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)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
| |
Date of fiscal year end: | November 30 |
| |
Date of reporting period: | May 31, 2016 |
Item 1.
Reports to Stockholders
Fidelity® Connecticut Municipal Income Fund and
Fidelity® Connecticut Municipal Money Market Fund
Semi-Annual Report May 31, 2016 |
 |
Contents
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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Fidelity® Connecticut Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of May 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| General Obligations | 39.5 | 43.9 |
| Water & Sewer | 17.1 | 16.1 |
| Health Care | 16.2 | 15.2 |
| Special Tax | 11.1 | 11.0 |
| Education | 7.1 | 7.4 |
Quality Diversification (% of fund's net assets)
| As of May 31, 2016 |
| | AAA | 4.2% |
| | AA,A | 84.7% |
| | BBB | 5.8% |
| | Not Rated | 1.3% |
| | Short-Term Investments and Net Other Assets | 4.0% |
| As of November 30, 2015 |
| | AAA | 4.9% |
| | AA,A | 88.3% |
| | BBB | 3.5% |
| | Not Rated | 1.1% |
| | Short-Term Investments and Net Other Assets | 2.2% |
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.
Fidelity® Connecticut Municipal Income Fund
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 96.0% | | | |
| | | Principal Amount | Value |
| Connecticut - 95.0% | | | |
| Bridgeport Gen. Oblig. Series 2012 A: | | | |
| 5% 2/15/23 | | $3,510,000 | $4,107,507 |
| 5% 2/15/24 | | 2,490,000 | 2,907,996 |
| 5% 2/15/32 | | 5,000,000 | 5,743,100 |
| Connecticut Dev. Auth. Wtr. Facilities Rev. (Aquatron Wtr. Corp., Proj.) Series 2006, 4.7% 7/1/36 (XL Cap. Assurance, Inc. Insured) (a) | | 5,000,000 | 5,000,800 |
| Connecticut Gen. Oblig.: | | | |
| Series 2011 D, 5% 11/1/25 | | 10,000,000 | 11,749,900 |
| Series 2012 B, 5% 4/15/25 | | 7,460,000 | 8,778,704 |
| Series 2012 D: | | | |
| 5% 9/15/31 | | 3,250,000 | 3,799,900 |
| 5% 9/15/32 | | 4,860,000 | 5,666,760 |
| Series 2012 G, 5% 10/15/30 | | 4,275,000 | 5,021,244 |
| Series 2013 A: | | | |
| 5% 3/1/27 | | 11,480,000 | 13,578,888 |
| 5% 10/15/27 | | 1,000,000 | 1,198,460 |
| Series 2014 G, 5% 11/15/28 | | 7,000,000 | 8,396,290 |
| Series 2015 B: | | | |
| 5% 6/15/27 | | 4,825,000 | 5,855,813 |
| 5% 6/15/32 | | 5,500,000 | 6,522,505 |
| Series 2015 F, 5% 11/15/31 | | 4,000,000 | 4,788,600 |
| Series 2016 A, 5% 3/15/31 | | 6,840,000 | 8,230,093 |
| Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
| (Fairfield Univ. Proj.): | | | |
| Series 2008 N, 5% 7/1/21 | | 3,000,000 | 3,233,850 |
| Series O, 5% 7/1/40 | | 2,000,000 | 2,230,480 |
| (Hosp. for Spl. Care Proj.) Series C, 5.25% 7/1/19 (Radian Asset Assurance, Inc. Insured) | | 1,170,000 | 1,223,294 |
| (Loomis Chaffee School Proj.) Series G, 5% 7/1/38 | | 3,000,000 | 3,207,600 |
| (Lutheran Gen. Health Care Sys. Proj.) 7.375% 7/1/19 (Escrowed to Maturity) | | 1,215,000 | 1,334,337 |
| (Sacred Heart Univ. Proj.) Series G: | | | |
| 5% 7/1/17 | | 1,000,000 | 1,041,440 |
| 5% 7/1/18 | | 1,000,000 | 1,079,030 |
| (Stamford Hosp. Proj.) Series I, 5% 7/1/30 | | 12,640,000 | 14,196,742 |
| (Wesleyan Univ. Proj.) Series G: | | | |
| 5% 7/1/29 | | 3,000,000 | 3,416,340 |
| 5% 7/1/30 | | 2,000,000 | 2,275,020 |
| Series 2008: | | | |
| 5% 7/1/34 | | 200,000 | 214,094 |
| 5% 7/1/34 (Pre-Refunded to 7/1/18 @ 100) | | 800,000 | 868,920 |
| Series 2011 M, 5.375% 7/1/41 | | 5,485,000 | 6,157,351 |
| Series 2013 N: | | | |
| 5% 7/1/24 | | 400,000 | 483,812 |
| 5% 7/1/25 | | 300,000 | 359,994 |
| Series 2014 E: | | | |
| 5% 7/1/28 | | 3,260,000 | 4,002,465 |
| 5% 7/1/29 | | 3,840,000 | 4,701,696 |
| Series 2016: | | | |
| 5% 7/1/27 | | 45,000 | 48,411 |
| 5% 7/1/27 (Pre-Refunded to 7/1/18 @ 100) | | 1,955,000 | 2,123,423 |
| 5% 12/1/41 | | 4,000,000 | 4,747,200 |
| Series 2116 Q1, 5% 7/1/46 | | 2,000,000 | 2,345,620 |
| Series A: | | | |
| 5% 7/1/21 | | 800,000 | 935,120 |
| 5% 7/1/41 | | 3,000,000 | 3,314,790 |
| Series C: | | | |
| 5% 7/1/20 | | 465,000 | 525,985 |
| 5% 7/1/22 | | 425,000 | 500,816 |
| 5% 7/1/24 | | 1,000,000 | 1,184,700 |
| Series D: | | | |
| 5% 7/1/21 | | 2,975,000 | 3,483,814 |
| 5% 7/1/23 | | 3,335,000 | 3,970,017 |
| Series E, 5% 7/1/42 | | 5,000,000 | 5,693,300 |
| Series F: | | | |
| 5% 7/1/22 | | 1,785,000 | 2,076,044 |
| 5% 7/1/45 | | 4,890,000 | 5,586,874 |
| Series G, 5% 7/1/39 | | 1,000,000 | 1,126,520 |
| Series H, 5% 7/1/23 (FSA Insured) | | 2,290,000 | 2,647,240 |
| Series H1, 5% 7/1/41 | | 1,250,000 | 1,405,750 |
| Series J: | | | |
| 5% 11/1/24 | | 1,390,000 | 1,639,547 |
| 5% 11/1/25 | | 1,465,000 | 1,727,176 |
| Series L: | | | |
| 5% 7/1/26 | | 1,000,000 | 1,216,390 |
| 5% 7/1/27 | | 2,000,000 | 2,416,420 |
| Series N: | | | |
| 5% 7/1/20 | | 1,250,000 | 1,426,138 |
| 5% 7/1/21 | | 610,000 | 712,700 |
| 5% 7/1/21 | | 1,940,000 | 2,267,666 |
| 5% 7/1/22 | | 2,035,000 | 2,374,377 |
| 5% 7/1/23 | | 1,500,000 | 1,734,270 |
| 5% 7/1/27 | | 1,000,000 | 1,185,030 |
| 5% 7/1/28 | | 2,250,000 | 2,653,673 |
| 5.75% 7/1/33 | | 45,000 | 49,159 |
| Connecticut Hsg. Fin. Auth. Series 2013 B2, 4% 11/15/32 | | 3,185,000 | 3,451,553 |
| Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev.: | | | |
| Series 2012 A: | | | |
| 5% 1/1/23 | | 1,380,000 | 1,626,178 |
| 5% 1/1/25 | | 875,000 | 1,030,575 |
| Series 2013 A: | | | |
| 5% 1/1/26 | | 1,180,000 | 1,408,389 |
| 5% 1/1/28 | | 1,000,000 | 1,182,680 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
| Series 2011 A, 5% 12/1/25 | | 5,000,000 | 5,908,100 |
| Series 2012 A: | | | |
| 5% 1/1/24 | | 2,855,000 | 3,464,685 |
| 5% 1/1/25 | | 4,000,000 | 4,840,280 |
| 5% 1/1/26 | | 10,000,000 | 12,073,000 |
| 5% 1/1/28 | | 1,000,000 | 1,199,030 |
| 5% 1/1/31 | | 5,000,000 | 5,940,500 |
| Series 2014 B, 5% 9/1/23 | | 5,420,000 | 6,638,308 |
| Series 2015 A, 5% 8/1/34 | | 6,000,000 | 7,226,640 |
| Connecticut State Revolving Fund Gen. Rev. Series 2009 A, 5% 6/1/25 | | 3,710,000 | 4,146,704 |
| Danbury Gen. Oblig. Series 2011: | | | |
| 5% 7/15/22 | | 1,000,000 | 1,180,940 |
| 5% 7/15/23 | | 1,300,000 | 1,531,699 |
| 5% 7/15/24 | | 410,000 | 482,853 |
| 5% 7/15/25 | | 350,000 | 411,999 |
| East Lyme Gen. Oblig. Series 2010: | | | |
| 4% 7/15/21 | | 360,000 | 402,210 |
| 4% 7/15/22 | | 325,000 | 362,970 |
| Greater New Haven Wtr. Poll. Cont. Auth. Reg'l. Wastewtr. Sys. Rev.: | | | |
| Series 2005 A, 5% 8/15/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 10,000 | 10,029 |
| Series 2008 A, 5% 11/15/37 (Pre-Refunded to 11/15/18 @ 100) | | 1,000,000 | 1,100,660 |
| Series 2014 B: | | | |
| 5% 8/15/25 | | 450,000 | 553,532 |
| 5% 8/15/26 | | 700,000 | 856,891 |
| 5% 8/15/27 | | 750,000 | 912,405 |
| 5% 8/15/28 | | 1,000,000 | 1,210,670 |
| Groton Gen. Oblig. Series 2014 A: | | | |
| 4% 10/1/22 | | 410,000 | 467,129 |
| 5% 10/1/23 | | 295,000 | 360,888 |
| 5% 10/1/24 | | 335,000 | 415,504 |
| Hartford County Metropolitan District (Connecticut Clean Wtr. Proj.): | | | |
| Series 2013 A, 5% 4/1/32 | | 5,550,000 | 6,602,669 |
| Series 2014 A: | | | |
| 5% 11/1/28 | | 1,000,000 | 1,237,280 |
| 5% 11/1/29 | | 1,850,000 | 2,280,884 |
| 5% 11/1/30 | | 2,480,000 | 3,044,696 |
| 5% 11/1/31 | | 2,905,000 | 3,553,890 |
| 5% 11/1/42 | | 11,115,000 | 13,210,844 |
| Hartford Gen. Oblig.: | | | |
| Series 2012 A: | | | |
| 5% 4/1/20 (Escrowed to Maturity) | | 1,000,000 | 1,144,970 |
| 5% 4/1/21 (FSA Insured) | | 2,000,000 | 2,294,620 |
| 5% 4/1/22 (FSA Insured) | | 1,000,000 | 1,167,220 |
| Series 2013 A, 5% 4/1/27 | | 1,645,000 | 1,889,365 |
| Series 2014 C: | | | |
| 5% 8/15/23 (Build America Mutual Assurance Insured) | | 3,670,000 | 4,366,823 |
| 5% 8/15/24 (Build America Mutual Assurance Insured) | | 1,835,000 | 2,207,835 |
| Series 2015 A: | | | |
| 5% 7/1/28 (FSA Insured) | | 1,000,000 | 1,197,400 |
| 5% 7/1/29 (FSA Insured) | | 1,000,000 | 1,192,930 |
| Naugatuck Ctfs. of Prtn. (Naugatuck Incineration Facilities Proj.) Series 2014 A: | | | |
| 5% 6/15/20 (a) | | 1,585,000 | 1,782,776 |
| 5% 6/15/22 (a) | | 1,000,000 | 1,161,680 |
| Naugatuck Gen. Oblig. 5.875% 2/15/21 (AMBAC Insured) | | 1,100,000 | 1,224,366 |
| New Britain Gen. Oblig. Series 2015 A: | | | |
| 5% 3/1/26 | | 1,530,000 | 1,843,375 |
| 5% 3/1/27 | | 1,605,000 | 1,910,030 |
| 5% 3/1/29 | | 1,770,000 | 2,080,600 |
| 5% 3/1/30 | | 1,860,000 | 2,176,925 |
| 5% 3/1/31 | | 1,955,000 | 2,279,862 |
| New Haven Gen. Oblig.: | | | |
| Series 2002 C, 5.125% 11/1/16 (Escrowed to Maturity) | | 30,000 | 30,123 |
| Series 2009 A, 5% 3/1/20 (Assured Guaranty Corp. Insured) | | 1,000,000 | 1,097,430 |
| Series 2012 A: | | | |
| 4% 11/1/22 (FSA Insured) | | 2,185,000 | 2,449,494 |
| 5% 11/1/17 | | 1,900,000 | 2,003,455 |
| 5% 11/1/18 | | 2,005,000 | 2,180,016 |
| Series 2015 B: | | | |
| 5% 8/15/26 (Build America Mutual Assurance Insured) | | 1,250,000 | 1,530,700 |
| 5% 8/15/27 (Build America Mutual Assurance Insured) | | 765,000 | 929,705 |
| Series B, 5% 8/1/21 (FSA Insured) | | 2,225,000 | 2,581,512 |
| 5% 9/1/29 (FSA Insured) | | 2,655,000 | 3,202,169 |
| 5% 9/1/31 (FSA Insured) | | 1,430,000 | 1,711,653 |
| 5.25% 3/1/19 | | 650,000 | 718,803 |
| Norwalk Gen. Oblig.: | | | |
| Series 2010 B: | | | |
| 5% 7/1/23 | | 975,000 | 1,125,794 |
| 5% 7/1/26 | | 625,000 | 720,850 |
| Series 2011 A: | | | |
| 4% 7/1/22 | | 1,000,000 | 1,137,000 |
| 4% 7/1/23 | | 1,000,000 | 1,131,720 |
| 4% 7/1/24 | | 1,000,000 | 1,128,570 |
| Plainville Gen. Oblig. Series 2010 A: | | | |
| 4% 7/15/21 | | 600,000 | 663,708 |
| 4% 7/15/22 | | 600,000 | 661,428 |
| 4% 7/15/23 | | 600,000 | 660,918 |
| Reg'l. School District #15 4% 7/1/22 | | 1,520,000 | 1,683,750 |
| 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 | 1,608,630 |
| 5.25% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,510,000 | 1,618,207 |
| Eighth Series A, 5% 8/1/33 | | 1,110,000 | 1,302,796 |
| Series 2013 A, 5% 8/1/43 | | 2,000,000 | 2,281,340 |
| Series 29: | | | |
| 5% 8/1/25 (FSA Insured) | | 500,000 | 610,040 |
| 5% 8/1/26 (FSA Insured) | | 1,250,000 | 1,520,400 |
| Series 30 B: | | | |
| 5% 8/1/30 | | 1,150,000 | 1,380,748 |
| 5% 8/1/31 | | 2,630,000 | 3,146,900 |
| Twenty-Second Series, 5% 8/1/38 (FSA Insured) | | 20,000,000 | 21,460,399 |
| Twenty-Seventh Series, 5% 8/1/30 | | 4,355,000 | 5,153,010 |
| Stamford Gen. Oblig. Series 2011, 4% 7/1/23 | | 1,045,000 | 1,181,007 |
| Stratford Gen. Oblig. Series 2014: | | | |
| 5% 12/15/24 | | 500,000 | 602,990 |
| 5% 12/15/25 | | 500,000 | 601,275 |
| Trumbull Gen. Oblig. Series 2009: | | | |
| 4% 9/15/20 | | 525,000 | 575,206 |
| 4% 9/15/21 | | 500,000 | 546,285 |
| Univ. of Connecticut Gen. Oblig. Series 2011 A, 5% 2/15/27 | | 3,000,000 | 3,465,870 |
| Univ. of Connecticut Rev. Series 2012 A, 5% 11/15/23 | | 2,700,000 | 3,253,095 |
| Vernon Gen. Oblig. Series 2012: | | | |
| 4% 8/1/20 | | 1,135,000 | 1,259,214 |
| 4% 8/1/22 | | 1,000,000 | 1,109,870 |
| Waterbury Series 2007, 4.5% 4/1/22 (AMBAC Insured) | | 3,510,000 | 4,036,219 |
| West Hartford Gen. Oblig. Series 2010 A: | | | |
| 5% 7/1/21 | | 1,000,000 | 1,155,530 |
| 5% 7/1/22 | | 1,210,000 | 1,397,659 |
| Westport Gen. Oblig.: | | | |
| Series 2009 A, 4% 2/1/22 | | 800,000 | 862,200 |
| Series 2009, 5% 2/1/21 | | 480,000 | 530,688 |
| Series 2010, 4% 11/1/21 | | 1,000,000 | 1,124,530 |
|
| TOTAL CONNECTICUT | | | 431,872,142 |
|
| Guam - 0.5% | | | |
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (a) | | 800,000 | 966,776 |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/24 (FSA Insured) | | 1,100,000 | 1,303,599 |
|
| TOTAL GUAM | | | 2,270,375 |
|
| Virgin Islands - 0.5% | | | |
| Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/17 | | 2,250,000 | 2,353,410 |
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $411,963,248) | | | 436,495,927 |
