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 811-06453
Fidelity Court Street Trust II
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, 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: | November 30, 2021 |
Item 1.
Reports to Stockholders
Fidelity® Connecticut Municipal Income Fund
Fidelity® Connecticut Municipal Money Market Fund
November 30, 2021
Contents
Fidelity® Connecticut Municipal Income Fund | |
Fidelity® Connecticut Municipal Money Market Fund | |
Board Approval of Investment Advisory Contracts and Management Fees |
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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® Connecticut Municipal Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended November 30, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® Connecticut Municipal Income Fund | 2.39% | 4.03% | 3.40% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® Connecticut Municipal Income Fund on November 30, 2011.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Municipal Bond Index performed over the same period.
| Period Ending Values | ||
| $13,976 | Fidelity® Connecticut Municipal Income Fund | |
| $14,665 | Bloomberg Municipal Bond Index | |
Fidelity® Connecticut Municipal Income Fund
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a gain for the 12 months ending November 30, 2021, driven by robust investor demand and an improved fiscal outlook for many municipal issuers. The Bloomberg Municipal Bond Index rose 1.97% for the period. Early in 2021, the muni market rallied amid economic optimism due to the rollout of effective COVID-19 vaccination programs. Munis were further bolstered by an easing of credit concerns that had been triggered by the economic shutdowns caused by COVID-19. Also, investor demand for tax-exempt munis increased due to the Biden administration’s plan to push for higher tax rates on upper-income tax brackets to fund health care, education and infrastructure programs. Tax collection took less of a hit than originally feared, and an extremely large aid package from the U.S. Congress for muni issuers helped fill budget gaps. In February, the municipal market declined, reflecting investor concerns that stimulus-induced inflation could diminish real bond returns over time. Munis then gained from March through July, propelled by better-than-expected tax revenue from many state and local governments and reduced inflation expectations, before losing slight ground in August and September amid the start of discussion about tapering monthly open-market bond purchases by the U.S. Federal Reserve, then gained in October and November, partly as some investors sought safer asset classes due to the discovery of the omicron variant of the coronavirus.Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin: For the fiscal year, the fund gained 2.39%, outpacing, net of fees, the 1.45% advance of its state-specific (supplemental) benchmark, the Bloomberg Connecticut 2+ Year Enhanced Municipal Linked 08/01/2018 Index. By comparison, the national muni market gained 1.97%, according to the Bloomberg Municipal Bond Index. Versus the state index, the fund’s overweighting in the health care and higher education sectors, particularly lower-rated bonds within these groups, contributed. Both the sectors and the lower-rated bonds in them outperformed the state index, buoyed partly by credit-spread tightening as investors sought higher-yielding securities amid economic recovery. Overweighting certain lower-quality investment-grade tax-backed general obligation bonds, led by those from the City of Bridgeport, also helped our relative result. The sectors and bonds benefited from investors' appetite for higher yields and credit improvement driven by the improved economy and federal stimulus. Differences in the way fund holdings and index components were priced boosted the fund's relative result. In contrast, the fund's yield-curve positioning detracted from performance versus the state index. The fund's underweighting in Connecticut Special Tax bonds was another noteworthy detractor, given that they outpaced the state index.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® Connecticut Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of November 30, 2021
| % of fund's net assets | |
| General Obligations | 39.4 |
| Health Care | 16.4 |
| Special Tax | 14.3 |
| Education | 13.0 |
| Housing | 6.4 |
Quality Diversification (% of fund's net assets)
| As of November 30, 2021 | ||
| AAA | 6.4% | |
| AA,A | 68.6% | |
| BBB | 17.8% | |
| BB and Below | 1.9% | |
| Not Rated | 3.2% | |
| Short-Term Investments and Net Other Assets | 2.1% | |
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 November 30, 2021
Showing Percentage of Net Assets
| Municipal Bonds - 97.9% | |||
| Principal Amount | Value | ||
| Connecticut - 97.8% | |||
| Bridgeport Gen. Oblig.: | |||
| Series 2012 A, 5% 2/15/24 | $645,000 | $651,218 | |
| Series 2016 D: | |||
| 5% 8/15/31 (FSA Insured) | 1,000,000 | 1,187,145 | |
| 5% 8/15/32 (FSA Insured) | 3,090,000 | 3,666,712 | |
| Series 2019 A: | |||
| 5% 2/1/32 (Build America Mutual Assurance Insured) | 1,000,000 | 1,248,346 | |
| 5% 2/1/37 (Build America Mutual Assurance Insured) | 1,000,000 | 1,237,439 | |
| 5% 2/1/39 (Build America Mutual Assurance Insured) | 1,000,000 | 1,233,517 | |
| 5% 2/1/49 (Build America Mutual Assurance Insured) | 1,285,000 | 1,566,283 | |
| Series 2021 A: | |||
| 4% 8/1/38 | 800,000 | 948,682 | |
| 4% 8/1/41 | 1,050,000 | 1,235,933 | |
| 4% 8/1/46 | 375,000 | 435,716 | |
| 4% 8/1/51 | 575,000 | 664,488 | |
| 5% 8/1/35 | 450,000 | 582,913 | |
| Connecticut Arpt. Auth. Customer Facility Charge Rev. (Ground Trans. Ctr. Proj.) Series 2019 A: | |||
| 4% 7/1/49 (a) | 2,000,000 | 2,237,201 | |
| 5% 7/1/49 (a) | 2,925,000 | 3,521,808 | |
| Connecticut Gen. Oblig.: | |||
| Series 2013 A: | |||
| 5% 3/1/27 | 5,480,000 | 5,792,619 | |
| 5% 10/15/27 | 1,000,000 | 1,084,230 | |
| Series 2014 G, 5% 11/15/28 | 7,000,000 | 7,916,948 | |
| Series 2015 B: | |||
| 5% 6/15/27 | 4,825,000 | 5,569,172 | |
| 5% 6/15/30 | 1,290,000 | 1,483,476 | |
| 5% 6/15/32 | 5,500,000 | 6,324,344 | |
| Series 2015 F, 5% 11/15/31 | 4,000,000 | 4,660,090 | |
| Series 2016 A, 5% 3/15/31 | 6,950,000 | 8,198,218 | |
| Series 2018 A: | |||
| 5% 4/15/30 | 2,500,000 | 3,121,505 | |
| 5% 4/15/38 | 1,700,000 | 2,101,210 | |
| Series 2018 C, 5% 6/15/31 | 725,000 | 906,146 | |
| Series 2019 A: | |||
| 4% 4/15/37 | 1,825,000 | 2,155,757 | |
| 5% 4/15/25 | 1,140,000 | 1,311,791 | |
| 5% 4/15/35 | 2,000,000 | 2,519,785 | |
| 5% 4/15/36 | 2,300,000 | 2,892,064 | |
| 5% 4/15/39 | 2,450,000 | 3,064,733 | |
| Series 2020 A, 4% 1/15/38 | 4,000,000 | 4,745,948 | |
| Series 2021 B, 5% 6/1/41 | 1,000,000 | 1,303,826 | |
| Connecticut Health & Edl. Facilities Auth. Rev.: | |||
| (Fairfield Univ.): | |||
| Series 2017 R: | |||
| 5% 7/1/31 | 1,825,000 | 2,181,008 | |
| 5% 7/1/32 | 1,000,000 | 1,193,051 | |
| Series 2017, 5% 7/1/30 | 2,400,000 | 2,876,256 | |
| (Sacred Heart Univ., CT. Proj.) Series 2017 I-1: | |||
| 5% 7/1/27 | 80,000 | 97,123 | |
| 5% 7/1/28 | 1,150,000 | 1,395,231 | |
| 5% 7/1/29 | 350,000 | 422,375 | |
| 5% 7/1/30 | 1,100,000 | 1,321,567 | |
| 5% 7/1/31 | 1,300,000 | 1,557,461 | |
| 5% 7/1/32 | 1,050,000 | 1,255,820 | |
| 5% 7/1/33 | 700,000 | 836,205 | |
| 5% 7/1/34 | 750,000 | 894,767 | |
| 5% 7/1/42 | 2,000,000 | 2,360,303 | |
| Bonds Series 2010 A4, 2%, tender 2/8/22 (b) | 250,000 | 250,842 | |
| Series 2013 N: | |||
| 5% 7/1/24 | 400,000 | 429,796 | |
| 5% 7/1/25 | 300,000 | 322,248 | |
| Series 2014 E: | |||
| 5% 7/1/28 | 3,260,000 | 3,636,263 | |
| 5% 7/1/29 | 3,840,000 | 4,276,901 | |
| Series 2015 L, 5% 7/1/29 | 1,500,000 | 1,704,138 | |
| Series 2016 K, 4% 7/1/46 | 7,000,000 | 7,694,669 | |
| Series 2018 K3, 5% 7/1/38 | 985,000 | 1,165,879 | |
| Series 2019 A, 5% 7/1/49 (c) | 6,000,000 | 6,298,019 | |
| Series 2020 A, 4% 7/1/40 | 1,250,000 | 1,456,255 | |
| Series 2020 C, 4% 7/1/45 | 1,800,000 | 2,074,778 | |
| Series 2021 G, 4% 3/1/51 | 3,000,000 | 3,506,124 | |
| Series 2022 M: | |||
| 4% 7/1/39 (d) | 2,600,000 | 3,020,695 | |
| 4% 7/1/40 (d) | 3,300,000 | 3,826,435 | |
| 4% 7/1/42 (d) | 1,750,000 | 2,018,030 | |
| Series E: | |||
| 5% 7/1/28 | 1,250,000 | 1,384,727 | |
| 5% 7/1/42 | 5,000,000 | 5,534,835 | |
| Series F, 5% 7/1/45 | 4,890,000 | 5,568,537 | |
| Series G: | |||
| 5% 7/1/29 (c) | 1,055,000 | 1,296,389 | |
| 5% 7/1/30 (c) | 275,000 | 339,250 | |
| 5% 7/1/34 (c) | 695,000 | 849,570 | |
| 5% 7/1/39 (c) | 2,600,000 | 3,151,385 | |
| 5% 7/1/50 (c) | 1,000,000 | 1,192,963 | |
| Series K1: | |||
| 5% 7/1/24 | 600,000 | 660,287 | |
| 5% 7/1/25 | 1,240,000 | 1,406,909 | |
| 5% 7/1/27 | 250,000 | 298,269 | |
| Series K3, 5% 7/1/48 | 3,695,000 | 4,312,504 | |
| Series L: | |||
| 5% 7/1/26 | 1,000,000 | 1,147,189 | |
| 5% 7/1/27 | 2,000,000 | 2,285,088 | |
| Series L1: | |||
| 4% 7/1/22 | 500,000 | 510,566 | |
| 4% 7/1/23 | 550,000 | 580,863 | |
| 4% 7/1/24 | 650,000 | 707,324 | |
| 4% 7/1/25 | 600,000 | 670,307 | |
| 4% 7/1/26 | 700,000 | 799,869 | |
| 4% 7/1/27 | 700,000 | 815,279 | |
| Series N: | |||
| 4% 7/1/39 | 1,850,000 | 2,072,542 | |
| 5% 7/1/22 | 400,000 | 409,821 | |
| 5% 7/1/23 | 415,000 | 442,091 | |
| 5% 7/1/24 | 375,000 | 412,477 | |
| 5% 7/1/25 | 340,000 | 385,381 | |
| 5% 7/1/27 | 430,000 | 510,988 | |
| 5% 7/1/31 | 500,000 | 610,195 | |
| 5% 7/1/32 | 550,000 | 668,869 | |
| 5% 7/1/33 | 720,000 | 873,673 | |
| 5% 7/1/34 | 675,000 | 817,152 | |
| Series O, 5% 7/1/23 | 235,000 | 251,884 | |
| Series R: | |||
| 5% 6/1/37 | 1,000,000 | 1,287,218 | |
| 5% 6/1/38 | 1,045,000 | 1,342,798 | |
| 5% 6/1/39 | 1,595,000 | 2,045,564 | |
| 5% 6/1/40 | 1,125,000 | 1,440,421 | |
| Connecticut Higher Ed. Supplemental Ln. Auth. Rev.: | |||
| (Chesla Ln. Prog.): | |||
| Series 2017 A, 5% 11/15/23 (a) | 1,100,000 | 1,194,713 | |
| Series 2017 B: | |||
| 5% 11/15/22 (a) | 975,000 | 1,017,380 | |
| 5% 11/15/24 (a) | 1,065,000 | 1,196,777 | |
| (Chesla Loan Prog.): | |||
| Series B: | |||
| 5% 11/15/24 (a) | 300,000 | 333,856 | |
| 5% 11/15/25 (a) | 400,000 | 455,535 | |
| 5% 11/15/26 (a) | 600,000 | 696,995 | |
| 5% 11/15/27 (a) | 610,000 | 722,751 | |
| 5% 11/15/28 (a) | 525,000 | 633,432 | |
| 5% 11/15/29 (a) | 550,000 | 673,769 | |
| Series C: | |||
| 5% 11/15/24 | 225,000 | 252,840 | |
| 5% 11/15/25 | 240,000 | 277,329 | |
| 5% 11/15/26 | 200,000 | 236,517 | |
| 5% 11/15/27 | 125,000 | 146,770 | |
| Series D: | |||
| 5% 11/15/22 | 450,000 | 469,781 | |
| 5% 11/15/23 | 450,000 | 488,654 | |
| 5% 11/15/24 | 425,000 | 477,587 | |
| 5% 11/15/25 | 250,000 | 288,885 | |
| 5% 11/15/26 | 180,000 | 212,865 | |
| Connecticut Hsg. Fin. Auth.: | |||
| Series 2013 B2, 4% 11/15/32 | 130,000 | 131,968 | |
| Series 2014 C, 4% 11/15/44 | 225,000 | 233,472 | |
| Series 2016 F, 3.5% 5/15/39 (a) | 1,020,000 | 1,073,610 | |
| Series 2019 B1, 4% 5/15/49 | 3,370,000 | 3,746,217 | |
| Series 2019 F, 3.5% 11/15/43 | 3,560,000 | 3,843,913 | |
| Series 2021 B1, 3% 11/15/49 | 2,970,000 | 3,194,707 | |
| Series A2: | |||
| 5% 11/15/26 (a) | 840,000 | 993,372 | |
| 5% 5/15/27 (a) | 1,890,000 | 2,261,828 | |
| 5% 11/15/27 (a) | 860,000 | 1,040,614 | |
| 5% 5/15/28 (a) | 615,000 | 742,622 | |
| 5% 11/15/28 (a) | 225,000 | 274,261 | |
| Series C: | |||
| 5% 5/15/26 (a) | 1,820,000 | 2,128,846 | |
| 5% 5/15/27 (a) | 800,000 | 957,387 | |
| 5% 11/15/28 (a) | 580,000 | 702,743 | |
| 5% 5/15/29 (a) | 1,115,000 | 1,362,086 | |
| Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Series 2013 A, 5% 1/1/28 | 1,000,000 | 1,048,603 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | |||
| Series 2012 A: | |||
| 5% 1/1/26 | 5,000,000 | 5,255,869 | |
| 5% 1/1/28 | 1,000,000 | 1,050,950 | |
| 5% 1/1/31 | 5,000,000 | 5,244,691 | |
| Series 2015 A, 5% 8/1/34 | 6,000,000 | 6,909,914 | |
| Series 2021 A, 5% 5/1/41 | 4,085,000 | 5,315,955 | |
| Series 2021 C: | |||
| 5% 1/1/28 | 1,600,000 | 1,990,129 | |
| 5% 1/1/29 | 4,000,000 | 5,088,865 | |
| 5% 1/1/30 | 3,500,000 | 4,548,124 | |
| 5% 1/1/31 | 3,410,000 | 4,512,571 | |
| 5% 1/1/32 | 2,500,000 | 3,374,439 | |
| Series A: | |||
| 5% 5/1/28 | 1,000,000 | 1,254,401 | |
| 5% 9/1/33 | 1,000,000 | 1,119,783 | |
| 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 | 10,040 | |
| Series 2014 B: | |||
| 5% 8/15/25 | 450,000 | 503,342 | |
| 5% 8/15/26 | 700,000 | 781,772 | |
| 5% 8/15/27 | 750,000 | 836,755 | |
| 5% 8/15/28 | 385,000 | 429,314 | |
| Hartford County Metropolitan District (Connecticut Clean Wtr. Proj.) Series 2014 A: | |||
| 5% 11/1/28 (Pre-Refunded to 11/1/24 @ 100) | 1,000,000 | 1,132,778 | |
| 5% 11/1/29 (Pre-Refunded to 11/1/24 @ 100) | 1,850,000 | 2,095,639 | |
| 5% 11/1/30 (Pre-Refunded to 11/1/24 @ 100) | 2,480,000 | 2,809,289 | |
| 5% 11/1/31 (Pre-Refunded to 11/1/24 @ 100) | 2,905,000 | 3,290,720 | |
| 5% 11/1/42 (Pre-Refunded to 11/1/24 @ 100) | 2,115,000 | 2,395,825 | |
| Hartford County Metropolitan District Gen. Oblig. Series 2018: | |||
| 5% 7/15/31 | 1,000,000 | 1,244,702 | |
| 5% 7/15/32 | 1,250,000 | 1,552,869 | |
| 5% 7/15/33 | 1,000,000 | 1,240,567 | |
| 5% 7/15/34 | 1,000,000 | 1,238,664 | |
| Hartford Gen. Oblig.: | |||
| Series 2012 A, 5% 4/1/22 (FSA Insured) | 1,000,000 | 1,015,926 | |
| Series 2014 C, 5% 8/15/24 (Build America Mutual Assurance Insured) | 1,835,000 | 2,062,017 | |
| Series 2015 A: | |||
| 5% 7/1/28 (FSA Insured) | 1,000,000 | 1,151,208 | |
| 5% 7/1/29 (FSA Insured) | 1,000,000 | 1,147,106 | |
| Hbr. Point Infrastructure Impt. District Series 2017, 5% 4/1/39 (c) | 2,000,000 | 2,289,113 | |
| Naugatuck Ctfs. of Prtn. (Naugatuck Incineration Facilities Proj.): | |||
| Series 2014 A, 5% 6/15/22 (Escrowed to Maturity) (a) | 1,000,000 | 1,025,236 | |
| Series 2021 A, 4% 8/15/38 (a) | 3,330,000 | 3,786,133 | |
| New Britain Gen. Oblig.: | |||
| Series 2015 A: | |||
| 5% 3/1/27 (Build America Mutual Assurance Insured) | 1,605,000 | 1,819,543 | |
| 5% 3/1/29 (Build America Mutual Assurance Insured) | 1,770,000 | 2,001,723 | |
| 5% 3/1/30 (Build America Mutual Assurance Insured) | 1,860,000 | 2,102,867 | |
| 5% 3/1/31 (Build America Mutual Assurance Insured) | 1,955,000 | 2,209,599 | |
| Series 2017 C: | |||
| 5% 3/1/32 (FSA Insured) | 1,635,000 | 1,953,395 | |
| 5% 3/1/33 (FSA Insured) | 1,900,000 | 2,267,229 | |
| New Haven Gen. Oblig.: | |||
| Series 2015 B: | |||
| 5% 8/15/26 (Build America Mutual Assurance Insured) | 615,000 | 711,804 | |
| 5% 8/15/27 (Build America Mutual Assurance Insured) | 765,000 | 881,770 | |
| Series 2015: | |||
| 5% 9/1/29 (FSA Insured) | 2,655,000 | 3,050,673 | |
| 5% 9/1/31 (FSA Insured) | 1,430,000 | 1,639,125 | |
| Series 2016 A: | |||
| 5% 8/15/27 (Pre-Refunded to 8/15/26 @ 100) | 35,000 | 42,077 | |
| 5% 8/15/28 (FSA Insured) | 1,500,000 | 1,778,436 | |
| 5% 8/15/30 (FSA Insured) | 1,000,000 | 1,179,562 | |
| 5% 8/15/34 (FSA Insured) | 1,000,000 | 1,173,536 | |
| 5% 8/15/35 (FSA Insured) | 1,000,000 | 1,172,535 | |
| South Central Reg'l. Wtr. Auth. Wtr. Sys. Rev. Series 32 B: | |||
| 5% 8/1/32 | 1,000,000 | 1,192,423 | |
| 5% 8/1/33 | 1,150,000 | 1,370,123 | |
| 5% 8/1/37 | 3,000,000 | 3,557,585 | |
| 5% 8/1/38 | 1,000,000 | 1,184,353 | |
| Steelpointe Hbr. Infrastructure Impt. District (Steelpointe Hbr. Proj.) Series 2021: | |||
| 4% 4/1/31 (c) | 390,000 | 428,502 | |
| 4% 4/1/36 (c) | 485,000 | 519,760 | |
| 4% 4/1/41 (c) | 660,000 | 699,808 | |
| 4% 4/1/51 (c) | 1,225,000 | 1,275,178 | |
| Stratford Gen. Oblig.: | |||
| Series 2017, 5% 7/1/30 (FSA Insured) | 1,000,000 | 1,147,892 | |
| Series 2019, 5% 1/1/27 | 1,990,000 | 2,401,120 | |
| Univ. of Connecticut Gen. Oblig.: | |||
| Series 2018 A, 5% 4/15/28 | 4,400,000 | 5,516,234 | |
| Series A, 5% 8/15/27 | 1,335,000 | 1,430,435 | |
| West Haven Gen. Oblig.: | |||
| Series 2017 A: | |||
| 5% 11/1/22 | 800,000 | 833,600 | |
| 5% 11/1/25 | 635,000 | 736,934 | |
| 5% 11/1/26 | 635,000 | 756,235 | |
| Series 2017 B, 5% 11/1/32 | 400,000 | 476,908 | |
| Series 2021, 4% 9/15/41 | 1,125,000 | 1,281,351 | |
| TOTAL CONNECTICUT | 350,734,392 | ||
| Guam - 0.1% | |||
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (a) | 385,000 | 417,028 | |
| TOTAL MUNICIPAL BONDS | |||
| (Cost $332,208,811) | 351,151,420 | ||
| TOTAL INVESTMENT IN SECURITIES - 97.9% | |||
| (Cost $332,208,811) | 351,151,420 | ||
| NET OTHER ASSETS (LIABILITIES) - 2.1% | 7,432,276 | ||
| NET ASSETS - 100% | $358,583,696 |
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) 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 $18,339,937 or 5.1% of net assets.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Municipal Securities | $351,151,420 | $-- | $351,151,420 | $-- |
| Total Investments in Securities: | $351,151,420 | $-- | $351,151,420 | $-- |
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
| General Obligations | 39.4% |
| Health Care | 16.4% |
| Special Tax | 14.3% |
| Education | 13.0% |
| Housing | 6.4% |
| Others* (Individually Less Than 5%) | 10.5% |
| 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
| November 30, 2021 | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $332,208,811) | $351,151,420 | |
