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)
William C. Coffey, 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, 2019 |
Item 1.
Reports to Stockholders
Fidelity® Connecticut Municipal Income Fund
Fidelity® Connecticut Municipal Money Market Fund
Semi-Annual Report May 31, 2019 |
 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
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| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
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| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Fidelity® Connecticut Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of May 31, 2019
| | % of fund's net assets |
| General Obligations | 42.7 |
| Health Care | 18.5 |
| Education | 11.3 |
| Water & Sewer | 10.6 |
| Special Tax | 8.2 |
Quality Diversification (% of fund's net assets)
| As of May 31, 2019 |
| | AAA | 2.2% |
| | AA,A | 77.7% |
| | BBB | 14.7% |
| | Not Rated | 0.7% |
| | Short-Term Investments and Net Other Assets | 4.7% |
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
Schedule of Investments May 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 95.3% | | | |
| | | Principal Amount | Value |
| Connecticut - 95.0% | | | |
| Bridgeport Gen. Oblig.: | | | |
| Series 2012 A: | | $ | $ |
| 5% 2/15/23 | | 3,510,000 | 3,765,528 |
| 5% 2/15/24 | | 645,000 | 691,730 |
| 5% 2/15/32 | | 1,110,000 | 1,183,049 |
| Series 2016 D: | | | |
| 5% 8/15/31 (FSA Insured) | | 1,000,000 | 1,165,270 |
| 5% 8/15/32 (FSA Insured) | | 3,090,000 | 3,590,580 |
| Series 2019 A: | | | |
| 5% 2/1/32 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,200,020 |
| 5% 2/1/37 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,178,750 |
| 5% 2/1/39 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,171,120 |
| 5% 2/1/49 (Build America Mutual Assurance Insured) | | 1,285,000 | 1,486,938 |
| Connecticut Arpt. Auth. Customer Facility Charge Rev. (Ground Trans. Ctr. Proj.) Series 2019 A: | | | |
| 4% 7/1/49 (a) | | 2,000,000 | 2,131,460 |
| 5% 7/1/49 (a) | | 2,925,000 | 3,455,390 |
| Connecticut Gen. Oblig.: | | | |
| Series 2012 G, 5% 10/15/30 | | 4,275,000 | 4,687,666 |
| Series 2013 A: | | | |
| 5% 3/1/27 | | 5,480,000 | 6,116,721 |
| 5% 10/15/27 | | 1,000,000 | 1,133,410 |
| Series 2014 G, 5% 11/15/28 | | 7,000,000 | 8,096,760 |
| Series 2015 B: | | | |
| 5% 6/15/27 | | 4,825,000 | 5,676,371 |
| 5% 6/15/30 | | 1,290,000 | 1,500,102 |
| 5% 6/15/32 | | 5,500,000 | 6,352,720 |
| Series 2015 F, 5% 11/15/31 | | 4,000,000 | 4,667,120 |
| Series 2016 A, 5% 3/15/31 | | 6,950,000 | 8,144,914 |
| Series 2018 A: | | | |
| 5% 4/15/30 | | 2,500,000 | 3,057,525 |
| 5% 4/15/38 | | 1,700,000 | 2,014,568 |
| Series 2018 C, 5% 6/15/31 | | 725,000 | 882,463 |
| Series 2019 A: | | | |
| 4% 4/15/37 | | 1,825,000 | 2,014,618 |
| 5% 4/15/25 | | 1,140,000 | 1,342,897 |
| 5% 4/15/28 | | 7,450,000 | 9,228,911 |
| 5% 4/15/35 | | 2,000,000 | 2,429,120 |
| 5% 4/15/36 | | 2,300,000 | 2,781,827 |
| 5% 4/15/39 | | 2,450,000 | 2,935,688 |
| Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
| (Fairfield Univ.): | | | |
| Series 2017 R: | | | |
| 5% 7/1/31 | | 1,825,000 | 2,182,919 |
| 5% 7/1/32 | | 1,000,000 | 1,190,710 |
| Series 2017, 5% 7/1/30 | | 2,400,000 | 2,896,056 |
| (Sacred Heart Univ., CT. Proj.) Series 2017 I-1: | | | |
| 5% 7/1/30 | | 450,000 | 541,166 |
| 5% 7/1/31 | | 1,300,000 | 1,554,956 |
| 5% 7/1/32 | | 1,050,000 | 1,251,947 |
| 5% 7/1/33 | | 700,000 | 832,314 |
| 5% 7/1/34 | | 750,000 | 888,630 |
| 5% 7/1/42 | | 2,000,000 | 2,326,540 |
| (Stamford Hosp. Proj.) Series I, 5% 7/1/30 | | 15,765,000 | 16,225,964 |
| (Trinity Health Proj.) Series 2010, 4.75% 11/15/29 (Pre-Refunded to 11/15/20 @ 100) | | 50,000 | 52,325 |
| Series 2011 M, 5.375% 7/1/41 | | 5,485,000 | 5,807,573 |
| Series 2013 N: | | | |
| 5% 7/1/24 | | 400,000 | 454,460 |
| 5% 7/1/25 | | 300,000 | 340,209 |
| Series 2014 E: | | | |
| 5% 7/1/28 | | 3,260,000 | 3,783,686 |
| 5% 7/1/29 | | 3,840,000 | 4,434,586 |
| Series 2015 L, 5% 7/1/29 | | 1,500,000 | 1,753,005 |
| Series 2016 CT, 5% 12/1/45 | | 2,850,000 | 3,287,732 |
| Series 2016 K, 4% 7/1/46 | | 7,000,000 | 7,287,980 |
| Series 2016, 5% 12/1/41 | | 5,150,000 | 5,956,027 |
| Series A, 5% 7/1/41 | | 3,000,000 | 3,156,930 |
| Series E: | | | |
| 5% 7/1/28 | | 1,250,000 | 1,427,250 |
| 5% 7/1/42 | | 5,000,000 | 5,553,700 |
| Series F, 5% 7/1/45 | | 4,890,000 | 5,335,772 |
| Series H1, 5% 7/1/41 | | 1,250,000 | 1,315,650 |
| Series J, 5% 11/1/25 | | 1,465,000 | 1,573,776 |
| Series K1: | | | |
| 5% 7/1/24 | | 600,000 | 678,384 |
| 5% 7/1/25 | | 1,240,000 | 1,430,042 |
| Series K3, 5% 7/1/48 | | 3,695,000 | 4,182,777 |
| Series L: | | | |
| 5% 7/1/26 | | 1,000,000 | 1,182,500 |
| 5% 7/1/27 | | 2,000,000 | 2,357,440 |
| Connecticut Higher Ed. Supplemental Ln. Auth. Rev. (Chesla Ln. Prog.): | | | |
| Series 2017 A: | | | |
| 5% 11/15/20 (a) | | 950,000 | 990,945 |
| 5% 11/15/23 (a) | | 1,100,000 | 1,233,078 |
| Series 2017 B: | | | |
| 5% 11/15/22 (a) | | 975,000 | 1,069,253 |
| 5% 11/15/24 (a) | | 1,065,000 | 1,218,190 |
| Connecticut Hsg. Fin. Auth.: | | | |
| Series 2012 F, 2.75% 11/15/35 (a) | | 595,000 | 601,188 |
| Series 2013 B2, 4% 11/15/32 | | 1,875,000 | 1,925,644 |
| Series 2014 C, 4% 11/15/44 | | 625,000 | 649,775 |
| Series 2019 B1, 4% 5/15/49 | | 4,000,000 | 4,373,120 |
| Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Series 2013 A, 5% 1/1/28 | | 1,000,000 | 1,110,790 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
| Series 2012 A: | | | |
| 5% 1/1/26 | | 10,000,000 | 11,146,100 |
| 5% 1/1/28 | | 1,000,000 | 1,111,160 |
| 5% 1/1/31 | | 5,000,000 | 5,508,750 |
| Series 2015 A, 5% 8/1/34 | | 6,000,000 | 6,900,780 |
| Series A, 5% 9/1/33 | | 1,000,000 | 1,137,950 |
| 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 | 10,028 |
| Series 2014 B: | | | |
| 5% 8/15/25 | | 450,000 | 524,003 |
| 5% 8/15/26 | | 700,000 | 811,706 |
| 5% 8/15/27 | | 750,000 | 865,253 |
| 5% 8/15/28 | | 1,000,000 | 1,151,000 |
| Hartford County Metropolitan District (Connecticut Clean Wtr. Proj.): | | | |
| Series 2013 A, 5% 4/1/32 | | 5,550,000 | 6,027,689 |
| Series 2014 A: | | | |
| 5% 11/1/28 | | 1,000,000 | 1,165,290 |
| 5% 11/1/29 | | 1,850,000 | 2,147,147 |
| 5% 11/1/30 | | 2,480,000 | 2,866,384 |
| 5% 11/1/31 | | 2,905,000 | 3,346,676 |
| 5% 11/1/42 | | 2,115,000 | 2,388,216 |
| Hartford County Metropolitan District Gen. Oblig. Series 2018: | | | |
| 5% 7/15/31 | | 1,000,000 | 1,232,470 |
| 5% 7/15/32 | | 1,250,000 | 1,529,438 |
| 5% 7/15/33 | | 1,000,000 | 1,219,740 |
| 5% 7/15/34 | | 1,000,000 | 1,215,010 |
| Hartford Gen. Oblig.: | | | |
| Series 2012 A, 5% 4/1/22 (FSA Insured) | | 1,000,000 | 1,091,530 |
| Series 2014 C: | | | |
| 5% 8/15/23 (Build America Mutual Assurance Insured) | | 3,670,000 | 4,150,366 |
| 5% 8/15/24 (Build America Mutual Assurance Insured) | | 1,835,000 | 2,123,884 |
| Series 2015 A: | | | |
| 5% 7/1/28 (FSA Insured) | | 1,000,000 | 1,174,300 |
| 5% 7/1/29 (FSA Insured) | | 1,000,000 | 1,169,300 |
| Hbr. Point Infra Impt. District Series 2017, 5% 4/1/39 (b) | | 2,000,000 | 2,224,980 |
| Naugatuck Ctfs. of Prtn. (Naugatuck Incineration Facilities Proj.) Series 2014 A, 5% 6/15/22 (a) | | 1,000,000 | 1,088,660 |
| Naugatuck Gen. Oblig. 5.875% 2/15/21 (AMBAC Insured) | | 440,000 | 461,129 |
| New Britain Gen. Oblig.: | | | |
| Series 2015 A: | | | |
| 5% 3/1/26 (Pre-Refunded to 3/1/25 @ 100) | | 1,530,000 | 1,817,946 |
| 5% 3/1/27 (Build America Mutual Assurance Insured) | | 1,605,000 | 1,855,862�� |
| 5% 3/1/29 (Build America Mutual Assurance Insured) | | 1,770,000 | 2,025,942 |
| 5% 3/1/30 (Build America Mutual Assurance Insured) | | 1,860,000 | 2,121,758 |
| 5% 3/1/31 (Build America Mutual Assurance Insured) | | 1,955,000 | 2,224,047 |
| Series 2017 C: | | | |
| 5% 3/1/32 (FSA Insured) | | 1,635,000 | 1,935,709 |
| 5% 3/1/33 (FSA Insured) | | 1,900,000 | 2,240,385 |
| New Haven Gen. Oblig.: | | | |
| Series 2012 A, 4% 11/1/22 (Escrowed to Maturity) | | 2,185,000 | 2,368,846 |
| Series 2015 B: | | | |
| 5% 8/15/26 (Build America Mutual Assurance Insured) | | 615,000 | 714,642 |
| 5% 8/15/26 (Pre-Refunded to 8/15/25 @ 100) | | 635,000 | 762,298 |
| 5% 8/15/27 (Build America Mutual Assurance Insured) | | 765,000 | 886,597 |
| Series 2016 A: | | | |
| 5% 8/15/27 (Pre-Refunded to 8/15/26 @ 100) | | 35,000 | 42,872 |
| 5% 8/15/28 (FSA Insured) | | 1,500,000 | 1,768,950 |
| 5% 8/15/30 (FSA Insured) | | 1,000,000 | 1,167,070 |
| 5% 8/15/34 (FSA Insured) | | 1,000,000 | 1,151,800 |
| 5% 8/15/35 (FSA Insured) | | 1,000,000 | 1,150,720 |
| 5% 9/1/29 (FSA Insured) | | 2,655,000 | 3,053,011 |
| 5% 9/1/31 (FSA Insured) | | 1,430,000 | 1,629,142 |
| South Central Reg'l. Wtr. Auth. Wtr. Sys. Rev.: | | | |
| Eighth Series A, 5% 8/1/33 | | 1,110,000 | 1,215,184 |
| Series 2013 A, 5% 8/1/43 | | 2,000,000 | 2,183,820 |
| Series 30 B: | | | |
| 5% 8/1/30 | | 1,150,000 | 1,321,316 |
| 5% 8/1/31 | | 2,630,000 | 3,016,742 |
| Series 32 B: | | | |
| 5% 8/1/32 | | 1,000,000 | 1,188,690 |
| 5% 8/1/33 | | 1,150,000 | 1,363,486 |
| 5% 8/1/37 | | 3,000,000 | 3,514,560 |
| 5% 8/1/38 | | 1,000,000 | 1,169,040 |
| Stratford Gen. Oblig.: | | | |
| Series 2017, 5% 7/1/30 (FSA Insured) | | 1,000,000 | 1,171,860 |
| Series 2019, 5% 1/1/27 | | 1,990,000 | 2,417,372 |
| Univ. of Connecticut Gen. Oblig.: | | | |
| Series 2011 A, 5% 2/15/27 | | 3,000,000 | 3,156,780 |
| Series 2018 A, 5% 4/15/28 | | 4,400,000 | 5,466,780 |
| West Haven Gen. Oblig.: | | | |
| Series 2017 A: | | | |
| 5% 11/1/22 | | 800,000 | 853,104 |
| 5% 11/1/25 | | 635,000 | 706,704 |
| 5% 11/1/26 | | 635,000 | 715,213 |
| Series 2017 B, 5% 11/1/32 | | 400,000 | 444,840 |
|
| TOTAL CONNECTICUT | | | 323,110,252 |
|
| Guam - 0.3% | | | |
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (a) | | 800,000 | 927,944 |
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $311,659,709) | | | 324,038,196 |
|
| Municipal Notes - 3.6% | | | |
| Connecticut - 3.6% | | | |
| Connecticut Health & Edl. Facilities Auth. Rev. (Yale Univ. Proj.): | | | |
| Series V1, 1.95% 6/3/19, VRDN (c) | | 1,500,000 | $1,500,000 |
| Series V2, 2.05% 6/3/19, VRDN (c) | | 5,000,000 | 5,000,000 |
| Connecticut Innovations, Inc. Rev. (ISO New England, Inc. Proj.) Series 2012, 1.41% 6/7/19, LOC TD Banknorth, NA, VRDN (c) | | 5,685,000 | 5,685,000 |
| TOTAL MUNICIPAL NOTES | | | |
| (Cost $12,185,000) | | | 12,185,000 |
| TOTAL INVESTMENT IN SECURITIES - 98.9% | | | |
| (Cost $323,844,709) | | | 336,223,196 |
| NET OTHER ASSETS (LIABILITIES) - 1.1% | | | 3,744,051 |
| NET ASSETS - 100% | | | $339,967,247 |
Security Type Abbreviations
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,224,980 or 0.7% of net assets.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
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 | 42.7% |
| Health Care | 18.5% |
| Education | 11.3% |
| Water & Sewer | 10.6% |
| Special Tax | 8.2% |
| Others* (Individually Less Than 5%) | 8.7% |
