 5.375% 7/1/41	5,485,000	5,631,340
Series G, 5% 7/1/39	1,000,000	1,056,320
Series H1, 5% 7/1/41	1,250,000	1,292,238
Series J:
5% 11/1/24	1,390,000	1,620,184
5% 11/1/25	1,465,000	1,683,285
Connecticut Resource Recovery Auth. Resource Recovery Rev. (Covanta Southeastern Connecticut Co. Proj.) Series 2010 A, 4% 11/15/14 (c)	1,520,000	1,624,500
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:
Series 1992 B, 6.125% 9/1/12	3,070,000	3,200,936
Series 2003 B, 5% 1/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	8,910,000	9,654,431
Series 2004 A:
5% 7/1/18 (AMBAC Insured)	2,000,000	2,238,860
5% 7/1/23	3,260,000	3,577,785
Series 2007 A:
5% 8/1/26	3,800,000	4,159,366
5% 8/1/27 (AMBAC Insured)	2,000,000	2,177,260
Series 2008 A, 5% 11/1/21	5,000,000	5,767,600
Series 2009 1, 5% 2/1/17	10,000,000	11,762,600
Series 2010 C, 5% 11/1/20	1,085,000	1,305,136
Series 2011 A, 5% 12/1/25 (a)	5,000,000	5,711,950
Connecticut State Revolving Fund Gen. Rev.:
Series 2008 A:
5% 2/1/16	5,500,000	6,385,940
Municipal Bonds - continued
	Principal Amount	Value
Connecticut - continued
Connecticut State Revolving Fund Gen. Rev.: - continued
Series 2008 A:
5% 2/1/17	$ 3,000,000	$ 3,558,300
Series 2009 A:
5% 6/1/23	1,750,000	2,073,348
5% 6/1/25	7,210,000	8,322,287
5% 6/1/26	2,000,000	2,293,940
Connecticut Transmission Muni. Elec. Energy Bonds Series 2011 A, 0.95%, tender 5/15/12 (b)	5,000,000	5,001,050
Danbury Gen. Oblig.:
Series 2010 B:
5% 7/1/19	2,005,000	2,438,260
5% 7/1/20	1,220,000	1,486,594
5% 7/15/22 (a)	1,000,000	1,208,060
5% 7/15/23 (a)	1,300,000	1,548,534
5% 7/15/24 (a)	410,000	481,951
5% 7/15/25 (a)	350,000	406,651
East Lyme Gen. Oblig. Series 2010:
4% 7/15/17	260,000	293,953
4% 7/15/18	535,000	609,477
4% 7/15/19	335,000	380,811
4% 7/15/21	360,000	405,158
4% 7/15/22	325,000	360,425
Enfield Gen. Oblig. Series 2009:
5% 7/1/17	820,000	964,230
5% 7/1/18	350,000	416,259
Fairfield Gen. Oblig.:
Series 2009, 5% 7/1/20	1,500,000	1,840,920
5% 7/1/17	1,000,000	1,195,870
5% 7/1/18	1,000,000	1,214,080
5% 7/1/19	3,225,000	3,980,714
Farmington Gen. Oblig.:
Series 2009 B:
4% 9/15/17	740,000	811,691
4% 9/15/19	500,000	539,420
4% 9/15/20	250,000	267,065
Series A:
4% 9/15/20	1,445,000	1,628,862
4% 9/15/21	905,000	1,010,559
5% 9/15/19	325,000	396,468
Municipal Bonds - continued
	Principal Amount	Value
Connecticut - continued
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)	$ 1,000,000	$ 1,016,420
Series 2008 A, 5% 11/15/37 (FSA Insured)	1,000,000	1,026,510
Hartford Gen. Oblig.:
Series 2005 A, 5.25% 8/1/15 (FSA Insured)	1,335,000	1,513,423
Series 2005 D:
5% 9/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,700,000	1,880,200
5% 9/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,700,000	1,840,624
Series 2009, 5% 11/15/17 (Assured Guaranty Corp. Insured)	1,000,000	1,168,560
Meriden Gen. Oblig. Series 2010 B:
5% 8/1/14	1,335,000	1,471,611
5% 8/1/15	1,000,000	1,132,040
5% 8/1/17	2,680,000	3,156,477
Monroe Gen. Oblig. Series 2009:
4% 5/1/13	500,000	525,200
4% 5/1/14	800,000	861,864
5% 5/1/15	500,000	565,895
5% 5/1/16	1,000,000	1,161,180
5% 5/1/18	500,000	601,415
Naugatuck Ctfs. of Prtn. (Incineration Facilities Proj.) Series A:
5% 6/15/14 (AMBAC Insured) (c)	1,335,000	1,345,013
5% 6/15/17 (AMBAC Insured) (c)	775,000	779,604
Naugatuck Gen. Oblig. 5.875% 2/15/21 (AMBAC Insured)	2,210,000	2,484,747
New Britain Gen. Oblig. Series B, 6% 3/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	500,000	506,370
New Canaan Gen. Oblig. Series 2009 A, 5% 4/1/19	1,015,000	1,239,975
New Haven Air Rights Parking Facility Rev. Series 2002, 5.375% 12/1/11 (AMBAC Insured)	1,165,000	1,165,000
New Haven Gen. Oblig.:
Series 2002 C, 5.125% 11/1/16 (Escrowed to Maturity)	30,000	32,959
Series 2005:
5% 2/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,705,000	1,883,207
5% 2/1/20 (Pre-Refunded to 2/1/15 @ 100)	1,925,000	2,175,770
Municipal Bonds - continued
	Principal Amount	Value
Connecticut - continued
New Haven Gen. Oblig.: - continued
Series 2006:
5% 11/1/15 (AMBAC Insured)	$ 2,575,000	$ 2,890,592
5% 11/1/16 (AMBAC Insured)	6,000,000	6,846,000
Series 2009 A:
5% 3/1/20 (Assured Guaranty Corp. Insured)	1,000,000	1,152,410
5% 3/1/25 (Assured Guaranty Corp. Insured)	2,000,000	2,184,920
5.25% 3/1/19 (Assured Guaranty Corp. Insured)	2,000,000	2,349,020
Series B, 5% 8/1/21 (FSA Insured)	2,225,000	2,529,580
New Milford Gen. Oblig. Series 2004:
5% 1/15/16 (AMBAC Insured)	1,025,000	1,177,213
5% 1/15/17 (AMBAC Insured)	1,025,000	1,198,102
Newtown Gen. Oblig. Series 2009 B, 5% 7/1/18	600,000	719,736
Norwalk Gen. Oblig.:
Series 2010 B:
4.5% 7/1/21	1,465,000	1,710,710
5% 7/1/23	975,000	1,158,700