| Cash | 12,949,692 | |
| Receivable for fund shares sold | 3,482 | |
| Interest receivable | 3,927,636 | |
| Prepaid expenses | 414 | |
| Other receivables | 1,788 | |
| Total assets | 368,034,432 | |
| Liabilities | ||
| Payable for investments purchased on a delayed delivery basis | $8,843,472 | |
| Payable for fund shares redeemed | 251,536 | |
| Distributions payable | 173,198 | |
| Accrued management fee | 103,332 | |
| Other affiliated payables | 32,817 | |
| Other payables and accrued expenses | 46,381 | |
| Total liabilities | 9,450,736 | |
| Net Assets | $358,583,696 | |
| Net Assets consist of: | ||
| Paid in capital | $338,717,262 | |
| Total accumulated earnings (loss) | 19,866,434 | |
| Net Assets | $358,583,696 | |
| Net Asset Value, offering price and redemption price per share ($358,583,696 ÷ 30,031,700 shares) | $11.94 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended November 30, 2021 | ||
| Investment Income | ||
| Interest | $9,102,922 | |
| Expenses | ||
| Management fee | $1,240,920 | |
| Transfer agent fees | 296,763 | |
| Accounting fees and expenses | 92,529 | |
| Custodian fees and expenses | 3,235 | |
| Independent trustees' fees and expenses | 1,082 | |
| Registration fees | 26,098 | |
| Audit | 53,948 | |
| Legal | 6,758 | |
| Miscellaneous | 1,655 | |
| Total expenses before reductions | 1,722,988 | |
| Expense reductions | (6,508) | |
| Total expenses after reductions | 1,716,480 | |
| Net investment income (loss) | 7,386,442 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 935,171 | |
| Total net realized gain (loss) | 935,171 | |
| Change in net unrealized appreciation (depreciation) on investment securities | 119,528 | |
| Net gain (loss) | 1,054,699 | |
| Net increase (decrease) in net assets resulting from operations | $8,441,141 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended November 30, 2021 | Year ended November 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $7,386,442 | $8,261,997 |
| Net realized gain (loss) | 935,171 | 1,723,548 |
| Change in net unrealized appreciation (depreciation) | 119,528 | 3,108,988 |
| Net increase (decrease) in net assets resulting from operations | 8,441,141 | 13,094,533 |
| Distributions to shareholders | (9,020,908) | (8,562,072) |
| Share transactions | ||
| Proceeds from sales of shares | 44,628,431 | 51,393,217 |
| Reinvestment of distributions | 6,313,938 | 5,963,714 |
| Cost of shares redeemed | (45,873,267) | (59,868,347) |
| Net increase (decrease) in net assets resulting from share transactions | 5,069,102 | (2,511,416) |
| Total increase (decrease) in net assets | 4,489,335 | 2,021,045 |
| Net Assets | ||
| Beginning of period | 354,094,361 | 352,073,316 |
| End of period | $358,583,696 | $354,094,361 |
| Other Information | ||
| Shares | ||
| Sold | 3,730,416 | 4,353,718 |
| Issued in reinvestment of distributions | 528,527 | 505,104 |
| Redeemed | (3,841,196) | (5,134,914) |
| Net increase (decrease) | 417,747 | (276,092) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Connecticut Municipal Income Fund
| Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $11.96 | $11.78 | $11.10 | $11.35 | $11.30 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .247 | .279 | .292 | .282 | .289 |
| Net realized and unrealized gain (loss) | .035 | .190 | .680 | (.191) | .185 |
| Total from investment operations | .282 | .469 | .972 | .091 | .474 |
| Distributions from net investment income | (.247) | (.279) | (.292) | (.282) | (.289) |
| Distributions from net realized gain | (.055) | (.010) | – | (.059) | (.135) |
| Total distributions | (.302) | (.289) | (.292) | (.341) | (.424) |
| Redemption fees added to paid in capitalA | – | – | – | – | –B |
| Net asset value, end of period | $11.94 | $11.96 | $11.78 | $11.10 | $11.35 |
| Total ReturnC | 2.39% | 4.04% | 8.83% | .82% | 4.26% |
| Ratios to Average Net AssetsD,E | |||||
| Expenses before reductions | .48% | .49% | .48% | .48% | .48% |
| Expenses net of fee waivers, if any | .48% | .49% | .48% | .48% | .48% |
| Expenses net of all reductions | .48% | .49% | .48% | .48% | .48% |
| Net investment income (loss) | 2.07% | 2.37% | 2.53% | 2.52% | 2.53% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $358,584 | $354,094 | $352,073 | $326,476 | $380,497 |
| Portfolio turnover rateF | 13% | 16% | 20% | 12% | 8% |
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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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 November 30, 2021
| Days | % of fund's investments 11/30/21 |
| 1 - 7 | 73.7 |
| 31 - 60 | 11.9 |
| 61 - 90 | 4.3 |
| 91 - 180 | 4.0 |
| > 180 | 6.1 |
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 November 30, 2021 | ||
| Variable Rate Demand Notes (VRDNs) | 42.0% | |
| Tender Option Bond | 33.0% | |
| Other Municipal Security | 14.9% | |
| Investment Companies | 9.9% | |
| Net Other Assets (Liabilities) | 0.2% | |
Current 7-Day Yields
| 11/30/21 | |
| Fidelity® Connecticut Municipal Money Market Fund | 0.01% |
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 November 30, 2021, the most recent period shown in the table, would have been (0.42)%.
Fidelity® Connecticut Municipal Money Market Fund
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
| Variable Rate Demand Note - 42.0% | |||
| Principal Amount | Value | ||
| Alabama - 0.7% | |||
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.1% 12/7/21, VRDN (a)(b) | $1,900,000 | $1,900,000 | |
| Arkansas - 0.5% | |||
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.): | |||
| Series 1998, 0.1% 12/7/21, VRDN (a)(b) | 200,000 | 200,000 | |
| Series 2002, 0.1% 12/7/21, VRDN (a)(b) | 1,100,000 | 1,100,000 | |
| 1,300,000 | |||
| Connecticut - 38.9% | |||
| Connecticut Dev. Auth. Arpt. Facility Rev. (Embraer Aircraft Holding, Inc. Proj.) Series 2010 A, 0.05% 12/7/21, LOC Citibank NA, VRDN (b) | 9,245,000 | 9,245,000 | |
| Connecticut Dev. Auth. Wtr. Facilities Rev. (Connecticut Wtr. Co. Proj.): | |||
| Series 2004 A, 0.15% 12/7/21, LOC Citizens Bank NA, VRDN (a)(b) | 5,000,000 | 5,000,000 | |
| Series 2004 B, 0.15% 12/7/21, LOC Citizens Bank NA, VRDN (b) | 4,550,000 | 4,550,000 | |
| Connecticut Gen. Oblig. Series 2016 C, 0.07% 12/7/21 (Liquidity Facility Bank of America NA), VRDN (b) | 8,520,000 | 8,520,000 | |
| Connecticut Health & Edl. Facilities Auth. Rev.: | |||
| (Gaylord Hosp. Proj.) Series B, 0.06% 12/7/21, LOC Bank of America NA, VRDN (b) | 11,470,000 | 11,470,000 | |
| (Greenwich Hosp. Proj.) Series C, 0.04% 12/7/21, VRDN (b) | 2,730,000 | 2,730,000 | |
| (Trinity College Proj.) Series L, 0.04% 12/7/21, LOC JPMorgan Chase Bank, VRDN (b) | 6,730,000 | 6,730,000 | |
| (Wesleyan Univ. Proj.) Series H, 0.06% 12/7/21, VRDN (b) | 14,355,000 | 14,355,000 | |
| (Yale Univ. Proj.): | |||
| Series V1, 0.01% 12/1/21, VRDN (b) | 2,450,000 | 2,450,000 | |
| Series V2, 0.01% 12/1/21, VRDN (b) | 5,890,000 | 5,890,000 | |
| Series 2007 D, 0.06% 12/7/21, LOC Bank of America NA, VRDN (b) | 7,355,000 | 7,355,000 | |
| Series 2013 O, 0.05% 12/7/21, VRDN (b) | 2,100,000 | 2,100,000 | |
| Series 2014 C, 0.05% 12/7/21, VRDN (b) | 4,100,000 | 4,100,000 | |
| Series 2014 D, 0.04% 12/7/21, VRDN (b) | 4,600,000 | 4,600,000 | |
| Connecticut Hsg. Fin. Auth. (Hsg. Mtg. Fin. Proj.) Series 2012 D3, 0.08% 12/3/21 (Liquidity Facility Sumitomo Mitsui Banking Corp.), VRDN (a)(b) | 10,575,000 | 10,575,000 | |
| Connecticut Innovations, Inc. Rev. (ISO New England, Inc. Proj.) Series 2012, 0.05% 12/7/21, LOC TD Banknorth, NA, VRDN (b) | 14,675,000 | 14,675,000 | |
| 114,345,000 | |||
| Kansas - 0.7% | |||
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | |||
| Series 2007 A, 0.14% 12/7/21, VRDN (b) | 500,000 | 500,000 | |
| Series 2007 B, 0.14% 12/7/21, VRDN (b) | 300,000 | 300,000 | |
| St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 0.09% 12/7/21, VRDN (b) | 1,100,000 | 1,100,000 | |
| Wamego Kansas Poll. Cont. Rfdg. Rev. (Western Resources, Inc. Proj.) Series 1994, 0.09% 12/7/21, VRDN (b) | 200,000 | 200,000 | |
| 2,100,000 | |||
| Nebraska - 0.4% | |||
| Stanton County Indl. Dev. Rev.: | |||
| (Nucor Corp. Proj.) Series 1996, 0.1% 12/7/21, VRDN (a)(b) | 1,200,000 | 1,200,000 | |
| Series 1998, 0.1% 12/7/21, 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, 0.1% 12/7/21, VRDN (a)(b) | 300,000 | 300,000 | |
| South Carolina - 0.0% | |||
| Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1995, 0.1% 12/7/21, VRDN (a)(b) | 100,000 | 100,000 | |
| West Virginia - 0.7% | |||
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
| (Appalachian Pwr. Co. Amos Proj.) Series 2008 B, 0.15% 12/7/21, VRDN (a)(b) | 700,000 | 700,000 | |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.13% 12/7/21, VRDN (a)(b) | 1,400,000 | 1,400,000 | |
| 2,100,000 | |||
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $123,445,000) | 123,445,000 | ||
| Tender Option Bond - 33.0% | |||
| Colorado - 0.0% | |||
| Denver City & County Arpt. Rev. Bonds Series G-114, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 100,000 | 100,000 | |
| Connecticut - 31.6% | |||
| Connecticut Gen. Oblig. Participating VRDN: | |||
| Series 15 XF0222, 0.09% 12/7/21 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) | 8,000,000 | 8,000,000 | |
| Series Floaters 014, 0.17% 1/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 22,250,000 | 22,250,000 | |
| Series Floaters 016, 0.17% 1/11/22 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 5,300,000 | 5,300,000 | |
| Series Floaters G66, 0.08% 12/7/21 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) | 2,300,000 | 2,300,000 | |
| Series XL 01 42, 0.11% 12/7/21 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c)(e) | 2,700,000 | 2,700,000 | |
| Series XM 07 62, 0.08% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) | 2,480,000 | 2,480,000 | |
| Series XM 08 57, 0.08% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) | 5,100,000 | 5,100,000 | |
| Series XM 08 58, 0.08% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) | 4,900,000 | 4,900,000 | |
| Series YX 11 07, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 4,505,000 | 4,505,000 | |
| Connecticut Health & Edl. Facilities Auth. Rev. Participating VRDN: | |||
| Series 16 ZF0378, 0.09% 12/7/21 (Liquidity Facility Toronto-Dominion Bank) (b)(c)(e) | 3,750,000 | 3,750,000 | |
| Series Floaters XM 04 49, 0.08% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(e) | 3,125,000 | 3,125,000 | |
| Series RBC 2016 ZM0134, 0.08% 12/7/21 (Liquidity Facility Royal Bank of Canada) (b)(c)(e) | 7,410,000 | 7,410,000 | |
| Series XF 11 24, 0.11% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) | 3,000,000 | 3,000,000 | |
| Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Participating VRDN Series XG 00 59, 0.11% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) | 6,510,000 | 6,510,000 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: | |||
| Bonds Series Floaters G 110, 0.23%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 3,400,000 | 3,400,000 | |
| Participating VRDN: | |||
| Series ROC II R 14073, 0.11% 12/7/21 (Liquidity Facility Citibank NA) (b)(c)(e) | 6,300,000 | 6,299,989 | |
| Series YX 11 37, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 1,685,000 | 1,685,000 | |
| 92,714,989 | |||
| Florida - 0.2% | |||
| Broward County Port Facilities Rev. Bonds Series G 115, 0.3%, tender 3/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 100,000 | 100,000 | |
| Lee County Arpt. Rev. Participating VRDN Series XF 11 26, 0.12% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) | 200,000 | 200,000 | |
| Tampa-Hillsborough County Expressway Auth. Rev. Bonds Series G-113, 0.25%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 200,000 | 200,000 | |
| 500,000 | |||
| Indiana - 0.4% | |||
| Hamilton County Healthcare Facilities Rev. Participating VRDN Series XF 10 26, 0.11% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) | 800,000 | 800,000 | |
| Indiana Fin. Auth. Rev. Participating VRDN Series 2020 004, 0.2% 1/11/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 495,000 | 495,000 | |
| 1,295,000 | |||
| Kentucky - 0.1% | |||
| CommonSpirit Health Participating VRDN Series MIZ 90 21, 0.13% 12/7/21 (Liquidity Facility Mizuho Cap. Markets Llc) (b)(c)(e) | 200,000 | 200,000 | |
| New York - 0.2% | |||
| New York City Gen. Oblig. Participating VRDN Series 2020 003, 0.2% 1/11/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 100,000 | 100,000 | |
| New York City Transitional Fin. Auth. Rev. Participating VRDN Series 002, 0.2% 1/11/22 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 400,000 | 400,000 | |
| 500,000 | |||
| North Dakota - 0.0% | |||
| Grand Forks Health Care Sys. Rev. Participating VRDN Series 2021 XG 03 44, 0.14% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c)(e) | 100,000 | 100,000 | |
| Ohio - 0.2% | |||
| Ohio Hosp. Rev. Participating VRDN Series 002, 0.17% 1/11/22 (Liquidity Facility Barclays Bank PLC)(b)(c)(e) | 300,000 | 300,000 | |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.25%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 200,000 | 200,000 | |
| 500,000 | |||
| Pennsylvania - 0.0% | |||
| Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 0.25%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| Tennessee - 0.0% | |||
| Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series 2021 XL 01 89, 0.12% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(c)(e) | 100,000 | 100,000 | |
| Texas - 0.1% | |||
| Alamo Cmnty. College District Rev. Bonds Series G-111, 0.25%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 200,000 | 200,000 | |
| Virginia - 0.2% | |||
| Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 0.12% 12/7/21 (Liquidity Facility Mizuho Cap. Markets Llc) (b)(c)(e) | 385,000 | 385,000 | |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.25%, tender 2/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| 485,000 | |||
| TOTAL TENDER OPTION BOND | |||
| (Cost $96,794,989) | 96,794,989 | ||
| Other Municipal Security - 14.9% | |||
| Connecticut - 14.9% | |||
| Bridgeport Gen. Oblig. Bonds Series 2012 A, 5% 2/15/22 (Pre-Refunded to 2/15/22 @ 100) | 3,000,000 | 3,030,234 | |
| Clinton Gen. Oblig. BAN Series 2021, 1.5% 2/3/22 | 4,000,000 | 4,008,531 | |
| Connecticut Gen. Oblig. Bonds: | |||
| Series 2012 C, 5% 6/1/22 | 315,000 | 322,455 | |
| Series 2015 A, 5% 3/15/22 | 500,000 | 506,881 | |
| Series 2019 A, 5% 4/15/22 | 430,000 | 437,668 | |
| Series 2021 B, 3% 6/1/22 | 470,000 | 476,481 | |
| Series A: | |||
| 3% 1/15/22 | 1,075,000 | 1,078,648 | |
| 5% 3/15/22 | 495,000 | 501,896 | |
| Connecticut Health & Edl. Facilities Auth. Rev. Bonds: | |||
| Series 2017 A2, 5%, tender 7/1/22 (b) | 1,665,000 | 1,711,393 | |
| Series U1, 2%, tender 2/8/22 (b) | 2,515,000 | 2,523,461 | |
| Series U2, 2%, tender 2/8/22 (b) | 1,145,000 | 1,148,834 | |
| Connecticut Hsg. Fin. Auth. Bonds Series 2021 E5: | |||
| 5% 5/15/22 (a) | 1,030,000 | 1,052,552 | |
| 5% 11/15/22 (a) | 1,000,000 | 1,045,534 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds: | |||
| Series 2015 A, 5% 8/1/22 | 175,000 | 180,601 | |
| Series 2018 A, 5% 1/1/22 | 455,000 | 456,803 | |
| Series A, 5% 1/1/22 | 1,650,000 | 1,656,709 | |
| Danbury Gen. Oblig. BAN Series 2021, 1% 7/14/22 | 1,385,000 | 1,392,001 | |
| Enfield Gen. Oblig. BAN Series 2021, 2% 8/4/22 | 260,000 | 263,096 | |
| Fairfield Gen. Oblig.: | |||
| BAN Series 2021, 2% 7/8/22 | 3,100,000 | 3,134,542 | |
| Bonds: | |||
| Series 2008, 5% 1/1/22 | 1,000,000 | 1,004,120 | |
| Series 2021, 5% 7/1/22 | 710,000 | 729,968 | |
| Greenwich Gen. Oblig. BAN Series 2021, 1.5% 1/13/22 | 1,750,000 | 1,752,869 | |
| Groton Town Gen. Oblig. BAN Series 2021, 3% 4/28/22 | 1,000,000 | 1,011,746 | |
| Hartford County Metropolitan District Gen. Oblig. Bonds Series 2021 A, 4% 9/1/22 | 325,000 | 334,301 | |
| New London BAN Series 2021, 2% 3/17/22 | 3,100,000 | 3,116,566 | |
| North Branford Gen. Oblig. BAN Series 2021, 2% 8/4/22 | 2,000,000 | 2,025,168 | |
| Rocky Hill Gen. Oblig. BAN Series 2021, 2% 7/27/22 | 2,250,000 | 2,277,099 | |
| Univ. of Connecticut Gen. Oblig. Bonds: | |||
| Series 2016 A, 5% 3/15/22 | 1,500,000 | 1,520,181 | |
| Series 2020 A, 5% 2/15/22 | 1,665,000 | 1,681,708 | |
| Windsor Gen. Oblig. BAN Series 2021, 2% 6/23/22 | 2,610,000 | 2,636,944 | |
| Wolcott Gen. Oblig. BAN Series 2021, 1.25% 8/23/22 | 650,000 | 654,389 | |
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $43,673,379) | 43,673,379 | ||
| Shares | Value | ||
| Investment Company - 9.9% | |||
| Fidelity Municipal Cash Central Fund 0.06% (f)(g) | |||
| (Cost $29,199,492) | 29,194,659 | 29,199,492 | |
| TOTAL INVESTMENT IN SECURITIES - 99.8% | |||
| (Cost $293,112,860) | 293,112,860 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.2% | 671,197 | ||
| NET ASSETS - 100% | $293,784,057 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
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) Restricted securities (including private placements) - 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 $4,400,000 or 1.5% of net assets.