| | 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, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $323,844,709) | | $336,223,196 |
| Cash | | 180,040 |
| Receivable for fund shares sold | | 28,104 |
| Interest receivable | | 4,162,449 |
| Prepaid expenses | | 84 |
| Other receivables | | 898 |
| Total assets | | 340,594,771 |
| Liabilities | | |
| Payable for fund shares redeemed | $251,227 | |
| Distributions payable | 223,078 | |
| Accrued management fee | 99,389 | |
| Other affiliated payables | 28,717 | |
| Other payables and accrued expenses | 25,113 | |
| Total liabilities | | 627,524 |
| Net Assets | | $339,967,247 |
| Net Assets consist of: | | |
| Paid in capital | | $327,632,621 |
| Total distributable earnings (loss) | | 12,334,626 |
| Net Assets, for 29,175,871 shares outstanding | | $339,967,247 |
| Net Asset Value, offering price and redemption price per share ($339,967,247 ÷ 29,175,871 shares) | | $11.65 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended May 31, 2019 (Unaudited) |
| Investment Income | | |
| Interest | | $4,987,832 |
| Expenses | | |
| Management fee | $577,302 | |
| Transfer agent fees | 124,401 | |
| Accounting fees and expenses | 42,150 | |
| Custodian fees and expenses | 1,131 | |
| Independent trustees' fees and expenses | 697 | |
| Registration fees | 20,343 | |
| Audit | 30,795 | |
| Legal | 319 | |
| Miscellaneous | 1,075 | |
| Total expenses before reductions | 798,213 | |
| Expense reductions | (2,150) | |
| Total expenses after reductions | | 796,063 |
| Net investment income (loss) | | 4,191,769 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | | 50,859 |
| Total net realized gain (loss) | | 50,859 |
| Change in net unrealized appreciation (depreciation) on investment securities | | 15,765,400 |
| Net gain (loss) | | 15,816,259 |
| Net increase (decrease) in net assets resulting from operations | | $20,008,028 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended May 31, 2019 (Unaudited) | Year ended November 30, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,191,769 | $8,879,211 |
| Net realized gain (loss) | 50,859 | (136,864) |
| Change in net unrealized appreciation (depreciation) | 15,765,400 | (5,802,304) |
| Net increase (decrease) in net assets resulting from operations | 20,008,028 | 2,940,043 |
| Distributions to shareholders | (4,191,746) | (10,819,308) |
| Share transactions | | |
| Proceeds from sales of shares | 26,411,193 | 32,414,976 |
| Reinvestment of distributions | 2,912,414 | 7,576,492 |
| Cost of shares redeemed | (31,648,958) | (86,133,013) |
| Net increase (decrease) in net assets resulting from share transactions | (2,325,351) | (46,141,545) |
| Total increase (decrease) in net assets | 13,490,931 | (54,020,810) |
| Net Assets | | |
| Beginning of period | 326,476,316 | 380,497,126 |
| End of period | $339,967,247 | $326,476,316 |
| Other Information | | |
| Shares | | |
| Sold | 2,322,675 | 2,888,625 |
| Issued in reinvestment of distributions | 255,329 | 676,258 |
| Redeemed | (2,805,593) | (7,695,462) |
| Net increase (decrease) | (227,589) | (4,130,579) |
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 endedNovember 30, | | | | |
| | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.10 | $11.35 | $11.30 | $11.75 | $11.78 | $11.39 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .146 | .282 | .289 | .306 | .328 | .343 |
| Net realized and unrealized gain (loss) | .550 | (.191) | .185 | (.372) | .031 | .517 |
| Total from investment operations | .696 | .091 | .474 | (.066) | .359 | .860 |
| Distributions from net investment income | (.146) | (.282) | (.289) | (.306) | (.328) | (.343) |
| Distributions from net realized gain | – | (.059) | (.135) | (.078) | (.061) | (.127) |
| Total distributions | (.146) | (.341) | (.424) | (.384) | (.389) | (.470) |
| Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
| Net asset value, end of period | $11.65 | $11.10 | $11.35 | $11.30 | $11.75 | $11.78 |
| Total ReturnC,D | 6.31% | .82% | 4.26% | (.66)% | 3.10% | 7.73% |
| Ratios to Average Net AssetsE | | | | | | |
| Expenses before reductions | .49%F | .48% | .48% | .48% | .48% | .49% |
| Expenses net of fee waivers, if any | .49%F | .48% | .48% | .48% | .48% | .49% |
| Expenses net of all reductions | .49%F | .48% | .48% | .48% | .48% | .49% |
| Net investment income (loss) | 2.58%F | 2.52% | 2.53% | 2.57% | 2.80% | 2.96% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $339,967 | $326,476 | $380,497 | $424,798 | $443,037 | $438,958 |
| Portfolio turnover rate | 27%F | 12% | 8% | 20% | 13% | 13% |
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 as of May 31, 2019
| Days | % of fund's investments |
| 1 - 7 | 80.7 |
| 8 - 30 | 0.4 |
| 31 - 60 | 9.2 |
| 61 - 90 | 2.6 |
| 91 - 180 | 7.1 |
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, 2019 |
| | Variable Rate Demand Notes (VRDNs) | 54.4% |
| | Tender Option Bond | 25.5% |
| | Other Municipal Security | 16.1% |
| | Investment Companies | 3.9% |
| | Net Other Assets (Liabilities) | 0.1% |
Current 7-Day Yields
| | 5/31/19 |
| Fidelity® Connecticut Municipal Money Market Fund | 1.03% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Fidelity® Connecticut Municipal Money Market Fund
Schedule of Investments May 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Variable Rate Demand Note - 54.4% | | | |
| | | Principal Amount | Value |
| Alabama - 0.4% | | | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.62% 6/7/19, VRDN (a)(b) | | $1,900,000 | $1,900,000 |
| Arkansas - 0.8% | | | |
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 1.63% 6/7/19, VRDN (a)(b) | | 3,500,000 | 3,500,000 |
| Connecticut - 51.1% | | | |
| Connecticut Dev. Auth. Arpt. Facility Rev. (Embraer Aircraft Holding, Inc. Proj.) Series 2010 A, 1.35% 6/7/19, LOC Citibank NA, VRDN (b) | | 11,045,000 | 11,045,000 |
| Connecticut Dev. Auth. Wtr. Facilities Rev. (Connecticut Wtr. Co. Proj.): | | | |
| Series 2004 A, 1.61% 6/7/19, LOC RBS Citizens NA, VRDN (a)(b) | | 5,000,000 | 5,000,000 |
| Series 2004 B, 1.56% 6/7/19, LOC RBS Citizens NA, VRDN (b) | | 4,550,000 | 4,550,000 |
| Connecticut Gen. Oblig. Series 2016 C, 1.48% 6/7/19 (Liquidity Facility Bank of America NA), VRDN (b) | | 32,035,000 | 32,034,999 |
| Connecticut Health & Edl. Facilities Auth. Rev.: | | | |
| (Gaylord Hosp. Proj.) Series B, 1.41% 6/7/19, LOC Bank of America NA, VRDN (b) | | 13,800,000 | 13,800,000 |
| (Hamden Hall Country Day School Proj.) Series A, 1.52% 6/7/19, LOC RBS Citizens NA, VRDN (b) | | 14,725,000 | 14,725,000 |
| (Trinity College Proj.) Series L, 1.44% 6/7/19, LOC JPMorgan Chase Bank, VRDN (b) | | 8,015,000 | 8,015,000 |
| (Wesleyan Univ. Proj.) Series H, 1.35% 6/7/19, VRDN (b) | | 3,155,000 | 3,155,000 |
| Series 1999 B, 1.4% 6/7/19, VRDN (b) | | 17,350,000 | 17,350,000 |
| Series 2007 D, 1.42% 6/7/19, LOC Bank of America NA, VRDN (b) | | 9,005,000 | 9,005,000 |
| Series 2011 A, 1.45% 6/7/19, LOC HSBC Bank U.S.A., NA, VRDN (b) | | 1,755,000 | 1,755,000 |
| Series 2011 B, 1.39% 6/7/19, LOC Bank of America NA, VRDN (b) | | 8,500,000 | 8,500,000 |
| Series 2013 O, 1.41% 6/7/19, LOC Wells Fargo Bank NA, VRDN (b) | | 17,595,000 | 17,595,000 |
| Series 2014 C, 1.41% 6/7/19, LOC JPMorgan Chase Bank, VRDN (b) | | 4,145,000 | 4,145,000 |
| Connecticut Hsg. Fin. Auth.: | | | |
| (CIL Realty, Inc. Proj.): | | | |
| Series 2008, 1.41% 6/7/19, LOC HSBC Bank U.S.A., NA, VRDN (b) | | 7,115,000 | 7,115,000 |
| Series 2010, 1.45% 6/7/19, LOC HSBC Bank U.S.A., NA, VRDN (b) | | 3,400,000 | 3,400,000 |
| (Hsg. Mtg. Fin. Proj.) Series 2012 D3, 1.45% 6/7/19 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | | 5,175,000 | 5,175,000 |
| Series D 3, 1.47% 6/7/19 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) | | 17,015,000 | 17,015,000 |
| Connecticut Innovations, Inc. Rev. (ISO New England, Inc. Proj.) Series 2012, 1.41% 6/7/19, LOC TD Banknorth, NA, VRDN (b) | | 14,900,000 | 14,900,000 |
| FNMA Stamford Hsg. Auth. Multi-family Rev. 1.43% 6/7/19, LOC Fannie Mae, VRDN (a)(b) | | 31,680,000 | 31,680,000 |
| | | | 229,959,999 |
| Indiana - 0.6% | | | |
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.): | | | |
| Series 2003 A, 1.65% 6/7/19, VRDN (a)(b) | | 600,000 | 600,000 |
| Series 2003 B, 1.57% 6/7/19, VRDN (a)(b) | | 1,400,000 | 1,400,000 |
| Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.) Series H, 1.51% 6/7/19, VRDN (b) | | 800,000 | 800,000 |
| | | | 2,800,000 |
| Kansas - 0.4% | | | |
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.) Series 2007 A, 1.75% 6/7/19, VRDN (b) | | 500,000 | 500,000 |
| St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 1.7% 6/7/19, VRDN (b) | | 1,100,000 | 1,100,000 |
| Wamego Kansas Poll. Cont. Rfdg. Rev. (Kansas Gas & Elec. Co. Proj.) Series 1994, 1.7% 6/7/19, VRDN (b) | | 100,000 | 100,000 |
| | | | 1,700,000 |
| Kentucky - 0.1% | | | |
| Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 1.5% 6/7/19, VRDN (a)(b) | | 500,000 | 500,000 |
| Louisiana - 0.2% | | | |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | | | |
| Series 2010 A1, 1.58% 6/7/19, VRDN (b) | | 400,000 | 400,000 |
| Series 2010 B1, 1.6% 6/7/19, VRDN (b) | | 300,000 | 300,000 |
| | | | 700,000 |
| Nebraska - 0.3% | | | |
| Stanton County Indl. Dev. Rev.: | | | |
| (Nucor Corp. Proj.) Series 1996, 1.62% 6/7/19, VRDN (a)(b) | | 1,200,000 | 1,200,000 |
| Series 1998, 1.62% 6/7/19, VRDN (a)(b) | | 100,000 | 100,000 |
| | | | 1,300,000 |
| North Carolina - 0.1% | | | |
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.63% 6/7/19, VRDN (a)(b) | | 300,000 | 300,000 |
| South Carolina - 0.0% | | | |
| Berkeley County Indl. Dev. Rev.: | | | |
| (Nucor Corp. Proj.) Series 1995, 1.62% 6/7/19, VRDN (a)(b) | | 100,000 | 100,000 |
| Series A, 1.55% 6/7/19, VRDN (a)(b) | | 100,000 | 100,000 |
| | | | 200,000 |
| West Virginia - 0.4% | | | |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | | | |
| (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.59% 6/7/19, VRDN (a)(b) | | 200,000 | 200,000 |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.56% 6/7/19, VRDN (a)(b) | | 1,600,000 | 1,600,000 |
| | | | 1,800,000 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $244,659,999) | | | 244,659,999 |
|
| Tender Option Bond - 25.5% | | | |
| California - 0.5% | | | |
| Dignity Health Participating VRDN Series DBE 80 11, 1.62% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(d) | | 2,300,000 | 2,300,000 |
| Connecticut - 24.8% | | | |
| Connecticut Gen. Oblig. Participating VRDN: | | | |
| Series 15 XF0222, 1.52% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(d) | | 8,000,000 | 8,000,000 |
| Series Floaters 014, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d)(e) | | 24,000,000 | 24,000,000 |
| Series Floaters 016, 1.46% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | | 6,600,000 | 6,600,000 |
| Series Floaters G66, 1.45% 6/7/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d) | | 5,400,000 | 5,400,000 |
| Series Floaters XL 00 66, 1.48% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | | 3,685,000 | 3,685,000 |