5% 7/1/26	625,000	717,838
Series 2011 A:
4% 7/1/22	1,000,000	1,120,650
4% 7/1/23	1,000,000	1,106,330
4% 7/1/24	1,000,000	1,088,730
Oxford Gen. Oblig. Series 2011:
4% 8/1/19	500,000	568,745
4% 8/1/20	200,000	222,472
Plainville Gen. Oblig. Series 2010 A:
4% 7/15/19	600,000	674,400
4% 7/15/21	600,000	661,014
4% 7/15/22	600,000	651,390
4% 7/15/23	600,000	646,638
Reg'l. School District #15:
4% 7/1/16	750,000	834,308
4% 7/1/22	1,520,000	1,661,770
Ridgefield Gen. Oblig. Series 2009, 5% 9/15/18	3,535,000	4,309,094
South Central Reg'l. Wtr. Auth. Wtr. Sys. Rev.:
Eighteenth Series B:
5.25% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,500,000	1,607,205
5.25% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,510,000	1,610,959
Eighteenth Series B1, 5% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	4,655,000	4,841,200
Municipal Bonds - continued
	Principal Amount	Value
Connecticut - continued
South Central Reg'l. Wtr. Auth. Wtr. Sys. Rev.: - continued
Twentieth Series A:
5.25% 8/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	$ 1,020,000	$ 1,234,863
5.25% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,795,000	3,397,127
Twenty-Second Series, 5% 8/1/38 (FSA Insured)	25,000,000	25,870,491
Stamford Gen. Oblig.:
Series 2009 B:
5% 7/1/17	4,520,000	5,386,620
5% 7/1/18	3,600,000	4,353,156
Series 2011, 4% 7/1/23	1,045,000	1,155,185
5.25% 7/15/15	3,000,000	3,213,750
5.5% 7/15/14	1,250,000	1,287,300
Trumbull Gen. Oblig.:
Series 2004, 5% 1/15/17 (AMBAC Insured)	1,100,000	1,197,592
Series 2009:
4% 9/15/17	850,000	962,642
4% 9/15/19	400,000	455,496
4% 9/15/20	525,000	593,003
4% 9/15/21	500,000	559,450
Univ. of Connecticut:
Series 2004 A, 5% 1/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000,000	2,155,760
Series 2010 A, 5% 2/15/29	2,805,000	3,085,584
Series 2011 A, 5% 2/15/27 (a)	3,000,000	3,356,040
Watertown Gen. Oblig.:
Series 2005, 5% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	1,060,000	1,288,896
Series 2009 B:
4.5% 7/1/20	1,375,000	1,597,585
5% 7/1/18	2,635,000	3,148,193
5% 7/1/19	1,000,000	1,202,030
West Hartford Gen. Oblig. Series 2010 A:
5% 7/1/19	3,175,000	3,886,137
5% 7/1/20	2,195,000	2,693,880
5% 7/1/21	1,000,000	1,223,770
5% 7/1/22	1,210,000	1,461,789
West Haven Gen. Oblig. Series 2005, 5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,480,000	2,664,190
Municipal Bonds - continued
	Principal Amount	Value
Connecticut - continued
Weston Gen. Oblig. Series 2010 B:
5% 8/1/21	$ 1,750,000	$ 2,124,990
5% 8/1/22	2,000,000	2,397,260
Westport Gen. Oblig.:
Series 2009 A, 4% 2/1/22	800,000	880,912
Series 2009, 5% 2/1/21	480,000	570,269
Series 2010:
4% 11/1/20	1,050,000	1,227,975
4% 11/1/21	1,000,000	1,152,700
Wilton Gen. Oblig. Series 2009:
5% 1/15/18	300,000	361,869
5% 1/15/20	350,000	428,250
Windsor Gen. Oblig. Series 2010 B:
4% 7/15/18	530,000	602,880
4% 7/15/19	500,000	560,435
4% 7/15/20	460,000	508,079
		501,861,074
Guam - 0.2%
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/14	1,000,000	1,041,020
Puerto Rico - 6.5%
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev.:
Series AA:
5.5% 7/1/19 (Escrowed to Maturity)	2,035,000	2,570,673
5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	465,000	509,212
Series CC, 5.25% 7/1/33	2,495,000	2,590,084
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series E, 5.5% 7/1/17 (FSA Insured)	5,400,000	6,064,308
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2005 C, 5.5% 7/1/17 (AMBAC Insured)	6,010,000	6,642,372
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.:
(Pub. Impt. Proj.) Series 2002 A, 5.5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000,000	2,167,500
Series 2002 A, 5.5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	250,000	275,268
Series 2007 A, 5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	2,000,000	2,183,340
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.:
Series JJ, 5.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)	5,000,000	5,486,750
Municipal Bonds - continued
	Principal Amount	Value
Puerto Rico - continued
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.: - continued
Series QQ:
5.25% 7/1/14 (XL Cap. Assurance, Inc. Insured)	$ 1,300,000	$ 1,406,080
5.5% 7/1/18 (XL Cap. Assurance, Inc. Insured)	800,000	906,744
Series VV, 5.25% 7/1/24 (FGIC Insured)	2,500,000	2,705,950
Puerto Rico Muni. Fin. Agcy. Series 2005 C, 5.25% 8/1/17 (FSA Insured)	2,000,000	2,223,600
		35,731,881
Virgin Islands - 0.6%
Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/17	2,250,000	2,454,750
Virgin Islands Pub. Fin. Auth. Refinery Facilities Rev. Series 2007, 4.7% 7/1/22 (c)	1,100,000	887,546
		3,342,296

