N-30D 1 main.htm

Spartan®

Connecticut Municipal
Income Fund

and

Fidelity®
Connecticut Municipal
Money Market Fund

Semiannual Report

May 31, 2002

(2_fidelity_logos) (Registered_Trademark)

Contents

President's Message

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Ned Johnson on investing strategies

Spartan Connecticut Municipal Income Fund

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Performance

<Click Here>

Fund Talk: The Managers' Overview

<Click Here>

Investment Changes

<Click Here>

Investments

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Financial Statements

Fidelity Connecticut Municipal Money Market Fund

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Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

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Investments

<Click Here>

Financial Statements

Notes

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Notes to the Financial Statements

Proxy Voting Results

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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 Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the funds nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Disappointing earnings reports and growing concerns about corporate accounting standards overwhelmed good news on the economic front, resulting in negative returns for most popular benchmarks of U.S. stock performance through the first five months of 2002. As is typical when equities are in turmoil, investors retreated to the fixed-income markets, which explains the positive performance of nearly every bond category year to date.

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

The longer your investment time frame, the less likely it is that you will be affected by short-term market volatility. A 10-year investment horizon appropriate for saving for a college education, for example, enables you to weather market cycles in a long-term fund, which may have a higher risk potential, but also has a higher potential rate of return.

An intermediate-length fund could make sense if your investment horizon is two to four years, while a short-term bond fund could be the right choice if you need your money in one or two years.

If your time horizon is less than a year, you might want to consider moving some of your bond investment into a money market fund. These funds seek income and a stable share price by investing in high-quality, short-term investments. Of course, it's important to remember that an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these types of funds.

Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy.

If you have questions, please call us at 1-800-544-6666, or visit our web site at www.fidelity.com. We are available 24 hours a day, seven days a week to provide you the information you need to make the investments that are right for you.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Spartan Connecticut Municipal Income Fund

Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value). You can also look at the fund's income, as reflected in the fund's yield, to measure performance.

Cumulative Total Returns

Periods ended May 31, 2002

Past 6
months

Past 1
year

Past 5
years

Past 10
years

Spartan® CT Municipal Income

2.95%

6.39%

34.04%

86.60%

LB Connecticut 4 Plus Year Enhanced
Municipal Bond

2.99%

6.77%

36.38%

n/a*

Connecticut Municipal Debt Funds Average

2.05%

5.72%

29.16%

80.63%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Lehman Brothers® Connecticut 4 Plus Year Enhanced Municipal Bond Index - a market value-weighted index of Connecticut investment-grade municipal bonds with maturities of four years or more. To measure how the fund's performance stacked up against its peers, you can compare it to the Connecticut municipal debt funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six month average represents a peer group of 28 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended May 31, 2002

Past 1
year

Past 5
years

Past 10
years

Spartan CT Municipal Income

6.39%

6.03%

6.44%

LB Connecticut 4 Plus Year Enhanced
Municipal Bond

6.77%

6.40%

n/a*

Connecticut Municipal Debt Funds Average

5.72%

5.25%

6.08%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year. (Note: Lipper calculates average annual total returns by annualizing each fund's total return, then taking an arithmetic average. This may produce a different figure than that obtained by averaging the cumulative total returns and annualizing the result.)

* Not available

Semiannual Report

Spartan Connecticut Municipal Income Fund
Performance - continued

$10,000 Over 10 Years



$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Spartan Connecticut Municipal Income Fund on May 31, 1992. As the chart shows, by May 31, 2002, the value of the investment would have grown to $18,660 - an 86.60% increase on the initial investment. For comparison, look at how the Lehman Brothers Municipal Bond Index - a market value-weighted index of investment-grade municipal bonds with maturities of one year or more - did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $19,223 - a 92.23% increase.

Understanding
Performance

How a fund did yesterday is no guarantee of how it will do tomorrow. Bond prices, for example, generally move in the opposite direction of interest rates. In turn, the share price, return and yield of a fund that invests in bonds will vary. That means if you sell your shares during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain.

3

Semiannual Report

Total Return Components

Six months ended
May 31,

Years ended November 30,

2002

2001

2000

1999

1998

1997

Dividend returns

2.25%

4.86%

5.30%

4.52%

4.92%

5.19%

Capital returns

0.70%

3.61%

2.11%

-5.64%

2.28%

1.69%

Total returns

2.95%

8.47%

7.41%

-1.12%

7.20%

6.88%

Total return components include both dividend returns and capital returns. A dividend return reflects the actual dividends paid by the fund. A capital return reflects both the amount paid by the fund to shareholders as capital gain distributions and changes in the fund's share price. Both returns assume the dividends or capital gains, if any, paid by the fund are reinvested.

Dividends and Yield

Periods ended May 31, 2002

Past 1
month

Past 6
months

Past 1
year

Dividends per share

4.31¢

25.33¢

51.30¢

Annualized dividend rate

4.42%

4.44%

4.46%

30-day annualized yield

3.77%

-

-

30-day annualized tax-equivalent yield

6.07%

-

-

Dividends per share show the income paid by the fund for a set period and do not reflect any tax reclassifications. If you annualize this number, based on an average share price of $11.47 over the past one month, $11.43 over the past six months and $11.50 over the past one year, you can compare the fund's income over these three periods. The 30-day annualized yield is a standard formula for all bond funds based on the yields of the bonds in the fund, averaged over the past 30 days. This figure shows you the yield characteristics of the fund's investments at the end of the period. It also helps you compare funds from different companies on an equal basis. The tax-equivalent yield shows what you would have to earn on a taxable investment to equal the fund's tax-free yield, if you're in the 37.93% combined effective federal and state income tax bracket, but does not reflect the payment of the federal alternative minimum tax, if applicable.

Semiannual Report

Spartan Connecticut Municipal Income Fund

Fund Talk: The Managers' Overview

Market Recap

Continuing a recent trend, tax-free municipal bonds outperformed the returns of most categories of investment-grade taxable bonds during the six-month period ending May 31, 2002. That in and of itself was good news for municipal bond investors. But when you consider that muni bondholders were getting a better absolute return even before factoring in the higher tax-equivalent yield that munis offer, the news got even better. The steadiness of municipal bond performance during the past six months also attracted equity investors, who'd become shell-shocked by the number of earnings disappointments and corporate accounting irregularities. Other than a difficult December 2001 and March 2002, when stocks rallied and fears of potential interest rate hikes peaked, municipal bonds offered investors solid gains. For the overall six-month period, the muni market gained 2.59% according to the Lehman Brothers® Municipal Bond Index, which measures the performance of approximately 40,000 investment-grade, fixed-rate, tax-exempt bonds. That beat the return of the Lehman Brothers Aggregate Bond Index - a proxy for the taxable bond market - which advanced 2.25%. The muni market also outperformed most major equity benchmarks during the past six months, including the Dow Jones Industrial AverageSM, Standard & Poor's 500SM Index and the NASDAQ Composite® Index.

(Portfolio Manager photograph)
Note to shareholders: The following is an interview with George Fischer (left), who managed Spartan Connecticut Municipal Income Fund during the period covered by this report, with additional comments from Mark Sommer (right), who became manager of the fund effective June 1, 2002.

Q. How did the fund perform, George?

G.F. For the six-month period ending May 31, 2002, the fund returned 2.95%. To get a sense of how the fund did relative to its competitors, the Connecticut municipal debt funds average returned 2.05% for the same six-month period, according to Lipper Inc. Additionally, the Lehman Brothers Connecticut 4 Plus Year Enhanced Municipal Bond Index, which tracks the types of securities in which the fund invests, returned 2.99%. For the 12-month period ending May 31, 2002, the fund returned 6.39%, while the Lipper average returned 5.72% and the Lehman Brothers index gained 6.77%.

Semiannual Report

Spartan Connecticut Municipal Income Fund
Fund Talk: The Managers' Overview - continued

Q. What factors drove the fund's performance, and why did it beat its Lipper peers during the six-month period?

G.F. After coming under pressure in the final weeks of 2001, municipal bonds enjoyed a relatively strong first quarter of 2002 and posted respectable gains in April and May. Munis benefited from a combination of factors, one of which was strong demand. Demand was so strong, in fact, that it easily absorbed a large amount of new Connecticut municipal bonds that came to the market in the first five months of this year. Throughout the period, however, the muni market was quite volatile. That volatility, in turn, helps explain why the fund outpaced its peers during the six-month period as I continued to manage the fund so that its interest rate sensitivity was in line with the Connecticut muni market overall.

Q. Why did this approach work in the fund's favor?

G.F. Having too much or too little interest rate sensitivity at the wrong time can jeopardize returns even in the most stable market environment, but heightened market volatility only enhances the chances of being in the wrong place at the wrong time. Instead of positioning the fund based on my view of where interest rates were headed, I emphasized factors over which I have more control, such as security selection.

Q. Which specific bonds performed well? Were there any disappointments?

G.F. Bonds issued by Connecticut hospitals were particularly strong, thanks to improving financial trends in the health care industry overall. Generally speaking, bonds backed by non-tax revenues - in which the fund had a relatively large weighting compared to the Connecticut municipal market overall - also performed well. In an environment where personal income, sales and corporate tax receipts were falling as the Connecticut and national economies cooled, bonds backed by fees - including those issued by transportation authorities, electric and water utilities, and others - benefited from relatively stable revenue streams. As for disappointments, I'd say that the fund's very small stake in housing bonds were disappointing due to heightened mortgage prepayment activity, which investors tend to dislike. That said, the fund's stake in them was quite small relative to the New Jersey market overall.

Q. Turning to you, Mark, what's ahead for the Connecticut municipal market and the fund?

M.S. In addition to the direction of interest rates, the Connecticut muni market will be affected by supply and demand trends. As George mentioned earlier, the supply of Connecticut municipals has expanded quite significantly so far this year, and it's likely that supply will continue to grow as issuers look to the debt markets to help close the gap between rising expenditures and lower tax receipts. If demand holds steady, I would expect the additional supply to be absorbed by the market. If not, then the Connecticut market could come under some temporary pressure until the added supply works its way through. In terms of what's ahead for the fund, I plan to continue to pursue many of the strategies already in place, including the emphasis on high-quality bonds and the approach to managing interest rate sensitivity.

Semiannual Report

The views expressed in this report reflect those of the portfolio managers only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: high level of current income, exempt from federal and Connecticut personal income taxes

Fund number: 407

Trading symbol: FICNX

Start date: October 29, 1987

Size: as of May 31, 2002, more than $416 million

Manager: Mark Sommer, since June 2002; manager, various Fidelity and Spartan municipal income funds; joined Fidelity in 1996

3

Mark Sommer on Connecticut budgetary issues:

"Like the vast majority of issuers of municipal bonds across the country, Connecticut issuers continue to struggle with the twin challenges of falling tax receipts and rising expenditures. The state of Connecticut, for example, has been working diligently to keep a balanced budget amid falling personal income and corporate taxes, as well as increased expenditures on health care and security, among other items. So far, the state has handled these challenges rather reasonably. The state legislature and governor work quite closely and frequently to monitor any potential budget gap that may crop up and have installed an orderly process to address any potential shortfalls. As a portfolio manager, I will be watching these and other developments closely. Drawing on the insights of Fidelity's credit research team, I'll work to ascertain the seriousness of the state's budget challenges on an ongoing basis, the efficacy of the state's proposed solutions, and how these problems may ´trickle down' to local municipal issuers that depend on the state for some funding."

  • As of May 31, 2002, the fund had nearly 10% of net assets in bonds issued by Puerto Rico. As a territory of the United States, Puerto Rican municipal bonds are tax-free in all 50 states.

Semiannual Report

Spartan Connecticut Municipal Income Fund

Investment Changes

Top Five Sectors as of May 31, 2002

% of fund's
net assets

% of fund's net assets
6 months ago

General Obligations

35.3

39.1

Special Tax

12.0

12.2

Escrowed/Pre-Refunded

11.9

10.7

Health Care

9.8

11.7

Education

7.9

8.0

Average Years to Maturity as of May 31, 2002

6 months ago

Years

13.1

12.8

Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount.

Duration as of May 31, 2002

6 months ago

Years

6.8

6.5

Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example.

Quality Diversification

As of May 31, 2002

As of November 30, 2001

Aaa 67.6%

Aaa 66.7%

Aa, A 27.9%

Aa, A 29.2%

Baa 4.5%

Baa 4.1%



Rating percentages include securities rated by a nationally recognized rating agency and may include unrated securities considered by Fidelity to be of comparable quality. Amounts shown are as a percentage of the fund's investments.

Semiannual Report

Spartan Connecticut Municipal Income Fund

Investments May 31, 2002 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 97.9%

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Connecticut - 88.0%

Branford Gen. Oblig.:

5% 5/15/05 (MBIA Insured)

Aaa

$ 1,400,000

$ 1,488,900

5.25% 5/15/13 (MBIA Insured)

Aaa

500,000

540,935

7% 6/15/08 (FGIC Insured)

Aaa

500,000

588,080

7% 6/15/09 (FGIC Insured)

Aaa

500,000

595,200

Bridgeport Gen. Oblig.:

Series 2001 C:

5.375% 8/15/12 (FGIC Insured)

Aaa

3,290,000

3,564,945

5.375% 8/15/15 (FGIC Insured)

Aaa

1,070,000

1,140,106

Series A:

6% 9/1/05 (AMBAC Insured)

Aaa

4,000,000

4,389,600

6% 7/15/11 (FGIC Insured)

Aaa

1,320,000

1,498,385

6.125% 7/15/15 (FGIC Insured)

Aaa

6,235,000

7,034,140

6.5% 9/1/07 (AMBAC Insured)

Aaa

2,290,000

2,623,859

Series C, 5.375% 8/15/14 (FGIC Insured)

Aaa

2,305,000

2,474,026

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

5.125% 10/1/31 (FGIC Insured) (c)

Aaa

6,750,000

6,605,618

5.25% 10/1/09 (FGIC Insured) (c)

Aaa

3,100,000

3,311,389

5.25% 10/1/10 (FGIC Insured) (c)

Aaa

3,390,000

3,626,012

5.25% 10/1/11 (FGIC Insured) (c)

Aaa

4,150,000

4,457,930

5.25% 10/1/12 (FGIC Insured) (c)

Aaa

4,075,000

4,360,291

Connecticut Clean Wtr. Fund Rev.:

Series 1991, 7% 1/1/11

Aaa

140,000

142,201

5.5% 10/1/16

Aaa

2,780,000

2,988,305

6% 10/1/12

Aaa

6,000,000

6,900,000

6.8% 7/1/05

Aaa

130,000

132,014

Connecticut Dev. Auth. Rev. (Hartford Civic Ctr. Proj.) Series A:

6% 11/15/07

Aa3

1,525,000

1,721,847

6% 11/15/08

Aa3

1,525,000

1,728,145

6% 11/15/09

Aa3

1,525,000

1,732,476

Connecticut Dev. Auth. Wtr. Facilities Rev. (Bridgeport Hydraulic Proj.) 6.15% 4/1/35 (MBIA Insured) (c)

Aaa

3,000,000

3,221,640

Connecticut Gen. Oblig.:

(College Savings Plan Proj.) Series B, 0% 11/1/09

Aa2

4,000,000

2,952,320

Series 1997 D, 5.5% 12/1/07

Aa2

1,235,000

1,365,577

Series 1998 B, 5.5% 3/15/08

Aa2

3,850,000

4,223,489

Series 1999 B, 5.875% 11/1/16

Aa2

4,550,000

4,982,205

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Connecticut - continued

Connecticut Gen. Oblig.: - continued

Series 2000 A, 6% 4/15/17 (Pre-Refunded to 4/15/10 @ 101) (d)

Aa2

$ 5,840,000

$ 6,693,399

Series 2000 C, 6.5% 11/1/07

Aa2

1,000,000

1,139,790

Series A:

5.25% 6/15/12 (FGIC Insured)

Aa2

1,975,000

2,114,810

5.25% 3/1/13 (Pre-Refunded to 3/1/07 @ 101) (d)

Aa2

1,500,000

1,641,495

6% 3/1/06

Aa2

2,700,000

2,979,288

Series B:

5.25% 6/15/07

Aa2

1,410,000

1,533,967

5.375% 6/15/13

Aa2

6,325,000

6,840,994

5.375% 6/15/18

Aa2

8,840,000

9,197,666

5.5% 11/1/17

Aa2

1,500,000

1,590,735

5.75% 11/1/10

Aa2

1,000,000

1,118,060

5.75% 6/15/12

Aa2

1,500,000

1,656,240

Series D:

5.125% 11/15/15

Aa2

10,000,000

10,440,300

5.125% 11/15/18

Aa2

5,000,000

5,108,200

Series E:

5.125% 11/15/13

Aa2

1,500,000

1,594,515

6% 3/15/12

Aa2

1,365,000

1,560,918

6% 3/15/12 (Escrowed to Maturity) (d)

-

35,000

39,916

Connecticut Health & Edl. Facilities Auth. Rev.:

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

Aaa

4,695,000

4,883,645

(Greenwich Hosp. Proj.) Series A, 5.8% 7/1/26 (MBIA Insured)

Aaa

6,210,000

6,472,621

(Hebrew Home & Hosp. Proj.) Series B:

5.15% 8/1/28

AAA

2,500,000

2,458,225

5.2% 8/1/38

AAA

4,190,000

4,132,052

(Hosp. for Spl. Care Issue Proj.) Series B, 5.375% 7/1/17

Baa2

2,700,000

2,517,075

(Kent School Proj.) Series B:

5.1% 7/1/07 (MBIA Insured)

Aaa

265,000

281,059

5.25% 7/1/08 (MBIA Insured)

Aaa

305,000

322,971

(Loomis Chaffee School Proj.):

Series C, 5.5% 7/1/26 (MBIA Insured)

Aaa

1,430,000

1,457,699

Series D, 5.25% 7/1/31

A2

2,000,000

2,006,740

Series E, 5% 7/1/25

A2

1,000,000

965,990

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

Aaa

3,195,000

3,972,439

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Connecticut - continued

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

(New Britain Gen. Hosp. Proj.) Series B, 6% 7/1/24 (AMBAC Insured)

Aaa

$ 1,940,000

$ 2,039,386

(Quinnipiac College Proj.) Series D:

6% 7/1/13

BBB

1,300,000

1,314,625

6% 7/1/23

BBB

940,000

947,050

(Sacred Heart Univ. Proj.) Series C:

6% 7/1/06 (Escrowed to Maturity) (d)

Baa3

190,000

210,461

6.5% 7/1/16 (Pre-Refunded to 7/1/06 @ 102) (d)

Baa3

3,020,000

3,455,665

(Saint Raphael Hosp. Proj.) Series H:

5.25% 7/1/14 (AMBAC Insured)

Aaa

4,050,000

4,325,360

6.5% 7/1/11 (AMBAC Insured)

Aaa

3,280,000

3,858,986

6.5% 7/1/13 (AMBAC Insured)

Aaa

3,125,000

3,700,344

(Trinity College Issue Prog.) Series E, 5.875% 7/1/26 (MBIA Insured)

Aaa

3,500,000

3,670,975

(Veterans Memorial Med. Ctr. Proj.) Series A:

5.5% 7/1/26 (MBIA Insured)

Aaa

3,770,000

3,837,106

6.25% 7/1/05 (MBIA Insured)

Aaa

2,265,000

2,492,746

(Yale Univ. Proj.):

Series W, 5.125% 7/1/27

Aaa

8,500,000

8,483,085

5.929% 6/10/30

Aaa

10,400,000

10,622,248

Connecticut Higher Ed. Supplemental Ln. Auth. Rev. (Family Ed. Ln. Prog.) Series A:

5.5% 11/15/09 (c)

Aa3

915,000

973,597

7.2% 11/15/10 (c)

Aa3

565,000

578,029

Connecticut Hsg. Fin. Auth. Rev. (Hsg. Mtg. Fin. Prog.) Series B, 6.2% 5/15/12

Aaa

2,500,000

2,577,075

Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Series A:

6% 1/1/04 (MBIA Insured)

Aaa

1,790,000

1,891,081

6% 1/1/05 (MBIA Insured)

Aaa

1,880,000

2,030,193

6% 1/1/06 (MBIA Insured)

Aaa

2,000,000

2,193,220

Connecticut Resource Recovery Auth. Resource Recovery Rev.:

(Bridgeport Resco Co. LP Proj.):

5.375% 1/1/06 (MBIA Insured)

Aaa

500,000

537,820

5.5% 1/1/08 (MBIA Insured)

Aaa

1,000,000

1,089,660

(Fuel Co. Proj.) Series A:

5.125% 11/15/13 (MBIA Insured) (c)

Aaa

3,000,000

3,114,030

5.5% 11/15/09 (MBIA Insured) (c)

Aaa

2,000,000

2,175,940

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Connecticut - continued

Connecticut Resources Recovery Auth. (Mid-Connecticut Sys. Proj.) Series A, 5.25% 11/15/08 (MBIA Insured)

Aaa

$ 3,300,000

$ 3,581,028

Connecticut Spl. Assessment Second Injury Fund Series 2000 A, 5.125% 1/1/13 (FSA Insured)

Aaa

2,000,000

2,124,180

Connecticut Spl. Tax Oblig. Rev. (Trans. Infrastructure Proj.):

Series 1996 B, 5.4% 10/1/10 (MBIA Insured) (Pre-Refunded to 10/1/06 @ 101) (d)

Aaa

4,545,000

5,021,907

Series 1996 C, 6% 10/1/08 (MBIA Insured)

Aaa

1,000,000

1,132,110

Series A:

5.125% 9/1/05

Aa3

2,250,000

2,367,720

5.5% 11/1/06 (FSA Insured)

Aaa

1,000,000

1,098,570

7.125% 6/1/10

Aaa

3,550,000

4,265,467

Series B:

0% 6/1/08

Aa3

3,500,000

2,766,295

5.5% 11/1/07 (FSA Insured)

Aaa

7,300,000

8,075,990

6.125% 9/1/12

Aa3

7,115,000

8,184,456

6.15% 9/1/09

Aa3

1,500,000

1,713,165

6.5% 10/1/07 (Escrowed to Maturity) (d)

Aaa

2,250,000

2,601,045

6.5% 10/1/10

Aa3

3,400,000

3,986,908

6.5% 10/1/12

Aa3

7,100,000

8,427,345

Eastern Connecticut Resources Recovery Auth. Solid Waste Rev. (Wheelabrator Lisbon Proj.) Series A, 5% 1/1/04 (c)

BBB

1,000,000

1,013,990

Meriden Gen. Oblig.:

6.25% 8/1/05 (FGIC Insured)

Aaa

1,500,000

1,658,535

6.25% 8/1/06 (FGIC Insured)

Aaa

2,000,000

2,247,920

Naugatuck Gen. Oblig.:

7.25% 9/1/04 (MBIA Insured)

Aaa

215,000

237,984

7.4% 9/1/07 (MBIA Insured)

Aaa

370,000

440,770

7.4% 9/1/08 (MBIA Insured)

Aaa

370,000

445,384

New Britain Gen. Oblig.:

Series B, 6% 3/1/12 (MBIA Insured)

Aaa

2,000,000

2,289,560

6% 4/15/07 (AMBAC Insured)

Aaa

1,615,000

1,806,491

6% 2/1/12 (MBIA Insured)

Aaa

400,000

457,512

7% 4/1/07 (MBIA Insured)

Aaa

580,000

672,504

7% 4/1/08 (MBIA Insured)

Aaa

580,000

678,994

New Haven Air Rights Packaging Facility Rev. 5.375% 12/1/11 (AMBAC Insured)

Aaa

1,165,000

1,281,255

New Haven Gen. Oblig.:

Series A, 6% 8/1/05 (FGIC Insured)

Aaa

3,410,000

3,744,794

7% 2/15/05 (FGIC Insured)

Aaa

750,000

832,605

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Connecticut - continued

Newtown Gen. Oblig. 6% 6/15/06 (MBIA Insured)

Aaa

$ 785,000

$ 872,104

North Thompsonville Fire District #10:

6.75% 6/1/07 (MBIA Insured)

Aaa

180,000

207,767

6.75% 6/1/08 (MBIA Insured)

Aaa

190,000

221,525

6.75% 6/1/09 (MBIA Insured)

Aaa

200,000

235,128

6.75% 6/1/10 (MBIA Insured)

Aaa

215,000

254,822

6.75% 6/1/11 (MBIA Insured)

Aaa

230,000

274,960

South Central Reg'l Wtr. Auth. Wtr. Sys. Rev. Series 11:

5.625% 8/1/05 (FGIC Insured)

Aaa

4,000,000

4,223,360

5.75% 8/1/12 (FGIC Insured)

Aaa

4,490,000

4,746,020

Stamford Gen. Oblig.:

5% 7/15/09

Aaa

1,000,000

1,078,690

5.25% 7/15/12

Aaa

5,000,000

5,315,450

5.5% 7/15/13

Aaa

2,675,000

2,950,980

5.5% 7/15/14

Aaa

1,250,000

1,368,175

6.6% 1/15/07

Aaa

295,000

336,893

6.6% 1/15/08

Aaa

1,480,000

1,708,349

6.6% 1/15/09

Aaa

1,000,000

1,166,760

Stamford Hsg. Auth. Multi-family Rev. (Fairfield Apts. Proj.) 4.75%, tender 12/1/08 (b)(c)

Baa1

6,000,000

5,950,140

Stratford Gen. Oblig. 7% 6/15/08 (FGIC Insured)

Aaa

500,000

588,080

Suffield Gen. Oblig.:

5.125% 6/15/13 (MBIA Insured)

Aaa

1,000,000

1,061,460

5.125% 6/15/14 (MBIA Insured)

Aaa

1,335,000

1,405,795

Univ. of Connecticut Series A:

5.375% 4/1/15

Aa2

1,400,000

1,498,126

5.375% 4/1/16

Aa2

4,475,000

4,744,932

Univ. of Connecticut Rev.:

(Student Fee Prog.) Series A:

5.75% 11/15/29 (FGIC Insured) (Pre-Refunded to 11/15/10 @ 101) (d)

Aaa

6,850,000

7,787,697

6% 11/15/25 (FGIC Insured) (Pre-Refunded to 11/15/10 @ 101) (d)

Aaa

4,000,000

4,618,840

Series A, 5% 5/15/30

Aa3

1,500,000

1,464,945

West Hartford Gen. Oblig.:

5% 7/15/11

Aaa

1,500,000

1,566,075

6.5% 7/15/05

Aaa

2,000,000

2,226,520

6.5% 7/15/06

Aaa

2,000,000

2,270,420

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Connecticut - continued

Wolcott Gen. Oblig.:

7% 6/15/09 (FGIC Insured)

Aaa

$ 445,000

$ 529,728

7% 6/15/10 (FGIC Insured)

Aaa

440,000

528,651

Woodstock Spl. Oblig. Rev. (Woodstock Academy Proj.) 7% 3/1/08 (AMBAC Insured)

Aaa

725,000

734,266

366,320,268

Puerto Rico - 9.9%

Puerto Rico Commonwealth Gen. Oblig.:

5.5% 7/1/11 (FGIC Insured)

Aaa

4,600,000

5,122,192

5.75% 7/1/26 (MBIA Insured) (Pre-Refunded to 7/1/10 @ 100) (d)

Aaa

3,700,000

4,202,904

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

Series 1996 Y, 5% 7/1/36 (FSA Insured)

Aaa

2,750,000

2,702,233

Series Y, 5.5% 7/1/36 (FSA Insured)

Aaa

1,500,000

1,565,475

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

Series A, 4.75% 7/1/38 (MBIA Insured)

Aaa

1,000,000

933,450

Series B, 6% 7/1/31 (Pre-Refunded to 7/1/10 @ 101) (d)

Baa1

2,250,000

2,602,778

Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A, 5.5% 10/1/40 (Escrowed to Maturity) (d)

Aaa

6,215,000

6,468,510

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

Series AA, 5.375% 7/1/14 (MBIA Insured)

Aaa

3,250,000

3,450,460

Series HH, 5.25% 7/1/29 (FSA Insured)

Aaa

12,435,000

12,571,035

Puerto Rico Muni. Fin. Agcy. Series A, 5.5% 8/1/23 (FSA Insured)

Aaa

1,250,000

1,302,775

40,921,812

TOTAL INVESTMENT PORTFOLIO - 97.9%

(Cost $385,469,217)

407,242,080

NET OTHER ASSETS - 2.1%

8,897,229

NET ASSETS - 100%

$ 416,139,309

Legend

(a) For certain securities not individually rated by a nationally recognized rating agency, the ratings listed have been assigned by Fidelity.

