N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-2741

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

November 30

 

 

Date of reporting period:

February 28, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Connecticut
Municipal Income Fund

February 28, 2010

1.814091.105
CTF-QTLY-0410

Investments February 28, 2010 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 97.3%

 

Principal Amount

Value

Commonwealth Of Mariannas - 0.4%

Northern Mariana Islands Gen. Oblig. Series 2003 A, 6.75% 10/1/33 (Pre-Refunded to 10/1/13 @ 100) (c)

$ 2,000,000

$ 2,364,400

Connecticut - 89.1%

Bethany, Orange and Woodbridge Reg'l. School
District #5:

4.5% 8/15/20

1,315,000

1,429,313

4.5% 8/15/21

1,225,000

1,327,263

4.5% 8/15/22

1,325,000

1,419,287

5% 8/15/18

1,500,000

1,740,180

5% 8/15/19

750,000

859,163

Branford Gen. Oblig.:

Series 2009:

4% 5/15/11

775,000

809,030

4% 5/15/13

1,435,000

1,577,869

5.25% 5/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

500,000

536,230

Bridgeport Gen. Oblig.:

Series 2002 A:

5.375% 8/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

4,570,000

4,781,454

5.375% 8/15/18 (FSA Insured)

3,400,000

3,621,680

5.375% 8/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,000,000

3,074,850

Series 2004 A, 5.25% 8/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,320,000

1,395,992

Series 2006 B:

5% 12/1/14 (FSA Insured)

1,655,000

1,881,023

5% 12/1/17 (FSA Insured)

1,830,000

2,047,148

5% 12/1/18 (FSA Insured)

1,635,000

1,797,601

Cap. City Econ. Dev. Auth. Series 2004 A, 5% 6/15/15 (FSA Insured)

1,705,000

1,922,899

Connecticut Arpt. Rev. (Bradley Int'l. Arpt. Proj.) Series 2001 A:

5.125% 10/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

5,865,000

5,490,461

5.25% 10/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

4,150,000

4,283,464

5.25% 10/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

4,075,000

4,201,651

Connecticut Clean Wtr. Fund Rev. Series 1993, 6% 10/1/12 (Escrowed to Maturity) (c)

6,000,000

6,394,500

Municipal Bonds - continued

 

Principal Amount

Value

Connecticut - continued

Connecticut Dev. Auth. Poll. Cont. Rev. (Connecticut Lt. & Pwr. Co. Proj.) Series 1996 A, 5.25%, tender 4/1/10 (a)(b)

$ 7,000,000

$ 7,010,710

Connecticut Dev. Auth. Wtr. Facilities Rev.:

(Aquatron Wtr. Corp., Proj.) Series 2006, 4.7% 7/1/36 (XL Cap. Assurance, Inc. Insured) (b)

5,000,000

4,193,750

(Bridgeport Hydraulic Proj.) 6.15% 4/1/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

3,000,000

3,003,510

Connecticut Gen. Oblig.:

(Econ. Recovery Proj.) Series 2009 A, 5% 1/1/16

15,000,000

17,347,200

Series 2004 A, 5% 3/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

5,000,000

5,676,050

Series 2004 B, 5% 6/1/15

7,500,000

8,555,475

Series 2005 B:

5.25% 6/1/18 (AMBAC Insured)

1,925,000

2,265,340

5.25% 6/1/20

16,915,000

20,052,563

Series 2006 A, 5% 12/15/15 (FSA Insured)

2,000,000

2,346,380

Series 2006 D:

5% 11/1/24

17,980,000

19,827,625

5% 11/1/25

10,000,000

10,971,100

Series 2006 E:

5% 12/15/16

3,020,000

3,529,323

5% 12/15/20

5,565,000

6,294,349

Series 2006 F, 5% 12/1/21

14,000,000

15,733,900

Series 2007 D, 5% 12/1/19

1,745,000

2,000,084

Series 2008 A, 5% 4/15/27

5,000,000

5,455,600

Series 2008 B, 5% 4/15/28

4,000,000

4,338,200

Series A:

5% 2/15/27

5,000,000

5,491,300

5% 2/15/28

2,500,000

2,727,750

5% 2/15/29

2,500,000

2,708,000

Connecticut Health & Edl. Facilities Auth. Rev.:

(Ascension Health Proj.) Series 2009 B, 3.5%, tender 2/1/12 (a)

4,835,000

4,946,447

(Danbury Hosp. Proj.) Series G, 5.625% 7/1/25 (AMBAC Insured)

4,695,000

4,703,780

(Eastern Connecticut Health Network Proj.) Series C, 5.125% 7/1/30 (Radian Asset Assurance, Inc. Insured)

1,500,000

1,310,265

(Fairfield Univ. Proj.):

Series 2008 N, 5% 7/1/21

3,000,000

3,234,780

Series M, 5% 7/1/34

1,000,000

1,003,310

Municipal Bonds - continued

 