| Series Floaters XM 07 07, 1.48% 6/7/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d) | | 2,440,000 | 2,440,000 |
| Series Floaters YX 10 95, 1.48% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | | 2,425,000 | 2,425,000 |
| Connecticut Health & Edl. Facilities Auth. Rev. Participating VRDN: | | | |
| Series 16 ZF0378, 1.46% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(d) | | 3,750,000 | 3,750,000 |
| Series Floaters XG 02 04, 1.45% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | | 3,130,000 | 3,130,000 |
| Series Floaters XM 04 49, 1.45% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(d) | | 2,225,000 | 2,225,000 |
| Series RBC 2016 ZM0134, 1.45% 6/7/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d) | | 7,910,000 | 7,910,000 |
| Series ROC II R 11854, 1.45% 6/7/19 (Liquidity Facility Citibank NA) (b)(c)(d) | | 15,210,000 | 15,210,000 |
| Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Participating VRDN Series XG 00 59, 1.52% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(d) | | 6,010,000 | 6,010,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | | | |
| Bonds Series Floaters G 110, 1.6%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | | 4,500,000 | 4,500,000 |
| Participating VRDN Series ROC II R 14073, 1.5% 6/7/19 (Liquidity Facility Citibank NA) (b)(c)(d) | | 16,000,000 | 15,999,986 |
| | | | 111,284,986 |
| Florida - 0.0% | | | |
| Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 17 02, 1.55%, tender 8/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(c)(d) | | 100,000 | 100,000 |
| Ohio - 0.0% | | | |
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.54% 6/7/19 (Liquidity Facility Bank of America NA) (b)(c)(d) | | 100,000 | 100,000 |
| South Carolina - 0.0% | | | |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.62%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | | 100,000 | 100,000 |
| Texas - 0.0% | | | |
| Frisco Independent School District Bonds Series Solar 0002, 1.55%, tender 8/22/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(c)(d) | | 100,000 | 100,000 |
| Utah - 0.2% | | | |
| Salt Lake City Arpt. Rev. Participating VRDN Series DBE 8034, 1.67% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(d) | | 600,000 | 600,000 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $114,584,986) | | | 114,584,986 |
|
| Other Municipal Security - 16.1% | | | |
| Connecticut - 15.1% | | | |
| Bethel Gen. Oblig. BAN Series 2018, 3% 7/25/19 | | 4,700,000 | 4,708,737 |
| City of Ansonia BAN Series 2019, 2.25% 8/29/19 | | 2,000,000 | 2,002,351 |
| Connecticut Gen. Oblig. Bonds: | | | |
| Series 2012 D, 2.34% 9/15/19 (b)(f) | | 4,000,000 | 4,005,994 |
| Series 2013 C, 5% 7/15/19 | | 1,500,000 | 1,504,997 |
| Series 2013 D, 2.3% 8/15/19 (b)(f) | | 1,350,000 | 1,351,161 |
| Series 2014 B, 2.05% 3/1/20 (b)(f) | | 1,400,000 | 1,402,904 |
| Series 2014 H, 5% 11/15/19 | | 2,000,000 | 2,025,553 |
| Series 2016 E, 4% 10/15/19 | | 350,000 | 353,052 |
| Connecticut Health & Edl. Facilities Auth. Rev. Bonds Series K, 4% 11/1/19 | | 1,870,000 | 1,885,942 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series 2018 B, 5% 10/1/19 | | 1,500,000 | 1,514,098 |
| East Haddam Gen. Oblig. BAN Series 2018, 2.5% 6/6/19 | | 5,400,000 | 5,400,416 |
| East Hampton Gen. Oblig. BAN Series 2018, 2.75% 9/12/19 | | 5,500,000 | 5,510,618 |
| East Lyme Gen. Oblig. BAN Series 2019 A, 2.5% 8/15/19 | | 3,000,000 | 3,003,890 |
| Enfield Gen. Oblig. BAN Series 2018, 2.75% 8/7/19 | | 1,355,000 | 1,356,951 |
| Milford Gen. Oblig. BAN Series 2018, 3% 11/4/19 | | 5,300,000 | 5,321,079 |
| North Haven Gen. Oblig. BAN Series 2018, 3% 11/7/19 | | 5,300,000 | 5,320,790 |
| Reg'l. School District # 14 Woodbury & Bethlehem BAN Series 2018, 3% 7/24/19 | | 1,565,000 | 1,567,650 |
| Rocky Hill Gen. Oblig. BAN Series 2018: | | | |
| 3% 7/30/19 | | 6,000,000 | 6,012,044 |
| 4% 7/30/19 | | 3,725,000 | 3,737,415 |
| Windham Gen. Oblig. BAN Series 2019, 3% 8/21/19 | | 4,800,000 | 4,811,129 |
| Wolcott Gen. Oblig. BAN Series 2018, 3.25% 11/7/19 | | 5,300,000 | 5,323,035 |
| | | | 68,119,806 |
| Kentucky - 0.1% | | | |
| Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 2.05% tender 6/6/19, CP mode | | 300,000 | 300,000 |
| New Hampshire - 0.8% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | | | |
| Series 1990 A, 1.8% tender 6/13/19, CP mode (a) | | 1,700,000 | 1,700,000 |
| Series 1990 B, 1.84% tender 8/7/19, CP mode | | 100,000 | 100,000 |
| Series A1: | | | |
| 2.25% tender 6/4/19, CP mode (a) | | 1,400,000 | 1,400,000 |
| 2.3% tender 6/4/19, CP mode (a) | | 200,000 | 200,000 |
| | | | 3,400,000 |
| New Mexico - 0.1% | | | |
| New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2014 B, 1 month U.S. LIBOR + 0.750% 2.415%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (b)(f) | | 600,000 | 600,034 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $72,419,840) | | | 72,419,840 |
| | | Shares | Value |
|
| Investment Company - 3.9% | | | |
| Fidelity Municipal Cash Central Fund, 2.34% (g)(h) | | | |
| (Cost $17,727,569) | | 17,725,963 | 17,727,569 |
| TOTAL INVESTMENT IN SECURITIES - 99.9% | | | |
| (Cost $449,392,394) | | | 449,392,394 |
| NET OTHER ASSETS (LIABILITIES) - 0.1% | | | 530,517 |
| NET ASSETS - 100% | | | $449,922,911 |
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) Provides evidence of ownership in one or more underlying municipal bonds.
(d) Coupon rates are determined by re-marketing agents based on current market conditions.
(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 $28,600,000 or 6.4% of net assets.
(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(h) 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 Gen. Oblig. Participating VRDN Series Floaters 014, 1.57% 7/12/19 (Liquidity Facility Barclays Bank PLC) | 6/29/17 - 3/2/18 | $24,000,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 1.6%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) | 5/16/19 | $4,500,000 |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 1.62%, tender 10/1/19 (Liquidity Facility Royal Bank of Canada) | 5/16/19 | $100,000 |
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 | $170,575 |
| Total | $170,575 |
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
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, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $431,664,825) | $431,664,825 | |
| Fidelity Central Funds (cost $17,727,569) | 17,727,569 | |
| Total Investment in Securities (cost $449,392,394) | | $449,392,394 |
| Cash | | 10,229 |
| Receivable for fund shares sold | | 176,406 |
| Interest receivable | | 1,819,463 |
| Distributions receivable from Fidelity Central Funds | | 30,972 |
| Prepaid expenses | | 144 |
| Other receivables | | 71 |
| Total assets | | 451,429,679 |
| Liabilities | | |
| Payable for investments purchased | $805,507 | |
| Payable for fund shares redeemed | 482,717 | |
| Distributions payable | 18,929 | |
| Accrued management fee | 134,645 | |
| Other affiliated payables | 45,508 | |
| Other payables and accrued expenses | 19,462 | |
| Total liabilities | | 1,506,768 |
| Net Assets | | $449,922,911 |
| Net Assets consist of: | | |
| Paid in capital | | $450,318,184 |
| Total distributable earnings (loss) | | (395,273) |
| Net Assets, for 449,421,675 shares outstanding | | $449,922,911 |
| Net Asset Value, offering price and redemption price per share ($449,922,911 ÷ 449,421,675 shares) | | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended May 31, 2019 (Unaudited) |
| Investment Income | | |
| Interest | | $3,947,104 |
| Income from Fidelity Central Funds | | 170,575 |
| Total income | | 4,117,679 |
| Expenses | | |
| Management fee | $846,606 | |
| Transfer agent fees | 251,121 | |
| Accounting fees and expenses | 37,183 | |
| Custodian fees and expenses | 1,981 | |
| Independent trustees' fees and expenses | 1,062 | |
| Registration fees | 21,259 | |
| Audit | 20,344 | |
| Legal | 731 | |
| Miscellaneous | 1,421 | |
| Total expenses before reductions | 1,181,708 | |
| Expense reductions | (39,589) | |
| Total expenses after reductions | | 1,142,119 |
| Net investment income (loss) | | 2,975,560 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 169 | |
| Fidelity Central Funds | 451 | |
| Total net realized gain (loss) | | 620 |
| Net increase in net assets resulting from operations | | $2,976,180 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended May 31, 2019 (Unaudited) | Year ended November 30, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $2,975,560 | $5,665,221 |
| Net realized gain (loss) | 620 | (51,559) |
| Net increase in net assets resulting from operations | 2,976,180 | 5,613,662 |
| Distributions to shareholders | (3,309,445) | (5,705,524) |
| Share transactions | | |
| Proceeds from sales of shares | 58,146,582 | 116,908,101 |
| Reinvestment of distributions | 3,195,953 | 5,530,226 |
| Cost of shares redeemed | (118,776,502) | (310,277,057) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (57,433,967) | (187,838,730) |
| Total increase (decrease) in net assets | (57,767,232) | (187,930,592) |
| Net Assets | | |
| Beginning of period | 507,690,143 | 695,620,735 |
| End of period | $449,922,911 | $507,690,143 |
| Other Information | | |
| Shares | | |
| Sold | 58,146,582 | 116,908,101 |
| Issued in reinvestment of distributions | 3,195,953 | 5,530,226 |
| Redeemed | (118,776,502) | (310,277,057) |
| Net increase (decrease) | (57,433,967) | (187,838,730) |
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 endedNovember 30, | | | | |
| | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
| 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) | .006 | .010 | .004 | .001 | –A | –A |
| Net realized and unrealized gain (loss) | .001 | –A | –A | –A | –A | –A |
| Total from investment operations | .007 | .010 | .004 | .001 | –A | –A |
| Distributions from net investment income | (.006) | (.010) | (.004) | (.001) | –A | –A |
| Distributions from net realized gain | (.001) | –A | – | –A | –A | – |
| Total distributions | (.007) | (.010) | (.004) | (.001) | –A | –A |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB,C | .70% | .98% | .38% | .07% | .02% | .01% |
| Ratios to Average Net AssetsD,E | | | | | | |
| Expenses before reductions | .50%F | .49% | .48% | .48% | .49% | .48% |
| Expenses net of fee waivers, if any | .48%F | .48% | .48% | .32% | .08% | .08% |
| Expenses net of all reductions | .48%F | .48% | .48% | .32% | .08% | .08% |
| Net investment income (loss) | 1.25%F | .96% | .37% | .05% | .01% | .01% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $449,923 | $507,690 | $695,621 | $999,640 | $1,719,175 | $1,751,915 |
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, 2019
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. Shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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 ranged from less than .005% to .01%.