| TOTAL INVESTMENT PORTFOLIO - 96.0% | | | |
| (Cost $411,963,248) | | | 436,495,927 |
| NET OTHER ASSETS (LIABILITIES) - 4.0% | | | 18,226,618 |
| NET ASSETS - 100% | | | $454,722,545 |
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
Investment Valuation
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 Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
| General Obligations | 39.5% |
| Water & Sewer | 17.1% |
| Health Care | 16.2% |
| Special Tax | 11.1% |
| Education | 7.1% |
| Others* (Individually Less Than 5%) | 9.0% |
| | 100.0% |
* Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Fidelity® Connecticut Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | May 31, 2016 (Unaudited) |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $411,963,248) | | $436,495,927 |
| Cash | | 12,748,864 |
| Receivable for fund shares sold | | 612,077 |
| Interest receivable | | 5,647,002 |
| Prepaid expenses | | 156 |
| Other receivables | | 541 |
| Total assets | | 455,504,567 |
| Liabilities | | |
| Payable for fund shares redeemed | $261,000 | |
| Distributions payable | 319,459 | |
| Accrued management fee | 136,412 | |
| Other affiliated payables | 38,306 | |
| Other payables and accrued expenses | 26,845 | |
| Total liabilities | | 782,022 |
| Net Assets | | $454,722,545 |
| Net Assets consist of: | | |
| Paid in capital | | $428,109,791 |
| Undistributed net investment income | | 71,825 |
| Accumulated undistributed net realized gain (loss) on investments | | 2,008,250 |
| Net unrealized appreciation (depreciation) on investments | | 24,532,679 |
| Net Assets, for 38,155,323 shares outstanding | | $454,722,545 |
| Net Asset Value, offering price and redemption price per share ($454,722,545 ÷ 38,155,323 shares) | | $11.92 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended May 31, 2016 (Unaudited) |
| Investment Income | | |
| Interest | | $7,034,580 |
| Expenses | | |
| Management fee | $804,204 | |
| Transfer agent fees | 167,405 | |
| Accounting fees and expenses | 57,741 | |
| Custodian fees and expenses | 1,797 | |
| Independent trustees' fees and expenses | 1,043 | |
| Registration fees | 21,614 | |
| Audit | 30,604 | |
| Legal | 4,887 | |
| Miscellaneous | (364) | |
| Total expenses before reductions | 1,088,931 | |
| Expense reductions | (2,696) | 1,086,235 |
| Net investment income (loss) | | 5,948,345 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | | 2,062,987 |
| Total net realized gain (loss) | | 2,062,987 |
| Change in net unrealized appreciation (depreciation) on investment securities | | 7,244,912 |
| Net gain (loss) | | 9,307,899 |
| Net increase (decrease) in net assets resulting from operations | | $15,256,244 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended May 31, 2016 (Unaudited) | Year ended November 30, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,948,345 | $12,626,369 |
| Net realized gain (loss) | 2,062,987 | 3,106,335 |
| Change in net unrealized appreciation (depreciation) | 7,244,912 | (2,364,192) |
| Net increase (decrease) in net assets resulting from operations | 15,256,244 | 13,368,512 |
| Distributions to shareholders from net investment income | (5,964,723) | (12,609,769) |
| Distributions to shareholders from net realized gain | (2,918,234) | (2,281,667) |
| Total distributions | (8,882,957) | (14,891,436) |
| Share transactions | | |
| Proceeds from sales of shares | 30,587,657 | 58,797,627 |
| Reinvestment of distributions | 6,257,136 | 10,467,211 |
| Cost of shares redeemed | (31,532,931) | (63,663,634) |
| Net increase (decrease) in net assets resulting from share transactions | 5,311,862 | 5,601,204 |
| Redemption fees | 354 | 363 |
| Total increase (decrease) in net assets | 11,685,503 | 4,078,643 |
| Net Assets | | |
| Beginning of period | 443,037,042 | 438,958,399 |
| End of period (including undistributed net investment income of $71,825 and undistributed net investment income of $88,203, respectively) | $454,722,545 | $443,037,042 |
| Other Information | | |
| Shares | | |
| Sold | 2,576,193 | 4,994,428 |
| Issued in reinvestment of distributions | 528,855 | 892,280 |
| Redeemed | (2,662,763) | (5,440,344) |
| Net increase (decrease) | 442,285 | 446,364 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Connecticut Municipal Income Fund
| | Six months ended (Unaudited) May 31, | Years ended November 30, | | | | |
| | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.75 | $11.78 | $11.39 | $12.26 | $11.76 | $11.49 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .158 | .328 | .343 | .343 | .355 | .378 |
| Net realized and unrealized gain (loss) | .249 | .031 | .517 | (.808) | .579 | .313 |
| Total from investment operations | .407 | .359 | .860 | (.465) | .934 | .691 |
| Distributions from net investment income | (.159) | (.328) | (.343) | (.343) | (.354) | (.377) |
| Distributions from net realized gain | (.078) | (.061) | (.127) | (.063) | (.080) | (.044) |
| Total distributions | (.237) | (.389) | (.470) | (.406) | (.434) | (.421) |
| Redemption fees added to paid in capitalA | –B | –B | –B | .001 | –B | –B |
| Net asset value, end of period | $11.92 | $11.75 | $11.78 | $11.39 | $12.26 | $11.76 |
| Total ReturnC,D | 3.49% | 3.10% | 7.73% | (3.82)% | 8.08% | 6.18% |
| Ratios to Average Net AssetsE | | | | | | |
| Expenses before reductions | .49%F | .48% | .49% | .48% | .48% | .48% |
| Expenses net of fee waivers, if any | .49%F | .48% | .49% | .48% | .48% | .48% |
| Expenses net of all reductions | .49%F | .48% | .49% | .48% | .48% | .48% |
| Net investment income (loss) | 2.67%F | 2.80% | 2.96% | 2.92% | 2.95% | 3.29% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $454,723 | $443,037 | $438,958 | $445,758 | $605,232 | $546,455 |
| Portfolio turnover rate | 15%F | 13% | 13% | 14% | 14% | 14% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E 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.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Connecticut Municipal Money Market Fund
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
| Days | % of fund's investments 5/31/16 | % of fund's investments 11/30/15 | % of fund's investments 5/31/15 |
| 1 - 7 | 74.1 | 70.8 | 67.0 |
| 8 - 30 | 3.5 | 3.4 | 3.9 |
| 31 - 60 | 5.4 | 3.7 | 5.1 |
| 61 - 90 | 2.7 | 5.7 | 2.3 |
| 91 - 180 | 6.4 | 6.2 | 9.9 |
| > 180 | 7.9 | 10.2 | 11.8 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
| As of May 31, 2016 |
| | Variable Rate Demand Notes (VRDNs) | 44.0% |
| | Tender Option Bond | 9.9% |
| | Other Municipal Security | 35.1% |
| | Investment Companies | 10.2% |
| | Net Other Assets (Liabilities) | 0.8% |
| As of November 30, 2015 |
| | Variable Rate Demand Notes (VRDNs) | 44.3% |
| | Tender Option Bond | 4.1% |
| | Other Municipal Security | 39.4% |
| | Investment Companies | 10.5% |
| | Net Other Assets (Liabilities) | 1.7% |
Current And Historical 7-Day Yields
| | 5/31/16 | 2/29/16 | 11/30/15 | 8/31/15 | 5/31/15 |
| 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'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 May 31, 2016, the most recent period shown in the table, would have been -0.04%.
Fidelity® Connecticut Municipal Money Market Fund
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
| Variable Rate Demand Note - 44.0% | | | |
| | | Principal Amount | Value |
| Alabama - 0.4% | | | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.75% 6/7/16, VRDN (a)(b) | | $1,100,000 | $1,100,000 |
| Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 0.45% 6/7/16, VRDN (b) | | 4,250,000 | 4,250,000 |
| | | | 5,350,000 |
| Alaska - 0.2% | | | |
| Valdez Marine Term. Rev. (Phillips Trans. Alaska, Inc. Proj.) Series 1994 C, 0.63% 6/7/16, VRDN (b) | | 3,400,000 | 3,400,000 |
| Arizona - 0.0% | | | |
| Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.47% 6/7/16, VRDN (b) | | 900,000 | 900,000 |
| Arkansas - 0.6% | | | |
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 0.75% 6/7/16, VRDN (a)(b) | | 2,300,000 | 2,300,000 |
| Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.72% 6/7/16, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | | 6,400,000 | 6,400,000 |
| | | | 8,700,000 |
| Connecticut - 40.8% | | | |
| Connecticut Dev. Auth. Arpt. Facility Rev. (Embraer Aircraft Holding, Inc. Proj.) Series 2010 A, 0.4% 6/7/16, LOC Citibank NA, VRDN (b) | | 11,045,000 | 11,045,000 |
| Connecticut Dev. Auth. Wtr. Facilities Rev. (Connecticut Wtr. Co. Proj.): | | | |
| Series 2004 A, 0.57% 6/7/16, LOC RBS Citizens NA, VRDN (a)(b) | | 5,000,000 | 5,000,000 |
| Series 2004 B, 0.57% 6/7/16, LOC RBS Citizens NA, VRDN (b) | | 4,550,000 | 4,550,000 |
| Connecticut Gen. Oblig. Series 2013 A, 0.5% 6/7/16, VRDN (b) | | 12,000,000 | 12,000,000 |
| Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
| (Eastern Connecticut Health Network Proj.) Series 2010 E, 0.4% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 16,600,000 | 16,600,000 |
| (Gaylord Hosp. Proj.) Series B, 0.48% 6/7/16, LOC Bank of America NA, VRDN (b) | | 16,280,000 | 16,280,000 |
| (Greenwich Hosp. Proj.) Series C, 0.42% 6/7/16, LOC Bank of America NA, VRDN (b) | | 22,040,000 | 22,040,000 |
| (Griffin Hosp. Proj.) Series C, 0.37% 6/7/16, LOC Wells Fargo Bank NA, VRDN (b) | | 20,275,000 | 20,275,000 |
| (Hamden Hall Country Day School Proj.) Series A, 0.47% 6/7/16, LOC RBS Citizens NA, VRDN (b) | | 16,160,000 | 16,160,000 |
| (Hosp. for Spl. Care Proj.) Series E, 0.4% 6/7/16, LOC Fed. Home Ln. Bank of Boston, VRDN (b) | | 7,940,000 | 7,940,000 |
| (Masonicare Corp. Proj.) Series C, 0.42% 6/7/16, LOC Manufacturers & Traders Trust Co., VRDN (b) | | 68,310,000 | 68,310,000 |
| (Sacred Heart Univ. Proj.) Series F, 0.43% 6/7/16, LOC Bank of America NA, VRDN (b) | | 17,635,000 | 17,635,000 |
| (Trinity College Proj.) Series L, 0.4% 6/7/16, LOC JPMorgan Chase Bank, VRDN (b) | | 9,330,000 | 9,330,000 |
| (Wesleyan Univ. Proj.) Series H, 0.38% 6/7/16, VRDN (b) | | 16,605,000 | 16,605,000 |
| Series 2007 B, 0.44% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 11,595,000 | 11,595,000 |
| Series 2007 D, 0.48% 6/7/16, LOC Bank of America NA, VRDN (b) | | 9,950,000 | 9,950,000 |
| Series 2011 A, 0.4% 6/7/16, LOC HSBC Bank U.S.A., NA, VRDN (b) | | 1,855,000 | 1,855,000 |
| Series 2011 B, 0.44% 6/7/16, LOC Bank of America NA, VRDN (b) | | 71,085,000 | 71,085,000 |
| Series 2013 H, 0.4% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 8,400,000 | 8,400,000 |
| Series 2013 O, 0.39% 6/7/16, LOC Wells Fargo Bank NA, VRDN (b) | | 46,000,000 | 46,000,000 |
| Series 2014 C, 0.41% 6/7/16, LOC JPMorgan Chase Bank, VRDN (b) | | 62,235,000 | 62,235,000 |
| Series 2014 D, 0.42% 6/7/16, LOC Bank of America NA, VRDN (b) | | 29,645,000 | 29,645,000 |
| Connecticut Hsg. Fin. Auth.: | | | |
| (CIL Realty, Inc. Proj.): | | | |
| Series 2008, 0.38% 6/7/16, LOC HSBC Bank U.S.A., NA, VRDN (b)(c) | | 5,000,000 | 5,000,000 |
| Series 2010, 0.4% 6/7/16, LOC HSBC Bank U.S.A., NA, VRDN (b) | | 3,700,000 | 3,700,000 |
| (Hsg. Mtg. Fin. Prog.) Series 2013 B5, 0.42% 6/7/16 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | | 1,350,000 | 1,350,000 |
| Series 2008 E, 0.41% 6/7/16 (Liquidity Facility Bank of America NA), VRDN (a)(b) | | 37,000,000 | 37,000,000 |
| Series 2011 C1, 0.4% 6/7/16 (Liquidity Facility Barclays Bank PLC), VRDN (b) | | 7,000,000 | 7,000,000 |
| Series 2011 E3, 0.4% 6/7/16 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (b) | | 4,490,000 | 4,490,000 |
| Series 2011 E4, 0.4% 6/1/16 (Liquidity Facility JPMorgan Chase Bank), VRDN (a)(b) | | 6,000,000 | 6,000,000 |
| 0.4% 6/7/16 (Liquidity Facility Royal Bank of Canada), VRDN (b) | | 7,000,000 | 7,000,000 |