Principal Amount

Value

Connecticut - continued

Connecticut Health & Edl. Facilities Auth. Rev.: - continued

(Hosp. for Spl. Care Proj.) Series C, 5.25% 7/1/19 (Radian Asset Assurance, Inc. Insured)

$ 1,170,000

$ 1,159,716

(Loomis Chaffee School Proj.):

Series E, 5% 7/1/25

1,000,000

1,023,810

Series G, 5% 7/1/38

3,000,000

2,986,290

(Lutheran Gen. Health Care Sys. Proj.) 7.375% 7/1/19 (Escrowed to Maturity) (c)

2,480,000

3,030,064

(Quinnipiac Univ. Proj.):

Series J, 5.75% 7/1/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

2,154,620

Series K1, 5% 7/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

2,057,500

(Saint Raphael Hosp. Proj.) Series H, 6.5% 7/1/13 (AMBAC Insured)

2,915,000

3,063,665

(Salisbury School Proj.) Series C, 5% 7/1/38 (Assured Guaranty Corp. Insured)

4,000,000

4,162,760

(William W. Backus Hosp. Proj.) Series F, 5.125% 7/1/35 (FSA Insured)

1,000,000

1,022,030

(Yale Univ. Proj.):

Series W, 5.125% 7/1/27

13,000,000

13,021,450

Series X1, 5% 7/1/42

14,015,000

14,359,068

Series Y1, 5% 7/1/35

9,000,000

9,383,670

Series Z1, 5% 7/1/42

3,335,000

3,481,707

(Yale-New Haven Hosp. Proj.) Series J1:

5% 7/1/17 (AMBAC Insured)

3,095,000

3,336,286

5% 7/1/18 (AMBAC Insured)

3,020,000

3,220,226

5% 7/1/19 (AMBAC Insured)

2,035,000

2,146,498

5% 7/1/31 (AMBAC Insured)

7,000,000

6,900,180

Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Series 2006 A, 5% 1/1/12 (AMBAC Insured)

1,520,000

1,637,329

Connecticut Resource Recovery Auth. Resource Recovery Rev. (Fuel Co. Proj.) Series 1998 A, 5.125% 11/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

3,000,000

3,019,020

Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.:

Series 1990 A, 7.125% 6/1/10

1,265,000

1,286,201

Series 1992 B, 6.125% 9/1/12

8,680,000

9,240,641

Series 1998 A, 5.5% 10/1/13 (FGIC Insured)

3,000,000

3,423,210

Series 2003 B, 5% 1/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

8,910,000

9,928,324

Municipal Bonds - continued

 

Principal Amount

Value

Connecticut - continued

Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev.: - continued

Series 2004 A:

5% 7/1/18 (AMBAC Insured)

$ 2,000,000

$ 2,203,800

5% 7/1/23

3,260,000

3,521,974

Series 2004 B, 5.25% 7/1/16

7,645,000

8,960,857

Series 2005 A, 5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

5,010,000

5,741,310

Series 2007 A:

5% 8/1/26

3,800,000

4,079,300

5% 8/1/27 (AMBAC Insured)

2,000,000

2,133,720

Series 2008 A, 5% 11/1/21

5,000,000

5,631,600

Series 2009 1, 5% 2/1/17

10,000,000

11,502,200

Connecticut State Revolving Fund Gen. Rev.:

Series 2003 A, 5% 10/1/17

2,000,000

2,225,180

Series 2008 A:

5% 2/1/16

5,500,000

6,432,195

5% 2/1/17

3,000,000

3,516,870

Series 2009 A:

5% 6/1/23

1,750,000

1,998,763

5% 6/1/25

2,000,000

2,251,920

5% 6/1/26

2,000,000

2,236,760

East Lyme Gen. Oblig. Series 2010:

4% 7/15/17

260,000

287,929

4% 7/15/18

535,000

587,184

4% 7/15/19

335,000

365,602

4% 7/15/21

360,000

386,874

4% 7/15/22

325,000

344,825

Enfield Gen. Oblig. Series 2009:

5% 7/1/17

820,000

955,267

5% 7/1/18

350,000

405,423

Fairfield Gen. Oblig.:

Series 2009, 5% 7/1/20

1,500,000

1,785,240

5% 7/1/17

1,000,000

1,182,570

5% 7/1/18

1,000,000

1,181,100

5% 7/1/19

3,225,000

3,824,141

Farmington Gen. Oblig.:

Series 2009 B:

4% 9/15/17

740,000

799,807

4% 9/15/19

500,000

526,880

4% 9/15/20

250,000

261,618

Municipal Bonds - continued

 

Principal Amount

Value

Connecticut - continued

Farmington Gen. Oblig.: - continued

Series A:

4% 9/15/20

$ 1,445,000

$ 1,554,083

4% 9/15/21

905,000

968,685

5% 9/15/19

325,000

385,057

Greater New Haven Wtr. Poll. Cont. Auth. Reg'l. Wastewtr. Sys. Rev.:

Series 2005 A, 5% 8/15/35 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

999,930

Series 2008 A, 5% 11/15/37 (FSA Insured)