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

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

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

Other Information

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows:

General Obligations

35.3%

Special Tax

12.0

Escrowed/Pre-Refunded

11.9

Health Care

9.8

Education

7.9

Transportation

6.1

Water & Sewer

5.3

Electric Utilities

5.3

Others* (individually less than 5%)

6.4

100.0%

*Includes net other assets

Purchases and sales of securities, other than short-term securities, aggregated $52,876,912 and $61,794,752, respectively.

Income Tax Information

At May 31, 2002, the aggregate cost of investment securities for income tax purposes was $385,365,947. Net unrealized appreciation aggregated $21,876,133, of which $22,804,278 related to appreciated investment securities and $928,145 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Spartan Connecticut Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

May 31, 2002 (Unaudited)

Assets

Investment in securities, at value (cost $385,469,217) - See accompanying schedule

$ 407,242,080

Cash

3,830,351

Receivable for fund shares sold

198,522

Interest receivable

5,539,143

Other receivables

4,556

Total assets

416,814,652

Liabilities

Payable for fund shares redeemed

$ 56,641

Distributions payable

436,486

Accrued management fee

131,604

Other payables and accrued expenses

50,612

Total liabilities

675,343

Net Assets

$ 416,139,309

Net Assets consist of:

Paid in capital

$ 393,523,893

Undistributed net investment income

10,451

Accumulated undistributed net realized gain (loss) on investments

832,102

Net unrealized appreciation (depreciation) on investments

21,772,863

Net Assets, for 36,127,389 shares outstanding

$ 416,139,309

Net Asset Value, offering price and redemption price per share ($416,139,309 ÷ 36,127,389 shares)

$ 11.52

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Spartan Connecticut Municipal Income Fund
Financial Statements - continued

Statement of Operations

Six months ended May 31, 2002 (Unaudited)

Investment Income

Interest

$ 10,297,885

Expenses

Management fee

$ 792,327

Transfer agent fees

141,709

Accounting fees and expenses

66,397

Non-interested trustees' compensation

654

Custodian fees and expenses

3,373

Registration fees

21,114

Audit

16,844

Legal

4,609

Miscellaneous

1,131

Total expenses before reductions

1,048,158

Expense reductions

(45,074)

1,003,084

Net investment income (loss)

9,294,801

Realized and Unrealized Gain (Loss)

Net Realized Gain (Loss) on Investment securities

1,319,167

Change in net unrealized appreciation (depreciation) on investment securities

1,510,904

Net gain (loss)

2,830,071

Net increase (decrease) in net assets resulting from operations

$ 12,124,872

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Six months ended
May 31, 2002
(Unaudited)

Year ended
November 30,
2001

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 9,294,801

$ 17,871,913

Net realized gain (loss)

1,319,167

3,412,449

Change in net unrealized appreciation (depreciation)

1,510,904

9,172,474

Net increase (decrease) in net assets resulting
from operations

12,124,872

30,456,836

Distributions to shareholders from net investment income

(9,284,835)

(17,861,311)

Distributions to shareholders from net realized gain

(2,501,810)

(31,389)

Total distributions

(11,786,645)

(17,892,700)

Share transactions
Net proceeds from sales of shares

38,783,189

95,376,864

Reinvestment of distributions

8,410,338

12,759,252

Cost of shares redeemed

(47,730,726)

(51,554,112)

Net increase (decrease) in net assets resulting from share transactions

(537,199)

56,582,004

Redemption fees

1,722

5,865

Total increase (decrease) in net assets

(197,250)

69,152,005

Net Assets

Beginning of period

416,336,559

347,184,554

End of period (including undistributed net investment income of $10,451 and undistributed net investment income of $32,169, respectively)

$ 416,139,309

$ 416,336,559

Other Information

Shares

Sold

3,388,897

8,290,563

Issued in reinvestment of distributions

737,154

1,111,235

Redeemed

(4,179,875)

(4,480,086)

Net increase (decrease)

(53,824)

4,921,712

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months ended
May 31, 2002

Years ended November 30,

(Unaudited)

2001

2000

1999

1998

1997

Selected Per-Share Data

Net asset value, beginning
of period

$ 11.510

$ 11.110

$ 10.880

$ 11.580

$ 11.420

$ 11.240

Income from Invest-
ment Operations

Net investment
income (loss)

.254 D

.527 D

.549 D

.526

.541

.559

Net realized and
unrealized gain (loss)

.078

.401

.233

(.651)

.260

.190

Total from investment operations

.332

.928

.782

(.125)

.801

.749

Distributions from net investment income

(.253)

(.527)

(.553)

(.526)

(.541)

(.559)

Distributions from net realized gain

(.069)

(.001)

-

(.029)

(.100)

(.010)

Distributions in
excess of net
realized gain

-

-

-

(.021)

-

-

Total distributions

(.322)

(.528)

(.553)

(.576)

(.641)

(.569)

Redemption fees added to paid
in capital

-

-

.001

.001

-

-

Net asset value,
end of period

$ 11.520

$ 11.510

$ 11.110

$ 10.880

$ 11.580

$ 11.420

Total ReturnB, C

2.95%

8.47%

7.41%

(1.12)%

7.20%

6.88%

Ratios to Average Net Assets E

Expenses before
expense
reductions

.50% A

.50%

.51%

.55%

.55%

.55%

Expenses net
of voluntary
waivers, if any

.50% A

.50%

.51%

.55%

.55%

.55%

Expenses net of all reductions

.48% A

.41%

.42%

.49%

.54%

.55%

Net investment
income (loss)

4.45% A

4.59%

5.04%

4.69%

4.71%

4.98%

Supplemental Data

Net assets, end
of period
(000 omitted)

$ 416,139

$ 416,337

$ 347,185

$ 346,113

$ 373,433

$ 341,633

Portfolio turnover rate

26% A

17%

27%

23%

8%

12%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Connecticut Municipal Money Market Fund

Performance: The Bottom Line

To evaluate a money market fund's historical performance, you can look at either total return or yield. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income. Yield measures the income paid by a fund. Since a money market fund tries to maintain a $1 share price, yield is an important measure of performance. If Fidelity had not reimbursed certain fund expenses, the total returns would have been lower.

Cumulative Total Returns

Periods ended May 31, 2002

Past 6
months

Past 1
year

Past 5
years

Past 10 years

Fidelity CT Municipal Money Market

0.50%

1.44%

14.29%

29.83%

Connecticut Tax-Free
Money Market Funds Average

0.40%

1.21%

13.09%

28.02%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. To measure how the fund's performance stacked up against its peers, you can compare it to the Connecticut tax-free money market funds average, which reflects the performance of tax-free money market funds with similar objectives tracked by iMoneyNet, Inc. The past six month average represents a peer group of 11 money market funds.

Average Annual Total Returns

Periods ended May 31, 2002

Past 1
year

Past 5
years

Past 10
years

Fidelity CT Municipal Money Market

1.44%

2.71%

2.64%

Connecticut Tax-Free
Money Market Funds Average

1.21%

2.49%

2.50%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

Semiannual Report

Fidelity Connecticut Municipal Money Market Fund

Performance - continued

Yields

6/3/02

2/25/02

12/3/01

9/3/01

5/28/01

Fidelity Connecticut
Municipal Money
Market Fund

1.01%

0.87%

1.13%

1.78%

2.52%

If Fidelity had not reimbursed
certain fund expenses

0.94%

-

-

-

-

Connecticut Tax-Free
Money Market Funds Average

0.89%

0.72%

1.07%

1.54%

2.27%

Fidelity Connecticut
Municipal Money
Market Fund -
Tax-equivalent

1.63%

1.40%

1.83%

2.88%

4.06%

If Fidelity had not reimbursed
certain fund expenses

1.52%

-

-

-

-

Portion of fund's income
subject to state taxes

0.25%

20.34%

21.56%

5.22%

0.69%

Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, expressed as annual percentage rates. A yield that assumes income earned is reinvested or compounded is called an effective yield. The table above shows the fund's current seven-day yield at quarterly intervals over the past year. You can compare these yields to the Connecticut tax-free money market funds average as tracked by iMoneyNet, Inc. or you can look at the fund's tax-equivalent yield, which is based on a combined effective federal and state income tax rate of 37.93%. The fund's yields mentioned above reflect that a portion of the fund's income was subject to state taxes. A portion of the fund's income may be subject to the federal alternative minimum tax.

A money market fund's total returns and yields will vary, and reflect past results rather than predict future performance.

Comparing
Performance

Yields on tax-free investments are usually lower than yields on taxable investments. However, a straight comparison between the two may be misleading because it ignores the way taxes reduce taxable returns. Tax-equivalent yield - the yield you'd have to earn on a similar taxable investment to match the tax-free yield - makes the comparison more meaningful. Keep in mind that the U.S. government neither insures nor guarantees a money market fund. In fact, there is no assurance that a money market fund will maintain a $1 share price.

3

Semiannual Report

Fidelity Connecticut Municipal Money Market Fund

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with Kim Miller, Portfolio Manager of Fidelity Connecticut Municipal Money Market Fund

Q. Kim, what was the investment environment like during the six months that ended May 31, 2002?

A. The environment was characterized by greater economic stability and relatively level interest rates. During the period, the rate of economic growth stopped declining and began to increase, as aggressive cuts in short-term interest rates implemented by the Federal Reserve Board in 2001 started to take hold. The last of those cuts occurred in December 2001. The absence of a further decline in economic growth provided the impetus for the Fed to move from a bias toward lowering rates to a more neutral stance. When growth in gross domestic product (GDP) came in at a strong annual rate of 6.1% in the first quarter of 2002, the market anticipated that the Fed would quickly shift to a tightening bias, looking to raise rates in order to keep growth at non-inflationary levels. However, the market pulled back in April when economic data came in weaker than expected. Overall, interest rates remained relatively stable following the Fed's last interest rate cut.

Q. How would you characterize the fiscal health of the state of Connecticut?

A. Connecticut, like many states, suffered from reduced tax revenues due to the recession of 2001. In addition, the state government is highly dependent on capital gains taxes to fund operations, and this source of revenue diminished on the heels of declines in the stock market. As a result, the state government has wrestled with a budget gap. Fortunately, relationships within the Connecticut state legislature are more harmonious than in many other states. Lawmakers have maintained fiscal responsibility and have managed to alleviate the budget shortfalls through spending cuts and by drawing down the state's cash reserves. These measures have solved the problems for the time being, but may leave the state in a less favorable position in 2003. To this point, these developments have not influenced either my management or the performance of the fund.

Q. What was your strategy with the fund?

A. The investment environment typically would have called for me to extend the fund's average maturity to take advantage of opportunities further out on the yield curve. That's because the economy rebounded sharply in the first quarter and the market started pricing in more aggressive Fed tightening than I anticipated. I also continued to be concerned about low levels of capacity utilization in manufacturing and weak employment reports. However, as is typical, supply of longer-term money market securities in the Connecticut market was constrained. As a result, there was very little value offered by longer-term Connecticut money market investments. In response, I focused most of my purchases among short-term variable rate demand notes (VRDNs) - securities with yields that are reset daily or weekly in response to market rates - because they offered the best value. In addition, I invested the fund in out-of-state securities - within the limits of the fund's investment policies - in order to provide shareholders with a higher tax-adjusted yield. In virtually all cases, yields on Connecticut obligations were sufficiently low so that comparable out-of-state obligations offered a higher tax-adjusted yield even though they were subject to Connecticut tax. Although more of shareholders' income will be taxable than if I had exclusively purchased Connecticut obligations, shareholders may be able to retain more of the fund's dividends after taxes are taken into account.

Semiannual Report

Fidelity Connecticut Municipal Money Market Fund
Fund Talk: The Manager's Overview - continued

Q. How did the fund perform?

A. The fund's seven-day yield on May 31, 2002, was 1.01%, compared to 1.17% six months ago. The more recent seven-day yield was the equivalent of a 1.64% taxable rate of return for Connecticut investors in the 37.93% combined state and federal income tax bracket. The fund's yields reflect that a portion of the fund's income was subject to state taxes. Through May 31, 2002, the fund's six-month total return was 0.50%, compared to 0.40% for the Connecticut tax-free money market funds average, according to iMoneyNet, Inc.

Q. What's your outlook, Kim?

A. I expect interest rates to remain steady through the summer, and I look for the Fed to switch to a tightening bias by early fall. As the summer progresses, I expect to maintain a neutral approach unless rates start to rise in anticipation of Fed tightening. At that point, I would look for opportunities to capture higher yields in longer-term municipal money market securities, provided that tight supply does not make these investments unattractive.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: high current income exempt from federal and, to the extent possible, from Connecticut personal income tax, while maintaining share price stability

Fund number: 418

Trading symbol: FCMXX

Start date: August 29, 1989

Size: as of May 31, 2002, more than $987 million

Manager: Kim Miller, since 2001; manager, various Fidelity and Spartan municipal money market funds; joined Fidelity in 1990

3

Semiannual Report

Fidelity Connecticut Municipal Money Market Fund

Investment Changes

Maturity Diversification

Days

% of fund's
investments
5/31/02

% of fund's
investments
11/30/01

% of fund's
investments
5/31/01

0 - 30

83.1

81.4

70.9

31 - 90

5.7

3.1

13.8

91 - 180

7.6

8.4

7.9

181 - 397

3.6

7.1

7.4

Weighted Average Maturity

5/31/02

11/30/01

5/31/01

Fidelity Connecticut Municipal
Money Market Fund

29 Days

39 Days

45 Days

Connecticut Municipal Money
Market Funds Average *

38 Days

41 Days

36 Days

Asset Allocation (% of fund's net assets)

As of May 31, 2002

As of November 30, 2001

Variable Rate
Demand Notes
(VRDNs) 56.9%

Variable Rate
Demand Notes
(VRDNs) 56.5%

Commercial
Paper (including
CP Mode) 5.8%

Commercial
Paper (including
CP Mode) 3.5%

Tender Bonds 0.1%

Tender Bonds 1.8%

Municipal Notes 7.3%

Municipal Notes 13.1%

Municipal Money
Market Funds 17.9%

Municipal Money
Market Funds 18.3%

Other Investments
and Net Other
Assets 12.0%

Other Investments
and Net Other
Assets 6.8%



*Source: iMoneyNet, Inc.

Semiannual Report

Fidelity Connecticut Municipal Money Market Fund

Investments May 31, 2002 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 96.7%

Principal
Amount

Value
(Note 1)

Connecticut - 72.3%

Bethel Gen. Oblig. BAN 3% 7/5/02

$ 8,900,000

$ 8,904,040

Burlington Gen. Oblig. BAN 1.75% 8/15/02

2,300,000

2,301,498

Connecticut Arpt. Rev. Participating VRDN:

Series BS 01 128, 1.5% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(d)(f)

6,285,000

6,285,000

Series BS 01 129, 1.42% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(d)(f)

17,915,000

17,915,000

Connecticut Clean Wtr. Fund Rev.:

Bonds 5.7% 2/1/03

2,300,000

2,360,041

Participating VRDN Series ROC II R90, 1.35% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (a)(f)

5,665,000

5,665,000

Connecticut Dev. Auth. Arpt. Facility Rev.:

(Bradley Arpt. Hotel Proj.):

Series 1997 A, 1.35%, LOC KBC Bank NV, VRDN (a)

4,100,000

4,100,000

Series 1997 B, 1.35%, LOC JPMorgan Chase Bank, VRDN (a)

1,000,000

1,000,000

Series 1997 C, 1.35%, LOC Fleet Nat'l. Bank, VRDN (a)

1,000,000

1,000,000

(Learjet, Inc. Proj.) 1.5%, LOC Bank of America NA, VRDN (a)(d)

3,100,000

3,100,000

Connecticut Dev. Auth. Indl. Dev. Rev.:

(Lapham Hickey Steel Corp. Proj.) 1.5%, LOC Harris Trust & Savings Bank, Chicago, VRDN (a)(d)

1,795,000

1,795,000

(Rojo Enterprises LLC Proj.) 1.4%, LOC Fleet Bank NA, VRDN (a)

2,250,000

2,250,000

(W.E. Bassett Co. Proj.) Series 1986, 1.45%, LOC Fleet Bank NA, VRDN (a)(d)

1,000,000

1,000,000

Connecticut Dev. Auth. Poll. Cont. Rev.:

Bonds (New England Pwr. Co. Proj.) Series 1999:

1.3% tender 6/5/02, CP mode

6,900,000

6,899,910

1.35% tender 7/22/02, CP mode

2,000,000

2,000,000

(Connecticut Lt. & Pwr. Co. Proj.) Series 1996 A, 1.35% (AMBAC Insured) (BPA Bank of New York NA), VRDN (a)(d)

26,200,000

26,200,000

Connecticut Gen. Oblig.:

Bonds:

Series 2002 A, 3% 4/15/03

11,750,000

11,860,917

Series A:

4.875% 11/15/02

1,000,000

1,015,421

5.8% 3/15/14 (Pre-Refunded to 3/15/03 @ 102) (e)

5,000,000

5,268,915

Series B, 4% 6/15/02

20,000,000

20,010,906

Series D, 3% 11/15/02

8,375,000

8,410,591

Series F, 3% 11/15/02

11,855,000

11,925,036

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Connecticut - continued

Connecticut Gen. Oblig.: - continued

Participating VRDN:

Series EGL 01 0701, 1.35% (Liquidity Facility Citibank NA, New York) (a)(f)

$ 25,000,000

$ 25,000,000

Series MSDW 00 514, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(f)

9,595,000

9,595,000

Series MSDW 01 529, 1.32% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(f)

33,270,000

33,270,000

Series MSDW 01 571, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(f)

25,245,000

25,245,000

Series MSDW 01 617, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(f)

13,935,000

13,935,000

Series MSDW 611, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(f)

2,772,500

2,772,500

Series Putters 00 174, 1.33% (Liquidity Facility JPMorgan Chase Bank) (a)(f)

5,995,000

5,995,000

Series Putters 190, 1.33% (Liquidity Facility JPMorgan Chase Bank) (a)(f)

2,345,000

2,345,000

Connecticut Health & Edl. Facilities Auth. Rev.:

Bonds:

(New Britain Memorial Hosp. Proj.) Series A, 7.75% 7/1/22 (Pre-Refunded to 7/1/02 @ 102) (e)

6,500,000

6,661,980

(Yale Univ. Proj.):

Series S1:

1.35% tender 6/12/02, CP mode

19,900,000

19,900,000

1.45% tender 9/10/02, CP mode

5,000,000

5,000,000

1.5% tender 9/9/02, CP mode

10,500,000

10,500,000

1.55% tender 7/11/02, CP mode

6,535,000

6,535,000

Series S2, 1.5% tender 7/11/02, CP mode

5,800,000

5,800,000

(Yale-New Haven Hosp. Proj.) Series E, 3%, tender 6/1/02 (FGIC Insured) (a)

1,000,000

1,000,000

(Greater Hartford YMCA Proj.) Series A, 1.4% (Liquidity Facility Fleet Nat'l. Bank), VRDN (a)

5,580,000

5,580,000

(Health Care Cap. Asset Prog.) Series A1, 1.3%, LOC Fleet Nat'l. Bank, VRDN (a)

22,610,000

22,610,000

(Yale Univ. Proj.) Series 2001 V1, 1.65%, VRDN (a)

2,000,000

2,000,000

Connecticut Hsg. Fin. Auth. Rev.:

Participating VRDN:

Series BA 99 D, 1.33% (Liquidity Facility Bank of America NA) (a)(d)(f)

19,995,000

19,995,000

Series Merlots 00 BBB, 1.4% (Liquidity Facility Wachovia Bank NA) (a)(d)(f)

6,020,000

6,020,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Connecticut - continued

Connecticut Hsg. Fin. Auth. Rev.: - continued

Series Merlots 00 P, 1.4% (Liquidity Facility Wachovia Bank NA) (a)(d)(f)

$ 2,855,000

$ 2,855,000

Series Merlots 97 L, 1.4% (Liquidity Facility Wachovia Bank NA) (a)(d)(f)

10,095,000

10,095,000

Series PA 880 R, 1.37% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f)

18,870,000

18,870,000

Series PA 932 R, 1.37% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f)

13,335,000

13,335,000

Series PT 81, 1.37% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f)

3,360,000

3,360,000

Series ROC II R91, 1.35% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (a)(f)

7,405,000

7,405,000

(Hsg. Mtg. Fin. Prog.):

Series 1990 C, 1.5%, VRDN (a)(d)

7,995,000

7,995,000

Series 1990 D, 1.5%, VRDN (a)(d)

7,507,000

7,507,000

Series B3, 1.3% (AMBAC Insured), VRDN (a)(d)

25,000,000

25,000,000

Connecticut Spl. Tax Oblig. Rev.:

Bonds (Trans. Infrastructure Proj.) Series A:

4.375% 9/1/02 (FSA Insured)

1,000,000

1,007,107

4.8% 9/1/02

1,000,000

1,008,431

Participating VRDN:

Putters 01 168, 1.33% (Liquidity Facility JPMorgan Chase Bank) (a)(f)

5,965,000

5,965,000

Series MSDW 00 292, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(f)

4,715,000

4,715,000

Series MSDW 00 372, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(f)

1,350,000

1,350,000

Series MSDW 00 501, 1.37% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(f)

6,250,000

6,250,000

Series MSDW 00 504, 1.37% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(f)

4,762,500

4,762,500

Series MSDW 01 545, 1.37% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(f)

3,847,500

3,847,500

Series PA 966R, 1.32% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)

4,495,000

4,495,000

Series PT 368, 1.32% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)

10,000,000

10,000,000

Series ROC II R122, 1.35% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (a)(f)

12,265,000

12,265,000

Series ROC II R83, 1.35% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (a)(f)

5,215,000

5,215,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Connecticut - continued

Connecticut Spl. Tax Oblig. Rev.: - continued

(Trans. Infrastructure Proj.) Series 1, 1.35%, LOC Commerzbank AG, VRDN (a)

$ 61,760,000

$ 61,759,998

Series 2000 1, 1.35% (FGIC Insured), VRDN (a)

41,110,000

41,110,000

Coventry Gen. Oblig. BAN 2.6% 12/12/02

2,500,000

2,509,115

Danbury Gen. Oblig. BAN 2% 11/7/02

5,770,000

5,783,553

Danbury Hsg. Auth. 1.38%, LOC Wachovia Bank NA, VRDN (a)

11,000,000

11,000,000

East Lyme Gen. Oblig. BAN 3.1% 8/9/02

11,000,000

11,011,354

Greenwich Gen. Oblig. BAN 2.5% 1/8/03

10,000,000

10,053,611

Groton Gen. Oblig. BAN 2% 7/24/02

7,565,000

7,569,362

North Haven Gen. Oblig. BAN:

3.25% 6/15/02

2,600,000

2,600,681

3.5% 6/15/02

1,500,000

1,500,518

Plainville Gen. Oblig. BAN 2% 12/12/02

2,300,000

2,307,458

Redding Gen. Oblig. BAN 3% 8/20/02

1,065,000

1,066,070

Shelton Gen. Oblig. BAN:

2.25% 6/27/02

1,395,000

1,395,355

2.5% 11/13/02

12,555,000

12,591,181

Trumbull Gen. Oblig. Bonds 5% 6/1/02

1,000,000

1,000,000

Weston Gen. Oblig. BAN 3.25% 8/1/02

1,985,000

1,987,199

713,574,748

Guam - 2.7%

Guam Pwr. Auth. Rev.:

Bonds Series A, 6.3% 10/1/22 (Pre-Refunded to 10/1/02 @ 102) (e)

15,000,000

15,536,518

Participating VRDN Series PA 531, 1.37% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)

11,025,000

11,025,000

26,561,518

Puerto Rico - 3.8%

Puerto Rico Commonwealth Gen. Oblig. Participating VRDN:

Series Merlots 00 EE, 1.4% (Liquidity Facility Wachovia Bank NA) (a)(f)

1,900,000

1,900,000

Series Merlots 01 A107, 1.4% (Liquidity Facility Wachovia Bank NA) (a)(f)

3,895,000

3,895,000

Series MSDW 00 312, 1.32% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(f)

2,425,000

2,425,000

Puerto Rico Commonwealth Hwy. & Trans. Auth. Rev. Participating VRDN Series RobIns 14, 1.35% (Liquidity Facility Bank of New York NA) (a)(f)

15,995,000

15,995,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Puerto Rico - continued

Puerto Rico Commonwealth Infrastructure Fing. Auth. Participating VRDN Series EGL 00 5101, 1.35%
(Liquidity Facility Citibank NA, New York) (a)(f)

$ 10,000,000

$ 10,000,000

Puerto Rico Hwy. & Trans. Auth. Participating VRDN
Series BS 00 91, 1.5% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(f)

3,000,000

3,000,000

37,215,000

Shares

Other - 17.9%

Fidelity Municipal Cash Central Fund, 1.57% (b)(c)

176,758,126

176,758,126

TOTAL INVESTMENT PORTFOLIO - 96.7%

954,109,392

NET OTHER ASSETS - 3.3%

32,900,793

NET ASSETS - 100%

$ 987,010,185

Total Cost for Income Tax Purposes $ 954,109,392

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

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

(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

(c) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

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

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

(f) Provides evidence of ownership in one or more underlying municipal bonds.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Connecticut Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

May 31, 2002 (Unaudited)

Assets

Investment in securities, at value - See accompanying schedule

$ 954,109,392

Cash

31,348,937

Receivable for investments sold

44,322

Receivable for fund shares sold

7,208,146

Interest receivable

3,623,107

Other receivables

15,223

Total assets

996,349,127

Liabilities

Payable for fund shares redeemed

$ 8,850,604

Distributions payable

58,691

Accrued management fee

298,831

Other payables and accrued expenses

130,816

Total liabilities

9,338,942

Net Assets

$ 987,010,185

Net Assets consist of:

Paid in capital

$ 987,004,441

Accumulated net realized gain (loss) on investments

5,744

Net Assets, for 986,929,440 shares outstanding

$ 987,010,185

Net Asset Value, offering price and redemption price per share ($987,010,185 ÷ 986,929,440 shares)

$ 1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Connecticut Municipal Money Market Fund
Financial Statements - continued

Statement of Operations

Six months ended May 31, 2002 (Unaudited)

Investment Income

Interest

$ 6,536,786

Expenses

Management fee

$ 1,679,435

Transfer agent fees

444,753

Accounting fees and expenses

55,512

Non-interested trustees' compensation

1,492

Custodian fees and expenses

6,316

Registration fees

39,676

Audit

11,400

Legal

14,092

Miscellaneous

5,500

Total expenses before reductions

2,258,176

Expense reductions

(259,481)

1,998,695

Net investment income

4,538,091

Net Realized Gain (Loss) on Investment securities

3,219

Net increase in net assets resulting from operations

$ 4,541,310

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Six months ended
May 31, 2002
(Unaudited)

Year ended
November 30,
2001

Increase (Decrease) in Net Assets

Operations

Net investment income

$ 4,538,091

$ 18,704,078

Net realized gain (loss)

3,219

66,694

Net increase (decrease) in net assets resulting
from operations

4,541,310

18,770,772

Distributions to shareholders from net investment income

(4,538,091)

(18,704,078)

Share transactions at net asset value of $1.00 per share
Proceeds from sales of shares

933,892,422

1,880,982,677

Reinvestment of distributions

4,444,222

17,805,366

Cost of shares redeemed

(944,062,666)

(1,810,286,913)

Net asset value of Fidelity Connecticut Municipal Money Market shares issued in exchange for the net assets of Spartan Connecticut Municipal Money Market

185,507,942

-

Net increase (decrease) in net assets and shares
resulting from share transactions

179,781,920

88,501,130

Total increase (decrease) in net assets

179,785,139

88,567,824

Net Assets

Beginning of period

807,225,046

718,657,222

End of period

$ 987,010,185

$ 807,225,046

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months ended
May 31, 2002

Years ended November 30,

(Unaudited)

2001

2000

1999

1998

1997

Selected Per-Share Data

Net asset value, beginning of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Income from Investment Operations

Net investment income

.005

.024

.034

.026

.029

.030

Distributions from net investment income

(.005)

(.024)

(.034)

(.026)

(.029)

(.030)

Net asset value, end of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Total ReturnB, C

.50%

2.44%

3.47%

2.63%

2.94%

3.05%

Ratios to Average Net Assets D

Expenses before expense
reductions

.51% A

.51%

.54%

.55%

.56%

.58%

Expenses net of voluntary waivers, if any

.50% A

.51%

.54%

.55%

.56%

.58%

Expenses
net of all
reductions

.45% A

.46%

.54%

.54%

.56%

.57%

Net investment income

1.02% A

2.41%

3.43%

2.60%

2.90%

3.00%

Supplemental Data

Net assets, end of period
(000 omitted)

$ 987,010

$ 807,225

$ 718,657

$ 532,948

$ 487,990

$ 387,177

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2002 (Unaudited)

1. Significant Accounting Policies.

Spartan Connecticut Municipal Income Fund (the income fund) is a fund of Fidelity Court Street Trust. Fidelity Connecticut Municipal Money Market Fund (the money market fund) is a fund of Fidelity Court Street Trust II. Each trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Court Street Trust and Fidelity Court Street Trust II (the trusts) are organized as a Massachusetts business trust and a Delaware business trust, respectively. Each fund is authorized to issue an unlimited number of shares. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America which require management to make certain estimates and assumptions at the date of the financial statements. Each fund may be affected by economic and political developments in the state of Connecticut. The following summarizes the significant accounting policies of the income fund and the money market fund:

Security Valuation.

Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. In addition, investments in open-end investment companies are valued at their net asset value each business day. The following summarizes the security valuation policies of the funds.

Income Fund. Securities are valued based upon a computerized matrix system and/or appraisals by a pricing service, both of which consider market transactions and dealer-supplied valuations. Securities (including restricted securities) for which quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADR's, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost.

Money Market Fund. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium.

Income Taxes. As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, each fund is not subject to income taxes to the extent that it distributes all of its taxable income for the fiscal year. The schedules of investments include information, if any, regarding income taxes under the caption "Income Tax Information."

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Investment Income. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned.

Expenses. Most expenses of each trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Distributions to Shareholders. Dividends are declared daily and paid monthly from net investment income. Distributions to shareholders from realized capital gains on investments, if any, are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for futures transactions, market discount, capital loss carryforwards and losses deferred due to futures transactions.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period.

Short-Term Trading (Redemption) Fees. Shares held in the income fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.

Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.

Change in Accounting Principle. Effective December 1, 2001, the income fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. The cumulative effect of this accounting change had no impact on total net assets of the fund, but resulted in a $93,075 increase to the cost of securities held and a corresponding increase to accumulated net undistributed realized gain (loss), based on securities held by the fund on December 1, 2001.

The effect of this change during the period, was to increase net investment income (loss) by $10,196 and decrease net unrealized appreciation/depreciation by $10,196. The Statement of Changes in Net Assets and Financial Highlights for prior periods have not been restated to reflect this change in presentation.

2. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.

Semiannual Report

3. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the funds with investment management related services for which the funds pay a monthly management fee.

The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each fund's average net assets. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, each fund's annualized management fee rate expressed as a percentage of each fund's average net assets, was as follows:

Individual
Rate

Group
Rate

Total

Spartan Connecticut Municipal Income Fund

.25%

.13%

.38%

Fidelity Connecticut Municipal Money Market Fund

.25%

.13%

.38%

Transfer Agent and Accounting Fees. Citibank, N.A.(Citibank) is the custodian, transfer agent and shareholder servicing agent for the funds. Citibank has entered into a sub-contract with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the activities associated with the funds' transfer and shareholder servicing agent and accounting functions. The funds pay account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:

Spartan Connecticut Municipal Income Fund

.07%

Fidelity Connecticut Municipal Money Market Fund

.10%

Central Funds. The funds may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:

Income
Distributions

Fidelity Connecticut Municipal Money Market Fund

$ 1,152,801

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Expense Reductions.

FMR agreed to reimburse certain funds to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Fidelity Connecticut Municipal Money Market Fund

.48%

$ 58,147

In addition, through arrangements with certain funds custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Custody
expense
reduction

Transfer
Agent
expense
reduction

Spartan Connecticut Municipal Income Fund

$ 3,326

$ 41,748

Fidelity Connecticut Municipal Money Market Fund

5,956

195,378

5. Merger Information.

On March 25, 2002, Fidelity Connecticut Municipal Money Market Fund (the fund) acquired all of the assets and assumed all of the liabilities of Spartan Connecticut Municipal Money Market Fund. The acquisition, which was approved by the shareholders of Spartan Connecticut Municipal Money Market Fund on March 13, 2002, was accomplished by an exchange of 185,464,323 shares of the fund for the 185,464,323 shares then outstanding (each valued at $1.00) of Spartan Connecticut Municipal Money Market Fund. Based on the opinion of fund counsel, the reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. Spartan Connecticut Municipal Money Market Fund's net assets, were combined with the fund for total net assets after the acquisition of $1,019,637,737.

Semiannual Report

Proxy Voting Results

A special meeting of the fund's shareholders was held on March 13, 2002. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL

To approve an Agreement and Plan of Reorganization between Spartan Connecticut Municipal Money Market Fund and Fidelity Connecticut Municipal Money Market Fund providing for the merger of Spartan Connecticut Municipal Money Market Fund into Fidelity Connecticut Municipal Money Market Fund.

# of
Votes Cast

% of
Votes Cast

Affirmative

87,001,993.77

83.782

Against

14,342,171.56

13.811

Abstain

2,499,494.67

2.407

TOTAL

103,843,660.00

100.000

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

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*0   To speak to a Fidelity representative.

By PC

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Fidelity's Web Site
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If you are not currently on the Internet, call EarthLink Sprint at 1-800-288-2967, and be sure to ask for registration number SMD004 to receive a special Fidelity package that includes 30 days of free Internet access. EarthLink is North America's #1 independent Internet access provider.

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* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

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Arizona

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Semiannual Report

Michigan

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Semiannual Report

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Making Changes
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Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

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www.fidelity.com

Spartan®

New Jersey Municipal
Funds

and

Fidelity ®
New Jersey Municipal
Money Market Fund

Semiannual Report

May 31, 2002

(2_fidelity_logos) (Registered_Trademark)

Contents

President's Message

<Click Here>

Ned Johnson on investing strategies

Spartan New Jersey Municipal Income Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Managers' Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Spartan New Jersey Municipal Money Market Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Fidelity New Jersey Municipal Money Market Fund

<Click Here>

Performance

<Click Here>

Fund Talk: The Manager's Overview

<Click Here>

Investment Changes

<Click Here>

Investments

<Click Here>

Financial Statements

Notes

<Click Here>

Notes to the financial statements

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 Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the funds nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Disappointing earnings reports and growing concerns about corporate accounting standards overwhelmed good news on the economic front, resulting in negative returns for most popular benchmarks of U.S. stock performance through the first five months of 2002. As is typical when equities are in turmoil, investors retreated to the fixed-income markets, which explains the positive performance of nearly every bond category year to date.

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

The longer your investment time frame, the less likely it is that you will be affected by short-term market volatility. A 10-year investment horizon appropriate for saving for a college education, for example, enables you to weather market cycles in a long-term fund, which may have a higher risk potential, but also has a higher potential rate of return.

An intermediate-length fund could make sense if your investment horizon is two to four years, while a short-term bond fund could be the right choice if you need your money in one or two years.

If your time horizon is less than a year, you might want to consider moving some of your bond investment into a money market fund. These funds seek income and a stable share price by investing in high-quality, short-term investments. Of course, it's important to remember that an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these types of funds.

Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy.

If you have questions, please call us at 1-800-544-6666, or visit our web site at www.fidelity.com. We are available 24 hours a day, seven days a week to provide you the information you need to make the investments that are right for you.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Spartan New Jersey Municipal Income Fund

Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value). You can also look at income, as reflected in the fund's yield, to measure performance. If Fidelity had not reimbursed certain fund expenses, the past 10 year total return would have been lower.

Cumulative Total Returns

Periods ended May 31, 2002

Past 6
months

Past 1
year

Past 5
years

Past 10
years

Spartan ® NJ Municipal Income

2.92%

5.98%

33.65%

85.04%

LB New Jersey 4 Plus Year Municipal Bond with
Port Authority of New York and New Jersey

3.14%

6.63%

36.47%

n/a*

New Jersey Municipal Debt Funds Average

2.48%

5.59%

28.22%

78.80%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years, or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Lehman Brothers® New Jersey 4 Plus Year Municipal Bond Index with Port Authority of New York and New Jersey, a market value-weighted index of New Jersey investment-grade municipal bonds, including Port Authority of New York and New Jersey bonds, with maturities of four years or more. To measure how the fund's performance stacked up against its peers, you can compare it to the New Jersey municipal debt funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six month average represents a peer group of 55 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended May 31, 2002

Past 1
year

Past 5
years

Past 10
years

Spartan NJ Municipal Income

5.98%

5.97%

6.35%

LB New Jersey 4 Plus Year Municipal Bond with
Port Authority of New York and New Jersey

6.63%

6.42%

n/a*

New Jersey Municipal Debt Funds Average

5.59%

5.09%

5.98%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year. (Note: Lipper calculates average annual total returns by annualizing each fund's total return, then taking an arithmetic average. This may produce a different figure than that obtained by averaging the cumulative total returns and annualizing the result.)

* Not available

Semiannual Report

Spartan New Jersey Municipal Income Fund
Performance - continued

$10,000 Over 10 Years



$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Spartan® New Jersey Municipal Income Fund on May 31, 1992. As the chart shows, by May 31, 2002, the value of your investment would have grown to $18,504 - an 85.04% increase on your initial investment. For comparison, look at how the Lehman Brothers Municipal Bond Index - a market value-weighted index of investment-grade municipal bonds with maturities of one year or more, did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $19,223 - a 92.23% increase.

Understanding
Performance

How a fund did yesterday is no guarantee of how it will do tomorrow. Bond prices, for example, generally move in the opposite direction of interest rates. In turn, the share price, return and yield of a fund that invests in bonds will vary. That means if you sell your shares during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain.

3

Semiannual Report

Total Return Components

Six months ended
May 31,

Years ended November 30,

2002

2001

2000

1999

1998

1997

Dividend returns

2.25%

4.88%

5.37%

4.57%

4.98%

5.19%

Capital returns

0.67%

2.98%

2.66%

-5.22%

1.98%

1.25%

Total returns

2.92%

7.86%

8.03%

-0.65%

6.96%

6.44%

Total return components include both dividend returns and capital returns. A dividend return reflects the actual dividends paid by the fund. A capital return reflects both the amount paid by the fund to shareholders as capital gain distributions and changes in the fund's share price. Both returns assume the dividends or capital gains, if any, paid by the fund are reinvested.

Dividends and Yield

Periods ended May 31, 2002

Past 1
month

Past 6
months

Past 1
year

Dividends per share

4.31¢

25.32¢

51.29¢

Annualized dividend rate

4.42%

4.44%

4.46%

30-day annualized yield

3.86%

-

-

30-day annualized tax-equivalent yield

6.34%

-

-

Dividends per share show the income paid by the fund for a set period and do not reflect tax reclassifications. If you annualize this number, based on an average share price of $11.48 over the past month, $11.44 over the past six months and $11.51 over the past one year, you can compare the fund's income over these three periods. The 30-day annualized yield is a standard formula for all bond funds based on the yields of the bonds in the fund, averaged over the past 30 days. This figure shows you the yield characteristics of the fund's investments at the end of the period. It also helps you compare funds from different companies on an equal basis. The tax-equivalent yield shows what you would have to earn on a taxable investment to equal the fund's tax-free yield, if you're in the 39.14% combined effective federal and state tax bracket, but does not reflect the payment of the federal alternative minimum tax, if applicable.

Semiannual Report

Spartan New Jersey Municipal Income Fund

Fund Talk: The Managers' Overview

Market Recap

Continuing a recent trend, tax-free municipal bonds outperformed the returns of most categories of investment-grade taxable bonds during the six-month period ending May 31, 2002. That in and of itself was good news for municipal bond investors. But when you consider that muni bondholders were getting a better absolute return even before factoring in the higher tax-equivalent yield that munis offer, the news got even better. The steadiness of municipal bond performance during the past six months also attracted equity investors, who'd become shell-shocked by the number of earnings disappointments and corporate accounting irregularities. Other than a difficult December 2001 and March 2002, when stocks rallied and fears of potential interest rate hikes peaked, municipal bonds offered investors solid gains. For the overall six-month period, the muni market gained 2.59% according to the Lehman Brothers® Municipal Bond Index, which measures the performance of approximately 40,000 investment-grade, fixed-rate, tax-exempt bonds. That beat the return of the Lehman Brothers Aggregate Bond Index - a proxy for the taxable bond market - which advanced 2.25%. The muni market also outperformed most major equity benchmarks during the past six months, including the Dow Jones Industrial AverageSM, Standard & Poor's 500SM Index and the NASDAQ Composite® Index.

(Portfolio Manager photograph)
Note to shareholders: The following is an interview with George Fischer (left), who managed Spartan New Jersey Municipal Income Fund during the period covered by this report, with additional comments from Mark Sommer (right), who became manager of the fund effective June 1, 2002.

Q. How did the fund perform, George?

G.F. For the six-month period ending May 31, 2002, the fund returned 2.92%. To get a sense of how the fund did relative to its competitors, the New Jersey municipal debt funds average returned 2.48% for the same six-month period, according to Lipper Inc. Additionally, the Lehman Brothers New Jersey 4 Plus Year Municipal Bond Index with Port Authority of New York and New Jersey, which tracks the types of securities in which the fund invests, returned 3.14%. For the 12-month period ending May 31, 2002, the fund returned 5.98%, while the Lipper average returned 5.59% and the Lehman Brothers index gained 6.63%.

Q. What factors drove the fund's performance, and why did it beat its peers during the six-month period?

G.F. After coming under pressure in the final weeks of 2001, municipal bonds enjoyed a relatively strong first quarter of 2002 and posted respectable gains in April and May. Munis benefited from a combination of factors, one of which was strong demand. Demand was so strong, in fact, that it easily absorbed a large amount of new New Jersey municipal bonds that came to the market in the first five months of this year. Throughout the period, however, the muni market was quite volatile. That volatility, in turn, helps explain why the fund outpaced its peers during the six-month period, as I continued to manage the fund so that its interest rate sensitivity was in line with the New Jersey muni market overall.

Semiannual Report

Spartan New Jersey Municipal Income Fund
Fund Talk: The Managers' Overview - continued

Q. Why did this approach work in the fund's favor?

G.F. Having too much or too little interest rate sensitivity at the wrong time can jeopardize returns even in the most stable market environment, but heightened market volatility only enhances the chances of being in the wrong place at the wrong time. Instead of positioning the fund based on my view of where interest rates were headed, I emphasized factors over which I have more control, such as security selection.

Q. Which specific bonds performed well? Were there any disappointments?

G.F. Bonds issued by New Jersey hospitals were particularly strong, thanks to improving financial trends in the health care industry overall. As for disappointments, I'd say that holding only a very small stake in high-yielding, below-investment-grade bonds worked a bit against us at times during the period. These higher-yielding bonds periodically outpaced better-quality bonds because their high levels of income helped cushion them against fears of rising interest rates. Despite their recent strong performance, I chose to generally avoid below-investment-grade bonds because I didn't feel that the amount of additional yield they carried compared to higher-quality bonds was enough to compensate for their added credit risk, especially amid weak economic conditions.

Q. Escrowed/pre-refunded bonds were the fund's third largest sector concentration at the end of the period. What are these bonds?

G.F. They are a byproduct of a strategy whereby issuers refinance older, outstanding debt issued when interest rates were higher and then issue new debt at lower rates. The old bonds become backed by U.S. Treasury securities, which gives the bonds the highest credit rating available. This feature was in keeping with my focus on high-quality bonds and was the main reason why these bonds were so attractive.

Q. Turning to you, Mark, what's ahead for the New Jersey municipal market and the fund?

M.S. In addition to the direction of interest rates, the New Jersey muni market will be affected by supply and demand trends. As George mentioned earlier, the supply of New Jersey municipals has expanded quite significantly so far this year, and it's likely that supply will continue to grow as issuers look to the debt markets to help close the gap between rising expenditures and lower tax receipts. If demand holds steady, I would expect that the additional supply will be absorbed by the market. If not, then the New Jersey market could come under some temporary pressure until the added supply works its way through. In terms of what's ahead for the fund, I plan to continue to pursue many of the strategies already in place, including an emphasis on high-quality bonds and the approach to managing interest rate sensitivity.

Semiannual Report

The views expressed in this report reflect those of the portfolio managers only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: high level of current income exempt from federal income tax and the New Jersey gross income tax

Fund number: 416

Trading symbol: FNJHX

Start date: January 1, 1988

Size: as of May 31, 2002, more than $516 million

Manager: Mark Sommer, since June 2002; manager, various Fidelity and Spartan municipal income funds; joined Fidelity in 1992

3

Mark Sommer on New Jersey's credit rating:

"Some municipal bond credit rating agencies recently downgraded New Jersey's credit rating in response to reservations about the steps the state has taken to balance its budget. One major issue the credit rating agencies raised is whether the governor's main revenue-raising measures offered only a temporary solution to a problem that may take years to fix. Those revenue-raising steps include a plan to divert more than $200 million from the Unemployment Insurance Trust Fund and a proposal to raise $1.1 billion by borrowing against the proceeds from the state's annual settlement with tobacco companies. As a portfolio manager, I will be watching these and other developments closely. Drawing on the insights of Fidelity's credit research team, I'll work to ascertain the seriousness of the state's budget problems on an ongoing basis, the efficacy of the state's proposed solutions, and how these problems may ´trickle down' to local municipal issuers that depend on the state for some funding."

  • · As of May 31, 2002, the fund had more than 8% of investments in bonds issued by Puerto Rico. As a territory of the United States, Puerto Rican municipal bonds are tax-free in all 50 states.

Semiannual Report

Spartan New Jersey Municipal Income Fund

Investment Changes

Top Five Sectors as of May 31, 2002

% of fund's
net assets

% of fund's net assets
6 months ago

General Obligations

29.9

31.2

Transportation

23.1

23.0

Escrowed/Pre-Refunded

14.2

9.2

Water & Sewer

12.6

12.2

Health Care

4.1

5.1

Average Years to Maturity as of May 31, 2002

6 months ago

Years

13.9

14.6

Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount.

Duration as of May 31, 2002

6 months ago

Years

6.9

6.9

Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example.

Quality Diversification

As of May 31, 2002 As of November 30, 2001

Aaa 62.7%

Aaa 57.8%

Aa, A 29.1%

Aa, A 33.9%

Baa 5.1%

Baa 5.2%

Not Rated 3.1%

Not Rated 3.1%



Rating percentages include securities rated by a nationally recognized rating agency and may include unrated securities considered by Fidelity to be of comparable quality. Amounts shown are a a percentage of the fund's investments.

Semiannual Report

Spartan New Jersey Municipal Income Fund

Investments May 31, 2002 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.1%

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

New Jersey - 82.6%

Atlantic County Gen. Oblig. Ctfs. of Prtn. (Pub. Facilities Lease Agreement Proj.):

7.4% 3/1/07 (FGIC Insured)

Aaa

$ 3,035,000

$ 3,550,950

7.4% 3/1/08 (FGIC Insured)

Aaa

3,260,000

3,872,358

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

7.375% 7/1/10 (MBIA Insured) (Escrowed to Maturity) (d)

Aaa

1,000,000

1,155,570

7.4% 7/1/16 (MBIA Insured) (Escrowed to Maturity) (d)

Aaa

3,510,000

4,390,168

Atlantic County Util. Auth. Swr. Rev. Series A, 5.85% 1/15/15 (AMBAC Insured)

Aaa

2,620,000

2,789,016

Bergen County Utils. Auth. Wtr. Poll. Cont. Rev. Series B, 0% 12/15/07 (FGIC Insured)

Aaa

7,500,000

6,168,224

Bordentown Swr. Auth. Rev. Series E, 5.5% 12/1/25 (FGIC Insured)

Aaa

2,750,000

2,834,948

Camden County Muni. Utils. Auth. Swr. Rev.:

5.5% 7/15/08 (FGIC Insured)

Aaa

1,300,000

1,429,740

6% 7/15/03 (FGIC Insured)

Aaa

1,320,000

1,381,433

6% 7/15/06 (FGIC Insured)

Aaa

660,000

733,036

Cape May County Indl. Poll. Cont. Fing. Auth. Rev. (Atlantic City Elec. Co. Proj.) Series A, 6.8% 3/1/21 (MBIA Insured)

Aaa

1,350,000

1,675,580

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

(Port District Proj.) Series 1999 B, 5.7% 1/1/22 (FSA Insured)

Aaa

2,000,000

2,107,980

Series 1998 B, 5.25% 1/1/04
(AMBAC Insured)

Aaa

2,500,000

2,614,775

Series 1999, 5.75% 1/1/15 (FSA Insured)

Aaa

2,000,000

2,188,580

Essex County Gen. Oblig.:

Series A, 5.75% 9/1/07 (AMBAC Insured)

Aaa

1,385,000

1,542,391

Series A1, 6% 11/15/05 (FGIC Insured)

Aaa

3,000,000

3,313,080

Series A2, 6.25% 9/1/10 (AMBAC Insured)

Aaa

4,735,000

5,247,185

Essex County Impt. Auth. Lease Rev. (County Correctional Facility Proj.) 5.75% 10/1/30 (FGIC Insured)

Aaa

1,500,000

1,587,450

Essex County Impt. Auth. Rev. (Util. Sys.-Orange Franchise Proj.) Series A, 5.75% 7/1/27 (MBIA Insured)

Aaa

1,745,000

1,815,184

Essex County Util. Auth. Solid Waste Rev. Series A, 6% 4/1/06 (FSA Insured) (Escrowed to Maturity) (d)

Aaa

1,000,000

1,105,240

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

New Jersey - continued

Hopewell Valley Reg'l. School District 5% 8/15/19 (FGIC Insured)

Aaa

$ 1,975,000

$ 1,992,696

Hudson County Ctfs. of Prtn.:

6.25% 6/1/14 (MBIA Insured)

AAA

1,210,000

1,405,476

6.25% 6/1/15 (MBIA Insured)

AAA

1,420,000

1,648,450

6.25% 6/1/16 (MBIA Insured)

AAA

1,610,000

1,870,723

Jersey City Swr. Auth. Swr. Rev. 6% 1/1/07 (AMBAC Insured)

Aaa

2,175,000

2,411,771

Lenape Reg'l. High School District:

7.625% 1/1/13 (MBIA Insured)

Aaa

675,000

863,858

7.625% 1/1/14 (MBIA Insured)

Aaa

1,000,000

1,283,450

Middlesex County Ctfs. of Prtn. 5.5% 8/1/17 (MBIA Insured)

Aaa

1,000,000

1,059,180

Middlesex County Poll. Cont. Auth. Rev. (Amerada Hess Corp. Proj.):

6.875% 12/1/22

-

5,000,000

5,125,600

7.875% 6/1/22

-

7,750,000

8,279,868

Monmouth County Impt. Auth. Rev. 5% 10/1/05

Aaa

2,075,000

2,225,604

Monroe Township Muni. Util. Auth. Middlesex County Rev. 5.25% 2/1/12 (FGIC Insured)

Aaa

1,130,000

1,215,586

Montgomery Township Board of Ed. Series 2001, 5.25% 8/1/15 (MBIA Insured)

Aaa

1,285,000

1,362,537

New Jersey Bldg. Auth. Bldg. Rev.:

5.5% 6/15/06

Aa3

3,095,000

3,375,221

5.75% 6/15/09

Aa3

2,600,000

2,869,802

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

(The Seeing Eye, Inc. Proj.) 6.2% 12/1/24

-

2,000,000

2,176,260

(Weyerhauser Co. Proj.) 9% 11/1/04

A2

2,000,000

2,244,660

New Jersey Econ. Dev. Auth. Exempt Facilities Rev. (Waste Mgmt., Inc. Proj.) 4%, tender 10/31/04 (b)(c)

BBB

5,000,000

4,964,800

New Jersey Econ. Dev. Auth. Lease Rev.
(State Office Bldgs. Projs.) 6% 6/15/13 (AMBAC Insured)