TOTAL INVESTMENT PORTFOLIO - 99.2%

(Cost $518,008,859)

541,976,271

NET OTHER ASSETS (LIABILITIES) - 0.8%

4,478,558

NET ASSETS - 100%

$ 546,454,829

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Other Information

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited):

General Obligations	47.7%
Special Tax	11.5%
Water & Sewer	11.4%
Health Care	10.8%
Education	9.5%
Others * (Individually Less Than 5%)	9.1%
	100.0%

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Connecticut Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

	November 30, 2011

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $518,008,859)		$ 541,976,271
Cash		10,348,088
Receivable for fund shares sold		84,137
Interest receivable		7,688,759
Prepaid expenses		1,333
Other receivables		774
Total assets		560,099,362

Liabilities
Payable for investments purchased on a delayed delivery basis	$ 12,725,426
Payable for fund shares redeemed	160,340
Distributions payable	460,059
Accrued management fee	166,358
Other affiliated payables	91,295
Other payables and accrued expenses	41,055
Total liabilities		13,644,533

Net Assets		$ 546,454,829
Net Assets consist of:
Paid in capital		$ 518,770,369
Undistributed net investment income		59,141
Accumulated undistributed net realized gain (loss) on investments		3,657,907
Net unrealized appreciation (depreciation) on investments		23,967,412
Net Assets, for 46,457,180 shares outstanding		$ 546,454,829
Net Asset Value, offering price and redemption price per share ($546,454,829 ÷ 46,457,180 shares)		$ 11.76

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Connecticut Municipal Income Fund
Financial Statements - continued

Statement of Operations

	Year ended November 30, 2011

Investment Income
Interest		$ 20,096,276

Expenses
Management fee	$ 1,943,180
Transfer agent fees	402,670
Accounting fees and expenses	134,446
Custodian fees and expenses	6,584
Independent trustees' compensation	2,011
Registration fees	24,416
Audit	49,362
Legal	6,269
Miscellaneous	6,029
Total expenses before reductions	2,574,967
Expense reductions	(4,310)	2,570,657
Net investment income (loss)		17,525,619
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		4,019,078
Change in net unrealized appreciation (depreciation) on investment securities		8,326,175
Net gain (loss)		12,345,253
Net increase (decrease) in net assets resulting from operations		$ 29,870,872

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended November 30, 2011	Year ended November 30, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 17,525,619	$ 19,740,603
Net realized gain (loss)	4,019,078	2,498,227
Change in net unrealized appreciation (depreciation)	8,326,175	1,872,372
Net increase (decrease) in net assets resulting from operations	29,870,872	24,111,202
Distributions to shareholders from net investment income	(17,520,408)	(19,726,008)
Distributions to shareholders from net realized gain	(2,210,578)	(2,521,611)
Total distributions	(19,730,986)	(22,247,619)
Share transactions Proceeds from sales of shares	93,093,450	134,205,601
Reinvestment of distributions	13,264,729	15,548,588
Cost of shares redeemed	(171,553,670)	(137,757,236)
Net increase (decrease) in net assets resulting from share transactions	(65,195,491)	11,996,953
Redemption fees	3,676	3,024
Total increase (decrease) in net assets	(55,051,929)	13,863,560

Net Assets
Beginning of period	601,506,758	587,643,198
End of period (including undistributed net investment income of $59,141 and undistributed net investment income of $125,826, respectively)	$ 546,454,829	$ 601,506,758
Other Information Shares
Sold	8,140,912	11,650,145
Issued in reinvestment of distributions	1,160,690	1,349,147
Redeemed	(15,178,209)	(11,958,634)
Net increase (decrease)	(5,876,607)	1,040,658

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights

Years ended November 30,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 11.49	$ 11.46	$ 10.64	$ 11.32	$ 11.49
Income from Investment Operations
Net investment income (loss)^B	.378	.373	.407	.426	.431
Net realized and unrealized gain (loss)	.313	.078	.879	(.651)	(.090)
Total from investment operations	.691	.451	1.286	(.225)	.341
Distributions from net investment income	(.377)	(.372)	(.408)	(.426)	(.431)
Distributions from net realized gain	(.044)	(.049)	(.058)	(.030)	(.080)
Total distributions	(.421)	(.421)	(.466)	(.456)	(.511)
Redemption fees added to paid in capital^B	-^D	-^D	-^D	.001	-^D
Net asset value, end of period	$ 11.76	$ 11.49	$ 11.46	$ 10.64	$ 11.32
Total Return^A	6.18%	3.99%	12.31%	(2.06)%	3.08%
Ratios to Average Net Assets^C
Expenses before reductions	.48%	.48%	.48%	.48%	.48%
Expenses net of fee waivers, if any	.48%	.48%	.48%	.48%	.48%
Expenses net of all reductions	.48%	.48%	.48%	.44%	.44%
Net investment income (loss)	3.29%	3.23%	3.64%	3.84%	3.84%
Supplemental Data
Net assets, end of period (000 omitted)	$ 546,455	$ 601,507	$ 587,643	$ 462,018	$ 438,843
Portfolio turnover rate	14%	12%	15%	15%	11%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Connecticut Municipal Money Market Fund

Investment Changes (Unaudited)

Effective Maturity Diversification
Days	% of fund's investments 11/30/11	% of fund's investments 5/31/11	% of fund's investments 11/30/10
1 - 7	70.7	79.4	80.8
8 - 30	3.8	1.6	0.5
31 - 60	6.5	2.0	1.6
61 - 90	0.9	4.2	2.6
91 - 180	11.5	5.9	5.1
> 180	6.6	6.9	9.4

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Weighted Average Maturity
	11/30/11	5/31/11	11/30/10
Fidelity Connecticut Municipal Money Market Fund	41 Days	34 Days	38 Days
Connecticut Tax-Free Money Market Funds Average*	41 Days	33 Days	40 Days

Weighted Average Life
	11/30/11	5/31/11	11/30/10
Fidelity Connecticut Municipal Money Market Fund	45 Days	42 Days	38 Days

Asset Allocation (% of fund's net assets)
As of November 30, 2011		As of May 31, 2011
	Variable Rate Demand Notes (VRDNs) 49.4%		Variable Rate Demand Notes (VRDNs) 59.7%
	Commercial Paper (including CP Mode) 6.2%		Commercial Paper (including CP Mode) 5.6%
	Tender Bonds 0.7%		Tender Bonds 0.6%
	Municipal Notes 13.7%		Municipal Notes 9.0%
	Fidelity Municipal Cash Central Fund 14.2%		Fidelity Municipal Cash Central Fund 14.4%
	Other Investments 13.8%		Other Investments 10.5%
	Net Other Assets 2.0%		Net Other Assets 0.2%

ctf304

* Source: iMoneyNet, Inc.

Annual Report

Current and Historical Seven-Day Yields

	11/28/11	8/29/11	5/30/11	2/28/11	11/29/10

Fidelity Connecticut Municipal Money Market Fund	0.01%	0.01%	0.01%	0.01%	0.01%

Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it is possible to lose money investing in the fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending 11/28/11, the most recent period shown in the table, would have been -0.32%.

