Fidelity Court Street Trust
07/23/2026 | Press release | Distributed by Public on 07/23/2026 09:14
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-02741
Fidelity Court Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Nicole Macarchuk, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: |
November 30 |
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Date of reporting period: |
May 31, 2026 |
Item 1.
Reports to Stockholders
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026
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Fidelity® New Jersey Municipal Income Fund
Fidelity® New Jersey Municipal Income Fund : FNJHX
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This semi-annual shareholder report contains information about Fidelity® New Jersey Municipal Income Fund for the period December 1, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to [email protected].
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Fidelity® New Jersey Municipal Income Fund
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$ 23
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0.45%
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Key Fund Statistics
(as of May 31, 2026)
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KEY FACTS
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Fund Size
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$729,882,792
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Number of Holdings
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316
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Portfolio Turnover
|
7%
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What did the Fund invest in?
(as of May 31, 2026)
(as of May 31, 2026)
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REVENUE SOURCES
(% of Fund's net assets)
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General Obligations
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37.0
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|
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Transportation
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23.1
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Education
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16.0
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Housing
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7.4
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Health Care
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5.0
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Others(Individually Less Than 5%)
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5.9
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94.4
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QUALITY DIVERSIFICATION (% of Fund's net assets)
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AAA - 1.9
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AA - 35.2
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A - 45.6
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BBB - 8.3
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BB - 1.1
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Not Rated - 2.3
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Short-Term Investments and Net Other Assets (Liabilities) - 5.6
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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.
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915887.102 416-TSRS-0726
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SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026
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Fidelity® Connecticut Municipal Income Fund
Fidelity® Connecticut Municipal Income Fund : FICNX
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This semi-annual shareholder report contains information about Fidelity® Connecticut Municipal Income Fund for the period December 1, 2025 to May 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to [email protected].
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
|
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
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Fidelity® Connecticut Municipal Income Fund
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$ 24
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0.47%
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Key Fund Statistics
(as of May 31, 2026)
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KEY FACTS
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Fund Size
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$370,112,558
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Number of Holdings
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261
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Portfolio Turnover
|
2%
|
What did the Fund invest in?
(as of May 31, 2026)
(as of May 31, 2026)
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REVENUE SOURCES
(% of Fund's net assets)
|
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|
General Obligations
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43.3
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Education
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16.9
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Health Care
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12.6
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Special Tax
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11.1
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Housing
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6.5
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Others(Individually Less Than 5%)
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5.2
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95.6
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QUALITY DIVERSIFICATION (% of Fund's net assets)
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AAA - 8.7
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AA - 47.6
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A - 24.1
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BBB - 9.5
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BB - 2.7
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Not Rated - 3.0
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Short-Term Investments and Net Other Assets (Liabilities) - 4.4
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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.
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Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
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For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915886.102 407-TSRS-0726
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Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Financial Statements and Financial Highlights for Open-End Management Investment Companies
Fidelity® New Jersey Municipal Income Fund
Semi-Annual Report
May 31, 2026
Contents
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Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report) |
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Fidelity® New Jersey Municipal Income Fund |
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Notes to Financial Statements |
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Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
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Item 9: Proxy Disclosures for Open-End Management Investment Companies |
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Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies |
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Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® New Jersey Municipal Income Fund
Schedule of Investments May 31, 2026 (Unaudited)
Showing Percentage of Net Assets
|
Municipal Securities - 94.4%
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Principal
Amount (a)
|
Value ($)
|
||
|
Delaware,New Jersey - 0.7%
|
|||
|
Transportation - 0.7%
|
|||
|
Delaware River & Bay Auth Series 2022, 5% 1/1/2042
|
2,075,000
|
2,227,102
|
|
|
Delaware River & Bay Auth Series 2024 B, 5% 1/1/2041
|
500,000
|
549,721
|
|
|
Delaware River & Bay Auth Series 2024 B, 5% 1/1/2042
|
800,000
|
873,676
|
|
|
Delaware River & Bay Auth Series 2024 B, 5% 1/1/2043
|
600,000
|
652,446
|
|
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Delaware River & Bay Auth Series 2024 B, 5% 1/1/2044
|
425,000
|
458,290
|
|
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TOTAL DELAWARE,NEW JERSEY
|
4,761,235
|
||
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Guam - 0.9%
|
|||
|
Special Tax - 0.5%
|
|||
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5.25% 1/1/2037
|
1,440,000
|
1,580,582
|
|
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5.25% 1/1/2039
|
1,000,000
|
1,086,059
|
|
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5.25% 1/1/2040
|
1,200,000
|
1,296,885
|
|
|
TOTAL SPECIAL TAX
|
3,963,526
|
||
|
Water & Sewer - 0.4%
|
|||
|
Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5% 7/1/2036
|
585,000
|
643,332
|
|
|
Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5% 7/1/2037
|
820,000
|
896,037
|
|
|
Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5% 7/1/2038
|
1,010,000
|
1,097,703
|
|
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TOTAL WATER & SEWER
|
2,637,072
|
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TOTAL GUAM
|
6,600,598
|
||
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New Jersey - 76.0%
|
|||
|
Education - 16.0%
|
|||
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Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2054 (Build America Mutual Assurance Co Insured)
|
4,650,000
|
4,757,782
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2010-1 Proj.) 5% 12/1/2027 (d)
|
2,500,000
|
2,523,192
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2026 (d)
|
255,000
|
257,480
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2028 (d)
|
2,355,000
|
2,439,650
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019A, 5% 12/1/2027
|
2,000,000
|
2,057,133
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019A, 5% 12/1/2028
|
700,000
|
727,231
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020 A, 5% 12/1/2027 (d)
|
1,000,000
|
1,027,825
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020 A, 5% 12/1/2028 (d)
|
1,175,000
|
1,227,295
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020B, 5% 12/1/2027 (d)
|
1,600,000
|
1,644,520
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020B, 5% 12/1/2028 (d)
|
1,000,000
|
1,044,507
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 A, 5% 12/1/2026 (d)
|
325,000
|
328,160
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 A, 5% 12/1/2027 (d)
|
325,000
|
333,754
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 A, 5% 12/1/2028 (d)