| Connecticut Innovations, Inc. Rev. (ISO New England, Inc. Proj.) Series 2012, 0.37% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 22,730,000 | 22,730,000 |
| Stamford Hsg. Auth. Multi-family Rev. 0.4% 6/7/16, LOC Fannie Mae, VRDN (a)(b) | | 10,560,000 | 10,560,000 |
| | | | 589,365,000 |
| Delaware - 0.0% | | | |
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 A, 0.5% 6/7/16, VRDN (b) | | 300,000 | 300,000 |
| Georgia - 0.8% | | | |
| Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 2009, 0.5% 6/7/16, VRDN (b) | | 2,400,000 | 2,400,000 |
| Bartow County Dev. Auth. Rev. (VMC Specialty Alloys LLC Proj.) Series 2014, 0.5% 6/7/16, LOC Comerica Bank, VRDN (a)(b) | | 1,500,000 | 1,500,000 |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.): | | | |
| Second Series 1995, 0.4% 6/1/16, VRDN (b) | | 600,000 | 600,000 |
| Series 2013, 0.5% 6/7/16, VRDN (b) | | 5,500,000 | 5,500,000 |
| Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.55% 6/7/16, VRDN (b) | | 1,700,000 | 1,700,000 |
| | | | 11,700,000 |
| Indiana - 0.1% | | | |
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 0.6% 6/7/16, VRDN (a)(b) | | 1,700,000 | 1,700,000 |
| Louisiana - 0.1% | | | |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.7% 6/7/16, VRDN (b) | | 1,000,000 | 1,000,000 |
| Nebraska - 0.1% | | | |
| Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.75% 6/7/16, VRDN (a)(b) | | 1,100,000 | 1,100,000 |
| Nevada - 0.1% | | | |
| Washoe County Gas Facilities Rev.: | | | |
| Series 2016 C, 0.75% 6/7/16, VRDN (a)(b) | | 300,000 | 300,000 |
| Series 2016 D, 0.75% 6/7/16, VRDN (a)(b) | | 300,000 | 300,000 |
| Series 2016 E, 0.75% 6/7/16, VRDN (a)(b) | | 300,000 | 300,000 |
| | | | 900,000 |
| Texas - 0.7% | | | |
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | | | |
| Series 2001 A, 0.53% 6/1/16, VRDN (b) | | 3,600,000 | 3,600,000 |
| Series 2009 A, 0.53% 6/1/16, VRDN (b) | | 1,400,000 | 1,400,000 |
| Series 2009 C, 0.52% 6/1/16, VRDN (b) | | 1,600,000 | 1,600,000 |
| Series 2010 B, 0.53% 6/1/16, VRDN (b) | | 1,100,000 | 1,100,000 |
| Series 2010 C, 0.52% 6/1/16, VRDN (b) | | 2,320,000 | 2,320,000 |
| | | | 10,020,000 |
| West Virginia - 0.1% | | | |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 0.71% 6/7/16, VRDN (a)(b) | | 1,100,000 | 1,100,000 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $635,535,000) | | | 635,535,000 |
|
| Tender Option Bond - 9.9% | | | |
| California - 0.1% | | | |
| California Health Facilities Fing. Auth. Rev. Participating VRDN Series DB 3294, 0.55% 6/7/16 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d) | | 1,900,000 | 1,900,000 |
| Connecticut - 9.4% | | | |
| Connecticut Gen. Oblig. Participating VRDN: | | | |
| Series 15 XF0222, 0.43% 6/7/16 (Liquidity Facility Toronto-Dominion Bank) (b)(d) | | 2,000,000 | 2,000,000 |
| Series 15 YX1002, 0.44% 6/7/16 (Liquidity Facility Barclays Bank PLC) (b)(d) | | 1,590,000 | 1,590,000 |
| Series MT 842, 0.43% 6/7/16 (Liquidity Facility Bank of America NA) (b)(d) | | 7,925,000 | 7,925,000 |
| Series Putters 3996, 0.43% 6/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | | 10,000,000 | 10,000,000 |
| Series Putters 4382, 0.43% 6/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | | 6,630,000 | 6,630,000 |
| Series Putters 5003, 0.4% 6/1/16 (Liquidity Facility J.P. Morgan Securities, LLC) (b)(d) | | 12,800,000 | 12,800,000 |
| Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
| Bonds Series MS 06 1884, 0.55%, tender 7/14/16 (Liquidity Facility Wells Fargo & Co.) (b)(d)(e) | | 11,670,000 | 11,653,601 |
| Participating VRDN: | | | |
| Series 15 XF0091, 0.43% 6/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | | 940,000 | 940,000 |
| Series 16 ZF0378, 0.43% 6/7/16 (Liquidity Facility Toronto-Dominion Bank) (b)(d) | | 2,500,000 | 2,500,000 |
| Series BA 15 XF0247, 0.44% 6/7/16 (Liquidity Facility Bank of America NA) (b)(d) | | 4,500,000 | 4,500,000 |
| Series Putters 2861, 0.4% 6/1/16 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | | 6,400,000 | 6,400,000 |
| Series Putters 2862, 0.4% 6/1/16 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | | 15,955,000 | 15,955,000 |
| Series Putters 3185Z, 0.43% 6/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | | 11,995,000 | 11,995,000 |
| Series RBC 2016 XM0133, 0.41% 6/7/16 (Liquidity Facility Royal Bank of Canada) (b)(d) | | 2,225,000 | 2,225,000 |
| Series RBC 2016 ZM0134, 0.41% 6/7/16 (Liquidity Facility Royal Bank of Canada) (b)(d) | | 7,910,000 | 7,910,000 |
| Series ROC II R 11854, 0.42% 6/7/16 (Liquidity Facility Citibank NA) (b)(d) | | 15,210,000 | 15,210,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Participating VRDN Series ROC II R 14073, 0.42% 6/7/16 (Liquidity Facility Citibank NA) (b)(d) | | 16,000,000 | 15,999,983 |
| | | | 136,233,584 |
| Nebraska - 0.0% | | | |
| Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 0.58% 6/7/16 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d) | | 500,000 | 500,000 |
| New Jersey - 0.4% | | | |
| RBC Muni. Products, Inc. Trust Bonds Series RBC E 61, 0.55%, tender 6/28/16 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | | 4,900,000 | 4,900,000 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $143,533,584) | | | 143,533,584 |
|
| Other Municipal Security - 35.1% | | | |
| Connecticut - 33.9% | | | |
| Bethel Gen. Oblig. BAN 2% 2/17/17 | | 11,780,000 | 11,889,679 |
| Brookfield Gen. Oblig. BAN Series 2015 A, 1.75% 11/17/16 | | 15,530,000 | 15,616,957 |
| Clinton Gen. Oblig. BAN 2% 2/8/17 | | 14,000,000 | 14,145,760 |
| Connecticut Gen. Oblig. Bonds: | | | |
| Series 2006 A, 5% 12/15/16 | | 6,005,000 | 6,152,628 |
| Series 2006 E, 5% 12/15/16 | | 6,000,000 | 6,144,750 |
| Series 2009 A, 5% 2/15/17 | | 2,000,000 | 2,061,062 |
| Series 2012 D, 0.83% 9/15/16 (b) | | 2,000,000 | 2,001,907 |
| Series 2013 A: | | | |
| 0.5% 7/1/16 (b) | | 43,355,000 | 43,355,000 |
| 4% 10/15/16 | | 2,850,000 | 2,888,125 |
| Series 2013, 0.99% 8/15/16 (b) | | 8,000,000 | 8,007,782 |
| Series 2014 B, 0.71% 3/1/17 (b) | | 4,400,000 | 4,401,119 |
| Series 2014 C: | | | |
| 4% 6/15/16 | | 13,000,000 | 13,018,275 |
| 5% 12/15/16 | | 2,990,000 | 3,064,409 |
| Series 2015 A, 3% 3/15/17 | | 5,325,000 | 5,429,961 |
| Series 2015 B, 2% 6/15/16 | | 17,500,000 | 17,511,331 |
| Series 2015 D, 0.48% 6/15/16 (b) | | 18,100,000 | 18,100,000 |
| Series 2016 A, 3% 3/15/17 | | 8,000,000 | 8,150,158 |
| Connecticut Health & Edl. Facilities Auth. Rev. Bonds: | | | |
| (Ascension Health Cr. Group Proj.) Series 1998 B, 1.55%, tender 2/1/17 (b) | | 920,000 | 924,559 |
| (Yale Univ. Proj.): | | | |
| Series S1: | | | |
| 0.43% tender 6/7/16, CP mode | | 14,900,000 | 14,900,000 |
| 0.43% tender 6/9/16, CP mode | | 14,800,000 | 14,800,000 |
| Series S2: | | | |
| 0.41% tender 6/1/16, CP mode | | 15,700,000 | 15,700,000 |
| 0.42% tender 6/3/16, CP mode | | 4,000,000 | 4,000,000 |
| 0.47% tender 6/3/16, CP mode | | 13,640,000 | 13,640,000 |
| 0.48% tender 6/6/16, CP mode | | 15,900,000 | 15,900,000 |
| 0.6%, tender 2/1/17 (b) | | 9,400,000 | 9,399,687 |
| 1.35%, tender 7/21/16 (b) | | 9,075,000 | 9,087,342 |
| Connecticut Hsg. Fin. Auth. Bonds: | | | |
| (Hsg. Mtg. Fin. Prog.) Series 2016 B3, 0.55% 11/15/16 | | 1,750,000 | 1,750,000 |
| Series 2013 B3, 1.35% 11/15/16 (a) | | 3,800,000 | 3,812,016 |
| 0.45% 11/15/16 (a) | | 2,075,000 | 2,075,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds: | | | |
| Series 2004 B, 5.25% 7/1/16 | | 1,100,000 | 1,104,476 |
| Series 2005 A, 5% 7/1/16 | | 8,380,000 | 8,412,326 |
| Series 2009 1, 4.25% 2/1/17 | | 2,900,000 | 2,972,152 |
| Series 2010 A, 5% 11/1/16 | | 5,295,000 | 5,393,330 |
| Series 2011 A, 5% 12/1/16 | | 2,200,000 | 2,248,982 |
| Series 2012 A, 3% 1/1/17 | | 3,000,000 | 3,042,258 |
| Connecticut State Revolving Fund Gen. Rev. Bonds Series 2011 A, 5% 1/1/17 | | 750,000 | 769,215 |
| Danbury Gen. Oblig.: | | | |
| BAN Series 2015, 2% 7/21/16 | | 18,000,000 | 18,041,195 |
| Bonds Series 2010 B, 5% 7/1/16 | | 2,150,000 | 2,158,073 |
| East Hampton Gen. Oblig. BAN Series 2015, 2% 12/15/16 | | 5,000,000 | 5,036,904 |
| Easton Gen. Oblig. BAN 2% 12/14/16 | | 1,510,000 | 1,522,173 |
| Enfield Gen. Oblig. BAN Series 2015 B, 2% 8/10/16 | | 10,000,000 | 10,031,413 |
| Fairfield Gen. Oblig. BAN 2% 7/14/16 | | 15,000,000 | 15,029,851 |
| Guilford Gen. Oblig.: | | | |
| BAN 1% 8/10/16 | | 16,600,000 | 16,622,867 |
| Bonds Series 2015, 4% 8/1/16 | | 1,710,000 | 1,720,428 |
| Ledyard Gen. Oblig. Bonds Series 2016 B, 1% 7/1/16 | | 1,000,000 | 1,000,357 |
| Milford Gen. Oblig. BAN 2% 11/7/16 | | 13,095,000 | 13,172,221 |
| Naugatuck Gen. Oblig. BAN 2% 10/24/16 | | 6,000,000 | 6,035,938 |
| Oxford Gen. Oblig. BAN 1.25% 7/21/16 | | 6,238,000 | 6,245,883 |
| Redding Gen. Oblig. BAN 2% 3/15/17 | | 1,644,000 | 1,660,682 |
| Rocky Hill Gen. Oblig. BAN 2% 11/17/16 | | 16,400,000 | 16,521,700 |
| Southington Gen. Oblig. BAN 2% 1/25/17 | | 6,000,000 | 6,054,655 |
| Stamford Gen. Oblig. Bonds Series 2015 B, 5% 8/1/16 | | 3,250,000 | 3,275,275 |
| Trumbull Gen. Oblig. Bonds 2% 9/1/16 | | 1,070,000 | 1,074,526 |
| Univ. of Connecticut Gen. Oblig. Bonds: | | | |
| Series 2014, 5% 2/15/17 | | 1,140,000 | 1,176,017 |
| Series 2015 A, 4% 2/15/17 | | 7,005,000 | 7,177,800 |
| Series 2016 A, 4% 3/15/17 | | 5,300,000 | 5,436,992 |
| Vernon Gen. Oblig. BAN Series 2015, 1.5% 8/4/16 | | 6,350,000 | 6,362,493 |
| Watertown Gen. Oblig. BAN 1.5% 10/26/16 | | 6,400,000 | 6,424,812 |
| Windham Gen. Oblig. BAN 2% 12/7/16 | | 9,150,000 | 9,218,543 |
| Wolcott Gen. Oblig. BAN 2% 10/20/16 | | 16,595,000 | 16,694,894 |
| | | | 489,565,938 |
| Georgia - 0.5% | | | |
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, 0.46%, tender 6/1/16 (Liquidity Facility Royal Bank of Canada) (b) | | 6,450,000 | 6,450,000 |
| Kentucky - 0.0% | | | |
| Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 0.8% tender 6/10/16, CP mode | | 600,000 | 600,000 |
| Massachusetts - 0.2% | | | |
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | | | |
| Series 1992, 0.86% tender 7/8/16, CP mode | | 500,000 | 500,000 |
| Series 1993 A, 0.86% tender 7/7/16, CP mode | | 1,600,000 | 1,600,000 |
| | | | 2,100,000 |
| New Hampshire - 0.4% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | | | |
| (New England Pwr. Co. Proj.) Series 1990 A1, 0.9% tender 6/14/16, CP mode(a) | | 1,600,000 | 1,600,000 |
| (New England Pwr. Co. Proj.): | | | |
| Series 1990 A, 0.9% tender 7/8/16, CP mode (a) | | 300,000 | 300,000 |
| Series 1990 B: | | | |
| 0.85% tender 6/3/16, CP mode | | 1,000,000 | 1,000,000 |
| 0.85% tender 6/14/16, CP mode | | 900,000 | 900,000 |
| Series 1990 A, 0.9% tender 7/6/16, CP mode (a) | | 1,800,000 | 1,800,000 |
| | | | 5,600,000 |
| Virginia - 0.0% | | | |
| Prince William County Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 1986, 0.78% tender 6/14/16, CP mode | | 300,000 | 300,000 |
| West Virginia - 0.1% | | | |
| Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 1996, 0.9% tender 7/8/16, CP mode (a) | | 800,000 | 800,000 |
| Grant County Poll. Cont. Rev. Bonds Series 1986, 0.83% tender 6/14/16, CP mode (a) | | 1,200,000 | 1,200,000 |
| | | | 2,000,000 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $506,615,938) | | | 506,615,938 |
| | | Shares | Value |
|
| Investment Company - 10.2% | | | |
| Fidelity Municipal Cash Central Fund, 0.40% (f)(g) | | | |
| (Cost $147,573,000) | | 147,573,000 | 147,573,000 |
| TOTAL INVESTMENT PORTFOLIO - 99.2% | | | |
| (Cost $1,433,257,522) | | | 1,433,257,522 |
| NET OTHER ASSETS (LIABILITIES) - 0.8% | | | 11,856,765 |
| NET ASSETS - 100% | | | $1,445,114,287 |
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)
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.