Aaa

3,180,000

3,578,772

New Jersey Econ. Dev. Auth. Market Transition Facility Rev. Series A, 5.8% 7/1/09 (MBIA Insured) (Pre-Refunded to 7/1/04 @ 102) (d)

Aaa

5,000,000

5,450,650

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

Baa1

5,000,000

5,006,250

New Jersey Econ. Dev. Auth. Rev.:

(Edl. Testing Svc. Proj.) Series A, 6.5% 5/15/05 (MBIA Insured)

Aaa

1,200,000

1,300,212

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

New Jersey - continued

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

(Trans. Proj.) Series B, 5.75% 5/1/10
(FSA Insured)

Aaa

$ 1,000,000

$ 1,113,450

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

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

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

Aaa

7,700,000

8,073,604

Series 1997 B, 5.375% 5/1/32
(FGIC Insured) (c)

Aaa

3,750,000

3,777,525

Series A, 5.25% 7/1/38 (FGIC Insured) (c)

Aaa

3,270,000

3,270,033

(Middlesex Wtr. Co. Proj.) 5.35% 2/1/38 (MBIA Insured) (c)

Aaa

1,000,000

1,008,680

New Jersey Edl. Facilities Auth. Dorm. Safety Trust Fund Rev. Series 2001 A:

5.25% 3/1/08

Aa3

4,855,000

5,250,197

5.25% 3/1/09

Aa3

4,855,000

5,257,722

5.25% 3/1/10

Aa3

4,855,000

5,239,079

5.25% 3/1/11

Aa3

4,605,000

4,981,090

New Jersey Edl. Facilities Auth. Rev.:

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

Aaa

1,595,000

1,796,911

(Higher Ed. Equip. Leasing Fund Proj.)
Series 2001 A, 5% 9/1/08

Aa3

3,215,000

3,443,587

(Princeton Univ. Proj.) Series E, 5% 7/1/19

Aaa

3,595,000

3,642,849

(Rowan Univ. Proj.) Series C:

5.25% 7/1/08 (FGIC Insured)

Aaa

1,140,000

1,237,732

5.25% 7/1/09 (FGIC Insured)

Aaa

1,365,000

1,484,997

(Saint Peters College Proj.) Series B, 5.375% 7/1/12

Baa3

1,450,000

1,490,673

New Jersey Envir. Infrastructure Trust Series A:

5.5% 9/1/10

Aaa

1,675,000

1,846,386

5.5% 9/1/11

Aaa

2,830,000

3,104,567

5.5% 9/1/12

Aaa

2,980,000

3,239,737

New Jersey Gen. Oblig.:

Series 1996 E:

6% 7/15/08

Aa2

1,000,000

1,128,140

6% 7/15/09

Aa2

1,500,000

1,700,010

Series D, 6% 2/15/13

Aa2

7,500,000

8,567,025

Series H, 5.25% 7/1/11

Aa2

3,345,000

3,624,441

5% 2/1/13 (Pre-Refunded to 2/1/09 @ 100) (d)

Aa2

8,500,000

9,094,405

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

New Jersey - continued

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

(AHS Hosp. Corp. Proj.) Series A, 6% 7/1/11 (AMBAC Insured)

Aaa

$ 3,500,000

$ 3,978,030

(Atlantic City Med. Ctr. Proj.):

Series C:

6.8% 7/1/05 (Pre-Refunded to 7/1/02 @ 102) (d)

A3

3,500,000

3,583,335

6.8% 7/1/11 (Pre-Refunded to 7/1/02 @ 102) (d)

A3

4,200,000

4,300,002

5.75% 7/1/25

A3

3,000,000

3,033,540

(Burdette Tomlin Memorial Hosp. Proj.)
Series D, 6.25% 7/1/06 (FGIC Insured)

Aaa

1,710,000

1,737,959

(Cmnty. Med. Ctr./Kimball Med. Ctr. Proj.) 5.25% 7/1/11 (FSA Insured)

Aaa

750,000

799,185

(East Orange Gen. Hosp. Proj.) Series B, 7.75% 7/1/20

BBB-

940,000

863,728

(Hackensack Univ. Med. Ctr. Proj.) Series A, 5.25% 1/1/12 (MBIA Insured)

Aaa

3,165,000

3,335,214

(Kennedy Health Sys. Proj.) Series B:

5.75% 7/1/07 (MBIA Insured)

Aaa

1,930,000

2,131,531

5.75% 7/1/08 (MBIA Insured)

Aaa

1,135,000

1,256,445

(Saint Josephs Hosp. & Med. Ctr. Proj.)
Series A, 5.75% 7/1/16 (Connie Lee Hldgs., Inc. Insured)

AAA

1,000,000

1,061,440

(Saint Peters Univ. Hosp. Proj.) Series A, 6.875% 7/1/30

Baa2

3,000,000

3,138,780

New Jersey Hsg. & Mtg. Fin. Agcy. Rev.:

(Home Buyer Proj.) Series W, 4.75% 10/1/17 (MBIA Insured)

Aaa

2,680,000

2,695,624

Series 1, 6% 11/1/02

A+

380,000

384,845

New Jersey Hwy. Auth. Garden State Parkway Gen. Rev. (Sr. Parkway Proj.):

5.625% 1/1/30

A1

7,000,000

7,321,090

6% 1/1/05

A1

2,200,000

2,251,128

6% 1/1/19 (Escrowed to Maturity) (d)

Aaa

4,485,000

5,089,578

6.2% 1/1/10

A1

5,970,000

6,767,174

New Jersey Sports & Exposition Auth. Contract Rev. Series A:

5.25% 3/1/11 (MBIA Insured)

Aaa

1,360,000

1,473,152

6% 3/1/14 (MBIA Insured)

Aaa

4,220,000

4,732,603

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

New Jersey - continued

New Jersey Tpk. Auth. Tpk. Rev.:

Series 2000 A:

5.5% 1/1/25 (MBIA Insured)

Aaa

$ 10,370,000

$ 10,693,337

5.5% 1/1/30 (MBIA Insured)

Aaa

20,100,000

20,637,270

5.75% 1/1/10 (MBIA Insured)

Aaa

3,175,000

3,530,822

6% 1/1/11 (MBIA Insured)

Aaa

2,000,000

2,272,860

Series A:

5.6% 1/1/22 (MBIA Insured)

Aaa

7,925,000

8,272,432

6.75% 1/1/08

A3

1,000,000

1,015,290

Series C:

6.5% 1/1/09

A3

1,300,000

1,476,488

6.5% 1/1/16

A3

2,555,000

3,009,330

New Jersey Trans. Trust Fund Auth.:

(Trans. Sys. Proj.):

Series 1996 B, 6% 6/15/07 (Escrowed to Maturity) (d)

Aa3

8,105,000

9,099,159

Series B:

5.25% 6/15/10

Aa3

4,400,000

4,708,572

5.25% 6/15/15

Aa3

5,500,000

5,735,840

6% 6/15/06

Aa3

1,810,000

2,002,150

Series C, 5.75% 12/15/12 (FSA Insured)

Aaa

10,000,000

11,277,100

Series 2001 A, 5.5% 6/15/12

Aa3

10,000,000

11,033,700

Series B, 6% 12/15/19 (MBIA Insured)

Aaa

3,000,000

3,300,240

New Jersey Transit Corp.:

Series 2000 B, 5.5% 2/1/08
(AMBAC Insured)

Aaa

5,000,000

5,465,000

Series A, 5% 2/1/03 (AMBAC Insured)

Aaa

8,000,000

8,019,760

Series B, 5.75% 2/1/07 (AMBAC Insured)

Aaa

1,000,000

1,100,910

New Jersey Wastewtr. Treatment Trust:

Series 1997 A, 7% 5/15/06 (MBIA Insured)

Aaa

2,545,000

2,907,739

Series C, 6.25% 5/15/05 (MBIA Insured)

Aaa

1,000,000

1,096,240

New Jersey Wtr. Supply Auth. Rev. (Delaware & Raritan Sys. Proj.) 5.375% 11/1/12
(MBIA Insured) (c)

Aaa

2,465,000

2,623,302

Newark Gen. Oblig.:

5.3% 9/1/16 (MBIA Insured)

Aaa

3,500,000

3,840,060

5.375% 12/15/13 (MBIA Insured)

Aaa

2,840,000

3,092,732

North Hudson Swr. Auth. Swr. Rev. Series A:

0% 8/1/24 (MBIA Insured)

Aaa

2,000,000

625,120

5.25% 8/1/17 (FGIC Insured)

Aaa

3,000,000

3,125,640

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

New Jersey - continued

Ocean County Utils. Auth. Wastewtr. Rev.:

Series 2001:

5.25% 1/1/15

Aa1

$ 4,540,000

$ 4,814,761

5.25% 1/1/16

Aa1

2,400,000

2,510,928

5.125% 1/1/10

Aa1

3,680,000

3,909,706

Rutgers State Univ. Rev. (State Univ. of New Jersey Proj.) Series A, 6.4% 5/1/13

Aa3

2,000,000

2,335,260

Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. & Gas Pwr. Proj.) Series A, 5.75% 4/1/31 (c)

Baa1

2,500,000

2,408,300

South Brunswick Township Board of Ed.:

5.625% 12/1/20 (FGIC Insured) (Pre-Refunded to 12/1/09 @ 100) (d)

Aaa

1,000,000

1,117,970

5.625% 12/1/21 (FGIC Insured) (Pre-Refunded to 12/1/09 @ 100) (d)

Aaa

2,440,000

2,727,847

5.625% 12/1/22 (FGIC Insured) (Pre-Refunded to 12/1/09 @ 100) (d)

Aaa

2,495,000

2,789,335

Southeast Morris County Muni. Utils. Auth. Wtr. Rev.:

5% 1/1/14 (MBIA Insured)

Aaa

1,145,000

1,189,666

5% 1/1/15 (MBIA Insured)

Aaa

725,000

748,577

5% 1/1/16 (MBIA Insured)

Aaa

1,400,000

1,429,540

Univ. of Medicine & Dentistry Series A, 5.5% 12/1/27 (AMBAC Insured)

Aaa

4,000,000

4,156,680

West Deptford Township Gen. Oblig.:

5.5% 9/1/23 (FGIC Insured)

Aaa

2,525,000

2,612,946

5.625% 9/1/30 (FGIC Insured)

Aaa

5,225,000

5,436,351

West Orange Board of Ed. Rev. Ctfs. of Prtn. 5.625% 10/1/29 (MBIA Insured)

Aaa

2,000,000

2,092,140

426,762,637

New York & New Jersey - 7.0%

Port Auth. New York & New Jersey:

107th Series:

6% 10/15/05 (c)

A1

1,740,000

1,895,747

6% 10/15/06 (c)

A1

1,535,000

1,691,539

108th Series, 6% 7/15/07 (c)

Aaa

6,430,000

7,129,391

117th Series, 5.125% 11/15/11
(FGIC Insured) (c)

Aaa

5,220,000

5,472,126

120th Series:

5.5% 10/15/35 (MBIA Insured) (c)

Aaa

7,000,000

7,066,640

5.75% 10/15/13 (MBIA Insured) (c)

Aaa

3,000,000

3,193,620

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

New York & New Jersey - continued

Port Auth. New York & New Jersey: - continued

124th Series, 4.5% 8/1/04 (c)

A1

$ 3,770,000

$ 3,912,657

92nd Series, 4.75% 1/15/29

A1

2,000,000

1,836,100

Port Auth. New York & New Jersey Spl. Oblig. Rev. (JFK Int'l. Air Term. Spl. Proj.) Series 6, 5.75% 12/1/25 (MBIA Insured) (c)

Aaa

3,595,000

3,661,508

35,859,328

Puerto Rico - 8.5%

Puerto Rico Commonwealth Gen. Oblig. 5.5% 7/1/11 (FGIC Insured)

Aaa

5,400,000

6,013,008

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

Series 1996 Y, 5% 7/1/36 (MBIA Insured)

Aaa

4,325,000

4,249,875

Series Y, 5.5% 7/1/36 (FSA Insured)

Aaa

2,100,000

2,191,665

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

5.875% 7/1/35 (MBIA Insured)

Aaa

2,500,000

2,730,550

6% 7/1/31 (Pre-Refunded to 7/1/10 @ 101) (d)

Baa1

5,500,000

6,362,345

6% 7/1/39 (Pre-Refunded to 7/1/10 @ 101) (d)

Baa1

1,000,000

1,156,790

Puerto Rico Commonwealth Infrastructure Fing. Auth.:

Series 2000 A, 5.5% 10/1/40 (Escrowed to Maturity) (d)

Aaa

11,785,000

12,265,710

Series A:

5.5% 10/1/32 (Escrowed to Maturity) (d)

Aaa

3,500,000

3,659,005

7.75% 7/1/08

Baa1

510,000

512,132

Puerto Rico Hsg. Fin. Corp. Rev. (Multi-family Mtg. Prog.) Series AI, 7.5% 4/1/22, LOC Puerto Rico Govt. Dev. Bank

AA

2,010,000

2,012,472

Puerto Rico Muni. Fin. Agcy. Series A, 5.5% 8/1/19 (FSA Insured)

Aaa

2,740,000

2,884,508

44,038,060

TOTAL INVESTMENT PORTFOLIO - 98.1%

(Cost $483,799,470)

506,660,025

NET OTHER ASSETS - 1.9%

9,850,708

NET ASSETS - 100%

$ 516,510,733

Legend

(a) For certain securities not individually rated by a nationally recognized rating agency, the ratings listed have been assigned by Fidelity.

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

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

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

Other Information

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows:

General Obligations

29.9%

Transportation

23.1

Escrowed/Pre-Refunded

14.2

Water & Sewer

12.6

Others* (individually less than 5%)

20.2

100.0%

*Includes net other assets

Purchases and sales of securities, other than short-term securities, aggregated $36,941,174 and $44,447,181, respectively.

Income Tax Information

At May 31, 2002, the aggregate cost of investment securities for income tax purposes was $483,692,940. Net unrealized appreciation aggregated $22,967,085, of which $23,450,547 related to appreciated investment securities and $483,462 related to depreciated investment securities.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Spartan New Jersey Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

May 31, 2002 (Unaudited)

Assets

Investment in securities, at value (cost $483,799,470) - See accompanying schedule

$ 506,660,025

Cash

1,130,810

Receivable for fund shares sold

882,427

Interest receivable

8,733,438

Redemption fees receivable

124

Other receivables

4,480

Total assets

517,411,304

Liabilities

Payable for fund shares redeemed

$ 176,428

Distributions payable

505,101

Accrued management fee

161,153

Other payables and accrued expenses

57,889

Total liabilities

900,571

Net Assets

$ 516,510,733

Net Assets consist of:

Paid in capital

$ 493,275,222

Undistributed net investment income

17,497

Accumulated undistributed net realized gain (loss) on investments

357,459

Net unrealized appreciation (depreciation) on investments

22,860,555

Net Assets, for 44,797,188 shares outstanding

$ 516,510,733

Net Asset Value, offering price and redemption price per share ($516,510,733 ÷ 44,797,188 shares)

$ 11.53

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Spartan New Jersey Municipal Income Fund
Financial Statements - continued

Statement of Operations

Six months ended May 31, 2002 (Unaudited)

Investment Income

Interest

$ 12,423,096

Expenses

Management fee

$ 957,187

Transfer agent fees

177,174

Accounting fees and expenses

77,792

Non-interested trustees' compensation

803

Custodian fees and expenses

4,206

Registration fees

14,364

Audit

15,812

Legal

5,213

Miscellaneous

1,324

Total expenses before reductions

1,253,875

Expense reductions

(47,644)

1,206,231

Net investment income (loss)

11,216,865

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities

534,647

Change in net unrealized appreciation (depreciation) on investment securities

2,451,761

Net gain (loss)

2,986,408

Net increase (decrease) in net assets resulting from operations

$ 14,203,273

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Six months ended
May 31, 2002
(Unaudited)

Year ended
November 30,
2001

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 11,216,865

$ 21,390,989

Net realized gain (loss)

534,647

2,918,246

Change in net unrealized appreciation (depreciation)

2,451,761

8,433,344

Net increase (decrease) in net assets resulting from operations

14,203,273

32,742,579

Distributions to shareholders from net investment income

(11,209,152)

(21,396,801)

Distributions to shareholders from net realized gain

(2,444,818)

(105,238)

Total distributions

(13,653,970)

(21,502,039)

Share transactions
Net proceeds from sales of shares

62,723,605

173,211,085

Reinvestment of distributions

10,161,755

15,746,594

Cost of shares redeemed

(71,013,751)

(70,449,479)

Net increase (decrease) in net assets resulting from share transactions

1,871,609

118,508,200

Redemption fees

3,352

21,977

Total increase (decrease) in net assets

2,424,264

129,770,717

Net Assets

Beginning of period

514,086,469

384,315,752

End of period (including undistributed net investment income of $17,497 and undistributed net investment income of $87,201, respectively)

$ 516,510,733

$ 514,086,469

Other Information

Shares

Sold

5,474,238

15,026,460

Issued in reinvestment of distributions

889,950

1,367,655

Redeemed

(6,225,314)

(6,113,511)

Net increase (decrease)

138,874

10,280,604

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months
ended
May 31, 2002

Years ended November 30,

(Unaudited)

2001

2000

1999

1998

1997

Selected Per-Share Data

Net asset value, beginning of period

$ 11.510

$ 11.180

$ 10.890

$ 11.550

$ 11.380

$ 11.380

Income from Investment Operations

Net investment
income (loss)

.253 D

.532 D

.559 D

.528

.548

.561

Net realized and unrealized gain (loss)

.076

.334

.289

(.601)

.224

.140

Total from investment operations

.329

.866

.848

(.073)

.772

.701

Distributions from net investment income

(.253)

(.534)

(.559)

(.528)

(.548)

(.561)

Distributions from net realized gain

(.056)

(.003)

-

(.049)

(.055)

(.140)

Distributions in excess of net realized gain

-

-

-

(.011)

-

-

Total distributions

(.309)

(.537)

(.559)

(.588)

(.603)

(.701)

Redemption fees added to paid in capital

-

.001

.001

.001

.001

-

Net asset value,
end of period

$ 11.530

$ 11.510

$ 11.180

$ 10.890

$ 11.550

$ 11.380

Total Return B, C

2.92%

7.86%

8.03%

(.65)%

6.96%

6.44%

Ratios to Average Net Assets E

Expenses before
expense reductions

.50% A

.50%

.51%

.55%

.55%

.55%

Expenses net of voluntary waivers, if any

.50% A

.50%

.51%

.55%

.55%

.55%

Expenses net of all
reductions

.48% A

.41%

.45%

.55%

.54%

.55%

Net investment income (loss)

4.44% A

4.62%

5.11%

4.71%

4.78%

5.00%

Supplemental Data

Net assets, end of
period (000 omitted)

$ 516,511

$ 514,086

$ 384,316

$ 380,019

$ 389,696

$ 361,593

Portfolio turnover rate

15% A

19%

49%

19%

12%

16%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Spartan New Jersey Municipal Money Market Fund

Performance: The Bottom Line

To evaluate a money market fund's historical performance, you can look at either total return or yield. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income. Yield measures the income paid by a fund. Since a money market fund tries to maintain a $1 share price, yield is an important measure of performance. If Fidelity had not reimbursed certain fund expenses, the past six month, past one year, past five year and past 10 year total returns would have been lower.

Cumulative Total Returns

Periods ended May 31, 2002

Past 6
months

Past 1
year

Past 5
years

Past 10
years

Spartan NJ Municipal Money Market

0.64%

1.67%

15.11%

32.81%

New Jersey Tax-Free
Money Market Funds Average

0.46%

1.37%

13.67%

29.91%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. To measure how the fund's performance stacked up against its peers, you can compare it to the New Jersey tax-free money market funds average which reflects the performance of tax-free money market funds with similar objectives tracked by iMoneyNet, Inc. The past six month average represents a peer group of 22 money market funds.

Average Annual Total Returns

Periods ended May 31, 2002

Past 1
year

Past 5
years

Past 10
years

Spartan NJ Municipal Money Market

1.67%

2.85%

2.88%

New Jersey Tax-Free
Money Market Funds Average

1.37%

2.59%

2.65%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

Semiannual Report

Spartan New Jersey Municipal Money Market Fund
Performance - continued

Yields

6/3/02

2/25/02

12/3/01

9/3/01

5/28/01

Spartan New Jersey
Municipal Money Market

1.17%

1.20%

1.60%

1.84%

2.62%

If Fidelity had not reimbursed
certain fund expenses

1.09%

1.12%

1.52%

-

-

New Jersey
Tax-Free Money Market
Funds Average

1.01%

0.82%

1.20%

1.69%

2.43%

Spartan New Jersey
Municipal Money Market -
Tax-equivalent

1.92%

1.98%

2.62%

3.03%

4.30%

If Fidelity had not reimbursed
certain fund expenses

1.79%

1.85%

2.49%

-

-

Portion of fund's income
subject to state taxes

0.10%

9.66%

5.20%

3.21%

0%

Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, expressed as annual percentage rates. A yield that assumes income earned is reinvested or compounded is called an effective yield. The table above shows the fund's current seven-day yield at quarterly intervals over the past year. You can compare these yields to the New Jersey tax-free money market funds average as tracked by iMoneyNet, Inc. or you can look at the fund's tax-equivalent yield, which is based on a combined effective federal and state income tax rate of 39.14%. The fund's yields mentioned above reflect that a portion of the fund's income was subject to state taxes. A portion of the fund's income may be subject to the federal alternative minimum tax.

A money market fund's total returns and yields vary, and reflect past results rather than predict future performance.

Comparing
Performance

Yields on tax-free investments are usually lower than yields on taxable investments. However, a straight comparison between the two may be misleading because it ignores the way taxes reduce taxable returns. Tax-equivalent yield - the yield you'd have to earn on a similar taxable investment to match the tax-free yield - makes the comparison more meaningful. Keep in mind that the U.S. government neither insures nor guarantees a money market fund. In fact, there is no assurance that a money market fund will maintain a $1 share price.

3

Semiannual Report

Spartan New Jersey Municipal Money Market Fund

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with Kim Miller, Portfolio Manager of Spartan New Jersey Municipal Money Market Fund

Q. Kim, what was the investment environment like during the six months that ended May 31, 2002?

A. The environment was characterized by greater economic stability and relatively level interest rates. During the period, the rate of economic growth stopped declining and began to increase, as aggressive cuts in short-term interest rates implemented by the Federal Reserve Board in 2001 started to take hold. The last of those cuts occurred in December 2001. The absence of a further decline in economic growth provided the impetus for the Fed to move from a bias toward lowering rates to a more neutral stance. When growth in gross domestic product (GDP) came in at a strong annual rate of 6.1% in the first quarter of 2002, the market anticipated that the Fed would quickly shift to a tightening bias, looking to raise rates in order to keep growth at non-inflationary levels. However, the market pulled back in April when economic data came in weaker than expected. Overall, interest rates remained relatively stable following the Fed's last interest rate cut.

Q. How has the fiscal health of New Jersey influenced your management of the fund?

A. New Jersey, like many states, suffered from reduced tax revenues due to the recession of 2001. In addition, New Jersey is highly dependent on capital gains taxes to fund operations, and this source of revenue diminished on the heels of declines in the stock market. As a result, the state government has wrestled with budget shortfalls and received a credit downgrade. These developments have forced me to be even more diligent in examining the creditworthiness of money market securities issued by the state. They have also encouraged me to seek alternative investments with greater stability and safety. These were securities issued by entities with healthy fund balances and a better history of fiscal discipline, including school districts, cities and towns, all of which had a low reliance on state aid.

Q. What else can you tell us about your strategy?

A. During the period, I allowed the fund's average maturity to fall because the future course of interest rates remained uncertain, but I kept it longer relative to its peers to take advantage of opportunities further out on the yield curve. With the economy rebounding sharply in the first quarter, market yields started to reflect more aggressive Fed tightening than I anticipated. I also continued to be concerned about low levels of capacity utilization in manufacturing and weak employment reports. Therefore, I maintained a longer average maturity than the fund's peers, a strategy that helped performance. In addition, I invested the fund in out-of-state securities - within the limits of the fund's investment policies - in order to provide shareholders with a higher tax-adjusted yield. In certain cases, yields on New Jersey obligations were sufficiently low so that comparable out-of-state obligations offered a higher tax-adjusted yield even though they were subject to New Jersey tax. Although more of shareholders' income will be taxable than if we had exclusively purchased New Jersey obligations, shareholders may be able to retain more of the fund's dividends after taxes are taken into account.

Semiannual Report

Spartan New Jersey Municipal Money Market Fund
Fund Talk: The Manager's Overview - continued

Q. How did the fund perform?

A. The fund's seven-day yield on May 31, 2002, was 1.23%, compared to 1.63% six months ago. The more recent seven-day yield was the equivalent of a 2.02% taxable rate of return for New Jersey investors in the 39.14% combined state and federal income tax bracket. The fund's yields reflect that a portion of the fund's income was subject to state taxes. Through May 31, 2002, the fund's six-month total return was 0.64%, compared to 0.46% for the New Jersey tax-free money market funds average, according to iMoneyNet, Inc.

Q. What's your outlook, Kim?

A. I expect interest rates to remain steady through the summer, and I look for the Fed to switch to a tightening bias by early fall. As the summer progresses, I intend to maintain a neutral approach unless rates start to rise in anticipation of Fed tightening. At that point, I would look for opportunities to capture higher yields in longer-term municipal money market securities.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: seeks a high level of current income exempt from federal income tax and, to the extent possible, the New Jersey Gross Income Tax, as is consistent with the preservation of capital

Fund number: 423

Trading symbol: FSJXX

Start date: May 1, 1990

Size: as of May 31, 2002, more than $557 million

Manager: Kim Miller, since 2001; manager, various Fidelity and Spartan municipal money market funds; joined Fidelity in 1990

3

Semiannual Report

Spartan New Jersey Municipal Money Market Fund

Investment Changes

Maturity Diversification

Days

% of fund's
investments
5/31/02

% of fund's
investments
11/30/01

% of fund's
investments
5/31/01

0 - 30

80.5

67.8

75.2

31 - 90

4.6

11.3

7.6

91 - 180

4.1

9.8

2.3

181 - 397

10.8

11.1

14.9

Weighted Average Maturity

5/31/02

11/30/01

5/31/01

Spartan New Jersey Municipal Money Market Fund

45 Days

58 Days

54 Days

New Jersey Tax-Free Money Market Funds Average *

35 Days

48 Days

48 Days

Asset Allocation (% of fund's net assets)

As of May 31, 2002

As of November 30, 2001

Variable Rate Demand Notes (VRDNs) 67.8%

Variable Rate Demand Notes (VRDNs) 59.3%

Tender Bonds 2.5%

Tender Bonds 1.7%

Municipal Notes 16.5%

Municipal Notes 32.3%

Municipal Money
Market Funds 6.8%

Municipal Money
Market Funds 3.3%

Other Investments 2.8%

Other Investments 1.0%

Net Other Assets 3.6%

Net Other Assets 2.4%



*Source: iMoneyNet, Inc.