|
400,000
|
416,921
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 A, 5% 12/1/2029 (d)
|
1,050,000
|
1,108,729
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 B, 5% 12/1/2027 (d)
|
1,325,000
|
1,360,691
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 B, 5% 12/1/2028 (d)
|
1,450,000
|
1,511,340
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 B, 5% 12/1/2029 (d)
|
1,415,000
|
1,494,145
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2026 (d)
|
1,275,000
|
1,287,398
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2026 (d)
|
7,000,000
|
7,068,070
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2028 (d)
|
1,900,000
|
1,980,376
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2029 (d)
|
1,900,000
|
2,006,272
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2030 (d)
|
1,875,000
|
2,004,241
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2031 (d)
|
1,270,000
|
1,369,940
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2026 A, 5% 12/1/2029 (d)(f)
|
450,000
|
475,608
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2026 A, 5% 12/1/2030 (d)(f)
|
600,000
|
641,850
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2026 A, 5% 12/1/2031 (d)(f)
|
850,000
|
917,300
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2026 A, 5% 12/1/2032 (d)(f)
|
1,100,000
|
1,193,862
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2026 A, 5% 12/1/2033 (d)(f)
|
1,475,000
|
1,609,039
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2026 A, 5% 12/1/2034 (d)(f)
|
1,475,000
|
1,611,974
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2026 A, 5% 12/1/2035 (d)(f)
|
1,300,000
|
1,422,202
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2026 A, 5% 12/1/2036 (d)(f)
|
900,000
|
984,541
|
|
|
Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2026B, 5.25% 12/1/2056 (d)(f)
|
2,300,000
|
2,316,674
|
|
|
Montclair State University Inc Series 2025A, 5% 7/1/2037 (Assured Guaranty Inc Insured)
|
400,000
|
451,449
|
|
|
Montclair State University Inc Series 2025A, 5% 7/1/2038 (Assured Guaranty Inc Insured)
|
350,000
|
394,038
|
|
|
Montclair State University Inc Series 2025A, 5% 7/1/2039 (Assured Guaranty Inc Insured)
|
550,000
|
616,380
|
|
|
Montclair State University Inc Series 2025A, 5% 7/1/2040 (Assured Guaranty Inc Insured)
|
235,000
|
262,939
|
|
|
Montclair State University Inc Series 2025A, 5% 7/1/2041 (Assured Guaranty Inc Insured)
|
325,000
|
361,184
|
|
|
Montclair State University Inc Series 2025A, 5% 7/1/2042 (Assured Guaranty Inc Insured)
|
250,000
|
275,871
|
|
|
Montclair State University Inc Series 2026A, 5% 7/1/2040 (Build America Mutual Assurance Co Insured) (f)
|
445,000
|
486,299
|
|
|
Montclair State University Inc Series 2026A, 5% 7/1/2041 (Build America Mutual Assurance Co Insured) (f)
|
900,000
|
980,067
|
|
|
Montclair State University Inc Series 2026A, 5% 7/1/2043 (f)
|
1,225,000
|
1,321,522
|
|
|
Montclair State University Inc Series 2026A, 5% 7/1/2045 (f)
|
1,000,000
|
1,064,375
|
|
|
Montclair State University Inc Series 2026A, 5.25% 7/1/2051 (Build America Mutual Assurance Co Insured) (f)
|
1,725,000
|
1,831,032
|
|
|
Montclair State University Inc Series 2026A, 5.25% 7/1/2056 (f)
|
2,600,000
|
2,721,639
|
|
|
New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2030 (Assured Guaranty Inc Insured)
|
1,500,000
|
1,530,194
|
|
|
New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2031 (Assured Guaranty Inc Insured)
|
1,500,000
|
1,529,119
|
|
|
New Jersey Educational Facilities Authority (Ramapo College, NJ Proj.) 5% 7/1/2031
|
3,000,000
|
3,004,473
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 4% 7/1/2050
|
3,000,000
|
2,629,051
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2032
|
420,000
|
450,673
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2033
|
675,000
|
722,070
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2034
|
540,000
|
575,305
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2035
|
570,000
|
605,472
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2036
|
1,095,000
|
1,159,214
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2037
|
1,095,000
|
1,155,090
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2038
|
985,000
|
1,035,093
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2039
|
1,040,000
|
1,089,600
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2040
|
5,435,000
|
5,668,924
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) Series 2017 A, 5% 7/1/2026
|
945,000
|
946,276
|
|
|
New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) Series 2017 A, 5% 7/1/2029
|
865,000
|
883,896
|
|
|
New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2027
|
2,875,000
|
2,879,986
|
|
|
New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2029
|
1,000,000
|
1,001,112
|
|
|
New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2032
|
600,000
|
600,530
|
|
|
New Jersey Educational Facilities Authority (William Paterson College, NJ Proj.) 5% 7/1/2032 (Build America Mutual Assurance Co Insured)
|
3,335,000
|
3,341,078
|
|
|
New Jersey Institute of Technology/NJ 5% 7/1/2031
|
375,000
|
398,527
|
|
|
New Jersey Institute of Technology/NJ 5% 7/1/2032
|
375,000
|
397,195
|
|
|
New Jersey Institute of Technology/NJ 5% 7/1/2033
|
170,000
|
179,634
|
|
|
New Jersey Institute of Technology/NJ Series 2025A, 5.25% 7/1/2050 (Build America Mutual Assurance Co Insured)
|
1,500,000
|
1,621,110
|
|
|
New Jersey Institute of Technology/NJ Series 2025A, 5.25% 7/1/2055 (Build America Mutual Assurance Co Insured)
|
1,500,000
|
1,608,767
|
|
|
New Jersey St Edl Facs Auth Rev (Montclair State University Inc Proj.) Series 2024A, 5% 7/1/2026 (Assured Guaranty Inc Insured)
|
1,200,000
|
1,202,198
|
|
|
New Jersey St Edl Facs Auth Rev (Montclair State University Inc Proj.) Series 2024A, 5% 7/1/2027 (Assured Guaranty Inc Insured)
|
1,445,000
|
1,481,392
|
|
|
New Jersey St Edl Facs Auth Rev (Montclair State University Inc Proj.) Series 2024A, 5% 7/1/2044 (Assured Guaranty Inc Insured)
|
1,400,000
|
1,510,737
|
|
|
New Jersey St Edl Facs Auth Rev (Trustees of Princeton University/The Proj.) Series 2021C, 2% 3/1/2036
|
2,000,000
|
1,686,780
|
|
|
New Jersey St Edl Facs Auth Rev (William Paterson College, NJ Proj.) 5% 7/1/2032 (Build America Mutual Assurance Co Insured)
|
1,640,000
|
1,816,867
|
|
|
New Jersey St Edl Facs Auth Rev (William Paterson College, NJ Proj.) 5% 7/1/2033 (Build America Mutual Assurance Co Insured)
|
1,890,000
|
2,117,093
|
|
|
New Jersey St Edl Facs Auth Rev (William Paterson College, NJ Proj.) 5% 7/1/2034 (Build America Mutual Assurance Co Insured)
|
2,035,000
|
2,291,311
|
|
|
New Jersey St Edl Facs Auth Rev (William Paterson College, NJ Proj.) 5% 7/1/2035 (Build America Mutual Assurance Co Insured)
|
4,155,000
|
4,695,730
|
|
|
New Jersey St Edl Facs Auth Rev (William Paterson College, NJ Proj.) 5% 7/1/2036 (Build America Mutual Assurance Co Insured)
|
400,000
|
453,897
|
|
|
Passaic Cnty NJ Impt Auth Charter Sch Rev (Paterson Arts & Science Chtr Proj.) 4.25% 7/1/2033
|
515,000
|
523,189
|
|
|
Passaic Cnty NJ Impt Auth Charter Sch Rev (Paterson Arts & Science Chtr Proj.) 5.25% 7/1/2043
|
670,000
|
687,603
|
|
|
Passaic Cnty NJ Impt Auth Charter Sch Rev (Paterson Arts & Science Chtr Proj.) 5.375% 7/1/2053
|
1,000,000
|
1,008,510
|
|
|
Passaic Cnty NJ Impt Auth Charter Sch Rev (Paterson Arts & Science Chtr Proj.) 5.5% 7/1/2058
|
635,000
|
642,849
|
|
|
TOTAL EDUCATION
|
117,047,042
|
||
|
Electric Utilities - 1.2%
|
|||
|
New Jersey Eda Wtr Facs Rev (New Jersey American Wtr Co Inc Proj.) 3.75% tender 11/1/2034 (d)(e)
|
5,000,000
|
5,028,763
|
|
|
NJ Econ Dev Auth (New Jersey Natural Gas Co Proj.) Series 2011 B, 3% 8/1/2043 (d)
|
510,000
|
421,657
|
|
|
NJ Econ Dev Auth (New Jersey Natural Gas Co Proj.) Series 2011 C, 3% 8/1/2041 (d)
|
385,000
|
330,412
|
|
|
NJ Econ Dev Auth (New Jersey Natural Gas Company Proj.) Series 2005C, 3.75% tender 4/1/2059 (d)(e)
|
3,125,000
|
3,166,877
|
|
|
TOTAL ELECTRIC UTILITIES
|
8,947,709
|
||
|
General Obligations - 36.6%
|
|||
|
Audubon NJ Sch Dist Series 2022, 2.75% 8/15/2033 (Assured Guaranty Inc Insured)
|
1,160,000
|
1,098,125
|
|
|
Berkely Township NJ Gen. Oblig. 3.25% 8/15/2035
|
1,255,000
|
1,233,208
|
|
|
Brigantine NJ Gen. Oblig. 2% 9/15/2036
|
1,945,000
|
1,645,877
|
|
|
Caldwell NJ Gen. Oblig. Series 2022, 2.375% 1/15/2040 (Assured Guaranty Inc Insured)
|
520,000
|
408,758
|
|
|
County of Bergen NJ Gen. Oblig. Series 2021 ABC, 2% 6/1/2028
|
285,000
|
277,051
|
|
|
Englewood NJ Gen. Oblig. 2% 2/1/2029
|
560,000
|
537,220
|
|
|
Essex Cnty NJ Gen. Oblig. Series 2020, 2% 9/1/2031
|
995,000
|
915,747
|
|
|
Essex Cnty NJ Gen. Oblig. Series 2020, 2% 9/1/2032
|
2,760,000
|
2,491,328
|
|
|
Hanover Park NJ Regl High Sch Dist 3.5% 3/15/2031
|
1,120,000
|
1,135,167
|
|
|
Hillsborough Twp NJ Sch Dist 2% 7/15/2040
|
1,240,000
|
907,657
|
|
|
Howell Twp NJ Gen. Oblig. 2% 10/1/2031
|
1,000,000
|
909,202
|
|
|
Hudson Cnty NJ Gen. Oblig. Series 2020, 3% 11/15/2032
|
485,000
|
482,200
|
|
|
Hudson Cnty NJ Impt Auth Lease Rev (Hudson Cnty NJ Proj.) Gen. Oblig. 3% 10/1/2036
|
2,950,000
|
2,771,917
|
|
|
Jersey City NJ Gen. Oblig. Series 2022A, 3% 2/15/2037
|
1,000,000
|
938,924
|
|
|
Lyndhurst Twp NJ Gen. Oblig. Series 2021, 2% 3/1/2035
|
2,850,000
|
2,398,105
|
|
|
Mercer Cnty NJ Gen. Oblig. Series 2021, 0.05% 2/15/2031
|
1,250,000
|
1,030,360
|
|
|
Mercer Cnty NJ Gen. Oblig. Series 2021, 2.375% 2/15/2030
|
2,280,000
|
2,188,935
|
|
|
Millburn Twp NJ Brd Ed 1% 8/15/2027
|
1,430,000
|
1,393,059
|
|
|
Millburn Twp NJ Brd Ed 1% 8/15/2028
|
1,100,000
|
1,051,644
|
|
|
Monmouth Cnty NJ Impt Auth Rev Series 2021 A, 3% 3/1/2033 (County of Monmouth NJ Guaranteed)
|
385,000
|
385,139
|
|
|
Montclair Twp NJ Brd Ed 3.25% 1/15/2038 (Build America Mutual Assurance Co Insured)
|
1,825,000
|
1,737,593
|
|
|
Morris Cnty NJ Gen. Oblig. Series 2021, 2% 2/1/2029
|
1,085,000
|
1,044,026
|
|
|
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 11/1/2044
|
1,255,000
|
1,207,681
|
|
|
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2046
|
1,250,000
|
1,172,205
|
|
|
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2050
|
1,000,000
|
919,258
|
|
|
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2035
|
5,000,000
|
5,284,924
|
|
|
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2033
|
1,725,000
|
1,936,615
|
|
|
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5.25% 6/15/2037
|
1,570,000
|
1,778,827
|
|
|
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5.25% 6/15/2038
|
3,000,000
|
3,382,446
|
|
|
New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5.25% 6/15/2039
|
3,000,000
|
3,368,578
|
|
|
New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2018 A, 5% 6/15/2031
|
2,555,000
|
2,643,064
|
|
|
New Jersey St 2% 6/1/2027
|
2,000,000
|
1,979,447
|
|
|
New Jersey St Gen. Oblig. 2% 6/1/2026
|
6,300,000
|
6,300,000
|
|
|