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.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 Fair Value Committee (the Committee) established by the Income Fund's investment adviser. 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 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and capital loss carryforwards.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) |
| Fidelity Connecticut Municipal Income Fund | $323,844,709 | $12,486,619 | $(108,132) | $12,378,487 |
| Fidelity Connecticut Municipal Money Market Fund | 449,392,394 | – | – | – |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| | No expiration | | | |
| | Short-term | Long-term | Total no expiration | Total capital loss carryforward |
| Fidelity Connecticut Municipal Income Fund | $(130,290) | $(6,574) | $(136,864) | $(136,864) |
| Fidelity Connecticut Municipal Money Market Fund | (51,559) | -– | (51,559) | (51,559) |
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 $43,206,090 and $46,118,495, 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. For the period, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity Connecticut Municipal Income Fund | .03 |
| Fidelity Connecticut Municipal Money Market Fund | .02 |
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 | $465 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
The investment adviser voluntarily agreed to reimburse 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 the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, 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% | $38,289 |
In addition, through arrangements with each applicable Fund's custodian and transfer agent, 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 | Transfer Agent expense reduction |
| Fidelity Connecticut Municipal Income Fund | $1,060 | $280 |
| Fidelity Connecticut Municipal Money Market Fund | 34 | – |
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 | $810 |
| Fidelity Connecticut Municipal Money Market Fund | 1,266 |
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 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, 2018 to May 31, 2019).
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. 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. 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.
| | Annualized Expense RatioA | Beginning
Account Value
December 1, 2018 | Ending
Account Value
May 31, 2019 | Expenses Paid
During Period-B
December 1, 2018
to May 31, 2019 |
| Fidelity Connecticut Municipal Income Fund | .49% | | | |
| Actual | | $1,000.00 | $1,063.10 | $2.52 |
| Hypothetical-C | | $1,000.00 | $1,022.49 | $2.47 |
| Fidelity Connecticut Municipal Money Market Fund | .48% | | | |
| Actual | | $1,000.00 | $1,007.00 | $2.40 |
| Hypothetical-C | | $1,000.00 | $1,022.54 | $2.42 |
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 182/ 365 (to reflect the one-half year period).
C 5% return per year before expenses
CTF-SANN-0719
1.704902.121
Fidelity® New Jersey Municipal Income Fund
Fidelity® New Jersey Municipal Money Market Fund
Semi-Annual Report May 31, 2019 |
|
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
| Account Type | Website | Phone Number |
| Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
| Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
| Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
| Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Fidelity® New Jersey Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of May 31, 2019
| | % of fund's net assets |
| General Obligations | 31.8 |
| Health Care | 23.8 |
| Transportation | 17.9 |
| Education | 12.4 |
| Escrowed/Pre-Refunded | 4.2 |
Quality Diversification (% of fund's net assets)
| As of May 31, 2019 |
| | AAA | 4.0% |
| | AA,A | 54.3% |
| | BBB | 36.4% |
| | BB and Below | 0.6% |
| | Not Rated | 2.3% |
| | Short-Term Investments and Net Other Assets | 2.4% |
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
Schedule of Investments May 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 97.6% | | | |
| | | Principal Amount | Value |
| Delaware, New Jersey - 0.8% | | | |
| Delaware River & Bay Auth. Rev.: | | | |
| Series 2014 A, 5% 1/1/44 | | $3,000,000 | $3,343,410 |
| Series 2014 B, 5% 1/1/23 | | 700,000 | 784,665 |
|
| TOTAL DELAWARE, NEW JERSEY | | | 4,128,075 |
|
| Guam - 0.5% | | | |
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (a) | | 1,000,000 | 1,159,930 |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/22 (FSA Insured) | | 1,500,000 | 1,654,890 |
|
| TOTAL GUAM | | | 2,814,820 |
|
| New Jersey - 87.0% | | | |
| Bayonne Gen. Oblig. Series 2016: | | | |
| 5% 7/1/35 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,166,290 |
| 5% 7/1/39 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,155,290 |
| Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | | | |
| 5% 2/15/25 | | 1,020,000 | 1,156,160 |
| 5% 2/15/26 | | 1,000,000 | 1,131,050 |
| 5% 2/15/27 | | 1,000,000 | 1,127,900 |
| 5% 2/15/28 | | 1,000,000 | 1,125,090 |
| 5% 2/15/29 | | 1,000,000 | 1,120,300 |
| Camden County Impt. Auth. Rev. (County Cap. Prog.) Series 2016, 5% 1/15/32 | | 3,000,000 | 3,555,360 |
| 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 | 1,465,182 |
| Cumberland County Impt. Auth.: | | | |
| (County Correctional Facility Proj.) Series 2018, 5% 10/1/58 | | 5,000,000 | 5,837,750 |
| (Technical High School Proj.) Series 2014: | | | |
| 5% 9/1/23 (FSA Insured) | | 600,000 | 684,072 |
| 5% 9/1/24 (FSA Insured) | | 1,640,000 | 1,919,948 |
| 5% 9/1/25 (FSA Insured) | | 1,375,000 | 1,600,679 |
| 5% 9/1/39 (FSA Insured) | | 4,000,000 | 4,568,680 |
| Essex County Util. Auth. Solid Waste Rev. Series 2009, 5% 4/1/20 (Assured Guaranty Corp. Insured) | | 1,000,000 | 1,002,179 |
| Garden State Preservation Trust Open Space & Farmland Preservation Series 2012 A, 5% 11/1/22 | | 6,600,000 | 7,283,958 |
| Gloucester County Impt. Auth. Rev. (Rowan Univ. Proj.): | | | |
| Series 2017 A: | | | |
| 5% 11/1/28 (FSA Insured) | | 2,500,000 | 3,031,175 |
| 5% 11/1/29 (FSA Insured) | | 750,000 | 904,553 |
| 5% 11/1/30 (FSA Insured) | | 605,000 | 725,685 |
| Series 2019: | | | |
| 4% 7/1/48 | | 1,000,000 | 1,112,660 |
| 5% 7/1/44 | | 1,000,000 | 1,234,420 |
| Jersey City Gen. Oblig. Series 2017 A: | | | |
| 5% 11/1/24 | | 1,000,000 | 1,166,210 |
| 5% 11/1/28 | | 1,050,000 | 1,295,375 |
| 5% 11/1/29 | | 1,035,000 | 1,270,245 |
| 5% 11/1/30 | | 800,000 | 975,864 |
| 5% 11/1/31 | | 500,000 | 605,305 |
| Monroe Township Board of Ed. Series 2012: | | | |
| 5% 8/1/26 | | 3,220,000 | 3,536,590 |
| 5% 8/1/28 | | 4,000,000 | 4,393,280 |
| New Brunswick Parking Auth. Rev. Series 2012: | | | |
| 5% 9/1/23 | | 1,450,000 | 1,595,174 |
| 5% 9/1/26 | | 600,000 | 659,352 |
| 5% 9/1/27 | | 440,000 | 483,397 |
| New Jersey Econ. Dev. Auth. Lease Rev. (Health Dept. and Taxation Division Office Proj.) Series 2018 A, 5% 6/15/31 | | 2,555,000 | 2,959,942 |
| New Jersey Econ. Dev. Auth. Motor Vehicle Rev. Series 2017 B, 3.125% 7/1/29 | | 3,000,000 | 3,023,340 |
| New Jersey Econ. Dev. Auth. Rev.: | | | |
| (Goethals Bridge Replacement Proj.) Series 2013: | | | |
| 5.125% 1/1/34 (a) | | 1,500,000 | 1,684,350 |
| 5.375% 1/1/43 (a) | | 2,000,000 | 2,236,980 |
| (Provident Montclair Proj.) Series 2017: | | | |
| 5% 6/1/30 (FSA Insured) | | 1,500,000 | 1,787,355 |
| 5% 6/1/31 (FSA Insured) | | 1,500,000 | 1,777,485 |
| 5% 6/1/37 (FSA Insured) | | 4,000,000 | 4,653,120 |
| New Jersey Gen. Oblig. Series 2013 NN, 5% 3/1/21 | | 3,480,000 | 3,651,599 |
| Series 2005 N1, 5.5% 9/1/24 (AMBAC Insured) | | 5,000,000 | 5,803,800 |
| Series 2012 II, 5% 3/1/26 | | 5,000,000 | 5,373,200 |
| Series 2012, 5% 6/15/20 | | 5,000,000 | 5,159,470 |
| Series 2013 NN: | | | |
| 5% 3/1/26 | | 4,130,000 | 4,515,123 |
| 5% 3/1/27 | | 6,570,000 | 7,171,221 |
| Series 2013: | | | |
| 5% 3/1/23 | | 4,920,000 | 5,411,213 |
| 5% 3/1/25 | | 725,000 | 793,476 |
| Series 2015 WW, 5.25% 6/15/40 | | 2,000,000 | 2,219,340 |
| Series 2015 XX: | | | |
| 4.25% 6/15/26 | | 4,220,000 | 4,583,891 |
| 5.25% 6/15/27 | | 3,000,000 | 3,448,260 |
| Series 2016 BBB, 5.5% 6/15/30 | | 2,165,000 | 2,557,861 |
| New Jersey Econ. Dev. Auth. Spl. Facilities Rev. (Port Newark Container Term. LLC. Proj.) Series 2017: | | | |
| 5% 10/1/27 (a) | | 1,675,000 | 1,953,050 |
| 5% 10/1/47 (a) | | 1,000,000 | 1,104,340 |
| 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 | 5,063,200 |
| New Jersey Edl. Facilities Auth. Rev. (New Jersey Institute of Technology Proj.) Series 2010 H, 5% 7/1/31 | | 2,000,000 | 2,064,320 |
| New Jersey Edl. Facility: | | | |
| (College of New Jersey Proj.) Series 2016 F 5% 7/1/29 | | 670,000 | 798,861 |
| (Stevens Institute of Techonolgy Proj.) Series 2017 A: | | | |
| 5% 7/1/23 | | 485,000 | 545,509 |
| 5% 7/1/24 | | 690,000 | 796,246 |
| 5% 7/1/25 | | 600,000 | 708,744 |
| 5% 7/1/26 | | 945,000 | 1,140,615 |
| 5% 7/1/27 | | 1,055,000 | 1,298,547 |
| 5% 7/1/28 | | 1,465,000 | 1,794,391 |
| 5% 7/1/29 | | 665,000 | 810,628 |