(e) Coupon rates are determined by re-marketing agents based on current market conditions.
(f) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Alamo Cmnty. College District Rev. Bonds Series G-111, 0.25%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) | 5/3/21 | $200,000 |
| Broward County Port Facilities Rev. Bonds Series G 115, 0.3%, tender 3/1/22 (Liquidity Facility Royal Bank of Canada) | 3/1/21 | $100,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.23%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $3,400,000 |
| Denver City & County Arpt. Rev. Bonds Series G-114, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) | 6/1/21 | $100,000 |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.25%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) | 6/1/21 | $200,000 |
| Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 0.25%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) | 6/1/21 | $100,000 |
| Tampa-Hillsborough County Expressway Auth. Rev. Bonds Series G-113, 0.25%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) | 7/1/21 | $200,000 |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.25%, tender 2/1/22 (Liquidity Facility Royal Bank of Canada) | 2/1/21 | $100,000 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Municipal Cash Central Fund 0.06% | 47,358,695 | 112,250,998 | 130,411,000 | 20,110 | 799 | -- | 29,199,492 | 1.9% |
| Total | $47,358,695 | $112,250,998 | $130,411,000 | $20,110 | $799 | $-- | $29,199,492 |
Amounts in the income column in the above table include 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
| November 30, 2021 | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $263,913,368) | $263,913,368 | |
| Fidelity Central Funds (cost $29,199,492) | 29,199,492 | |
| Total Investment in Securities (cost $293,112,860) | $293,112,860 | |
| Cash | 1,310 | |
| Receivable for fund shares sold | 726,515 | |
| Interest receivable | 527,714 | |
| Distributions receivable from Fidelity Central Funds | 1,170 | |
| Prepaid expenses | 361 | |
| Receivable from investment adviser for expense reductions | 5,795 | |
| Other receivables | 710 | |
| Total assets | 294,376,435 | |
| Liabilities | ||
| Payable for investments purchased | $102,736 | |
| Payable for fund shares redeemed | 436,167 | |
| Distributions payable | 59 | |
| Accrued management fee | 15,010 | |
| Other affiliated payables | 3,830 | |
| Audit fee payable | 32,500 | |
| Other payables and accrued expenses | 2,076 | |
| Total liabilities | 592,378 | |
| Net Assets | $293,784,057 | |
| Net Assets consist of: | ||
| Paid in capital | �� | $293,872,546 |
| Total accumulated earnings (loss) | (88,489) | |
| Net Assets | $293,784,057 | |
| Net Asset Value, offering price and redemption price per share ($293,784,057 ÷ 293,317,738 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended November 30, 2021 | ||
| Investment Income | ||
| Interest | $319,709 | |
| Income from Fidelity Central Funds | 19,567 | |
| Total income | 339,276 | |
| Expenses | ||
| Management fee | $1,112,288 | |
| Transfer agent fees | 337,946 | |
| Accounting fees and expenses | 49,950 | |
| Custodian fees and expenses | 3,710 | |
| Independent trustees' fees and expenses | 997 | |
| Registration fees | 23,408 | |
| Audit | 36,861 | |
| Legal | 6,656 | |
| Miscellaneous | 988 | |
| Total expenses before reductions | 1,572,804 | |
| Expense reductions | (1,265,497) | |
| Total expenses after reductions | 307,307 | |
| Net investment income (loss) | 31,969 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 47,277 | |
| Fidelity Central Funds | 799 | |
| Capital gain distributions from Fidelity Central Funds | 543 | |
| Total net realized gain (loss) | 48,619 | |
| Net increase in net assets resulting from operations | $80,588 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended November 30, 2021 | Year ended November 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $31,969 | $1,584,794 |
| Net realized gain (loss) | 48,619 | (85,114) |
| Net increase in net assets resulting from operations | 80,588 | 1,499,680 |
| Distributions to shareholders | (31,933) | (1,584,760) |
| Share transactions | ||
| Proceeds from sales of shares | 44,317,665 | 87,440,350 |
| Reinvestment of distributions | 31,212 | 1,522,232 |
| Cost of shares redeemed | (99,795,622) | (158,710,179) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (55,446,745) | (69,747,597) |
| Total increase (decrease) in net assets | (55,398,090) | (69,832,677) |
| Net Assets | ||
| Beginning of period | 349,182,147 | 419,014,824 |
| End of period | $293,784,057 | $349,182,147 |
| Other Information | ||
| Shares | ||
| Sold | 44,317,665 | 87,440,350 |
| Issued in reinvestment of distributions | 31,212 | 1,522,232 |
| Redeemed | (99,795,622) | (158,710,179) |
| Net increase (decrease) | (55,446,745) | (69,747,597) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Connecticut Municipal Money Market Fund
| Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .004 | .011 | .010 | .004 |
| Net realized and unrealized gain (loss) | –A | –A | .001 | –A | –A |
| Total from investment operations | –A | .004 | .012 | .010 | .004 |
| Distributions from net investment income | –A | (.004) | (.011) | (.010) | (.004) |
| Distributions from net realized gain | – | – | (.001) | –A | – |
| Total distributions | –A | (.004) | (.012) | (.010) | (.004) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .01% | .40% | 1.20% | .98% | .38% |
| Ratios to Average Net AssetsC,D | |||||
| Expenses before reductions | .49% | .49% | .49% | .49% | .48% |
| Expenses net of fee waivers, if any | .10% | .39% | .48% | .48% | .48% |
| Expenses net of all reductions | .10% | .39% | .48% | .48% | .48% |
| Net investment income (loss) | .01% | .42% | 1.13% | .96% | .37% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $293,784 | $349,182 | $419,015 | $507,690 | $695,621 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2021
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.
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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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. The aggregate value of investments by input level as of November 30, 2021 is included at the end of the Fund's Schedule of Investments.
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.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, 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. As of November 30, 2021, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Income Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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 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 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 Connecticut Municipal Income Fund | $332,208,811 | $19,113,986 | $(171,377) | $18,942,609 |
| Fidelity Connecticut Municipal Money Market Fund | 293,112,860 | – | – | – |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed tax-exempt income | Undistributed ordinary income | Undistributed long-term capital gain | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments | |
| Fidelity Connecticut Municipal Income Fund | $42,363 | $– | $881,461 | $– | $ 18,942,609 |
| Fidelity Connecticut Municipal Money Market Fund | – | – | – | (86,079) | – |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |||
| Short-term | Long-term | Total capital loss carryfoward | |
| Fidelity Connecticut Municipal Money Market Fund | $(86,079) | $– | $(86,079) |
The tax character of distributions paid was as follows:
| November 30, 2021 | |||
| Tax-Exempt Income | Long-term Capital Gains | Total | |
| Fidelity Connecticut Municipal Income Fund | $7,386,477 | $1,634,431 | $9,020,908 |
| Fidelity Connecticut Municipal Money Market Fund | 31,933 | – | 31,933 |
| November 30, 2020 | |||
| Tax-Exempt Income | Long-term Capital Gains | Total | |
| Fidelity Connecticut Municipal Income Fund | $8,261,647 | $300,425 | $8,562,072 |
| Fidelity Connecticut Municipal Money Market Fund | 1,584,760 | – | 1,584,760 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Connecticut Municipal Income Fund | 64,711,962 | 44,093,573 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (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 monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annual management fee rate expressed as a percentage of each Fund's average net assets was as follows:
| Individual Rate | Group Rate | Total | |
| Fidelity Connecticut Municipal Income Fund | .25% | .10% | .35% |
| Fidelity Connecticut Municipal Money Market Fund | .25% | .10% | .35% |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the 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 annual 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 accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Connecticut Municipal Income Fund | .03 |
| Fidelity Connecticut Municipal Money Market Fund | .02 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. For the Income Fund, any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity Connecticut Municipal Income Fund | – | – | – |
| Fidelity Connecticut Municipal Money Market Fund | 9,790,000 | 22,305,000 | – |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity Connecticut Municipal Income Fund | $650 |
7. Expense Reductions.
The investment adviser voluntarily agreed to reimburse expenses of the Money Market Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example 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% | $35,519 |
Additionally, the investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $1,225,998.
In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Custodian credits | |
| Fidelity Connecticut Municipal Income Fund | $3,281 |
| Fidelity Connecticut Municipal Money Market Fund | 1,142 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
| Amount | |
| Fidelity Connecticut Municipal Income Fund | $3,227 |
| Fidelity Connecticut Municipal Money Market Fund | 2,838 |
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Court Street Trust and Fidelity Court Street Trust II and the Shareholders of Fidelity Connecticut Municipal Income Fund and Fidelity Connecticut Municipal Money Market Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Connecticut Municipal Income Fund (one of the funds constituting Fidelity Court Street Trust) and Fidelity Connecticut Municipal Money Market Fund (one of the funds constituting Fidelity Court Street Trust II) (hereafter collectively referred to as the “Funds”) as of November 30, 2021, the related statements of operations for the year ended November 30, 2021, the statements of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2021 and each of the financial highlights for each of the five years in the period ended November 30, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 13, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Each of the Trustees oversees 286 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trusts or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2015 or 2016
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2015 or 2016
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2021 to November 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value June 1, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
| Fidelity Connecticut Municipal Income Fund | .47% | |||
| Actual | $1,000.00 | $1,007.50 | $2.37 | |
| Hypothetical-C | $1,000.00 | $1,022.71 | $2.38 | |
| Fidelity Connecticut Municipal Money Market Fund | .08% | |||
| Actual | $1,000.00 | $1,000.10 | $.40** | |
| Hypothetical-C | $1,000.00 | $1,024.67 | $.41** |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
**If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| Annualized Expense Ratio-(a) | Expenses Paid | |
| Fidelity Connecticut Municipal Money Market Fund | .48% | |
| Actual | $2.40 | |
| Hypothetical-(b) | $2.43 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
| Pay Date | Record Date | Capital Gains | |
| Fidelity Connecticut Municipal Income Fund | 12/29/2021 | 12/28/2021 | $0.030 |
| Fidelity Connecticut Municipal Money Market Fund | 12/23/2021 | 12/22/2021 | $0.000 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended November 30, 2021, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity Connecticut Municipal Income Fund | $ 921,407 |
During fiscal year ended 2021, 100% of each fund's income dividends were free from federal income tax, and 7.25% and 12.66% of Fidelity Connecticut Municipal Income Fund and Fidelity Connecticut Municipal Money Market Fund's income dividends, respectively, were subject to the federal alternative minimum tax.
The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Connecticut Municipal Income Fund / Fidelity Connecticut Municipal Money Market Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its September 2021 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity’s investment staff, including its size, education, experience, and resources, as well as Fidelity’s approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity’s global investment organization, and that Fidelity’s analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity’s investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity’s trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.Investment Performance (for Fidelity Connecticut Municipal Income Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.Investment Performance (for Fidelity Connecticut Municipal Money Market Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate peer group.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods.The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.Fidelity Connecticut Municipal Income Fund
Fidelity Connecticut Municipal Money Market Fund
The Board noted that because there is a relatively small number of state-specific funds in the Lipper objective, Fidelity combines Lipper's separate categories for state-specific funds with all state and national municipal money market funds to create a single mapped group. The Board considered that Fidelity is the only firm that offers a Connecticut money market fund.
CTF-ANN-0122
1.539232.124
Fidelity® New Jersey Municipal Income Fund
Fidelity® New Jersey Municipal Money Market Fund
November 30, 2021
Contents
Fidelity® New Jersey Municipal Income Fund | |
Fidelity® New Jersey Municipal Money Market Fund | |
Board Approval of Investment Advisory Contracts and Management Fees |
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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Fidelity® New Jersey Municipal Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended November 30, 2021 | Past 1 year | Past 5 years | Past 10 years |
| Fidelity® New Jersey Municipal Income Fund | 3.58% | 4.97% | 4.08% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity® New Jersey Municipal Income Fund on November 30, 2011.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Municipal Bond Index performed over the same period.
| Period Ending Values | ||
| $14,922 | Fidelity® New Jersey Municipal Income Fund | |
| $14,665 | Bloomberg Municipal Bond Index | |
Fidelity® New Jersey Municipal Income Fund
Management's Discussion of Fund Performance
Market Recap: Tax-exempt municipal bonds posted a gain for the 12 months ending November 30, 2021, driven by robust investor demand and an improved fiscal outlook for many municipal issuers. The Bloomberg Municipal Bond Index rose 1.97% for the period. Early in 2021, the muni market rallied amid economic optimism due to the rollout of effective COVID-19 vaccination programs. Munis were further bolstered by an easing of credit concerns that had been triggered by the economic shutdowns caused by COVID-19. Also, investor demand for tax-exempt munis increased due to the Biden administration’s plan to push for higher tax rates on upper-income tax brackets to fund health care, education and infrastructure programs. Tax collection took less of a hit than originally feared, and an extremely large aid package from the U.S. Congress for muni issuers helped fill budget gaps. In February, the municipal market declined, reflecting investor concerns that stimulus-induced inflation could diminish real bond returns over time. Munis then gained from March through July, propelled by better-than-expected tax revenue from many state and local governments and reduced inflation expectations, before losing slight ground in August and September amid the start of discussion about tapering monthly open-market bond purchases by the U.S. Federal Reserve, then gained in October and November, partly as some investors sought safer asset classes due to the discovery of the omicron variant of the coronavirus.Comments from Co-Portfolio Managers Cormac Cullen, Michael Maka and Elizah McLaughlin: For the fiscal year, the fund gained 3.58%, slightly trailing, net of fees, the 3.83% advance of the state-specific Bloomberg New Jersey Enhanced Modified Municipal Bond Index, but topping the 1.97% return of the benchmark, the broadly based Bloomberg Municipal Bond Index. Versus the state index, underweighting bonds backed by New Jersey and the state's related issuers detracted. Investor sentiment toward state-backed debt turned positive, largely due to credit-rating upgrades and an improved fiscal outlook for the state. Differences in the way fund holdings and state index components were priced very slightly hurt the fund's relative result as well. Conversely, the fund’s overweighting in the health care and transportation segments contributed. Both outperformed the broader market, buoyed partly by credit-spread tightening, as investors sought higher-yielding securities amid economic recovery. Overweighting lower-quality investment-grade health care bonds helped our relative result, given that they were some of the New Jersey municipal market's best performers. Overweighting lower-quality higher education securities also added value versus the state index. An improved credit outlook aided the group, as colleges and universities across New Jersey reopened following pandemic-related shutdowns.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fidelity® New Jersey Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of November 30, 2021
| % of fund's net assets | |
| General Obligations | 31.2 |
| Transportation | 24.8 |
| Health Care | 22.5 |
| Education | 12.9 |
| Housing | 2.7 |
Quality Diversification (% of fund's net assets)
| As of November 30, 2021 | ||
| AAA | 1.7% | |
| AA,A | 51.8% | |
| BBB | 36.6% | |
| Not Rated | 0.3% | |