Semiannual Report

Spartan New Jersey Municipal Money Market Fund

Investments May 31, 2002 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 96.4%

Principal
Amount

Value
(Note 1)

Delaware/New Jersey - 0.9%

Delaware River & Bay Auth. Rev. Participating VRDN
Series Merlots 00 B8, 1.4% (Liquidity Facility Wachovia Bank NA) (b)(f)

$ 4,995,000

$ 4,995,000

New Jersey - 69.4%

Barnegat Township Gen. Oblig. BAN 2.5% 6/5/03 (a)

6,800,000

6,843,248

Burlington County Gen. Oblig. BAN:

Series 2001 G, 2.75% 10/17/02

14,000,000

14,034,712

Series EI, 3% 7/18/02

8,800,000

8,803,863

Series C, 2.25% 4/18/03

4,627,000

4,628,759

Casino Reinvestment Dev. Auth. Packaging Fee Rev. Participating VRDN Series BS 01 175, 1.44% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(f)

8,800,000

8,800,000

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

Series Merlots 00 K, 1.4% (Liquidity Facility Wachovia Bank NA) (b)(f)

9,900,000

9,900,000

Series MSDW 00 396, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(f)

2,080,000

2,080,000

Series PA 606, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f)

5,700,000

5,700,000

Series PA 611, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f)

8,300,000

8,300,000

Series SG 53, 1.35% (Liquidity Facility Societe Generale) (b)(f)

5,700,000

5,700,000

Series SGA 89, 1.6% (Liquidity Facility Societe Generale) (b)(f)

4,645,000

4,645,000

East Brunswick Township Gen. Oblig. BAN:

2.7% 3/19/03

2,000,000

2,013,697

3.35% 6/13/02

4,000,000

4,000,819

East Windsor Township Gen. Oblig. BAN 2.5% 12/5/02

5,000,000

5,011,527

Essex County Impt. Auth. Participating VRDN Series FRRI A27, 1.35% (Liquidity Facility Bank of New York NA) (b)(f)

6,650,000

6,650,000

Hopewell Township Gen. Oblig. BAN:

2% 1/30/03

5,878,800

5,896,186

2.6% 1/31/03

11,268,000

11,338,139

Hunterdon County Gen. Oblig. BAN 2.25% 12/20/02

5,000,000

5,012,231

Jefferson Township Gen. Oblig. BAN 2.75% 2/14/03

5,429,000

5,472,390

Mercer County Impt. Auth. Rev. (Atlantic Foundation & Johnson Proj.) Series 1998, 1.35% (MBIA Insured), VRDN (b)

11,900,000

11,900,000

Metuchen Gen. Oblig. BAN Series B, 2.75% 4/29/03

7,220,000

7,265,043

Middlesex County Impt. Auth. Rev. BAN (Woodbridge Township Guaranteed Proj.) 2.25% 3/26/03

4,600,000

4,619,169

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

New Jersey - continued

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

(Dial Realty Proj.) Series 1988 L, 1.35%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)

$ 1,400,000

$ 1,400,000

(Encap Golf Hldgs. LLC Proj.) Series 2001 A, 1.3%,
LOC Bayerische Landesbank Girozentrale, VRDN (b)(e)

6,000,000

6,000,000

(Guttenplan's Bakery Proj.) Series 1989 G, 1.35%,
LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)

1,150,000

1,150,000

(Herzel Motor Corp. Proj.) Series 1989 L, 1.35%,
LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)

250,000

250,000

New Jersey Econ. Dev. Auth. Natural Gas Facilities Rev.:

Participating VRDN Series MSDW 00 371, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(f)

3,700,000

3,700,000

(Natural Gas Co. Proj.):

Series 1997 A, 1.5% (AMBAC Insured), VRDN (b)(e)

1,300,000

1,300,000

Series 1998 A, 1.35% (AMBAC Insured), VRDN (b)

3,500,000

3,500,000

New Jersey Econ. Dev. Auth. Rev.:

(5901 Tonelle Ave. Assoc. Proj.) Series 2001, 1.45%,
LOC Wachovia Bank NA, VRDN (b)(e)

5,715,000

5,715,000

(Eastern Silk Proj.) Second Series D2, 1.45%,
LOC BNP Paribas SA, VRDN (b)(e)

845,000

845,000

(El Dorado Term. Co. Proj.) Series 1999 A, 2.25%, VRDN (b)

13,400,000

13,400,000

(Jewish Home Rockleigh Proj.) Series B, 1.35%,
LOC PNC Bank NA, Pittsburgh, VRDN (b)

7,000,000

7,000,000

(LPS Inds. Proj.) 1.45%, LOC Wachovia Bank NA, VRDN (b)(e)

2,900,000

2,900,000

New Jersey Econ. Dev. Auth. Wtr. Facilities Rev. Participating VRDN Series MSDW 00 417, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(e)(f)

2,005,000

2,005,000

New Jersey Edl. Facilities Auth. Rev. (College of New Jersey Proj.) Series 1999 A, 1.35% (AMBAC Insured), VRDN (b)

4,285,000

4,285,000

New Jersey Gen. Oblig.:

Bonds Series E, 5.5% 7/15/02

9,750,000

9,789,786

Participating VRDN:

Series EGL 96 3001, 1.35% (Liquidity Facility Citibank NA, New York) (b)(f)

3,100,000

3,100,000

Series FRRI L11, 1.35% (Liquidity Facility Lehman Brothers, Inc.) (b)(f)

8,140,000

8,140,000

Series FRRI L8, 1.4% (Liquidity Facility Lehman Brothers, Inc.) (b)(f)

5,700,000

5,700,000

Series MSDW 01 549, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(f)

5,000,000

5,000,000

TRAN Series C, 3% 6/14/02

7,000,000

7,002,461

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

New Jersey - continued

New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Participating VRDN:

Series 1999 V, 1.45% (Liquidity Facility Bank of America NA) (b)(e)(f)

$ 3,275,000

$ 3,275,000

Series PT 287, 1.6% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(f)

6,300,000

6,300,000

New Jersey Tpk. Auth. Rev. Participating VRDN:

Series AAB 00 6, 1.34% (Liquidity Facility ABN-AMRO Bank NV) (b)(f)

11,200,000

11,200,000

Series EGL 00 3002, 1.35% (Liquidity Facility Citibank NA, New York) (b)(f)

6,830,000

6,830,000

New Jersey Tpk. Auth. Tpk. Rev.:

Bonds:

Series PA 613, 1.45%, tender 8/22/02 (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f)(g)

6,165,000

6,165,000

Series ROC II 00 R19, 2%, tender 10/10/02 (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (b)(f)(g)

4,995,000

4,995,000

Participating VRDN:

Series Merlots 00 EEE, 1.4% (Liquidity Facility Wachovia Bank NA) (b)(f)

3,000,000

3,000,000

Series PA 751, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f)

9,995,000

9,995,000

Series Putters 155, 1.4% (Liquidity Facility JPMorgan Chase Bank) (b)(f)

7,995,000

7,995,000

Series ROC II 00 R20, 1.35% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (b)(f)

7,500,000

7,500,000

New Jersey Trans. Trust Fund Auth.:

Bonds:

(Trans. Sys. Proj.) Series C, 3% 6/15/02

5,360,000

5,363,016

Series ROC II 00 R21, 2%, tender 10/10/02 (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (b)(f)(g)

2,765,000

2,765,000

Participating VRDN:

Series MSDW 00 203, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(f)

2,100,000

2,100,000

Series MSDW 01 524, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(f)

4,500,000

4,500,000

Series MSDW 01 618, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(f)

7,295,000

7,295,000

Series MSDW 98 54, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(f)

2,095,000

2,095,000

Series PA 345, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f)

4,500,000

4,500,000

Series PA 958P, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f)

2,500,000

2,500,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

New Jersey - continued

New Jersey Trans. Trust Fund Auth.: - continued

Participating VRDN:

Series PA 979R, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f)

$ 10,465,000

$ 10,465,000

New Jersey Transit Corp. Participating VRDN Series MSDW 00 393, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(f)(g)

6,400,000

6,400,000

Salem County Indl. Poll. Cont. Fing. Auth. Poll. Cont. Rev. Participating VRDN Series MSDW 00 381, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(f)

12,495,000

12,495,000

Univ. of Medicine & Dentistry Series 2002 B, 1.4%
(AMBAC Insured), VRDN (b)

18,100,000

18,100,000

386,630,046

New York & New Jersey - 16.2%

New York & New Jersey Port Auth. Participating VRDN
Series AAB 00 19, 1.34% (Liquidity Facility ABN-AMRO Bank NV) (b)(f)

6,670,000

6,670,000

Port Auth. New York & New Jersey:

Participating VRDN:

Series PT 418, 1.39% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(f)

2,285,000

2,285,000

Series ROC II R95, 1.4% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (b)(e)(f)

2,900,000

2,900,000

Series SG 96 52, 1.37% (Liquidity Facility Societe Generale) (b)(e)(f)

8,580,000

8,580,000

Series 1991, 1.6%, VRDN (b)(e)(g)

6,400,000

6,400,000

Series 1992, 1.475%, VRDN (b)(g)

6,900,000

6,900,000

Series 1995, 1.475%, VRDN (b)(e)(g)

10,500,000

10,500,000

Series 1996 3, 1.65%, VRDN (b)

5,000,000

5,000,000

Series 1997 1B, 1.65%, VRDN (b)

3,200,000

3,200,000

Series 1997 2, 1.475%, VRDN (b)(g)

10,400,000

10,400,000

Port Auth. New York & New Jersey Spl. Oblig. Rev.:

Participating VRDN:

Series FRRI 00 N18, 1.4% (Liquidity Facility Bank of New York NA) (b)(e)(f)

8,600,000

8,600,000

Series Merlots 00 B5, 1.45% (Liquidity Facility Wachovia Bank NA) (b)(e)(f)

2,290,000

2,290,000

Series MSDW 00 331, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(e)(f)

4,500,000

4,500,000

Series MSDW 00 353, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(e)(f)

3,300,000

3,300,000

Series MSDW 98 157, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(e)(f)

1,370,000

1,370,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

New York & New Jersey - continued

Port Auth. New York & New Jersey Spl. Oblig. Rev.: - continued

Series 3, 1.65%, VRDN (b)

$ 4,700,000

$ 4,700,000

Series 4, 1.8%, VRDN (b)(e)

2,000,000

2,000,000

Series 5, 1.65%, VRDN (b)

1,000,000

1,000,000

90,595,000

Puerto Rico - 3.1%

Puerto Rico Commonwealth Gen. Oblig. Participating VRDN Series Merlots 00 EE, 1.4% (Liquidity Facility Wachovia Bank NA) (b)(f)

6,100,000

6,100,000

Puerto Rico Commonwealth Infrastructure Fing. Auth. Participating VRDN:

Series PA 00 782, 1.3% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f)

3,000,000

3,000,000

Series PA 783, 1.3% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f)

2,100,000

2,100,000

Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Participating VRDN Series Putters 147, 1.35% (Liquidity Facility JPMorgan Chase Bank) (b)(f)

3,660,000

3,660,000

Puerto Rico Muni. Fin. Agcy. Participating VRDN Series MSDW 00 225, 1.32% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(f)

2,335,000

2,335,000

17,195,000

Shares

Other - 6.8%

Fidelity Municipal Cash Central Fund, 1.57% (c)(d)

37,961,500

37,961,500

TOTAL INVESTMENT PORTFOLIO - 96.4%

537,376,546

NET OTHER ASSETS - 3.6%

19,804,726

NET ASSETS - 100%

$ 557,181,272

Total Cost for Income Tax Purposes $ 537,376,546

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

TRAN - TAX AND REVENUE
ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

(d) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

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

(f) Provides evidence of ownership in one or more underlying municipal bonds.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost

New Jersey Tpk. Auth. Tpk. Rev. Bonds:
Series PA 613, 1.45%, tender 8/22/02 (Liquidity Facility Merrill Lynch & Co., Inc.)

2/22/02

$ 6,165,000

Series ROC II 00 R19, 2%, tender 10/10/02 (Liquidity Facility Salomon Smith Barney Hldgs., Inc.)

7/18/00

$ 4,995,000

New Jersey Trans. Trust Fund Auth. Bonds Series ROC II 00 R21, 2%, tender 10/10/02 (Liquidity Facility Salomon Smith Barney Hldgs., Inc.)

11/21/00

$ 2,765,000

New Jersey Transit Corp. Participating VRDN Series MSDW 00 393, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.)

7/19/01

$ 6,400,000

Port Auth. New York & New Jersey: Series 1991, 1.6%, VRDN

6/18/91

$ 6,400,000

Series 1992, 1.475%, VRDN

2/14/92

$ 6,900,000

Series 1995, 1.475%, VRDN

9/15/95

$ 10,500,000

Series 1997 2, 1.475%, VRDN

9/15/97

$ 10,400,000

Other Information

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $54,525,000 or 9.8% of net assets.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Spartan New Jersey Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

May 31, 2002 (Unaudited)

Assets

Investment in securities, at value - See accompanying schedule

$ 537,376,546

Cash

17,205,948

Receivable for investments sold

7,461,047

Receivable for fund shares sold

167,255

Interest receivable

2,765,888

Other receivables

31,868

Total assets

565,008,552

Liabilities

Payable for investments purchased on a delayed delivery basis

$ 6,843,248

Payable for fund shares redeemed

783,462

Distributions payable

36,359

Accrued management fee

162,567

Other payables and accrued expenses

1,644

Total liabilities

7,827,280

Net Assets

$ 557,181,272

Net Assets consist of:

Paid in capital

$ 557,151,035

Accumulated net realized gain (loss) on investments

30,237

Net Assets, for 557,035,153 shares outstanding

$ 557,181,272

Net Asset Value, offering price and redemption price per share ($557,181,272 ÷ 557,035,153 shares)

$ 1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Spartan New Jersey Municipal Money Market Fund
Financial Statements - continued

Statement of Operations

Six months ended May 31, 2002 (Unaudited)

Investment Income

Interest

$ 4,310,865

Expenses

Management fee

$ 1,167,543

Non-interested trustees' compensation

269

Total expenses before reductions

1,167,812

Expense reductions

(337,418)

830,394

Net investment income

3,480,471

Net Realized Gain (Loss) on Investment securities

30,237

Net increase in net assets resulting from operations

$ 3,510,708

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Six months ended
May 31, 2002
(Unaudited)

Year ended
November 30,
2001

Increase (Decrease) in Net Assets

Operations

Net investment income

$ 3,480,471

$ 12,645,051

Net realized gain (loss)

30,237

42,863

Net increase (decrease) in net assets resulting
from operations

3,510,708

12,687,914

Distributions to shareholders from net investment income

(3,480,471)

(12,645,051)

Share transactions at net asset value of $1.00 per share
Proceeds from sales of shares

228,414,872

319,727,783

Reinvestment of distributions

3,253,745

11,906,127

Cost of shares redeemed

(168,380,120)

(320,477,855)

Net increase (decrease) in net assets and shares resulting from share transactions

63,288,497

11,156,055

Total increase (decrease) in net assets

63,318,734

11,198,918

Net Assets

Beginning of period

493,862,538

482,663,620

End of period

$ 557,181,272

$ 493,862,538

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months
ended
May 31 2002,

Years ended November 30,

(Unaudited)

2001

2000

1999

1998

1997 G

1997 F

Selected Per-Share Data

Net asset value, beginning of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Income from Investment Operations

Net investment income

.006

.026

.035

.027

.030

.003

.032

Distributions from net investment income

(.006)

(.026)

(.035)

(.027)

(.030)

(.003)

(.032)

Net asset value, end of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Total Return B, C, D

0.64%

2.61%

3.56%

2.78%

3.06%

0.27%

3.22%

Ratios to Average Net Assets E

Expenses before expense
reductions

.43% A

.49%

.50%

.50%

.50%

.50% A

.50%

Expenses net
of voluntary waivers, if any

.35% A

.48%

.50%

.50%

.50%

.50% A

.40%

Expenses net of all reductions

.31% A

.45%

.50%

.50%

.50%

.50% A

.40%

Net investment income

1.28% A

2.57%

3.50%

2.74%

3.02%

3.28% A

3.15%

Supplemental Data

Net assets, end of period
(000 omitted)

$ 557,181

$ 493,863

$ 482,664

$ 498,601

$ 528,490

$ 524,365

$ 520,551

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the former account closeout fee.

E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

F For the period ended October 31.

G One month ended November 30.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity New Jersey Municipal Money Market Fund

Performance: The Bottom Line

To evaluate a money market fund's historical performance, you can look at either total return or yield. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income. Yield measures the income paid by a fund. Since a money market fund tries to maintain a $1 share price, yield is an important measure of performance.

Cumulative Total Returns

Periods ended May 31, 2002

Past 6
months

Past 1
year

Past 5
years

Past 10
years

Fidelity® NJ Municipal Money Market

0.55%

1.54%

14.53%

30.32%

New Jersey Tax-Free
Money Market Funds Average

0.46%

1.37%

13.67%

29.91%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. To measure how the fund's performance stacked up against its peers, you can compare it to the New Jersey tax-free money market funds average, which reflects the performance of municipal money market funds with similar objectives tracked by iMoneyNet, Inc. The past six month average represents a peer group of 22 money market funds.

Average Annual Total Returns

Periods ended May 31, 2002

Past 1
year

Past 5
years

Past 10
years

Fidelity NJ Municipal Money Market

1.54%

2.75%

2.68%

New Jersey Tax-Free
Money Market Funds Average

1.37%

2.59%

2.65%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

Semiannual Report

Fidelity New Jersey Municipal Money Market Fund
Performance - continued

Yields

6/3/02

2/25/02

12/3/01

9/3/01

5/28/01

Fidelity New Jersey Municipal
Money Market Fund

1.09%

0.96%

1.39%

1.82%

2.62%

New Jersey Tax-Free
Money Market Funds
Average

1.01%

0.82%

1.20%

1.69%

2.43%

Fidelity New Jersey Municipal
Money Market Fund -
Tax-equivalent

1.81%

1.57%

2.27%

3.00%

4.33%

Portion of fund's income
subject to state taxes

0.19%

11.04%

8.22%

12.07%

6.96%

Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, expressed as annual percentage rates. A yield that assumes income earned is reinvested or compounded is called an effective yield. The table above shows the fund's current seven-day yield at quarterly intervals over the past year. You can compare these yields to the New Jersey tax-free money market funds average as tracked by iMoneyNet, Inc. or you can look at the fund's tax-equivalent yield, which is based on a combined effective federal and state income tax rate of 39.14%. The fund's yields mentioned above reflect that a portion of the fund's income was subject to state taxes. A portion of the fund's income may be subject to the federal alternative minimum tax.

A money market fund's total returns and yields vary, and reflect past results rather than predict future performance.

Comparing
Performance

Yields on tax-free investments are usually lower than yields on taxable investments. However, a straight comparison between the two may be misleading because it ignores the way taxes reduce taxable returns. Tax-equivalent yield - the yield you would have to earn on a similar taxable investment to match the tax-free yield - makes the comparison more meaningful. Keep in mind that the U.S. government neither insures nor guarantees a money market fund. In fact, there is no assurance that a money market fund will maintain a $1 share price.

3

Semiannual Report

Fidelity New Jersey Municipal Money Market Fund

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with Kim Miller, Portfolio Manager of Fidelity New Jersey Municipal Money Market Fund

Q. Kim, what was the investment environment like during the six months that ended May 31, 2002?

A. The environment was characterized by greater economic stability and relatively level interest rates. During the period, the rate of economic growth stopped declining and began to increase as aggressive cuts in short-term interest rates implemented by the Federal Reserve Board in 2001 started to take hold. The last of those cuts occurred in December 2001. The absence of a further decline in economic growth provided the impetus for the Fed to move from a bias toward lowering rates to a more neutral stance. When growth in gross domestic product (GDP) came in at a strong annual rate of 6.1% in the first quarter of 2002, the market anticipated that the Fed would quickly shift to a tightening bias, looking to raise rates in order to keep growth at non-inflationary levels. However, the market pulled back in April when economic data came in weaker than expected. Overall, interest rates remained relatively stable following the Fed's last interest rate cut.

Q. How has the fiscal health of New Jersey influenced your management of the fund?

A. New Jersey, like many states, suffered from reduced tax revenues due to the recession of 2001. In addition, New Jersey is highly dependent on capital gains taxes to fund operations, and this source of revenue diminished on the heels of declines in the stock market. As a result, the state government has wrestled with budget shortfalls and received a credit downgrade. These developments have forced me to be even more diligent in examining the creditworthiness of money market securities issued by the state. They have also encouraged me to seek alternative investments with greater stability and safety. These were securities issued by entities with healthy fund balances and a better history of fiscal discipline, including school districts, cities and towns, all of which had a low reliance on state aid.

Q. What else can you tell us about your strategy?

A. During the period, I allowed the fund's average maturity to fall because the future course of interest rates remained uncertain, but I kept it longer relative to its peers to take advantage of opportunities further out on the yield curve. With the economy rebounding sharply in the first quarter, market yields started to reflect more aggressive Fed tightening than I anticipated. I also continued to be concerned about low levels of capacity utilization in manufacturing and weak employment reports. Therefore, I maintained a longer average maturity than the fund's peers, a strategy that helped performance. In addition, I invested the fund in out-of-state securities - within the limits of the fund's investment policies - in order to provide shareholders with a higher tax-adjusted yield. In certain cases, yields on New Jersey obligations were sufficiently low so that comparable out-of-state obligations offered a higher tax-adjusted yield even though they were subject to New Jersey tax. Although more of shareholders' income will be taxable than if we had exclusively purchased New Jersey obligations, shareholders may be able to retain more of the fund's dividends after taxes are taken into account.

Semiannual Report

Fidelity New Jersey Municipal Money Market Fund
Fund Talk: The Manager's Overview - continued

Q. How did the fund perform?

A. The fund's seven-day yield on May 31, 2002, was 1.14%, compared to 1.42% six months ago. The more recent seven-day yield was the equivalent of a 1.87% taxable rate of return for New Jersey investors in the 39.14% combined state and federal income tax bracket. The fund's yields reflect that a portion of the fund's income was subject to state taxes. Through May 31, 2002, the fund's six-month total return was 0.55%, compared to 0.46% for the New Jersey tax-free money market funds average, according to iMoneyNet, Inc.

Q. What's your outlook, Kim?

A. I expect interest rates to remain steady through the summer, and I look for the Fed to switch to a tightening bias by early fall. As the summer progresses, I intend to maintain a neutral approach unless rates start to rise in anticipation of Fed tightening. At that point, I would look for opportunities to capture higher yields in longer-term municipal money market securities.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: seeks a high level of current income exempt from federal income tax and, to the extent possible, the New Jersey Gross Income Tax, as is consistent with the preservation of capital

Fund number: 417

Trading symbol: FNJXX

Start date: March 17, 1988

Size: as of May 31, 2002, more than $1.1 billion

Manager: Kim Miller, since 2001; manager, various Fidelity and Spartan municipal money market funds; joined Fidelity in 1990

3

Semiannual Report

Fidelity New Jersey Municipal Money Market Fund

Investment Changes

Maturity Diversification

Days

% of fund's
investments
5/31/02

% of fund's
investments
11/30/01

% of fund's
investments
5/31/01

0 - 30

77.9

72.0

75.7

31 - 90

6.9

8.6

6.3

91 - 180

7.0

6.4

4.9

181 - 397

8.2

13.0

13.1

Weighted Average Maturity

5/31/02

11/30/01

5/31/01

Fidelity New Jersey Municipal Money Market Fund

41 Days

57 Days

53 Days

New Jersey Tax-Free Money Market Funds Average *

35 Days

48 Days

48 Days

Asset Allocation (% of fund's net assets)

As of May 31, 2002

As of November 30, 2001

Variable Rate Demand Notes (VRDNs) 58.1%

Variable Rate Demand Notes (VRDNs) 59.4%

Commercial Paper (including CP Mode) 0.8%

Commercial Paper (including CP Mode) 3.5%

Tender Bonds 1.9%

Tender Bonds 3.0%

Municipal Notes 19.9%

Municipal Notes 26.3%

Municipal Money Market Funds 14.6%

Municipal Money Market Funds 6.2%

Other Investments 0.8%

Other Investments 0.0%

Net Other Assets 3.9%

Net Other Assets 1.6%



*Source: iMoneyNet, Inc.