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) A portion of the security sold on a delayed delivery basis.
(d) Provides evidence of ownership in one or more underlying municipal bonds.
(e) 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 $16,553,601 or 1.1% of net assets.
(f) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(g) 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 are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Connecticut Health & Edl. Facilities Auth. Rev. Bonds Series MS 06 1884, 0.55%, tender 7/14/16 (Liquidity Facility Wells Fargo & Co.) | 2/19/15 - 5/6/16 | $11,652,627 |
| RBC Muni. Products, Inc. Trust Bonds Series RBC E 61, 0.55%, tender 6/28/16 (Liquidity Facility Royal Bank of Canada) | 3/31/16 | $4,900,000 |
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 | $139,843 |
| Total | $139,843 |
Investment Valuation
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 Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Connecticut Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| | | May 31, 2016 (Unaudited) |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,285,684,522) | $1,285,684,522 | |
| Fidelity Central Funds (cost $147,573,000) | 147,573,000 | |
| Total Investments (cost $1,433,257,522) | | $1,433,257,522 |
| Cash | | 155,199 |
| Receivable for securities sold on a delayed delivery basis | | 4,690,000 |
| Receivable for fund shares sold | | 7,415,553 |
| Interest receivable | | 3,742,091 |
| Distributions receivable from Fidelity Central Funds | | 49,850 |
| Prepaid expenses | | 621 |
| Other receivables | | 1,821 |
| Total assets | | 1,449,312,657 |
| Liabilities | | |
| Payable for fund shares redeemed | $3,661,640 | |
| Distributions payable | 450 | |
| Accrued management fee | 448,120 | |
| Other affiliated payables | 66,511 | |
| Other payables and accrued expenses | 21,649 | |
| Total liabilities | | 4,198,370 |
| Net Assets | | $1,445,114,287 |
| Net Assets consist of: | | |
| Paid in capital | | $1,445,130,466 |
| Distributions in excess of net investment income | | (11,282) |
| Accumulated undistributed net realized gain (loss) on investments | | (4,897) |
| Net Assets, for 1,444,237,186 shares outstanding | | $1,445,114,287 |
| Net Asset Value, offering price and redemption price per share ($1,445,114,287 ÷ 1,444,237,186 shares) | | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended May 31, 2016 (Unaudited) |
| Investment Income | | |
| Interest | | $1,610,644 |
| Income from Fidelity Central Funds | | 139,843 |
| Total income | | 1,750,487 |
| Expenses | | |
| Management fee | $2,923,916 | |
| Transfer agent fees | 852,027 | |
| Accounting fees and expenses | 82,729 | |
| Custodian fees and expenses | 5,511 | |
| Independent trustees' fees and expenses | 3,798 | |
| Registration fees | 26,835 | |
| Audit | 20,683 | |
| Legal | 7,136 | |
| Miscellaneous | 19,398 | |
| Total expenses before reductions | 3,942,033 | |
| Expense reductions | (2,273,250) | 1,668,783 |
| Net investment income (loss) | | 81,704 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | (2,209) | |
| Total net realized gain (loss) | | (2,209) |
| Net increase in net assets resulting from operations | | $79,495 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended May 31, 2016 (Unaudited) | Year ended November 30, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $81,704 | $177,870 |
| Net realized gain (loss) | (2,209) | 99,730 |
| Net increase in net assets resulting from operations | 79,495 | 277,600 |
| Distributions to shareholders from net investment income | (81,183) | (177,751) |
| Distributions to shareholders from net realized gain | (52,199) | (210,992) |
| Total distributions | (133,382) | (388,743) |
| Share transactions at net asset value of $1.00 per share | | |
| Proceeds from sales of shares | 1,333,597,131 | 3,272,330,333 |
| Reinvestment of distributions | 127,254 | 370,672 |
| Cost of shares redeemed | (1,607,731,137) | (3,305,330,193) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (274,006,752) | (32,629,188) |
| Total increase (decrease) in net assets | (274,060,639) | (32,740,331) |
| Net Assets | | |
| Beginning of period | 1,719,174,926 | 1,751,915,257 |
| End of period (including distributions in excess of net investment income of $11,282 and distributions in excess of net investment income of $11,803, respectively) | $1,445,114,287 | $1,719,174,926 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity Connecticut Municipal Money Market Fund
| | Six months ended (Unaudited) May 31, | Years ended November 30, | | | | |
| | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | – | – | – | – | – | – |
| Net realized and unrealized gain (loss)A | – | – | – | – | – | – |
| Total from investment operationsA | – | – | – | – | – | – |
| Distributions from net investment incomeA | – | – | – | – | – | – |
| Distributions from net realized gain | –A | –A | – | – | – | –A |
| Total distributionsA | – | – | – | – | – | – |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB,C | .01% | .02% | .01% | .01% | .01% | .01% |
| Ratios to Average Net AssetsD,E | | | | | | |
| Expenses before reductions | .49%F | .49% | .48% | .49% | .49% | .49% |
| Expenses net of fee waivers, if any | .21%F | .08% | .08% | .13% | .18% | .22% |
| Expenses net of all reductions | .21%F | .08% | .08% | .12% | .18% | .22% |
| Net investment income (loss) | .01%F | .01% | .01% | .01% | .01% | .01% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $1,445,114 | $1,719,175 | $1,751,915 | $1,883,058 | $1,857,806 | $1,783,100 |
A Amount represents less than $.0005 per share.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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.
E 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.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2016
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. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Effective January 1, 2016 shares of the Money Market Fund are only available for purchase by retail shareholders. Each Fund may be affected by economic and political developments in the state of Connecticut.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value 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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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.
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and net asset value (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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustees compensation.
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.
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 |
| Fidelity Connecticut Municipal Income Fund | $411,963,248 | $24,579,421 | $(46,742) | $24,532,679 |
| Fidelity Connecticut Municipal Money Market Fund | 1,433,257,522 | – | – | – |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days may be subject to a redemption fee equal to .50% of the NAV 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.
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Certain 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.
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $32,693,040 and $36,466,947, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows.
| | Individual Rate | Group Rate | Total |
| Fidelity Connecticut Municipal Income Fund | .25% | .11% | .36% |
| Fidelity Connecticut Municipal Money Market Fund | .25% | .11% | .36% |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
| Fidelity Connecticut Municipal Income Fund | .08% |
| Fidelity Connecticut Municipal Money Market Fund | .11% |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The fee is based on the level of average net assets for each month.
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. For the Income Fund, interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Income Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
| Fidelity Connecticut Municipal Income Fund | $399 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
The investment adviser voluntarily agreed to reimburse the Money Market Fund 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 Money Market Fund was in reimbursement during the period:
| | Expense Limitations | Reimbursement |
| Fidelity Connecticut Municipal Money Market Fund | .48% | $53,018 |
Additionally, the investment adviser 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 the investment adviser at any time. For the period, the amount of the waiver was $2,211,180.
In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain 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 |
| Fidelity Connecticut Municipal Income Fund | $1,797 |
| Fidelity Connecticut Municipal Money Market Fund | 5,511 |
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses as follows:
| | Amount |
| Fidelity Connecticut Municipal Income Fund | $899 |
| Fidelity Connecticut Municipal Money Market Fund | 3,541 |
8. 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.
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 (December 1, 2015 to May 31, 2016).
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.
| | Annualized Expense Ratio-A | Beginning
Account Value
December 1, 2015 | Ending
Account Value
May 31, 2016 | Expenses Paid
During Period-B
December 1, 2015
to May 31, 2016 |
| Fidelity Connecticut Municipal Income Fund | .49% | | | |
| Actual | | $1,000.00 | $1,034.90 | $2.49 |
| Hypothetical-C | | $1,000.00 | $1,022.55 | $2.48 |
| Fidelity Connecticut Municipal Money Market Fund | .21% | | | |
| Actual | | $1,000.00 | $1,000.10 | $1.05 |
| Hypothetical-C | | $1,000.00 | $1,023.95 | $1.06 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
C 5% return per year before expenses
Proxy Voting Results
A special meeting of Fidelity® Connecticut Municipal Money Market Fund's shareholders was held on February 12, 2016. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
| To elect a Board of Trustees. |
| | # of
Votes | % of
Votes |
| Elizabeth S. Acton | | |
| Affirmative | 1,486,522,730.35 | 95.214 |
| Withheld | 74,726,053.46 | 4.786 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| John Engler | | |
| Affirmative | 1,482,823,273.95 | 94.977 |
| Withheld | 78,425,509.86 | 5.023 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Albert R. Gamper, Jr. | | |
| Affirmative | 1,481,651,961.13 | 94.902 |
| Withheld | 79,596,822.68 | 5.098 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Robert F. Gartland | | |
| Affirmative | 1,488,722,172.69 | 95.355 |
| Withheld | 72,526,611.12 | 4.645 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Abigail P. Johnson | | |
| Affirmative | 1,483,995,610.86 | 95.052 |
| Withheld | 77,253,172.95 | 4.948 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Arthur E. Johnson | | |
| Affirmative | 1,482,398,567.75 | 94.950 |
| Withheld | 78,850,216.06 | 5.050 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Michael E. Kenneally | | |
| Affirmative | 1,488,531,341.79 | 95.343 |
| Withheld | 72,717,442.02 | 4.657 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| James H. Keyes | | |
| Affirmative | 1,486,787,591.37 | 95.231 |
| Withheld | 74,461,192.44 | 4.769 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Marie L. Knowles | | |
| Affirmative | 1,488,402,727.87 | 95.335 |
| Withheld | 72,846,055.94 | 4.665 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Geoffrey A. von Kuhn | | |
| Affirmative | 1,485,917,012.24 | 95.175 |
| Withheld | 75,331,771.57 | 4.825 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. |
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Fidelity® New Jersey Municipal Income Fund
and
Fidelity® New Jersey Municipal Money Market Fund
Semi-Annual Report May 31, 2016 |
|
Contents
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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2016 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-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.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Fidelity® New Jersey Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of May 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| General Obligations | 36.0 | 37.9 |
| Health Care | 18.9 | 15.9 |
| Transportation | 15.5 | 16.2 |
| Education | 10.9 | 13.2 |
| Escrowed/Pre-Refunded | 8.8 | 7.1 |
Quality Diversification (% of fund's net assets)
| As of May 31, 2016 |
| | AAA | 2.0% |
| | AA,A | 82.6% |
| | BBB | 10.9% |
| | Not Rated | 1.4% |
| | Short-Term Investments and Net Other Assets | 3.1% |
| As of November 30, 2015 |
| | AAA | 3.0% |
| | AA,A | 85.5% |
| | BBB | 8.5% |
| | Not Rated | 1.4% |
| | Short-Term Investments and Net Other Assets | 1.6% |
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.