| Short-Term Investments and Net Other Assets | 9.6% | |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Fidelity® New Jersey Municipal Income Fund
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
| Municipal Bonds - 90.4% | |||
| Principal Amount | Value | ||
| Delaware, New Jersey - 1.4% | |||
| Delaware River & Bay Auth. Rev.: | |||
| Series 2014 A, 5% 1/1/44 | $3,000,000 | $3,239,897 | |
| Series 2014 B, 5% 1/1/23 | 700,000 | 735,743 | |
| Series 2019, 5% 1/1/32 | 5,000,000 | 6,282,643 | |
| TOTAL DELAWARE, NEW JERSEY | 10,258,283 | ||
| Guam - 0.3% | |||
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (a) | 480,000 | 519,931 | |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/22 (FSA Insured) | 1,500,000 | 1,556,554 | |
| TOTAL GUAM | 2,076,485 | ||
| New Jersey - 74.1% | |||
| Bayonne Gen. Oblig. Series 2016: | |||
| 5% 7/1/35 (Pre-Refunded to 7/1/26 @ 100) | 1,000,000 | 1,198,252 | |
| 5% 7/1/39 (Pre-Refunded to 7/1/26 @ 100) | 1,000,000 | 1,198,252 | |
| Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | |||
| 5% 2/15/25 | 1,020,000 | 1,117,234 | |
| 5% 2/15/26 | 1,500,000 | 1,639,765 | |
| 5% 2/15/27 | 1,000,000 | 1,091,185 | |
| 5% 2/15/28 | 1,000,000 | 1,090,669 | |
| 5% 2/15/29 | 1,000,000 | 1,089,417 | |
| 5% 2/15/32 | 1,000,000 | 1,085,725 | |
| 5% 2/15/33 | 1,000,000 | 1,085,126 | |
| 5% 2/15/34 | 1,200,000 | 1,301,503 | |
| 5% 2/15/35 | 1,000,000 | 1,083,979 | |
| Camden County Impt. Auth. Rev. (County Cap. Prog.) Series 2016, 5% 1/15/32 | 3,000,000 | 3,505,848 | |
| Cumberland County Impt. Auth.: | |||
| (County Correctional Facility Proj.) Series 2018, 5% 10/1/58 | 5,000,000 | 6,037,149 | |
| (Technical High School Proj.) Series 2014: | |||
| 5% 9/1/23 (FSA Insured) | 600,000 | 648,006 | |
| 5% 9/1/24 (FSA Insured) | 1,640,000 | 1,841,233 | |
| 5% 9/1/25 (FSA Insured) | 1,375,000 | 1,542,912 | |
| Garden State Preservation Trust Open Space & Farmland Preservation Series 2012 A, 5% 11/1/22 | 6,600,000 | 6,856,735 | |
| Gloucester County Impt. Auth. Rev. (Rowan Univ. Proj.): | |||
| Series 2017 A: | |||
| 5% 11/1/28 (FSA Insured) | 2,500,000 | 3,002,375 | |
| 5% 11/1/29 (FSA Insured) | 750,000 | 896,325 | |
| 5% 11/1/30 (FSA Insured) | 605,000 | 720,545 | |
| Series 2019: | |||
| 4% 7/1/48 | 1,000,000 | 1,145,092 | |
| 5% 7/1/44 | 2,375,000 | 2,944,441 | |
| Hudson Co. Impt. Auth. Swsr Series 2019: | |||
| 4% 1/1/35 | 1,000,000 | 1,181,600 | |
| 4% 1/1/37 | 395,000 | 464,503 | |
| 4% 1/1/38 | 1,000,000 | 1,174,165 | |
| 4% 1/1/39 | 835,000 | 978,156 | |
| Jersey City Gen. Oblig. Series 2017 A: | |||
| 5% 11/1/24 | 1,000,000 | 1,129,974 | |
| 5% 11/1/28 | 1,050,000 | 1,296,078 | |
| 5% 11/1/29 | 1,035,000 | 1,274,230 | |
| 5% 11/1/30 | 800,000 | 981,422 | |
| 5% 11/1/31 | 500,000 | 612,222 | |
| New Brunswick Parking Auth. Rev. Series 2012: | |||
| 5% 9/1/23 | 1,450,000 | 1,499,263 | |
| 5% 9/1/26 | 600,000 | 620,423 | |
| 5% 9/1/27 | 440,000 | 454,977 | |
| New Jersey Econ. Dev. Auth.: | |||
| (White Horse HMT Urban Renewal LLC Proj.) Series 2020, 5% 1/1/40 (b) | 1,000,000 | 1,022,638 | |
| Series A, 5% 11/1/35 | 5,000,000 | 6,216,491 | |
| Series II, 5% 3/1/26 | 4,310,000 | 4,358,647 | |
| Series QQQ: | |||
| 4% 6/15/46 | 1,250,000 | 1,423,685 | |
| 4% 6/15/50 | 1,000,000 | 1,134,549 | |
| Series WW: | |||
| 5.25% 6/15/40 | 1,895,000 | 2,169,249 | |
| 5.25% 6/15/40 (Pre-Refunded to 6/15/25 @ 100) | 105,000 | 122,697 | |
| New Jersey Econ. Dev. Auth. Lease Rev. (Health Dept. and Taxation Division Office Proj.) Series 2018 A, 5% 6/15/31 | 2,555,000 | 3,103,030 | |
| New Jersey Econ. Dev. Auth. Motor Vehicle Rev. Series 2017 B, 3.125% 7/1/29 | 1,335,000 | 1,353,854 | |
| New Jersey Econ. Dev. Auth. Rev.: | |||
| (Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% 10/1/39 (b) | 1,250,000 | 1,285,800 | |
| (Goethals Bridge Replacement Proj.) Series 2013, 5.125% 1/1/34 (a) | 1,500,000 | 1,644,392 | |
| (Provident Montclair Proj.) Series 2017: | |||
| 5% 6/1/30 (FSA Insured) | 1,500,000 | 1,800,108 | |
| 5% 6/1/31 (FSA Insured) | 1,500,000 | 1,799,298 | |
| 5% 6/1/37 (FSA Insured) | 4,000,000 | 4,758,741 | |
| Series 2005 N1, 5.5% 9/1/24 (AMBAC Insured) | 5,000,000 | 5,659,445 | |
| Series 2013 NN: | |||
| 5% 3/1/26 | 4,130,000 | 4,361,823 | |
| 5% 3/1/27 | 6,570,000 | 6,940,482 | |
| Series 2013: | |||
| 5% 3/1/23 | 4,920,000 | 5,200,572 | |
| 5% 3/1/25 | 1,295,000 | 1,367,690 | |
| Series 2015 XX: | |||
| 4.25% 6/15/26 | 4,220,000 | 4,728,840 | |
| 5.25% 6/15/27 | 3,000,000 | 3,470,322 | |
| Series 2016 BBB, 5.5% 6/15/30 | 2,165,000 | 2,644,705 | |
| New Jersey Econ. Dev. Auth. Wtr. Facilities Rev.: | |||
| (Middlesex Wtr. Co. Proj.) Series 2019, 5% 8/1/59 (a) | 1,000,000 | 1,195,444 | |
| (New Jersey-American Wtr. Co., Inc. Proj.): | |||
| Series 2020 A, 1% 6/1/23 | 1,300,000 | 1,311,919 | |
| Series 2020 C, 1.15% 6/1/23 (a) | 2,500,000 | 2,524,760 | |
| Bonds (New Jersey-American Wtr. Co., Inc.) Series 2020, 1.2%, tender 6/1/23 (a)(c) | 1,000,000 | 1,007,803 | |
| New Jersey Edl. Facility: | |||
| (Stevens Institute of Techonolgy Proj.) Series 2017 A: | |||
| 5% 7/1/23 | 635,000 | 680,624 | |
| 5% 7/1/24 | 690,000 | 767,187 | |
| 5% 7/1/25 | 600,000 | 689,883 | |
| 5% 7/1/26 | 945,000 | 1,118,478 | |
| 5% 7/1/29 | 665,000 | 797,735 | |
| Series 2015 B, 5% 7/1/31 | 3,000,000 | 3,413,256 | |
| Series 2016 A: | |||
| 5% 7/1/27 | 2,875,000 | 3,391,171 | |
| 5% 7/1/29 | 1,000,000 | 1,178,540 | |
| 5% 7/1/32 | 600,000 | 701,834 | |
| Series 2016 E: | |||
| 5% 7/1/32 (Build America Mutual Assurance Insured) | 3,335,000 | 3,901,030 | |
| 5% 7/1/33 (Build America Mutual Assurance Insured) | 1,000,000 | 1,168,544 | |
| 5% 7/1/34 (Build America Mutual Assurance Insured) | 1,000,000 | 1,168,241 | |
| Series A: | |||
| 4% 7/1/50 | 3,000,000 | 3,422,628 | |
| 5% 7/1/32 | 420,000 | 532,817 | |
| 5% 7/1/33 | 675,000 | 854,815 | |
| 5% 7/1/34 | 540,000 | 682,559 | |
| 5% 7/1/35 | 570,000 | 718,808 | |
| 5% 7/1/36 | 1,095,000 | 1,378,151 | |
| 5% 7/1/37 | 1,095,000 | 1,375,137 | |
| 5% 7/1/38 | 985,000 | 1,234,832 | |
| 5% 7/1/39 | 1,040,000 | 1,301,247 | |
| 5% 7/1/40 | 1,035,000 | 1,290,990 | |
| 5% 7/1/45 | 3,500,000 | 4,315,106 | |
| New Jersey Envir. Infrastructure Trust Series 2015 AR1, 5% 9/1/26 | 200,000 | 240,615 | |
| New Jersey Gen. Oblig.: | |||
| Series 2014, 5% 6/1/25 | 3,340,000 | 3,847,706 | |
| Series 2020 A, 5% 6/1/29 | 2,000,000 | 2,537,947 | |
| New Jersey Health Care Facilities Fing. Auth. Rev.: | |||
| (Inspira Health Proj.) Series 2017 A, 5% 7/1/42 | 5,325,000 | 6,413,633 | |
| (St Joseph Hosp. & Med. Ctr., Proj.) Series 2016, 5% 7/1/25 | 700,000 | 805,668 | |
| (Trinitas Hosp. Obligated Grp Proj.) Series 2016 A, 5% 7/1/22 | 910,000 | 933,691 | |
| Bonds: | |||
| Series 2019 B2, 5%, tender 7/1/25 (c) | 2,000,000 | 2,310,690 | |
| Series 2019 B3, 5%, tender 7/1/26 (c) | 5,000,000 | 5,943,330 | |
| Series 2011: | |||
| 5% 7/1/24 | 2,100,000 | 2,157,419 | |
| 5% 7/1/25 | 2,265,000 | 2,328,145 | |
| Series 2013 A: | |||
| 5% 7/1/28 | 1,080,000 | 1,153,688 | |
| 5% 7/1/32 | 1,600,000 | 1,705,758 | |
| 5.25% 7/1/28 | 3,250,000 | 3,501,669 | |
| Series 2013, 5% 7/1/26 | 1,335,000 | 1,430,478 | |
| Series 2014 A: | |||
| 4% 7/1/45 | 1,300,000 | 1,382,331 | |
| 5% 7/1/30 (Pre-Refunded to 7/1/24 @ 100) | 700,000 | 782,905 | |
| 5% 7/1/31 (Pre-Refunded to 7/1/24 @ 100) | 455,000 | 508,888 | |
| 5% 7/1/44 | 3,635,000 | 4,034,693 | |
| 5% 7/1/45 (Pre-Refunded to 7/1/24 @ 100) | 2,225,000 | 2,488,520 | |
| Series 2016 A: | |||
| 5% 7/1/22 | 2,000,000 | 2,052,069 | |
| 5% 7/1/26 | 1,575,000 | 1,863,351 | |
| 5% 7/1/27 | 100,000 | 119,850 | |
| 5% 7/1/27 | 1,700,000 | 2,007,725 | |
| 5% 7/1/28 | 2,000,000 | 2,391,999 | |
| 5% 7/1/28 | 2,040,000 | 2,403,936 | |
| 5% 7/1/29 | 1,550,000 | 1,824,452 | |
| 5% 7/1/30 | 1,200,000 | 1,429,213 | |
| 5% 7/1/30 | 2,000,000 | 2,348,303 | |
| 5% 7/1/31 | 5,100,000 | 6,023,647 | |
| 5% 7/1/31 | 10,195,000 | 12,081,657 | |
| 5% 7/1/33 | 1,000,000 | 1,178,646 | |
| 5% 7/1/33 | 7,000,000 | 8,281,561 | |
| 5% 7/1/39 | 11,000,000 | 12,986,760 | |
| 5% 7/1/43 | 2,500,000 | 2,945,387 | |
| Series 2016: | |||
| 4% 7/1/48 | 425,000 | 467,247 | |
| 5% 7/1/23 | 1,240,000 | 1,327,662 | |
| 5% 7/1/24 | 835,000 | 931,145 | |
| 5% 7/1/24 | 1,000,000 | 1,112,137 | |
| 5% 7/1/26 | 800,000 | 949,234 | |
| 5% 7/1/29 | 1,050,000 | 1,263,772 | |
| 5% 7/1/30 | 605,000 | 727,523 | |
| 5% 7/1/31 | 400,000 | 480,201 | |
| 5% 7/1/35 | 950,000 | 1,109,266 | |
| 5% 7/1/36 | 565,000 | 658,972 | |
| 5% 7/1/41 | 5,085,000 | 5,880,277 | |
| Series 2017 A: | |||
| 5% 7/1/25 | 110,000 | 127,410 | |
| 5% 7/1/52 | 4,265,000 | 5,113,546 | |
| Series 2021: | |||
| 4% 7/1/35 | 750,000 | 911,891 | |
| 4% 7/1/37 | 700,000 | 848,486 | |
| 5% 7/1/33 | 1,420,000 | 1,881,830 | |
| 5% 7/1/34 | 1,250,000 | 1,651,772 | |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | |||
| Series 2013, 5% 12/1/22 (a) | 2,250,000 | 2,352,297 | |
| Series 2016 1A, 5% 12/1/25 (a) | 1,400,000 | 1,631,830 | |
| Series 2017 1A: | |||
| 5% 12/1/22 (a) | 500,000 | 522,733 | |
| 5% 12/1/25 (a) | 3,000,000 | 3,483,916 | |
| 5% 12/1/27 (a) | 2,500,000 | 2,950,504 | |
| Series 2018 B, 5% 12/1/28 (a) | 950,000 | 1,159,288 | |
| Series 2019 A: | |||
| 5% 12/1/26 | 2,525,000 | 3,009,706 | |
| 5% 12/1/27 | 2,000,000 | 2,432,677 | |
| 5% 12/1/28 | 700,000 | 854,698 | |
| Series 2020 A, 5% 12/1/23 (a) | 1,500,000 | 1,632,268 | |
| Series 2020, 5% 12/1/23 (a) | 2,375,000 | 2,584,424 | |
| Series 2021 A: | |||
| 5% 12/1/26 (a) | 325,000 | 386,690 | |
| 5% 12/1/27 (a) | 325,000 | 394,472 | |
| 5% 12/1/28 (a) | 400,000 | 494,829 | |
| 5% 12/1/29 (a) | 550,000 | 690,414 | |
| Series 2021 B: | |||
| 5% 12/1/27 (a) | 1,325,000 | 1,608,233 | |
| 5% 12/1/28 (a) | 1,450,000 | 1,793,755 | |
| 5% 12/1/29 (a) | 1,415,000 | 1,776,247 | |
| New Jersey Hsg. & Mtg. Fin. Agcy. Rev.: | |||
| Series 2019 D: | |||
| 4% 4/1/24 (a) | 2,320,000 | 2,485,351 | |
| 4% 10/1/24 (a) | 2,370,000 | 2,568,323 | |
| Series 2021 H: | |||
| 5% 4/1/28 | 300,000 | 369,099 | |
| 5% 10/1/28 | 480,000 | 594,982 | |
| 5% 4/1/29 | 500,000 | 624,406 | |
| New Jersey Institute of Technology Series A: | |||
| 5% 7/1/27 | 170,000 | 207,005 | |
| 5% 7/1/28 | 225,000 | 280,636 | |
| 5% 7/1/29 | 270,000 | 344,081 | |
| 5% 7/1/30 | 260,000 | 329,410 | |
| 5% 7/1/31 | 375,000 | 473,362 | |
| 5% 7/1/32 | 375,000 | 472,313 | |
| 5% 7/1/33 | 170,000 | 213,778 | |
| New Jersey Tobacco Settlement Fing. Corp.: | |||
| Series 2018 A: | |||
| 5% 6/1/23 | 800,000 | 854,469 | |
| 5% 6/1/26 | 3,000,000 | 3,551,289 | |
| 5% 6/1/27 | 1,000,000 | 1,215,227 | |
| 5% 6/1/28 | 2,000,000 | 2,488,229 | |
| Series 2018 B, 3.2% 6/1/27 | 1,390,000 | 1,409,758 | |
| New Jersey Tpk. Auth. Tpk. Rev.: | |||
| Series 2012 B, 5% 1/1/24 (Pre-Refunded to 1/1/23 @ 100) | 2,650,000 | 2,787,392 | |
| Series 2014 A, 5% 1/1/32 | 5,000,000 | 5,553,870 | |
| Series 2017 B: | |||
| 5% 1/1/33 | 5,000,000 | 6,175,169 | |
| 5% 1/1/34 | 2,500,000 | 3,088,791 | |
| Series 2019 A, 5% 1/1/48 | 2,000,000 | 2,457,534 | |
| Series 2021 A: | |||
| 4% 1/1/42 | 8,000,000 | 9,533,753 | |
| 4% 1/1/51 | 8,000,000 | 9,407,448 | |
| New Jersey Trans. Trust Fund Auth.: | |||
| (Trans. Prog.) Series 2019 AA, 5.25% 6/15/43 | 520,000 | 636,803 | |
| Series 2005 B, 5.25% 12/15/22 (AMBAC Insured) | 1,200,000 | 1,261,142 | |
| Series 2006 A, 5.25% 12/15/22 | 125,000 | 131,369 | |
| Series 2006 C: | |||
| 0% 12/15/26 (AMBAC Insured) | 10,000,000 | 9,385,934 | |
| 0% 12/15/34 | 4,000,000 | 3,087,747 | |
| Series 2008 A, 0% 12/15/36 | 25,000,000 | 17,878,628 | |
| Series 2009 A, 0% 12/15/38 | 13,900,000 | 9,356,577 | |
| Series 2010 A: | |||
| 0% 12/15/27 | 3,000,000 | 2,739,716 | |
| 0% 12/15/30 | 14,795,000 | 12,488,486 | |
| Series 2010 A3, 0% 12/15/34 | 10,775,000 | 8,158,188 | |
| Series 2013 AA, 5% 6/15/29 | 510,000 | 544,828 | |
| Series 2014 AA: | |||
| 5% 6/15/38 | 770,000 | 846,919 | |
| 5% 6/15/44 | 555,000 | 607,851 | |
| Series 2016 A: | |||
| 5% 6/15/29 | 750,000 | 881,712 | |
| 5% 6/15/30 | 5,000,000 | 5,865,715 | |
| Series 2018 A, 5% 6/15/31 | 3,000,000 | 3,511,025 | |
| Series 2019 BB, 4% 6/15/38 | 1,035,000 | 1,172,842 | |
| Series 2022 AA: | |||
| 5% 6/15/37 (d) | 10,000,000 | 12,672,443 | |
| 5% 6/15/38 (d) | 5,440,000 | 6,860,097 | |
| Series A: | |||
| 0% 12/15/31 | 365,000 | 299,588 | |
| 5% 12/15/32 | 2,600,000 | 3,270,173 | |
| 5% 12/15/33 | 2,850,000 | 3,571,084 | |
| Series AA, 5% 6/15/45 | 9,635,000 | 11,941,562 | |
| Newark Port Auth. Hsg. Auth. Rev. Series 2007, 5.25% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 200,000 | 220,087 | |
| Rutgers State Univ. Rev. Series Q: | |||
| 5% 5/1/24 | 1,360,000 | 1,507,028 | |
| 5% 5/1/25 | 750,000 | 861,052 | |
| 5% 5/1/26 | 700,000 | 829,554 | |
| 5% 5/1/27 | 750,000 | 914,320 | |
| South Jersey Port Corp. Rev. (New Jersey Gen. Oblig. Proj.) Series 2017 B: | |||
| 5% 1/1/29 (a) | 730,000 | 879,953 | |
| 5% 1/1/31 (a) | 1,950,000 | 2,325,917 | |
| 5% 1/1/33 (a) | 750,000 | 890,288 | |
| 5% 1/1/35 (a) | 2,000,000 | 2,363,267 | |
| South Jersey Trans. Auth. Trans. Sys. Rev.: | |||
| Series 2019 A: | |||
| 5% 11/1/28 (FSA Insured) | 200,000 | 251,802 | |
| 5% 11/1/31 (FSA Insured) | 1,500,000 | 1,910,545 | |
| 5% 11/1/32 (FSA Insured) | 1,230,000 | 1,563,627 | |
| 5% 11/1/33 (FSA Insured) | 750,000 | 951,979 | |
| Series 2020 A: | |||
| 4% 11/1/50 (Build America Mutual Assurance Insured) | 2,000,000 | 2,323,302 | |
| 5% 11/1/45 | 7,000,000 | 8,636,625 | |
| 5% 11/1/45 (Build America Mutual Assurance Insured) | 2,000,000 | 2,510,102 | |
| The Board of Ed. of Newark Series 2021: | |||
| 4% 7/15/36 (Build America Mutual Assurance Insured) | 775,000 | 936,967 | |
| 4% 7/15/37 (Build America Mutual Assurance Insured) | 725,000 | 874,344 | |
| 5% 7/15/22 | 125,000 | 128,693 | |
| 5% 7/15/23 | 265,000 | 284,803 | |
| 5% 7/15/24 | 400,000 | 444,601 | |
| 5% 7/15/25 (Build America Mutual Assurance Insured) | 230,000 | 265,225 | |
| 5% 7/15/26 (Build America Mutual Assurance Insured) | 275,000 | 326,251 | |
| 5% 7/15/27 (Build America Mutual Assurance Insured) | 325,000 | 394,732 | |
| 5% 7/15/28 (Build America Mutual Assurance Insured) | 300,000 | 373,213 | |
| 5% 7/15/29 (Build America Mutual Assurance Insured) | 300,000 | 381,102 | |
| 5% 7/15/30 (Build America Mutual Assurance Insured) | 300,000 | 388,681 | |
| 5% 7/15/31 (Build America Mutual Assurance Insured) | 375,000 | 495,701 | |
| 5% 7/15/32 (Build America Mutual Assurance Insured) | 400,000 | 527,341 | |
| 5% 7/15/33 (Build America Mutual Assurance Insured) | 500,000 | 657,913 | |
| TOTAL NEW JERSEY | 532,202,179 | ||
| New York - 0.6% | |||
| Port Auth. of New York & New Jersey Series 221: | |||
| 4% 7/15/37 (a) | 1,000,000 | 1,177,299 | |
| 5% 7/15/35 (a) | 2,500,000 | 3,192,050 | |
| TOTAL NEW YORK | 4,369,349 | ||
| New York And New Jersey - 11.6% | |||
| Port Auth. of New York & New Jersey: | |||
| Series 194, 5.25% 10/15/55 | 10,000,000 | 11,663,741 | |
| Series 2014 185, 5% 9/1/30 (a) | 1,105,000 | 1,224,553 | |
| Series 2016, 5% 11/15/32 (a) | 5,000,000 | 5,958,063 | |
| Series 2018, 5% 9/15/34 (a) | 5,000,000 | 6,086,541 | |
| Series 207, 5% 9/15/29 (a) | 1,750,000 | 2,166,387 | |
| Series 209, 5% 7/15/35 | 3,970,000 | 4,948,447 | |
| Series 213, 5% 9/1/39 | 5,390,000 | 6,848,813 | |
| Series 214: | |||
| 5% 9/1/30 (a) | 250,000 | 315,559 | |
| 5% 9/1/36 (a) | 6,785,000 | 8,413,532 | |
| Series 218, 5% 11/1/44 (a) | 1,420,000 | 1,739,052 | |
| Series 221: | |||
| 4% 7/15/45 (a) | 1,500,000 | 1,733,992 | |
| 4% 7/15/60 (a) | 5,000,000 | 5,697,570 | |
| Series 223: | |||
| 4% 7/15/34 (a) | 2,000,000 | 2,427,557 | |
| 4% 7/15/35 (a) | 2,250,000 | 2,703,957 | |
| 4% 7/15/36 (a) | 1,350,000 | 1,616,209 | |
| 4% 7/15/37 (a) | 2,750,000 | 3,281,445 | |
| 4% 7/15/38 (a) | 6,000,000 | 7,145,335 | |
| 4% 7/15/39 (a) | 4,000,000 | 4,753,072 | |
| 5% 7/15/56 (a) | 3,500,000 | 4,382,266 | |
| TOTAL NEW YORK AND NEW JERSEY | 83,106,091 | ||
| Non-State Specific - 0.2% | |||
| Port Auth. of New York & New Jersey Series 217, 5% 11/1/44 | 1,000,000 | 1,264,911 | |
| Pennsylvania, New Jersey - 2.0% | |||
| Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev.: | |||
| Series 2015: | |||
| 3% 7/1/27 (Build America Mutual Assurance Insured) | 1,000,000 | 1,076,694 | |
| 5% 7/1/26 | 650,000 | 752,122 | |
| 5% 7/1/29 (Pre-Refunded to 7/1/25 @ 100) | 300,000 | 347,968 | |
| 5% 7/1/30 (Pre-Refunded to 7/1/25 @ 100) | 350,000 | 405,963 | |
| Series 2019 A, 5% 7/1/44 | 700,000 | 868,963 | |
| Series 2019 B, 5% 7/1/32 | 1,000,000 | 1,276,025 | |
| Delaware River Port Auth. Pennsylvania & New Jersey Rev.: | |||
| (Port District Proj.) Series 2012, 5% 1/1/24 | 3,000,000 | 3,150,940 | |
| Series 2018 A: | |||
| 5% 1/1/37 | 1,200,000 | 1,498,241 | |
| 5% 1/1/38 | 1,450,000 | 1,807,677 | |
| 5% 1/1/39 | 1,190,000 | 1,481,085 | |
| 5% 1/1/40 | 1,250,000 | 1,553,572 | |
| TOTAL PENNSYLVANIA, NEW JERSEY | 14,219,250 | ||
| Puerto Rico - 0.2% | |||
| Puerto Rico Indl., Tourist, Edl., Med. And Envir. Cont. Facilities Fing. Auth. Series 2021: | |||
| 4% 7/1/41 | 195,000 | 223,217 | |
| 5% 7/1/30 | 475,000 | 601,750 | |
| 5% 7/1/32 | 125,000 | 160,151 | |
| 5% 7/1/34 | 110,000 | 139,818 | |
| 5% 7/1/35 | 120,000 | 152,262 | |
| TOTAL PUERTO RICO | 1,277,198 | ||
| TOTAL MUNICIPAL BONDS | |||
| (Cost $595,161,202) | 648,773,746 | ||
| Municipal Notes - 8.6% | |||
| New Jersey - 8.6% | |||
| Lacey Township Gen. Oblig. BAN Series 2021 B, 1.5% 5/19/22 | 6,750,000 | $6,788,291 | |
| Middlesex County Gen. Oblig. BAN Series 2021, 2% 6/1/22 | 7,000,000 | 7,065,666 | |
| New Jersey Econ. Dev. Auth. Rev. (Cooper Health Sys. Proj.) Series 2008 A, 0.05% 12/7/21, LOC TD Banknorth, NA, VRDN (c) | 9,500,000 | 9,500,000 | |
| New Jersey Health Care Facilities Fing. Auth. Rev. (Virtua Health Proj.) Series 2009 B, 0.02% 12/1/21, LOC JPMorgan Chase Bank, VRDN (c) | 19,280,000 | 19,279,991 | |
| New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev. Series 2013 5, 0.07% 12/7/21, LOC Citibank NA, VRDN (a)(c) | 12,920,000 | 12,920,000 | |
| Rutgers State Univ. Rev. Series 2009 G, 0.03% 12/1/21 (Liquidity Facility TD Banknorth, NA), VRDN (c) | 3,200,000 | 3,200,000 | |
| Saddle Brook Township Gen. Oblig. BAN Series 2021, 1.5% 5/13/22 | 3,000,000 | 3,016,817 | |
| TOTAL MUNICIPAL NOTES | |||
| (Cost $61,770,313) | 61,770,765 | ||
| TOTAL INVESTMENT IN SECURITIES - 99.0% | |||
| (Cost $656,931,515) | 710,544,511 | ||
| NET OTHER ASSETS (LIABILITIES) - 1.0% | 7,420,777 | ||
| NET ASSETS - 100% | $717,965,288 |
Security Type Abbreviations
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
BAN – BOND ANTICIPATION NOTE
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 $2,308,438 or 0.3% of net assets.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.