New Jersey St Gen. Oblig. 2% 6/1/2029
|
3,110,000
|
2,986,932
|
|
|
New Jersey St Gen. Oblig. 2.25% 6/1/2034
|
540,000
|
482,291
|
|
|
New Jersey St Gen. Oblig. 3% 6/1/2032
|
4,240,000
|
4,230,291
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2026 (b)
|
10,000,000
|
9,844,536
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2027 (b)
|
3,000,000
|
2,867,189
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2030 (b)
|
14,795,000
|
12,833,352
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2031 (b)
|
8,905,000
|
7,440,981
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2032 (b)
|
355,000
|
286,229
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2033 (b)
|
1,135,000
|
880,453
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2033 (Assured Guaranty Inc Insured) (b)
|
4,930,000
|
3,838,548
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2034 (b)
|
10,775,000
|
8,027,797
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2034 (b)
|
5,800,000
|
4,339,402
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2036 (b)
|
25,000,000
|
17,071,751
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2038 (b)
|
13,900,000
|
8,632,566
|
|
|
New Jersey Trans Trust Fund Auth 0% 12/15/2038 (b)
|
250,000
|
155,262
|
|
|
New Jersey Trans Trust Fund Auth 3% 6/15/2050
|
7,500,000
|
5,583,101
|
|
|
New Jersey Trans Trust Fund Auth 4% 6/15/2050
|
4,300,000
|
3,942,206
|
|
|
New Jersey Trans Trust Fund Auth 5% 12/15/2033
|
2,850,000
|
3,033,557
|
|
|
New Jersey Trans Trust Fund Auth 5% 6/15/2037
|
10,000,000
|
11,193,809
|
|
|
New Jersey Trans Trust Fund Auth 5% 6/15/2050
|
11,190,000
|
11,596,921
|
|
|
New Jersey Trans Trust Fund Auth 5.25% 6/15/2050
|
15,000,000
|
15,785,572
|
|
|
New Jersey Trans Trust Fund Auth 5.25% 6/15/2050
|
14,595,000
|
15,322,155
|
|
|
New Jersey Trans Trust Fund Auth 5.25% 6/15/2055
|
8,335,000
|
8,730,954
|
|
|
New Jersey Trans Trust Fund Auth Series 2009A, 0% 12/15/2032 (b)
|
1,925,000
|
1,557,088
|
|
|
New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2038
|
1,035,000
|
1,036,414
|
|
|
New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2042
|
750,000
|
736,936
|
|
|
New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2038
|
6,440,000
|
6,975,367
|
|
|
Newark NJ Bd of Ed Bd 4% 7/15/2036 (Build America Mutual Assurance Co Insured)
|
775,000
|
795,268
|
|
|
Newark NJ Bd of Ed Bd 4% 7/15/2037 (Build America Mutual Assurance Co Insured)
|
725,000
|
741,315
|
|
|
Newark NJ Bd of Ed Bd 5% 7/15/2028 (Build America Mutual Assurance Co Insured)
|
300,000
|
313,661
|
|
|
Newark NJ Bd of Ed Bd 5% 7/15/2029 (Build America Mutual Assurance Co Insured)
|
300,000
|
319,577
|
|
|
Newark NJ Bd of Ed Bd 5% 7/15/2030 (Build America Mutual Assurance Co Insured)
|
300,000
|
325,037
|
|
|
Newark NJ Bd of Ed Bd 5% 7/15/2031 (Build America Mutual Assurance Co Insured)
|
375,000
|
412,012
|
|
|
Newark NJ Bd of Ed Bd 5% 7/15/2032 (Build America Mutual Assurance Co Insured)
|
400,000
|
439,484
|
|
|
Newark NJ Bd of Ed Bd 5% 7/15/2033 (Build America Mutual Assurance Co Insured)
|
500,000
|
546,526
|
|
|
Newark NJ Gen. Oblig. Series 2025A, 5% 7/15/2026
|
1,745,000
|
1,748,927
|
|
|
Newark NJ Gen. Oblig. Series 2025A, 5% 7/15/2027
|
2,200,000
|
2,248,533
|
|
|
Newark NJ Gen. Oblig. Series 2025A, 5% 7/15/2028
|
1,600,000
|
1,666,804
|
|
|
Newark NJ Gen. Oblig. Series 2025A, 5% 7/15/2029
|
1,100,000
|
1,165,690
|
|
|
Ocean City NJ Gen. Oblig. Series 2019, 2.25% 9/15/2032
|
455,000
|
415,881
|
|
|
Ocean City NJ Gen. Oblig. Series 2019, 2.25% 9/15/2033
|
1,170,000
|
1,052,502
|
|
|
Passaic Cnty NJ Gen. Oblig. 2% 11/1/2033
|
685,000
|
605,200
|
|
|
Passaic Cnty NJ Gen. Oblig. 2% 11/1/2034
|
1,840,000
|
1,585,082
|
|
|
Passaic Cnty NJ Gen. Oblig. 2% 11/1/2036
|
1,230,000
|
1,012,445
|
|
|
Piscataway Twp NJ Gen. Oblig. 2% 10/15/2034
|
1,485,000
|
1,274,393
|
|
|
Princeton NJ Gen. Oblig. 2.5% 9/15/2032
|
835,000
|
787,079
|
|
|
Rahway NJ Sch Dist 2.125% 7/15/2032
|
2,400,000
|
2,177,794
|
|
|
Rahway NJ Sch Dist 2.125% 7/15/2037 (Build America Mutual Assurance Co Insured)
|
1,110,000
|
888,909
|
|
|
Rahway NJ Sch Dist 2.125% 7/15/2038 (Build America Mutual Assurance Co Insured)
|
1,400,000
|
1,090,882
|
|
|
River Vale Township School District 2% 6/15/2030
|
1,020,000
|
957,235
|
|
|
Rumson Boro School District 2% 7/15/2034
|
680,000
|
589,691
|
|
|
Rumson Boro School District 2% 7/15/2035
|
865,000
|
734,231
|
|
|
Rumson Boro School District 2% 7/15/2036
|
1,185,000
|
982,651
|
|
|
Rutherford NJ Brd Ed Series 2019, 2.75% 12/15/2036
|
1,195,000
|
1,049,681
|
|
|
Sayreville NJ Gen. Oblig. Series 2021, 2% 11/1/2033
|
1,925,000
|
1,687,901
|
|
|
Sayreville NJ Gen. Oblig. Series 2021, 2% 11/1/2034
|
1,935,000
|
1,658,364
|
|
|
South Jersey Port Corp NJ Rev (New Jersey St Proj.) Series 2017B, 5% 1/1/2029 (d)
|
955,000
|
980,737
|
|
|
South Jersey Port Corp NJ Rev (New Jersey St Proj.) Series 2017B, 5% 1/1/2031 (d)
|
1,950,000
|
1,998,109
|
|
|
South Jersey Port Corp NJ Rev (New Jersey St Proj.) Series 2017B, 5% 1/1/2033 (d)
|
750,000
|
766,388
|
|
|
South Jersey Port Corp NJ Rev (New Jersey St Proj.) Series 2017B, 5% 1/1/2035 (d)
|
2,000,000
|
2,038,853
|
|
|
Washington Twp NJ Ban Gen. Oblig. 2% 5/15/2033
|
1,000,000
|
885,824
|
|
|
Washington Twp NJ Brd Ed Series 2023, 3.125% 8/15/2035
|
1,515,000
|
1,487,958
|
|
|
West Windsor Plains NJ Reg Sch 2.25% 8/1/2034
|
3,635,000
|
3,241,653
|
|
|
TOTAL GENERAL OBLIGATIONS
|
267,038,224
|
||
|
Health Care - 4.7%
|
|||
|
New Jersey Econom Dev Auth Rev (Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% (c)
|
1,250,000
|
970,741
|
|
|
New Jersey Economic Dev Auth Rev (White Horse HMT Urban Renewal LLC Proj.) 5% (c)
|
973,951
|
687,501
|
|
|
New Jersey Health Care (AHS Hospital Corp Proj.) 5% 7/1/2031
|
400,000
|
404,300
|
|
|
New Jersey Health Care (Atlanticare Regional Med Ctr Proj.) 3% 7/1/2046
|
7,140,000
|
5,731,600
|
|
|
New Jersey Health Care (Atlanticare Regional Med Ctr Proj.) 4% 7/1/2035
|
750,000
|
770,631
|
|
|
New Jersey Health Care (Atlanticare Regional Med Ctr Proj.) 4% 7/1/2037
|
700,000
|
715,347
|
|
|
New Jersey Health Care (Atlanticare Regional Med Ctr Proj.) 5% 7/1/2033
|
1,420,000
|
1,535,237
|
|
|
New Jersey Health Care (Atlanticare Regional Med Ctr Proj.) 5% 7/1/2034
|
1,250,000
|
1,347,779
|
|
|
New Jersey Health Care (Hunterdon Medical Center Proj.) 4% 7/1/2045
|
1,425,000
|
1,351,167
|
|
|
New Jersey Health Care (Inspira Health Proj.) Series 2024A, 4.125% 7/1/2054
|
6,000,000
|
5,615,729
|
|
|
New Jersey Health Care (Rwj Barnabas Health Proj.) Series 2024A, 5% 7/1/2027
|
735,000
|
753,591
|
|
|
New Jersey Health Care (Rwj Barnabas Health Proj.) Series 2024A, 5% 7/1/2028
|
1,000,000
|
1,046,556
|
|
|
New Jersey Health Care (Rwj Barnabas Health Proj.) Series 2024A, 5% 7/1/2029
|
455,000
|
484,179
|
|
|
New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 4% 7/1/2048
|
425,000
|
376,213
|
|
|
New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 5% 7/1/2026
|
800,000
|
800,645
|
|
|
New Jersey Health Care (Univ of Penn Health Systems Proj.) Series 2016A, 5% 7/1/2027
|
100,000
|
100,184
|
|
|
New Jersey Health Care (Valley Hospital Proj.) Series 2019, 3% 7/1/2049
|
10,405,000
|
7,942,989
|
|
|
New Jersey Health Care (Valley Hospital Proj.) Series 2019, 5% 7/1/2034
|
960,000
|
1,008,071
|
|
|
New Jersey Health Care (Virtua Health Proj.) 1.7% 7/1/2043, LOC JPMorgan Chase Bank NA VRDN (e)
|
2,575,000
|
2,575,000
|
|
|
TOTAL HEALTH CARE
|
34,217,460
|
||
|
Housing - 7.4%
|
|||
|
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2020 E, 1.75% 4/1/2030
|
900,000
|
834,441
|
|
|
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2020 E, 2.05% 10/1/2035
|
4,855,000
|
4,201,557
|
|
|
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2020 E, 2.25% 10/1/2040
|
10,480,000
|
8,382,031
|
|
|
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2020 E, 2.4% 10/1/2045
|
3,210,000
|
2,381,765
|
|
|
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2021 H, 1.9% 10/1/2036
|
6,020,000
|
4,890,911
|
|
|
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2021 H, 2.15% 10/1/2041
|
4,625,000
|
3,557,115
|
|
|
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2021 H, 5% 10/1/2028
|
480,000
|
503,444
|
|
|
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2021 H, 5% 4/1/2028
|
300,000
|
311,611
|
|
|
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2021 H, 5% 4/1/2029
|
500,000
|
529,547
|
|
|
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2022 I, 5% 10/1/2053
|
2,430,000
|
2,515,954
|
|
|
New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2025 M, 6.5% 4/1/2056
|
2,975,000
|
3,309,807
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2020 A, 2.3% 11/1/2040
|
1,150,000
|
917,869
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2021 A, 2.25% 11/1/2036
|
1,500,000
|
1,260,721
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2021 A, 2.65% 11/1/2046
|
1,270,000
|
919,420
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2023 C, 5% 11/1/2028 (d)
|
1,875,000
|
1,931,107
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2023 C, 5% 11/1/2029 (d)
|
1,950,000
|
2,022,852
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2023 C, 5% 11/1/2030 (d)
|
2,045,000
|
2,129,360
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2023 C, 5% 5/1/2029 (d)
|
1,885,000
|
1,949,141
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2023 C, 5% 5/1/2030 (d)
|
2,000,000
|
2,079,969
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 1, 2.95% 11/1/2027
|
625,000
|
622,069
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 1, 2.95% 5/1/2027
|
580,000
|
577,656
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 1, 3% 11/1/2028
|
790,000
|
789,751
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 1, 3% 5/1/2028
|
765,000
|
760,772
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.9% 11/1/2027
|
3,750,000
|
3,732,404
|
|
|
NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 2, 2.95% 5/1/2028
|
3,150,000
|
3,132,575
|
|
|
TOTAL HOUSING
|
54,243,849
|
||
|
Special Tax - 1.7%
|
|||
|
Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 4% 11/1/2044 (Assured Guaranty Inc Insured)
|
3,000,000
|
2,935,626
|
|
|
Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2027 (Assured Guaranty Inc Insured)
|
750,000
|
771,539
|
|
|
Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024A, 5% 11/1/2028 (Assured Guaranty Inc Insured)
|
1,000,000
|
1,049,032
|
|
|
Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2027 (Assured Guaranty Inc Insured)
|
300,000
|
308,616
|
|
|
Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2028 (Assured Guaranty Inc Insured)
|
350,000
|
367,161
|
|
|
Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2037 (Assured Guaranty Inc Insured)
|
750,000
|
827,562
|
|
|
Casino Reinvestment Development Authority NJ Luxury Tax Rev Series 2024B, 5% 11/1/2044 (Assured Guaranty Inc Insured)
|
900,000
|
951,471
|
|
|