Fidelity® New Jersey Municipal Income Fund
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 96.9% | | | |
| | | Principal Amount | Value |
| Delaware, New Jersey - 0.8% | | | |
| Delaware River & Bay Auth. Rev.: | | | |
| Series 2014 A, 5% 1/1/44 | | $3,000,000 | $3,472,140 |
| Series 2014 B, 5% 1/1/23 | | 700,000 | 843,661 |
|
| TOTAL DELAWARE, NEW JERSEY | | | 4,315,801 |
|
| Guam - 0.5% | | | |
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (a) | | 1,000,000 | 1,208,470 |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/22 (FSA Insured) | | 1,500,000 | 1,789,995 |
|
| TOTAL GUAM | | | 2,998,465 |
|
| New Jersey - 89.1% | | | |
| Atlantic County Impt. Auth. Luxury Tax Rev. (Convention Ctr. Proj.) Series 1985 A, 7.4% 7/1/16 (Escrowed to Maturity) | | 715,000 | 718,875 |
| Bayonne Gen. Oblig.: | | | |
| Series 2016: | | | |
| 5% 7/1/35 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,187,160 |
| 5% 7/1/39 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,171,860 |
| 5.5% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | | 5,000,000 | 5,680,250 |
| Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | | | |
| 5% 2/15/26 | | 1,000,000 | 1,182,530 |
| 5% 2/15/27 | | 1,000,000 | 1,171,030 |
| 5% 2/15/28 | | 1,000,000 | 1,162,670 |
| 5% 2/15/29 | | 1,000,000 | 1,154,610 |
| 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 | 1,606,122 |
| Cumberland County Impt. Auth. (Technical High School Proj.) Series 2014: | | | |
| 5% 9/1/21 (FSA Insured) | | 530,000 | 625,554 |
| 5% 9/1/23 (FSA Insured) | | 600,000 | 735,780 |
| 5% 9/1/24 (FSA Insured) | | 1,640,000 | 2,046,080 |
| 5% 9/1/25 (FSA Insured) | | 1,375,000 | 1,695,279 |
| 5% 9/1/26 (FSA Insured) | | 2,480,000 | 3,025,972 |
| 5% 9/1/39 (FSA Insured) | | 4,000,000 | 4,646,880 |
| East Brunswick Township Board of Ed.: | | | |
| 5% 11/1/22 | | 1,000,000 | 1,203,670 |
| 5% 11/1/23 | | 1,000,000 | 1,215,480 |
| East Windsor Reg'l. School District: | | | |
| 5% 3/1/20 | | 1,045,000 | 1,193,672 |
| 5% 3/1/21 | | 1,000,000 | 1,174,730 |
| Essex County Util. Auth. Solid Waste Rev. Series 2009, 5% 4/1/20 (Assured Guaranty Corp. Insured) | | 1,000,000 | 1,112,130 |
| Garden State Preservation Trust Open Space & Farmland Preservation: | | | |
| Series 2003 B, 0% 11/1/21 (FSA Insured) | | 8,310,000 | 7,469,610 |
| Series 2012 A, 5% 11/1/22 | | 6,600,000 | 7,677,846 |
| Hudson County Ctfs. of Prtn. Series 2002, 6.25% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,610,000 | 1,610,000 |
| Monroe Township Board of Ed. Series 2012: | | | |
| 5% 8/1/26 | | 3,220,000 | 3,869,055 |
| 5% 8/1/28 | | 4,000,000 | 4,757,000 |
| Morristown Gen. Oblig. Series 2005, 6.5% 8/1/19 (FSA Insured) | | 20,000 | 23,319 |
| New Brunswick Parking Auth. Rev. Series 2012: | | | |
| 5% 9/1/23 | | 1,450,000 | 1,718,482 |
| 5% 9/1/26 | | 600,000 | 704,130 |
| 5% 9/1/27 | | 440,000 | 514,391 |
| New Jersey Econ. Dev. Auth. Rev.: | | | |
| (Goethals Bridge Replacement Proj.) Series 2013: | | | |
| 5.125% 1/1/34 (a) | | 1,500,000 | 1,729,965 |
| 5.375% 1/1/43 (a) | | 2,000,000 | 2,303,680 |
| Series 2005 N1, 5.5% 9/1/24 (AMBAC Insured) | | 5,000,000 | 5,780,250 |
| Series 2011 EE, 5% 9/1/17 (Escrowed to Maturity) | | 200,000 | 210,584 |
| Series 2011 GG, 5% 9/1/17 (Escrowed to Maturity) | | 250,000 | 263,230 |
| Series 2012 II, 5% 3/1/26 | | 5,000,000 | 5,360,050 |
| Series 2012, 5% 6/15/20 | | 5,000,000 | 5,504,950 |
| Series 2013 NN, 5% 3/1/27 | | 20,000,000 | 21,737,193 |
| Series 2013: | | | |
| 5% 3/1/23 | | 4,800,000 | 5,277,360 |
| 5% 3/1/25 | | 700,000 | 762,559 |
| Series 2015 WW, 5.25% 6/15/40 | | 2,000,000 | 2,205,480 |
| Series 2015 XX: | | | |
| 4.25% 6/15/26 | | 3,000,000 | 3,116,340 |
| 5.25% 6/15/27 | | 3,000,000 | 3,393,630 |
| 5% 9/1/36 (Pre-Refunded to 9/1/16 @ 100) | | 7,375,000 | 7,456,641 |
| 5% 9/1/36 (Pre-Refunded to 9/1/16 @ 100) | | 1,655,000 | 1,673,321 |
| 5% 9/1/37 (Pre-Refunded to 9/1/17 @ 100) | | 5,700,000 | 6,001,644 |
| 6% 12/15/34 (Pre-Refunded to 12/15/18 @ 100) | | 1,905,000 | 2,147,792 |
| 6% 12/15/34 (Pre-Refunded to 12/15/34 @ 100) | | 40,000 | 44,405 |
| New Jersey Econ. Dev. Auth. Wtr. Facilities Rev. (American Wtr. Co., Inc. Proj.) Series 2009 A, 5.7% 10/1/39 (a) | | 5,000,000 | 5,578,900 |
| New Jersey Edl. Facilities Auth. Rev.: | | | |
| (New Jersey Institute of Technology Proj.) Series 2010 H, 5% 7/1/31 | | 2,000,000 | 2,248,000 |
| (Princeton Theological Seminary Proj.) Series 2009 B: | | | |
| 4% 7/1/22 | | 1,000,000 | 1,087,200 |
| 5% 7/1/17 | | 490,000 | 512,800 |
| 5% 7/1/18 | | 250,000 | 271,973 |
| 5% 7/1/19 | | 200,000 | 225,226 |
| (Rowan Univ. Proj.) Series 2007 B: | | | |
| 5.5% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 2,500,000 | 2,509,575 |
| 5.5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 4,390,000 | 4,778,076 |
| (William Paterson College Proj.) Series 2008 C, 5% 7/1/19 (Assured Guaranty Corp. Insured) | | 2,570,000 | 2,757,147 |
| Series 2012 A: | | | |
| 5% 7/1/18 | | 1,000,000 | 1,078,170 |
| 5% 7/1/19 | | 1,040,000 | 1,156,386 |
| Series 2012 B: | | | |
| 5% 7/1/37 | | 750,000 | 843,840 |
| 5% 7/1/42 | | 1,100,000 | 1,220,725 |
| New Jersey Edl. Facility: | | | |
| Series 2015 B: | | | |
| 3.625% 7/1/30 (FSA Insured) | | 510,000 | 534,745 |
| 5% 7/1/29 | | 2,770,000 | 3,311,840 |
| 5% 7/1/31 | | 3,000,000 | 3,552,150 |
| Series 2015 D, 5% 7/1/30 | | 5,690,000 | 6,879,893 |
| 5% 7/1/35 (FSA Insured) | | 3,035,000 | 3,250,182 |
| 5% 7/1/35 (Pre-Refunded to 7/1/18 @ 100) | | 965,000 | 1,048,135 |
| New Jersey Envir. Infrastructure Trust: | | | |
| Series 2012 A, 4% 9/1/20 | | 10,000,000 | 11,212,500 |
| Series 2012, 5% 9/1/17 (Pre-Refunded to 9/1/16 @ 100) | | 100,000 | 101,095 |
| 5% 9/1/17 (Pre-Refunded to 9/1/16 @ 100) | | 20,000 | 20,219 |
| 5% 9/1/17 (Pre-Refunded to 9/1/16 @ 100) | | 30,000 | 30,329 |
| New Jersey Gen. Oblig. 5% 6/1/25 | | 3,340,000 | 3,994,005 |
| New Jersey Health Care Facilities Fing. Auth. Rev.: | | | |
| (AHS Hosp. Corp. Proj.) Series 2011, 6% 7/1/41 | | 5,000,000 | 5,945,050 |
| (AtlantiCare Reg'l. Med. Ctr. Proj.) Series 2007, 5% 7/1/17 (Escrowed to Maturity) | | 1,000,000 | 1,046,640 |
| (Chilton Memorial Hosp. Proj.) Series 2009, 5.75% 7/1/39 (Pre-Refunded to 7/1/19 @ 100) | | 3,765,000 | 4,299,517 |
| (Greystone Park Psychiatric Hosp. Proj.) Series 2013 B, 5% 9/15/24 | | 8,000,000 | 8,846,480 |
| (Hackensack Univ. Med. Ctr. Proj.): | | | |
| Series 2010 B, 5% 1/1/22 | | 1,725,000 | 1,924,945 |
| Series 2010, 5% 1/1/34 | | 2,000,000 | 2,192,340 |
| (Robert Wood Johnson Univ. Hosp. Proj.) Series 2010, 5% 7/1/31 | | 5,000,000 | 5,582,700 |
| (Virtua Health Proj.) Series A, 5.25% 7/1/17 (Assured Guaranty Corp. Insured) | | 6,000,000 | 6,292,560 |
| Series 2008 A, 5.25% 10/1/38 | | 5,965,000 | 6,337,693 |
| Series 2008, 6.625% 7/1/38 | | 10,745,000 | 11,769,751 |
| Series 2009 A, 5.75% 10/1/31 | | 4,000,000 | 4,439,520 |
| Series 2011: | | | |
| 5% 7/1/19 | | 1,500,000 | 1,666,410 |
| 5% 7/1/23 | | 2,500,000 | 2,957,000 |
| 5% 7/1/24 | | 2,000,000 | 2,355,520 |
| 5% 7/1/25 | | 2,265,000 | 2,649,189 |
| Series 2012 A: | | | |
| 5% 7/1/18 | | 795,000 | 857,145 |
| 5% 7/1/22 | | 1,400,000 | 1,663,900 |
| 5% 7/1/23 | | 1,000,000 | 1,169,620 |
| 5% 7/1/24 | | 2,000,000 | 2,325,580 |
| 5% 7/1/25 | | 1,000,000 | 1,154,770 |
| Series 2012 II, 5% 7/1/42 | | 1,000,000 | 1,096,360 |
| Series 2012, 5% 7/1/21 | | 2,325,000 | 2,699,162 |
| Series 2013 A: | | | |
| 5% 7/1/28 | | 1,080,000 | 1,258,708 |
| 5% 7/1/32 | | 1,600,000 | 1,836,720 |
| 5.25% 7/1/28 | | 3,250,000 | 3,828,728 |
| Series 2013: | | | |
| 5% 7/1/24 | | 1,250,000 | 1,515,388 |
| 5% 7/1/26 | | 1,335,000 | 1,579,692 |
| 5.25% 7/1/31 | | 4,000,000 | 4,477,920 |
| 5.5% 7/1/43 | | 3,000,000 | 3,458,460 |
| Series 2014 A: | | | |
| 4% 7/1/45 | | 1,300,000 | 1,336,140 |
| 5% 7/1/30 | | 700,000 | 818,342 |
| 5% 7/1/31 | | 455,000 | 529,411 |
| 5% 7/1/32 | | 1,000,000 | 1,162,750 |
| 5% 7/1/44 | | 3,525,000 | 4,051,847 |
| 5% 7/1/45 | | 2,225,000 | 2,529,069 |
| Series 2016 A: | | | |
| 5% 7/1/28 | | 1,000,000 | 1,226,470 |
| 5% 7/1/29 | | 3,660,000 | 4,466,957 |
| 5% 7/1/30 | | 1,200,000 | 1,458,612 |
| 5% 7/1/31 (b) | | 5,100,000 | 6,122,244 |
| 5% 7/1/33 (b) | | 1,000,000 | 1,191,740 |
| 5% 7/1/39 | | 3,890,000 | 4,551,144 |
| 5% 3/1/20 | | 1,040,000 | 1,064,471 |
| 5% 3/1/20 (Pre-Refunded to 3/1/17 @ 100) | | 990,000 | 1,022,225 |
| 5% 3/1/21 | | 1,370,000 | 1,402,031 |
| 5% 3/1/21 (Pre-Refunded to 3/1/17 @ 100) | | 1,310,000 | 1,352,641 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | | | |
| Series 2010 1A, 5% 12/1/17 | | 2,500,000 | 2,636,075 |
| Series 2013: | | | |
| 4% 12/1/20 (a) | | 2,500,000 | 2,683,800 |
| 5% 12/1/21 (a) | | 2,100,000 | 2,372,559 |
| 5% 12/1/22 (a) | | 2,250,000 | 2,567,880 |
| New Jersey Institute of Technology Series 2012 A: | | | |
| 5% 7/1/32 | | 1,250,000 | 1,480,088 |
| 5% 7/1/42 | | 5,000,000 | 5,776,900 |
| New Jersey Tpk. Auth. Tpk. Rev.: | | | |
| Series 2009 E, 5.25% 1/1/40 | | 10,600,000 | 11,652,262 |
| Series 2012 B, 5% 1/1/24 | | 2,650,000 | 3,245,614 |
| Series 2013 A, 5% 1/1/38 | | 8,000,000 | 9,248,000 |
| Series 2014 A, 5% 1/1/32 | | 5,000,000 | 5,994,000 |
| Series 2014 C: | | | |
| 5% 1/1/22 | | 3,750,000 | 4,460,775 |
| 5% 1/1/23 | | 3,000,000 | 3,649,020 |
| New Jersey Trans. Trust Fund Auth.: | | | |
| Series 2001 A, 6% 6/15/35 | | 2,800,000 | 3,236,380 |
| Series 2005 B: | | | |
| 5.25% 12/15/22 (AMBAC Insured) | | 1,200,000 | 1,371,336 |
| 5.5% 12/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 15,235,000 | 17,224,082 |
| Series 2006 A, 5.5% 12/15/22 | | 8,875,000 | 10,131,523 |
| Series 2006 C: | | | |
| 0% 12/15/26 (AMBAC Insured) | | 10,000,000 | 6,664,300 |
| 0% 12/15/34 | | 4,000,000 | 1,848,080 |
| Series 2008 A: | | | |
| 0% 12/15/36 | | 25,000,000 | 9,669,500 |
| 5.5% 12/15/38 (Assured Guaranty Corp. Insured) | | 1,710,000 | 1,858,890 |
| Series 2009 A: | | | |
| 0% 12/15/36 | | 1,915,000 | 740,684 |
| 0% 12/15/38 | | 13,900,000 | 4,815,655 |
| Series 2010 A, 0% 12/15/30 | | 14,750,000 | 7,858,210 |
| Series 2010 A3, 0% 12/15/34 | | 10,775,000 | 4,655,123 |
| Series 2011 A, 5.25% 6/15/25 | | 6,000,000 | 6,544,260 |
| Series 2011 B: | | | |
| 5.25% 6/15/25 | | 3,185,000 | 3,473,911 |
| 5.25% 6/15/26 | | 2,000,000 | 2,180,440 |
| New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/21 | | 5,100,000 | 5,737,959 |
| 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 | 1,154,420 |
| Newark Gen. Oblig. Series 2013 A: | | | |
| 5% 7/15/17 | | 2,000,000 | 2,085,840 |
| 5% 7/15/18 | | 3,130,000 | 3,326,940 |
| Newark Port Auth. Hsg. Auth. Rev. (Newark Redev. Proj.) Series 2007, 5.25% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,350,000 | 1,433,876 |
| North Hudson Swr. Auth. Wtr. & Swr. Rev. Series 2001 A, 0% 8/1/24 (Escrowed to Maturity) | | 2,000,000 | 1,746,160 |
| Rutgers State Univ. Rev.: | | | |
| Series 2009 F: | | | |
| 5% 5/1/30 (Pre-Refunded to 5/1/19 @ 100) | | 1,500,000 | 1,674,465 |
| 5% 5/1/39 (Pre-Refunded to 5/1/19 @ 100) | | 9,500,000 | 10,604,945 |
| Series 2010 I, 5% 5/1/29 | | 1,110,000 | 1,268,386 |
| Series 2013 L, 5% 5/1/43 | | 5,000,000 | 5,830,150 |
|
| TOTAL NEW JERSEY | | | 499,642,402 |
|
| New York And New Jersey - 1.7% | | | |
| Port Auth. of New York & New Jersey: | | | |
| 163rd Series, 5% 7/15/35 | | 3,255,000 | 3,729,156 |
| 166th Series, 5% 1/15/41 | | 5,000,000 | 5,743,950 |
|
| TOTAL NEW YORK AND NEW JERSEY | | | 9,473,106 |
|
| Pennsylvania, New Jersey - 4.3% | | | |
| Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev.: | | | |
| Series 2007 A, 5% 7/1/26 (Pre-Refunded to 7/1/17 @ 100) | | 2,855,000 | 2,988,157 |
| Series 2012 A: | | | |
| 5% 7/1/21 | | 600,000 | 703,260 |
| 5% 7/1/24 | | 1,200,000 | 1,426,200 |
| 5% 7/1/25 | | 1,100,000 | 1,301,773 |
| 5% 7/1/26 | | 500,000 | 589,825 |
| Series 2015: | | | |
| 3% 7/1/27 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,037,900 |
| 5% 7/1/24 | | 275,000 | 339,947 |
| 5% 7/1/26 | | 650,000 | 802,022 |
| 5% 7/1/29 | | 300,000 | 366,015 |
| 5% 7/1/30 | | 350,000 | 425,418 |
| Delaware River Port Auth. Pennsylvania & New Jersey Rev.: | | | |
| (Port District Proj.) Series 2012, 5% 1/1/24 | | 3,000,000 | 3,456,180 |
| Series 2010 D, 5% 1/1/40 | | 4,000,000 | 4,443,000 |
| Series 2013, 5% 1/1/31 | | 5,000,000 | 5,876,800 |
|
| TOTAL PENNSYLVANIA, NEW JERSEY | | | 23,756,497 |
|
| Virgin Islands - 0.5% | | | |
| Virgin Islands Pub. Fin. Auth.: | | | |
| Series 2009 A, 6.75% 10/1/37 | | 1,000,000 | 1,141,910 |
| Series 2009 A1, 5% 10/1/24 | | 500,000 | 546,610 |
| Series 2009 B, 5% 10/1/25 | | 1,200,000 | 1,309,836 |
|
| TOTAL VIRGIN ISLANDS | | | 2,998,356 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $507,830,361) | | | 543,184,627 |
|
| Municipal Notes - 1.2% | | | |
| New Jersey - 1.2% | | | |
| Newark Gen. Oblig. TAN 2.5% 2/15/17 | | | |
| (Cost $7,041,363) | | 7,000,000 | 7,042,770 |
| TOTAL INVESTMENT PORTFOLIO - 98.1% | | | |
| (Cost $514,871,724) | | | 550,227,397 |
| NET OTHER ASSETS (LIABILITIES) - 1.9% | | | 10,562,456 |
| NET ASSETS - 100% | | | $560,789,853 |
Security Type Abbreviations
TAN – TAX ANTICIPATION NOTE
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
Investment Valuation
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 Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