Investment Valuation
The following is a summary of the inputs used, as of November 30, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| Municipal Securities | $710,544,511 | $-- | $710,544,511 | $-- |
| Total Investments in Securities: | $710,544,511 | $-- | $710,544,511 | $-- |
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
| General Obligations | 31.2% |
| Transportation | 24.8% |
| Health Care | 22.5% |
| Education | 12.9% |
| Others* (Individually Less Than 5%) | 8.6% |
| 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
| November 30, 2021 | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $656,931,515) | $710,544,511 | |
| Cash | 18,624,708 | |
| Receivable for fund shares sold | 174,145 | |
| Interest receivable | 8,442,059 | |
| Prepaid expenses | 813 | |
| Other receivables | 3,475 | |
| Total assets | 737,789,711 | |
| Liabilities | ||
| Payable for investments purchased on a delayed delivery basis | $18,777,012 | |
| Payable for fund shares redeemed | 277,345 | |
| Distributions payable | 454,198 | |
| Accrued management fee | 206,341 | |
| Other affiliated payables | 64,756 | |
| Other payables and accrued expenses | 44,771 | |
| Total liabilities | 19,824,423 | |
| Net Assets | $717,965,288 | |
| Net Assets consist of: | ||
| Paid in capital | $660,787,693 | |
| Total accumulated earnings (loss) | 57,177,595 | |
| Net Assets | $717,965,288 | |
| Net Asset Value, offering price and redemption price per share ($717,965,288 ÷ 56,891,061 shares) | $12.62 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended November 30, 2021 | ||
| Investment Income | ||
| Interest | $16,836,889 | |
| Expenses | ||
| Management fee | $2,397,767 | |
| Transfer agent fees | 589,501 | |
| Accounting fees and expenses | 159,194 | |
| Custodian fees and expenses | 6,153 | |
| Independent trustees' fees and expenses | 2,046 | |
| Registration fees | 31,600 | |
| Audit | 50,206 | |
| Legal | 6,707 | |
| Miscellaneous | 3,103 | |
| Total expenses before reductions | 3,246,277 | |
| Expense reductions | (12,382) | |
| Total expenses after reductions | 3,233,895 | |
| Net investment income (loss) | 13,602,994 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 3,985,933 | |
| Total net realized gain (loss) | 3,985,933 | |
| Change in net unrealized appreciation (depreciation) on investment securities | 5,736,100 | |
| Net gain (loss) | 9,722,033 | |
| Net increase (decrease) in net assets resulting from operations | $23,325,027 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended November 30, 2021 | Year ended November 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $13,602,994 | $14,304,005 |
| Net realized gain (loss) | 3,985,933 | 3,043,735 |
| Change in net unrealized appreciation (depreciation) | 5,736,100 | 5,279,899 |
| Net increase (decrease) in net assets resulting from operations | 23,325,027 | 22,627,639 |
| Distributions to shareholders | (16,312,712) | (17,458,648) |
| Share transactions | ||
| Proceeds from sales of shares | 182,166,528 | 161,943,130 |
| Reinvestment of distributions | 9,868,775 | 11,483,938 |
| Cost of shares redeemed | (97,390,245) | (147,952,232) |
| Net increase (decrease) in net assets resulting from share transactions | 94,645,058 | 25,474,836 |
| Total increase (decrease) in net assets | 101,657,373 | 30,643,827 |
| Net Assets | ||
| Beginning of period | 616,307,915 | 585,664,088 |
| End of period | $717,965,288 | $616,307,915 |
| Other Information | ||
| Shares | ||
| Sold | 14,441,831 | 13,283,343 |
| Issued in reinvestment of distributions | 783,148 | 940,306 |
| Redeemed | (7,723,607) | (12,335,521) |
| Net increase (decrease) | 7,501,372 | 1,888,128 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity New Jersey Municipal Income Fund
| Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $12.48 | $12.33 | $11.56 | $11.84 | $11.55 |
| Income from Investment Operations | |||||
| Net investment income (loss)A | .249 | .299 | .333 | .343 | .350 |
| Net realized and unrealized gain (loss) | .194 | .216 | .773 | (.216) | .379 |
| Total from investment operations | .443 | .515 | 1.106 | .127 | .729 |
| Distributions from net investment income | (.249) | (.299) | (.333) | (.343) | (.349) |
| Distributions from net realized gain | (.054) | (.066) | (.003) | (.064) | (.090) |
| Total distributions | (.303) | (.365) | (.336) | (.407) | (.439) |
| Redemption fees added to paid in capitalA | – | – | – | – | –B |
| Net asset value, end of period | $12.62 | $12.48 | $12.33 | $11.56 | $11.84 |
| Total ReturnC | 3.58% | 4.28% | 9.66% | 1.10% | 6.44% |
| Ratios to Average Net AssetsD,E | |||||
| Expenses before reductions | .47% | .47% | .47% | .47% | .47% |
| Expenses net of fee waivers, if any | .47% | .47% | .47% | .47% | .47% |
| Expenses net of all reductions | .47% | .47% | .47% | .47% | .47% |
| Net investment income (loss) | 1.97% | 2.45% | 2.75% | 2.95% | 2.99% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $717,965 | $616,308 | $585,664 | $510,645 | $522,402 |
| Portfolio turnover rateF | 12% | 15% | 12% | 18% | 17% |
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 Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
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 November 30, 2021
| Days | % of fund's investments 11/30/21 |
| 1 - 7 | 77.4 |
| 8 - 30 | 3.7 |
| 31 - 60 | 1.6 |
| 61 - 90 | 1.8 |
| 91 - 180 | 7.2 |
| > 180 | 8.3 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
| As of November 30, 2021 | ||
| Variable Rate Demand Notes (VRDNs) | 27.0% | |
| Tender Option Bond | 43.8% | |
| Other Municipal Security | 21.5% | |
| Investment Companies | 7.6% | |
| Net Other Assets (Liabilities) | 0.1% | |
Current 7-Day Yields
| 11/30/21 | |
| Fidelity® New Jersey Municipal Money Market Fund | 0.01% |
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 November 30, 2021, the most recent period shown in the table, would have been (0.42)%.
Fidelity® New Jersey Municipal Money Market Fund
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
| Variable Rate Demand Note - 27.0% | |||
| Principal Amount | Value | ||
| Alabama - 0.2% | |||
| Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.1% 12/7/21, VRDN (a)(b) | $900,000 | $900,000 | |
| Arkansas - 0.1% | |||
| Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1998, 0.1% 12/7/21, VRDN (a)(b) | 300,000 | 300,000 | |
| Kansas - 0.6% | |||
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | |||
| Series 2007 A, 0.14% 12/7/21, VRDN (b) | 800,000 | 800,000 | |
| Series 2007 B, 0.14% 12/7/21, VRDN (b) | 400,000 | 400,000 | |
| St. Mary's Kansas Poll. Cont. Rev. (Kansas Gas and Elec. Co. Proj.) Series 1994, 0.09% 12/7/21, VRDN (b) | 1,600,000 | 1,600,000 | |
| 2,800,000 | |||
| Louisiana - 0.9% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.09% 12/7/21, VRDN (b) | 3,900,000 | 3,900,000 | |
| Nebraska - 0.0% | |||
| Stanton County Indl. Dev. Rev. Series 1998, 0.1% 12/7/21, VRDN (a)(b) | 100,000 | 100,000 | |
| New Jersey - 21.8% | |||
| Gloucester County Ind. Poll. Cont. Fing. Auth. Rev. (ExxonMobil Proj.) Series 2003, 0.03% 12/1/21 (Exxon Mobil Corp. Guaranteed), VRDN (b) | 1,200,000 | 1,200,000 | |
| New Jersey Econ. Dev. Auth. Natural Gas Facilities Rev. (South Jersey Gas Co. Proj.) Series 2006-1, 0.05% 12/7/21, LOC JPMorgan Chase Bank, VRDN (a)(b) | 17,000,000 | 17,000,000 | |
| New Jersey Econ. Dev. Auth. Rev. (Cooper Health Sys. Proj.) Series 2008 A, 0.05% 12/7/21, LOC TD Banknorth, NA, VRDN (b) | 21,400,000 | 21,400,000 | |
| New Jersey Health Care Facilities Fing. Auth. Rev.: | |||
| (AHS Hosp. Corp. Proj.): | |||
| Series 2008 B, 0.07% 12/7/21, LOC Bank of America NA, VRDN (b) | 9,510,000 | 9,510,000 | |
| Series 2008 C, 0.07% 12/7/21, LOC JPMorgan Chase Bank, VRDN (b) | 3,720,000 | 3,720,000 | |
| (Meridian Health Sys. Proj.): | |||
| Series 2003 A, 0.04% 12/7/21, LOC TD Banknorth, NA, VRDN (b) | 2,700,000 | 2,700,000 | |
| Series 2006 A5, 0.03% 12/7/21, LOC Wells Fargo Bank NA, VRDN (b) | 2,375,000 | 2,375,000 | |
| (Meridian Nursing and Rehab. at Red Bank, Inc. Proj.) Series 2004 A3, 0.05% 12/7/21, LOC Wells Fargo Bank NA, VRDN (b) | 3,865,000 | 3,865,000 | |
| (Southern Ocean County Hosp. Proj.) Series 2006, 0.03% 12/7/21, LOC Wells Fargo Bank NA, VRDN (b) | 3,400,000 | 3,400,000 | |
| New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev. Series 2013 5, 0.07% 12/7/21, LOC Citibank NA, VRDN (a)(b) | 20,230,000 | 20,230,000 | |
| FHLMC Essex County Impt. Auth. Multi-family Hsg. Rev. (Fern Sr. Hsg. Proj.) Series 2010, 0.04% 12/7/21, LOC Freddie Mac, VRDN (b) | 8,000,000 | 8,000,000 | |
| 93,400,000 | |||
| New York And New Jersey - 2.7% | |||
| Port Auth. of New York & New Jersey: | |||
| Series 1995 3, 0.12% 12/30/21, VRDN (a)(b)(c) | 4,800,000 | 4,800,000 | |
| Series 1995 4, 0.12% 12/30/21, VRDN (a)(b)(c) | 6,600,000 | 6,600,000 | |
| 11,400,000 | |||
| South Carolina - 0.5% | |||
| Berkeley County Indl. Dev. Rev. (Nucor Corp. Proj.): | |||
| Series 1995, 0.1% 12/7/21, VRDN (a)(b) | 100,000 | 100,000 | |
| Series 1997, 0.1% 12/7/21, VRDN (a)(b) | 2,100,000 | 2,100,000 | |
| 2,200,000 | |||
| Tennessee - 0.0% | |||
| Memphis-Shelby County Indl. Dev. Board Facilities Rev. Series 2007, 0.1% 12/7/21, VRDN (a)(b) | 50,000 | 50,000 | |
| West Virginia - 0.2% | |||
| West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
| (Appalachian Pwr. Co. Amos Proj.) Series 2008 B, 0.15% 12/7/21, VRDN (a)(b) | 400,000 | 400,000 | |
| (Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.13% 12/7/21, VRDN (a)(b) | 600,000 | 600,000 | |
| 1,000,000 | |||
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $116,050,000) | 116,050,000 | ||
| Tender Option Bond - 43.8% | |||
| California - 0.7% | |||
| California Health Facilities Fing. Auth. Rev. Participating VRDN Series DBE 80 11, 0.2% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 3,200,000 | 3,200,000 | |
| Colorado - 0.0% | |||
| Denver City & County Arpt. Rev. Bonds Series G-114, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 100,000 | 100,000 | |
| Connecticut - 0.2% | |||
| Connecticut Gen. Oblig. Participating VRDN Series Floaters 016, 0.17% 1/11/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 200,000 | 200,000 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.23%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 500,000 | 500,000 | |
| 700,000 | |||
| Florida - 0.2% | |||
| Broward County Port Facilities Rev. Bonds Series G 115, 0.3%, tender 3/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 200,000 | 200,000 | |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 0.3%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d)(e) | 200,000 | 200,000 | |
| Lee County Arpt. Rev. Participating VRDN Series XF 11 26, 0.12% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(e) | 200,000 | 200,000 | |
| Tampa-Hillsborough County Expressway Auth. Rev. Bonds Series G-113, 0.25%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 300,000 | 300,000 | |
| 900,000 | |||
| Indiana - 0.2% | |||
| Indiana Fin. Auth. Rev. Participating VRDN Series 2020 004, 0.2% 1/11/22 (Liquidity Facility Wells Fargo Bank NA) (b)(d)(e) | 690,000 | 690,000 | |
| Kentucky - 0.1% | |||
| CommonSpirit Health Participating VRDN Series MIZ 90 21, 0.13% 12/7/21 (Liquidity Facility Mizuho Cap. Markets Llc) (b)(d)(e) | 200,000 | 200,000 | |
| Nebraska - 0.1% | |||
| Univ. of Nebraska Facilities Corp. Participating VRDN Series 2021 XF 11 03, 0.11% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 400,000 | 400,000 | |
| New Jersey - 34.3% | |||
| Hudson County Impt. Auth. Participating VRDN: | |||
| Series 16 ZF0450, 0.1% 12/7/21 (Liquidity Facility Toronto-Dominion Bank) (b)(d)(e) | 4,275,000 | 4,275,000 | |
| Series Floaters XG 02 22, 0.1% 12/7/21 (Liquidity Facility Bank of America NA) (b)(d)(e) | 2,460,000 | 2,460,000 | |
| New Jersey Econ. Dev. Auth. Natural Gas Facilities Rev. Participating VRDN: | |||
| Series XF 08 82, 0.09% 12/7/21 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e) | 4,460,000 | 4,460,000 | |
| Series ZF 08 12, 0.11% 12/7/21 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | 13,550,000 | 13,550,000 | |
| New Jersey Econ. Dev. Auth. Rev. Participating VRDN: | |||
| Series Floaters XF 10 48, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 12,385,000 | 12,385,000 | |
| Series Floaters XF 23 93, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,750,000 | 1,750,000 | |
| Series Floaters XX 10 91, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 9,600,000 | 9,600,000 | |
| Series XG 02 60, 0.08% 12/7/21 (Liquidity Facility Bank of America NA) (b)(d)(e) | 3,000,000 | 3,000,000 | |
| Series XG 02 61, 0.08% 12/7/21 (Liquidity Facility Bank of America NA) (b)(d)(e) | 3,000,000 | 3,000,000 | |
| Series YX 11 60, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 3,115,000 | 3,115,000 | |
| New Jersey Gen. Oblig. Participating VRDN Series ZF 12 07, 0.08% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (b)(d)(e) | 5,800,000 | 5,800,000 | |
| New Jersey Health Care Facilities Fing. Auth. Rev. Participating VRDN: | |||
| Series XF 09 71, 0.06% 12/7/21 (Liquidity Facility Toronto-Dominion Bank) (b)(d)(e) | 1,915,000 | 1,915,000 | |
| Series XF 12 45, 0.09% 12/7/21 (Liquidity Facility Bank of America NA) (b)(d)(e) | 835,000 | 835,000 | |
| Series XF 27 02, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,100,000 | 1,100,000 | |
| Series ZM 09 53, 0.06% 12/7/21 (Liquidity Facility Citibank NA) (b)(d)(e) | 5,000,000 | 5,000,000 | |
| Series ZM 09 54, 0.06% 12/7/21 (Liquidity Facility Citibank NA) (b)(d)(e) | 3,400,000 | 3,400,000 | |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Participating VRDN: | |||
| Series Floaters XG 01 78, 0.12% 12/7/21 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | 5,660,000 | 5,660,000 | |
| Series XL 01 15, 0.1% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e) | 1,595,000 | 1,595,000 | |
| Series ZF 09 59, 0.12% 12/7/21 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) | 2,000,000 | 2,000,000 | |
| New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Participating VRDN: | |||
| Series 20 XF 28 96, 0.08% 12/7/21 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 2,815,000 | 2,815,000 | |
| Series Floaters XF 27 97, 0.1% 12/7/21 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(d)(e) | 2,820,000 | 2,820,000 | |
| Series Floaters XG 02 28, 0.08% 12/7/21 (Liquidity Facility Royal Bank of Canada) (b)(d)(e) | 1,865,000 | 1,865,000 | |
| New Jersey Tpk. Auth. Tpk. Rev.: | |||
| Bonds Series G 119, 0.2%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 1,100,000 | 1,100,000 | |
| Participating VRDN Series 2021 XM 09 43, 0.08% 12/7/21 (Liquidity Facility Bank of America NA) (b)(d)(e) | 2,800,000 | 2,800,000 | |
| New Jersey Trans. Trust Fund Auth. Participating VRDN: | |||
| Series Floaters XF 23 70, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 3,415,000 | 3,415,000 | |
| Series Floaters XG 02 24, 0.08% 12/7/21 (Liquidity Facility Bank of America NA) (b)(d)(e) | 11,400,000 | 11,400,000 | |
| Series Floaters XX 10 93, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 3,700,000 | 3,700,000 | |
| Rutgers State Univ. Rev. Participating VRDN: | |||
| Series XF 22 95, 0.05% 12/7/21 (Liquidity Facility Citibank NA) (b)(d)(e) | 3,900,000 | 3,900,000 | |
| Series ZF 24 76, 0.05% 12/7/21 (Liquidity Facility Citibank NA) (b)(d)(e) | 3,315,000 | 3,315,000 | |
| Series ZF 24 77, 0.05% 12/7/21 (Liquidity Facility Citibank NA) (b)(d)(e) | 4,000,000 | 4,000,000 | |
| Union County Impt. Auth. Participating VRDN Series XF 10 19, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 1,640,000 | 1,640,000 | |
| Union County Impt. Auth. Rev. Participating VRDN Series XG 00 57, 0.11% 12/7/21 (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, 0.05% 12/7/21 (Liquidity Facility Citibank NA) (b)(d)(e) | 500,000 | 500,000 | |
| Union County Utils. Resources Auth. Participating VRDN Series 16 ZM0165, 0.13% 12/7/21 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) | 13,140,000 | 13,140,000 | |
| 147,270,000 | |||
| New York - 0.2% | |||
| New York City Gen. Oblig. Participating VRDN Series 2020 003, 0.2% 1/11/22 (Liquidity Facility Wells Fargo Bank NA) (b)(d)(e) | 100,000 | 100,000 | |
| New York City Transitional Fin. Auth. Rev. Participating VRDN Series 002, 0.2% 1/11/22 (Liquidity Facility Wells Fargo Bank NA) (b)(d)(e) | 600,000 | 600,000 | |
| 700,000 | |||
| New York And New Jersey - 7.4% | |||
| Port Auth. of New York & New Jersey Participating VRDN: | |||
| Series 15 ZF0203, 0.09% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | 1,675,000 | 1,675,000 | |
| Series Floaters XM 06 16, 0.09% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(b)(d)(e) | 2,900,000 | 2,900,000 | |
| Series MS 3321, 0.12% 12/7/21 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d)(e) | 4,970,000 | 4,970,000 | |
| Series XF 09 38, 0.09% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d)(e) | 8,000,000 | 8,000,000 | |
| Series XG 02 65 0.14% 12/7/21 (Liquidity Facility Bank of America NA) (a)(b)(d)(e) | 10,375,000 | 10,375,000 | |
| Series XL 01 10, 0.15% 12/7/21 (Liquidity Facility Royal Bank of Canada) (a)(b)(d)(e) | 3,795,000 | 3,795,000 | |
| 31,715,000 | |||
| North Dakota - 0.1% | |||
| Grand Forks Health Care Sys. Rev. Participating VRDN Series 2021 XG 03 44, 0.14% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(d)(e) | 200,000 | 200,000 | |
| Ohio - 0.1% | |||
| Ohio Hosp. Rev. Participating VRDN Series 002, 0.17% 1/11/22 (Liquidity Facility Barclays Bank PLC) (b)(d)(e) | 400,000 | 400,000 | |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.25%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 200,000 | 200,000 | |
| 600,000 | |||
| South Carolina - 0.0% | |||
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 0.25%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| Tennessee - 0.0% | |||
| Metropolitan Nashville Arpt. Auth. Rev. Participating VRDN Series 2021 XL 01 89, 0.12% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b)(d)(e) | 100,000 | 100,000 | |
| Texas - 0.0% | |||
| Alamo Cmnty. College District Rev. Bonds Series G-111, 0.25%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 200,000 | 200,000 | |
| Virginia - 0.2% | |||
| Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 0.12% 12/7/21 (Liquidity Facility Mizuho Cap. Markets Llc) (b)(d)(e) | 650,000 | 650,000 | |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.25%, tender 2/1/22 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) | 100,000 | 100,000 | |