1,000,000

1,016,860

Hartford Gen. Oblig.:

Series 2005 A, 5.25% 8/1/15 (FSA Insured)

1,335,000

1,555,702

Series 2005 D:

5% 9/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,700,000

1,866,532

5% 9/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,700,000

1,837,037

Series 2009:

2% 11/15/10 (Assured Guaranty Corp. Insured)

1,000,000

1,009,480

5% 11/15/17 (Assured Guaranty Corp. Insured)

1,000,000

1,161,160

Monroe Gen. Oblig. Series 2009:

2% 5/1/11

275,000

280,156

4% 5/1/13

500,000

549,345

4% 5/1/14

800,000

892,712

5% 5/1/15

500,000

585,505

5% 5/1/16

1,000,000

1,174,960

5% 5/1/18

500,000

588,515

Naugatuck Ctfs. of Prtn. (Incineration Facilities Proj.) Series A:

5% 6/15/14 (AMBAC Insured) (b)

1,335,000

1,375,250

5% 6/15/17 (AMBAC Insured) (b)

775,000

780,921

Naugatuck Gen. Oblig. 5.875% 2/15/21 (AMBAC Insured)

2,435,000

2,801,029

New Britain Gen. Oblig. Series B, 6% 3/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,500,000

1,556,220

New Canaan Gen. Oblig. Series 2009 A:

4% 4/1/13

1,110,000

1,216,704

5% 4/1/14

1,255,000

1,450,190

5% 4/1/19

1,015,000

1,201,811

New Haven Air Rights Parking Facility Rev. Series 2002, 5.375% 12/1/11 (AMBAC Insured)

1,165,000

1,239,700

Municipal Bonds - continued

 

Principal Amount

Value

Connecticut - continued

New Haven Gen. Oblig.:

Series 2002 C, 5.125% 11/1/16 (Escrowed to Maturity) (c)

$ 30,000

$ 34,466

Series 2005:

5% 2/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,080,000

2,297,901

5% 2/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,705,000

1,894,136

5% 2/1/20 (Pre-Refunded to 2/1/15 @ 100) (c)

1,925,000

2,240,835

Series 2006:

5% 11/1/15 (AMBAC Insured)

2,575,000

2,885,339

5% 11/1/16 (AMBAC Insured)

6,000,000

6,665,820

Series 2009 A:

5% 3/1/20 (Assured Guaranty Corp. Insured)

1,000,000

1,119,800

5% 3/1/25 (Assured Guaranty Corp. Insured)

2,000,000

2,157,680

5.25% 3/1/19 (Assured Guaranty Corp. Insured)

2,000,000

2,291,320

New Milford Gen. Oblig. Series 2004:

5% 1/15/15 (AMBAC Insured)

1,025,000

1,187,524

5% 1/15/16 (AMBAC Insured)

1,025,000

1,191,932

5% 1/15/17 (AMBAC Insured)

1,025,000

1,195,581

Newtown Gen. Oblig. Series 2009 B:

5% 7/1/15

1,000,000

1,171,280

5% 7/1/18

600,000

704,238

Norwalk Gen. Oblig. Series 2010 B:

4% 7/1/14

1,770,000

1,985,533

4% 7/1/15

1,000,000

1,128,080

4.5% 7/1/21

1,465,000

1,665,837

5% 7/1/23

975,000

1,132,931

5% 7/1/26

625,000

708,538

Ridgefield Gen. Oblig. Series 2009:

5% 9/15/17

2,165,000

2,565,547

5% 9/15/18

3,535,000

4,183,460

South Central Reg'l. Wtr. Auth. Wtr. Sys. Rev.:

Eighteenth Series B:

5.25% 8/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,500,000

1,592,115

5.25% 8/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,510,000

1,594,303

Eighteenth Series B1, 5% 8/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

4,655,000

4,868,199

Municipal Bonds - continued

 

Principal Amount

Value

Connecticut - continued

South Central Reg'l. Wtr. Auth. Wtr. Sys. Rev.: - continued

Twentieth Series A:

5.25% 8/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 1,020,000

$ 1,173,520

5.25% 8/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,795,000

3,217,688

Twenty-Second Series, 5% 8/1/38 (FSA Insured)

25,000,000

25,654,995

Stamford Gen. Oblig.:

Series 2009 B:

5% 7/1/17

4,520,000

5,345,216

5% 7/1/18

3,600,000

4,251,960

5.25% 7/15/15

3,000,000

3,380,580

5.5% 7/15/14

1,250,000

1,379,975

Trumbull Gen. Oblig.:

Series 2004, 5% 1/15/17 (AMBAC Insured)

1,100,000

1,204,126

Series 2009:

4% 9/15/17

850,000

941,358

4% 9/15/19

400,000

436,764

4% 9/15/20

525,000

565,987

4% 9/15/21

500,000

536,465

Univ. of Connecticut Series 2004 A, 5% 1/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