Semiannual Report

Fidelity New Jersey Municipal Money Market Fund

Investments May 31, 2002 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 96.1%

Principal
Amount

Value
(Note 1)

Delaware/New Jersey - 0.9%

Delaware River & Bay Auth. Rev. Participating VRDN
Series Merlots 00 B8, 1.4% (Liquidity Facility Wachovia Bank NA) (b)(g)

$ 9,955,000

$ 9,955,000

New Jersey - 68.6%

Aberdeen Township Gen. Oblig. BAN 3% 8/16/02

4,645,150

4,648,158

Alexandria Board of Ed. BAN 3% 10/16/02

6,541,000

6,570,027

Allamuchy Township Gen. Oblig. BAN 2.5% 3/19/03

5,443,000

5,471,545

Bergen County Impt. Auth. Multi-family Hsg. Rev. (Kentshire Apts. Proj.) Series 2001, 1.35%, LOC Fannie Mae, VRDN (b)(e)

6,000,000

6,000,000

Bernards Township Sewerage Auth. Swr. Rev. Bonds
Series 1985, 2%, tender 12/15/02 (Liquidity Facility Wachovia Bank NA) (b)

3,125,000

3,125,000

Burlington County Gen. Oblig. BAN:

Series 2001 G, 2.75% 10/17/02

20,000,000

20,049,589

Series A, 1.75% 2/6/03

3,836,000

3,836,000

Series D, 2% 6/6/03 (a)

9,046,000

9,063,549

Series EI, 3% 7/18/02

18,525,000

18,533,133

Series EII, 3% 7/18/02

4,500,000

4,500,000

Camden County Impt. Auth. Rev. (Parkview Redev. Hsg. Proj.) 1.4%, LOC Gen. Elec. Cap. Corp., VRDN (b)(e)

12,800,000

12,800,000

Casino Reinvestment Dev. Auth. Packaging Fee Rev. Participating VRDN Series BS 01 175, 1.44% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(g)

16,565,000

16,565,000

Cedar Grove Township Gen. Oblig. BAN 2.25% 3/3/03

4,147,000

4,167,584

Cranbury Township Gen. Oblig. BAN 2.75% 10/3/02

4,963,000

4,972,897

Cranford Township Gen. Oblig. BAN 2.7% 3/14/03

6,196,699

6,220,346

Delaware River Joint Toll Bridge Commission Bridge Rev. BAN 2.25% 11/1/02

6,000,000

6,002,336

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

Series Merlots 00 B4, 1.4% (Liquidity Facility Wachovia Bank NA) (b)(g)

5,000,000

5,000,000

Series Merlots 00 K, 1.4% (Liquidity Facility Wachovia Bank NA) (b)(g)

15,265,000

15,265,000

Series MSDW 00 396, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(g)

3,800,000

3,800,000

Series PA 606, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g)

2,500,000

2,500,000

Series PA 965 R, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g)

3,200,000

3,200,000

Series SG 53, 1.35% (Liquidity Facility Societe Generale) (b)(g)

12,940,000

12,940,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

New Jersey - continued

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

Series SGA 89, 1.6% (Liquidity Facility Societe Generale) (b)(g)

$ 8,200,000

$ 8,200,000

East Brunswick Township Gen. Oblig. BAN:

2.5% 12/6/02

1,400,000

1,403,533

2.7% 3/19/03

4,426,900

4,457,217

3.35% 6/13/02

7,900,000

7,901,618

Englewood Gen. Oblig. BAN 3% 7/12/02

9,487,051

9,490,364

Essex County Impt. Auth. Proj. Rev. (County Asset Sale Proj.) Series 1995, 1.3% (AMBAC Insured) (BPA JPMorgan Chase Bank), VRDN (b)

2,745,000

2,745,000

Highland Park Gen. Oblig. BAN 1.85% 8/23/02

5,163,410

5,164,569

Jefferson Township Gen. Oblig. BAN 3% 7/12/02

6,794,501

6,797,470

Lakewood Township Gen. Oblig. BAN:

Series A, 1.85% 10/4/02

7,402,700

7,405,670

Series B, 3% 4/25/03

682,000

686,192

3% 10/4/02

2,596,300

2,603,253

Manalapan Township Gen. Oblig. BAN 2.75% 10/10/02

4,674,500

4,684,332

Mercer County Impt. Auth. Rev. (Atlantic Foundation & Johnson Proj.) Series 1998, 1.35% (MBIA Insured), VRDN (b)

17,300,000

17,300,000

Middlesex County Impt. Auth. Rev. BAN (Woodbridge Township Guaranteed Proj.) 2.25% 3/26/03

9,700,000

9,740,421

Montclair Township Gen. Oblig. BAN 2.5% 5/16/03

9,000,000

9,054,903

New Jersey Econ. Dev. Auth. Econ. Dev. Rev. (Encap Golf Hldgs. LLC Proj.) Series 2001 A, 1.3%, LOC Bayerische Landesbank Girozentrale, VRDN (b)(e)

12,650,000

12,650,000

New Jersey Econ. Dev. Auth. Natural Gas Facilities Rev.:

Participating VRDN:

Series MSDW 00 371, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(g)

14,370,000

14,370,000

Series MSDW 98 161, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(e)(g)

1,625,000

1,625,000

(Natural Gas Co. Proj.):

Series 1998 A, 1.35% (AMBAC Insured), VRDN (b)

2,000,000

2,000,000

Series 1998 B, 1.35% (AMBAC Insured), VRDN (b)(e)

6,600,000

6,600,000

New Jersey Econ. Dev. Auth. Poll. Cont. Rev. (Hoffman-Roche, Inc. Proj.) Series 1985, 1.45%, LOC Wachovia Bank NA, VRDN (b)

3,000,000

3,000,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

New Jersey - continued

New Jersey Econ. Dev. Auth. Rev.:

Participating VRDN:

Series FRRI 01 N10, 1.35% (Liquidity Facility Bank of
New York NA) (b)(g)

$ 9,150,000

$ 9,150,000

Series MSDW 01 572, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(g)

11,260,000

11,260,000

(E.P. Henry Corp. Proj.) 1.4%, LOC Wachovia Bank NA, VRDN (b)(e)

490,000

490,000

(El Dorado Term. Co. Proj.) Series 1999 A, 2.25%, VRDN (b)

1,200,000

1,200,000

(Jewish Home Rockleigh Proj.) Series B, 1.35%,
LOC PNC Bank NA, Pittsburgh, VRDN (b)

9,780,000

9,780,000

(LPS Inds. Proj.) 1.45%, LOC Wachovia Bank NA, VRDN (b)(e)

6,100,000

6,100,000

New Jersey Econ. Dev. Auth. Spl. Facilities Rev. Bonds (Dallas Airmotive, Inc. Proj.) Series 2000, 1.95%, tender 12/3/02, LOC Bayerische Landesbank Girozentrale (b)(e)

11,560,000

11,560,000

New Jersey Econ. Dev. Auth. Wtr. Facilities Rev. Participating VRDN Series MSDW 00 417, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(e)(g)

3,860,000

3,860,000

New Jersey Edl. Facilities Auth. Rev. (College of New Jersey Proj.) Series 1999 A, 1.35% (AMBAC Insured), VRDN (b)

1,790,000

1,790,000

New Jersey Gen. Oblig.:

Bonds:

Series D, 5.4% 2/15/03

1,125,000

1,154,565

5% 3/1/03

3,000,000

3,075,768

Participating VRDN:

Series FRRI L8, 1.4% (Liquidity Facility Lehman Brothers, Inc.) (b)(g)

9,950,000

9,950,000

Series MSDW 01 549, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(g)

11,390,000

11,390,000

Series PA 903R, 1.3% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g)

5,390,000

5,390,000

TRAN Series C, 3% 6/14/02

13,000,000

13,004,571

New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Participating VRDN:

Series 1999 V, 1.45% (Liquidity Facility Bank of America NA) (b)(e)(g)

9,070,000

9,070,000

Series Merlots 00 A2, 1.45% (Liquidity Facility Wachovia Bank NA) (b)(e)(g)

2,480,000

2,480,000

Series PA 117, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(g)

2,560,000

2,560,000

Series PT 118, 1.35% (Liquidity Facility Banco Santander Central Hispano SA) (b)(e)(g)

31,075,000

31,075,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

New Jersey - continued

New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Participating VRDN: - continued

Series PT 1289, 1.35% (Liquidity Facility Merrill Lynch &
Co., Inc.) (b)(e)(g)

$ 2,480,000

$ 2,480,000

Series PT 287, 1.6% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(e)(g)

13,115,000

13,115,000

Series PT 349, 1.35% (Liquidity Facility Banco Santander Central Hispano SA) (b)(e)(g)

7,095,000

7,095,000

Series PT 456, 1.35% (Liquidity Facility BNP Paribas SA) (b)(e)(g)

5,380,000

5,380,000

New Jersey Sports & Exposition Auth. Contract Rev. Series B1, 1.25% (MBIA Insured), VRDN (b)

24,000,000

24,000,000

New Jersey Sports & Exposition Auth. Convention Ctr. Luxury Tax Rev. Bonds Series A, 6.25% 7/1/20 (MBIA Insured) (Pre-Refunded to 7/1/02 @ 102) (f)

5,000,000

5,119,938

New Jersey Tpk. Auth. Rev. Participating VRDN:

Series AAB 00 6, 1.34% (Liquidity Facility ABN-AMRO Bank NV) (b)(g)

33,720,000

33,720,000

Series EGL 00 3001, 1.35% (Liquidity Facility Citibank NA, New York) (b)(g)

17,315,000

17,315,000

Series EGL 00 3002, 1.35% (Liquidity Facility Citibank NA, New York) (b)(g)

2,000,000

2,000,000

New Jersey Tpk. Auth. Tpk. Rev.:

Bonds Series PA 614, 1.45%, tender 8/22/02 (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g)

3,825,000

3,825,000

Participating VRDN:

Series Merlots 00 EEE, 1.4% (Liquidity Facility Wachovia Bank NA) (b)(g)

5,100,000

5,100,000

Series ROC 00 8, 1.35% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (b)(g)

13,845,000

13,845,000

Series ROC II 00 R20, 1.35% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (b)(g)

20,735,000

20,735,000

New Jersey Trans. Trust Fund Auth.:

Bonds Series ROC II 00 R21, 2%, tender 10/10/02 (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (b)(g)(h)

3,000,000

3,000,000

Participating VRDN:

Series BA 00 C, 1.4% (Liquidity Facility Bank of America NA) (b)(g)

3,500,000

3,500,000

Series MSDW 00 224, 1.37% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(g)

5,495,000

5,495,000

Series MSDW 01 524, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(g)

13,395,000

13,395,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

New Jersey - continued

New Jersey Trans. Trust Fund Auth.: - continued

Participating VRDN:

Series MSDW 98 54, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(g)

$ 1,300,000

$ 1,300,000

Series PA 646, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g)

5,020,000

5,020,000

Series PA 937R, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g)

8,165,000

8,165,000

New Jersey Transit Corp. Participating VRDN Series MSDW 00 393, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(g)(h)

13,595,000

13,595,000

Princeton Borough Gen. Oblig. BAN 2.5% 11/15/02

4,950,000

4,966,239

Raritan Township Gen. Oblig. BAN 3% 9/12/02

8,235,000

8,245,411

Red Bank Borough Gen. Oblig. BAN 2.25% 8/13/02

6,031,500

6,034,468

Roxbury Township Gen. Oblig. BAN 2.5% 12/12/02

4,201,087

4,213,558

Salem County Indl. Poll. Cont. Fing. Auth. Poll. Cont. Rev. Participating VRDN:

Series MSDW 00 380, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(g)

19,420,000

19,420,000

Series PA 357, 1.35% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(g)

7,660,000

7,660,000

Somerset County Indl. Poll. Cont. Fing. Auth. Rev. (American Cyanamid Co. Proj.) 1.65% (Wyeth Guaranteed), VRDN (b)

4,000,000

4,000,000

South Orange & Maplewood School District BAN 1.65% 11/29/02

5,100,000

5,101,217

Sparta Township Gen. Oblig. BAN 2.75% 6/6/03 (a)

6,800,000

6,862,560

Summit Gen. Oblig. BAN 2.6% 2/7/03

3,269,000

3,292,197

Union County Impt. Auth. Rev. (Cedar Glen Hsg. Corp. Proj.) 1.35%, LOC Fannie Mae, VRDN (b)(e)

10,000,000

10,000,000

Univ. of Medicine & Dentistry Series 2002 B, 1.4%
(AMBAC Insured), VRDN (b)

37,925,000

37,925,000

Washington Township Board of Ed. Mercer County BAN 2% 10/10/02

5,000,000

5,006,574

West Windsor Plainsboro Reg'l. School District BAN 3.25% 7/23/02

13,000,000

13,010,809

800,387,581

New York & New Jersey - 11.4%

Port Auth. New York & New Jersey:

Participating VRDN:

Series PT 418, 1.39% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(g)

4,000,000

4,000,000

Series PT 440, 1.37% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e)(g)

4,605,000

4,605,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

New York & New Jersey - continued

Port Auth. New York & New Jersey: - continued

Participating VRDN:

Series Putters 177, 1.4% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(g)

$ 2,500,000

$ 2,500,000

Series ROC II R43, 1.4% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (b)(e)(g)

6,310,000

6,310,000

Series ROC II R95, 1.4% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (b)(e)(g)

6,155,000

6,155,000

Series SG 96 52, 1.37% (Liquidity Facility Societe Generale) (b)(e)(g)

7,485,000

7,485,000

Series 1991, 1.6%, VRDN (b)(e)(h)

8,800,000

8,800,000

Series 1992, 1.475%, VRDN (b)(h)

6,800,000

6,800,000

Series 1995, 1.475%, VRDN (b)(e)(h)

9,400,000

9,400,000

Series 1996 2, 1.75%, VRDN (b)(e)

3,500,000

3,500,000

Series 1997 1, 1.475%, VRDN (b)(h)

8,900,000

8,900,000

Series 1997 1A, 1.65%, VRDN (b)

2,800,000

2,800,000

Series A, 1.45% 9/10/02, CP (e)

5,325,000

5,325,000

Series B, 1.55% 6/14/02, CP

4,000,000

4,000,000

Port Auth. New York & New Jersey Spl. Oblig. Rev.:

Participating VRDN:

Series FRRI 00 N18, 1.4% (Liquidity Facility Bank of New York NA) (b)(e)(g)

13,400,000

13,400,000

Series MSDW 00 243, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(e)(g)

1,650,000

1,650,000

Series MSDW 00 331, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(e)(g)

14,330,000

14,330,000

Series MSDW 00 353, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(e)(g)

5,870,000

5,870,000

Series MSDW 98 157, 1.4% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (b)(e)(g)

1,790,000

1,790,000

Series Putters 192, 1.4% (Liquidity Facility JPMorgan Chase Bank) (b)(e)(g)

5,300,000

5,300,000

Series 1R, 1.7% (BPA Bayerische Landesbank Girozentrale), VRDN (b)(e)

4,200,000

4,200,000

Series 3, 1.65%, VRDN (b)

1,500,000

1,500,000

Series 6, 1.8%, VRDN (b)(e)

4,800,000

4,800,000

133,420,000

Puerto Rico - 0.6%

Puerto Rico Commonwealth Gen. Oblig. Participating VRDN Series Merlots 00 EE, 1.4% (Liquidity Facility Wachovia Bank NA) (b)(g)

7,560,000

7,560,000

Municipal Securities - continued

Shares

Value
(Note 1)

Other - 14.6%

Fidelity Municipal Cash Central Fund, 1.57% (c)(d)

170,633,180

$ 170,633,180

TOTAL INVESTMENT PORTFOLIO - 96.1%

1,121,955,761

NET OTHER ASSETS - 3.9%

45,598,353

NET ASSETS - 100%

$ 1,167,554,114

Total Cost for Income Tax Purposes $ 1,121,955,761

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

TRAN - TAX AND REVENUE
ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

(d) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

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

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

(g) Provides evidence of ownership in one or more underlying municipal bonds.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost

New Jersey Trans. Trust Fund Auth. Bonds Series ROC II 00 R21, 2%, tender 10/10/02 (Liquidity Facility Salomon Smith Barney Hldgs., Inc.)

2/15/01

$ 3,000,000

New Jersey Transit Corp. Participating VRDN Series MSDW 00 393, 1.35% (Liquidity Facility Morgan Stanley Dean Witter & Co.)

7/19/01

$ 13,595,000

Port Auth. New York & New Jersey:
Series 1991, 1.6%, VRDN

6/18/91

$ 8,800,000

Series 1992, 1.475%, VRDN

2/14/92

$ 6,800,000

Series 1995, 1.475%, VRDN

9/15/95

$ 9,400,000

Series 1997 1, 1.475%, VRDN

9/15/97

$ 8,900,000

Other Information

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $50,495,000 or 4.3% of net assets.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity New Jersey Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

May 31, 2002 (Unaudited)

Assets

Investment in securities, at value - See accompanying schedule

$ 1,121,955,761

Cash

56,919,205

Receivable for investments sold

3,197

Receivable for fund shares sold

8,457,293

Interest receivable

6,315,680

Other receivables

36,394

Total assets

1,193,687,530

Liabilities

Payable for investments purchased
Regular delivery

$ 5,780,000

Delayed delivery

15,926,109

Payable for fund shares redeemed

3,915,748

Accrued management fee

367,036

Other payables and accrued expenses

144,523

Total liabilities

26,133,416

Net Assets

$ 1,167,554,114

Net Assets consist of:

Paid in capital

$ 1,167,390,186

Accumulated net realized gain (loss) on investments

163,928

Net Assets, for 1,167,291,155 shares outstanding

$ 1,167,554,114

Net Asset Value, offering price and redemption price per share ($1,167,554,114 ÷ 1,167,291,155 shares)

$ 1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity New Jersey Municipal Money Market Fund
Financial Statements - continued

Statement of Operations

Six months ended May 31, 2002 (Unaudited)

Investment Income

Interest

$ 9,159,906

Expenses

Management fee

$ 2,200,907

Transfer agent fees

675,097

Accounting fees and expenses

67,965

Non-interested trustees' compensation

1,890

Custodian fees and expenses

8,607

Registration fees

4,157

Audit

12,772

Legal

12,233

Miscellaneous

5,364

Total expenses before reductions

2,988,992

Expense reductions

(278,796)

2,710,196

Net investment income

6,449,710

Net Realized Gain (Loss) on Investment securities

163,928

Net increase in net assets resulting from operations

$ 6,613,638

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Six months ended
May 31, 2002
(Unaudited)

Year ended
November 30,
2001

Increase (Decrease) in Net Assets

Operations

Net investment income

$ 6,449,710

$ 25,709,159

Net realized gain (loss)

163,928

3,708

Net increase (decrease) in net assets resulting
from operations

6,613,638

25,712,867

Distributions to shareholders from net investment income

(6,449,710)

(25,709,159)

Share transactions at net asset value of $1.00 per share
Proceeds from sales of shares

1,406,574,549

2,753,520,232

Reinvestment of distributions

6,310,748

25,385,615

Cost of shares redeemed

(1,364,226,494)

(2,586,728,867)

Net increase (decrease) in net assets and shares
resulting from share transactions

48,658,803

192,176,980

Total increase (decrease) in net assets

48,822,731

192,180,688

Net Assets

Beginning of period

1,118,731,383

926,550,695

End of period

$ 1,167,554,114

$ 1,118,731,383

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months
ended
May 31 2002,

Years ended November 30,

(Unaudited)

2001

2000

1999

1998

1997

Selected Per-Share Data

Net asset value, beginning of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Income from Investment Operations

Net investment income

.006

.025

.034

.026

.029

.030

Distributions from net investment income

(.006)

(.025)

(.034)

(.026)

(.029)

(.030)

Net asset value, end of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Total Return B, C

0.55%

2.55%

3.50%

2.68%

2.93%

3.03%

Ratios to Average Net Assets D

Expenses before expense
reductions

.52% A

.53%

.55%

.58%

.60%

.61%

Expenses net of voluntary waivers, if any

.52% A

.53%

.55%

.58%

.60%

.61%

Expenses net of all reductions

.47% A

.48%

.55%

.58%

.59%

.61%

Net investment income

1.11% A

2.49%

3.47%

2.65%

2.90%

2.98%

Supplemental Data

Net assets, end of period
(000 omitted)

$ 1,167,554

$ 1,118,731

$ 926,551

$ 697,926

$ 590,490

$ 487,661

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2002 (Unaudited)

1. Significant Accounting Policies.

Spartan New Jersey Municipal Income Fund (the income fund) is a fund of Fidelity Court Street Trust. Spartan New Jersey Municipal Money Market Fund and Fidelity® New Jersey Municipal Money Market Fund (the money market funds) are funds of Fidelity Court Street Trust II. Each trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Court Street Trust and Fidelity Court Street Trust II (the trusts) are organized as a Massachusetts business trust and a Delaware business trust, respectively. Each fund is authorized to issue an unlimited number of shares. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America which require management to make certain estimates and assumptions at the date of the financial statements. Each fund may be affected by economic and political developments in the state of New Jersey. The following summarizes the significant accounting policies of the income fund and the money market funds.

Security Valuation.

Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. In addition, investments in open-end investment companies are valued at their net asset value each business day. The following summarizes the security valuation policies of the funds.

Income Fund. Securities are valued based upon a computerized matrix system and/or appraisals by a pricing service, both of which consider market transactions and dealer-supplied valuations. Securities (including restricted securities) for which quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADR's, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost.

Money Market Funds. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium.

Income Taxes. As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, each fund is not subject to income taxes to the extent that it distributes all of its taxable income for the fiscal year. The Schedules of Investments include information, if any, regarding income taxes under the caption "Income Tax Information."

Investment Income. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Expenses. Most expenses of each trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Distributions to Shareholders. Dividends are declared daily and paid monthly from net investment income. Distributions to shareholders from realized capital gains on investments, if any, are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for futures transactions, market discount, capital loss carryforwards and losses deferred due to futures transactions. There were no significant book-to-tax differences for the money market funds.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period.

Short-Term Trading (Redemption) Fees. Shares held in the income fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid-in-capital.

Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.

Change in Accounting Principle. Effective December 1, 2001, the income fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. The cumulative effect of this accounting change had no impact on total net assets of the fund, but resulted in a $137,517 increase to the cost of securities held and a corresponding increase to accumulated net undistributed realized gain (loss), based on securities held by the fund on December 1, 2001.

The effect of this change during the period, was to increase net investment income (loss) by $21,158; decrease net unrealized appreciation/ depreciation by $19,017; and decrease net realized gain (loss) by $2,141. The Statement of Changes in Net Assets and Financial Highlights for prior periods have not been restated to reflect this change in presentation.

Semiannual Report

2. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. Each fund may purchase or sell 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. During the time a delayed delivery sell is outstanding, the contract is "marked to market" daily and equivalent deliverable securities are held for the transaction. The values of the securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable fund's Schedule of Investments. Each fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. Certain funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of each applicable fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the income fund and Fidelity New Jersey Municipal Money Market Fund with investment management related services for which the funds pay a monthly management fee.

The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each fund's average net assets. The group fee rate decreases as assets under management increase and increases as assets under

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

management decrease. For the period, each fund's annualized management fee rate expressed as a percentage of each fund's average net assets was as follows:

Individual
Rate

Group
Rate

Total

Spartan New Jersey Municipal Income Fund

.25%

.13%

.38%

Fidelity New Jersey Municipal Money Market Fund

.25%

.13%

.38%

FMR and its affiliates provide Spartan New Jersey Municipal Money Market Fund with investment management related services for which the fund pays a monthly management fee of .43% of the fund's average net assets. FMR pays all other expenses, except the compensation of the non-interested Trustees and certain exceptions such as interest expense. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the fund to the non-interested Trustees.

Transfer Agent and Accounting Fees. Citibank, Inc. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the income fund and Fidelity New Jersey Municipal Money Market Fund. Citibank has entered into a sub-contract with Fidelity Service Company, Inc. (FSC), an affiliate of FMR under which FSC performs the activities associated with the funds' transfer and shareholder servicing agent and accounting functions. The funds pay account fees and asset-based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:

Spartan New Jersey Municipal Income Fund

.07%

Fidelity New Jersey Municipal Money Market Fund

.12%

Central Funds. The funds may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:

Income
Distributions

Spartan New Jersey Municipal Money Market Fund

$ 228,980

Fidelity New Jersey Municipal Money Market Fund

$ 642,400

Semiannual Report

5. Expense Reductions.

FMR agreed to reimburse certain funds to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Spartan New Jersey Municipal Money Market Fund

.35 %

$ 216,963

Through arrangements with the income fund's and Fidelity New Jersey Municipal Money Market Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.

Custody
expense
reduction

Transfer
Agent
expense
reduction

Spartan New Jersey Municipal Income Fund

$ 4,059

$ 43,585

Fidelity New Jersey Municipal Money Market Fund

$ 8,588

$ 270,208

In addition, through an arrangement with Spartan New Jersey Municipal Money Market Fund's custodian and transfer agent, $120,455 of credits realized as a result of uninvested cash balances were used to reduce the fund's expenses.

Semiannual Report

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Semiannual Report

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Semiannual Report

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Semiannual Report

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Spartan®

Florida Municipal
Income Fund

and

Fidelity®
Florida Municipal
Money Market Fund

(formerly Spartan Florida
Municipal Money Market Fund)

Semiannual Report

May 31, 2002

(2_fidelity_logos) (Registered_Trademark)

Contents

President's Message

<Click Here>

Ned Johnson on investing strategies.

Spartan Florida Municipal Income Fund

Performance

<Click Here>

How the fund has done over time.

Fund Talk

<Click Here>

The managers' review of fund performance, strategy and outlook.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Fidelity Florida Municipal Money Market Fund

Performance

<Click Here>

How the fund has done over time.

Fund Talk

<Click Here>

The manager's review of fund performance, strategy and outlook.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months
and one year.

Investments

<Click Here>

A complete list of the fund's investments.

Financial Statements

<Click Here>

Statements of assets and liabilities, operations, and changes in net assets,
as well as financial highlights.

Notes

<Click Here>

Notes to the financial statements.

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 Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board, or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the funds nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Disappointing earnings reports and growing concerns about corporate accounting standards overwhelmed good news on the economic front, resulting in negative returns for most popular benchmarks of U.S. stock performance through the first five months of 2002. As is typical when equities are in turmoil, investors retreated to the fixed-income markets, which explains the positive performance of nearly every bond category year to date.

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

The longer your investment time frame, the less likely it is that you will be affected by short-term market volatility. A 10-year investment horizon appropriate for saving for a college education, for example, enables you to weather market cycles in a long-term fund, which may have a higher risk potential, but also has a higher potential rate of return.

An intermediate-length fund could make sense if your investment horizon is two to four years, while a short-term bond fund could be the right choice if you need your money in one or two years.

If your time horizon is less than a year, you might want to consider moving some of your bond investment into a money market fund. These funds seek income and a stable share price by investing in high-quality, short-term investments. Of course, it's important to remember that an investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these types of funds.

Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy.

If you have questions, please call us at 1-800-544-6666, or visit our web site at www.fidelity.com. We are available 24 hours a day, seven days a week to provide you the information you need to make the investments that are right for you.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Spartan Florida Municipal Income Fund

Performance: The Bottom Line

There are several ways to evaluate a fund's historical performance. You can look at the total percentage change in value, the average annual percentage change or the growth of a hypothetical $10,000 investment. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value). You can also look at the fund's income, as reflected in the fund's yield, to measure performance. If Fidelity had not reimbursed certain fund expenses, the past 10 year total returns would have been lower.

Cumulative Total Returns

Periods ended May 31, 2002

Past 6
months

Past 1
year

Past 5
years

Past 10
years

Spartan® FL Municipal Income

2.61%

6.54%

33.09%

92.20%

LB Florida Municipal Bond

2.67%

6.55%

35.25%

n/a*

Florida Municipal Debt Funds Average

1.97%

5.49%

28.09%

79.09%

Cumulative total returns show the fund's performance over a set period - in this case, six months, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. You can compare the fund's returns to the performance of the Lehman Brothers® Florida Municipal Bond Index - a market value-weighted index of Florida investment-grade municipal bonds with maturities of one year or more. To measure how the fund's performance stacked up against its peers, you can compare it to the Florida municipal debt funds average, which reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. The past six months average represents a peer group of 60 mutual funds. These benchmarks include reinvested dividends and capital gains, if any, and exclude the effect of sales charges.

Average Annual Total Returns

Periods ended May 31, 2002

Past 1
year

Past 5
years

Past 10
years

Spartan FL Municipal Income

6.54%

5.88%

6.75%

LB Florida Municipal Bond

6.55%

6.23%

n/a*

Florida Municipal Debt Funds Average

5.49%

5.07%

5.99%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year. (Note: Lipper calculates average annual total returns by annualizing each fund's total return, then taking an arithmetic average. This may produce a different figure than that obtained by averaging the cumulative total returns and annualizing the result.)

* Not available

Semiannual Report

Spartan Florida Municipal Income Fund

Performance - continued

$10,000 Over 10 Years



$10,000 Over 10 Years: Let's say hypothetically that $10,000 was invested in Spartan® Florida Municipal Income Fund on May 31, 1992. As the chart shows, by May 31, 2002, the value of the investment would have grown to $19,220 - a 92.20% increase on the initial investment. For comparison, look at how the Lehman Brothers Municipal Bond Index - a market value-weighted index of investment-grade municipal bonds with maturities of one year or more - did over the same period. With dividends and capital gains, if any, reinvested, the same $10,000 would have grown to $19,223 - a 92.23% increase.