| 750,000 | |||
| TOTAL TENDER OPTION BOND | |||
| (Cost $187,825,000) | 187,825,000 | ||
| Other Municipal Security - 21.5% | |||
| Michigan - 0.0% | |||
| Kent Hosp. Fin. Auth. Hosp. Facilities Rev. Bonds (Spectrum Health Sys. Proj.) Series 2015 A, SIFMA Municipal Swap Index + 0.250% 0.3%, tender 6/28/22 (b)(f) | 100,000 | 100,000 | |
| New Jersey - 16.4% | |||
| Bergen County Gen. Oblig. BAN: | |||
| Series 2021 A, 1% 6/9/22 | 2,800,000 | 2,812,230 | |
| Series 2021, 1.5% 10/20/22 | 7,800,000 | 7,893,735 | |
| Burlington County Bridge Commission Lease Rev. BAN: | |||
| (Governmental Leasing Prog.) Series 2021 A, 1% 4/14/22 | 1,800,000 | 1,805,273 | |
| (Govt. Leasing Prog.) Series 2021 C, 2% 11/10/22 | 1,700,000 | 1,728,775 | |
| Cherry Hill Township Gen. Oblig. BAN Series 2021, 2% 10/25/22 | 2,800,000 | 2,846,475 | |
| Hudson County Impt. Auth. Rev. BAN Series 2021 B1, 1.5% 4/28/22 (Hudson County Gen. Oblig. Guaranteed) | 1,700,000 | 1,709,076 | |
| Little Ferry BAN Series 2021, 2% 4/20/22 | 3,330,000 | 3,352,288 | |
| Mercer County Gen. Oblig. BAN Series 2021 A, 1% 6/8/22 | 2,300,000 | 2,309,858 | |
| Monmouth County: | |||
| BAN Series 2021, 4% 11/17/22 | 2,200,000 | 2,280,211 | |
| Bonds Series 2021 A: | |||
| 5% 1/15/22 | 2,170,000 | 2,182,964 | |
| 5% 1/15/22 | 250,000 | 251,494 | |
| Monroe Township Middlesex County Gen. Oblig. BAN Series 2021, 2% 6/7/22 | 4,400,000 | 4,441,383 | |
| New Jersey Econ. Dev. Auth. Rev. Bonds Series 2021, 0.09% tender 12/1/21, CP mode | 2,100,000 | 2,100,000 | |
| New Jersey Edl. Facilities Auth. Rev. Bonds Series 2021 C, 5% 3/1/22 | 330,000 | 333,966 | |
| New Jersey Health Care Facilities Fing. Auth. Rev. Bonds Series 2016 A, 5% 7/1/22 | 575,000 | 591,297 | |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Bonds: | |||
| Series 2012 1A, 5% 12/1/21 (a) | 5,000,000 | 5,000,000 | |
| Series 2013, 5% 12/1/21 (a) | 1,000,000 | 1,000,000 | |
| Series 2014 1A, 5% 12/1/21 (a) | 1,800,000 | 1,800,000 | |
| New Jersey Tpk. Auth. Tpk. Rev. Bonds: | |||
| Series 2012 A, 5% 1/1/22 (Pre-Refunded to 1/1/22 @ 100) | 715,000 | 717,891 | |
| Series 2013 A: | |||
| 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) | 600,000 | 616,819 | |
| 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) | 110,000 | 113,092 | |
| Oradell BAN Series 2021, 2% 4/1/22 | 3,000,000 | 3,017,553 | |
| Roxbury Township Gen. Oblig. BAN Series 2021, 2% 3/4/22 | 1,940,450 | 1,949,076 | |
| Ship Bottom Gen. Impt. Wtr. Swr. Util. BAN Series 2021, 1.5% 10/20/22 | 2,200,000 | 2,223,868 | |
| Summit Gen. Oblig. BAN Series 2021, 2% 10/21/22 | 4,500,000 | 4,571,742 | |
| Tenafly BAN Series 2021, 2% 5/27/22 | 2,500,000 | 2,521,276 | |
| Tewksbury Township Gen. Oblig. BAN Series 2021, 2% 5/18/22 | 2,792,800 | 2,815,357 | |
| Verona Township Gen. Oblig. BAN Series 2021, 2% 3/4/22 | 4,872,000 | 4,893,289 | |
| Wildwood Crest BAN Series 2021, 2% 3/17/22 | 2,200,000 | 2,211,666 | |
| 70,090,654 | |||
| Pennsylvania, New Jersey - 0.2% | |||
| Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev. Bonds Series 2012 A, 3% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) | 1,000,000 | 1,016,535 | |
| New York And New Jersey - 4.9% | |||
| Port Auth. of New York & New Jersey: | |||
| Bonds: | |||
| Series 173, 4% 12/1/21 | 1,005,000 | 1,005,000 | |
| Series 2013, 5% 12/1/22 (a) | 205,000 | 214,409 | |
| Series 2018, 5% 9/15/22 (a) | 230,000 | 238,421 | |
| Series 2021 A: | |||
| 0.12% 12/1/21, CP (a) | 1,000,000 | 1,000,000 | |
| 0.12% 12/9/21, CP (a) | 4,400,000 | 4,400,000 | |
| 0.13% 1/12/22, CP (a) | 1,500,000 | 1,500,000 | |
| 0.16% 4/7/22, CP (a) | 4,300,000 | 4,300,000 | |
| Series 2021 B: | |||
| 0.14% 2/2/22, CP | 3,300,000 | 3,300,000 | |
| 0.14% 2/9/22, CP | 2,500,000 | 2,500,000 | |
| 0.15% 2/16/22, CP | 1,800,000 | 1,800,000 | |
| 0.16% 4/13/22, CP | 900,000 | 900,000 | |
| 21,157,830 | |||
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $92,365,019) | 92,365,019 | ||
| Shares | Value | ||
| Investment Company - 7.6% | |||
| Fidelity Municipal Cash Central Fund 0.06% (g)(h) | 32,400,109 | 32,404,906 | |
| (Cost $32,404,906) | |||
| TOTAL INVESTMENT IN SECURITIES - 99.9% | |||
| (Cost $428,644,925) | 428,644,925 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.1% | 316,488 | ||
| NET ASSETS - 100% | $428,961,413 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
CP – COMMERCIAL PAPER
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
Legend
(a) 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 (including private placements) - 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 $14,400,000 or 3.4% 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) 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 generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Alamo Cmnty. College District Rev. Bonds Series G-111, 0.25%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) | 5/3/21 | $200,000 |
| Broward County Port Facilities Rev. Bonds Series G 115, 0.3%, tender 3/1/22 (Liquidity Facility Royal Bank of Canada) | 3/1/21 | $200,000 |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.23%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $500,000 |
| Denver City & County Arpt. Rev. Bonds Series G-114, 0.3%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) | 6/1/21 | $100,000 |
| Greater Orlando Aviation Auth. Arpt. Facilities Rev. Bonds Series Floaters G 25, 0.3%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $200,000 |
| New Jersey Tpk. Auth. Tpk. Rev. Bonds Series G 119, 0.2%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) | 7/1/21 | $1,100,000 |
| Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 0.25%, tender 6/1/22 (Liquidity Facility Royal Bank of Canada) | 6/1/21 | $200,000 |
| Port Auth. of New York & New Jersey Series 1995 3, 0.12% 12/30/21, VRDN | 9/15/95 | $4,800,000 |
| Port Auth. of New York & New Jersey Series 1995 4, 0.12% 12/30/21, VRDN | 8/9/02 | $6,600,000 |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 0.25%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $100,000 |
| Tampa-Hillsborough County Expressway Auth. Rev. Bonds Series G-113, 0.25%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) | 7/1/21 | $300,000 |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.25%, tender 2/1/22 (Liquidity Facility Royal Bank of Canada) | 2/1/21 | $100,000 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Municipal Cash Central Fund 0.06% | $37,236,002 | $153,867,002 | $158,701,000 | $22,973 | $2,904 | $(2) | $32,404,906 | 2.1% |
| Total | $37,236,002 | $153,867,002 | $158,701,000 | $22,973 | $2,904 | $(2) | $32,404,906 |
Amounts in the income column in the above table include 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
| November 30, 2021 | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $396,240,019) | $396,240,019 | |
| Fidelity Central Funds (cost $32,404,906) | 32,404,906 | |
| Total Investment in Securities (cost $428,644,925) | $428,644,925 | |
| Receivable for fund shares sold | 597,082 | |
| Interest receivable | 746,819 | |
| Distributions receivable from Fidelity Central Funds | 1,506 | |
| Prepaid expenses | 516 | |
| Total assets | 429,990,848 | |
| Liabilities | ||
| Payable to custodian bank | $551,998 | |
| Payable for fund shares redeemed | 415,156 | |
| Distributions payable | 190 | |
| Accrued management fee | 21,888 | |
| Other affiliated payables | 5,593 | |
| Other payables and accrued expenses | 34,610 | |
| Total liabilities | 1,029,435 | |
| Net Assets | $428,961,413 | |
| Net Assets consist of: | ||
| Paid in capital | $428,973,684 | |
| Total accumulated earnings (loss) | (12,271) | |
| Net Assets | $428,961,413 | |
| Net Asset Value, offering price and redemption price per share ($428,961,413 ÷ 428,126,062 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended November 30, 2021 | ||
| Investment Income | ||
| Interest | $533,628 | |
| Income from Fidelity Central Funds | 22,325 | |
| Total income | 555,953 | |
| Expenses | ||
| Management fee | $1,556,431 | |
| Transfer agent fees | 575,145 | |
| Accounting fees and expenses | 69,898 | |
| Custodian fees and expenses | 5,244 | |
| Independent trustees' fees and expenses | 1,385 | |
| Registration fees | 25,089 | |
| Audit | 35,953 | |
| Legal | 5,121 | |
| Miscellaneous | 1,599 | |
| Total expenses before reductions | 2,275,865 | |
| Expense reductions | (1,764,661) | |
| Total expenses after reductions | 511,204 | |
| Net investment income (loss) | 44,749 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 80,909 | |
| Fidelity Central Funds | 2,904 | |
| Capital gain distributions from Fidelity Central Funds | 648 | |
| Total net realized gain (loss) | 84,461 | |
| Net increase in net assets resulting from operations | $129,210 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended November 30, 2021 | Year ended November 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $44,749 | $2,149,317 |
| Net realized gain (loss) | 84,461 | 65,810 |
| Net increase in net assets resulting from operations | 129,210 | 2,215,127 |
| Distributions to shareholders | (44,659) | (2,148,946) |
| Share transactions | ||
| Proceeds from sales of shares | 36,561,916 | 75,396,580 |
| Reinvestment of distributions | 42,790 | 2,069,951 |
| Cost of shares redeemed | (81,181,381) | (174,879,251) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (44,576,675) | (97,412,720) |
| Total increase (decrease) in net assets | (44,492,124) | (97,346,539) |
| Net Assets | ||
| Beginning of period | 473,453,537 | 570,800,076 |
| End of period | $428,961,413 | $473,453,537 |
| Other Information | ||
| Shares | ||
| Sold | 36,561,916 | 75,396,580 |
| Issued in reinvestment of distributions | 42,790 | 2,069,951 |
| Redeemed | (81,181,381) | (174,879,251) |
| Net increase (decrease) | (44,576,675) | (97,412,720) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity New Jersey Municipal Money Market Fund
| Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .004 | .011 | .009 | .004 |
| Net realized and unrealized gain (loss) | –A | –A | –A | .001 | –A |
| Total from investment operations | –A | .004 | .011 | .010 | .004 |
| Distributions from net investment income | –A | (.004) | (.011) | (.009) | (.004) |
| Distributions from net realized gain | – | – | –A | (.001) | – |
| Total distributions | –A | (.004) | (.011) | (.010) | (.004) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .01% | .39% | 1.13% | 1.02% | .37% |
| Ratios to Average Net AssetsC,D | |||||
| Expenses before reductions | .51% | .51% | .51% | .51% | .50% |
| Expenses net of fee waivers, if any | .11% | .40% | .51% | .51% | .50% |
| Expenses net of all reductions | .11% | .40% | .51% | .51% | .50% |
| Net investment income (loss) | .01% | .41% | 1.09% | .91% | .36% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $428,961 | $473,454 | $570,800 | $716,063 | $983,578 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2021
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.
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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission 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 - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has 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 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. The aggregate value of investments by input level as of November 30, 2021 is included at the end of the Fund's Schedule of Investments.
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.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, 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. As of November 30, 2021, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Income Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and capital loss carryforwards.
The 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 | $656,925,491 | $53,862,046 | $(243,026) | $53,619,020 |
| Fidelity New Jersey Municipal Money Market Fund | 428,644,925 | – | – | – |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| Undistributed tax-exempt income | Undistributed ordinary income | Undistributed long-term capital gain | Capital loss carryforward | Net unrealized appreciation (depreciation) on securities and other investments | |
| Fidelity New Jersey Municipal Income Fund | $– | $1,077,254 | $2,490,533 | $– | $53,619,020 |
| Fidelity New Jersey Municipal Money Market Fund | 50 | – | – | (12,321) | – |
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
| No expiration | |||
| Short-term | Long-term | Total capital loss carryfoward | |
| Fidelity New Jersey Municipal Money Market Fund | (12,321) | (–) | (12,321) |
The tax character of distributions paid was as follows:
| November 30, 2021 | |||||
| Tax-Exempt Income | Ordinary Income | Long-term Capital Gains | Tax Return of Capital | Total | |
| Fidelity New Jersey Municipal Income Fund | $13,594,154 | $– | $2,718,558 | $– | $16,312,712 |
| Fidelity New Jersey Municipal Money Market Fund | 44,659 | – | – | – | 44,659 |
| November 30, 2020 | |||||
| Tax-Exempt Income | Ordinary Income | Long-term Capital Gains | Tax Return of Capital | Total | |
| Fidelity New Jersey Municipal Income Fund | $14,298,258 | $430,962 | $2,729,428 | $– | $17,458,648 |
| Fidelity New Jersey Municipal Money Market Fund | 2,148,946 | – | – | – | 2,148,946 |
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity New Jersey Municipal Income Fund | 138,650,895 | 77,927,737 |
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (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 monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annual management fee rate expressed as a percentage of each Fund's average net assets was as follows:
| Individual Rate | Group Rate | Total | |
| Fidelity New Jersey Municipal Income Fund | .25% | .10% | .35% |
| Fidelity New Jersey Municipal Money Market Fund | .25% | .10% | .35% |
During the period, the investment advisor or its affiliates waived a portion of these fees for the Fidelity New Jersey Municipal Money Market Fund.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the 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 annual rates expressed as a percentage of average net assets:
| Fidelity New Jersey Municipal Income Fund | .09% |
| Fidelity New Jersey Municipal Money Market Fund | .13% |
During the period, the investment advisor or its affiliates waived a portion of these fees for the Fidelity New Jersey Municipal Money Market Fund.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity New Jersey Municipal Income Fund | .02 |
| Fidelity New Jersey Municipal Money Market Fund | .02 |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. For the Income Fund, any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity New Jersey Municipal Income Fund | – | – | – |
| Fidelity New Jersey Municipal Money Market Fund | 11,784,000 | 14,122,816 | (1,591) |
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.
| Amount | |
| Fidelity New Jersey Municipal Income Fund | $1,219 |
7. Expense Reductions.
The investment adviser or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $1,760,645.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
| Custodian credits | |
| Fidelity New Jersey Municipal Income Fund | $6,150 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses as follows:
| Amount | |
| Fidelity New Jersey Municipal Income Fund | $6,232 |
| Fidelity New Jersey Municipal Money Market Fund | 4,016 |
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Court Street Trust and Fidelity Court Street Trust II and the Shareholders of Fidelity New Jersey Municipal Income Fund and Fidelity New Jersey Municipal Money Market Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity New Jersey Municipal Income Fund (one of the funds constituting Fidelity Court Street Trust) and Fidelity New Jersey Municipal Money Market Fund (one of the funds constituting Fidelity Court Street Trust II) (hereafter collectively referred to as the “Funds”) as of November 30, 2021, the related statements of operations for the year ended November 30, 2021, the statements of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended November 30, 2021 and each of the financial highlights for each of the five years in the period ended November 30, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 13, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Each of the Trustees oversees 286 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trusts or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2015 or 2016
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2015 or 2016
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2021 to November 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value June 1, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
| Fidelity New Jersey Municipal Income Fund | .46% | |||
| Actual | $1,000.00 | $1,007.00 | $2.31 | |
| Hypothetical-C | $1,000.00 | $1,022.76 | $2.33 | |
| Fidelity New Jersey Municipal Money Market Fund | .09% | |||
| Actual | $1,000.00 | $1,000.10 | $.45** | |
| Hypothetical-C | $1,000.00 | $1,024.62 | $.46** |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
** If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratios and the expenses paid in the actual and hypothetical examples above would have been as follows:
| Annualized Expense Ratio-(a) | Expenses Paid | |
| Fidelity New Jersey Municipal Money Market Fund | .50% | |
| Actual | $2.50 | |
| Hypothetical-(b) | $2.54 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
| Pay Date | Record Date | Capital Gains | |
| Fidelity New Jersey Municipal Income Fund | 12/29/2021 | 12/28/2021 | $0.06300 |
| Fidelity New Jersey Municipal Money Market Fund | 12/23/2021 | 12/22/2021 | $0.00059 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended November 30, 2021, or, if subsequently determined to be different, the net capital gain of such year.
| Fidelity New Jersey Municipal Income Fund | $ 2,498,857 |
During fiscal year ended 2021, 100% of each fund's income dividends were free from federal income tax, and 13.72% and 36.95% of Fidelity New Jersey Municipal Income Fund and Fidelity New Jersey Municipal Money Market Fund's income dividends, respectively, were subject to the federal alternative minimum tax.