| Series 2015 B, 5% 7/1/31 | | 3,000,000 | 3,467,370 |
| Series 2016 A: | | | |
| 5% 7/1/27 | | 2,875,000 | 3,407,536 |
| 5% 7/1/32 | | 600,000 | 696,330 |
| Series 2016 B, 5% 9/1/20 | | 4,535,000 | 4,708,872 |
| Series 2016 E: | | | |
| 5% 7/1/32 (Build America Mutual Assurance Insured) | | 3,335,000 | 3,924,795 |
| 5% 7/1/33 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,173,940 |
| 5% 7/1/34 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,170,250 |
| Series 2017 A, 5% 7/1/42 | | 3,000,000 | 3,504,000 |
| New Jersey Gen. Oblig. 5% 6/1/25 | | 3,340,000 | 3,929,911 |
| New Jersey Health Care Facilities Fing. Auth. Rev.: | | | |
| (Inspira Health Proj.) Series 2017 A, 5% 7/1/42 | | 5,325,000 | 6,202,773 |
| (St Joseph Hosp. & Med. Ctr., Proj.) Series 2016, 5% 7/1/25 | | 700,000 | 811,587 |
| (Trinitas Hosp. Obligated Grp Proj.) Series 2016 A, 5% 7/1/22 | | 910,000 | 994,657 |
| Series 2010: | | | |
| 5% 1/1/22 (Pre-Refunded to 1/1/20 @ 100) | | 660,000 | 673,477 |
| 5% 1/1/22 (Pre-Refunded to 1/1/20 @ 100) | | 1,065,000 | 1,086,438 |
| Series 2011: | | | |
| 5% 7/1/19 | | 1,500,000 | 1,503,840 |
| 5% 7/1/23 | | 2,500,000 | 2,759,400 |
| 5% 7/1/24 | | 2,000,000 | 2,204,360 |
| 5% 7/1/25 | | 2,265,000 | 2,493,561 |
| Series 2012 A: | | | |
| 5% 7/1/22 | | 1,400,000 | 1,546,160 |
| 5% 7/1/23 | | 1,040,000 | 1,144,614 |
| 5% 7/1/24 | | 2,065,000 | 2,270,116 |
| 5% 7/1/25 | | 1,000,000 | 1,098,060 |
| Series 2012, 5% 7/1/21 (Escrowed to Maturity) | | 2,325,000 | 2,490,610 |
| Series 2013 A: | | | |
| 5% 7/1/28 | | 1,080,000 | 1,217,916 |
| 5% 7/1/32 | | 1,600,000 | 1,787,600 |
| 5.25% 7/1/28 | | 3,250,000 | 3,689,985 |
| Series 2013: | | | |
| 5% 7/1/24 | | 1,250,000 | 1,435,538 |
| 5% 7/1/26 | | 1,335,000 | 1,510,539 |
| 5.25% 7/1/31 (Pre-Refunded to 7/1/23 @ 100) | | 3,290,000 | 3,773,071 |
| 5.25% 7/1/31 (Pre-Refunded to 7/1/23 @ 100) | | 710,000 | 812,737 |
| 5.5% 7/1/43 (Pre-Refunded to 7/1/23 @ 100) | | 2,465,000 | 2,851,192 |
| 5.5% 7/1/43 (Pre-Refunded to 7/1/23 @ 100) | | 535,000 | 617,674 |
| Series 2014 A: | | | |
| 4% 7/1/45 | | 1,300,000 | 1,350,830 |
| 5% 7/1/30 | | 700,000 | 789,929 |
| 5% 7/1/31 | | 455,000 | 510,455 |
| 5% 7/1/32 | | 1,000,000 | 1,119,010 |
| 5% 7/1/44 | | 3,635,000 | 4,130,414 |
| 5% 7/1/45 | | 2,225,000 | 2,436,331 |
| Series 2016 A: | | | |
| 5% 7/1/22 | | 2,000,000 | 2,185,420 |
| 5% 7/1/25 | | 1,220,000 | 1,453,484 |
| 5% 7/1/26 | | 1,565,000 | 1,850,253 |
| 5% 7/1/27 | | 100,000 | 121,818 |
| 5% 7/1/27 | | 1,685,000 | 1,988,637 |
| 5% 7/1/28 | | 2,000,000 | 2,428,680 |
| 5% 7/1/28 | | 2,000,000 | 2,348,720 |
| 5% 7/1/29 | | 3,660,000 | 4,417,437 |
| 5% 7/1/29 | | 1,550,000 | 1,814,725 |
| 5% 7/1/30 | | 1,200,000 | 1,440,516 |
| 5% 7/1/30 | | 2,000,000 | 2,324,760 |
| 5% 7/1/31 | | 5,100,000 | 6,029,985 |
| 5% 7/1/31 | | 10,195,000 | 12,164,572 |
| 5% 7/1/33 | | 1,000,000 | 1,174,650 |
| 5% 7/1/39 | | 14,795,000 | 17,311,327 |
| 5% 7/1/43 | | 2,500,000 | 2,904,400 |
| Series 2016: | | | |
| 5% 7/1/23 | | 1,240,000 | 1,379,215 |
| 5% 7/1/24 | | 1,000,000 | 1,135,780 |
| 5% 7/1/26 | | 800,000 | 941,800 |
| 5% 7/1/29 | | 1,050,000 | 1,277,462 |
| 5% 7/1/30 | | 605,000 | 731,372 |
| 5% 7/1/31 | | 400,000 | 479,840 |
| 5% 7/1/35 | | 950,000 | 1,069,159 |
| 5% 7/1/36 | | 500,000 | 560,275 |
| 5% 7/1/41 | | 3,000,000 | 3,322,500 |
| Series 2017 A: | | | |
| 5% 7/1/25 | | 110,000 | 131,473 |
| 5% 7/1/52 | | 4,265,000 | 4,935,415 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | | | |
| Series 2012 1A, 5% 12/1/21 (a) | | 5,000,000 | 5,374,850 |
| Series 2013: | | | |
| 4% 12/1/20 (a) | | 2,500,000 | 2,578,925 |
| 5% 12/1/21 (a) | | 3,600,000 | 3,869,892 |
| 5% 12/1/22 (a) | | 2,250,000 | 2,478,960 |
| Series 2017 1A: | | | |
| 5% 12/1/25 (a) | | 3,000,000 | 3,519,480 |
| 5% 12/1/27 (a) | | 2,500,000 | 2,961,575 |
| New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D: | | | |
| 4% 4/1/24 (a) | | 2,320,000 | 2,502,630 |
| 4% 10/1/24 (a) | | 2,370,000 | 2,569,151 |
| New Jersey Inst of Technology Series 2012 A: | | | |
| 5% 7/1/32 | | 870,000 | 945,490 |
| 5% 7/1/32 (Pre-Refunded to 7/1/22 @ 100) | | 380,000 | 420,907 |
| 5% 7/1/42 | | 3,470,000 | 3,747,392 |
| New Jersey Tobacco Settlement Fing. Corp.: | | | |
| Series 2018 A: | | | |
| 5% 6/1/21 | | 100,000 | 105,982 |
| 5% 6/1/23 | | 800,000 | 891,088 |
| 5% 6/1/24 | | 1,000,000 | 1,138,270 |
| 5% 6/1/25 | | 3,000,000 | 3,489,240 |
| 5% 6/1/26 | | 3,000,000 | 3,552,270 |
| 5% 6/1/27 | | 1,000,000 | 1,201,670 |
| 5% 6/1/28 | | 2,000,000 | 2,432,740 |
| Series 2018 B, 3.2% 6/1/27 | | 5,000,000 | 5,285,550 |
| New Jersey Tpk. Auth. Tpk. Rev.: | | | |
| Series 2012 B, 5% 1/1/24 | | 2,650,000 | 2,967,576 |
| Series 2013 A, 5% 1/1/38 (Pre-Refunded to 7/1/22 @ 100) | | 5,000,000 | 5,538,250 |
| Series 2014 A, 5% 1/1/32 | | 5,000,000 | 5,755,350 |
| Series 2017 B: | | | |
| 5% 1/1/33 | | 5,000,000 | 6,115,350 |
| 5% 1/1/34 | | 2,500,000 | 3,045,150 |
| Series 2019 A, 5% 1/1/48 | | 2,000,000 | 2,399,720 |
| New Jersey Trans. Trust Fund Auth.: | | | |
| (Trans. Prog.) Series 2019 AA, 5.25% 6/15/43 | | 3,000,000 | 3,485,310 |
| Series 2001 A, 6% 6/15/35 | | 2,825,000 | 3,029,671 |
| Series 2005 B, 5.25% 12/15/22 (AMBAC Insured) | | 1,200,000 | 1,334,004 |
| Series 2006 C: | | | |
| 0% 12/15/26 (AMBAC Insured) | | 10,000,000 | 8,125,400 |
| 0% 12/15/34 | | 4,000,000 | 2,445,760 |
| Series 2008 A, 0% 12/15/36 | | 25,000,000 | 13,464,000 |
| Series 2009 A: | | | |
| 0% 12/15/36 | | 1,915,000 | 1,031,342 |
| 0% 12/15/38 | | 13,900,000 | 6,863,125 |
| Series 2010 A: | | | |
| 0% 12/15/27 | | 3,000,000 | 2,341,830 |
| 0% 12/15/30 | | 14,750,000 | 10,216,440 |
| Series 2010 A3, 0% 12/15/34 | | 10,775,000 | 6,341,411 |
| Series 2011 A, 5.25% 6/15/25 | | 6,000,000 | 6,398,220 |
| Series 2011 B: | | | |
| 5.25% 6/15/25 | | 3,185,000 | 3,396,388 |
| 5.25% 6/15/26 | | 2,000,000 | 2,131,120 |
| Series 2016 A: | | | |
| 5% 6/15/20 | | 2,365,000 | 2,443,148 |
| 5% 6/15/29 | | 750,000 | 871,230 |
| 5% 6/15/30 | | 5,000,000 | 5,777,100 |
| Series 2018 A, 5% 6/15/31 | | 3,000,000 | 3,449,430 |
| New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/21 | | 5,100,000 | 5,456,745 |
| North Hudson Swr. Auth. Wtr. & Swr. Rev. Series 2001 A, 0% 8/1/24 (Escrowed to Maturity) | | 2,000,000 | 1,820,620 |
| Rutgers State Univ. Rev. Series 2010 I, 5% 5/1/29 | | 1,110,000 | 1,142,246 |
| South Jersey Port Corp. Rev. (New Jersey Gen. Oblig. Proj.) Series 2017 B: | | | |
| 5% 1/1/29 (a) | | 730,000 | 857,524 |
| 5% 1/1/31 (a) | | 1,950,000 | 2,261,435 |
| 5% 1/1/33 (a) | | 750,000 | 863,340 |
| 5% 1/1/35 (a) | | 2,000,000 | 2,286,640 |
|
| TOTAL NEW JERSEY | | | 477,719,140 |
|
| New York And New Jersey - 4.8% | | | |
| Port Auth. of New York & New Jersey: | | | |
| Series 163, 5% 7/15/35 | | 3,255,000 | 3,374,035 |
| Series 2016, 5% 11/15/32(a) | | 5,000,000 | 5,966,700 |
| Series 2018, 5% 9/15/34 (a) | | 5,000,000 | 6,023,000 |
| Series 209, 5% 7/15/35 | | 8,970,000 | 11,134,820 |
|
| TOTAL NEW YORK AND NEW JERSEY | | | 26,498,555 |
|
| Pennsylvania, New Jersey - 4.5% | | | |
| Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev.: | | | |
| Series 2012 A: | | | |
| 5% 7/1/24 | | 1,200,000 | 1,323,372 |
| 5% 7/1/25 | | 1,100,000 | 1,211,342 |
| 5% 7/1/26 | | 500,000 | 549,030 |
| Series 2015: | | | |
| 3% 7/1/27 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,060,920 |
| 5% 7/1/26 | | 650,000 | 774,397 |
| 5% 7/1/29 | | 300,000 | 353,796 |
| 5% 7/1/30 | | 350,000 | 410,809 |
| Delaware River Port Auth. Pennsylvania & New Jersey Rev.: | | | |
| (Port District Proj.) Series 2012, 5% 1/1/24 | | 3,000,000 | 3,318,270 |
| Series 2010 D, 5% 1/1/40 (Pre-Refunded to 1/1/20 @ 100) | | 4,000,000 | 4,082,840 |
| Series 2013, 5% 1/1/31 | | 5,000,000 | 5,705,700 |
| Series 2018 A: | | | |
| 5% 1/1/37 | | 1,200,000 | 1,467,348 |
| 5% 1/1/38 | | 1,450,000 | 1,770,218 |
| 5% 1/1/39 | | 1,190,000 | 1,451,241 |
| 5% 1/1/40 | | 1,250,000 | 1,521,788 |
|
| TOTAL PENNSYLVANIA, NEW JERSEY | | | 25,001,071 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $497,175,732) | | | 536,161,661 |
|
| Municipal Notes - 1.0% | | | |
| New Jersey - 1.0% | | | |
| New Jersey Health Care Facilities Fing. Auth. Rev. (Virtua Health Proj.) Series 2009 B, 2.1% 6/3/19, LOC JPMorgan Chase Bank, VRDN (b) | | 3,580,000 | $3,580,000 |
| New Jersey Tpk. Auth. Tpk. Rev. Participating VRDN Series Floaters XL 01 03, 1.54% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah)(b)(c)(d) | | 2,000,000 | 2,000,000 |
| TOTAL MUNICIPAL NOTES | | | |
| (Cost $5,580,000) | | | 5,580,000 |
| TOTAL INVESTMENT IN SECURITIES - 98.6% | | | |
| (Cost $502,755,732) | | | 541,741,661 |
| NET OTHER ASSETS (LIABILITIES) - 1.4% | | | 7,617,701 |
| NET ASSETS - 100% | | | $549,359,362 |
Security Type Abbreviations
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
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) Provides evidence of ownership in one or more underlying municipal bonds.