NJ Eda Motor Vehicle Series 2017A, 3.125% 7/1/2029
|
1,335,000
|
1,327,708
|
|
|
NJ Eda Motor Vehicle Series 2017A, 3.375% 7/1/2030
|
3,705,000
|
3,698,822
|
|
|
TOTAL SPECIAL TAX
|
12,237,537
|
||
|
Tobacco Bonds - 1.6%
|
|||
|
Tobacco Settlement Fin Corp NJ 5% 6/1/2027
|
1,000,000
|
1,021,548
|
|
|
Tobacco Settlement Fin Corp NJ 5% 6/1/2028
|
2,000,000
|
2,082,580
|
|
|
Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2033
|
1,000,000
|
1,034,978
|
|
|
Tobacco Settlement Fin Corp NJ Series 2018B, 5% 6/1/2046
|
8,085,000
|
7,846,302
|
|
|
TOTAL TOBACCO BONDS
|
11,985,408
|
||
|
Transportation - 6.5%
|
|||
|
New Jersey Econom Dev Auth Rev (Nynj Link Borrower LLC Proj.) Series 2013, 5.125% 1/1/2034 (d)
|
1,500,000
|
1,506,333
|
|
|
New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2029
|
750,000
|
750,996
|
|
|
New Jersey Turnpike Authority 5% 1/1/2034 (f)
|
4,500,000
|
4,999,446
|
|
|
New Jersey Turnpike Authority 5% 1/1/2035 (f)
|
2,420,000
|
2,704,391
|
|
|
New Jersey Turnpike Authority Series 2024 B, 5.25% 1/1/2049
|
5,000,000
|
5,326,860
|
|
|
New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2044
|
6,035,000
|
6,491,671
|
|
|
New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2045
|
5,385,000
|
5,761,249
|
|
|
New Jersey Turnpike Authority Series 2025A, 5.25% 1/1/2050
|
5,000,000
|
5,377,758
|
|
|
New Jersy Ec Dv Ath Spl Fac Rv (Port Newark Container Term LLC Proj.) 5% 10/1/2037 (d)
|
1,955,000
|
1,980,371
|
|
|
South Jersey Trans Auth NJ Trans Sys Rev 5% 11/1/2028 (Assured Guaranty Inc Insured)
|
200,000
|
211,149
|
|
|
South Jersey Trans Auth NJ Trans Sys Rev 5% 11/1/2031 (Assured Guaranty Inc Insured)
|
1,500,000
|
1,608,623
|
|
|
South Jersey Trans Auth NJ Trans Sys Rev 5% 11/1/2032 (Assured Guaranty Inc Insured)
|
1,230,000
|
1,313,653
|
|
|
South Jersey Trans Auth NJ Trans Sys Rev 5% 11/1/2033 (Assured Guaranty Inc Insured)
|
750,000
|
798,847
|
|
|
South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 4% 11/1/2038 (Build America Mutual Assurance Co Insured)
|
2,000,000
|
2,041,643
|
|
|
South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 4% 11/1/2039 (Build America Mutual Assurance Co Insured)
|
2,000,000
|
2,032,800
|
|
|
South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 5% 11/1/2036 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,126,793
|
|
|
South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 5% 11/1/2037 (Build America Mutual Assurance Co Insured)
|
750,000
|
839,714
|
|
|
South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 5% 11/1/2038 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,113,957
|
|
|
South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 5% 11/1/2039 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,108,477
|
|
|
TOTAL TRANSPORTATION
|
47,094,731
|
||
|
Water & Sewer - 0.3%
|
|||
|
New Jersey Eda Wtr Facs Rev (Middlesex Water Co Proj.) Series 2019, 4% 8/1/2059 (d)
|
1,000,000
|
861,598
|
|
|
Rahway Vy NJ Sew Auth Swr Rev 0% 9/1/2035 (National Public Finance Guarantee Corporation Insured) (b)
|
1,375,000
|
981,680
|
|
|
TOTAL WATER & SEWER
|
1,843,278
|
||
|
TOTAL NEW JERSEY
|
554,655,238
|
||
|
New Jersey,New York - 13.2%
|
|||
|
Transportation - 13.2%
|
|||
|
Port Auth NY & NJ 4% 7/15/2037 (d)
|
1,000,000
|
1,006,186
|
|
|
Port Auth NY & NJ 4% 7/15/2045 (d)
|
1,500,000
|
1,421,705
|
|
|
Port Auth NY & NJ 4% 7/15/2050 (d)
|
1,215,000
|
1,090,846
|
|
|
Port Auth NY & NJ 5% 1/15/2047 (d)
|
6,000,000
|
6,190,273
|
|
|
Port Auth NY & NJ 5% 10/15/2033 (d)
|
9,195,000
|
10,232,648
|
|
|
Port Auth NY & NJ 5% 7/15/2035 (d)
|
2,500,000
|
2,648,930
|
|
|
Port Auth NY & NJ 5% 9/15/2028 (d)
|
4,000,000
|
4,135,996
|
|
|
Port Auth NY & NJ 5% 9/15/2029 (d)
|
1,750,000
|
1,808,552
|
|
|
Port Auth NY & NJ 5% 9/15/2034 (d)
|
5,000,000
|
5,136,401
|
|
|
Port Auth NY & NJ Series 197, 5% 11/15/2032 (d)
|
5,000,000
|
5,046,008
|
|
|
Port Auth NY & NJ Series 214, 5% 9/1/2030 (d)
|
250,000
|
264,584
|
|
|
Port Auth NY & NJ Series 214, 5% 9/1/2036 (d)
|
6,785,000
|
7,095,902
|
|
|
Port Auth NY & NJ Series 223, 4% 7/15/2034 (d)
|
2,000,000
|
2,038,237
|
|
|
Port Auth NY & NJ Series 223, 4% 7/15/2035 (d)
|
2,250,000
|
2,285,710
|
|
|
Port Auth NY & NJ Series 223, 4% 7/15/2036 (d)
|
1,350,000
|
1,366,925
|
|
|
Port Auth NY & NJ Series 223, 4% 7/15/2037 (d)
|
2,750,000
|
2,770,774
|
|
|
Port Auth NY & NJ Series 223, 4% 7/15/2038 (d)
|
6,000,000
|
6,022,180
|
|
|
Port Auth NY & NJ Series 223, 4% 7/15/2039 (d)
|
4,000,000
|
3,975,399
|
|
|
Port Auth NY & NJ Series 223, 5% 7/15/2056 (d)
|
3,500,000
|
3,563,847
|
|
|
Port Auth NY & NJ Series 227, 2% 10/1/2031 (d)
|
2,685,000
|
2,462,012
|
|
|
Port Auth NY & NJ Series 227, 2% 10/1/2033 (d)
|
770,000
|
675,790
|
|
|
Port Auth NY & NJ Series 238, 5% 7/15/2035 (d)
|
3,525,000
|
3,898,835
|
|
|
Port Auth NY & NJ Series 238, 5% 7/15/2036 (d)
|
3,430,000
|
3,763,777
|
|
|
Port Auth NY & NJ Series 238, 5% 7/15/2037 (d)
|
1,765,000
|
1,917,474
|
|
|
Port Auth NY & NJ Series 238, 5% 7/15/2038 (d)
|
3,235,000
|
3,503,169
|
|
|
Port Auth NY & NJ Series 238, 5% 7/15/2039 (d)
|
1,685,000
|
1,816,826
|
|
|
Port Auth NY & NJ Series 246, 5% 9/1/2033 (d)
|
7,975,000
|
8,867,044
|
|
|
Port Auth NY & NJ Series 246, 5% 9/1/2041 (d)
|
1,400,000
|
1,501,023
|
|
|
TOTAL NEW JERSEY,NEW YORK
|
96,507,053
|
||
|
New Jersey,Pennsylvania - 2.3%
|
|||
|
Transportation - 2.3%
|
|||
|
Delaware Riv Port Auth PA & NJ 5% 1/1/2037
|
1,200,000
|
1,252,504
|
|
|
Delaware Riv Port Auth PA & NJ Series 2025, 5% 1/1/2038
|
3,170,000
|
3,539,825
|
|
|
Delaware Riv Port Auth PA & NJ Series 2025, 5% 1/1/2039
|
5,250,000
|
5,840,733
|
|
|
Delaware Riv Port Auth PA & NJ Series 2025, 5% 1/1/2040
|
4,750,000
|
5,250,796
|
|
|
Delaware Rvr Jt Toll Brg PA NJ Series 2019 A, 5% 7/1/2044
|
700,000
|
725,022
|
|
|
TOTAL NEW JERSEY,PENNSYLVANIA
|
16,608,880
|
||
|
Puerto Rico - 0.9%
|
|||
|
General Obligations - 0.4%
|
|||
|
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (b)
|
1,552,650
|
1,131,481
|
|
|
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029
|
545,000
|
572,715
|
|
|
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031
|
1,300,000
|
1,407,190
|
|
|
TOTAL GENERAL OBLIGATIONS
|
3,111,386
|
||
|
Health Care - 0.3%
|
|||
|
Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 4% 7/1/2041
|
195,000
|
175,606
|
|
|
Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2030
|
860,000
|
906,333
|
|
|
Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2032
|
125,000
|
132,042
|
|
|
Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2034
|
110,000
|
115,090
|
|
|
Puerto Rico Indl Tourist Edl Med & Environmental Ctl Facs Fing Auth Hosp Rev (Hosp Auxilio Mutou Oblig Grp Proj.) Series 2021, 5% 7/1/2035
|
480,000
|
500,415
|
|
|
TOTAL HEALTH CARE
|
1,829,486
|
||
|
Special Tax - 0.2%
|
|||
|
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2031 (b)
|
1,465,000
|
1,231,229
|
|
|
Water & Sewer - 0.0%
|
|||
|
Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (c)
|
645,000
|
671,260
|
|
|
TOTAL PUERTO RICO
|
6,843,361
|
||
|
Virgin Islands - 0.4%
|
|||
|
Transportation - 0.4%
|
|||
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2033
|
1,055,000
|
1,161,339
|
|
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2037
|
1,645,000
|
1,822,673
|
|
|
TOTAL VIRGIN ISLANDS
|
2,984,012
|
||
|
TOTAL MUNICIPAL SECURITIES
(Cost $678,392,163)
|
688,960,377
|
||
|
Money Market Funds - 7.9%
|
||||
|
Yield (%)
|
Shares
|
Value ($)
|
||
|
Fidelity Municipal Cash Central Fund (g)(h)
(Cost $57,994,772)
|
2.01
|
57,983,175
|
57,994,772
|
|
|
TOTAL INVESTMENT IN SECURITIES - 102.3%
(Cost $736,386,935)
|
746,955,149
|
|
NET OTHER ASSETS (LIABILITIES) - (2.3)%
|
(17,072,357)
|
|
NET ASSETS - 100.0%
|
729,882,792
|
Security Type Abbreviations
|
VRDN
|
-
|
VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
|
Legend
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
|
(b)
|
Zero coupon bond which is issued at a discount.
|
|
(c)
|
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,329,502 or 0.3% of net assets.
|
|
(d)
|
Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
|
|
(e)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
|
(f)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
|
(g)
|
Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.
|
|
(h)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
|
Fidelity Municipal Cash Central Fund
|
17,043,645
|
112,055,144
|
71,104,017
|
461,190
|
-
|
-
|
57,994,772
|
57,983,175
|
1.6%
|
|
Total
|
17,043,645
|
112,055,144
|
71,104,017
|
461,190
|
-
|
-
|
57,994,772
|
||
Amounts in the dividend 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.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2026, 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
|
||||
|
Education
|
117,047,042
|
-
|
117,047,042
|
-
|
|
Electric Utilities
|
8,947,709
|
-
|
8,947,709
|
-
|
|
General Obligations
|
270,149,610
|
-
|
270,149,610
|
-
|
|
Health Care
|
36,046,946
|
-
|
36,046,946
|
-
|
|
Housing
|
54,243,849
|
-
|
54,243,849
|
-
|
|
Special Tax
|
17,432,292
|
-
|
17,432,292
|
-
|
|
Tobacco Bonds
|
11,985,408
|
-
|
11,985,408
|
-
|
|
Transportation
|
167,955,911
|
-
|
167,955,911
|
-
|
|
Water & Sewer
|
5,151,610
|
-
|
5,151,610
|
-
|
|
Money Market Funds
|
57,994,772
|
57,994,772
|
-
|
-
|
|
Total Investments in Securities:
|
746,955,149
|
57,994,772
|
688,960,377
|
-
|
Financial Statements (Unaudited)
|
Statement of Assets and Liabilities
|
||||
|
As of May 31, 2026 (Unaudited)
|
||||
|
Assets
|
||||
|
Investment in securities, at value - See accompanying schedule:
|
||||
|
Unaffiliated issuers (cost $678,392,163)
|
$
|
688,960,377
|
||
|
Fidelity Central Funds (cost $57,994,772)
|
57,994,772
|
|||
|
Total Investment in Securities (cost $736,386,935)
|
$
|
746,955,149
|
||
|
Cash
|
2,061,152
|
|||
|
Receivable for fund shares sold
|
743,311
|
|||
|
Interest receivable
|
8,809,110
|
|||
|
Distributions receivable from Fidelity Central Funds
|
94,215
|
|||
|
Prepaid expenses
|
71
|
|||
|
Other receivables
|
40
|
|||
|
Total assets
|
758,663,048
|
|||
|
Liabilities
|
||||
|
Payable for investments purchased on a delayed delivery basis
|
$
|
27,173,890
|
||
|
Payable for fund shares redeemed
|
593,899
|
|||
|
Distributions payable
|
730,366
|
|||
|
Accrued management fee
|
255,779
|
|||
|
Other payables and accrued expenses
|
26,322
|
|||
|
Total liabilities
|
28,780,256
|
|||
|
Net Assets
|
$
|
729,882,792
|
||
|
Net Assets consist of:
|
||||
|
Paid in capital
|
$
|
724,018,487
|
||
|
Total accumulated earnings (loss)
|
5,864,305
|
|||
|
Net Assets
|
$
|
729,882,792
|
||
|
Net Asset Value, offering price and redemption price per share ($729,882,792 ÷ 62,229,486 shares)
|
$
|
11.73
|
||
|
Statement of Operations
|
||||
|
Six months ended May 31, 2026 (Unaudited)
|
||||
|
Investment Income
|
||||
|
Interest
|
$
|
11,890,603
|
||
|
Income from Fidelity Central Funds
|
461,190
|
|||
|
Total income
|
12,351,793
|
|||