The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity New Jersey Municipal Income Fund / Fidelity New Jersey Municipal Money Market Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for each fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of each fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its September 2021 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of each fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.Investment Performance (for Fidelity New Jersey Municipal Income Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also reviews and considers information about performance attribution. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and discussed with the Investment Advisers the reasons for such underperformance.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and on net performance (after fees and expenses) compared to appropriate peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the potential for incremental return versus the fund's benchmark index weighed against the risks involved in obtaining that incremental return, including the risk of diminished or negative total returns; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.Investment Performance (for Fidelity New Jersey Municipal Money Market Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate peer group.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods.The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should continue to benefit the shareholders of each fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than a fund. The funds' actual TMG %s and the number of funds in the Total Mapped Group are in the charts below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee rate ranked, is also included in the charts and was considered by the Board.Fidelity New Jersey Municipal Income Fund
Fidelity New Jersey Municipal Money Market Fund
The Board noted that because there is a relatively small number of state-specific funds in the Lipper objective, Fidelity combines Lipper's separate categories for state-specific funds with all state and national municipal money market funds to create a single mapped group.
NJN-ANN-0122
1.539150.124
Fidelity® New Jersey AMT Tax-Free Money Market Fund
November 30, 2021
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
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, or for Institutional and Service Class, call 1-877-208-0098, to request a free copy of the proxy voting guidelines.
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Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2022 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.
Note to Shareholders:
Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.
In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.
Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification as of November 30, 2021
| Days | % of fund's investments 11/30/21 |
| 1 - 7 | 82.3 |
| 8 - 30 | 1.1 |
| 31 - 60 | 1.8 |
| 61 - 90 | 0.5 |
| 91 - 180 | 6.7 |
| > 180 | 7.6 |
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 November 30, 2021 | ||
| Variable Rate Demand Notes (VRDNs) | 28.8% | |
| Tender Option Bond | 47.8% | |
| Other Municipal Security | 16.5% | |
| Investment Companies | 6.2% | |
| Net Other Assets (Liabilities) | 0.7% | |
Current 7-Day Yields
| 11/30/21 | |
| Fidelity® New Jersey AMT Tax-Free Money Market Fund | 0.01% |
| Service Class | 0.01% |
| Institutional Class | 0.01% |
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 November 30, 2021, the most recent period shown in the table, would have been (0.22)% for Money Market Fund, (0.16)% for Institutional Class and (0.43)% for Service Class.
Schedule of Investments November 30, 2021
Showing Percentage of Net Assets
| Variable Rate Demand Note - 28.8% | |||
| Principal Amount | Value | ||
| Alabama - 1.0% | |||
| Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 0.13% 12/7/21, VRDN (a) | $2,500,000 | $2,500,000 | |
| West Jefferson Indl. Dev. Series 2008, 0.13% 12/7/21, VRDN (a) | 800,000 | 800,000 | |
| 3,300,000 | |||
| Arizona - 0.1% | |||
| Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.17% 12/7/21, VRDN (a) | 300,000 | 300,000 | |
| Kansas - 0.3% | |||
| Burlington Envir. Impt. Rev. (Kansas City Pwr. and Lt. Co. Proj.): | |||
| Series 2007 A, 0.14% 12/7/21, VRDN (a) | 100,000 | 100,000 | |
| Series 2007 B, 0.14% 12/7/21, VRDN (a) | 300,000 | 300,000 | |
| Wamego Kansas Poll. Cont. Rfdg. Rev.: | |||
| (Kansas Gas & Elec. Co. Proj.) Series 1994, 0.09% 12/7/21, VRDN (a) | 100,000 | 100,000 | |
| (Western Resources, Inc. Proj.) Series 1994, 0.09% 12/7/21, VRDN (a) | 500,000 | 500,000 | |
| 1,000,000 | |||
| Louisiana - 0.7% | |||
| Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.09% 12/7/21, VRDN (a) | 2,500,000 | 2,500,000 | |
| New Jersey - 22.6% | |||
| Gloucester County Ind. Poll. Cont. Fing. Auth. Rev. (ExxonMobil Proj.) Series 2003, 0.03% 12/1/21 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 3,320,000 | 3,320,000 | |
| New Jersey Econ. Dev. Auth. Poll. Cont. Rev. (Exxon Mobil Corp. Proj.) Series 1989, 0.03% 12/1/21 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 7,120,000 | 7,120,000 | |
| New Jersey Econ. Dev. Auth. Rev. (Cooper Health Sys. Proj.) Series 2008 A, 0.05% 12/7/21, LOC TD Banknorth, NA, VRDN (a) | 3,500,000 | 3,500,000 | |
| New Jersey Health Care Facilities Fing. Auth. Rev.: | |||
| (AHS Hosp. Corp. Proj.): | |||
| Series 2008 B, 0.07% 12/7/21, LOC Bank of America NA, VRDN (a) | 6,325,000 | 6,325,000 | |
| Series 2008 C, 0.07% 12/7/21, LOC JPMorgan Chase Bank, VRDN (a) | 10,695,000 | 10,695,000 | |
| (Meridian Health Sys. Proj.): | |||
| Series 2003 A, 0.04% 12/7/21, LOC TD Banknorth, NA, VRDN (a) | 10,900,000 | 10,900,000 | |
| Series 2006 A4, 0.03% 12/7/21, LOC Wells Fargo Bank NA, VRDN (a) | 5,910,000 | 5,910,000 | |
| (Meridian Nursing and Rehab. at Red Bank, Inc. Proj.) Series 2004 A3, 0.05% 12/7/21, LOC Wells Fargo Bank NA, VRDN (a) | 4,585,000 | 4,585,000 | |
| (Southern Ocean County Hosp. Proj.) Series 2006, 0.03% 12/7/21, LOC Wells Fargo Bank NA, VRDN (a) | 9,960,000 | 9,960,000 | |
| (Virtua Health Proj.) Series 2004, 0.03% 12/7/21, LOC Wells Fargo Bank NA, VRDN (a) | 6,000,000 | 6,000,000 | |
| Union County Poll. Cont. Fing. Auth. Poll. Cont. Rev.: | |||
| (Exxon Mobil Proj.) Series 1994, 0.03% 12/1/21 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 1,300,000 | 1,300,000 | |
| (ExxonMobil Proj.) Series 1989, 0.03% 12/1/21 (Exxon Mobil Corp. Guaranteed), VRDN (a) | 3,300,000 | 3,300,000 | |
| FHLMC Essex County Impt. Auth. Multi-family Hsg. Rev. (Fern Sr. Hsg. Proj.) Series 2010, 0.04% 12/7/21, LOC Freddie Mac, VRDN (a) | 3,300,000 | 3,300,000 | |
| 76,215,000 | |||
| New York And New Jersey - 4.1% | |||
| Port Auth. of New York & New Jersey: | |||
| Series 1992 2, 0.09% 12/30/21, VRDN (a)(b) | 6,400,000 | 6,400,000 | |
| Series 1997 1, 0.09% 12/30/21, VRDN (a)(b) | 4,400,000 | 4,400,000 | |
| Series 1997 2, 0.09% 12/30/21, VRDN (a)(b) | 3,100,000 | 3,100,000 | |
| 13,900,000 | |||
| TOTAL VARIABLE RATE DEMAND NOTE | |||
| (Cost $97,215,000) | 97,215,000 | ||
| Tender Option Bond - 47.8% | |||
| California - 0.0% | |||
| California Health Facilities Fing. Auth. Rev. Participating VRDN Series 17 04, 0.17% 1/11/22 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 100,000 | 100,000 | |
| Connecticut - 0.2% | |||
| Connecticut Gen. Oblig. Participating VRDN Series Floaters 016, 0.17% 1/11/22 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 100,000 | 100,000 | |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.23%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | 400,000 | 400,000 | |
| 500,000 | |||
| Florida - 0.1% | |||
| Fort Myers Util. Sys. Rev. Participating VRDN Series XF 08 13, 0.13% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | 100,000 | 100,000 | |
| Palm Beach County Health Facilities Auth. Hosp. Rev. Participating VRDN Series XM 07 82, 0.11% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 100,000 | 100,000 | |
| South Miami Health Facilities Auth. Hosp. Rev. Participating VRDN: | |||
| Series XF 25 23, 0.11% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 100,000 | 100,000 | |
| Series XM 08 68, 0.11% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | 100,000 | 100,000 | |
| 400,000 | |||
| Illinois - 0.3% | |||
| Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 0.17% 1/11/22 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 935,000 | 935,000 | |
| Indiana - 0.2% | |||
| Indiana Fin. Auth. Rev. Participating VRDN Series 2020 004, 0.2% 1/11/22 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 595,000 | 595,000 | |
| Kentucky - 0.1% | |||
| CommonSpirit Health Participating VRDN Series MIZ 90 21, 0.13% 12/7/21 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(c)(d) | 200,000 | 200,000 | |
| Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.25%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | 200,000 | 200,000 | |
| 400,000 | |||
| New Jersey - 37.5% | |||
| Hudson County Impt. Auth. Participating VRDN: | |||
| Series 16 ZF0450, 0.1% 12/7/21 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | 600,000 | 600,000 | |
| Series Floaters XG 02 22, 0.1% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 1,000,000 | 1,000,000 | |
| New Jersey Econ. Dev. Auth. Lease Rev. Participating VRDN Series Floaters XF 25 25, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 1,100,000 | 1,100,000 | |
| New Jersey Econ. Dev. Auth. Rev. Participating VRDN: | |||
| Series Floaters XF 23 93, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 1,300,000 | 1,300,000 | |
| Series Floaters XF 25 38, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 2,810,000 | 2,810,000 | |
| Series Floaters XX 10 91, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 8,410,000 | 8,410,000 | |
| Series XG 02 61, 0.08% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 1,000,000 | 1,000,000 | |
| New Jersey Edl. Facilities Auth. Rev. Participating VRDN Series 15 XF0149, 0.07% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 8,000,000 | 8,000,000 | |
| New Jersey Edl. Facility Participating VRDN Series Floaters XF 27 56, 0.08% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | 4,000,000 | 4,000,000 | |
| New Jersey Gen. Oblig. Participating VRDN Series ZF 12 07, 0.08% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | 2,500,000 | 2,500,000 | |
| New Jersey Health Care Facilities Fing. Auth. Rev. Participating VRDN: | |||
| Series XF 09 71, 0.06% 12/7/21 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | 1,700,000 | 1,700,000 | |
| Series XF 12 45, 0.09% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 500,000 | 500,000 | |
| Series XF 27 02, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 970,000 | 970,000 | |
| Series ZM 09 54, 0.06% 12/7/21 (Liquidity Facility Citibank NA) (a)(c)(d) | 6,600,000 | 6,600,000 | |
| New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Participating VRDN: | |||
| Series 20 XF 28 96, 0.08% 12/7/21 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | 2,600,000 | 2,600,000 | |
| Series Floaters XF 27 97, 0.1% 12/7/21 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | 1,860,000 | 1,860,000 | |
| Series Floaters XG 02 28, 0.08% 12/7/21 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | 1,315,000 | 1,315,000 | |
| New Jersey Tpk. Auth. Tpk. Rev.: | |||
| Bonds Series G 119, 0.2%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | 900,000 | 900,000 | |
| Participating VRDN: | |||
| Series 2021 XM 09 43, 0.08% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 2,200,000 | 2,200,000 | |
| Series Floaters XG 02 00, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 8,890,000 | 8,890,000 | |
| New Jersey Trans. Trust Fund Auth. Participating VRDN: | |||
| Series Floaters XF 23 70, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 10,600,000 | 10,600,000 | |
| Series Floaters XG 02 05, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 1,090,000 | 1,090,000 | |
| Series Floaters XG 02 24, 0.08% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 6,000,000 | 6,000,000 | |
| Series Floaters XG 02 29, 0.08% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 3,320,000 | 3,320,000 | |
| Series Floaters XX 10 93, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 3,100,000 | 3,100,000 | |
| Series XF 08 37, 0.08% 12/7/21 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | 4,800,000 | 4,800,000 | |
| Series XX 11 40, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 2,740,000 | 2,740,000 | |
| Series YX 11 38, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 3,300,000 | 3,300,000 | |
| Rutgers State Univ. Rev. Participating VRDN: | |||
| Series XF 04 38, 0.07% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 2,665,000 | 2,665,000 | |
| Series XF 22 95, 0.05% 12/7/21 (Liquidity Facility Citibank NA) (a)(c)(d) | 2,840,000 | 2,840,000 | |
| Series XF 23 56, 0.04% 12/7/21 (Liquidity Facility Cr. Suisse AG) (a)(c)(d) | 6,700,000 | 6,700,000 | |
| Series ZF 24 77, 0.05% 12/7/21 (Liquidity Facility Citibank NA) (a)(c)(d) | 3,935,000 | 3,935,000 | |
| Union County Impt. Auth. Participating VRDN Series XF 10 19, 0.08% 12/7/21 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 3,500,000 | 3,500,000 | |
| Union County Impt. Auth. Rev. Participating VRDN: | |||
| Series Floaters XG 02 21, 0.09% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 800,000 | 800,000 | |
| Series XG 00 57, 0.11% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | 5,960,000 | 5,960,000 | |
| Union County Util. Auth. Solid Waste Facilities Lease Rev. Participating VRDN: | |||
| Series Floaters ZF 24 78, 0.05% 12/7/21 (Liquidity Facility Citibank NA) (a)(c)(d) | 935,000 | 935,000 | |
| Series ZF 24 79, 0.05% 12/7/21 (Liquidity Facility Citibank NA) (a)(c)(d) | 5,845,000 | 5,845,000 | |
| 126,385,000 | |||
| New York - 0.3% | |||
| New York City Gen. Oblig. Participating VRDN Series 2020 003, 0.2% 1/11/22 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 100,000 | 100,000 | |
| New York City Transitional Fin. Auth. Rev. Participating VRDN Series 002, 0.2% 1/11/22 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 800,000 | 800,000 | |
| 900,000 | |||
| New York And New Jersey - 8.4% | |||
| Port Auth. of New York & New Jersey Participating VRDN: | |||
| Series 15 ZM0092, 0.13% 12/7/21 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c)(d) | 9,000,000 | 9,000,000 | |
| Series Floaters XF 05 62, 0.12% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 175,000 | 175,000 | |
| Series Floaters XF 06 97, 0.12% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 2,285,000 | 2,285,000 | |
| Series Floaters XF 26 00, 0.08% 12/7/21 (Liquidity Facility Toronto-Dominion Bank) (a)(c)(d) | 5,260,000 | 5,260,000 | |
| Series Floaters XF 27 61, 0.08% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | 5,600,000 | 5,600,000 | |
| Series ROC II R 14077, 0.07% 12/7/21 (Liquidity Facility Citibank NA) (a)(c)(d) | 6,000,000 | 6,000,000 | |
| 28,320,000 | |||
| North Dakota - 0.0% | |||
| Grand Forks Health Care Sys. Rev. Participating VRDN Series 2021 XG 03 44, 0.14% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | 140,000 | 140,000 | |
| Ohio - 0.4% | |||
| Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 0.15% 12/7/21 (Liquidity Facility Bank of America NA) (a)(c)(d) | 100,000 | 100,000 | |
| Hamilton County Healthcare Facilities Rev. Participating VRDN Series XF 10 50, 0.11% 12/7/21 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c)(d) | 700,000 | 700,000 | |
| Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 003, 0.17% 1/11/22 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 200,000 | 200,000 | |
| Ohio Hosp. Rev. Participating VRDN Series 002, 0.17% 1/11/22 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) | 300,000 | 300,000 | |
| 1,300,000 | |||
| South Carolina - 0.0% | |||
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 0.25%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | 100,000 | 100,000 | |
| Texas - 0.1% | |||
| North Ft. Bend Wtr. Auth. Participating VRDN Series XF 08 16, 0.11% 12/7/21 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(d) | 300,000 | 300,000 | |
| North Texas Tollway Auth. Rev. Bonds Series G-112, 0.25%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | 200,000 | 200,000 | |
| 500,000 | |||
| Virginia - 0.2% | |||
| Suffolk Econ. Dev. Auth. Hosp. Facilities Rev. Participating VRDN Series MIZ 90 25, 0.12% 12/7/21 (Liquidity Facility Mizuho Cap. Markets Llc) (a)(c)(d) | 480,000 | 480,000 | |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.25%, tender 2/1/22 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) | 100,000 | 100,000 | |
| 580,000 | |||
| TOTAL TENDER OPTION BOND | |||
| (Cost $161,155,000) | 161,155,000 | ||
| Other Municipal Security - 16.5% | |||
| New Jersey - 14.1% | |||
| Bergen County Gen. Oblig. BAN: | |||
| Series 2021 A, 1% 6/9/22 | 2,200,000 | 2,209,609 | |
| Series 2021, 1.5% 10/20/22 | 6,300,000 | 6,375,550 | |
| Burlington County Bridge Commission Lease Rev. BAN: | |||
| (Governmental Leasing Prog.) Series 2021 A, 1% 4/14/22 | 1,450,000 | 1,454,248 | |
| (Govt. Leasing Prog.) Series 2021 C, 2% 11/10/22 | 1,300,000 | 1,322,005 | |
| Cherry Hill Township Gen. Oblig. BAN Series 2021, 2% 10/25/22 | 2,378,269 | 2,417,471 | |
| Hudson County Impt. Auth. Rev. BAN Series 2021 B1, 1.5% 4/28/22 (Hudson County Gen. Oblig. Guaranteed) | 1,300,000 | 1,306,940 | |
| Little Ferry BAN Series 2021, 2% 4/20/22 | 2,700,000 | 2,718,072 | |
| Mercer County Gen. Oblig. BAN Series 2021 A, 1% 6/8/22 | 1,700,000 | 1,707,286 | |
| Monmouth County: | |||
| BAN Series 2021, 4% 11/17/22 | 1,800,000 | 1,865,627 | |
| Bonds Series 2021 A: | |||
| 5% 1/15/22 | 1,490,000 | 1,498,901 | |
| 5% 1/15/22 | 410,000 | 412,449 | |
| Monroe Township Middlesex County Gen. Oblig. BAN Series 2021, 2% 6/7/22 | 2,000,000 | 2,018,810 | |
| New Jersey Econ. Dev. Auth. Rev. Bonds Series 2021, 0.09% tender 12/1/21, CP mode | 1,630,000 | 1,630,000 | |
| New Jersey Edl. Facilities Auth. Rev. Bonds Series 2021 B, 5% 3/1/22 | 150,000 | 151,806 | |
| New Jersey Edl. Facility Bonds Series 2015 A, 5% 7/1/22 | 635,000 | 653,150 | |
| New Jersey Tpk. Auth. Tpk. Rev. Bonds: | |||
| Series 2012 A, 5% 1/1/22 (Pre-Refunded to 1/1/22 @ 100) | 825,000 | 828,402 | |
| Series 2013 A: | |||
| 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) | 200,000 | 205,623 | |
| 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) | 100,000 | 102,825 | |
| 5% 7/1/22 (Pre-Refunded to 7/1/22 @ 100) | 190,000 | 195,341 | |
| Oradell BAN Series 2021, 2% 4/1/22 | 2,478,800 | 2,493,304 | |
| Roxbury Township Gen. Oblig. BAN Series 2021, 2% 3/4/22 | 1,600,000 | 1,607,113 | |
| Ship Bottom Gen. Impt. Wtr. Swr. Util. BAN Series 2021, 1.5% 10/20/22 | 1,800,000 | 1,819,529 | |
| Summit Gen. Oblig. BAN Series 2021, 2% 10/21/22 | 3,500,000 | 3,555,799 | |
| Tenafly BAN Series 2021, 2% 5/27/22 | 1,000,000 | 1,008,511 | |
| Tewksbury Township Gen. Oblig. BAN Series 2021, 2% 5/18/22 | 2,200,000 | 2,217,769 | |
| Verona Township Gen. Oblig. BAN Series 2021, 2% 3/4/22 | 3,900,000 | 3,917,042 | |
| Wildwood Crest BAN Series 2021, 2% 3/17/22 | 1,800,000 | 1,809,545 | |
| 47,502,727 | |||
| New York And New Jersey - 2.4% | |||
| Port Auth. of New York & New Jersey: | |||
| Series 2021 B: | |||
| 0.14% 3/2/22, CP | 2,500,000 | 2,500,000 | |
| 0.15% 2/16/22, CP | 1,400,000 | 1,400,000 | |
| 0.16% 4/13/22, CP | 700,000 | 700,000 | |
| Series 2021, 0.25% 12/8/21, CP | 3,700,000 | 3,700,000 | |
| 8,300,000 | |||
| TOTAL OTHER MUNICIPAL SECURITY | |||
| (Cost $55,802,727) | 55,802,727 | ||
| Shares | Value | ||
| Investment Company - 6.2% | |||
| Fidelity Tax-Free Cash Central Fund 0.06% (e)(f) | |||
| (Cost $20,813,785) | 20,810,146 | 20,813,785 | |
| TOTAL INVESTMENT IN SECURITIES - 99.3% | |||
| (Cost $334,986,512) | 334,986,512 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.7% | 2,476,337 | ||
| NET ASSETS - 100% | $337,462,849 |
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) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Restricted securities (including private placements) - 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 $15,800,000 or 4.7% of net assets.