| General Obligations | 36.0% |
| Health Care | 18.9% |
| Transportation | 15.5% |
| Education | 10.9% |
| Escrowed/Pre-Refunded | 8.8% |
| Others* (Individually Less Than 5%) | 9.9% |
| | 100.0% |
* Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Fidelity® New Jersey Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | May 31, 2016 (Unaudited) |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $514,871,724) | | $550,227,397 |
| Cash | | 10,877,667 |
| Receivable for fund shares sold | | 151,169 |
| Interest receivable | | 7,892,943 |
| Prepaid expenses | | 191 |
| Other receivables | | 662 |
| Total assets | | 569,150,029 |
| Liabilities | | |
| Payable for investments purchased on a delayed delivery basis | $7,313,923 | |
| Payable for fund shares redeemed | 359,528 | |
| Distributions payable | 446,737 | |
| Accrued management fee | 168,570 | |
| Other affiliated payables | 46,116 | |
| Other payables and accrued expenses | 25,302 | |
| Total liabilities | | 8,360,176 |
| Net Assets | | $560,789,853 |
| Net Assets consist of: | | |
| Paid in capital | | $523,943,928 |
| Distributions in excess of net investment income | | (24,283) |
| Accumulated undistributed net realized gain (loss) on investments | | 1,514,535 |
| Net unrealized appreciation (depreciation) on investments | | 35,355,673 |
| Net Assets, for 46,389,323 shares outstanding | | $560,789,853 |
| Net Asset Value, offering price and redemption price per share ($560,789,853 ÷ 46,389,323 shares) | | $12.09 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended May 31, 2016 (Unaudited) |
| Investment Income | | |
| Interest | | $9,771,519 |
| Expenses | | |
| Management fee | $997,432 | |
| Transfer agent fees | 203,648 | |
| Accounting fees and expenses | 68,884 | |
| Custodian fees and expenses | 2,132 | |
| Independent trustees' fees and expenses | 1,286 | |
| Registration fees | 17,843 | |
| Audit | 28,762 | |
| Legal | 3,252 | |
| Miscellaneous | 396 | |
| Total expenses before reductions | 1,323,635 | |
| Expense reductions | (3,198) | 1,320,437 |
| Net investment income (loss) | | 8,451,082 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | | 1,590,367 |
| Total net realized gain (loss) | | 1,590,367 |
| Change in net unrealized appreciation (depreciation) on investment securities | | 13,127,422 |
| Net gain (loss) | | 14,717,789 |
| Net increase (decrease) in net assets resulting from operations | | $23,168,871 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended May 31, 2016 (Unaudited) | Year ended November 30, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $8,451,082 | $18,030,006 |
| Net realized gain (loss) | 1,590,367 | 799,727 |
| Change in net unrealized appreciation (depreciation) | 13,127,422 | (10,486,548) |
| Net increase (decrease) in net assets resulting from operations | 23,168,871 | 8,343,185 |
| Distributions to shareholders from net investment income | (8,479,364) | (18,001,825) |
| Distributions to shareholders from net realized gain | (787,020) | (1,101,159) |
| Total distributions | (9,266,384) | (19,102,984) |
| Share transactions | | |
| Proceeds from sales of shares | 27,981,124 | 50,452,523 |
| Reinvestment of distributions | 6,344,524 | 12,776,633 |
| Cost of shares redeemed | (33,096,872) | (104,646,677) |
| Net increase (decrease) in net assets resulting from share transactions | 1,228,776 | (41,417,521) |
| Redemption fees | – | 340 |
| Total increase (decrease) in net assets | 15,131,263 | (52,176,980) |
| Net Assets | | |
| Beginning of period | 545,658,590 | 597,835,570 |
| End of period (including distributions in excess of net investment income of $24,283 and undistributed net investment income of $3,999, respectively) | $560,789,853 | $545,658,590 |
| Other Information | | |
| Shares | | |
| Sold | 2,332,071 | 4,236,400 |
| Issued in reinvestment of distributions | 528,928 | 1,077,031 |
| Redeemed | (2,760,927) | (8,848,256) |
| Net increase (decrease) | 100,072 | (3,534,825) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity New Jersey Municipal Income Fund
| | Six months ended (Unaudited) May 31, | Years ended November 30, | | | | |
| | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.79 | $12.00 | $11.58 | $12.49 | $11.72 | $11.54 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .183 | .373 | .387 | .397 | .412 | .445 |
| Net realized and unrealized gain (loss) | .318 | (.189) | .489 | (.884) | .769 | .179 |
| Total from investment operations | .501 | .184 | .876 | (.487) | 1.181 | .624 |
| Distributions from net investment income | (.184) | (.372) | (.386) | (.397) | (.411) | (.444) |
| Distributions from net realized gain | (.017) | (.022) | (.070) | (.026) | – | – |
| Total distributions | (.201) | (.394) | (.456) | (.423) | (.411) | (.444) |
| Redemption fees added to paid in capitalA | – | –B | –B | –B | –B | –B |
| Net asset value, end of period | $12.09 | $11.79 | $12.00 | $11.58 | $12.49 | $11.72 |
| Total ReturnC,D | 4.27% | 1.56% | 7.71% | (3.94)% | 10.21% | 5.57% |
| Ratios to Average Net AssetsE | | | | | | |
| Expenses before reductions | .48%F | .48% | .48% | .47% | .47% | .48% |
| Expenses net of fee waivers, if any | .48%F | .48% | .48% | .47% | .47% | .48% |
| Expenses net of all reductions | .48%F | .48% | .48% | .47% | .47% | .48% |
| Net investment income (loss) | 3.06%F | 3.15% | 3.27% | 3.32% | 3.38% | 3.88% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $560,790 | $545,659 | $597,836 | $599,906 | $702,932 | $608,376 |
| Portfolio turnover rate | 8%F | 7% | 12% | 18% | 11% | 7% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E 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.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® New Jersey Municipal Money Market Fund
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
| Days | % of fund's investments 5/31/16 | % of fund's investments 11/30/15 | % of fund's investments 5/31/15 |
| 1 - 7 | 68.5 | 72.0 | 67.3 |
| 8 - 30 | 8.6 | 8.9 | 6.1 |
| 31 - 60 | 5.2 | 0.7 | 4.8 |
| 61 - 90 | 3.1 | 3.3 | 4.9 |
| 91 - 180 | 6.2 | 3.4 | 6.6 |
| > 180 | 8.4 | 11.7 | 10.3 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
| As of May 31, 2016 |
| | Variable Rate Demand Notes (VRDNs) | 54.4% |
| | Tender Option Bond | 8.4% |
| | Other Municipal Security | 30.8% |
| | Investment Companies | 6.4% |
| As of November 30, 2015 |
| | Variable Rate Demand Notes (VRDNs) | 48.7% |
| | Tender Option Bond | 7.7% |
| | Other Municipal Security | 28.4% |
| | Investment Companies | 12.1% |
| | Net Other Assets (Liabilities) | 3.1% |
Current And Historical 7-Day Yields
| | 5/31/16 | 2/29/16 | 11/30/15 | 8/31/15 | 5/31/15 |
| 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 May 31, 2016, the most recent period shown in the table, would have been -0.06%.
Fidelity® New Jersey Municipal Money Market Fund
Investments May 31, 2016 (Unaudited)
Showing Percentage of Net Assets
| Variable Rate Demand Note - 54.4% | | | |
| | | Principal Amount | Value |
| Alabama - 0.1% | | | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.75% 6/7/16, VRDN (a)(b) | | $1,400,000 | $1,400,000 |
| Alaska - 0.2% | | | |
| Valdez Marine Term. Rev. (Phillips Trans. Alaska, Inc. Proj.) Series 1994 C, 0.63% 6/7/16, VRDN (b) | | 4,900,000 | 4,900,000 |
| Arkansas - 0.4% | | | |
| Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.72% 6/7/16, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | | 8,900,000 | 8,900,000 |
| Delaware - 0.0% | | | |
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 A, 0.5% 6/7/16, VRDN (b) | | 400,000 | 400,000 |
| Delaware, New Jersey - 1.2% | | | |
| Delaware River & Bay Auth. Rev. Series 2008, 0.4% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 25,700,000 | 25,700,000 |
| Georgia - 0.6% | | | |
| Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 2009, 0.5% 6/7/16, VRDN (b) | | 10,800,000 | 10,800,000 |
| Burke County Indl. Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Vogtle Proj.) Series 2012, 0.41% 6/1/16, VRDN (a)(b) | | 1,000,000 | 1,000,000 |
| Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.55% 6/7/16, VRDN (b) | | 300,000 | 300,000 |
| | | | 12,100,000 |
| Indiana - 0.0% | | | |
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 0.6% 6/7/16, VRDN (a)(b) | | 300,000 | 300,000 |
| Iowa - 0.4% | | | |
| Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.46% 6/7/16, VRDN (a)(b) | | 8,000,000 | 8,000,000 |
| Louisiana - 0.0% | | | |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.7% 6/7/16, VRDN (b) | | 1,000,000 | 1,000,000 |
| Nebraska - 0.1% | | | |
| Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.75% 6/7/16, VRDN (a)(b) | | 1,400,000 | 1,400,000 |
| Nevada - 0.1% | | | |
| Washoe County Gas Facilities Rev.: | | | |
| Series 2016 C, 0.75% 6/7/16, VRDN (a)(b) | | 400,000 | 400,000 |
| Series 2016 D, 0.75% 6/7/16, VRDN (a)(b) | | 500,000 | 500,000 |
| Series 2016 E, 0.75% 6/7/16, VRDN (a)(b) | | 500,000 | 500,000 |
| | | | 1,400,000 |
| New Jersey - 35.0% | | | |
| Bergen County Impt. Auth. Multi-family Hsg. Rev. (Kentshire Apts. Proj.) Series 2001, 0.4% 6/7/16, LOC Fannie Mae, VRDN (a)(b) | | 21,000,000 | 21,000,000 |
| Camden County Impt. Auth. Rev. (Parkview Redev. Hsg. Proj.) Series 2006, 0.42% 6/7/16, LOC Fannie Mae, VRDN (a)(b) | | 3,900,000 | 3,900,000 |
| Essex County Impt. Auth. Multi-family Hsg. Rev. (Fern Sr. Hsg. Proj.) Series 2010, 0.41% 6/7/16, LOC Freddie Mac, VRDN (b) | | 4,000,000 | 4,000,000 |
| Gloucester County Ind. Poll. Cont. Fing. Auth. Rev. (ExxonMobil Proj.) Series 2003, 0.09% 6/1/16 (Exxon Mobil Corp. Guaranteed), VRDN (b) | | 2,250,000 | 2,250,000 |
| Hudson County Impt. Auth. Rev. (Essential Purp. Pooled Govt. Ln. Prog.) Series 1986, 0.4% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 25,500,000 | 25,500,000 |
| New Jersey Econ. Dev. Auth. Econ. Dev. Rev. (Stolt Haven Perth Amboy Proj.) Series 1998 A, 0.26% 6/7/16, LOC Citibank NA, VRDN (b) | | 19,600,000 | 19,600,000 |
| New Jersey Econ. Dev. Auth. Natural Gas Facilities Rev. (South Jersey Gas Co. Proj.) Series 2006-1, 0.43% 6/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 24,900,000 | 24,900,000 |
| New Jersey Econ. Dev. Auth. Rev.: | | | |
| (Applewood Estates Proj.) Series 2005 B, 0.4% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 9,680,000 | 9,680,000 |
| (Bayshore Health Ctr. Proj.) Series 1998 A, 0.39% 6/7/16, LOC JPMorgan Chase Bank, VRDN (b) | | 9,870,000 | 9,870,000 |
| (Cooper Health Sys. Proj.) Series 2008 A, 0.37% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 18,800,000 | 18,800,000 |
| New Jersey Econ. Dev. Auth. Spl. Facilities Rev. (Port Newark Container Term. LLC Proj.) Series 2003 A, 0.28% 6/7/16, LOC Royal Bank of Canada, VRDN (a)(b) | | 62,500,000 | 62,500,000 |
| New Jersey Econ. Dev. Auth. Thermal Energy Facilities Rev. (Marina Energy LLC Proj.): | | | |
| Series 2001 A, 0.44% 6/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 10,000,000 | 10,000,000 |
| Series 2006 A, 0.44% 6/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 5,465,000 | 5,465,000 |
| New Jersey Health Care Facilities Fing. Auth. Rev.: | | | |
| (AHS Hosp. Corp. Proj.): | | | |
| Series 2008 B, 0.39% 6/7/16, LOC Bank of America NA, VRDN (b) | | 48,580,000 | 48,580,000 |
| Series 2008 C, 0.4% 6/7/16, LOC JPMorgan Chase Bank, VRDN (b) | | 22,375,000 | 22,375,000 |
| (Barnabas Health Proj.) Series 2011 B, 0.38% 6/7/16, LOC JPMorgan Chase Bank, VRDN (b) | | 34,910,000 | 34,910,000 |
| (Meridian Health Sys. Proj.): | | | |
| Series 2003 A, 0.39% 6/7/16, LOC JPMorgan Chase Bank, VRDN (b) | | 12,750,000 | 12,750,000 |
| Series 2006 A4, 0.37% 6/7/16, LOC Wells Fargo Bank NA, VRDN (b) | | 4,690,000 | 4,690,000 |
| Series 2006 A5, 0.37% 6/7/16, LOC Wells Fargo Bank NA, VRDN (b) | | 1,575,000 | 1,575,000 |
| (Meridian Nursing and Rehab. at Red Bank, Inc. Proj.) Series 2004 A3, 0.37% 6/7/16, LOC Wells Fargo Bank NA, VRDN (b) | | 9,200,000 | 9,200,000 |
| (Robert Wood Johnson Univ. Hosp. Proj.): | | | |
| Series 2003 A3, 0.37% 6/7/16, LOC Wells Fargo Bank NA, VRDN (b) | | 5,100,000 | 5,100,000 |
| Series 2004, 0.37% 6/7/16, LOC Wells Fargo Bank NA, VRDN (b) | | 7,315,000 | 7,315,000 |
| (South Jersey Hosp. Proj.) Series 2004 A4, 0.37% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 900,000 | 900,000 |
| (Southern Ocean County Hosp. Proj.) Series 2006, 0.37% 6/7/16, LOC Wells Fargo Bank NA, VRDN (b) | | 3,500,000 | 3,500,000 |
| (Underwood-Memorial Hosp. Proj.) Series 2008, 0.37% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 28,555,000 | 28,555,000 |
| (Virtua Health Proj.): | | | |
| Series 2003 A7, 0.37% 6/7/16, LOC Wells Fargo Bank NA, VRDN (b) | | 2,300,000 | 2,300,000 |
| Series 2004, 0.37% 6/7/16, LOC Wells Fargo Bank NA, VRDN (b) | | 31,860,000 | 31,860,000 |
| Series 2009 B, 0.26% 6/1/16, LOC JPMorgan Chase Bank, VRDN (b) | | 28,450,000 | 28,450,000 |
| Series 2009 C, 0.29% 6/1/16, LOC JPMorgan Chase Bank, VRDN (b) | | 27,635,000 | 27,635,000 |
| Series 2009 D, 0.37% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 24,500,000 | 24,500,000 |
| Series 2009 E, 0.4% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 5,500,000 | 5,500,000 |
| Series 2006 A6, 0.37% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 1,520,000 | 1,520,000 |