2,215,840

Watertown Gen. Oblig.:

Series 2005, 5% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,060,000

1,237,985

Series 2009 B:

4.5% 7/1/20

1,375,000

1,535,751

5% 7/1/18

2,635,000

3,069,222

5% 7/1/19

1,000,000

1,167,840

West Hartford Gen. Oblig. Series 2005 A, 5% 1/15/16 (Pre-Refunded to 7/15/14 @ 100) (c)

1,135,000

1,318,461

West Haven Gen. Oblig. Series 2005, 5% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,480,000

2,655,534

Westport Gen. Oblig.:

Series 2009 A, 4% 2/1/22

800,000

851,816

Series 2009, 5% 2/1/21

480,000

557,011

Wilton Gen. Oblig. Series 2009:

5% 1/15/18

300,000

351,849

5% 1/15/20

350,000

412,993

 

535,665,898

Municipal Bonds - continued

 

Principal Amount

Value

Guam - 0.2%

Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2006 A, 5% 10/1/14

$ 1,000,000

$ 1,052,100

Puerto Rico - 7.0%

Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev.:

Series 1996 Z, 6.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,110,480

Series AA, 5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,500,000

2,655,275

Series BB, 5.25% 7/1/18 (AMBAC Insured)

3,000,000

3,152,520

Series CC, 5.25% 7/1/33

2,495,000

2,647,744

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.:

Series E, 5.5% 7/1/17 (FSA Insured)

5,400,000

6,014,952

Series N, 5.25% 7/1/34 (Assured Guaranty Corp. Insured)

1,500,000

1,563,135

Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2005 C, 5.5% 7/1/17 (AMBAC Insured)

6,010,000

6,385,084

Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.:

(Pub. Impt. Proj.) Series 2002 A, 5.5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

2,076,480

Series 2002 A, 5.5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,895,000

1,997,008

Series 2007 A, 5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

2,093,420

Puerto Rico Elec. Pwr. Auth. Pwr. Rev.:

Series JJ, 5.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

5,000,000

5,503,350

Series QQ:

5.25% 7/1/14 (XL Cap. Assurance, Inc. Insured)

1,300,000

1,445,730

5.5% 7/1/18 (XL Cap. Assurance, Inc. Insured)

800,000

877,704

Series VV, 5.25% 7/1/24 (FGIC Insured)

2,500,000

2,644,700

Puerto Rico Muni. Fin. Agcy. Series 2005 C, 5.25% 8/1/17 (FSA Insured)

2,000,000

2,197,900

 

42,365,482

Virgin Islands - 0.6%

Virgin Islands Pub. Fin. Auth. Series 2009 B, 5% 10/1/17

2,250,000

2,382,188

Virgin Islands Pub. Fin. Auth. Refinery Facilities Rev. Series 2007, 4.7% 7/1/22 (b)

1,100,000

985,435

 

3,367,623

TOTAL MUNICIPAL BONDS

(Cost $567,627,618)

584,815,503

Municipal Notes - 0.9%

 

Principal Amount

Value

Connecticut - 0.9%

Connecticut Gen. Oblig. BAN Series 2009 B, 4% 6/1/11
(Cost $5,176,843)

$ 5,000,000

$ 5,216,150

TOTAL INVESTMENT PORTFOLIO - 98.2%

(Cost $572,804,461)

590,031,653

NET OTHER ASSETS - 1.8%

11,026,701

NET ASSETS - 100%

$ 601,058,354

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

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

(c) Security collateralized by an amount sufficient to pay interest and principal.

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At February 28, 2010, the cost of investment securities for income tax purposes was $572,690,417. Net unrealized appreciation aggregated $17,341,236, of which $20,829,494 related to appreciated investment securities and $3,488,258 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 quotations received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® New Jersey
Municipal Income Fund

February 28, 2010

1.814102.105
NJT-QTLY-0410

Investments February 28, 2010 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 97.1%

 

Principal Amount

Value

New Jersey - 83.6%

Atlantic County Impt. Auth. Luxury Tax Rev. (Convention Ctr. Proj.) Series 1985 A:

7.375% 7/1/10 (Escrowed to Maturity) (c)

$ 150,000

$ 153,545

7.4% 7/1/16 (Escrowed to Maturity) (c)

3,510,000

4,212,140

Bayonne Gen. Oblig. 5.5% 7/1/39

5,000,000

5,225,900

Bordentown Swr. Auth. Rev. Series E, 5.5% 12/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,750,000

2,785,228

Burlington County Board Commission Pooled Ln. Rev. (Govt. Ln. Prog.) Series 2004, 5.25% 12/15/22 (AMBAC Insured)

3,290,000

3,600,510

Burlington County Bridge Commission Lease Rev. Series 2002:

5.25% 8/15/16

20,000

21,712

5.25% 8/15/17

20,000

21,636

Camden County Impt. Auth. Health Care Redev. Rev. (Cooper Health Sys. Obligated Group Proj.):