(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) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds Series Floaters G 110, 0.23%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $400,000 |
| Kentucky State Property & Buildings Commission Rev. Bonds Series G 116, 0.25%, tender 5/2/22 (Liquidity Facility Royal Bank of Canada) | 5/3/21 | $200,000 |
| New Jersey Tpk. Auth. Tpk. Rev. Bonds Series G 119, 0.2%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) | 7/1/21 | $900,000 |
| North Texas Tollway Auth. Rev. Bonds Series G-112, 0.25%, tender 7/1/22 (Liquidity Facility Royal Bank of Canada) | 7/1/21 | $200,000 |
| Port Auth. of New York & New Jersey Series 1992 2, 0.09% 12/30/21, VRDN | 2/14/92 | $6,400,000 |
| Port Auth. of New York & New Jersey Series 1997 1, 0.09% 12/30/21, VRDN | 8/9/02 | $4,400,000 |
| Port Auth. of New York & New Jersey Series 1997 2, 0.09% 12/30/21, VRDN | 9/15/97 | $3,100,000 |
| South Carolina Trans. Infrastructure Bank Rev. Bonds Series Floaters G 109, 0.25%, tender 4/1/22 (Liquidity Facility Royal Bank of Canada) | 4/1/21 | $100,000 |
| Virginia Pub. Bldg. Auth. Pub. Facilities Rev. Bonds Series Floaters G 40, 0.25%, tender 2/1/22 (Liquidity Facility Royal Bank of Canada) | 2/1/21 | $100,000 |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
| Fund | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain/Loss | Change in Unrealized appreciation (depreciation) | Value, end of period | % ownership, end of period |
| Fidelity Tax-Free Cash Central Fund 0.06% | $10,717,688 | $134,470,000 | $124,377,000 | $13,197 | $3,097 | $-- | $20,813,785 | 1.8% |
| Total | $10,717,688 | $134,470,000 | $124,377,000 | $13,197 | $3,097 | $-- | $20,813,785 |
Amounts in the income column in the above table include 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.
Financial Statements
Statement of Assets and Liabilities
| November 30, 2021 | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $314,172,727) | $314,172,727 | |
| Fidelity Central Funds (cost $20,813,785) | 20,813,785 | |
| Total Investment in Securities (cost $334,986,512) | $334,986,512 | |
| Cash | 374,828 | |
| Receivable for fund shares sold | 1,981,442 | |
| Interest receivable | 386,073 | |
| Distributions receivable from Fidelity Central Funds | 907 | |
| Receivable from investment adviser for expense reductions | 9,246 | |
| Other receivables | 45 | |
| Total assets | 337,739,053 | |
| Liabilities | ||
| Payable for fund shares redeemed | $245,358 | |
| Distributions payable | 184 | |
| Accrued management fee | 30,662 | |
| Total liabilities | 276,204 | |
| Net Assets | $337,462,849 | |
| Net Assets consist of: | ||
| Paid in capital | $337,400,247 | |
| Total accumulated earnings (loss) | 62,602 | |
| Net Assets | $337,462,849 | |
| Net Asset Value and Maximum Offering Price | ||
| New Jersey AMT Tax-Free Money Market Fund: | ||
| Net Asset Value, offering price and redemption price per share ($127,494,901 ÷ 127,262,216 shares) | $1.00 | |
| Institutional Class: | ||
| Net Asset Value, offering price and redemption price per share ($209,899,547 ÷ 209,584,503 shares) | $1.00 | |
| Service Class: | ||
| Net Asset Value, offering price and redemption price per share ($68,401 ÷ 68,297 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended November 30, 2021 | ||
| Investment Income | ||
| Interest | $365,466 | |
| Income from Fidelity Central Funds | 12,781 | |
| Total income | 378,247 | |
| Expenses | ||
| Management fee | $715,762 | |
| Transfer agent fees | 245,411 | |
| Distribution and service plan fees | 265 | |
| Independent trustees' fees and expenses | 1,121 | |
| Total expenses before reductions | 962,559 | |
| Expense reductions | (620,130) | |
| Total expenses after reductions | 342,429 | |
| Net investment income (loss) | 35,818 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 140,420 | |
| Fidelity Central Funds | 3,097 | |
| Capital gain distributions from Fidelity Central Funds | 416 | |
| Total net realized gain (loss) | 143,933 | |
| Net increase in net assets resulting from operations | $179,751 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended November 30, 2021 | Year ended November 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $35,818 | $2,282,140 |
| Net realized gain (loss) | 143,933 | 3,104 |
| Net increase in net assets resulting from operations | 179,751 | 2,285,244 |
| Distributions to shareholders | (35,789) | (2,282,181) |
| Share transactions - net increase (decrease) | (62,423,435) | (82,174,782) |
| Total increase (decrease) in net assets | (62,279,473) | (82,171,719) |
| Net Assets | ||
| Beginning of period | 399,742,322 | 481,914,041 |
| End of period | $337,462,849 | $399,742,322 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity New Jersey AMT Tax-Free Money Market Fund
| Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .004 | .012 | .011 | .005 |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from investment operations | –A | .004 | .012 | .011 | .005 |
| Distributions from net investment income | –A | (.004) | (.012) | (.011) | (.005) |
| Distributions from net realized gain | – | – | – | –A | – |
| Total distributions | –A | (.004) | (.012) | (.011) | (.005) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .01% | .44% | 1.21% | 1.11% | .55% |
| Ratios to Average Net AssetsC,D | |||||
| Expenses before reductions | .30% | .30% | .30% | .30% | .30% |
| Expenses net of fee waivers, if any | .10% | .27% | .30% | .30% | .30% |
| Expenses net of all reductions | .10% | .27% | .30% | .30% | .30% |
| Net investment income (loss) | .01% | .47% | 1.20% | 1.11% | .55% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $127,495 | $139,392 | $172,947 | $185,546 | $151,989 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
See accompanying notes which are an integral part of the financial statements.
Fidelity New Jersey AMT Tax-Free Money Market Fund Institutional Class
| Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .005 | .013 | .012 | .006 |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from investment operations | –A | .005 | .013 | .012 | .006 |
| Distributions from net investment income | –A | (.005) | (.013) | (.012) | (.006) |
| Distributions from net realized gain | – | – | – | –A | – |
| Total distributions | –A | (.005) | (.013) | (.012) | (.006) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .01% | .52% | 1.31% | 1.21% | .65% |
| Ratios to Average Net AssetsC,D | |||||
| Expenses before reductions | .25% | .25% | .25% | .25% | .25% |
| Expenses net of fee waivers, if any | .10% | .20% | .20% | .20% | .20% |
| Expenses net of all reductions | .10% | .20% | .20% | .20% | .20% |
| Net investment income (loss) | .01% | .54% | 1.30% | 1.21% | .65% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $209,900 | $260,192 | $308,793 | $270,195 | $191,716 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
See accompanying notes which are an integral part of the financial statements.
Fidelity New Jersey AMT Tax-Free Money Market Fund Service Class
| Years ended November 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .004 | .011 | .010 | .004 |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from investment operations | –A | .004 | .011 | .010 | .004 |
| Distributions from net investment income | –A | (.004) | (.011) | (.010) | (.004) |
| Distributions from net realized gain | – | – | – | –A | – |
| Total distributions | –A | (.004) | (.011) | (.010) | (.004) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .01% | .36% | 1.06% | .96% | .39% |
| Ratios to Average Net AssetsC,D | |||||
| Expenses before reductions | .50% | .50% | .50% | .50% | .50% |
| Expenses net of fee waivers, if any | .10% | .35% | .45% | .45% | .45% |
| Expenses net of all reductions | .10% | .35% | .45% | .45% | .45% |
| Net investment income (loss) | - %E | .39% | 1.05% | .96% | .40% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $68 | $158 | $174 | $202 | $269 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
E Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended November 30, 2021
1. Organization.
Fidelity New Jersey AMT Tax-Free Money Market Fund (the Fund) is a fund of Fidelity Court Street Trust II (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund offers New Jersey AMT Tax-Free Money Market, Institutional Class, and Service Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Shares of the Fund are only available for purchase by retail shareholders. The Fund may be affected by economic and political developments in the state of New Jersey.
2. Investments in Fidelity Central Funds.
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 Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – 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)
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.
Investment Transactions and Income. The net asset value 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. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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 capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
| Gross unrealized appreciation | $– |
| Gross unrealized depreciation | – |
| Net unrealized appreciation (depreciation) | $– |
| Tax Cost | $334,986,512 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed long-term capital gain | $64,910 |
The tax character of distributions paid was as follows:
| November 30, 2021 | November 30, 2020 | |
| Tax-exempt Income | 35,789 | 2,282,181 |
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
In addition, under the expense contract, the investment adviser pays class-level expenses for New Jersey AMT Tax-Free Money Market Fund so that the total expenses do not exceed .35%, expressed as a percentage of class average net assets, with certain exceptions such as interest expense.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Service Class pays Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, a Service Fee based on an annual percentage of Service Class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:
| Service Fee | Total Fees | Retained by FDC | |
| Service Class | .25% | $265 | $251 |
During the period, the investment adviser or its affiliates waived a portion of these fees.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Each class, with the exception of New Jersey AMT Tax-Free Money Market Fund, pays a transfer agent fee equal to an annual rate of .05% of class-level average net assets. New Jersey AMT Tax-Free Money Market Fund pays a transfer agent fee equal to an annual rate of .10% of class-level average net assets. For the period, transfer agent fees for each class were as follows:
| Amount | |
| New Jersey AMT Tax-Free Money Market Fund | $132,381 |
| Institutional Class | 112,977 |
| Service Class | 53 |
| $245,411 |
During the period, the investment adviser or its affiliates waived a portion of these fees.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades during the period are noted in the table below.
| Purchases ($) | Sales ($) | Realized Gain (Loss) ($) | |
| Fidelity New Jersey AMT Tax-Free Money Market Fund | 5,000,000 | 19,950,304 | (1,302) |
5. Expense Reductions.
The investment adviser contractually agreed to reimburse Institutional Class and Service Class to the extent annual operating expenses, expressed as a percentage of each class' average net assets, exceed .20% and .45%, respectively. Some expenses, for example the compensation of the independent Trustees and certain other expenses such as interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $113,063 and $54, respectively.
Additionally, the investment adviser or its affiliates voluntarily agreed to waive certain fees in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver for each class was as follows:
| New Jersey AMT Tax-Free Money Market Fund | $271,127 |
| Institutional Class | 235,271 |
| Service Class | 368 |
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $247.
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended November 30, 2021 | Year ended November 30, 2020 | |
| Fidelity New Jersey AMT Tax-Free Money Market Fund | ||
| Distributions to shareholders | ||
| New Jersey AMT Tax-Free Money Market Fund | $13,211 | $744,012 |
| Institutional Class | 22,567 | 1,537,564 |
| Service Class | 11 | 605 |
| Total | $35,789 | $2,282,181 |
7. Share Transactions.
Share transactions for each class of shares at a $1.00 per share were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars | |
| Year ended November 30, 2021 | Year ended November 30, 2020 | Year ended November 30, 2021 | Year ended November 30, 2020 | |
| Fidelity New Jersey AMT Tax-Free Money Market Fund | ||||
| New Jersey AMT Tax-Free Money Market Fund | ||||
| Shares sold | 33,191,805 | 71,006,324 | $33,191,805 | $71,006,324 |
| Reinvestment of distributions | 12,445 | 711,190 | 12,445 | 711,190 |
| Shares redeemed | (45,161,693) | (105,263,371) | (45,161,693) | (105,263,371) |
| Net increase (decrease) | (11,957,443) | (33,545,857) | $(11,957,443) | $(33,545,857) |
| Institutional Class | ||||
| Shares sold | 31,746,811 | 187,498,180 | $31,746,811 | $187,498,180 |
| Reinvestment of distributions | 21,062 | 1,451,272 | 21,062 | 1,451,272 |
| Shares redeemed | (82,143,854) | (237,562,360) | (82,143,854) | (237,562,360) |
| Net increase (decrease) | (50,375,981) | (48,612,908) | $(50,375,981) | $(48,612,908) |
| Service Class | ||||
| Reinvestment of distributions | 11 | 605 | 11 | 605 |
| Shares redeemed | (90,022) | (16,622) | (90,022) | (16,622) |
| Net increase (decrease) | (90,011) | (16,017) | $(90,011) | $(16,017) |
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
9. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Court Street Trust II and Shareholders of Fidelity New Jersey AMT Tax-Free Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity New Jersey AMT Tax-Free Money Market Fund (one of the funds constituting Fidelity Court Street Trust II, referred to hereafter as the “Fund”) as of November 30, 2021, the related statement of operations for the year ended November 30, 2021, the statement of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2021 and the financial highlights for each of the five years in the period ended November 30, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 13, 2022
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 286 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 for Fidelity New Jersey AMT Tax-Free Money Market Fund, or 1-877-208-0098 for Institutional Class and Service Class.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2016
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2016
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2021 to November 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Annualized Expense Ratio-A | Beginning Account Value June 1, 2021 | Ending Account Value November 30, 2021 | Expenses Paid During Period-B June 1, 2021 to November 30, 2021 | |
| Fidelity New Jersey AMT Tax-Free Money Market Fund | ||||
| New Jersey AMT Tax-Free Money Market Fund | .08% | |||
| Actual | $1,000.00 | $1,000.10 | $.40** | |
| Hypothetical-C | $1,000.00 | $1,024.67 | $.41** | |
| Institutional Class | .08% | |||
| Actual | $1,000.00 | $1,000.10 | $.40** | |
| Hypothetical-C | $1,000.00 | $1,024.67 | $.41** | |
| Service Class | .08% | |||
| Actual | $1,000.00 | $1,000.10 | $.40** | |
| Hypothetical-C | $1,000.00 | $1,024.67 | $.41** |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
** If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratios and the expenses paid in the actual and hypothetical examples above would have been as follows:
| Annualized Expense Ratio-(a) | Expenses Paid | |
| Fidelity New Jersey AMT Tax-Free Money Market Fund | ||
| New Jersey AMT Tax-Free Money Market Fund | .30% | |
| Actual | $1.50 | |
| Hypothetical-(b) | $1.52 | |
| Institutional Class | .20% | |
| Actual | $1.00 | |
| Hypothetical-(b) | $1.01 | |
| Service Class | .45% | |
| Actual | $2.25 | |
| Hypothetical-(b) | $2.28 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity New Jersey AMT Tax-Free Money Market Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities.
| Pay Date | Record Date | Capital Gains | |
| Fidelity New Jersey AMT Tax-Free Money Market Fund | |||
| New Jersey AMT Tax-Free Money Market Fund | 12/23/21 | 12/22/21 | $0.0002 |
| Institutional Class | 12/23/21 | 12/22/21 | $0.0002 |
| Service Class | 12/23/21 | 12/22/21 | $0.0002 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2021, $69,981, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2021, 100% of the fund's income dividends were free from federal income tax.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity New Jersey AMT Tax-Free Money Market Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio of a representative class (Institutional Class); (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against an appropriate peer group of funds with similar objectives (peer group).In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to the gross performance of appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods.The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board. Because the vast majority of competitor funds' management fees do not cover expenses beyond portfolio management, in prior years, the fund was compared on the basis of a hypothetical "net management fee," which was derived by subtracting payments made by Fidelity for "fund-level" expenses beyond portfolio management (including pricing and bookkeeping fees and fees paid to non-affiliated custodians), as well as "class-level" expenses paid by Fidelity under expense limitation arrangements in effect for the fund, from the fund's management fee. Given the fund's competitive management fee rate, Fidelity no longer calculates a hypothetical net management fee for the fund and, as a result, the chart does not include a hypothetical net management fee for periods after 2016.
SNJ-ANN-0122
1.850770.114
Item 2.
Code of Ethics
As of the end of the period, November 30, 2021, Fidelity Court Street Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Connecticut Municipal Money Market Fund, Fidelity New Jersey AMT Tax-Free Money Market Fund, and Fidelity New Jersey Municipal Money Market Fund (the “Funds”):
Services Billed by PwC
November 30, 2021 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Connecticut Municipal Money Market Fund | $30,600 | $2,600 | $1,900 | $1,100 |
Fidelity New Jersey AMT Tax-Free Money Market Fund | $35,600 | $3,000 | $1,900 | $1,300 |
Fidelity New Jersey Municipal Money Market Fund | $29,800 | $2,500 | $1,900 | $1,100 |
November 30, 2020 FeesA
Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees | |
Fidelity Connecticut Municipal Money Market Fund | $31,100 | $2,600 | $1,900 | $1,400 |
Fidelity New Jersey AMT Tax-Free Money Market Fund | $36,100 | $2,900 | $1,900 | $1,600 |
Fidelity New Jersey Municipal Money Market Fund | $30,300 | $2,500 | $1,900 | $1,300 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by PwC
November 30, 2021A | November 30, 2020A | |
Audit-Related Fees | $8,522,600 | $9,377,400 |
Tax Fees | $354,200 | $30,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
Billed By | November 30, 2021A | November 30, 2020A |
PwC | $14,136,800 | $14,560,300 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its(their) audit of the Fund(s), taking into account representations from PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
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 II
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | January 20, 2022 |
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: | January 20, 2022 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | January 20, 2022 |