|
Expenses
|
||||
|
Management fee
|
$
|
1,469,930
|
||
|
Custodian fees and expenses
|
2,728
|
|||
|
Independent trustees' fees and expenses
|
658
|
|||
|
Registration fees
|
27,731
|
|||
|
Audit fees
|
24,884
|
|||
|
Legal
|
3,539
|
|||
|
Miscellaneous
|
898
|
|||
|
Total expenses before reductions
|
1,530,368
|
|||
|
Expense reductions
|
(155)
|
|||
|
Total expenses after reductions
|
1,530,213
|
|||
|
Net Investment income (loss)
|
10,821,580
|
|||
|
Realized and Unrealized Gain (Loss)
|
||||
|
Net realized gain (loss) on:
|
||||
|
Investment Securities:
|
||||
|
Unaffiliated issuers
|
(844,866)
|
|||
|
Total net realized gain (loss)
|
(844,866)
|
|||
|
Change in net unrealized appreciation (depreciation) on investment securities
|
(263,815)
|
|||
|
Net gain (loss)
|
(1,108,681)
|
|||
|
Net increase (decrease) in net assets resulting from operations
|
$
|
9,712,899
|
||
|
Statement of Changes in Net Assets
|
||||
|
Six months ended
May 31, 2026
(Unaudited)
|
Year ended
November 30, 2025
|
|||
|
Increase (Decrease) in Net Assets
|
||||
|
Operations
|
||||
|
Net investment income (loss)
|
$
|
10,821,580
|
$
|
18,656,925
|
|
Net realized gain (loss)
|
(844,866)
|
531,925
|
||
|
Change in net unrealized appreciation (depreciation)
|
(263,815)
|
1,797,513
|
||
|
Net increase (decrease) in net assets resulting from operations
|
9,712,899
|
20,986,363
|
||
|
Distributions to shareholders
|
(10,152,182)
|
(17,635,897)
|
||
|
Share transactions
|
||||
|
Proceeds from sales of shares
|
140,887,103
|
181,495,815
|
||
|
Reinvestment of distributions
|
5,926,487
|
10,020,484
|
||
|
Cost of shares redeemed
|
(56,939,589)
|
(109,795,278)
|
||
|
Net increase (decrease) in net assets resulting from share transactions
|
89,874,001
|
81,721,021
|
||
|
Total increase (decrease) in net assets
|
89,434,718
|
85,071,487
|
||
|
Net Assets
|
||||
|
Beginning of period
|
640,448,074
|
555,376,587
|
||
|
End of period
|
$
|
729,882,792
|
$
|
640,448,074
|
|
Other Information
|
||||
|
Shares
|
||||
|
Sold
|
11,999,753
|
15,841,006
|
||
|
Issued in reinvestment of distributions
|
504,404
|
871,819
|
||
|
Redeemed
|
(4,850,733)
|
(9,601,189)
|
||
|
Net increase (decrease)
|
7,653,424
|
7,111,636
|
||
Financial Highlights
|
Fidelity® New Jersey Municipal Income Fund
|
|
Six months ended
May 31, 2026
(Unaudited)
|
Years ended November 30, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
|
Selected Per-Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
11.73
|
$
|
11.70
|
$
|
11.41
|
$
|
11.14
|
$
|
12.62
|
$
|
12.48
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) A,B
|
.186
|
.366
|
.355
|
.316
|
.263
|
.249
|
||||||
|
Net realized and unrealized gain (loss)
|
(.012)
|
.010
|
.274
|
.261
|
(1.417)
|
.194
|
||||||
|
Total from investment operations
|
.174
|
.376
|
.629
|
.577
|
(1.154)
|
.443
|
||||||
|
Distributions from net investment income
|
(.174)
|
(.345)
|
(.338)
|
(.307)
|
(.263)
|
(.249)
|
||||||
|
Distributions from net realized gain
|
-
|
(.001)
|
(.001)
|
-
|
(.063)
|
(.054)
|
||||||
|
Total distributions
|
(.174)
|
(.346)
|
(.339)
|
(.307)
|
(.326)
|
(.303)
|
||||||
|
Net asset value, end of period
|
$
|
11.73
|
$
|
11.73
|
$
|
11.70
|
$
|
11.41
|
$
|
11.14
|
$
|
12.62
|
|
Total Return C,D
|
1.49
%
|
3.32%
|
5.58%
|
5.25%
|
(9.22)%
|
3.58%
|
||||||
|
Ratios to Average Net Assets B,E,F
|
||||||||||||
|
Expenses before reductions
|
.45% G
|
.45%
|
.45%
|
.48%
|
.48%
|
.47%
|
||||||
|
Expenses net of fee waivers, if any
|
.45
% G
|
.45%
|
.45%
|
.48%
|
.47%
|
.47%
|
||||||
|
Expenses net of all reductions, if any
|
.45% G
|
.45%
|
.45%
|
.48%
|
.47%
|
.47%
|
||||||
|
Net investment income (loss)
|
3.17% G
|
3.19%
|
3.07%
|
2.81%
|
2.28%
|
1.97%
|
||||||
|
Supplemental Data
|
||||||||||||
|
Net assets, end of period (000 omitted)
|
$
|
729,883
|
$
|
640,448
|
$
|
555,377
|
$
|
517,525
|
$
|
507,328
|
$
|
717,965
|
|
Portfolio turnover rate H
|
7
% G
|
12%
|
12%
|
29%
|
14%
|
12%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
(Unaudited)
For the period ended May 31, 2026
1. Organization.
Fidelity New Jersey Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity Court Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may be affected by economic and political developments in the state of New Jersey.
2. 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 RatioA
|
|
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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2026 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and capital loss carryforwards.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
|
Gross unrealized appreciation
|
$21,936,092
|
|
Gross unrealized depreciation
|
(8,413,664)
|
|
Net unrealized appreciation (depreciation)
|
$13,522,428
|
|
Tax cost
|
$733,432,721
|
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
|
Short-term
|
$(28,516)
|
|
Long-term
|
(6,788,605)
|
|
Total capital loss carryforward
|
$(6,817,121)
|
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
|
98,324,880
|
23,344,517
|
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
|
Maximum Management Fee Rate %
|
|
Fidelity New Jersey Municipal Income Fund
|
.43
|
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
|
Total Management Fee Rate %
|
|
Fidelity New Jersey Municipal Income Fund
|
.43
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2027 unless extended or renewed.
|
|
Amount ($)
|
|
Fidelity New Jersey Municipal Income Fund
|
417
|
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $155.
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. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
|
|
1.704871.128
NJN-SANN-0726
Fidelity® Connecticut Municipal Income Fund
Semi-Annual Report
May 31, 2026
Contents
|
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report) |
|
Fidelity® Connecticut Municipal Income Fund |
|
Notes to Financial Statements |
|
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
|
Item 9: Proxy Disclosures for Open-End Management Investment Companies |
|
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies |
|
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 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.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Connecticut Municipal Income Fund
Schedule of Investments May 31, 2026 (Unaudited)
Showing Percentage of Net Assets
|
Municipal Securities - 95.6%
|
|||
|
Principal
Amount (a)
|
Value ($)
|
||
|
Connecticut - 92.9%
|
|||
|
Education - 16.9%
|
|||
|
Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2036
|
250,000
|
252,577
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2037
|
260,000
|
261,197
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2041
|
1,195,000
|
1,169,789
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2027
|
210,000
|
215,357
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2028
|
200,000
|
209,726
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2029
|
200,000
|
213,926
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2030
|
150,000
|
163,314
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2031
|
235,000
|
259,785
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2032
|
215,000
|
240,759
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2033
|
125,000
|
141,574
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2034
|
190,000
|
216,878
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2043
|
1,565,000
|
1,706,768
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2044
|
1,000,000
|
1,080,427
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2045
|
1,250,000
|
1,338,266
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) 5% 7/1/2046
|
1,100,000
|
1,168,318
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2030
|
100,000
|
108,876
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2031
|
100,000
|
110,547
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2032
|
255,000
|
285,551
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2033
|
150,000
|
169,888
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2034
|
100,000
|
114,146
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2035
|
100,000
|
114,813
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2036
|
200,000
|
225,383
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2037
|
210,000
|
235,316
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2038
|
175,000
|
195,178
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2039
|
500,000
|
554,703
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2040
|
300,000
|
331,067
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2041
|
350,000
|
383,924
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2042
|
300,000
|
326,996
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2043
|
375,000
|
406,245
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2044
|
370,000
|
397,393
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5% 7/1/2045
|
500,000
|
532,529
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Fairfield Univ, CT Proj.) Series V, 5.3% 7/1/2047
|
1,000,000
|
1,067,640
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Quinnipiac University, CT Proj.) Series O, 5% 7/1/2034
|
1,175,000
|
1,327,723
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Quinnipiac University, CT Proj.) Series O, 5% 7/1/2035
|
1,000,000
|
1,137,111
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Quinnipiac University, CT Proj.) Series O, 5% 7/1/2036
|
375,000
|
424,160
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Quinnipiac University, CT Proj.) Series P, 5% 7/1/2037
|
2,500,000
|
2,838,332
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Quinnipiac University, CT Proj.) Series P, 5% 7/1/2038
|
2,500,000
|
2,821,583
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Quinnipiac University, CT Proj.) Series P, 5% 7/1/2039
|
2,715,000
|
3,044,163
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 5% 7/1/2036
|
1,000,000
|
1,059,821
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 5% 7/1/2037
|
1,750,000
|
1,844,741
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 5% 7/1/2039
|
2,830,000
|
2,964,981
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Taft School, CT Proj.) 3% 7/1/2041
|
1,340,000
|
1,176,174
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2037
|
1,000,000
|
1,057,578
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2038
|
1,045,000
|
1,102,623
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2039
|
1,595,000
|
1,677,960
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2040
|
1,125,000
|
1,180,104
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 4% 7/1/2039
|
1,850,000
|
1,650,842
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2027
|
430,000
|
433,191
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2031
|
500,000
|
507,618
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2032
|
550,000
|
556,970
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2033