Annual Report

Fidelity Connecticut Municipal Money Market Fund

Investments November 30, 2011

Showing Percentage of Net Assets

Municipal Securities - 98.0%
	Principal Amount		Value
Connecticut - 78.8%
Avon Gen. Oblig. BAN 1.5% 10/30/12	$ 7,000,000		$ 7,079,197
Berlin Gen. Oblig. BAN:
1.5% 5/31/12	6,317,000		6,352,436
1.5% 5/31/12	2,000,000		2,011,554
Connecticut Dev. Auth. Arpt. Facility Rev. (Embraer Aircraft Holding, Inc. Proj.) Series 2010 A, 0.11% 12/7/11, LOC Citibank NA, VRDN (b)	8,285,000		8,285,000
Connecticut Dev. Auth. Poll. Cont. Rev.:
(Central Vermont Pub. Svc. Corp. Proj.) Series 1985, 0.2% 12/7/11, LOC TD Banknorth, NA, VRDN (b)	5,000,000		5,000,000
Bonds (New England Pwr. Co. Proj.) Series 1999, 0.57% tender 12/5/11, CP mode	8,065,000		8,065,000
Connecticut Dev. Auth. Wtr. Facilities Rev. (Connecticut Wtr. Co. Proj.):
Series 2004 A, 0.42% 12/7/11, LOC RBS Citizens NA, VRDN (b)(e)	4,710,000		4,710,000
Series 2004 B, 0.42% 12/7/11, LOC RBS Citizens NA, VRDN (b)	4,550,000		4,550,000
Connecticut Gen. Oblig.:
Bonds:
(Econ. Recovery Proj.):
Series 2009 A, 3% 1/1/12	3,750,000		3,758,367
Series 2009 D, 5% 1/1/12	29,600,000		29,718,368
Series 2001 A, 0.13% 5/15/12 (b)	39,535,000		39,535,000
Series 2001 C:
5.5% 12/15/11	7,450,000		7,464,838
5.5% 12/15/12	1,000,000		1,054,447
Series 2002 A:
5.25% 4/15/12	3,090,000		3,147,922
5.375% 4/15/12 (Pre-Refunded to 4/15/12 @ 100)	3,000,000		3,056,310
Series 2002 B, 5.5% 6/15/12 (Pre-Refunded to 6/15/12 @ 100)	5,145,000		5,291,607
Series 2002 C, 5% 12/15/11	2,000,000		2,003,788
Series 2002 D, 5.25% 11/15/12	2,560,000		2,681,395
Series 2002 E, 5.5% 11/15/12	1,440,000		1,511,759
Series 2003 D, 5% 5/1/12	1,000,000		1,019,753
Series 2004 B, 5% 12/1/12	1,310,000		1,371,356
Series 2004 C, 5% 4/1/12	3,000,000		3,048,307
Series 2004 D, 5% 12/1/11	1,810,000		1,810,000
Series 2005 C, 5% 6/1/12	1,775,000		1,817,620
Series 2006 D, 5% 11/1/12	1,000,000		1,043,502
Series 2006 F, 5% 12/1/11	5,840,000		5,840,000
Municipal Securities - continued
	Principal Amount		Value
Connecticut - continued
Connecticut Gen. Oblig.: - continued
Bonds:
Series 2007 A, 4% 5/1/12	$ 1,000,000		$ 1,015,511
Series 2009 A, 5% 1/1/12	43,830,000		44,002,574
Series 2011 E:
1% 5/1/12	11,770,000		11,810,227
1.5% 11/1/12	20,000,000		20,234,343
Series A, 2% 1/1/12	2,000,000		2,002,742
Series D, 5.375% 11/15/12 (Pre-Refunded to 11/15/12 @ 100)	1,545,000		1,620,405
Series E, 6% 3/15/12	1,320,000		1,342,151
Participating VRDN:
Series Putters 3996, 0.14% 12/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	10,000,000		10,000,000
Series ROC II R 11908, 0.14% 12/7/11 (Liquidity Facility Citibank NA) (b)(f)	4,460,000		4,460,000
Series WF 11 89C, 0.15% 12/7/11 (Liquidity Facility Wells Fargo Bank NA) (b)(f)	17,100,000		17,100,000
Connecticut Health & Edl. Facilities Auth. Rev.:
(Avon Old Farms Proj.):
Series A, 0.18% 12/7/11, LOC Bank of America NA, VRDN (b)	15,335,000		15,335,000
Series B, 0.18% 12/7/11, LOC Bank of America NA, VRDN (b)	5,965,000		5,965,000
(Charlotte Hungerford Hosp. Proj.) Series C, 0.18% 12/7/11, LOC Bank of America NA, VRDN (b)	2,090,000		2,090,000
(Choate Rosemary Hall Proj.) Series D, 0.11% 12/7/11, LOC JPMorgan Chase Bank, VRDN (b)	25,020,000		25,020,000
(Covenant Retirement Cmntys., Inc. Proj.) Series 1999 A, 0.12% 12/7/11, LOC Bank of America NA, VRDN (b)	1,915,000		1,915,000
(Eastern Connecticut Health Network Proj.) Series 2010 E, 0.11% 12/7/11, LOC TD Banknorth, NA, VRDN (b)	8,960,000		8,960,000
(Gaylord Hosp. Proj.) Series B, 0.18% 12/7/11, LOC Bank of America NA, VRDN (b)	17,335,000		17,335,000
(Greater Hartford YMCA Proj.) Series 2008 B, 0.15% 12/1/11, LOC Bank of America NA, VRDN (b)	16,480,000		16,480,000
(Greenwich Academy Proj.) Series C, 0.09% 12/7/11, LOC Wells Fargo Bank NA, VRDN (b)	1,970,000		1,970,000
(Greenwich Hosp. Proj.) Series C, 0.12% 12/7/11, LOC Bank of America NA, VRDN (b)	36,030,000		36,030,000
(Griffin Hosp. Proj.) Series C, 0.12% 12/7/11, LOC Wells Fargo Bank NA, VRDN (b)	22,625,000		22,625,000
(Hamden Hall Country Day School Proj.) Series A, 0.24% 12/7/11, LOC RBS Citizens NA, VRDN (b)	15,050,000		15,050,000
Municipal Securities - continued
	Principal Amount		Value
Connecticut - continued
Connecticut Health & Edl. Facilities Auth. Rev.: - continued
(Hosp. for Spl. Care Proj.) Series E, 0.11% 12/7/11, LOC Fed. Home Ln. Bank of Boston, VRDN (b)	$ 7,300,000		$ 7,300,000
(Masonicare Corp. Proj.):
Series C, 0.14% 12/1/11, LOC Wells Fargo Bank NA, VRDN (b)	71,625,000		71,625,000
Series D, 0.12% 12/1/11, LOC Wells Fargo Bank NA, VRDN (b)	22,335,000		22,335,000
(Pomfret School Issue Proj.) Series A, 0.17% 12/7/11, LOC Bank of America NA, VRDN (b)	4,675,000		4,675,000
(Ridgefield Academy Proj.) Series A, 0.11% 12/7/11, LOC TD Banknorth, NA, VRDN (b)	10,760,000		10,760,000
(Sacred Heart Univ. Proj.) Series F, 0.13% 12/7/11, LOC Bank of America NA, VRDN (b)	19,460,000		19,460,000
(St. Francis Hosp. & Med. Ctr. Proj.) Series F, 0.15% 12/7/11, LOC JPMorgan Chase Bank, VRDN (b)	146,890,000		146,889,996
(The Taft School Proj.) Series H, 0.19% 12/7/11, LOC Wells Fargo Bank NA, VRDN (b)	4,250,000		4,250,000
(Trinity College Proj.) Series L, 0.11% 12/7/11, LOC JPMorgan Chase Bank, VRDN (b)	5,830,000		5,830,000
(United Methodist Home Proj.) Series 2001 A, 0.22% 12/7/11, LOC Wells Fargo Bank NA, VRDN (b)	1,200,000		1,200,000
(Wesleyan Univ. Proj.) Series H, 0.08% 12/7/11, VRDN (b)	20,105,000		20,105,000
(Yale Univ. Proj.):
Series T2, 0.1% 12/7/11, VRDN (b)	10,850,000		10,850,000
Series U1, 0.08% 12/7/11, VRDN (b)	4,500,000		4,500,000
(Yale-New Haven Hosp. Proj.):
Series K1, 0.08% 12/7/11, LOC JPMorgan Chase Bank, VRDN (b)	1,500,000		1,500,000
Series L1, 0.12% 12/7/11, LOC Bank of America NA, VRDN (b)	15,800,000		15,800,000
Series L2, 0.12% 12/7/11, LOC Bank of America NA, VRDN (b)	21,450,000		21,450,000
Bonds:
(Ascension Health Proj.) Series 2009 B, 3.5%, tender 2/1/12 (b)	1,205,000		1,210,497
(Yale Univ. Proj.):