Series 2005 B, 5% 2/15/14

1,350,000

1,398,344

Series B, 5.25% 2/15/11

2,075,000

2,123,680

Cape May County Indl. Poll. Cont. Fing. Auth. Rev. (Atlantic City Elec. Co. Proj.) Series 1991 A, 6.8% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,350,000

1,644,543

Cape May County Muni. Utils. Auth. Series 2002 A, 5.75% 1/1/13 (FSA Insured)

5,200,000

5,882,240

Casino Reinvestment Dev. Auth. Hotel Room Fee Rev. Series 2004, 5.25% 1/1/24 (AMBAC Insured)

1,600,000

1,613,568

Essex County Util. Auth. Solid Waste Rev. Series 2009, 5% 4/1/20 (Assured Guaranty Corp. Insured)

1,000,000

1,093,790

Evesham Township Muni. Utils. Auth. Rev. Series 2003 A, 5.125% 7/1/15 (AMBAC Insured)

2,570,000

2,725,151

Garden State Preservation Trust Open Space & Farmland Preservation:

Series 2005 A, 5.8% 11/1/19 (FSA Insured)

5,000,000

5,842,750

Series 2005 B:

6.375% 11/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

4,000,000

4,728,160

6.375% 11/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

11,515,000

14,122,226

Gloucester County Impt. Auth. Solid Waste Resource Recovery Rev. (Waste Mangement, Inc. Proj.) Series 1999 B, 3.375%, tender 12/3/12 (a)(b)

1,210,000

1,218,349

Hudson County Ctfs. of Prtn. Series 2002:

6% 6/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,185,000

2,305,153

6.25% 6/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,210,000

3,591,444

Municipal Bonds - continued

 

Principal Amount

Value

New Jersey - continued

Hudson County Ctfs. of Prtn. Series 2002: - continued

6.25% 6/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 2,420,000

$ 2,732,470

6.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,525,000

1,730,387

6.25% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,610,000

1,815,887

Jersey City Gen. Oblig.:

Series 2002 B, 5.25% 3/1/15 (AMBAC Insured)

1,250,000

1,425,575

Series 2005 C, 5% 9/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,500,000

3,837,295

Lenape Reg'l. High School District:

7.625% 1/1/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

675,000

781,481

7.625% 1/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,201,740

Margate City Gen. Oblig. Series 2009, 5% 2/1/18

750,000

858,900

Middlesex County Ctfs. of Prtn. Series 2001, 5.5% 8/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,038,770

Middlesex County Impt. Auth. Rev. (Guaranteed Open Space Trust Fund Prog.) Series 2003:

5.25% 9/15/16

1,360,000

1,517,937

5.25% 9/15/17

2,000,000

2,219,940

Monmouth County Impt. Auth. Rev. (Howell Township Board of Ed. Impt. Proj.):

Series 2002 A, 5.25% 7/15/17 (Pre-Refunded to 7/15/12 @ 100) (c)

1,910,000

2,114,084

Series A, 5.25% 7/15/18 (Pre-Refunded to 7/15/12 @ 100) (c)

2,010,000

2,224,769

Monroe Township Muni. Util. Auth. Middlesex County Rev.:

5.25% 2/1/12 (FGIC Insured)

850,000

884,816

5.25% 2/1/12 (Pre-Refunded to 2/1/11 @ 100) (c)

280,000

292,732

Montgomery Township Board of Ed. Series 2001, 5.25% 8/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,285,000

1,364,220

Morristown Gen. Oblig. Series 2005, 6.5% 8/1/19 (FSA Insured)

40,000

50,134

New Jersey Bldg. Auth. State Bldg. Rev. Series 2009 A, 5% 12/15/26

3,750,000

3,934,313

New Jersey Econ. Dev. Auth. Poll. Cont. Rev. (Pub. Svc. Elec. & Gas Pwr. LLC Proj.) 5% 3/1/12

2,800,000

2,927,848

Municipal Bonds - continued

 

Principal Amount

Value

New Jersey - continued

New Jersey Econ. Dev. Auth. School Facilities Construction Rev.:

Series 2004 A:

5.25% 7/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 3,500,000

$ 3,761,275

5.25% 7/1/31 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

860,000

867,215

Series 2005 K:

5.25% 12/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

6,000,000

6,872,700

5.25% 12/15/16 (AMBAC Insured)

7,000,000

7,901,530

5.5% 12/15/19

14,000,000

16,126,460

Series 2005 N1, 5.5% 9/1/24 (AMBAC Insured)

5,000,000

5,677,000

Series 2005 O:

5.125% 3/1/28

18,455,000

19,200,023

5.125% 3/1/30

2,175,000

2,232,268

5.25% 3/1/21

2,800,000

3,033,408

5.25% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,000,000

3,250,080

5.25% 3/1/22

15,700,000

16,896,811

5.25% 3/1/23

3,340,000

3,583,553

5.25% 3/1/24

9,000,000

9,613,890

5.25% 3/1/25

3,000,000

3,203,220

5.25% 3/1/26

9,000,000

9,567,540

Series 2005 P:

5.125% 9/1/28

6,800,000

7,082,064

5.25% 9/1/26

8,000,000

8,549,920

Series 2006 S, 5% 9/1/36

9,000,000

9,014,760

Series 2007 U, 5% 9/1/37

2,000,000

2,002,460

Series 2008 J4, 5%, tender 9/1/14 (FSA Insured) (a)

3,000,000

3,335,850

Series 2008 Y, 5% 9/1/33

3,000,000

3,026,850

Series 2009 BB, 5% 9/1/34

5,000,000

5,083,150

Series 2009 Z, 6% 12/15/34 (Assured Guaranty Corp. Insured)

2,900,000

3,273,114

New Jersey Econ. Dev. Auth. Wtr. Facilities Rev.:

(American Wtr. Co., Inc. Proj.):

Series 1994 B, 5.95% 11/1/29 (FGIC Insured) (b)

7,700,000

7,699,153

Series 1997 B, 5.375% 5/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

3,750,000

3,383,813

Series 1998 A, 5.25% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

3,270,000

2,901,111

Municipal Bonds - continued

 

Principal Amount

Value

New Jersey - continued

New Jersey Econ. Dev. Auth. Wtr. Facilities Rev.: - continued

(American Wtr. Co., Inc. Proj.) Series 2009 A, 5.7% 10/1/39 (b)

$ 5,000,000

$ 4,950,350

(Middlesex Wtr. Co. Proj.) Series 1998, 5.35% 2/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

1,000,000

936,780

New Jersey Edl. Facilities Auth. Dorm. Safety Trust Fund Rev. Series 2001 A, 5.25% 3/1/11

4,605,000

4,782,293

New Jersey Edl. Facilities Auth. Rev.:

(College of New Jersey Proj.) Series 2002 C, 5.375% 7/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

2,131,500

(Higher Ed. Cap. Impt. Fund Prog.) Series 2000 A, 5.75% 9/1/12 (FSA Insured)

1,195,000

1,324,789

(Kean Univ. Proj.) Series 2009 A, 5.5% 9/1/36

4,500,000

4,752,000

(Montclair State Univ. Proj.):

Series 2003 L, 5.125% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

170,000

181,208

Series L, 5.125% 7/1/20 (Pre-Refunded to 7/1/14 @ 100) (c)

1,975,000

2,292,778

(Princeton Theological Seminary Proj.):

Series 2009 B:

3% 7/1/10

200,000

201,820

4% 7/1/22

1,000,000

1,075,740

5% 7/1/12

175,000

192,901

5% 7/1/13

250,000

284,410

5% 7/1/15

235,000

274,598

5% 7/1/17

490,000

576,926

5% 7/1/18

250,000

292,820

5% 7/1/19

200,000

234,638

Series 2009, 5% 7/1/14

235,000

271,472

(Princeton Univ. Proj.) Series 2010 B, 4.25% 7/1/40

5,000,000

4,866,650

(Ramapo College Proj.) Series 2004 E, 5% 7/1/34 (Pre-Refunded to 7/1/14 @ 100) (c)

1,500,000

1,730,055

(Rowan Univ. Proj.):

Series 2007 B, 5.5% 7/1/16 (FGIC Insured)

2,500,000

2,837,625

Series B, 5.5% 7/1/18 (FGIC Insured)

4,390,000

4,958,373

(The College of New Jersey Proj.) Series 2008 D, 5% 7/1/35 (FSA Insured)

4,000,000

4,067,840

(William Paterson College Proj.) Series 2008 C, 5% 7/1/19 (Assured Guaranty Corp. Insured)

2,570,000

2,877,809

New Jersey Envir. Infrastructure Trust Series 2007 A, 5% 9/1/17

4,900,000

5,690,664

Municipal Bonds - continued

 

Principal Amount

Value

New Jersey - continued

New Jersey Health Care Facilities Fing. Auth. Rev.:

(AHS Hosp. Corp. Proj.):

Series 1997 A, 6% 7/1/11 (Escrowed to Maturity) (c)

$ 3,500,000

$ 3,744,685

Series 2008 A, 5% 7/1/11

5,820,000

6,060,017

(Atlantic City Med. Ctr. Proj.) Series 2002:

5.75% 7/1/25

1,670,000

1,712,184

5.75% 7/1/25 (Pre-Refunded to 7/1/12 @ 100) (c)

1,330,000

1,483,482

(AtlantiCare Reg'l. Med. Ctr. Proj.) Series 2007, 5% 7/1/17

1,000,000

1,059,660

(Catholic Health East Proj.) Series 2003 A, 5.375% 11/15/33 (Pre-Refunded to 11/15/12 @ 100) (c)

2,040,000

2,288,778

(Chilton Memorial Hosp. Proj.) Series 2009, 5.75% 7/1/39

3,000,000

2,944,290

(Saint Mary's Hosp. - Passaic Proj.):