|
720,000
|
726,593
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2034
|
675,000
|
680,020
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) 2.4% 7/1/2042 VRDN (e)
|
8,000,000
|
8,000,000
|
|
|
Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) 5% 7/1/2030
|
2,400,000
|
2,451,211
|
|
|
Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) 5% 7/1/2031
|
1,825,000
|
1,862,674
|
|
|
Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) 5% 7/1/2032
|
1,000,000
|
1,020,139
|
|
|
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2027
|
80,000
|
81,747
|
|
|
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2028
|
1,150,000
|
1,175,448
|
|
|
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2029
|
350,000
|
357,605
|
|
|
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2030
|
1,100,000
|
1,123,589
|
|
|
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2031
|
1,300,000
|
1,326,417
|
|
|
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2032
|
1,050,000
|
1,070,469
|
|
|
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2033
|
700,000
|
713,246
|
|
|
Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2034
|
750,000
|
763,460
|
|
|
Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2027
|
250,000
|
253,302
|
|
|
TOTAL EDUCATION
|
62,610,451
|
||
|
Escrowed/Pre-Refunded - 0.0%
|
|||
|
Connecticut St Hr Ed Supp Loan Series 2020 D, 5% 11/15/2026 (Escrowed to Maturity)
|
180,000
|
181,841
|
|
|
New Haven CT Gen. Oblig. Series 2016 A, 5% 8/15/2027 (Pre-refunded to 8/15/2026 at 100)
|
35,000
|
35,165
|
|
|
TOTAL ESCROWED/PRE-REFUNDED
|
217,006
|
||
|
General Obligations - 42.8%
|
|||
|
Branford CT Series 2019, 2.25% 10/15/2034
|
2,400,000
|
2,136,106
|
|
|
Bridgeport CT Gen. Oblig. Series 2019 A, 5% 2/1/2032 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,053,480
|
|
|
Bridgeport CT Gen. Oblig. Series 2019 A, 5% 2/1/2037 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,039,495
|
|
|
Bridgeport CT Gen. Oblig. Series 2019 A, 5% 2/1/2039 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,035,598
|
|
|
Bridgeport CT Gen. Oblig. Series 2021 A, 4% 8/1/2038
|
800,000
|
807,704
|
|
|
Bridgeport CT Gen. Oblig. Series 2021 A, 4% 8/1/2041
|
1,050,000
|
1,041,382
|
|
|
Bridgeport CT Gen. Oblig. Series 2021 A, 4% 8/1/2046
|
375,000
|
351,879
|
|
|
Bridgeport CT Gen. Oblig. Series 2021 A, 4% 8/1/2051
|
575,000
|
513,568
|
|
|
Bridgeport CT Gen. Oblig. Series 2021 A, 5% 8/1/2035
|
450,000
|
485,779
|
|
|
Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2032 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,116,375
|
|
|
Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2035 (Build America Mutual Assurance Co Insured)
|
300,000
|
340,181
|
|
|
Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2036 (Build America Mutual Assurance Co Insured)
|
250,000
|
281,930
|
|
|
Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2037 (Build America Mutual Assurance Co Insured)
|
775,000
|
869,492
|
|
|
Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2039 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,111,767
|
|
|
Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2040 (Build America Mutual Assurance Co Insured)
|
300,000
|
332,152
|
|
|
Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2041 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,099,640
|
|
|
Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2043 (Build America Mutual Assurance Co Insured)
|
1,250,000
|
1,361,686
|
|
|
Bridgeport CT Gen. Oblig. Series D, 5% 8/15/2031 (Assured Guaranty Inc Insured)
|
1,000,000
|
1,004,229
|
|
|
Bridgeport CT Gen. Oblig. Series D, 5% 8/15/2032 (Assured Guaranty Inc Insured)
|
3,090,000
|
3,102,411
|
|
|
Brookfield CT Series 2020, 2% 8/15/2035
|
365,000
|
308,633
|
|
|
Connecticut St Gen. Oblig. 2% 1/15/2038
|
320,000
|
248,878
|
|
|
Connecticut St Gen. Oblig. 3% 1/15/2039
|
5,500,000
|
5,031,539
|
|
|
Connecticut St Gen. Oblig. 3% 6/1/2039
|
1,400,000
|
1,265,293
|
|
|
Connecticut St Gen. Oblig. 3% 6/1/2040
|
3,380,000
|
3,000,975
|
|
|
Connecticut St Gen. Oblig. 4% 1/15/2034
|
400,000
|
419,177
|
|
|
Connecticut St Gen. Oblig. 5% 4/15/2030
|
2,500,000
|
2,607,139
|
|
|
Connecticut St Gen. Oblig. Series 2018 C, 5% 6/15/2031
|
725,000
|
757,318
|
|
|
Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2035
|
2,000,000
|
2,106,681
|
|
|
Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2036
|
2,300,000
|
2,415,537
|
|
|
Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2032
|
335,000
|
334,613
|
|
|
Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2034
|
3,000,000
|
2,961,962
|
|
|
Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2035
|
1,850,000
|
1,803,786
|
|
|
Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2036
|
9,130,000
|
8,764,669
|
|
|
Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2037
|
2,875,000
|
2,713,835
|
|
|
Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2038
|
1,000,000
|
925,166
|
|
|
Connecticut St Gen. Oblig. Series 2023 A, 5% 5/15/2027
|
900,000
|
921,268
|
|
|
Connecticut St Gen. Oblig. Series 2023 B, 5% 8/1/2027
|
1,835,000
|
1,887,962
|
|
|
Connecticut St Gen. Oblig. Series 2024 A, 5% 1/15/2029
|
2,000,000
|
2,121,460
|
|
|
Connecticut St Gen. Oblig. Series 2024 A, 5% 1/15/2030
|
1,335,000
|
1,443,646
|
|
|
Connecticut St Gen. Oblig. Series 2024 C, 5% 3/1/2028
|
2,000,000
|
2,086,646
|
|
|
Connecticut St Gen. Oblig. Series 2024 C, 5% 3/1/2029
|
1,855,000
|
1,972,764
|
|
|
Connecticut St Gen. Oblig. Series 2024 C, 5% 3/1/2030
|
2,500,000
|
2,709,877
|
|
|
Connecticut St Gen. Oblig. Series 2024 D, 5% 5/1/2029
|
1,625,000
|
1,734,007
|
|
|
Connecticut St Gen. Oblig. Series 2024 D, 5% 5/1/2030
|
1,000,000
|
1,087,301
|
|
|
Connecticut St Gen. Oblig. Series 2024 D, 5% 5/1/2031
|
1,000,000
|
1,103,871
|
|
|
Connecticut St Gen. Oblig. Series 2024 D, 5% 5/1/2032
|
1,250,000
|
1,399,158
|
|
|
Connecticut St Gen. Oblig. Series 2024 D, 5% 5/1/2033
|
500,000
|
566,385
|
|
|
Connecticut St Gen. Oblig. Series 2024 D, 5% 5/1/2034
|
500,000
|
571,530
|
|
|
Connecticut St Gen. Oblig. Series 2024 D, 5% 5/1/2035
|
1,000,000
|
1,136,332
|
|
|
Connecticut St Gen. Oblig. Series 2024 E, 5% 9/1/2031
|
3,000,000
|
3,327,607
|
|
|
Connecticut St Gen. Oblig. Series 2024 F, 5% 11/15/2031
|
2,500,000
|
2,781,060
|
|
|
Connecticut St Gen. Oblig. Series 2025 C, 5% 8/15/2041
|
4,800,000
|
5,349,871
|
|
|
Connecticut St Gen. Oblig. Series 2025 D, 5% 8/15/2030
|
8,000,000
|
8,741,049
|
|
|
Connecticut St Gen. Oblig. Series 2026A, 5% 9/15/2044 (g)
|
5,000,000
|
5,462,565
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Connecticut St Univ Sys Proj.) Series Q 1, 3% 11/1/2033
|
1,000,000
|
971,026
|
|
|
Connecticut St Hr Ed Supp Loan 5% 11/15/2026 (Connecticut St Guaranteed) (f)
|
600,000
|
604,555
|
|
|
Connecticut St Hr Ed Supp Loan 5% 11/15/2027 (Connecticut St Guaranteed) (f)
|
610,000
|
623,398
|
|
|
Connecticut St Hr Ed Supp Loan 5% 11/15/2028 (Connecticut St Guaranteed) (f)
|
525,000
|
544,194
|
|
|
Connecticut St Hr Ed Supp Loan 5% 11/15/2029 (Connecticut St Guaranteed) (f)
|
490,000
|
514,150
|
|
|
Connecticut St Hr Ed Supp Loan Series 2024 B, 5% 11/15/2026 (Connecticut St Guaranteed) (f)
|
400,000
|
403,091
|
|
|
Connecticut St Hr Ed Supp Loan Series 2024 B, 5% 11/15/2027 (Connecticut St Guaranteed) (f)
|
665,000
|
680,082
|
|
|
Connecticut St Hr Ed Supp Loan Series 2024 B, 5% 11/15/2028 (Connecticut St Guaranteed) (f)
|
1,020,000
|
1,057,534
|
|
|
Connecticut St Hr Ed Supp Loan Series 2024 B, 5% 11/15/2029 (Connecticut St Guaranteed) (f)
|
1,080,000
|
1,133,229
|
|
|
Connecticut St Hr Ed Supp Loan Series 2024 B, 5% 11/15/2030 (Connecticut St Guaranteed) (f)
|
1,075,000
|
1,137,125
|
|
|
Connecticut St Hr Ed Supp Loan Series 2024 B, 5% 11/15/2031 (Connecticut St Guaranteed) (f)
|
750,000
|
797,929
|
|
|
Connecticut St Hr Ed Supp Loan Series 2024 B, 5% 11/15/2032 (Connecticut St Guaranteed) (f)
|
725,000
|
774,537
|
|
|
Connecticut St Hr Ed Supp Loan Series 2024 B, 5% 11/15/2033 (Connecticut St Guaranteed) (f)
|
540,000
|
579,092
|
|
|
Danbury CT Gen. Oblig. Series 2019 B, 2.25% 11/1/2032
|
50,000
|
45,820
|
|
|
East Lyme CT Gen. Oblig. 3% 7/15/2038
|
530,000
|
483,156
|
|
|
Hamden CT Gen. Oblig. Series 2017 A, 5% 8/15/2027 (Build America Mutual Assurance Co Insured)
|
1,000,000
|
1,025,251
|
|
|
Hartford Cnty Conn Met Dist Gen. Oblig. Series 2018, 5% 7/15/2031
|
1,000,000
|
1,045,787
|
|
|
Hartford Cnty Conn Met Dist Gen. Oblig. Series 2018, 5% 7/15/2032
|
1,250,000
|
1,305,627
|
|
|
Hartford Cnty Conn Met Dist Gen. Oblig. Series 2018, 5% 7/15/2033
|
1,000,000
|
1,042,744
|
|
|
Hartford Cnty Conn Met Dist Gen. Oblig. Series 2018, 5% 7/15/2034
|
1,000,000
|
1,040,879
|
|
|
Meriden CT Gen. Oblig. 3% 6/15/2035
|
1,165,000
|
1,127,154
|
|
|
Meriden CT Gen. Oblig. 3.25% 6/15/2036
|
565,000
|
551,179
|
|
|
Meriden CT Gen. Oblig. Series 2020 B, 2% 7/1/2036
|
680,000
|
547,516
|
|
|
Milford CT Gen. Oblig. 2% 11/1/2033
|
330,000
|
290,686
|
|
|
Milford CT Gen. Oblig. Series 2021 A, 2% 11/1/2035
|
1,285,000
|
1,080,874
|
|
|
Milford CT Gen. Oblig. Series 2021 A, 2% 11/1/2036
|
1,285,000
|
1,053,798
|
|
|
Naugatuck Conn Ctfs Partn (Naugatuck CT Proj.) Series 2021 A, 4% 8/15/2038 (f)
|
3,330,000
|
3,252,614
|
|
|
New Britain Conn Gen. Oblig. Series 2015A, 5% 3/1/2030 (Build America Mutual Assurance Co Insured)
|
600,000
|
600,981
|
|
|
New Britain Conn Gen. Oblig. Series 2017 C, 5% 3/1/2032 (Assured Guaranty Inc Insured)
|
1,635,000
|
1,659,476
|
|
|
New Britain Conn Gen. Oblig. Series 2017 C, 5% 3/1/2033 (Assured Guaranty Inc Insured)
|
1,900,000
|
1,927,639
|
|
|
New Britain Conn Gen. Oblig. Series 2020 A, 3% 9/1/2044 (Assured Guaranty Inc Insured)
|
1,985,000
|
1,648,016
|
|
|
New Haven CT Gen. Oblig. 5% 8/15/2028 (Assured Guaranty Inc Insured)
|
1,500,000
|
1,506,962
|
|
|
New Haven CT Gen. Oblig. 5% 8/15/2030 (Assured Guaranty Inc Insured)
|
1,000,000
|
1,004,144
|
|
|
New Haven CT Gen. Oblig. 5% 8/15/2034 (Assured Guaranty Inc Insured)
|
1,000,000
|
1,003,658
|
|
|
New Haven CT Gen. Oblig. 5% 8/15/2035 (Assured Guaranty Inc Insured)
|
1,000,000
|
1,003,421
|
|
|
New Haven CT Gen. Oblig. Series 2021 A, 4% 8/1/2032
|
950,000
|
976,082
|
|
|
New Haven CT Gen. Oblig. Series 2023, 5% 8/1/2036 (Build America Mutual Assurance Co Insured)
|
400,000
|
439,450
|
|
|
New Haven CT Gen. Oblig. Series 2023, 5% 8/1/2037 (Build America Mutual Assurance Co Insured)
|
550,000
|
600,885
|
|
|
New Haven CT Gen. Oblig. Series 2023, 5% 8/1/2038 (Build America Mutual Assurance Co Insured)
|
300,000
|
326,498
|
|
|
New Haven CT Gen. Oblig. Series 2023, 5.25% 8/1/2043 (Build America Mutual Assurance Co Insured)
|
1,900,000
|
2,050,317
|
|
|
New Haven CT Gen. Oblig. Series 2025, 5% 8/1/2028
|
2,000,000
|
2,090,670
|
|
|
Rocky Hill Conn Gen. Oblig. Series 2019, 3% 1/15/2036
|
1,225,000
|
1,156,835
|
|
|
South Windsor Conn 3% 2/1/2036
|
765,000
|
747,157
|
|
|