Series S1:
0.1% tender 12/13/11, CP mode	28,775,000		28,775,000
0.11% tender 12/14/11, CP mode	21,100,000		21,100,000
Series S2:
0.13% tender 12/7/11, CP mode	14,060,000		14,060,000
0.14% tender 12/7/11, CP mode	19,700,000		19,700,000
0.15% tender 12/7/11, CP mode	5,690,000		5,690,000
0.17% tender 3/8/12, CP mode	6,160,000		6,160,000
Municipal Securities - continued
	Principal Amount		Value
Connecticut - continued
Connecticut Health & Edl. Facilities Auth. Rev.: - continued
Participating VRDN:
Series BA 08 1080, 0.2% 12/7/11 (Liquidity Facility Bank of America NA) (b)(f)	$ 13,114,000		$ 13,114,000
Series BBT 08 17, 0.13% 12/7/11 (Liquidity Facility Branch Banking & Trust Co.) (b)(f)	7,185,000		7,185,000
Series BBT 08 32, 0.13% 12/7/11 (Liquidity Facility Branch Banking & Trust Co.) (b)(f)	3,925,000		3,925,000
Series EGL 02 6027 Class A, 0.14% 12/7/11 (Liquidity Facility Citibank NA) (b)(f)	19,805,000		19,805,000
Series EGL 7 05 3031, 0.14% 12/7/11 (Liquidity Facility Citibank NA) (b)(f)	37,500,000		37,500,000
Series Floaters 13 TP, 0.12% 12/7/11 (Liquidity Facility Wells Fargo & Co.) (b)(f)	21,900,000		21,900,000
Series Putters 3363, 0.14% 12/7/11 (Liquidity Facility JPMorgan Chase Bank) (b)(f)	2,000,000		2,000,000
Series ROC II R 11854, 0.14% 12/7/11 (Liquidity Facility Citibank NA) (b)(f)	11,010,000		11,010,000
Series Solar 07 27, 0.13% 12/7/11 (Liquidity Facility U.S. Bank NA, Minnesota) (b)(f)	25,785,000		25,785,000
Connecticut Hsg. Fin. Auth. (CIL Realty, Inc. Proj.):
Series 2008, 0.12% 12/7/11, LOC HSBC Bank USA, NA, VRDN (b)	5,850,000		5,850,000
Series 2010, 0.11% 12/7/11, LOC HSBC Bank USA, NA, VRDN (b)	4,900,000		4,900,000
Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Bonds:
Series 2006 A, 5% 1/1/12	1,500,000		1,505,612
Series 2011 A, 0.5%, tender 5/15/12 (b)	10,000,000		10,000,000
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds:
Series 1998 A, 5.5% 10/1/12	1,500,000		1,565,146
Series 2004 A, 5% 7/1/12	1,700,000		1,746,936
Series 2009 A, 3% 12/1/11	1,500,000		1,500,000
Series 2010 A, 5% 11/1/12	3,000,000		3,130,070
Connecticut St Health & Ed. Rev.:
Bonds Series 2011 N, 3% 7/1/12	2,180,000		2,212,204
Series 2002 A1, 0.17% 12/7/11, LOC Bank of America NA, VRDN (b)	5,560,000		5,560,000
Series 2011 B, 0.17% 12/7/11, LOC Bank of America NA, VRDN (b)	19,090,000		19,090,000
Municipal Securities - continued
	Principal Amount		Value
Connecticut - continued
Connecticut State Revolving Fund Gen. Rev. Bonds:
Series 2008 A, 5% 2/1/12	$ 3,885,000		$ 3,915,703
Series 2009 C, 5% 10/1/12	1,395,000		1,449,235
Series 2011 A, 1% 1/1/12	6,000,000		6,003,431
East Hartford Gen. Oblig. Bonds Series 2011 B, 2% 7/1/12	1,485,000		1,498,698
East Lyme Gen. Oblig. BAN:
Series 2011 B, 1% 7/26/12	4,235,000		4,254,788
1.5% 7/26/12	2,585,000		2,604,586
Fairfield Gen. Oblig.:
BAN 2% 7/20/12	250,000		252,369
Bonds Series A, 5% 4/1/12 (Pre-Refunded to 4/1/12 @ 100)	1,000,000		1,016,006
Greenwich Gen. Oblig.:
BAN 1.5% 1/26/12	19,225,000		19,263,035
Bonds Series 2011, 2% 1/15/12	5,325,000		5,335,596
Hartford County Metropolitan District Gen. Oblig. BAN:
1% 4/16/12	60,000,000		60,186,009
1.5% 4/16/12	25,000,000		25,123,936
Ledyard Gen. Oblig. BAN 1.5% 10/15/12	3,355,000		3,388,501
Manchester Gen. Oblig. BAN:
Series 2011 A, 2% 7/6/12	11,740,000		11,854,997
Series 2011 B, 2% 7/6/12	500,000		504,898
Milford Gen. Oblig. BAN:
Series 2011 A, 1% 5/3/12	3,045,000		3,055,023
Series 2011 B, 1% 11/2/12	10,145,000		10,214,876
North Branford Gen. Oblig. BAN 2% 11/7/12	4,233,000		4,300,823
Oxford Gen. Oblig. BAN Series 2011, 1.5% 7/26/12	2,349,000		2,368,039
Plymouth Gen. Oblig. BAN 1.5% 5/25/12	5,285,000		5,314,704
Stamford Hsg. Auth. Multi-family Rev. (Fairfield Apts. Proj.) Series 2010, 0.13% 12/7/11, LOC Freddie Mac, VRDN (b)(e)	30,095,000		30,095,000
Univ. of Connecticut:
Bonds:
Series 2004 A, 5% 1/15/12	2,100,000		2,112,532
Series 2009 A, 3% 2/15/12	1,250,000		1,256,774
Series 2011 A, 0.5% 2/15/12 (a)	8,985,000		8,990,930
Participating VRDN Series ROC II R 11921, 0.14% 12/7/11 (Liquidity Facility Citibank NA) (b)(f)	5,245,000		5,245,000
Vernon Gen. Oblig. BAN 2% 4/11/12	4,220,000		4,242,862
Waterford Gen. Oblig. BAN Series 2010 A1, 1% 3/20/12	51,350,000		51,475,183
Watertown Gen. Oblig. BAN 2% 3/29/12	10,400,000		10,451,132
Municipal Securities - continued
	Principal Amount		Value
Connecticut - continued
Windsor Locks Gen. Oblig. BAN 1.5% 7/5/12	$ 4,400,000		$ 4,431,792
Wolcott Gen. Oblig. BAN 1.5% 10/25/12	7,280,000		7,353,635
			1,405,660,033
Indiana - 0.2%
Indiana Hsg. & Cmnty. Dev. Auth. Participating VRDN Series MT 699, 0.27% 12/7/11 (Liquidity Facility Bank of America NA) (b)(e)(f)	3,505,000		3,505,000
Kentucky - 0.3%
Carroll County Solid Waste Disp. Rev. (North American Stainless LP Proj.) Series 2000, 0.15% 12/7/11, LOC PNC Bank NA, VRDN (b)(e)	2,000,000		2,000,000
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.32% tender 12/12/11, CP mode	700,000		700,000
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) 0.5% tender 12/5/11, CP mode (e)	2,700,000		2,700,000
			5,400,000
New Hampshire - 0.0%
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series A1, 0.6% tender 12/12/11, CP mode (e)	400,000		400,000
Puerto Rico - 4.2%
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998 A, 0.07% 12/7/11, LOC Bank of Nova Scotia New York Branch, VRDN (b)	46,950,000		46,950,000
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2003 C5-2, 0.1% 12/7/11, LOC Barclays Bank PLC NY Branch, VRDN (b)	27,000,000		27,000,000
			73,950,000
Virginia - 0.3%
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 1.25% tender 12/20/11, CP mode (e)	5,100,000		5,100,000
Municipal Securities - continued
	Shares		Value
Other - 14.2%
Fidelity Municipal Cash Central Fund, 0.14% (c)(d)	253,096,000		$ 253,096,000
TOTAL INVESTMENT PORTFOLIO - 98.0% (Cost $1,747,111,033)		1,747,111,033
NET OTHER ASSETS (LIABILITIES) - 2.0%		35,989,275
NET ASSETS - 100%		$ 1,783,100,308