Understanding
Performance

How a fund did yesterday is no guarantee of how it will do tomorrow. Bond prices, for example, generally move in the opposite direction of interest rates. In turn, the share price, return and yield of a fund that invests in bonds will vary. That means if you sell your shares during a market downturn, you might lose money. But if you can ride out the market's ups and downs, you may have a gain.

3

Semiannual Report

Total Return Components

Six months ended
May 31,

Years ended November 30,

2002

2001

2000

1999

1998

1997

Dividend returns

2.26%

4.89%

5.15%

4.39%

4.77%

5.00%

Capital returns

0.35%

3.71%

2.29%

-6.04%

2.63%

1.69%

Total returns

2.61%

8.60%

7.44%

-1.65%

7.40%

6.69%

Total return components include both dividend returns and capital returns. A dividend return reflects the actual dividends paid by the fund. A capital return reflects both the amount paid by the fund to shareholders as capital gain distributions and changes in the fund's share price. Both returns assume the dividends or capital gains, if any, paid by the fund are reinvested.

Dividends and Yield

Periods ended May 31, 2002

Past 1
month

Past 6
months

Past 1
year

Dividends per share

4.37¢

25.68¢

51.91¢

Annualized dividend rate

4.47%

4.49%

4.51%

30-day annualized yield

3.75%

-

-

30-day annualized tax-equivalent yield

5.77%

-

-

Dividends per share show the income paid by the fund for a set period and do not reflect any tax reclassifications. If you annualize this number, based on an average share price of $11.51 over the past one month, $11.47 over the past six months and $11.51 over the past one year, you can compare the fund's income over these three periods. The 30-day annualized yield is a standard formula for all funds based on the yields of the bonds in the fund, averaged over the past 30 days. This figure shows you the yield characteristics of the fund's investments at the end of the period. It also helps you compare funds from different companies on an equal basis. The tax-equivalent yield shows what you would have to earn on a taxable investment to equal the fund's tax-free yield if you're in the 35.00% federal income tax bracket, but does not reflect the payment of the federal alternative minimum tax, if applicable.

Semiannual Report

Spartan Florida Municipal Income Fund

Fund Talk: The Managers' Overview

Market Recap

Continuing a recent trend, tax-free municipal bonds outperformed the returns of most categories of investment-grade taxable bonds during the six-month period ending May 31, 2002. That in and of itself was good news for municipal bond investors. But when you consider that muni bondholders were getting a better absolute return even before factoring in the higher tax-equivalent yield that munis offer, the news got even better. The steadiness of municipal bond performance during the past six months also attracted equity investors, who'd become shell-shocked by the number of earnings disappointments and corporate accounting irregularities. Other than a difficult December 2001 and March 2002, when stocks rallied and fears of potential interest rate hikes peaked, municipal bonds offered investors solid gains. For the overall six-month period, the muni market gained 2.59% according to the Lehman Brothers® Municipal Bond Index, which measures the performance of approximately 40,000 investment-grade, fixed-rate, tax-exempt bonds. That beat the return of the Lehman Brothers Aggregate Bond Index - a proxy for the taxable bond market - which advanced 2.25%. The muni market also outperformed most major equity benchmarks during the past six months, including the Dow Jones Industrial AverageSM, Standard & Poor's 500SM Index and the NASDAQ Composite® Index.

(Portfolio Manager photograph)
Note to shareholders: The following is an interview with Christine Thompson, who managed Spartan Florida Municipal Income Fund during the period covered by this report, with additional comments from Doug McGinley, who became manager of the fund effective June 1, 2002.

Q. How did the fund perform, Christine?

C.T. For the six-month period ending May 31, 2002, the fund returned 2.61%, while the Florida municipal debt funds average returned 1.97%, according to Lipper Inc. Additionally, the Lehman Brothers Florida Municipal Bond Index returned 2.67%. For the 12-month period ending May 31, 2002, the fund returned 6.54%, while the Lipper average returned 5.49% and the Lehman Brothers index gained 6.55%.

Q. What drove the fund's performance during the past six months?

C.T. It was a volatile period for the municipal market overall due to changing expectations about the economy, inflation, interest rates and the stock market. In December, investors began to anticipate an economic recovery, sending bond prices lower and fueling demand for stocks. Negative sentiment toward bonds continued into the first quarter of 2002, although munis outperformed most taxable bonds as investors sought out relatively high tax-free income. The low prices of municipal bonds helped provide the underpinnings for strong municipal performance in late March. Munis performed well again in April and May as concerns about conflicts in the Middle East and the war on terrorism mounted and the pace of the economic recovery was questioned. The Florida municipal market contended with a large increase in supply as issuers across the state floated more debt to offset budget shortfalls. But much of that supply was offset by strong demand. The fund beat its Lipper peer group due to my focus on securities that offered better value relative to other bonds.

Semiannual Report

Spartan Florida Municipal Income Fund
Fund Talk: The Managers' Overview - continued

Q. Why was this focus on valuations so important?

C.T. The dramatic shifts in market sentiment that characterized the past six months helped demonstrate how uncertain and volatile "market timing" strategies - in which a portfolio is positioned to take advantage of interest rate movements - can be. Rather than try to time the market, I took advantage of heightened volatility to buy bonds whose prices had come under pressure when their maturity, structure or sector temporarily fell out of favor.

Q. What were some of your other main strategies?

C.T. I maintained a defensive positioning in terms of credit quality, focusing on high-quality bonds. About 90% of the fund's investments were in bonds rated A or higher by Moody's Investors Service or Standard & Poor's® at the end of the period. In addition, approximately half of the fund's investments were insured, meaning their principal and interest payments - but not their prices - are guaranteed by a municipal bond insurer. I emphasized high-quality bonds because I didn't feel lower-quality bonds offered enough additional yield to compensate for their added risk and heightened susceptibility to an economic slowdown. I also emphasized municipal issues backed by streams of income that tend to be less sensitive in a slowing economy, such as those issued by electric utilities and transportation and water authorities. I kept a relatively small weighting in general obligation bonds issued by the state - which are backed by tax revenues - because Florida faces critical budget challenges as tax revenues dipped in response to the weak economy and expenses rose.

Q. Were there any disappointments?

C.T. A small number of our health care holdings lagged the overall sector, mainly due to increasingly tough competitive conditions. That said, the vast majority of the fund's more successful health care holdings performed quite well thanks in large part to their ability to pass on higher costs to insurers.

Q. Turning to you, Doug, what's ahead for the Florida municipal market and the fund?

D.M. In addition to the direction of interest rates, another factor I expect to affect the Florida municipal market for the remainder of 2002 will be the balance between supply and demand. I expect Florida municipal issuers to continue to turn to the debt markets as a way to help offset declining tax receipts and expanding costs, which likely means that supply will continue to be strong. So far this year, demand has helped offset increased supply, although it's unclear whether that will remain the case throughout the balance of the year. As for the fund, I plan to continue to maintain a bias toward research-driven strategies because I believe they are best positioned to weather a less-than-robust economy.

Semiannual Report

The views expressed in this report reflect those of the portfolio managers only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: seeks to provide a high level of current income exempt from federal income tax and the Florida intangible tax

Fund number: 427

Trading symbol: FFLIX

Start date: March 16, 1992

Size: as of May 31, 2002, more than $519 million

Manager: Doug McGinley, since June 2002; manager, various Fidelity and Spartan municipal income funds; joined Fidelity in 1992

3

Doug McGinley on the Florida economy:

"Like many states across the country, Florida seemingly remains in a recession, although the worst of the effects of the tragic events of September 11 appear to have diminished. In fact, jobless claims seem to have leveled off, hotels have enjoyed better occupancy rates and most housing markets recently have enjoyed strong performance. Despite current difficulties, the outlook for the state's economy has turned more favorable as the national recession hopefully draws to a close and travel - one of the main components of the Florida economy - slowly recovered. That said, there are some reasons for caution. The meltdown in Argentina and its effect on the Latin American region has curtailed export activity from Florida companies. A continued rebound in tourism isn't necessarily a sure thing, especially if there are significant terror scares. On the other hand, pent-up demand for vacation and travel delayed after September 11 could mean that attendance at the state's theme parks will be strong this summer. Another factor working in Florida's favor over the long term is the aging American population, which should translate into more retired baby boomers moving into the state."

Semiannual Report

Spartan Florida Municipal Income Fund

Investment Changes

Top Five Sectors as of May 31, 2002

% of fund's
net assets

% of fund's net assets
6 months ago

General Obligations

18.2

16.6

Special Tax

13.3

14.3

Escrowed/Pre-Refunded

13.0

11.7

Health Care

12.9

14.1

Transportation

12.8

12.5

Average Years to Maturity as of May 31, 2002

6 months ago

Years

12.3

12.5

Average years to maturity is based on the average time remaining until principal payments are expected from each of the fund's bonds, weighted by dollar amount.

Duration as of May 31, 2002

6 months ago

Years

6.6

6.4

Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example.

Quality Diversification

As of May 31, 2002 As of November 30, 2001

Aaa 74.5%

Aaa 67.8%

Aa, A 15.6%

Aa, A 18.8%

Baa 7.1%

Baa 10.6%

Not Rated 2.8%

Not Rated 2.8%



Rating percentages include securities rated by a nationally recognized rating agency and may include unrated securities considered by Fidelity to be of comparable quality. Amounts shown are as a percentage of the fund's investments.

Semiannual Report

Spartan Florida Municipal Income Fund

Investments May 31, 2002 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 100.4%

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Florida - 97.5%

Alachua County Health Facilities Auth. Health
Facilities Rev. (Avmed/Santa Fe Health Sys. Proj.):

6% 11/15/09 (Escrowed to Maturity) (e)

Baa1

$ 2,195,000

$ 2,402,406

6.05% 11/15/16 (Escrowed to Maturity) (e)

Baa1

6,230,000

6,994,857

Bay County Wtr. Sys. Rev. 5.7% 9/1/30 (AMBAC Insured)

Aaa

10,605,000

11,121,029

Boynton Beach Util. Sys. Rev. 5.5% 11/1/17 (FGIC Insured) (b)

AAA

2,965,000

3,165,256

Broward County Arpt. Sys. Rev.:

Series 1998 H1, 5.25% 10/1/11
(AMBAC Insured) (d)

Aaa

1,505,000

1,586,089

Series H1:

4.5% 10/1/03 (AMBAC Insured) (d)

Aaa

3,425,000

3,534,737

4.5% 10/1/04 (AMBAC Insured) (d)

Aaa

3,280,000

3,408,150

Broward County Gen. Oblig. Series 2001 A, 5.25% 1/1/21

Aa1

3,500,000

3,553,410

Broward County Hsg. Fin. Auth. Single Family Mtg. Rev. 6.65% 8/1/21 (d)

Aaa

230,000

238,517

Cap. Projs. Fin. Auth. Student Hsg. Rev.:

5.5% 10/1/11 (MBIA Insured)

Aaa

2,275,000

2,430,610

5.5% 10/1/12 (MBIA Insured)

Aaa

1,460,000

1,560,725

5.5% 10/1/13 (MBIA Insured)

Aaa

1,265,000

1,349,540

Cape Canaveral Hosp. District Rev. Ctfs. 5.25% 1/1/18 (MBIA Insured)

Aaa

2,745,000

2,801,629

Clearwater Impt. Rev. Series 2001, 5.25% 2/1/22 (FSA Insured)

Aaa

2,200,000

2,227,038

Dade County Aviation Rev.:

(Miami Int'l. Arpt. Proj.):

Series A:

5.75% 10/1/03 (FSA Insured) (d)

Aaa

1,800,000

1,886,868

6% 10/1/08 (FSA Insured) (d)

Aaa

4,175,000

4,631,870

Series B, 5% 10/1/11 (FSA Insured) (d)

Aaa

3,300,000

3,435,267

Series B, 6.3% 10/1/05 (AMBAC Insured)

Aaa

1,200,000

1,313,952

Series C, 5.5% 10/1/11 (MBIA Insured)

Aaa

5,200,000

5,576,844

Series D, 5.75% 10/1/09 (AMBAC Insured) (d)

Aaa

2,125,000

2,290,559

Series Y, 5.3% 10/1/05

A1

3,460,000

3,639,920

Dade County Gen. Oblig.:

Series CC, 6.8% 10/1/03 (AMBAC Insured)

Aaa

1,050,000

1,116,255

Series DD, 7.7% 10/1/07 (AMBAC Insured)

Aaa

1,000,000

1,204,250

Dade County Resource Recovery Facilities Rev. 5.5% 10/1/09 (AMBAC Insured) (d)

Aaa

5,000,000

5,381,000

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Florida - continued

Dade County School Board Ctfs. of Prtn.
Series B, 5.75% 8/1/19 (AMBAC Insured) (Pre-Refunded to 8/1/06 @ 101) (e)

Aaa

$ 1,500,000

$ 1,671,360

Dade County Spl. Oblig. Series B:

0% 10/1/03 (AMBAC Insured)

Aaa

4,160,000

4,043,478

0% 10/1/04 (AMBAC Insured)

Aaa

5,045,000

4,752,340

0% 10/1/16 (AMBAC Insured) (Pre-Refunded to 10/1/08 @ 63.072) (e)

Aaa

4,300,000

2,120,588

0% 10/1/21 (AMBAC Insured) (Pre-Refunded to 10/1/08 @ 45.5634) (e)

Aaa

4,140,000

1,474,916

0% 10/1/23 (AMBAC Insured) (Pre-Refunded to 10/1/08 @ 40.1315) (e)

Aaa

12,230,000

3,837,529

0% 10/1/27 (AMBAC Insured) (Pre-Refunded to 10/1/08 @ 30.8464) (e)

Aaa

5,325,000

1,284,337

Dade County Wtr. & Swr. Sys. Rev. 5.25% 10/1/21 (FGIC Insured)

Aaa

2,970,000

3,005,670

De Soto County Cap. Impt. Rev.:

5.25% 10/1/21 (MBIA Insured)

Aaa

1,640,000

1,667,650

5.25% 10/1/22 (MBIA Insured)

Aaa

1,725,000

1,748,339

Dunedin Hosp. Rev. (Mease Health Care Proj.) 5.25% 11/15/06 (MBIA Insured)

Aaa

1,400,000

1,463,476

Duval County School District 6.3% 8/1/06 (AMBAC Insured)

Aaa

5,000,000

5,130,850

Escambia County Health Facilities Auth. Health Facilities Rev.:

(Baptist Hosp. & Baptist Manor Proj.):

5% 10/1/07

A3

1,210,000

1,247,982

6.75% 10/1/14

A3

400,000

419,200

6.75% 10/1/14 (Pre-Refunded to 10/1/03 @ 102) (e)

A3

2,555,000

2,775,726

(Baptist Hosp., Inc. Proj.) Series B, 6% 10/1/14

A3

2,825,000

2,850,905

Escambia County Sales Tax Rev. 5.55% 1/1/07 (FGIC Insured)

Aaa

2,000,000

2,074,660

Escambia County Utils. Auth. Util. Sys. Rev. Series B, 6.25% 1/1/15 (FGIC Insured)

Aaa

1,500,000

1,752,750

Florida Board of Ed. Cap. Outlay:

Series B:

5.5% 6/1/12

Aa2

7,945,000

8,725,040

5.625% 6/1/08 (Pre-Refunded to 6/1/05 @ 101) (e)

Aaa

1,000,000

1,091,470

Series C, 5.75% 6/1/29 (FGIC Insured)

Aaa

2,000,000

2,093,220

Series E, 5.625% 6/1/29

Aa2

3,000,000

3,104,280

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Florida - continued

Florida Board of Ed. Cap. Outlay: - continued

Series F, 5.5% 6/1/17

Aa2

$ 3,000,000

$ 3,139,140

Series G, 5.25% 6/1/12 (FGIC Insured)

Aaa

8,000,000

8,662,720

Florida Board of Ed. Lottery Rev.:

Series 2000 A, 5.75% 7/1/11 (FGIC Insured)

Aaa

1,000,000

1,123,480

Series A, 5.5% 7/1/11 (AMBAC Insured)

Aaa

2,770,000

3,042,374

Florida Board of Ed. Pub. Ed.:

Series 2000 A, 5.25% 6/1/24

Aa2

1,400,000

1,409,212

Series A, 5.125% 6/1/30

Aa2

1,360,000

1,341,368

Series D, 5% 6/1/11

Aa2

1,160,000

1,234,588

Florida Dept. Envir. Protection Preservation Rev.:

Series 2001 A, 5.25% 7/1/08 (FSA Insured)

Aaa

5,000,000

5,434,300

Series A, 5.75% 7/1/10 (FGIC Insured)

Aaa

1,565,000

1,749,201

Florida Dept. of Trans. 5.375% 7/1/15 (MBIA Insured)

Aa2

2,110,000

2,265,001

Florida Division of Bond Fin. Dept. Gen. Svcs. Revs. (Dept. of Envir. Protection Proj.) Series 1997 B, 6% 7/1/10 (AMBAC Insured)

Aaa

1,030,000

1,168,072

Florida Hsg. Fin. Agcy. Rev. (Single Family Mtg. Prog.):

Series A:

6.35% 7/1/14

Aaa

800,000

830,368

6.55% 7/1/14 (d)

Aaa

1,240,000

1,293,556

Series B, 6.55% 7/1/17 (d)

Aaa

795,000

822,992

Florida Mid-Bay Bridge Auth. Rev. Series A, 6.875% 10/1/22 (Escrowed to Maturity) (e)

-

3,000,000

3,715,620

Florida Muni. Pwr. Agcy. Rev. (Stanton II Proj.):

5.5% 10/1/18 (AMBAC Insured)

Aaa

1,350,000

1,427,814

5.5% 10/1/19 (AMBAC Insured)

Aaa

2,430,000

2,557,891

Gainesville Utils. Sys. Rev.:

Series A, 5.2% 10/1/22

Aa3

3,270,000

3,284,911

Series B, 5.5% 10/1/13

Aa3

1,500,000

1,585,515

Greater Orlando Aviation Auth. Arpt. Facilities Rev. Series A, 6.5% 10/1/05 (FGIC Insured) (d)

Aaa

3,550,000

3,666,334

Gulf Breeze Rev.:

Series 1985 C, 5%, tender 12/1/12 (FGIC Insured) (c)

Aaa

1,825,000

1,924,919

Series 1985 E:

4.375%, tender 12/1/04 (FGIC Insured) (c)

Aaa

1,000,000

1,047,440

4.625%, tender 12/1/05 (FGIC Insured) (c)

Aaa

1,040,000

1,099,831

5%, tender 12/1/11 (FGIC Insured) (c)

Aaa

1,330,000

1,409,827

5%, tender 12/1/13 (FGIC Insured) (c)

Aaa

1,465,000

1,533,679

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Florida - continued

Highlands County Health Facilities Auth. Rev. (Adventist Health Sys./Sunbelt Proj.) Series 2001 A, 6% 11/15/31

Baa1

$ 2,300,000

$ 2,334,155

Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev. (Health Facilities/Univ. Cmnty. Hosp. Proj.) Series 1999 A, 5.625% 8/15/19

Baa1

5,000,000

4,719,850

Hillsborough County Port District Spl. Refing. Rev. (Tampa Port Auth. Proj.):

6.5% 6/1/03 (FSA Insured) (d)

Aaa

2,000,000

2,091,520

6.5% 6/1/05 (FSA Insured) (d)

Aaa

2,000,000

2,190,880

Hillsborough County School Board Ctfs. of Ptrn. (Master Lease Prog.) Series A, 5.25% 7/1/22 (MBIA Insured)

Aaa

4,905,000

4,950,077

Hillsborough County School District Sales Tax Rev. 5.375% 10/1/16 (AMBAC Insured)

Aaa

6,000,000

6,350,700

Hillsborough County Util. Rev.:

Series A:

0% 8/1/05 (MBIA Insured) (Escrowed to Maturity) (e)

Aaa

5,200,000

4,720,404

0% 8/1/06 (MBIA Insured) (Escrowed to Maturity) (e)

Aaa

4,500,000

3,914,910

0% 8/1/07 (MBIA Insured) (Escrowed to Maturity) (e)

Aaa

6,500,000

5,394,154

5.5% 8/1/11 (AMBAC Insured)

Aaa

5,250,000

5,770,013

Jacksonville Elec. Auth. Rev.:

(Saint Johns River Proj.):

Series 10 Issue 2, 6.5% 10/1/03

Aa2

1,500,000

1,568,085

Series 16 Issue 2, 5.375% 10/1/13

Aa2

4,000,000

4,161,600

Series A, 6.125% 10/1/39

Aa3

4,160,000

4,535,482

Jacksonville Excise Tax Rev.:

Series B:

5.5% 10/1/10 (FGIC Insured) (d)

Aaa

1,540,000

1,682,558

5.5% 10/1/11 (FGIC Insured) (d)

Aaa

2,730,000

2,961,067

6.25% 10/1/05 (AMBAC Insured)

Aaa

1,000,000

1,035,520

Jacksonville Health Facilities Auth. Hosp. Rev. (Charity Obligated Group Proj.) Series A:

5.25% 8/15/08 (MBIA Insured)

Aaa

3,720,000

4,012,466

5.5% 8/15/05 (MBIA Insured)

Aaa

1,600,000

1,724,448

Jacksonville Health Facilities Auth. Indl. Dev. Rev. (Cypress Village/Nat'l. Benevolent Assoc. Proj.):

6.25% 12/1/23

Baa2

610,000

595,775

7% 12/1/14

Baa1

1,000,000

1,026,060

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Florida - continued

Jacksonville Health Facilities Auth. Indl. Dev. Rev. (Cypress Village/Nat'l. Benevolent Assoc. Proj.): - continued

7% 12/1/22

Baa1

$ 2,000,000

$ 2,051,540

8% 12/1/24

Baa2

2,740,000

2,897,879

Jacksonville Indl. Dev. Rev. (Cargill, Inc. Proj.) 6.4% 3/1/11 (f)

-

1,250,000

1,279,475

Jacksonville Port Auth. Arpt. Rev. 5% 10/1/05 (FGIC Insured) (d)

Aaa

2,550,000

2,664,215

Jupiter Wtr. Rev.:

5.375% 10/1/16 (AMBAC Insured)

Aaa

1,040,000

1,106,030

5.375% 10/1/17 (AMBAC Insured)

Aaa

1,000,000

1,056,740

5.375% 10/1/18 (AMBAC Insured)

Aaa

1,160,000

1,218,046

Lakeland Elec. & Wtr. Rev. 0% 10/1/09
(FGIC Insured) (Escrowed to Maturity) (e)

Aaa

2,340,000

1,735,929

Lakeland Energy Sys. Rev.:

Series B, 5.5% 10/1/40 (MBIA Insured)

Aaa

3,000,000

3,056,190

5.5% 10/1/14 (MBIA Insured)

Aaa

1,000,000

1,078,090

Lee County Arpt. Rev. 5% 10/1/05 (FSA Insured) (b)

Aaa

3,500,000

3,733,345

Lee County Hosp. Board of Directors Hosp. Rev. (Lee Memorial Health Sys. Proj.) 6% 4/1/07 (MBIA Insured)

Aaa

2,310,000

2,551,464

Lee County Indl. Dev. Auth. Health Care Facilities Rev. (Shell Point Village Proj.):

Series A:

5.25% 11/15/07

BBB-

1,250,000

1,244,500

5.5% 11/15/09

BBB-

800,000

798,456

Series C, 5.5% 11/15/29

BBB-

4,075,000

3,555,438

Leesburg Hosp. Rev. (Leesburg Reg'l. Med. Ctr. Proj.) Series B, 5.625% 7/1/13

A2

2,795,000

2,829,798

Martin County Utils. Sys. Rev. 5.5% 10/1/16 (FGIC Insured)

Aaa

1,265,000

1,347,478

Melbourne Arpt. Rev.:

6.25% 10/1/02 (MBIA Insured) (d)

Aaa

260,000

263,947

6.25% 10/1/03 (MBIA Insured) (d)

Aaa

270,000

284,783

6.5% 10/1/04 (MBIA Insured) (d)

Aaa

290,000

314,288

6.5% 10/1/05 (MBIA Insured) (d)

Aaa

310,000

342,187

6.5% 10/1/06 (MBIA Insured) (d)

Aaa

325,000

363,922

6.75% 10/1/07 (MBIA Insured) (d)

Aaa

350,000

401,226

6.75% 10/1/08 (MBIA Insured) (d)

Aaa

375,000

431,610

6.75% 10/1/09 (MBIA Insured) (d)

Aaa

400,000

462,372

6.75% 10/1/10 (MBIA Insured) (d)

Aaa

425,000

496,634

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Florida - continued

Miami Beach Stormwater Rev.:

5.375% 9/1/30 (FGIC Insured)

Aaa

$ 1,000,000

$ 1,010,640

5.75% 9/1/13 (FGIC Insured)

Aaa

1,380,000

1,536,671

Miami Beach Wtr. & Swr. Rev. 5.5% 9/1/27 (AMBAC Insured)

Aaa

6,000,000

6,157,440

Miami-Dade County Aviation Rev.:

Series A, 5% 10/1/05 (FGIC Insured) (d)

Aaa

2,550,000

2,695,121

Series C, 5.25% 10/1/12 (MBIA Insured) (d)

Aaa

5,185,000

5,420,503

Miami-Dade County Edl. Facilities Auth. Rev. Series A, 5.75% 4/1/29 (AMBAC Insured)

Aaa

6,520,000

6,869,016

Miami-Dade County Health Facilities Auth. Hosp. Rev. (Miami Childrens Hosp. Proj.) Series A, 5.5% 8/15/11 (AMBAC Insured)

Aaa

3,000,000

3,264,690

Miami-Dade County School Board Ctfs. of Prtn. Series A:

5.75% 10/1/12 (FSA Insured)

Aaa

2,530,000

2,783,380

5.75% 10/1/13 (FSA Insured)

Aaa

2,030,000

2,211,888

5.75% 10/1/14 (FSA Insured)

Aaa

2,000,000

2,163,520

North Miami Edl. Facilities Rev. (Johnson & Wales Univ. Proj.) Series A, 6.125% 4/1/20

-

6,605,000

6,797,602

Orange County Health Facilities Auth. Rev.:

(Adventist Health Sys./Sunbelt Oblig. Group Proj.):

5.75% 11/15/05 (AMBAC Insured)

Aaa

2,735,000

2,981,205

6.5% 11/15/30

Baa1

2,500,000

2,621,200

(Orlando Reg'l. Health Care Sys. Proj.):

Series 1999 D, 5.75% 10/1/11 (MBIA Insured)

Aaa

4,200,000

4,668,678

Series A, 6.25% 10/1/18 (MBIA Insured)

Aaa

2,500,000

2,913,000

Series A, 6% 10/1/05 (MBIA Insured)

Aaa

1,465,000

1,601,465

Orange County Hsg. Fin. Auth. Single Family Mtg. Rev. (Mtg. Backed Securities Prog.) 6.4% 10/1/14 (d)

AAA

975,000

1,014,556

Orange County School Board Ctfs. of Prtn.
Series A:

5.25% 8/1/15 (AMBAC Insured)