Series 1, 5% 3/1/21

2,680,000

2,823,728

Series 2007 1, 5% 3/1/20

2,030,000

2,151,516

(Saint Peter's Univ. Hosp. Proj.) Series 2000 A, 6.875% 7/1/30

1,900,000

1,906,764

(South Jersey Hosp. Proj.) Series 2006, 5% 7/1/14

1,620,000

1,737,580

(Virtua Health Proj.) Series A, 5.25% 7/1/17 (Assured Guaranty Corp. Insured)

6,000,000

6,405,180

Series 2008 A. 5.25% 10/1/38

5,885,000

5,998,698

Series 2009 A, 5.75% 10/1/31

4,000,000

4,241,560

New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev. Series 2010 1A, 5% 12/1/17

2,500,000

2,727,525

New Jersey Sports & Exposition Auth. Contract Rev. Series 1998 A, 5.25% 3/1/11 (Escrowed to Maturity) (c)

15,000

15,737

New Jersey Tobacco Settlement Fing. Corp.:

Series 2003, 6.375% 6/1/32 (Pre-Refunded to 6/1/13 @ 100) (c)

7,215,000

8,207,423

Series 2007 1A, 5% 6/1/41

11,735,000

7,926,640

New Jersey Tpk. Auth. Tpk. Rev.:

Series 1991 C:

6.5% 1/1/16 (Escrowed to Maturity) (c)

3,130,000

3,723,698

6.5% 1/1/16 (Escrowed to Maturity) (c)

6,100,000

7,145,662

Series 2000 A, 6% 1/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,835,000

4,009,991

Series 2005 C:

6.5% 1/1/16

595,000

708,359

6.5% 1/1/16 (Escrowed to Maturity) (c)

190,000

237,280

Municipal Bonds - continued

 

Principal Amount

Value

New Jersey - continued

New Jersey Tpk. Auth. Tpk. Rev.: - continued

Series 2009 E, 5.25% 1/1/40

$ 4,920,000

$ 5,113,356

Series 2009 G, 5% 1/1/17

3,745,000

4,143,243

Series 2009 H, 5% 1/1/36

4,000,000

4,100,160

Series 2009 I, 5% 1/1/35

5,000,000

5,140,450

New Jersey Trans. Trust Fund Auth.:

Series 2001 A, 5.5% 6/15/12

145,000

158,620

Series 2001 C:

5.5% 12/15/13 (FSA Insured)

8,285,000

9,407,535

5.75% 12/15/12 (FSA Insured)

5,000,000

5,604,700

Series 2005 B, 5.25% 12/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

9,830,000

11,096,006

Series 2005 C, 5.25% 6/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

10,000,000

10,917,600

Series 2005 D, 5% 6/15/20

4,000,000

4,288,920

Series 2006 C:

0% 12/15/26 (AMBAC Insured)

10,000,000

4,009,600

0% 12/15/30 (Berkshire Hathaway Assurance Corp. Insured)

5,000,000

1,648,700

0% 12/15/34

4,000,000

974,440

0% 12/15/36 (AMBAC Insured)

2,000,000

423,580

Series 2008 A:

0% 12/15/35

11,000,000

2,354,000

0% 12/15/36

25,000,000

5,039,500

Series 2009 A:

0% 12/15/36

1,915,000

387,041

0% 12/15/38

12,500,000

2,242,000

0% 12/15/39

10,000,000

1,684,800

Series B:

5.25% 12/15/22 (AMBAC Insured)

1,200,000

1,343,784

5.5% 12/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

11,000,000

12,747,020

5.5% 12/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

5,275,000

6,124,381

5.5% 12/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

15,235,000

17,522,535

New Jersey Transit Corp. Ctfs. of Prtn. Series 2003 A, 5.25% 9/15/15 (AMBAC Insured)

3,300,000

3,742,497

New Jersey Wtr. Supply Auth. Rev. (Delaware & Raritan Sys. Proj.) Series 1998, 5.375% 11/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

1,500,000

1,502,625

Municipal Bonds - continued

 

Principal Amount

Value

New Jersey - continued

Newark City Hsg. Auth. City-Secured Police Facility Rev. (Southward Police Proj.) Series 2009 A, 6.75% 12/1/38 (Assured Guaranty Corp. Insured)

$ 1,000,000

$ 1,129,470

Newark Gen. Oblig. Series 2002, 5.375% 12/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,840,000

3,164,385

Newark Port Auth. Hsg. Auth. Rev.:

(City of Newark Redev. Proj.) Series 2004, 5.5% 1/1/27 (Pre-Refunded to 1/1/14 @ 100) (c)

2,500,000

2,906,050

(Newark Redev. Proj.) Series 2007, 5.25% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,350,000

1,500,701

North Bergen Township Muni. Utils. Auth. Swr. Rev. Series 2003:

5.25% 12/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,800,000

3,078,348

5.25% 12/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,096,750

North Hudson Swr. Auth. Wtr. & Swr. Rev. Series 2001 A, 0% 8/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