Security Type Abbreviations
BAN	-	BOND ANTICIPATION NOTE
CP	-	COMMERCIAL PAPER
VRDN	-	VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(f) Provides evidence of ownership in one or more underlying municipal bonds.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Municipal Cash Central Fund	$ 432,658

Other Information

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Connecticut Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

	November 30, 2011

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,494,015,033)	$ 1,494,015,033
Fidelity Central Funds (cost $253,096,000)	253,096,000
Total Investments (cost $1,747,111,033)		$ 1,747,111,033
Cash		42,002,401
Receivable for investments sold		7,000,328
Receivable for fund shares sold		11,428,014
Interest receivable		3,964,463
Distributions receivable from Fidelity Central Funds		26,049
Prepaid expenses		4,865
Receivable from investment adviser for expense reductions		18,754
Other receivables		3,257
Total assets		1,811,559,164

Liabilities
Payable for investments purchased Regular delivery	$ 6,307,545
Delayed delivery	8,990,930
Payable for fund shares redeemed	12,714,379
Distributions payable	123
Accrued management fee	227,759
Other affiliated payables	183,677
Other payables and accrued expenses	34,443
Total liabilities		28,458,856

Net Assets		$ 1,783,100,308
Net Assets consist of:
Paid in capital		$ 1,783,111,087
Distributions in excess of net investment income		(12,029)
Accumulated undistributed net realized gain (loss) on investments		1,250
Net Assets, for 1,782,408,931 shares outstanding		$ 1,783,100,308
Net Asset Value, offering price and redemption price per share ($1,783,100,308 ÷ 1,782,408,931 shares)		$ 1.00

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Connecticut Municipal Money Market Fund
Financial Statements - continued

Statement of Operations

	Year ended November 30, 2011

Investment Income
Interest		$ 3,472,992
Income from Fidelity Central Funds		432,658
Total income		3,905,650

Expenses
Management fee	$ 6,307,367
Transfer agent fees	1,814,243
Accounting fees and expenses	173,677
Custodian fees and expenses	20,707
Independent trustees' compensation	6,325
Registration fees	27,926
Audit	39,813
Legal	18,922
Miscellaneous	12,712
Total expenses before reductions	8,421,692
Expense reductions	(4,688,573)	3,733,119
Net investment income (loss)		172,531
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		3,951
Net increase in net assets resulting from operations		$ 176,482

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended November 30, 2011	Year ended November 30, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 172,531	$ 173,542
Net realized gain (loss)	3,951	67,970
Net increase in net assets resulting from operations	176,482	241,512
Distributions to shareholders from net investment income	(172,498)	(173,487)
Distributions to shareholders from net realized gain	(33,931)	-
Total distributions	(206,429)	(173,487)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	4,270,731,400	3,935,023,979
Reinvestment of distributions	204,461	171,830
Cost of shares redeemed	(4,143,393,818)	(4,087,445,929)
Net increase (decrease) in net assets and shares resulting from share transactions	127,542,043	(152,250,120)
Total increase (decrease) in net assets	127,512,096	(152,182,095)

Net Assets
Beginning of period	1,655,588,212	1,807,770,307
End of period (including distributions in excess of net investment income of $12,029 and distributions in excess of net investment income of $12,063, respectively)	$ 1,783,100,308	$ 1,655,588,212