| Series 2013 B, 0.38% 6/7/16, LOC Wells Fargo Bank NA, VRDN (b) | | 30,260,000 | 30,260,000 |
| Series 2014 B, 0.38% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 8,000,000 | 8,000,000 |
| New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev.: | | | |
| Series 2006 A, 0.42% 6/7/16, LOC Bank of America NA, VRDN (a)(b) | | 3,800,000 | 3,800,000 |
| Series 2008 B, 0.4% 6/7/16, LOC Bank of America NA, VRDN (b) | | 36,100,000 | 36,100,000 |
| Series 2008 F, 0.42% 6/7/16, LOC Bank of America NA, VRDN (a)(b) | | 48,645,000 | 48,645,000 |
| Series 2013 5, 0.32% 6/7/16, LOC Citibank NA, VRDN (a)(b) | | 32,570,000 | 32,570,000 |
| Series 2015 F, 0.42% 6/7/16, LOC Bank of America NA, VRDN (a)(b) | | 2,420,000 | 2,420,000 |
| Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): | | | |
| Series 2003 B1, 0.58% 6/7/16, VRDN (b) | | 1,300,000 | 1,300,000 |
| Series 2012 A, 0.66% 6/7/16, VRDN (a)(b) | | 10,700,000 | 10,700,000 |
| Vineland Gen. Oblig. 0.42% 6/7/16, LOC Wells Fargo Bank NA, VRDN (a)(b) | | 19,815,000 | 19,815,000 |
| | | | 712,290,000 |
| Pennsylvania, New Jersey - 12.6% | | | |
| Delaware River Port Auth. Pennsylvania & New Jersey Rev.: | | | |
| Series 2008 A, 0.39% 6/7/16, LOC Bank of America NA, VRDN (b) | | 45,700,000 | 45,700,000 |
| Series 2008 B, 0.37% 6/7/16, LOC TD Banknorth, NA, VRDN (b) | | 47,660,000 | 47,660,000 |
| Series 2010 A, 0.39% 6/7/16, LOC Royal Bank of Canada, VRDN (b) | | 52,865,000 | 52,865,000 |
| Series 2010 B, 0.4% 6/7/16, LOC Barclays Bank PLC, VRDN (b) | | 101,000,000 | 101,000,000 |
| Series 2010 C, 0.39% 6/7/16, LOC Bank of New York, New York, VRDN (b) | | 9,310,000 | 9,310,000 |
| | | | 256,535,000 |
| New York And New Jersey - 2.4% | | | |
| Port Auth. of New York & New Jersey: | | | |
| Series 1991 1, 0.48% 6/30/16, VRDN (a)(b)(c) | | 8,800,000 | 8,800,000 |
| Series 1991 3, 0.48% 6/30/16, VRDN (a)(b)(c) | | 9,800,000 | 9,800,000 |
| Series 1992 1, 0.45% 6/30/16, VRDN (b)(c) | | 6,800,000 | 6,800,000 |
| Series 1995 3, 0.48% 6/30/16, VRDN (a)(b)(c) | | 9,400,000 | 9,400,000 |
| Series 1995 4, 0.48% 6/30/16, VRDN (a)(b)(c) | | 10,500,000 | 10,500,000 |
| Series 1997 1, 0.45% 6/30/16, VRDN (b)(c) | | 1,500,000 | 1,500,000 |
| Series 1997 2, 0.45% 6/30/16, VRDN (b)(c) | | 2,000,000 | 2,000,000 |
| | | | 48,800,000 |
| North Carolina - 0.1% | | | |
| Parson County Indl. Facilities and Poll. Cont. Fing. Auth. (CertainTeed Gypsum NC, Inc. Proj.) Series 2010, 0.43% 6/7/16, LOC Cr. Industriel et Commercial, VRDN (b) | | 2,600,000 | 2,600,000 |
| Tennessee - 0.3% | | | |
| Henderson TN IDB Rev. (Arvin Sango, Inc. Proj.) Series 2012, 0.45% 6/7/16, LOC Bank of Tokyo-Mitsubishi UFJ Ltd., VRDN (a)(b) | | 5,000,000 | 5,000,000 |
| Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.) Series 2002, 0.41% 6/1/16, LOC Bank of America NA, VRDN (b) | | 1,220,000 | 1,220,000 |
| | | | 6,220,000 |
| Texas - 0.7% | | | |
| Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.43% 6/7/16, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 1,100,000 | 1,100,000 |
| Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.): | | | |
| Series 2001 A, 0.53% 6/1/16, VRDN (b) | | 2,500,000 | 2,500,000 |
| Series 2004, 0.69% 6/7/16, VRDN (a)(b) | | 2,400,000 | 2,400,000 |
| Series 2009 C, 0.52% 6/1/16, VRDN (b) | | 1,400,000 | 1,400,000 |
| Series 2010 B, 0.53% 6/1/16, VRDN (b) | | 400,000 | 400,000 |
| Series 2010 C, 0.52% 6/1/16, VRDN (b) | | 5,800,000 | 5,800,000 |
| | | | 13,600,000 |
| West Virginia - 0.1% | | | |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev. (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 0.71% 6/7/16, VRDN (a)(b) | | 1,500,000 | 1,500,000 |
| Wyoming - 0.1% | | | |
| Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.55% 6/7/16, VRDN (a)(b) | | 1,650,000 | 1,650,000 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $1,108,695,000) | | | 1,108,695,000 |
|
| Tender Option Bond - 8.4% | | | |
| Nebraska - 0.0% | | | |
| Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 0.58% 6/7/16 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d) | | 800,000 | 800,000 |
| New Jersey - 4.0% | | | |
| Hudson County Impt. Lease Rev. Participating VRDN Series 16 ZF0450, 0.43% 6/7/16 (Liquidity Facility Toronto-Dominion Bank) (b)(d) | | 4,275,000 | 4,275,000 |
| New Jersey Edl. Facilities Auth. Rev. Participating VRDN: | | | |
| Series 15 XF0099, 0.43% 6/7/16 (Liquidity Facility JPMorgan Chase Bank) (b)(d) | | 4,335,000 | 4,335,000 |
| Series 15 XF0149, 0.4% 6/7/16 (Liquidity Facility Bank of America NA) (b)(d) | | 2,670,000 | 2,670,000 |
| New Jersey Envir. Infrastructure Trust Participating VRDN Series 16 XF0395, 0.4% 6/7/16 (Liquidity Facility Bank of America NA) (b)(d) | | 2,015,000 | 2,015,000 |
| RBC Muni. Products, Inc. Trust Bonds Series RBC E 61, 0.55%, tender 6/28/16 (Liquidity Facility Royal Bank of Canada) (b)(c)(d) | | 54,695,000 | 54,695,000 |
| Union County Utils. Resources Auth. Participating VRDN Series 16 ZM0165, 0.42% 6/7/16 (Liquidity Facility Royal Bank of Canada) (a)(b)(d) | | 13,140,000 | 13,140,000 |
| | | | 81,130,000 |
| New York And New Jersey - 4.4% | | | |
| Port Auth. of New York & New Jersey Participating VRDN: | | | |
| Series 15 ZF0203, 0.48% 6/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) | | 1,675,000 | 1,675,000 |
| Series 16 XF0398, 0.48% 6/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) | | 22,610,000 | 22,610,000 |
| Series 16 XF0401, 0.48% 6/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) | | 13,510,000 | 13,510,000 |
| Series 16 XF0407, 0.48% 6/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) | | 6,170,000 | 6,170,000 |
| Series 16 XF2211, 0.44% 6/7/16 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d) | | 7,610,000 | 7,610,000 |
| Series 16 XM0211, 0.48% 6/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) | | 3,330,000 | 3,330,000 |
| Series 16 ZF0367, 0.48% 6/7/16 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) | | 7,155,000 | 7,155,000 |
| Series 16 ZM0160, 0.42% 6/7/16 (Liquidity Facility Royal Bank of Canada) (a)(b)(d) | | 3,470,000 | 3,470,000 |
| Series EGL 06 107 Class A, 0.45% 6/7/16 (Liquidity Facility Citibank NA) (a)(b)(d) | | 8,965,000 | 8,965,000 |
| Series MS 3321, 0.44% 6/7/16 (Liquidity Facility Cr. Suisse AG) (a)(b)(d) | | 5,005,000 | 5,005,000 |
| Series ROC 14086, 0.44% 6/7/16 (Liquidity Facility Citibank NA) (a)(b)(d) | | 2,160,000 | 2,160,000 |
| Series ROC II R 14077, 0.42% 6/7/16 (Liquidity Facility Citibank NA) (b)(d) | | 5,165,000 | 5,165,000 |
| Series TD 0013, 0.45% 6/7/16 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d) | | 2,375,000 | 2,375,000 |
| | | | 89,200,000 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $171,130,000) | | | 171,130,000 |
|
| Other Municipal Security - 30.8% | | | |
| Georgia - 0.4% | | | |
| Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, 0.46%, tender 6/1/16 (Liquidity Facility Royal Bank of Canada) (b) | | 8,740,000 | 8,740,000 |
| Kentucky - 0.0% | | | |
| Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 0.8% tender 6/10/16, CP mode | | 800,000 | 800,000 |
| Massachusetts - 0.2% | | | |
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | | | |
| Series 1992: | | | |
| 0.85% tender 7/6/16, CP mode | | 300,000 | 300,000 |
| 0.86% tender 7/8/16, CP mode | | 700,000 | 700,000 |
| Series 1993 A, 0.86% tender 7/7/16, CP mode | | 2,300,000 | 2,300,000 |
| | | | 3,300,000 |
| New Hampshire - 0.4% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | | | |
| (New England Pwr. Co. Proj.) Series 1990 A1, 0.9% tender 6/14/16, CP mode(a) | | 2,200,000 | 2,200,000 |
| (New England Pwr. Co. Proj.): | | | |
| Series 1990 A, 0.9% tender 7/8/16, CP mode (a) | | 500,000 | 500,000 |
| Series 1990 A1, 0.9% tender 6/29/16, CP mode (a) | | 700,000 | 700,000 |
| Series 1990 B: | | | |
| 0.85% tender 6/3/16, CP mode | | 1,400,000 | 1,400,000 |
| 0.85% tender 6/14/16, CP mode | | 1,300,000 | 1,300,000 |
| Series 1990 A, 0.9% tender 7/6/16, CP mode (a) | | 2,600,000 | 2,600,000 |
| | | | 8,700,000 |
| New Jersey - 24.3% | | | |
| Avalon Borough Gen. Oblig. BAN 2% 2/22/17 | | 17,100,000 | 17,275,339 |
| Bergen County Gen. Oblig. BAN 2% 12/15/16 | | 23,000,000 | 23,182,233 |
| Borough of Woodland Park BAN 1.5% 6/3/16 | | 6,789,027 | 6,789,403 |
| Chester Township Gen. Oblig. BAN 2% 2/17/17 | | 3,978,500 | 4,017,105 |
| Denville Township BAN 2% 10/12/16 | | 7,200,000 | 7,240,875 |
| East Hanover Township BAN: | | | |
| 2% 8/19/16 | | 7,503,950 | 7,527,630 |
| 2% 8/19/16 | | 2,101,500 | 2,107,192 |
| Edgewater Gen. Oblig. BAN Series 2015, 2% 7/22/16 | | 13,438,000 | 13,468,399 |
| Englewood Gen. Oblig. BAN 2.25% 4/6/17 | | 22,300,000 | 22,565,784 |
| Essex County Gen. Oblig.: | | | |
| BAN 1.5% 9/16/16 | | 22,100,000 | 22,168,523 |
| Bonds: | | | |
| 2% 9/1/16 | | 1,610,000 | 1,616,653 |
| 2% 9/1/16 | | 1,400,000 | 1,405,785 |
| Evesham Township BAN Series 2016 A, 2% 5/16/17 | | 7,071,418 | 7,149,863 |
| Harrison Township BAN Series 2016 A, 2.25% 6/1/17 (e) | | 5,223,490 | 5,291,604 |
| Hopewell Township Gen. Oblig. BAN 2.25% 4/7/17 | | 3,013,145 | 3,046,081 |
| Hudson County Gen. Oblig. BAN Series 2015, 2% 12/16/16 | | 23,000,000 | 23,170,525 |
| Jefferson Township Gen. Oblig. BAN 2% 6/24/16 | | 6,485,997 | 6,492,368 |
| Lakewood Township Gen. Oblig. BAN Series 2016 A, 2% 3/17/17 | | 5,580,000 | 5,633,473 |
| Mercer County Gen. Oblig. BAN 2% 9/1/16 | | 23,300,000 | 23,390,683 |
| Middlesex County Gen. Oblig. BAN 1.25% 6/3/16 | | 12,300,000 | 12,300,653 |
| Monroe Township Middlesex County Gen. Oblig.: | | | |
| BAN 2% 8/5/16 | | 6,500,000 | 6,518,856 |
| Bonds Series 2015, 3% 8/1/16 | | 1,130,000 | 1,134,842 |
| Montclair Township Gen. Oblig. BAN: | | | |
| 2% 11/4/16 | | 20,109,000 | 20,235,168 |
| 2% 11/4/16 | | 2,855,000 | 2,872,913 |
| Morris Plains BAN 2% 7/1/16 | | 7,400,000 | 7,408,929 |
| New Jersey Econ. Dev. Auth. Rev. Bonds Series 2004, 5.5% 6/15/16 (Escrowed to Maturity) | | 1,700,000 | 1,703,368 |
| New Jersey Edl. Facilities Auth. Rev. Series 1997 A, 0.42% 6/3/16, CP | | 5,900,000 | 5,900,000 |
| New Jersey Envir. Infrastructure Trust Bonds: | | | |
| Series 2012 AR, 3.125% 9/1/16 | | 8,800,000 | 8,858,389 |
| Series 2015 BR2, 3% 9/1/16 (a) | | 750,000 | 754,823 |
| North Brunswick Township Gen. Oblig. BAN Series 2015 A, 2% 7/29/16 | | 23,600,000 | 23,661,090 |
| North Wildwood Gen. Oblig. BAN: | | | |
| 2% 8/25/16 | | 8,400,000 | 8,423,605 |
| 2.25% 5/10/17 | | 4,830,000 | 4,885,692 |
| Old Bridge Township Gen. Oblig. BAN 2.25% 4/13/17 | | 13,210,000 | 13,376,745 |
| Parsippany Troy Hills Township Gen. Oblig. BAN Series 2015, 2% 9/23/16 | | 23,100,000 | 23,220,487 |
| Passaic County Gen. Oblig.: | | | |
| BAN Series 2015 A, 2% 12/13/16 | | 23,100,000 | 23,284,870 |
| Bonds Series 2012, 3% 8/15/16 | | 1,000,000 | 1,005,435 |
| Ridgewood Gen. Oblig. BAN 2% 6/17/16 | | 7,930,350 | 7,935,977 |
| Sea Isle City BAN Series 2016, 2% 7/21/16 | | 4,100,000 | 4,108,584 |
| South Brunswick Township BAN 2% 1/27/17 | | 14,482,000 | 14,605,506 |
| Sparta Township Gen. Oblig. BAN Series 2015 A, 1.5% 10/28/16 | | 4,963,700 | 4,981,774 |
| Springfield Township Gen. Oblig. BAN: | | | |
| 2% 7/22/16 | | 7,087,600 | 7,102,436 |
| 2% 8/5/16 | | 7,800,000 | 7,819,695 |
| Tewksbury Township Gen. Oblig. BAN 2% 6/1/17 (e) | | 3,150,000 | 3,186,446 |
| Township of Bridgewater BAN 2% 8/17/16 | | 17,000,000 | 17,054,440 |
| Township of Lawrence BAN 2% 7/22/16 | | 8,400,000 | 8,418,286 |
| Union County Gen. Oblig. BAN 2% 6/24/16 | | 42,900,000 | 42,944,842 |
| Verona Township Gen. Oblig. BAN 2% 7/22/16 | | 8,671,400 | 8,690,531 |
| | | | 495,933,900 |
| New York And New Jersey - 5.3% | | | |
| Port Auth. of New York & New Jersey: | | | |
| Bonds: | | | |
| Series 172, 3% 10/1/16 (a) | | 2,580,000 | 2,602,266 |
| Series 2016, 2% 10/1/16 (a) | | 2,800,000 | 2,813,689 |
| 5% 9/1/16 (a) | | 4,895,000 | 4,951,271 |
| Series A: | | | |
| 0.08% 6/8/16, CP (a) | | 12,000,000 | 12,000,000 |
| 0.14% 6/16/16, CP (a) | | 14,000,000 | 14,000,000 |
| 0.22% 6/22/16, CP (a) | | 6,005,000 | 6,005,000 |
| 0.32% 6/27/16, CP (a) | | 14,005,000 | 14,005,000 |
| 0.45% 7/7/16, CP (a) | | 5,400,000 | 5,400,000 |
| 0.47% 8/11/16, CP (a) | | 3,110,000 | 3,110,000 |
| 0.48% 8/3/16, CP (a) | | 7,195,000 | 7,195,000 |
| 0.51% 7/25/16, CP (a) | | 7,700,000 | 7,700,000 |
| 0.52% 7/14/16, CP (a) | | 4,900,000 | 4,900,000 |
| Series B: | | | |
| 0.44% 6/29/16, CP | | 4,065,000 | 4,065,000 |
| 0.45% 7/14/16, CP | | 5,000,000 | 5,000,000 |
| 0.45% 7/19/16, CP | | 3,060,000 | 3,060,000 |
| 0.46% 6/13/16, CP | | 7,765,000 | 7,765,000 |
| 0.52% 6/27/16, CP | | 2,700,000 | 2,700,000 |
| | | | 107,272,226 |
| Virginia - 0.1% | | | |
| Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 1992, 0.83% tender 6/14/16, CP mode (a) | | 1,700,000 | 1,700,000 |
| Prince William County Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 1986, 0.78% tender 6/14/16, CP mode | | 400,000 | 400,000 |
| | | | 2,100,000 |
| West Virginia - 0.1% | | | |
| Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. and Pwr. Co. Proj.) Series 1996, 0.9% tender 7/8/16, CP mode (a) | | 1,100,000 | 1,100,000 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $627,946,126) | | | 627,946,126 |
| | | Shares | Value |
|
| Investment Company - 6.4% | | | |
| Fidelity Municipal Cash Central Fund, 0.40% (f)(g) | | | |