(d) Coupon rates are determined by re-marketing agents based on current market conditions.
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 | 31.8% |
| Health Care | 23.8% |
| Transportation | 17.9% |
| Education | 12.4% |
| Others* (Individually Less Than 5%) | 14.1% |
| | 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, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $502,755,732) | | $541,741,661 |
| Cash | | 58,846 |
| Receivable for fund shares sold | | 402,438 |
| Interest receivable | | 7,925,031 |
| Prepaid expenses | | 122 |
| Other receivables | | 1,332 |
| Total assets | | 550,129,430 |
| Liabilities | | |
| Payable for fund shares redeemed | $114,858 | |
| Distributions payable | 426,722 | |
| Accrued management fee | 160,467 | |
| Other affiliated payables | 43,972 | |
| Other payables and accrued expenses | 24,049 | |
| Total liabilities | | 770,068 |
| Net Assets | | $549,359,362 |
| Net Assets consist of: | | |
| Paid in capital | | $509,592,079 |
| Total distributable earnings (loss) | | 39,767,283 |
| Net Assets, for 45,049,032 shares outstanding | | $549,359,362 |
| Net Asset Value, offering price and redemption price per share ($549,359,362 ÷ 45,049,032 shares) | | $12.19 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended May 31, 2019 (Unaudited) |
| Investment Income | | |
| Interest | | $8,722,365 |
| Expenses | | |
| Management fee | $921,176 | |
| Transfer agent fees | 191,449 | |
| Accounting fees and expenses | 66,261 | |
| Custodian fees and expenses | 1,900 | |
| Independent trustees' fees and expenses | 1,094 | |
| Registration fees | 25,879 | |
| Audit | 28,883 | |
| Legal | 481 | |
| Miscellaneous | 1,917 | |
| Total expenses before reductions | 1,239,040 | |
| Expense reductions | (2,907) | |
| Total expenses after reductions | | 1,236,133 |
| Net investment income (loss) | | 7,486,232 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | | 865,408 |
| Total net realized gain (loss) | | 865,408 |
| Change in net unrealized appreciation (depreciation) on investment securities | | 27,103,519 |
| Net gain (loss) | | 27,968,927 |
| Net increase (decrease) in net assets resulting from operations | | $35,455,159 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended May 31, 2019 (Unaudited) | Year ended November 30, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $7,486,232 | $15,085,538 |
| Net realized gain (loss) | 865,408 | 184,281 |
| Change in net unrealized appreciation (depreciation) | 27,103,519 | (9,589,588) |
| Net increase (decrease) in net assets resulting from operations | 35,455,159 | 5,680,231 |
| Distributions to shareholders | (7,614,707) | (17,903,013) |
| Share transactions | | |
| Proceeds from sales of shares | 49,978,363 | 74,463,398 |
| Reinvestment of distributions | 5,055,601 | 12,286,939 |
| Cost of shares redeemed | (44,159,691) | (86,285,147) |
| Net increase (decrease) in net assets resulting from share transactions | 10,874,273 | 465,190 |
| Total increase (decrease) in net assets | 38,714,725 | (11,757,592) |
| Net Assets | | |
| Beginning of period | 510,644,637 | 522,402,229 |
| End of period | $549,359,362 | $510,644,637 |
| Other Information | | |
| Shares | | |
| Sold | 4,195,117 | 6,402,875 |
| Issued in reinvestment of distributions | 424,545 | 1,052,925 |
| Redeemed | (3,737,153) | (7,416,049) |
| Net increase (decrease) | 882,509 | 39,751 |
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 endedNovember 30, | | | | |
| | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
| Selected Per–Share Data | | | | | | |
| Net asset value, beginning of period | $11.56 | $11.84 | $11.55 | $11.79 | $12.00 | $11.58 |
| Income from Investment Operations | | | | | | |
| Net investment income (loss)A | .171 | .343 | .350 | .360 | .373 | .387 |
| Net realized and unrealized gain (loss) | .633 | (.216) | .379 | (.219) | (.189) | .489 |
| Total from investment operations | .804 | .127 | .729 | .141 | .184 | .876 |
| Distributions from net investment income | (.171) | (.343) | (.349) | (.364) | (.372) | (.386) |
| Distributions from net realized gain | (.003) | (.064) | (.090) | (.017) | (.022) | (.070) |
| Total distributions | (.174) | (.407) | (.439) | (.381) | (.394) | (.456) |
| Redemption fees added to paid in capitalA | – | – | –B | –B | –B | –B |
| Net asset value, end of period | $12.19 | $11.56 | $11.84 | $11.55 | $11.79 | $12.00 |
| Total ReturnC,D | 7.00% | 1.10% | 6.44% | 1.08% | 1.56% | 7.71% |
| Ratios to Average Net AssetsE | | | | | | |
| Expenses before reductions | .48%F | .47% | .47% | .47% | .48% | .48% |
| Expenses net of fee waivers, if any | .48%F | .47% | .47% | .47% | .48% | .48% |
| Expenses net of all reductions | .48%F | .47% | .47% | .47% | .48% | .48% |
| Net investment income (loss) | 2.89%F | 2.95% | 2.99% | 2.98% | 3.15% | 3.27% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $549,359 | $510,645 | $522,402 | $531,738 | $545,659 | $597,836 |
| Portfolio turnover rate | 10%F | 18% | 17% | 15% | 7% | 12% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Total returns for periods of less than one year are not annualized.
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 as of May 31, 2019
| Days | % of fund's investments 5/31/19 |
| 1 - 7 | 63.8 |
| 8 - 30 | 6.1 |
| 31 - 60 | 7.4 |
| 61 - 90 | 3.0 |
| 91 - 180 | 7.1 |
| > 180 | 12.6 |
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, 2019 |
| | Variable Rate Demand Notes (VRDNs) | 34.5% |
| | Tender Option Bond | 28.2% |
| | Other Municipal Security | 32.5% |
| | Investment Companies | 4.4% |
| | Net Other Assets (Liabilities) | 0.4% |
Current 7-Day Yields
| | 5/31/19 |
| Fidelity® New Jersey Municipal Money Market Fund | 1.05% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. 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, 2019, the most recent period shown in the table, would have been 1.05%.
Fidelity® New Jersey Municipal Money Market Fund
Schedule of Investments May 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Variable Rate Demand Note - 34.5% | | | |
| | | Principal Amount | Value |
| Alabama - 0.4% | | | |
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.62% 6/7/19, VRDN (a)(b) | | $2,600,000 | $2,600,000 |
| Arkansas - 0.3% | | | |
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 1.63% 6/7/19, VRDN (a)(b) | | 1,800,000 | 1,800,000 |
| Delaware - 0.1% | | | |
| Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 B, 1.65% 6/7/19, VRDN (a)(b) | | 500,000 | 500,000 |
| Indiana - 0.2% | | | |
| Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.): | | | |
| Series 2003 A, 1.65% 6/7/19, VRDN (a)(b) | | 1,200,000 | 1,200,000 |
| Series 2003 B, 1.57% 6/7/19, VRDN (a)(b) | | 100,000 | 100,000 |
| | | | 1,300,000 |
| Kansas - 0.4% | | | |
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.) Series 2007 A, 1.75% 6/7/19, VRDN (b) | | 800,000 | 800,000 |
| St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 1.7% 6/7/19, VRDN (b) | | 1,600,000 | 1,600,000 |
| Wamego Kansas Poll. Cont. Rfdg. Rev. (Kansas Gas & Elec. Co. Proj.) Series 1994, 1.7% 6/7/19, VRDN (b) | | 200,000 | 200,000 |
| | | | 2,600,000 |
| Louisiana - 0.2% | | | |
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | | | |
| Series 2010 A1, 1.58% 6/7/19, VRDN (b) | | 800,000 | 800,000 |
| Series 2010 B1, 1.6% 6/7/19, VRDN (b) | | 400,000 | 400,000 |
| | | | 1,200,000 |
| Nebraska - 0.2% | | | |
| Stanton County Indl. Dev. Rev.: | | | |
| (Nucor Corp. Proj.) Series 1996, 1.62% 6/7/19, VRDN (a)(b) | | 1,500,000 | 1,500,000 |
| Series 1998, 1.62% 6/7/19, VRDN (a)(b) | | 100,000 | 100,000 |
| | | | 1,600,000 |
| New Jersey - 27.0% | | | |
| New Jersey Econ. Dev. Auth. Natural Gas Facilities Rev. (South Jersey Gas Co. Proj.) Series 2006-1, 1.3% 6/7/19, LOC JPMorgan Chase Bank, VRDN (a)(b) | | 24,900,000 | 24,900,000 |
| New Jersey Econ. Dev. Auth. Rev.: | | | |
| (Bayshore Health Ctr. Proj.) Series 1998 A, 1.3% 6/7/19, LOC JPMorgan Chase Bank, VRDN (b) | | 7,995,000 | 7,995,000 |
| (Cooper Health Sys. Proj.) Series 2008 A, 1.4% 6/7/19, LOC TD Banknorth, NA, VRDN (b) | | 15,500,000 | 15,500,000 |
| New Jersey Health Care Facilities Fing. Auth. Rev.: | | | |
| (AHS Hosp. Corp. Proj.): | | | |
| Series 2008 B, 1.35% 6/7/19, LOC Bank of America NA, VRDN (b) | | 24,480,000 | 24,480,000 |
| Series 2008 C, 1.35% 6/7/19, LOC JPMorgan Chase Bank, VRDN (b) | | 17,650,000 | 17,650,000 |
| (Meridian Health Sys. Proj.) Series 2003 A, 1.35% 6/7/19, LOC JPMorgan Chase Bank, VRDN (b) | | 25,750,000 | 25,750,000 |
| (Meridian Nursing and Rehab. at Red Bank, Inc. Proj.) Series 2004 A3, 1.41% 6/7/19, LOC Wells Fargo Bank NA, VRDN (b) | | 4,480,000 | 4,480,000 |
| (Virtua Health Proj.) Series 2009 D, 1.37% 6/7/19, LOC TD Banknorth, NA, VRDN (b) | | 14,930,000 | 14,930,000 |
| New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev. Series 2013 5, 1.42% 6/7/19, LOC Citibank NA, VRDN (a)(b) | | 32,220,000 | 32,220,000 |
| FHLMC Essex County Impt. Auth. Multi-family Hsg. Rev. (Fern Sr. Hsg. Proj.) Series 2010, 1.42% 6/7/19, LOC Freddie Mac, VRDN (b) | | 4,000,000 | 4,000,000 |
| | | | 171,905,000 |
| New York And New Jersey - 4.7% | | | |
| Port Auth. of New York & New Jersey: | | | |
| Series 1991 3, 1.5% 7/1/19, VRDN (a)(b)(c) | | 9,800,000 | 9,800,000 |
| Series 1995 3, 1.5% 7/1/19, VRDN (a)(b)(c) | | 9,400,000 | 9,400,000 |
| Series 1995 4, 1.5% 7/1/19, VRDN (a)(b)(c) | | 10,500,000 | 10,500,000 |
| | | | 29,700,000 |
| North Carolina - 0.2% | | | |
| Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.63% 6/7/19, VRDN (a)(b) | | 1,000,000 | 1,000,000 |
| South Carolina - 0.0% | | | |
| Berkeley County Indl. Dev. Rev.: | | | |
| (Nucor Corp. Proj.) Series 1995, 1.62% 6/7/19, VRDN (a)(b) | | 100,000 | 100,000 |
| Series A, 1.55% 6/7/19, VRDN (a)(b) | | 200,000 | 200,000 |
| | | | 300,000 |
| Tennessee - 0.0% | | | |
| Memphis-Shelby County Indl. Dev. Board Facilities Rev. Series 2007, 1.62% 6/7/19, VRDN (a)(b) | | 50,000 | 50,000 |
| West Virginia - 0.6% | | | |
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | | | |
| (Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.59% 6/7/19, VRDN (a)(b) | | 1,500,000 | 1,500,000 |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.56% 6/7/19, VRDN (a)(b) | | 2,600,000 | 2,600,000 |
| | | | 4,100,000 |
| Wyoming - 0.2% | | | |
| Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 1.65% 6/7/19, VRDN (a)(b) | | 1,150,000 | 1,150,000 |
| TOTAL VARIABLE RATE DEMAND NOTE | | | |
| (Cost $219,805,000) | | | 219,805,000 |
|
| Tender Option Bond - 28.2% | | | |
| California - 0.7% | | | |
| California Health Facilities Fing. Auth. Participating VRDN Series Floaters XG 00 49, 1.52% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | | 1,000,000 | 1,000,000 |
| Dignity Health Participating VRDN Series DBE 80 11, 1.62% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | | 3,600,000 | 3,600,000 |
| | | | 4,600,000 |
| Florida - 0.0% | | | |
| Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 17 02, 1.55%, tender 8/1/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(d)(e) | | 95,000 | 95,000 |