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights

Years ended November 30,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income (loss)	-^D	-^D	.001	.019	.032
Net realized and unrealized gain (loss)^D	-	-	-	-	-
Total from investment operations	-^D	-^D	.001	.019	.032
Distributions from net investment income	-^D	-^D	(.001)	(.019)	(.032)
Distributions from net realized gain	-^D	-	-	-^D	-
Total distributions	-^D	-^D	(.001)	(.019)	(.032)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return^A	.01%	.01%	.12%	1.97%	3.24%
Ratios to Average Net Assets^B,C
Expenses before reductions	.49%	.49%	.53%	.50%	.49%
Expenses net of fee waivers, if any	.22%	.28%	.49%	.49%	.48%
Expenses net of all reductions	.22%	.28%	.48%	.42%	.39%
Net investment income (loss)	.01%	.01%	.12%	1.90%	3.19%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,783,100	$ 1,655,588	$ 1,807,770	$ 2,116,583	$ 1,950,435

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended November 30, 2011

1. Organization.

Fidelity Connecticut Municipal Income Fund (the Income Fund) is a fund of Fidelity Court Street Trust. Fidelity Connecticut Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Court Street Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Court Street Trust and Fidelity Court Street Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. Each Fund is authorized to issue an unlimited number of shares. Each Fund may be affected by economic and political developments in the state of Connecticut.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Income Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - 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)

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Dividends 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. In addition, the Income Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to market discount and deferred trustees compensation.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Connecticut Municipal Income Fund	$ 517,960,459	$ 25,514,658	$ (1,498,846)	$ 24,015,812
Fidelity Connecticut Municipal Money Market Fund	1,747,111,033	-	-	-

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed tax-exempt income	Undistributed long-term capital gain	Net unrealized appreciation (depreciation)
Fidelity Connecticut Municipal Income Fund	$ 11,210	$ 3,657,906	$ 24,015,812

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

November 30, 2011
	Tax-exempt Income	Long-term Capital Gains	Total
Fidelity Connecticut Municipal Income Fund	$ 17,520,408	$ 2,210,578	$ 19,730,986
Fidelity Connecticut Municipal Money Market Fund	172,498	33,931	206,429
November 30, 2010
	Tax-exempt Income	Long-term Capital Gains	Total
Fidelity Connecticut Municipal Income Fund	$ 19,726,008	$ 2,521,611	$ 22,247,619
Fidelity Connecticut Municipal Money Market Fund	173,487	-	173,487

4. Operating Policies.

Annual Report

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $73,328,684 and $129,123,293, respectively.

6. Fees and Other Transactions with Affiliates.

	Individual Rate	Group Rate	Total
Fidelity Connecticut Municipal Income Fund	.25%	.12%	.37%
Fidelity Connecticut Municipal Money Market Fund	.25%	.12%	.37%

Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and servicing agent for the Funds. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Funds' transfer agency, dividend disbursing and shareholder servicing functions. The Funds pay 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, the Funds' transfer agent fees were equivalent to the following annual rates expressed as a percentage of average net assets:

Fidelity Connecticut Municipal Income Fund	.08%
Fidelity Connecticut Municipal Money Market Fund	.11%*

* During the Period, FMR or its affiliates waived a portion of these fees.

Annual Report

Notes to Financial Statements - continued

7. Committed Line of Credit.

Fidelity Connecticut Municipal Income Fund

$ 1,684

During the period, there were no borrowings on this line of credit.

8. Expense Reductions.

FMR voluntarily agreed to reimburse Funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following Funds were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser

Fidelity Connecticut Municipal Money Market Fund	.48%	$ 139,532

Additionally, FMR or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver was $4,533,216.

In addition, through arrangements with each applicable Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

	Custody expense reduction	Transfer Agent expense reduction

Fidelity Connecticut Municipal Income Fund	$ 4,310	$ -
Fidelity Connecticut Municipal Money Market Fund	15,190	635

Annual Report

9. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Court Street Trust and Fidelity Court Street Trust II and the Shareholders of Fidelity Connecticut Municipal Income Fund and Fidelity Connecticut Municipal Money Market Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Connecticut Municipal Income Fund (a fund of Fidelity Court Street Trust) and Fidelity Connecticut Municipal Money Market Fund (a fund of Fidelity Court Street Trust II) at November 30, 2011, the results of each of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Court Street Trust's and Fidelity Court Street Trust II's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

January 12, 2012

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

Annual Report

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Abigail P. Johnson (49)
	Year of Election or Appointment: 2009 Ms. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Ms. Johnson serves as President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (2011-present), Chairman and Director of FMR (2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc., and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity funds (2001-2005), and managed a number of Fidelity funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
James C. Curvey (76)
	Year of Election or Appointment: 2008 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trusts or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Albert R. Gamper, Jr. (69)
	Year of Election or Appointment: 2006 Mr. Gamper is Vice Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2011-present). Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). He also served as President and Chief Executive Officer of Tyco Capital Corporation (2001-2002). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), a member of the Board of Trustees, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (59)
	Year of Election or Appointment: 2010 Mr. Gartland is a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-present) and is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (64)
	Year of Election or Appointment: 2008 Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation (diversified power management, 2009-present) and AGL Resources, Inc. (holding company). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Mr. Edward C. Johnson 3d or Ms. Abigail P. Johnson.
Michael E. Kenneally (57)
	Year of Election or Appointment: 2009 Previously, Mr. Kenneally served as a Member of the Advisory Board for certain Fidelity Fixed Income and Asset Allocation Funds (2008-2009). Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of the Credit Suisse Funds (U.S. mutual funds, 2004-2008) and certain other closed-end funds (2004-2005) and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (71)
	Year of Election or Appointment: 2007 Mr. Keyes serves as a member of the Boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, since 1998). Prior to his retirement, Mr. Keyes served as Chairman and Chief Executive Officer of Johnson Controls (automotive, building, and energy, 1998-2002) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (65)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is an Honorary Trustee of the Brookings Institution and a member of the Board of the Catalina Island Conservancy and of the Santa Catalina Island Company (2009-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California and the Foundation Board of the School of Architecture at the University of Virginia (2007-present). Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (72)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman of the Independent Trustees of the Fixed Income and Asset Allocation Funds (2008-present). Prior to his retirement, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer (1994-2001) of Hershey Foods Corporation. He also served as a member of the Boards of Adelphia Communications Corporation (telecommunications, 2003-2006), Bausch & Lomb, Inc. (medical/pharmaceutical, 1993-2007), and Revlon, Inc. (personal care products, 2004-2009).