Stratford CT Gen. Oblig. Series 2018, 5% 1/1/2027 (Build America Mutual Assurance Co Insured)
|
1,990,000
|
2,018,596
|
|
|
University Connecticut (Connecticut St Proj.) Series 2018 A, 5% 4/15/2028
|
4,400,000
|
4,596,598
|
|
|
University Connecticut Series 2023 A, 5% 8/15/2029
|
1,500,000
|
1,608,532
|
|
|
University Connecticut Series 2023 A, 5% 8/15/2030
|
1,325,000
|
1,446,356
|
|
|
West Haven CT Gen. Oblig. Series 2017 A, 5% 11/1/2026
|
635,000
|
640,007
|
|
|
West Haven CT Gen. Oblig. Series 2017 B, 5% 11/1/2032
|
400,000
|
409,395
|
|
|
West Haven CT Gen. Oblig. Series 2021, 4% 9/15/2041
|
1,125,000
|
1,114,011
|
|
|
West Haven CT Gen. Oblig. Series 2024, 4% 2/15/2044 (Build America Mutual Assurance Co Insured)
|
300,000
|
291,208
|
|
|
West Haven CT Gen. Oblig. Series 2024, 5% 2/15/2027 (Build America Mutual Assurance Co Insured)
|
400,000
|
406,019
|
|
|
West Haven CT Gen. Oblig. Series 2024, 5% 2/15/2029 (Build America Mutual Assurance Co Insured)
|
500,000
|
527,904
|
|
|
West Haven CT Gen. Oblig. Series 2024, 5% 2/15/2031 (Build America Mutual Assurance Co Insured)
|
450,000
|
489,556
|
|
|
West Haven CT Gen. Oblig. Series 2024, 5% 2/15/2033 (Build America Mutual Assurance Co Insured)
|
450,000
|
500,677
|
|
|
West Haven CT Gen. Oblig. Series 2024, 5% 2/15/2035 (Build America Mutual Assurance Co Insured)
|
300,000
|
335,594
|
|
|
TOTAL GENERAL OBLIGATIONS
|
157,994,085
|
||
|
Health Care - 12.6%
|
|||
|
Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2049 (c)(d)
|
6,000,000
|
3,300,000
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Connecticut Childrens Med Ctr Proj.) Series E, 5% 7/15/2038
|
900,000
|
974,705
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Connecticut Childrens Med Ctr Proj.) Series E, 5% 7/15/2039
|
1,360,000
|
1,466,923
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Connecticut Childrens Med Ctr Proj.) Series E, 5% 7/15/2040
|
1,300,000
|
1,396,466
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Connecticut Childrens Med Ctr Proj.) Series E, 5.25% 7/15/2048
|
1,190,000
|
1,246,132
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Griffin Hospital, CT Proj.) 5% 7/1/2029 (c)
|
1,055,000
|
1,080,569
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Griffin Hospital, CT Proj.) 5% 7/1/2030 (c)
|
275,000
|
281,374
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Griffin Hospital, CT Proj.) 5% 7/1/2034 (c)
|
695,000
|
705,182
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Griffin Hospital, CT Proj.) 5% 7/1/2039 (c)
|
2,600,000
|
2,608,121
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Griffin Hospital, CT Proj.) 5% 7/1/2050 (c)
|
1,000,000
|
922,832
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2040
|
1,250,000
|
1,235,614
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2045
|
1,800,000
|
1,720,185
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) Series 2021A, 3% 7/1/2039
|
5,000,000
|
4,334,286
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) Series 2026A, 5.5% 7/1/2051
|
7,000,000
|
7,484,613
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 4% 7/1/2038
|
250,000
|
244,680
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 4% 7/1/2049
|
1,365,000
|
1,235,863
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 5% 7/1/2026
|
310,000
|
310,374
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 5% 7/1/2029
|
1,290,000
|
1,345,931
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2026
|
1,175,000
|
1,175,454
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2027
|
700,000
|
705,740
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2039
|
2,600,000
|
2,538,225
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2040
|
3,300,000
|
3,199,880
|
|
|
Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2042
|
1,750,000
|
1,648,495
|
|
|
Connecticut State Health & Educational Facilities Authority (Stamford Hospital, CT Proj.) 4% 7/1/2046
|
6,000,000
|
5,595,565
|
|
|
TOTAL HEALTH CARE
|
46,757,209
|
||
|
Housing - 6.5%
|
|||
|
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) 5% 11/15/2026 (f)
|
840,000
|
845,920
|
|
|
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) 5% 11/15/2027 (f)
|
860,000
|
879,997
|
|
|
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) 5% 11/15/2028 (f)
|
225,000
|
233,386
|
|
|
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) 5% 5/15/2027 (f)
|
1,890,000
|
1,918,754
|
|
|
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) 5% 5/15/2028 (f)
|
615,000
|
633,537
|
|
|
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2018 E 1, 4.25% 5/15/2042
|
380,000
|
382,563
|
|
|
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2019 B 1, 4% 5/15/2049
|
1,320,000
|
1,337,221
|
|
|
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2019 F 1, 3.5% 11/15/2043
|
980,000
|
978,879
|
|
|
Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2020A 2, 2.2% 5/15/2031 (f)
|
1,350,000
|
1,225,076
|
|
|
Conn St Hsg Fin Auth Series 2019 SUB E 1, 2.85% 11/15/2039
|
1,000,000
|
877,731
|
|
|
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) 3% 11/15/2049
|
1,255,000
|
1,236,022
|
|
|
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) 5% 11/15/2028 (f)
|
580,000
|
601,620
|
|
|
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) 5% 5/15/2027 (f)
|
800,000
|
812,171
|
|
|
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) 5% 5/15/2029 (f)
|
1,115,000
|
1,162,598
|
|
|
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2020C 1, 1.95% 11/15/2035
|
1,520,000
|
1,274,887
|
|
|
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2021 A 1, 1.3% 5/15/2030
|
2,000,000
|
1,851,274
|
|
|
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2021 A 1, 1.6% 5/15/2032
|
1,500,000
|
1,305,164
|
|
|
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2021 A SUB A3, 1.6% 5/15/2032
|
2,240,000
|
1,956,704
|
|
|
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 3% 11/15/2038
|
1,230,000
|
1,117,655
|
|
|
Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 3.5% 11/15/2051
|
615,000
|
612,843
|
|
|
Norwalk Conn Hsg Auth Multifamily Hsg Rev Series 2024, 3.05% tender 9/1/2058 (e)
|
3,000,000
|
3,002,331
|
|
|
TOTAL HOUSING
|
24,246,333
|
||
|
Special Tax - 9.8%
|
|||
|
Connecticut St Spl Tax Oblig 5% 1/1/2028
|
1,600,000
|
1,661,209
|
|
|
Connecticut St Spl Tax Oblig 5% 1/1/2030
|
3,500,000
|
3,782,113
|
|
|
Connecticut St Spl Tax Oblig 5% 1/1/2031
|
3,410,000
|
3,745,352
|
|
|
Connecticut St Spl Tax Oblig 5% 1/1/2032
|
2,500,000
|
2,785,940
|
|
|
Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2028
|
1,000,000
|
1,045,941
|
|
|
Connecticut St Spl Tax Oblig Series 2021 A, 5% 5/1/2035
|
1,000,000
|
1,088,461
|
|
|
Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2041
|
12,800,000
|
14,181,649
|
|
|
Connecticut St Spl Tax Oblig Series 2025A, 5% 7/1/2034
|
3,000,000
|
3,434,110
|
|
|
Harbor Point Infrastructure Impt Dist Conn Spl Oblig Rev Series 2017, 5% 4/1/2039 (c)
|
2,000,000
|
2,016,110
|
|
|
Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2021, 4% 4/1/2031 (c)
|
390,000
|
390,797
|
|
|
Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2021, 4% 4/1/2036 (c)
|
485,000
|
471,360
|
|
|
Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2021, 4% 4/1/2041 (c)
|
660,000
|
607,020
|
|
|
Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2021, 4% 4/1/2051 (c)
|
1,225,000
|
979,408
|
|
|
TOTAL SPECIAL TAX
|
36,189,470
|
||
|
Transportation - 0.5%
|
|||
|
State of Connecticut Bradley International Airport CFC Revenue (Bradly Intl Airport Conrac Proj.) Series 2019 A, 4% 7/1/2049 (f)
|
2,000,000
|
1,773,837
|
|
|
Water & Sewer - 3.8%
|
|||
|
Greater New Haven Wtr Poll Ctl Auth CT Regl Wstwtr Sys Rev Series 2005 A, 5% 8/15/2035 (National Public Finance Guarantee Corporation Insured)
|
10,000
|
10,010
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2028 (g)
|
700,000
|
735,568
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2029 (g)
|
1,000,000
|
1,072,223
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2030 (g)
|
625,000
|
682,393
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2031 (g)
|
775,000
|
858,529
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2032 (g)
|
485,000
|
543,954
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2033 (g)
|
625,000
|
709,773
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2034 (g)
|
1,000,000
|
1,146,187
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2035 (g)
|
1,750,000
|
2,020,835
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2036 (g)
|
2,760,000
|
3,213,565
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2037 (g)
|
1,375,000
|
1,588,586
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2038 (g)
|
1,000,000
|
1,148,466
|
|
|
South Cent CT Regl Wtr Auth Series FORTIETH, 5% 8/1/2039 (g)
|
250,000
|
284,990
|
|
|
TOTAL WATER & SEWER
|
14,015,079
|
||
|
TOTAL CONNECTICUT
|
343,803,470
|
||
|
Guam - 1.5%
|
|||
|
Special Tax - 1.1%
|
|||
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2030
|
655,000
|
690,744
|
|
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2031
|
1,045,000
|
1,114,207
|
|
|
Guam Govt Business Privilege Tax Rev Series 2025 G, 5% 1/1/2033
|
2,195,000
|
2,377,997
|
|
|
TOTAL SPECIAL TAX
|
4,182,948
|
||
|
Water & Sewer - 0.4%
|
|||
|
Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2025A, 5% 7/1/2033
|
1,215,000
|
1,330,403
|
|
|
TOTAL GUAM
|
5,513,351
|
||
|
Puerto Rico - 0.8%
|
|||
|
General Obligations - 0.5%
|
|||
|
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (b)
|
863,283
|
629,111
|
|
|
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029
|
310,000
|
325,764
|
|
|
Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031
|
735,000
|
795,604
|
|
|
TOTAL GENERAL OBLIGATIONS
|
1,750,479
|
||
|
Special Tax - 0.2%
|
|||
|
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2031 (b)
|
945,000
|
794,205
|
|
|
Water & Sewer - 0.1%
|
|||
|
Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (c)
|
335,000
|
348,638
|
|
|
TOTAL PUERTO RICO
|
2,893,322
|
||
|
Virgin Islands - 0.4%
|
|||
|
Transportation - 0.4%
|
|||
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2031
|
555,000
|
597,808
|
|
|
Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2037
|
870,000
|
963,967
|
|
|
TOTAL VIRGIN ISLANDS
|
1,561,775
|
||
|
TOTAL MUNICIPAL SECURITIES
(Cost $358,575,546)
|
353,771,918
|
||
|
Money Market Funds - 7.9%
|
||||
|
Yield (%)
|
Shares
|
Value ($)
|
||
|
Fidelity Municipal Cash Central Fund (h)(i)
(Cost $29,307,137)
|
2.01
|
29,301,276
|
29,307,137
|
|
|
TOTAL INVESTMENT IN SECURITIES - 103.5%
(Cost $387,882,683)
|
383,079,055
|
|
NET OTHER ASSETS (LIABILITIES) - (3.5)%
|
(12,966,497)
|
|
NET ASSETS - 100.0%
|
370,112,558
|
Security Type Abbreviations
|
VRDN
|
-
|
VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
|
Legend
|
(a)
|
Amount is stated in United States dollars unless otherwise noted.
|
|
(b)
|
Zero coupon bond which is issued at a discount.