| New Jersey - 22.0% | | | |
| Essex County Impt. Auth. Proj. Rev. Participating VRDN Series Clipper 09 49, 1.46% 6/7/19 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(d)(e) | | 13,230,000 | 13,230,000 |
| Hudson County Impt. Auth. Participating VRDN: | | | |
| Series 16 ZF0450, 1.46% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (b)(d)(e) | | 4,275,000 | 4,275,000 |
| Series Floaters XG 02 22, 1.42% 6/7/19 (Liquidity Facility Bank of America NA) (b)(d)(e) | | 1,530,000 | 1,530,000 |
| New Jersey Econ. Dev. Auth. Lease Rev. Participating VRDN Series Floaters XF 25 25, 1.44% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | | 2,800,000 | 2,800,000 |
| New Jersey Econ. Dev. Auth. Rev. Participating VRDN: | | | |
| Series Floaters XF 10 48, 1.44% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | | 12,385,000 | 12,385,000 |
| Series Floaters XF 23 93, 1.44% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | | 6,000,000 | 6,000,000 |
| Series Floaters XG 01 68, 1.44% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | | 8,350,000 | 8,350,000 |
| Series Floaters XL 00 52, 1.44% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | | 3,700,000 | 3,700,000 |
| Series Floaters XX 10 91, 1.44% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | | 4,600,000 | 4,600,000 |
| New Jersey Edl. Facilities Auth. Rev. Participating VRDN: | | | |
| Series 15 XF0099, 1.45% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | | 4,335,000 | 4,335,000 |
| Series 15 XF0149, 1.38% 6/7/19 (Liquidity Facility Bank of America NA) (b)(d)(e) | | 2,670,000 | 2,670,000 |
| New Jersey Envir. Infrastructure Trust Participating VRDN Series 16 XF0395, 1.42% 6/7/19 (Liquidity Facility Bank of America NA) (b)(d)(e) | | 1,570,000 | 1,570,000 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Participating VRDN Series Floaters XG 01 78, 1.46% 6/7/19 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | | 9,400,000 | 9,400,000 |
| New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Participating VRDN: | | | |
| Series Floaters XF 27 97, 1.42% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | | 3,600,000 | 3,600,000 |
| Series Floaters XG 02 28, 1.43% 6/7/19 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | | 2,120,000 | 2,120,000 |
| New Jersey Tpk. Auth. Tpk. Rev. Participating VRDN Series Floaters XG 02 00, 1.44% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | | 3,490,000 | 3,490,000 |
| New Jersey Trans. Trust Fund Auth. Participating VRDN: | | | |
| Series Floaters XF 23 70, 1.44% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | | 9,715,000 | 9,715,000 |
| Series Floaters XG 02 05, 1.44% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | | 3,000,000 | 3,000,000 |
| Series Floaters XG 02 24, 1.42% 6/7/19 (Liquidity Facility Bank of America NA) (b)(d)(e) | | 9,000,000 | 9,000,000 |
| Series Floaters XG 02 29, 1.42% 6/7/19 (Liquidity Facility Bank of America NA) (b)(d)(e) | | 2,300,000 | 2,300,000 |
| Series Floaters XX 10 93, 1.44% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | | 8,100,000 | 8,100,000 |
| Ocean County Gen. Oblig. Participating VRDN Series Floaters XF 27 07, 1.42% 6/7/19 (Liquidity Facility Citibank NA) (b)(d)(e) | | 1,500,000 | 1,500,000 |
| Union County Impt. Auth. Participating VRDN Series XF 10 19, 1.45% 6/7/19 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | | 600,000 | 600,000 |
| Union County Impt. Auth. Rev. Participating VRDN: | | | |
| Series Floaters XG 02 21, 1.42% 6/7/19 (Liquidity Facility Bank of America NA) (b)(d)(e) | | 800,000 | 800,000 |
| Series XG 00 57, 1.52% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | | 5,960,000 | 5,960,000 |
| Union County Util. Auth. Solid Waste Facilities Lease Rev. Participating VRDN Series Floaters ZF 24 78, 1.42% 6/7/19 (Liquidity Facility Citibank NA) (b)(d)(e) | | 1,900,000 | 1,900,000 |
| Union County Utils. Resources Auth. Participating VRDN Series 16 ZM0165, 1.49% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) | | 13,140,000 | 13,140,000 |
| | | | 140,070,000 |
| New York And New Jersey - 5.4% | | | |
| Port Auth. of New York & New Jersey Participating VRDN: | | | |
| Series 15 ZF0203, 1.5% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | | 1,675,000 | 1,675,000 |
| Series 16 XF0407, 1.5% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | | 6,170,000 | 6,170,000 |
| Series 16 XF2211, 1.45% 6/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | | 1,000,000 | 1,000,000 |
| Series 16 ZF0367, 1.5% 6/7/19 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | | 7,155,000 | 7,155,000 |
| Series 16 ZM0160, 1.47% 6/7/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) | | 3,470,000 | 3,470,000 |
| Series DB 8033, 1.57% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | | 1,300,000 | 1,300,000 |
| Series Floaters XF 06 83, 1.49% 6/7/19 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e) | | 600,000 | 600,000 |
| Series Floaters XF 24 88, 1.47% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(d)(e) | | 800,000 | 800,000 |
| Series Floaters XF 26 00, 1.42% 6/7/19 (Liquidity Facility Citibank NA) (b)(d)(e) | | 1,000,000 | 1,000,000 |
| Series Floaters XM 06 16, 1.47% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(d)(e) | | 4,800,000 | 4,800,000 |
| Series Floaters YX 10 34, 1.5% 6/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e) | | 780,000 | 780,000 |
| Series MS 3321, 1.45% 6/7/19 (Liquidity Facility Cr. Suisse AG) (a)(b)(d)(e) | | 3,305,000 | 3,305,000 |
| Series ROC 14086, 1.47% 6/7/19 (Liquidity Facility Citibank NA) (a)(b)(d)(e) | | 2,160,000 | 2,160,000 |
| | | | 34,215,000 |
| Pennsylvania - 0.0% | | | |
| Pennsylvania Tpk. Commission Tpk. Rev. Participating VRDN Series DBE 8032, 1.67% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | | 200,000 | 200,000 |
| Texas - 0.0% | | | |
| Frisco Independent School District Bonds Series Solar 0002, 1.55%, tender 8/22/19 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(d)(e) | | 100,000 | 100,000 |
| Utah - 0.1% | | | |
| Salt Lake City Arpt. Rev. Participating VRDN Series DBE 8034, 1.67% 6/7/19 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(e) | | 800,000 | 800,000 |
| TOTAL TENDER OPTION BOND | | | |
| (Cost $180,080,000) | | | 180,080,000 |
|
| Other Municipal Security - 32.5% | | | |
| Guam - 0.3% | | | |
| Guam Gov't. Ltd. Oblig. Rev. Bonds Series 2009 A, 5.625% 12/1/19 (Pre-Refunded to 12/1/19 @ 100) | | 1,565,000 | 1,595,689 |
| Kentucky - 0.1% | | | |
| Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 2.05% tender 6/6/19, CP mode | | 400,000 | 400,000 |
| Massachusetts - 0.1% | | | |
| Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds Series 1992, 1.7% tender 6/24/19, CP mode | | 300,000 | 300,000 |
| Michigan - 0.0% | | | |
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 1.67%, tender 12/27/19 (b)(f) | | 100,000 | 100,000 |
| New Hampshire - 0.9% | | | |
| New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds: | | | |
| Series 1990 A: | | | |
| 1.72% tender 6/24/19, CP mode (a) | | 500,000 | 500,000 |
| 1.8% tender 6/13/19, CP mode (a) | | 2,600,000 | 2,600,000 |
| Series 1990 A1, 1.92% tender 6/18/19, CP mode (a) | | 600,000 | 600,000 |
| Series 1990 B, 1.84% tender 8/7/19, CP mode | | 100,000 | 100,000 |
| Series A1: | | | |
| 2.25% tender 6/4/19, CP mode (a) | | 2,000,000 | 2,000,000 |
| 2.3% tender 6/4/19, CP mode (a) | | 200,000 | 200,000 |
| | | | 6,000,000 |
| New Jersey - 29.5% | | | |
| Avalon Borough Gen. Oblig. BAN Series 2019, 3% 2/14/20 | | 6,865,000 | 6,913,999 |
| Bayonne Gen. Oblig. Bonds 5.5% 7/1/19 (Pre-Refunded to 7/1/19 @ 100) | | 400,000 | 401,273 |
| Beachwood BAN Series 2019, 3% 3/5/20 | | 5,635,000 | 5,682,895 |
| Bergen County Gen. Oblig. BAN Series 2018 B, 3.25% 12/12/19 | | 3,700,000 | 3,724,877 |
| Berkeley Heights Township BAN Series 2019, 3.5% 7/12/19 | | 3,700,000 | 3,706,030 |
| Bloomfield Township Gen. Oblig. BAN Series 2019, 2.75% 4/7/20 | | 11,730,000 | 11,840,740 |
| Borough of Roseland BAN Series 2019, 3% 5/1/20 | | 3,940,597 | 3,983,827 |
| Burlington County Bridge Commission Lease Rev. BAN (Governmental Leasing Prog.): | | | |
| Series 2018 1, 3.25% 11/26/19 | | 2,700,000 | 2,714,697 |
| Series 2019 B, 2.75% 4/17/20 | | 2,225,000 | 2,245,659 |
| Camden County BAN Series 2018 A, 3% 10/23/19 | | 7,300,000 | 7,326,800 |
| Cape May Gen. Oblig. BAN Series 2018, 3% 7/12/19 | | 9,605,000 | 9,616,641 |
| Closter Gen. Oblig. BAN Series 2019, 2.25% 6/5/20 (g) | | 3,000,000 | 3,017,940 |
| Cranford Township Gen. Oblig. BAN Series 2018, 3% 6/28/19 | | 6,500,000 | 6,505,472 |
| Elizabeth Gen. Oblig. BAN Series 2019, 2.75% 4/3/20 | | 1,800,000 | 1,816,033 |
| Evesham Township BAN Series 2019 A, 2.75% 5/7/20 | | 4,400,000 | 4,440,667 |
| Fairfield Township BAN Series 2018: | | | |
| 3% 6/12/19 | | 5,700,000 | 5,701,922 |
| 3.5% 12/3/19 | | 4,297,631 | 4,323,383 |
| Fairview Gen. Oblig. BAN Series 2018, 3% 8/30/19 | | 2,535,000 | 2,541,313 |
| Haddonfield BAN Series 2018, 2.75% 6/21/19 | | 4,500,000 | 4,501,830 |
| Harrison Township BAN Series 2019 A, 2.75% 5/27/20 | | 1,700,000 | 1,717,469 |
| Hoboken Gen. Oblig. BAN Series 2019 A, 3% 3/5/20 | | 3,215,000 | 3,240,148 |
| Hudson County Gen. Oblig. BAN Series 2018, 4% 12/10/19 | | 6,400,000 | 6,479,925 |
| Jackson Township Gen. Oblig. BAN Series 2019 A, 3.25% 2/13/20 | | 4,000,000 | 4,033,375 |
| Montclair Township Gen. Oblig. BAN Series 2018, 3.5% 11/1/19 | | 3,850,800 | 3,872,285 |
| New Jersey Ctfs. of Prtn. Bonds: | | | |
| Series 2009 A, 5.25% 6/15/19 (Pre-Refunded to 6/15/19 @ 100) | | 985,000 | 986,310 |
| Series A, 5.25% 6/15/19 (Pre-Refunded to 6/15/19 @ 100) | | 950,000 | 951,260 |
| New Jersey Edl. Facilities Auth. Rev. Bonds: | | | |
| Series 2010 B, 4% 7/1/19 (Pre-Refunded to 7/1/19 @ 100) | | 600,000 | 601,219 |
| Series B, 5% 7/1/19 (Pre-Refunded to 7/1/19 @ 100) | | 1,250,000 | 1,253,454 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Bonds: | | | |
| Series 2009 A, 5% | | 600,000 | 600,000 |
| Series 2015 1A, 5% 12/1/19 (a) | | 1,750,000 | 1,772,116 |
| North Brunswick Township Gen. Oblig. BAN Series 2018 A, 3% 7/23/19 | | 1,100,000 | 1,102,391 |
| North Caldwell Gen. Oblig. BAN Series 2018, 3% 10/22/19 | | 5,538,254 | 5,556,726 |
| Oradell BAN Series 2019, 2.75% 4/3/20 | | 1,600,000 | 1,614,253 |
| Point Pleasant Beach Gen. Oblig. BAN: | | | |
| Series 2018, 2.75% 8/2/19 | | 6,011,308 | 6,019,817 |
| Series 2019, 2.75% 4/16/20 | | 3,400,000 | 3,428,020 |
| Somerset County Gen. Oblig. BAN Series 2018, 3% 9/16/19 | | 10,600,000 | 10,632,904 |
| Somerset County Impt. Auth. Rev. BAN (Township of Hillsborough Proj.) Series 2018, 3% 6/6/19 (Somerset County Gen. Oblig. Guaranteed) | | 3,400,000 | 3,400,507 |
| Springfield Township Gen. Oblig. BAN: | | | |
| Series 2018: | | | |
| 3% 8/2/19 | | 6,500,000 | 6,512,245 |
| 3.5% 11/1/19 | | 2,600,000 | 2,613,762 |
| Series 2019, 3% 9/27/19 | | 4,900,000 | 4,913,804 |
| Stafford Township Gen. Oblig. BAN Series A, 2.75% 4/29/20 | | 1,515,000 | 1,527,862 |
| Stone Hbr. BAN Series 2018, 3% 11/1/19 | | 4,497,000 | 4,513,796 |