Annual Report

Executive Officers:

Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
John R. Hebble (53)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments.
Christopher P. Sullivan (57)
	Year of Election or Appointment: 2009 Vice President of Fidelity's Bond Funds. Mr. Sullivan also serves as President of Fidelity's Bond Division (2009-present). Mr. Sullivan is Executive Vice President of Fidelity Investments Money Management, Inc. (2009-present), and a Director of Fidelity Management & Research (U.K.) Inc. (2010-present). Previously, Mr. Sullivan served as Managing Director, Co-Head of U.S. Fixed Income at Goldman Sachs Asset Management (2001-2009).
Christine J. Thompson (53)
	Year of Election or Appointment: 2010 Vice President of Fidelity's Bond Funds. Ms. Thompson also serves as Chief Investment Officer of FMR's Bond Group (2010-present) and is an employee of Fidelity Investments. Previously, Ms. Thompson served as Director of Municipal Bond Portfolio Managers (2002-2010).
Robert P. Brown (48)
	Year of Election or Appointment: 2010 Vice President of Fidelity's Money Market Funds and Executive Vice President of Fidelity Investments Money Management, Inc. (2010-present). Mr. Brown also serves as President, Money Market Group of FMR (2010-present), Managing Director of Research, Director of Fidelity Management & Research (U.K.) Inc. (2008-present) and is an employee of Fidelity Investments.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
David J. Carter (38)
	Year of Election or Appointment: 2010 Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Carter also serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Michael H. Whitaker (44)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker also serves as Chief Compliance Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present). Mr. Whitaker is an employee of Fidelity Investments (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey also serves as Assistant Treasurer of other Fidelity funds (2010-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Deputy Treasurer of other Fidelity funds (2008-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2009 Assistant Treasurer of the Fidelity Fixed Income and Asset Allocation Funds. Mr. Robins also serves as President and Treasurer of other Fidelity funds (2008-present; 2010-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

Fund	Pay Date	Record Date	Capital Gains
Fidelity Connecticut Municipal Income Fund	12/23/2011	12/22/2011	$0.08

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended November 30, 2011, or, if subsequently determined to be different, the net capital gain of such year.

Fund
Fidelity Connecticut Municipal Income Fund	$3,918,554

During fiscal year ended 2011, 100% of each fund's income dividends were free from federal income tax, and 4.07% and 12.35% of Fidelity Connecticut Municipal Income Fund and Fidelity Connecticut Municipal Money Market Fund's income dividends, respectively, were subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Connecticut Municipal Income Fund / Fidelity Connecticut Municipal Money Market Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Connecticut Municipal Income Fund

ctf306

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of the fund was in the first quartile for all the periods shown. The Board also noted that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions to improve the fund's below-benchmark performance. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Fidelity Connecticut Municipal Money Market Fund

ctf308

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of the fund was in the second quartile for the one- and three-year periods and the first quartile for the five-year period. The Board considered that FMR had taken steps to provide shareholders with stability of principal and to enhance safety and liquidity. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should benefit each fund's shareholders.

Annual Report

Fidelity Connecticut Municipal Income Fund

ctf310

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Fidelity Connecticut Municipal Money Market Fund

ctf312

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and above the median of its ASPG for 2010.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

The Board noted that each fund's total expense ratio ranked below its competitive median for 2010. The Board considered that Fidelity has been voluntarily waiving part or all of the transfer agent fees and/or management fees to maintain a minimum yield for Fidelity Connecticut Municipal Money Market Fund, and also noted that Fidelity retains the ability to be repaid by the fund in certain circumstances.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Managing Your Investments

By Phone

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

ctf316 For mutual fund and brokerage trading.

ctf318 For quotes.*

ctf320 For account balances and holdings.

ctf322 To review orders and mutual
fund activity.

ctf324 To change your PIN.

ctf326 ctf328 To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

Fidelity's Web Site
www.fidelity.com

Annual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

17550 North 75th Avenue
Glendale, AZ

5330 E. Broadway Blvd
Tucson, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

2211 Michelson Drive
Irvine, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

1261 Post Road
Fairfield, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

1400 Glades Road
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3242 Peachtree Road
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

1823 Freedom Drive
Naperville, IL

Indiana

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

Annual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 N. Old Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

3480 28th Street
Grand Rapids, MI

2425 S. Linden Road STE E
Flint, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

3349 Monroe Avenue
Rochester, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

1576 East Southlake Blvd.
Southlake, TX

15600 Southwest Freeway
Sugar Land, TX

139 N. Loop 1604 East
San Antonio, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

11957 Democracy Drive
Reston, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

304 Strander Blvd
Tukwila, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Annual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Management & Research
(U.K.) Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Citibank, N.A.

New York, NY

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions

and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST^®) ctf336
1-800-544-5555

Automated line for quickest service

ctf339

CTF-UANN-0112
1.786713.108

Item 2. Code of Ethics

As of the end of the period, November 30, 2011, Fidelity Court Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Connecticut Municipal Income Fund and Fidelity New Jersey Municipal Income Fund (the "Funds"):

Services Billed by PwC

November 30, 2011 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Connecticut Municipal Income Fund	$45,000	$-	$2,200	$1,800
Fidelity New Jersey Municipal Income Fund	$43,000	$-	$2,200	$1,900

November 30, 2010 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Connecticut Municipal Income Fund	$45,000	$-	$2,200	$1,900
Fidelity New Jersey Municipal Income Fund	$43,000	$-	$2,200	$1,900

^AAmounts may reflect rounding.

The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds ("Fund Service Providers"):

Services Billed by PwC

	November 30, 2011^A	November 30, 2010^A
Audit-Related Fees	$3,505,000	$2,605,000
Tax Fees	$-	$-
All Other Fees	$-	$510,000

^A Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by PwC for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:

Billed By	November 30, 2011^A	November 30, 2010^A
PwC	$5,255,000	$4,715,000

^A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Funds, taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds' last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.

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 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 trust's 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 second fiscal quarter of 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. Exhibits

(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

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/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	January 25, 2012

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/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	January 25, 2012

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	January 25, 2012

Fidelity Court Street Trust N-CSRCertified annual shareholder report (management investment company)

Contents

Shareholder Expense Example

Performance: The Bottom Line

Management's Discussion of Fund Performance

Investment Changes (Unaudited)

Investments November 30, 2011

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Investment Changes/Performance (Unaudited)

Investments November 30, 2011

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

To Visit Fidelity

Contents

Shareholder Expense Example

Performance: The Bottom Line

Management's Discussion of Fund Performance

Investment Changes/Performance (Unaudited)

Investments November 30, 2011

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Investment Changes (Unaudited)

Investments November 30, 2011

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Board Approval of Investment Advisory Contracts and Management Fees

Managing Your Investments

To Visit Fidelity

To Write Fidelity