|
|
(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 $13,711,411 or 3.7% of net assets.
|
|
(d)
|
Level 3 security.
|
|
(e)
|
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
|
|
(f)
|
Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
|
|
(g)
|
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
|
|
(h)
|
Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.
|
|
(i)
|
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
|
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
|
Affiliate
|
Value,
beginning
of period ($)
|
Purchases ($)
|
Sales
Proceeds ($)
|
Dividend
Income ($)
|
Realized
Gain (loss) ($)
|
Change in
Unrealized
appreciation
(depreciation) ($)
|
Value,
end
of period ($)
|
Shares,
end
of period
|
% ownership,
end
of period
|
|
Fidelity Municipal Cash Central Fund
|
25,352,713
|
12,342,908
|
8,388,484
|
317,716
|
-
|
-
|
29,307,137
|
29,301,276
|
0.8%
|
|
Total
|
25,352,713
|
12,342,908
|
8,388,484
|
317,716
|
-
|
-
|
29,307,137
|
||
Amounts in the dividend 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.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of May 31, 2026, 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
|
||||
|
Education
|
62,610,451
|
-
|
62,610,451
|
-
|
|
Escrowed/Pre-Refunded
|
217,006
|
-
|
217,006
|
-
|
|
General Obligations
|
159,744,564
|
-
|
159,744,564
|
-
|
|
Health Care
|
46,757,209
|
-
|
43,457,209
|
3,300,000
|
|
Housing
|
24,246,333
|
-
|
24,246,333
|
-
|
|
Special Tax
|
41,166,623
|
-
|
41,166,623
|
-
|
|
Transportation
|
3,335,612
|
-
|
3,335,612
|
-
|
|
Water & Sewer
|
15,694,120
|
-
|
15,694,120
|
-
|
|
Money Market Funds
|
29,307,137
|
29,307,137
|
-
|
-
|
|
Total Investments in Securities:
|
383,079,055
|
29,307,137
|
350,471,918
|
3,300,000
|
Financial Statements (Unaudited)
|
Statement of Assets and Liabilities
|
||||
|
As of May 31, 2026 (Unaudited)
|
||||
|
Assets
|
||||
|
Investment in securities, at value - See accompanying schedule:
|
||||
|
Unaffiliated issuers (cost $358,575,546)
|
$
|
353,771,918
|
||
|
Fidelity Central Funds (cost $29,307,137)
|
29,307,137
|
|||
|
Total Investment in Securities (cost $387,882,683)
|
$
|
383,079,055
|
||
|
Cash
|
2,256,352
|
|||
|
Receivable for fund shares sold
|
224,673
|
|||
|
Interest receivable
|
4,454,575
|
|||
|
Distributions receivable from Fidelity Central Funds
|
54,770
|
|||
|
Prepaid expenses
|
37
|
|||
|
Other receivables
|
427
|
|||
|
Total assets
|
390,069,889
|
|||
|
Liabilities
|
||||
|
Payable for investments purchased on a delayed delivery basis
|
$
|
19,294,193
|
||
|
Payable for fund shares redeemed
|
297,402
|
|||
|
Distributions payable
|
207,721
|
|||
|
Accrued management fee
|
130,338
|
|||
|
Other payables and accrued expenses
|
27,677
|
|||
|
Total liabilities
|
19,957,331
|
|||
|
Net Assets
|
$
|
370,112,558
|
||
|
Net Assets consist of:
|
||||
|
Paid in capital
|
$
|
376,305,943
|
||
|
Total accumulated earnings (loss)
|
(6,193,385)
|
|||
|
Net Assets
|
$
|
370,112,558
|
||
|
Net Asset Value, offering price and redemption price per share ($370,112,558 ÷ 33,391,996 shares)
|
$
|
11.08
|
||
|
Statement of Operations
|
||||
|
Six months ended May 31, 2026 (Unaudited)
|
||||
|
Investment Income
|
||||
|
Interest
|
$
|
5,144,733
|
||
|
Income from Fidelity Central Funds
|
317,716
|
|||
|
Total income
|
5,462,449
|
|||
|
Expenses
|
||||
|
Management fee
|
$
|
746,141
|
||
|
Custodian fees and expenses
|
1,323
|
|||
|
Independent trustees' fees and expenses
|
335
|
|||
|
Registration fees
|
28,490
|
|||
|
Audit fees
|
26,871
|
|||
|
Legal
|
14,398
|
|||
|
Miscellaneous
|
463
|
|||
|
Total expenses before reductions
|
818,021
|
|||
|
Expense reductions
|
(959)
|
|||
|
Total expenses after reductions
|
817,062
|
|||
|
Net Investment income (loss)
|
4,645,387
|
|||
|
Realized and Unrealized Gain (Loss)
|
||||
|
Net realized gain (loss) on:
|
||||
|
Investment Securities:
|
||||
|
Unaffiliated issuers
|
(17,848)
|
|||
|
Total net realized gain (loss)
|
(17,848)
|
|||
|
Change in net unrealized appreciation (depreciation) on investment securities
|
(754,373)
|
|||
|
Net gain (loss)
|
(772,221)
|
|||
|
Net increase (decrease) in net assets resulting from operations
|
$
|
3,873,166
|
||
|
Statement of Changes in Net Assets
|
||||
|
Six months ended
May 31, 2026
(Unaudited)
|
Year ended
November 30, 2025
|
|||
|
Increase (Decrease) in Net Assets
|
||||
|
Operations
|
||||
|
Net investment income (loss)
|
$
|
4,645,387
|
$
|
8,702,916
|
|
Net realized gain (loss)
|
(17,848)
|
(241,051)
|
||
|
Change in net unrealized appreciation (depreciation)
|
(754,373)
|
1,770,804
|
||
|
Net increase (decrease) in net assets resulting from operations
|
3,873,166
|
10,232,669
|
||
|
Distributions to shareholders
|
(4,341,331)
|
(8,157,053)
|
||
|
Share transactions
|
||||
|
Proceeds from sales of shares
|
68,382,385
|
64,179,757
|
||
|
Reinvestment of distributions
|
3,145,087
|
5,878,469
|
||
|
Cost of shares redeemed
|
(30,895,779)
|
(59,320,954)
|
||
|
Net increase (decrease) in net assets resulting from share transactions
|
40,631,693
|
10,737,272
|
||
|
Total increase (decrease) in net assets
|
40,163,528
|
12,812,888
|
||
|
Net Assets
|
||||
|
Beginning of period
|
329,949,030
|
317,136,142
|
||
|
End of period
|
$
|
370,112,558
|
$
|
329,949,030
|
|
Other Information
|
||||
|
Shares
|
||||
|
Sold
|
6,155,274
|
5,911,135
|
||
|
Issued in reinvestment of distributions
|
283,156
|
540,305
|
||
|
Redeemed
|
(2,782,946)
|
(5,467,183)
|
||
|
Net increase (decrease)
|
3,655,484
|
984,257
|
||
Financial Highlights
|
Fidelity® Connecticut Municipal Income Fund
|
|
Six months ended
May 31, 2026
(Unaudited)
|
Years ended November 30, 2025
|
2024
|
2023
|
2022
|
2021
|
|||||||
|
Selected Per-Share Data
|
||||||||||||
|
Net asset value, beginning of period
|
$
|
11.10
|
$
|
11.03
|
$
|
10.80
|
$
|
10.68
|
$
|
11.94
|
$
|
11.96
|
|
Income from Investment Operations
|
||||||||||||
|
Net investment income (loss) A,B
|
.149
|
.304
|
.299
|
.274
|
.246
|
.247
|
||||||
|
Net realized and unrealized gain (loss)
|
(.030)
|
.051
|
.214
|
.112
|
(1.232)
|
.035
|
||||||
|
Total from investment operations
|
.119
|
.355
|
.513
|
.386
|
(.986)
|
.282
|
||||||
|
Distributions from net investment income
|
(.139)
|
(.284)
|
(.283)
|
(.266)
|
(.244)
|
(.247)
|
||||||
|
Distributions from net realized gain
|
-
|
(.001)
|
-
|
-
|
(.030)
|
(.055)
|
||||||
|
Total distributions
|
(.139)
|
(.285)
|
(.283)
|
(.266)
|
(.274)
|
(.302)
|
||||||
|
Net asset value, end of period
|
$
|
11.08
|
$
|
11.10
|
$
|
11.03
|
$
|
10.80
|
$
|
10.68
|
$
|
11.94
|
|
Total Return C,D
|
1.07
%
|
3.30%
|
4.81%
|
3.67%
|
(8.31)%
|
2.39%
|
||||||
|
Ratios to Average Net Assets B,E,F
|
||||||||||||
|
Expenses before reductions
|
.47% G
|
.46%
|
.47%
|
.49%
|
.49%
|
.48%
|
||||||
|
Expenses net of fee waivers, if any
|
.47
% G
|
.46%
|
.47%
|
.49%
|
.49%
|
.48%
|
||||||
|
Expenses net of all reductions, if any
|
.47% G
|
.46%
|
.47%
|
.49%
|
.49%
|
.48%
|
||||||
|
Net investment income (loss)
|
2.69% G
|
2.79%
|
2.74%
|
2.56%
|
2.23%
|
2.07%
|
||||||
|
Supplemental Data
|
||||||||||||
|
Net assets, end of period (000 omitted)
|
$
|
370,113
|
$
|
329,949
|
$
|
317,136
|
$
|
298,758
|
$
|
306,362
|
$
|
358,584
|
|
Portfolio turnover rate H
|
2
% G
|
12%
|
20%
|
15%
|
13%
|
13%
|
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAnnualized.
HAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
(Unaudited)
For the period ended May 31, 2026
1. Organization.
Fidelity Connecticut Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity Court Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may be affected by economic and political developments in the state of Connecticut.
2. 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 RatioA
|
|
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. The Fund operates as a single operating segment. The Fund's portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2026 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to capital loss carryforwards and market discount.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
|
Gross unrealized appreciation
|
$5,372,265
|
|
Gross unrealized depreciation
|
(8,618,453)
|
|
Net unrealized appreciation (depreciation)
|
$(3,246,188)
|
|
Tax cost
|
$386,325,243
|
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
|
Short-term
|
$(136,059)
|
|
Long-term
|
(2,800,176)
|
|
Total capital loss carryforward
|
$(2,936,235)
|
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
|
51,267,209
|
3,940,000
|
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
|
|
Maximum Management Fee Rate %
|
|
Fidelity Connecticut Municipal Income Fund
|
.43
|
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
|
|
Total Management Fee Rate %
|
|
Fidelity Connecticut Municipal Income Fund
|
.43
|
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
The line of credit agreement will expire in March 2027 unless extended or renewed.
|
|
Amount ($)
|
|
Fidelity Connecticut Municipal Income Fund
|
213
|
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $959.
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. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
|
|
1.704902.128
CTF-SANN-0726
Item 8.
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
See Item 7.
Item 9.
Proxy Disclosures for Open-End Management Investment Companies
See Item 7.
Item 10.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
See Item 7.
Item 11.
Statement Regarding Basis for Approval of Investment Advisory Contract
See Item 7.
Item 12.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14.
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Court Street Trusts Board of Trustees.
Item 16.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Court Street Trusts (the Trust) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trusts 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 Trusts internal control over financial reporting.
Item 17.
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18.
Recovery of Erroneously Awarded Compensation
(a)
Not applicable.
(b)
Not applicable.
Item 19.
Exhibits
|
(a) |
(1) |
Not applicable. |
|
(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
|
By: |
/s/Laura M. Del Prato |
|
Laura M. Del Prato |
|
|
President and Treasurer (Principal Executive Officer) |
|
|
Date: |
July 23, 2026 |
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 (Principal Executive Officer) |
|
|
Date: |
July 23, 2026 |
|
By: |
/s/Stephanie Caron |
|
Stephanie Caron |
|
|
Chief Financial Officer (Principal Financial Officer) |
|
|
Date: |
July 23, 2026 |
Fidelity Court Street Trust published this content on July 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 23, 2026 at 15:15 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]