| (Cost $130,377,000) | | 130,377,000 | 130,377,000 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $2,038,148,126) | | | 2,038,148,126 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (802,203) |
| NET ASSETS - 100% | | | $2,037,345,923 |
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)
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.
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) 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 $103,495,000 or 5.1% of net assets.
(d) Provides evidence of ownership in one or more underlying municipal bonds.
(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(f) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(g) 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 are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Port Auth. of New York & New Jersey Series 1991 1, 0.48% 6/30/16, VRDN | 6/18/91 | $8,800,000 |
| Port Auth. of New York & New Jersey Series 1991 3, 0.48% 6/30/16, VRDN | 12/3/03 | $9,800,000 |
| Port Auth. of New York & New Jersey Series 1992 1, 0.45% 6/30/16, VRDN | 2/14/92 | $6,800,000 |
| Port Auth. of New York & New Jersey Series 1995 3, 0.48% 6/30/16, VRDN | 9/15/95 | $9,400,000 |
| Port Auth. of New York & New Jersey Series 1995 4, 0.48% 6/30/16, VRDN | 8/9/02 | $10,500,000 |
| Port Auth. of New York & New Jersey Series 1997 1, 0.45% 6/30/16, VRDN | 1/27/16 | $1,500,000 |
| Port Auth. of New York & New Jersey Series 1997 2, 0.45% 6/30/16, VRDN | 10/26/12 - 11/8/13 | $2,000,000 |
| RBC Muni. Products, Inc. Trust Bonds Series RBC E 61, 0.55%, tender 6/28/16 (Liquidity Facility Royal Bank of Canada) | 7/2/15 - 2/24/16 | $54,695,000 |
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 | $140,441 |
| Total | $140,441 |
Investment Valuation
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 Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity® New Jersey Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| | | May 31, 2016 (Unaudited) |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,907,771,126) | $1,907,771,126 | |
| Fidelity Central Funds (cost $130,377,000) | 130,377,000 | |
| Total Investments (cost $2,038,148,126) | | $2,038,148,126 |
| Receivable for fund shares sold | | 12,717,276 |
| Interest receivable | | 5,988,896 |
| Distributions receivable from Fidelity Central Funds | | 40,447 |
| Prepaid expenses | | 814 |
| Receivable from investment adviser for expense reductions | | 1,416 |
| Other receivables | | 2,614 |
| Total assets | | 2,056,899,589 |
| Liabilities | | |
| Payable to custodian bank | $185,495 | |
| Payable for investments purchased | | |
| Regular delivery | 835,000 | |
| Delayed delivery | 8,478,050 | |
| Payable for fund shares redeemed | 9,320,594 | |
| Distributions payable | 706 | |
| Accrued management fee | 620,399 | |
| Other affiliated payables | 91,358 | |
| Other payables and accrued expenses | 22,064 | |
| Total liabilities | | 19,553,666 |
| Net Assets | | $2,037,345,923 |
| Net Assets consist of: | | |
| Paid in capital | | $2,037,227,488 |
| Undistributed net investment income | | 51 |
| Accumulated undistributed net realized gain (loss) on investments | | 118,384 |
| Net Assets, for 2,035,471,640 shares outstanding | | $2,037,345,923 |
| Net Asset Value, offering price and redemption price per share ($2,037,345,923 ÷ 2,035,471,640 shares) | | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended May 31, 2016 (Unaudited) |
| Investment Income | | |
| Interest | | $2,310,047 |
| Income from Fidelity Central Funds | | 140,441 |
| Total income | | 2,450,488 |
| Expenses | | |
| Management fee | $4,109,672 | |
| Transfer agent fees | 1,401,021 | |
| Accounting fees and expenses | 108,366 | |
| Custodian fees and expenses | 7,897 | |
| Independent trustees' fees and expenses | 5,304 | |
| Registration fees | 31,734 | |
| Audit | 20,329 | |
| Legal | 6,265 | |
| Miscellaneous | 17,295 | |
| Total expenses before reductions | 5,707,883 | |
| Expense reductions | (3,371,488) | 2,336,395 |
| Net investment income (loss) | | 114,093 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 23,721 | |
| Capital gain distributions from Fidelity Central Funds | 56,585 | |
| Total net realized gain (loss) | | 80,306 |
| Net increase in net assets resulting from operations | | $194,399 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended May 31, 2016 (Unaudited) | Year ended November 30, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $114,093 | $238,243 |
| Net realized gain (loss) | 80,306 | 36,494 |
| Net increase in net assets resulting from operations | 194,399 | 274,737 |
| Distributions to shareholders from net investment income | (114,042) | (238,191) |
| Share transactions at net asset value of $1.00 per share | | |
| Proceeds from sales of shares | 2,149,533,783 | 5,014,620,752 |
| Reinvestment of distributions | 108,092 | 227,586 |
| Cost of shares redeemed | (2,451,027,076) | (5,034,004,487) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (301,385,201) | (19,156,149) |
| Total increase (decrease) in net assets | (301,304,844) | (19,119,603) |
| Net Assets | | |
| Beginning of period | 2,338,650,767 | 2,357,770,370 |
| End of period (including undistributed net investment income of $51 and undistributed net investment income of $0, respectively) | $2,037,345,923 | $2,338,650,767 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Fidelity New Jersey Municipal Money Market Fund
| | Six months ended (Unaudited) May 31, | Years ended November 30, | | | | |
| | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | – | – | – | – | – | – |
| Net realized and unrealized gain (loss)A | – | – | – | – | – | – |
| Total from investment operationsA | – | – | – | – | – | – |
| Distributions from net investment incomeA | – | – | – | – | – | – |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB,C | .01% | .01% | .01% | .01% | .01% | .01% |
| Ratios to Average Net AssetsD,E | | | | | | |
| Expenses before reductions | .50%F | .51% | .50% | .51% | .51% | .51% |
| Expenses net of fee waivers, if any | .21%F | .08% | .09% | .15% | .22% | .25% |
| Expenses net of all reductions | .21%F | .08% | .09% | .15% | .22% | .25% |
| Net investment income (loss) | .01%F | .01% | .01% | .01% | .01% | .01% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $2,037,346 | $2,338,651 | $2,357,770 | $2,461,337 | $2,254,923 | $2,137,301 |
A Amount represents less than $.0005 per share.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D 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.
E 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.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended May 31, 2016
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 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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Effective January 1, 2016 shares of the Money Market Fund are only available for purchase by retail shareholders. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value 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 third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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.
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and net asset value (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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. During the period, the Money Market Fund incurred a corporate tax liability on undistributed long-term capital gain which is included as Miscellaneous expense on the Statement of Operations. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
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.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and deferred trustees compensation.
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.
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 |
| Fidelity New Jersey Municipal Income Fund | $514,885,476 | $37,130,635 | $(1,788,714) | $35,341,921 |
| Fidelity New Jersey Municipal Money Market Fund | 2,038,148,126 | – | – | – |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days may be subject to a redemption fee equal to .50% of the NAV 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.
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. 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.
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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $21,048,886 and $27,881,128, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized 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% | .11% | .36% |
| Fidelity New Jersey Municipal Money Market Fund | .25% | .11% | .36% |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
| Fidelity New Jersey Municipal Income Fund | .07% |
| Fidelity New Jersey Municipal Money Market Fund | .12% |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The fee is based on the level of average net assets for each month.
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. For the Income Fund, interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Income Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
| Fidelity New Jersey Municipal Income Fund | $494 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
The investment adviser 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 the investment adviser at any time. For the period, the amount of the waiver was $3,358,755.
Through arrangements with each Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce fund expenses.
These expense reductions are noted in the table below.
| | Custody
expense
reduction |
| Fidelity New Jersey Municipal Income Fund | $2,080 |
| Fidelity New Jersey Municipal Money Market Fund | 7,897 |
In addition, during the period the investment advisor reimbursed and/or waived a portion of operating expenses as follows:
| | Amount |
| Fidelity New Jersey Municipal Income Fund | $1,118 |
| Fidelity New Jersey Municipal Money Market Fund | 4,836 |
8. 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.
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 (December 1, 2015 to May 31, 2016).
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.
| | Annualized Expense Ratio-A | Beginning
Account Value
December 1, 2015 | Ending
Account Value
May 31, 2016 | Expenses Paid
During Period-B
December 1, 2015
to May 31, 2016 |
| Fidelity New Jersey Municipal Income Fund | .48% | | | |
| Actual | | $1,000.00 | $1,042.70 | $2.45 |
| Hypothetical-C | | $1,000.00 | $1,022.60 | $2.43 |
| Fidelity New Jersey Municipal Money Market Fund | .21% | | | |
| Actual | | $1,000.00 | $1,000.10 | $1.05 |
| Hypothetical-C | | $1,000.00 | $1,023.95 | $1.06 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
C 5% return per year before expenses
Proxy Voting Results
A special meeting of Fidelity® New Jersey Municipal Money Market Fund's shareholders was held on February 12, 2016. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
| To elect a Board of Trustees. |
| | # of
Votes | % of
Votes |
| Elizabeth S. Acton | | |
| Affirmative | 1,486,522,730.35 | 95.214 |
| Withheld | 74,726,053.46 | 4.786 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| John Engler | | |
| Affirmative | 1,482,823,273.95 | 94.977 |
| Withheld | 78,425,509.86 | 5.023 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Albert R. Gamper, Jr. | | |
| Affirmative | 1,481,651,961.13 | 94.902 |
| Withheld | 79,596,822.68 | 5.098 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Robert F. Gartland | | |
| Affirmative | 1,488,722,172.69 | 95.355 |
| Withheld | 72,526,611.12 | 4.645 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Abigail P. Johnson | | |
| Affirmative | 1,483,995,610.86 | 95.052 |
| Withheld | 77,253,172.95 | 4.948 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Arthur E. Johnson | | |
| Affirmative | 1,482,398,567.75 | 94.950 |
| Withheld | 78,850,216.06 | 5.050 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Michael E. Kenneally | | |
| Affirmative | 1,488,531,341.79 | 95.343 |
| Withheld | 72,717,442.02 | 4.657 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| James H. Keyes | | |
| Affirmative | 1,486,787,591.37 | 95.231 |
| Withheld | 74,461,192.44 | 4.769 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Marie L. Knowles | | |
| Affirmative | 1,488,402,727.87 | 95.335 |
| Withheld | 72,846,055.94 | 4.665 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Geoffrey A. von Kuhn | | |
| Affirmative | 1,485,917,012.24 | 95.175 |
| Withheld | 75,331,771.57 | 4.825 |
| TOTAL | 1,561,248,783.81 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. |
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
NJN-SANN-0716
1.704871.118
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Court Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Court Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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) | Not applicable. |
(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/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
| |
Date: | July 25, 2016 |
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/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
| |
Date: | July 25, 2016 |
| |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
| |
Date: | July 25, 2016 |