| Tewksbury Township Gen. Oblig. BAN Series 2019, 2.75% 5/22/20 | | 3,252,000 | 3,285,907 |
| Union County Gen. Oblig. BAN Series 2018, 3% 6/21/19 | | 9,550,000 | 9,557,199 |
| Verona Township Gen. Oblig. BAN Series 2019, 3% 3/6/20 | | 3,400,000 | 3,425,651 |
| Washington Township Gloucester County BAN Series 2018 A, 3% 6/26/19 | | 3,737,455 | 3,740,268 |
| | | | 188,358,671 |
| New Mexico - 0.1% | | | |
| New Mexico Muni. Energy Acquisition Auth. Gas Supply Rev. Bonds Series 2014 B, 1 month U.S. LIBOR + 0.750% 2.415%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (b)(f) | | 900,000 | 900,052 |
| New York And New Jersey - 1.5% | | | |
| Port Auth. of New York & New Jersey: | | | |
| Series A: | | | |
| 1.57% 8/15/19, CP (a) | | 2,700,000 | 2,700,000 |
| 1.65% 8/8/19, CP (a) | | 900,000 | 900,000 |
| 1.7% 6/13/19, CP (a) | | 3,000,000 | 3,000,000 |
| 1.72% 8/1/19, CP (a) | | 1,800,000 | 1,800,000 |
| Series B: | | | |
| 1.75% 7/31/19, CP | | 700,000 | 700,000 |
| 1.95% 7/10/19, CP | | 600,000 | 600,000 |
| | | | 9,700,000 |
| TOTAL OTHER MUNICIPAL SECURITY | | | |
| (Cost $207,354,412) | | | 207,354,412 |
| | | Shares | Value |
|
| Investment Company - 4.4% | | | |
| Fidelity Municipal Cash Central Fund, 2.34% (h)(i) | | | |
| (Cost $27,932,076) | | 27,930,776 | 27,932,076 |
| TOTAL INVESTMENT IN SECURITIES - 99.6% | | | |
| (Cost $635,171,488) | | | 635,171,488 |
| NET OTHER ASSETS (LIABILITIES) - 0.4% | | | 2,412,935 |
| NET ASSETS - 100% | | | $637,584,423 |
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 $29,700,000 or 4.7% of net assets.
(d) Provides evidence of ownership in one or more underlying municipal bonds.
(e) Coupon rates are determined by re-marketing agents based on current market conditions.
(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
(h) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(i) 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 3, 1.5% 7/1/19, VRDN | 12/3/03 | $9,800,000 |
| Port Auth. of New York & New Jersey Series 1995 3, 1.5% 7/1/19, VRDN | 9/15/95 | $9,400,000 |
| Port Auth. of New York & New Jersey Series 1995 4, 1.5% 7/1/19, VRDN | 8/9/02 | $10,500,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Municipal Cash Central Fund | $429,331 |
| Total | $429,331 |
Amounts in the income column in the above table exclude any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
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, 2019 (Unaudited) |
| Assets | | |
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $607,239,412) | $607,239,412 | |
| Fidelity Central Funds (cost $27,932,076) | 27,932,076 | |
| Total Investment in Securities (cost $635,171,488) | | $635,171,488 |
| Cash | | 2,993 |
| Receivable for investments sold | | 1,500,000 |
| Receivable for fund shares sold | | 20,472 |
| Interest receivable | | 4,542,639 |
| Distributions receivable from Fidelity Central Funds | | 43,932 |
| Prepaid expenses | | 197 |
| Other receivables | | 47 |
| Total assets | | 641,281,768 |
| Liabilities | | |
| Payable for investments purchased on a delayed delivery basis | $3,017,940 | |
| Payable for fund shares redeemed | 368,815 | |
| Distributions payable | 23,927 | |
| Accrued management fee | 190,596 | |
| Other affiliated payables | 76,420 | |
| Other payables and accrued expenses | 19,647 | |
| Total liabilities | | 3,697,345 |
| Net Assets | | $637,584,423 |
| Net Assets consist of: | | |
| Paid in capital | | $637,812,136 |
| Total distributable earnings (loss) | | (227,713) |
| Net Assets, for 636,746,201 shares outstanding | | $637,584,423 |
| Net Asset Value, offering price and redemption price per share ($637,584,423 ÷ 636,746,201 shares) | | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Six months ended May 31, 2019 (Unaudited) |
| Investment Income | | |
| Interest | | $5,339,035 |
| Income from Fidelity Central Funds | | 429,331 |
| Total income | | 5,768,366 |
| Expenses | | |
| Management fee | $1,204,189 | |
| Transfer agent fees | 435,178 | |
| Accounting fees and expenses | 45,973 | |
| Custodian fees and expenses | 2,661 | |
| Independent trustees' fees and expenses | 1,498 | |
| Registration fees | 23,168 | |
| Audit | 19,866 | |
| Legal | 1,021 | |
| Miscellaneous | 2,007 | |
| Total expenses before reductions | 1,735,561 | |
| Expense reductions | (1,785) | |
| Total expenses after reductions | | 1,733,776 |
| Net investment income (loss) | | 4,034,590 |
| Realized and Unrealized Gain (Loss) | | |
| Net realized gain (loss) on: | | |
| Investment securities: | | |
| Unaffiliated issuers | 1,505 | |
| Total net realized gain (loss) | | 1,505 |
| Net increase in net assets resulting from operations | | $4,036,095 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Six months ended May 31, 2019 (Unaudited) | Year ended November 30, 2018 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,034,590 | $7,574,633 |
| Net realized gain (loss) | 1,505 | (86,259) |
| Net increase in net assets resulting from operations | 4,036,095 | 7,488,374 |
| Distributions to shareholders | (4,034,623) | (8,324,005) |
| Share transactions | | |
| Proceeds from sales of shares | 53,064,074 | 85,953,456 |
| Reinvestment of distributions | 3,877,712 | 8,029,631 |
| Cost of shares redeemed | (135,421,760) | (360,662,368) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (78,479,974) | (266,679,281) |
| Total increase (decrease) in net assets | (78,478,502) | (267,514,912) |
| Net Assets | | |
| Beginning of period | 716,062,925 | 983,577,837 |
| End of period | $637,584,423 | $716,062,925 |
| Other Information | | |
| Shares | | |
| Sold | 53,064,074 | 85,953,456 |
| Issued in reinvestment of distributions | 3,877,712 | 8,029,631 |
| Redeemed | (135,421,760) | (360,662,368) |
| Net increase (decrease) | (78,479,974) | (266,679,281) |
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 endedNovember 30, | | | | |
| | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
| 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) | .006 | .009 | .004 | .001 | –A | –A |
| Net realized and unrealized gain (loss) | –A | .001 | –A | –A | –A | –A |
| Total from investment operations | .006 | .010 | .004 | .001 | –A | –A |
| Distributions from net investment income | (.006) | (.009) | (.004) | (.001) | –A | –A |
| Distributions from net realized gain | – | (.001) | – | – | – | – |
| Total distributions | (.006) | (.010) | (.004) | (.001) | –A | –A |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB,C | .60% | 1.02% | .37% | .07% | .01% | .01% |
| Ratios to Average Net AssetsD,E | | | | | | |
| Expenses before reductions | .51%F | .51% | .50% | .50% | .51% | .50% |
| Expenses net of fee waivers, if any | .51%F | .51% | .50% | .32% | .08% | .09% |
| Expenses net of all reductions | .51%F | .51% | .50% | .32% | .08% | .09% |
| Net investment income (loss) | 1.19%F | .91% | .36% | .05% | .01% | .01% |
| Supplemental Data | | | | | | |
| Net assets, end of period (000 omitted) | $637,584 | $716,063 | $983,578 | $1,487,175 | $2,338,651 | $2,357,770 |
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, 2019
1. Organization.
Fidelity New Jersey Municipal Income Fund (the Income Fund) is a fund of Fidelity Court Street Trust. Fidelity New Jersey Municipal Money Market Fund (the Money Market Fund) is a fund of Fidelity Court Street Trust II. Each Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Court Street Trust and Fidelity Court Street Trust II (the Trusts) are organized as a Massachusetts business trust and a Delaware statutory trust, respectively. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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 ranged from less than .005% to .01%.
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.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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 Fair Value Committee (the Committee) established by the Income Fund's investment adviser. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustee compensation, capital loss carryforward and losses deferred due to wash sales.
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 Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
| | Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) |
| Fidelity New Jersey Municipal Income Fund | $502,769,361 | $38,972,413 | $(113) | $38,972,300 |
| Fidelity New Jersey Municipal Money Market Fund | 635,171,488 | – | – | – |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
| | No expiration | | |
| | Short-term | Long-term | Total capital loss carryforward |
| Fidelity New Jersey Municipal Money Market Fund | $(250,484) | $ - | $(250,484) |
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. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. 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 $29,448,942 and $26,097,003, 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 | .13% |
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. For the period, the fees were equivalent to the following annualized rates:
| | % of Average Net Assets |
| Fidelity New Jersey Municipal Income Fund | .03 |
| Fidelity New Jersey Municipal Money Market Fund | .01 |
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 | $729 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
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 | $1,637 |
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses as follows:
| | Amount |
| Fidelity New Jersey Municipal Income Fund | $1,270 |
| Fidelity New Jersey Municipal Money Market Fund | 1,785 |
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, 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, 2018 to May 31, 2019).
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. 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. 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.
| | Annualized Expense Ratio-A | Beginning
Account Value
December 1, 2018 | Ending
Account Value
May 31, 2019 | Expenses Paid
During Period-B
December 1, 2018
to May 31, 2019 |
| Fidelity New Jersey Municipal Income Fund | .48% | | | |
| Actual | | $1,000.00 | $1,070.00 | $2.48 |
| Hypothetical-C | | $1,000.00 | $1,022.54 | $2.42 |
| Fidelity New Jersey Municipal Money Market Fund | .51% | | | |
| Actual | | $1,000.00 | $1,006.00 | $2.55 |
| Hypothetical-C | | $1,000.00 | $1,022.39 | $2.57 |
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 182/365 (to reflect the one-half year period).
C 5% return per year before expenses
NJN-SANN-0719
1.704871.121
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Court Street Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Court Street Trust’s (the “Trust”) disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
| | |
(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/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
|
|
Date: | July 24, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| |
By: | /s/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
|
|
Date: | July 24, 2019 |
| |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
|
Date: | July 24, 2019 |