963,840

Ocean County Utils. Auth. Wastewtr. Rev. Series 2001, 5.25% 1/1/15

4,540,000

4,807,588

Rutgers State Univ. Rev.:

Series 1992 A, 6.4% 5/1/13

1,420,000

1,509,574

Series 2009 F, 5% 5/1/30

1,500,000

1,602,165

Series F, 5% 5/1/39

9,500,000

9,940,040

Southeast Morris County Muni. Utils. Auth. Wtr. Rev. Series 2001, 5% 1/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,145,000

1,175,033

Union County Impt. Auth. (Juvenile Detention Ctr. Facility Proj.) Series 2005, 5.5% 5/1/34 (FGIC Insured)

6,000,000

6,131,820

 

556,171,918

New Jersey/Pennsylvania - 1.8%

Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev.:

Series 2003, 5.25% 7/1/17

1,300,000

1,392,352

Series 2007 A, 5% 7/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,855,000

2,979,307

Delaware River Port Auth. Pennsylvania & New Jersey Rev.:

(Port District Proj.):

Series 1999 B, 5.7% 1/1/22 (FSA Insured)

2,000,000

2,002,080

Series 2001 A, 5.5% 1/1/18 (FSA Insured)

2,000,000

2,090,020

Municipal Bonds - continued

 

Principal Amount

Value

New Jersey/Pennsylvania - continued

Delaware River Port Auth. Pennsylvania & New Jersey Rev.: - continued

Series 1999:

5.75% 1/1/15 (FSA Insured)

$ 2,000,000

$ 2,004,460

6% 1/1/18 (FSA Insured)

1,300,000

1,302,782

 

11,771,001

New York & New Jersey - 8.2%

Port Auth. of New York & New Jersey:

117th Series, 5.125% 11/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

5,220,000

5,256,122

124th Series, 5% 8/1/13 (FGIC Insured) (b)

3,000,000

3,019,410

126th Series:

5.25% 5/15/37 (FGIC Insured) (b)

8,110,000

8,062,800

5.5% 11/15/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

1,495,000

1,596,540

127th Series, 5.5% 12/15/13 (AMBAC Insured) (b)

8,600,000

9,358,520

134th Series, 5% 1/15/39

4,500,000

4,631,220

136th Series, 5.25% 11/1/16 (b)

2,800,000

3,048,668

138th Series, 5% 12/1/13 (b)

1,745,000

1,925,590

140th Series, 5% 12/1/30

5,000,000

5,260,200

141st Series:

5% 9/1/18 (b)

6,000,000

6,363,180

5% 9/1/21 (CIFG North America Insured) (b)

2,400,000

2,541,600

Port Auth. of New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 6.25% 12/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

3,000,000

3,149,850

 

54,213,700

Puerto Rico - 3.1%

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 2003, 5.75% 7/1/19 (FGIC Insured)

3,000,000

3,056,910

Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2005 C, 5.5% 7/1/18

2,000,000

2,107,660

Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2007 A, 5.5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

2,093,420

Puerto Rico Elec. Pwr. Auth. Pwr. Rev.:

Series NN, 5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

5,000,000

5,329,650

Series QQ:

5.5% 7/1/17 (XL Cap. Assurance, Inc. Insured)

1,700,000

1,872,958

Municipal Bonds - continued

 

Principal Amount

Value

Puerto Rico - continued

Puerto Rico Elec. Pwr. Auth. Pwr. Rev.: - continued

5.5% 7/1/18 (XL Cap. Assurance, Inc. Insured)

$ 1,000,000

$ 1,097,130

Puerto Rico Govt. Dev. Bank Series 2006 B, 5% 12/1/10

2,500,000

2,562,600

Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.:

Series 2007 A:

0% 8/1/41

6,000,000

876,120

0% 8/1/47 (AMBAC Insured)

1,000,000

96,810

Series 2009 A, 6.5% 8/1/44

1,500,000

1,616,955

 

20,710,213

Virgin Islands - 0.4%

Virgin Islands Pub. Fin. Auth.:

Series 2009 A, 6.75% 10/1/37

1,000,000

1,069,000

Series 2009 A1, 5% 10/1/24

500,000

506,055

Series 2009 B, 5% 10/1/25

1,200,000

1,206,300

 

2,781,355

TOTAL INVESTMENT PORTFOLIO - 97.1%

(Cost $624,294,901)

645,648,187

NET OTHER ASSETS - 2.9%

19,509,437

NET ASSETS - 100%

$ 665,157,624

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

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

(c) Security collateralized by an amount sufficient to pay interest and principal.

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At February 28, 2010, the cost of investment securities for income tax purposes was $624,136,827. Net unrealized appreciation aggregated $21,511,360, of which $25,123,993 related to appreciated investment securities and $3,612,633 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. 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 quotations received from independent pricing services or from dealers who make markets in such securities. For municipal securities, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Court Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Court Street Trust

By:

/s/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

April 29, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

April 29, 2010

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

April 29, 2010