Aaa

8,000,000

8,496,800

5.5% 8/1/15 (MBIA Insured)

A2

2,265,000

2,428,284

5.5% 8/1/16 (MBIA Insured)

A2

2,175,000

2,319,094

Orange County Tourist Dev. Tax Rev.:

5.5% 10/1/22 (AMBAC Insured)

Aaa

3,270,000

3,379,055

5.5% 10/1/31 (AMBAC Insured)

Aaa

8,485,000

8,668,531

Orlando & Orange County Expressway Auth. Rev. 5.097% 7/1/04 (FGIC Insured)

Aaa

6,600,000

6,889,278

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Florida - continued

Orlando Utils. Commission Wtr. & Elec. Rev.:

Series 2001, 5.25% 10/1/20

Aa1

$ 7,000,000

$ 7,153,160

Sub Series D, 6.75% 10/1/17

Aa2

7,250,000

8,709,208

5.538% 10/31/13 (Pre-Refunded to 10/1/03 @ 102) (e)

Aaa

9,400,000

10,085,918

Palm Beach County Gen. Oblig. (Land Acquisition Proj.) Series A:

5.375% 6/1/13

Aa1

2,260,000

2,427,986

5.5% 6/1/15

Aa1

1,000,000

1,070,480

Palm Beach County School Board Ctfs. of Prtn. Series A:

5.375% 8/1/14 (FSA Insured)

Aaa

2,060,000

2,213,388

5.5% 8/1/21 (AMBAC Insured)

Aaa

2,500,000

2,603,375

Palm Beach County School District 5% 8/1/07 (MBIA Insured)

Aaa

7,000,000

7,537,110

Pasco County Solid Waste Disp. & Resource Recovery Sys. Rev.:

5.75% 4/1/04 (AMBAC Insured) (d)

Aaa

3,380,000

3,568,165

6% 4/1/08 (AMBAC Insured) (d)

Aaa

2,400,000

2,650,512

6% 4/1/10 (AMBAC Insured) (d)

Aaa

5,770,000

6,404,065

6% 4/1/11 (AMBAC Insured) (d)

Aaa

5,000,000

5,557,650

Pensacola Arpt. Rev. Series A, 6.125% 10/1/18 (MBIA Insured) (d)

Aaa

1,500,000

1,624,935

Pinellas County Cap. Impt. Rev. 5.75% 1/1/09 (FGIC Insured)

Aaa

2,500,000

2,768,775

Plantation Health Facilities Auth. Rev. (Covenant Retirement Communities, Inc. Proj.) 7.75% 12/1/22 (Pre-Refunded to 12/1/02 @ 102) (e)

-

2,500,000

2,625,200

Polk County Indl. Dev. Auth. Indl. Dev. Rev. (Winter Haven Hosp. Proj.) Series 2, 6.25% 9/1/15 (MBIA Insured)

Aaa

1,380,000

1,433,558

Saint Petersburg Pub. Impt. Rev. 5% 2/1/10 (MBIA Insured)

Aaa

5,895,000

6,272,752

Saint Petersburg Util. Tax Rev. Series 2002, 5% 6/1/09 (AMBAC Insured)

Aaa

2,560,000

2,742,170

South Broward Hosp. District Rev. 5.625% 5/1/32

A1

2,600,000

2,565,498

South Miami Health Facilities Auth. Hosp. Rev. (Baptist Health Sys. Oblig. Group Proj.) 5.5% 10/1/05 (MBIA Insured)

Aaa

1,980,000

2,139,885

Sumter County School District Rev. (Multi-District Ln. Prog.) 7.15% 11/1/15 (FSA Insured)

Aaa

995,000

1,259,272

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Florida - continued

Sunrise Util. Sys. Rev. Series A, 0% 10/1/02 (AMBAC Insured)

Aaa

$ 1,000,000

$ 994,420

Sunshine State Govt. Fing. Commission Rev. Series A, 5.5% 10/1/05 (FGIC Insured)

Aaa

1,000,000

1,084,050

Tampa Bay Wtr. Util. Sys. Rev.:

Series 1999, 5.75% 10/1/29 (FGIC Insured) (Pre-Refunded to 10/1/11 @ 100) (e)

Aaa

7,320,000

8,277,749

Series B, 5.125% 10/1/12 (FGIC Insured)

Aaa

3,005,000

3,178,839

0% 10/1/04 (FGIC Insured)

Aaa

6,000,000

5,658,420

Tampa Gen. Oblig. (Catholic Health East Proj.) Series A1:

4.7% 11/15/10 (MBIA Insured)

Aaa

1,500,000

1,540,200

5.5% 11/15/08 (MBIA Insured)

Aaa

1,000,000

1,084,970

Tampa Sales Tax Rev.:

Series 2001 A:

5.375% 10/1/18 (AMBAC Insured)

Aaa

2,465,000

2,588,349

5.375% 10/1/19 (AMBAC Insured)

Aaa

2,650,000

2,771,582

Series A, 5.375% 10/1/15 (AMBAC Insured)

Aaa

2,150,000

2,308,498

Tampa Sports Auth. Rev. (Stadium Proj.) 6% 1/1/05 (MBIA Insured)

Aaa

2,235,000

2,412,414

Tampa Wtr. & Swr. Rev.:

5.5% 10/1/07 (FSA Insured) (b)

Aaa

1,970,000

2,146,256

6% 10/1/13 (FSA Insured) (b)

Aaa

1,000,000

1,135,370

Volusia County Edl. Facilities Auth. Rev. (Embry Riddle Aeronautical Univ. Proj.) Series A, 6.125% 10/15/16

Baa2

2,500,000

2,634,400

Winter Park Gen. Oblig. 5.25% 7/1/18

Aa1

1,000,000

1,031,500

506,413,699

Puerto Rico - 2.9%

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

Series 1996 Y, 5% 7/1/36 (MBIA Insured)

Aaa

3,000,000

2,947,890

Series Y, 5.5% 7/1/36 (FSA Insured)

Aaa

2,400,000

2,504,760

Puerto Rico Commonwealth Hwy. & Trans. Auth. Rev. Series 2000 C, 6% 7/1/29

Baa1

3,000,000

3,272,010

Municipal Bonds - continued

Ratings
(unaudited) (a)

Principal
Amount

Value
(Note 1)

Puerto Rico - continued

Puerto Rico Commonwealth Infrastructure Fing. Auth. Series A, 5.5% 10/1/32 (Escrowed to Maturity) (e)

Aaa

$ 4,060,000

$ 4,244,446

Puerto Rico Muni. Fin. Agcy. Series A, 5.5% 8/1/23 (FSA Insured)

Aaa

1,750,000

1,823,885

14,792,991

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $499,247,820)

521,206,690

NET OTHER ASSETS - (0.4)%

(1,932,150)

NET ASSETS - 100%

$ 519,274,540

Legend

(a) For certain securities not individually rated by a nationally recognized rating agency, the ratings listed have been assigned by Fidelity.

(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

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

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

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition
Date

Acquisition
Cost

Jacksonville Indl. Dev. Rev. (Cargill, Inc. Proj.) 6.4% 3/1/11

7/9/92

$ 1,250,000

Other Information

The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows:

General Obligations

18.2%

Special Tax

13.3

Escrowed/Pre-Refunded

13.0

Health Care

12.9

Transportation

12.8

Water & Sewer

11.5

Electric Utilities

6.4

Others* (individually less than 5%)

11.9

100.0%

*Includes net other assets

Purchases and sales of securities, other than short-term securities, aggregated $86,202,864 and $76,137,468, respectively.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,279,475 or 0.2% of net assets.

Income Tax Information

At May 31, 2002, the aggregate cost of investment securities for income tax purposes was $498,761,299. Net unrealized appreciation aggregated $22,445,391, of which $23,195,500 related to appreciated investment securities and $750,109 related to depreciated investment securities.

At November 30, 2001, the fund had a capital loss carryforward of approximately $1,122,000 of which $1,115,000 and $7,000 will expire on November 30, 2008 and 2009, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Spartan Florida Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

May 31, 2002 (Unaudited)

Assets

Investment in securities, at value (cost $499,247,820) - See accompanying schedule

$ 521,206,690

Cash

6,505,434

Receivable for investments sold

1,219,015

Receivable for fund shares sold

852,290

Interest receivable

5,862,528

Other receivables

7,886

Total assets

535,653,843

Liabilities

Payable for investments purchased
Regular delivery

$ 4,750,091

Delayed delivery

9,898,188

Payable for fund shares redeemed

706,444

Distributions payable

807,316

Accrued management fee

162,022

Other payables and accrued expenses

55,242

Total liabilities

16,379,303

Net Assets

$ 519,274,540

Net Assets consist of:

Paid in capital

$ 494,472,503

Undistributed net investment income

715,624

Accumulated undistributed net realized gain (loss) on investments

2,127,543

Net unrealized appreciation (depreciation) on investments

21,958,870

Net Assets, for 44,944,714 shares outstanding

$ 519,274,540

Net Asset Value, offering price and redemption price per share ($519,274,540 ÷ 44,944,714 shares)

$ 11.55

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Spartan Florida Municipal Income Fund
Financial Statements - continued

Statement of Operations

Six months ended May 31, 2002 (Unaudited)

Investment Income

Interest

$ 12,632,652

Expenses

Management fee

$ 973,107

Transfer agent fees

173,087

Accounting fees and expenses

79,998

Non-interested trustees' compensation

824

Custodian fees and expenses

4,519

Registration fees

18,411

Audit

15,836

Legal

5,201

Miscellaneous

1,266

Total expenses before reductions

1,272,249

Expense reductions

(82,808)

1,189,441

Net investment income (loss)

11,443,211

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

2,944,298

Futures contracts

35,208

Total net realized gain (loss)

2,979,506

Change in net unrealized appreciation (depreciation) on investment securities

(1,069,738)

Net gain (loss)

1,909,768

Net increase (decrease) in net assets resulting from operations

$ 13,352,979

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Six months ended
May 31, 2002
(Unaudited)

Year ended
November 30,
2001

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 11,443,211

$ 22,021,955

Net realized gain (loss)

2,979,506

26,522

Change in net unrealized appreciation (depreciation)

(1,069,738)

14,709,869

Net increase (decrease) in net assets resulting
from operations

13,352,979

36,758,346

Distributions to shareholders from net investment income

(11,519,321)

(21,223,527)

Distributions to shareholders from net realized gain

-

(77,471)

Total distributions

(11,519,321)

(21,300,998)

Share transactions
Net proceeds from sales of shares

95,183,143

159,871,166

Reinvestment of distributions

6,772,629

12,469,765

Cost of shares redeemed

(95,306,759)

(91,126,792)

Net increase (decrease) in net assets resulting from share transactions

6,649,013

81,214,139

Redemption fees

30,233

13,993

Total increase (decrease) in net assets

8,512,904

96,685,480

Net Assets

Beginning of period

510,761,636

414,076,156

End of period (including undistributed net investment income of $715,624 and undistributed net investment income of $798,179, respectively)

$ 519,274,540

$ 510,761,636

Other Information

Shares

Sold

8,312,098

13,952,346

Issued in reinvestment of distributions

589,853

1,089,726

Redeemed

(8,328,323)

(7,961,617)

Net increase (decrease)

573,628

7,080,455

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months
ended
May 31, 2002

Years ended November 30,

(Unaudited)

2001

2000

1999

1998

1997

Selected Per-Share Data

Net asset value, beginning of period

$ 11.510

$ 11.100

$ 10.880

$ 11.670

$ 11.420

$ 11.230

Income from Investment Operations

Net investment income (loss)

.255 D, F

.547 D

.535 D

.515

.526

.539

Net realized and unrealized gain (loss)

.041 F

.393

.246

(.702)

.300

.190

Total from investment operations

.296

.940

.781

(.187)

.826

.729

Distributions from net investment income

(.257)

(.528)

(.535)

(.515)

(.526)

(.539)

Distributions from net realized gain

-

(.002)

(.025)

(.090)

(.050)

-

Distributions in excess of net realized gain

-

-

(.003)

-

-

-

Total distributions

(.257)

(.530)

(.563)

(.605)

(.576)

(.539)

Redemption fees added to paid in capital

.001

-

.002

.002

-

-

Net asset value, end of period

$ 11.550

$ 11.510

$ 11.100

$ 10.880

$ 11.670

$ 11.420

Total Return B, C

2.61%

8.60%

7.44%

(1.65)%

7.40%

6.69%

Ratios to Average Net Assets E

Expenses before expense reductions

.50% A

.49%

.51%

.55%

.55%

.55%

Expenses net of voluntary waivers, if any

.50% A

.49%

.51%

.55%

.55%

.55%

Expenses net of all
reductions

.46% A

.40%

.49%

.54%

.55%

.55%

Net investment income (loss)

4.46% A, F

4.78%

4.93%

4.56%

4.56%

4.81%

Supplemental Data

Net assets, end of period (000 omitted)

$ 519,275

$ 510,762

$ 414,076

$ 420,037

$ 448,482

$ 408,391

Portfolio turnover rate

30% A

12%

30%

25%

24%

25%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

F Effective December 1, 2001, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. The effect of this change during the period was to increase net investment income (loss) per share by $.001 and decrease net realized and unrealized gain (loss) per share by $.001. Without this change the ratio of net investment income (loss) to average net assets would have been 4.44%. Per share data, ratios and supplemental data for prior periods have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Florida Municipal Money Market Fund

Performance: The Bottom Line

To evaluate a money market fund's historical performance, you can look at either total return or yield. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income. Yield measures the income paid by a fund. Since a money market fund tries to maintain a $1 share price, yield is an important measure of performance. If Fidelity had not reimbursed certain fund expenses, the life of fund total returns would have been lower.

Cumulative Total Returns

Periods ended May 31, 2002

Past 6
months

Past 1
year

Past 5
years

Life of
fund

Fidelity® FL Municipal Money Market

0.58%

1.64%

15.62%

32.87%

Florida Tax-Free Money Market Funds Average

0.45%

1.37%

14.60%

n/a*

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or since the fund started on August 24, 1992. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. To measure how the fund's performance stacked up against its peers, you can compare it to the Florida tax-free money market funds average, which reflects the performance of tax-free money market funds with similar objectives tracked by iMoneyNet, Inc. The past six months average represents a peer group of 19 money market funds.

Average Annual Total Returns

Periods ended May 31, 2002

Past 1
year

Past 5
years

Life of
fund

Fidelity FL Municipal Money Market

1.64%

2.95%

2.95%

Florida Tax-Free Money Market Funds Average

1.37%

2.76%

n/a*

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

* Not available

Semiannual Report

Fidelity Florida Municipal Money Market Fund
Performance - continued

Yields

6/3/02

2/25/02

12/3/01

9/3/01

5/28/01

Fidelity Florida Municipal
Money Market Fund

1.20%

1.03%

1.52%

1.97%

2.77%

Florida Tax-Free Money Market
Funds Average

1.00%

0.82%

1.24%

1.80%

2.54%

Fidelity Florida Municipal
Money Market Fund -
Tax-equivalent

1.85%

1.58%

2.34%

3.03%

4.26%

Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, expressed as annual percentage rates. A yield that assumes income earned is reinvested or compounded is called an effective yield. The table above shows the fund's current seven-day yield at quarterly intervals over the past year. You can compare these yields to the Florida tax-free money market funds average. Or you can look at the fund's tax-equivalent yield, which is based on an effective federal income tax rate of 35.00%. A portion of the fund's income may be subject to the federal alternative minimum tax. Figures for the Florida tax-free money market funds average are from iMoneyNet, Inc.

A money market fund's total returns and yields will vary, and reflect past results rather than predict future performance.

Comparing
Performance

Yields on tax-free investments are usually lower than yields on taxable investments. However, a straight comparison between the two may be misleading because it ignores the way taxes reduce taxable returns. Tax-equivalent yield - the yield you'd have to earn on a similar taxable investment to match the tax-free yield - makes the comparison more meaningful. Keep in mind that the U.S. government neither insures nor guarantees a money market fund. In fact, there is no assurance that a money market will maintain a $1 share price.

3

Semiannual Report

Fidelity Florida Municipal Money Market Fund

Fund Talk: The Manager's Overview

(Portfolio Manager photograph)
An interview with Michael Marchese, Portfolio Manager of Fidelity Florida Municipal Money Market Fund

Q. Mike, what was the investment environment like during the six months that ended May 31, 2002?

A. We witnessed a shift in the direction of Federal Reserve Board monetary policy during the period, as the Fed responded to a strengthening U.S. economy. In December 2001, the Fed lowered the rate that banks charge each other for overnight loans - known as the fed funds target rate - to 1.75%, its lowest level in 40 years. This rate cut was a continuation of the Fed's policy of lowering interest rates throughout 2001 in an attempt to stimulate economic growth. Since then, the Fed has kept the target rate unchanged, moving to a neutral stance that it has reaffirmed at subsequent meetings. Given the economy's strong growth in the first quarter of 2002 - gross domestic product grew at an annual rate of 5.6% - many investors anticipated that the Fed would quickly raise rates in order to temper growth and avoid inflation. However, it appears that the Fed remained uncertain about how much of this growth was attributable to an increase in inventories, as well as whether the unemployment rate had peaked - a traditional signal that the economy is poised for sustainable growth.

Q. What factors influenced the municipal money markets in general and Florida's in particular?

A. Typically, municipal interest rates spike in April as investors withdraw assets from municipal money market funds to pay federal and state income taxes. With the economy slowing in 2001, individual income tax bills payable in April 2002 were considerably lower than in 2001. Since less money flowed out of the market, the spike in interest rates that normally occurs was muted. Diminished economic activity also reduced state tax collections, leading to some deterioration in the credit quality of certain state and local governments. Florida was initially hit by reductions in sales tax collections due to reduced tourism after September 11. However, both state and municipal governments were able to stabilize their budgets by reducing spending, enabling them to generally maintain their solid credit quality.

Q. What was your strategy with the fund?

A. The fund's assets grew from $534 million at the beginning of the period to a high of $1.75 billion, the largest size the fund has ever reached. This growth occurred mainly in December, as shareholders invested in the fund to shelter some of their assets from the Florida intangibles tax levied on December 31 of each year. As money came in throughout December, my strategy was to keep the fund as fully invested as possible to assure exemption from the Florida intangibles tax. In January, the seasonal investment reversed, with cash starting to flow out of the fund. As a result, assets shrunk to $686 million at the end of May. As I liquidated many of the fund's positions, I focused on maximizing the return by taking advantage of opportunities all along the yield curve. I also positioned the fund to capitalize on an expected increase in rates toward the end of this year, as reflected in the futures market.

Semiannual Report

Fidelity Florida Municipal Money Market Fund
Fund Talk: The Manager's Overview - continued

Q. How did the fund perform?

A. The fund's seven-day yield on May 31, 2002, was 1.25%, compared to 1.56% six months ago. The more recent seven-day yield was the equivalent of a 1.92% taxable rate of return for Florida investors in the 35% federal income tax bracket. Through May 31, 2002, the fund's six-month total return was 0.58%, compared to 0.45% for the Florida tax-free money market funds average, according to iMoneyNet, Inc.

Q. What's your outlook, Mike?

A. At this point, it is evident to me that the Fed will likely raise rates eventually, given that the economy appears to be responding to the earlier Fed rate cuts and that the current historically low level of rates is probably not sustainable. I believe there is a good chance the Fed will start raising rates late in 2002 and municipal market rates could follow with increases of their own. In the interim, technical issues of supply and demand in the municipal markets should influence the level of municipal interest rates. The significant glut of supply expected to hit our market due to state and local shortfalls should also work to drive up rates. Accordingly, I plan to position the fund to capture these higher yields, if and when they materialize.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: high level of current income exempt from federal income tax and the Florida intangible tax, as is consistent with preservation of capital and liquidity

Fund number: 428

Trading symbol: FSFXX

Start date: August 24, 1992

Size: as of May 31, 2002, more than $686 million

Manager: Michael Marchese, since 2001; manager, several other Fidelity municipal money market funds; joined Fidelity in 1992

3

Semiannual Report

Fidelity Florida Municipal Money Market Fund

Investment Changes

Maturity Diversification

Days

% of fund's
investments
5/31/02

% of fund's
investments
11/30/01

% of fund's
investments
5/31/01

0 - 30

84.3

65.4

76.1

31 - 90

9.4

17.7

12.0

91 - 180

1.7

8.5

7.9

181 - 397

4.6

8.4

4.0

Weighted Average Maturity

5/31/02

11/30/01

5/31/01

Fidelity Florida Municipal
Money Market Fund

24 Days

44 Days

35 Days

Florida Tax-Free Money Market
Funds Average *

27 Days

37 Days

30 Days

Asset Allocation (% of fund's net assets)

As of May 31, 2002

As of November 30, 2001

Variable Rate
Demand Notes
(VRDNs) 71.8%

Variable Rate
Demand Notes
(VRDNs) 50.3%

Commercial Paper
(including
CP Mode) 13.1%

Commercial Paper
(including
CP Mode) 27.6%

Tender Bonds 4.2%

Tender Bonds 3.6%

Municipal Notes 5.1%

Municipal Notes 7.9%

Other Investments 6.3%

Other Investments 5.5%

Net Other Assets** (0.5)%

Net Other Assets 5.1%

** Net Other Assets are not included in the pie chart.



*Source: iMoneyNet, Inc.

Semiannual Report

Fidelity Florida Municipal Money Market Fund

Investments May 31, 2002 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 100.5%

Principal
Amount

Value
(Note 1)

Alaska - 0.7%

Valdez Marine Term. Rev. Bonds (Phillips Petroleum Co. Proj.) Series 1994 C, 2.9%, tender 1/1/03 (a)

$ 4,600,000

$ 4,600,000

Arizona - 1.7%

Maricopa County School District #4 Mesa Univ. Bonds 0% 7/1/02 (FGIC Insured)

5,895,000

5,886,670

Phoenix Indl. Dev. Auth. Rev. (Laura Dozer Ctr. Proj.) 1.55%, LOC Bank One, Illinois NA, VRDN (a)

1,830,000

1,830,000

Santa Cruz County Indl. Dev. Auth. Indl. Dev. Rev. Bonds (Citizens Communications Co. Proj.) Series 1988, 3.25% tender 6/24/02, CP mode (b)

4,000,000

4,000,000

11,716,670

Arkansas - 0.7%

Arkansas Student Ln. Auth. Rev. Bonds Sr. Series A1, 6.05% 12/1/02 (b)

4,455,000

4,546,001

California - 2.2%

California Gen. Oblig. Variable Rate TRAN Series 2001 B, 1.6% 6/28/02 (a)

10,900,000

10,900,008

California Statewide Cmnty. Dev. Auth. Rev. Bonds (Kaiser Permanente Health Sys. Proj.) Series 2001 A, 2%, tender 1/2/03 (a)

4,000,000

4,000,000

14,900,008

Delaware - 0.8%

Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 B, 1.8%, VRDN (a)(b)

5,500,000

5,500,000

District Of Columbia - 0.2%

Metro. Washington Arpt. Auth. Sys. Rev. 1.6% 7/1/02,
LOC JPMorgan Chase Bank, CP (b)

1,600,000

1,600,000

Florida - 81.1%

Brevard County Edl. Facilities Auth. Rev. (Florida Institute of Technology Proj.) Series 2001 A, 1.65%, LOC Amsouth Bank NA, Birmingham, VRDN (a)

2,100,000

2,100,000

Brevard County Hsg. Fin. Auth. Homeowner Mtg. Rev. Participating VRDN Series PT 1377, 1.55% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)

9,120,000

9,120,000

Brevard County School District TAN 2.75% 6/28/02

4,900,000

4,902,321

Broward County Gen. Oblig. Bonds Series B, 4% 1/1/03

4,225,000

4,281,125

Broward County Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN:

Series Merlots 01 A27, 1.55% (Liquidity Facility Wachovia Bank NA) (a)(b)(c)

3,595,000

3,595,000

Series PT 589, 1.55% (Liquidity Facility Banco Santander Central Hispano SA) (a)(b)(c)

2,970,000

2,970,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Florida - continued

Broward County Indl. Dev. Auth. Indl. Dev. Rev. (RIB Associates Proj.) Series 1989, 1.55%, LOC Suntrust Bank, VRDN (a)(b)

$ 835,000

$ 835,000

Broward County Indl. Dev. Rev. (Fast Real Estate Partners Ltd. Proj.) 1.55%, LOC Suntrust Bank, VRDN (a)(b)

1,500,000

1,500,000

Broward County Port Facilities Rev. (Port Everglades Proj.) Series 1998, 1.5% (AMBAC Insured) (BPA Bank of Nova Scotia), VRDN (a)(b)

4,600,000

4,600,000

Clay County Hsg. Fin. Auth. Rev. Participating VRDN Series 2000 O, 1.55% (Liquidity Facility Bank of America NA) (a)(b)(c)

7,315,000

7,315,000

Collier County Hsg. Fin. Auth. Multi-family Rev. (Brittant Bay Apts. Proj.) Series 2001 A, 1.5%, LOC Key Bank Nat'l. Assoc., VRDN (a)(b)

3,350,000

3,350,000

Dade County Multi-family Hsg. Rev. (Biscayne View Apts. Proj.) Series 1993, 1.65% (Monumental Life Ins. Co. Guaranteed), VRDN (a)(b)

28,475,000

28,475,000

Escambia County Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN:

Series BA 01 C, 1.52% (Liquidity Facility Bank of America NA) (a)(b)(c)

2,400,000

2,400,000

Series PA 129, 1.58% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)

460,000

460,000

Series PT 519, 1.55% (Liquidity Facility BNP Paribas SA) (a)(b)(c)

3,000,000

3,000,000

Escambia County Hsg. Fin. Rev. Participating VRDN Series RF 00 15, 1.6% (Liquidity Facility Bank of New York NA) (a)(b)(c)

3,705,000

3,705,000

Escambia County Solid Waste Disp. Rev. (Monsanto Co. Proj.) Series 1993, 1.55%, VRDN (a)(b)

5,300,000

5,300,000

Florida Board of Ed. Cap. Outlay Participating VRDN:

Series EGL 00 0902, 1.5% (Liquidity Facility Citibank NA, New York) (a)(c)

5,000,000

5,000,000

Series EGL 00 901, 1.5% (Liquidity Facility Citibank NA, New York) (a)(c)

6,100,000

6,100,000

Series EGL 01 0902, 1.5% (Liquidity Facility Citibank NA, New York) (a)(c)

23,360,000

23,360,000

Series MSDW 557, 1.48% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(c)

4,310,000

4,310,000

Series Putters 137, 1.5% (Liquidity Facility J.P. Morgan Chase & Co.) (a)(c)

16,170,000

16,170,000

Series ROC II 136, 1.5% (Liquidity Facility Salomon Smith Barney Hldgs., Inc.) (a)(c)

4,800,000

4,800,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Florida - continued

Florida Board of Ed. Lottery Rev.:

Bonds Series B:

4.5% 7/1/02 (FGIC Insured)

$ 4,400,000

$ 4,410,347

5% 7/1/02 (FGIC Insured)

5,000,000

5,011,651

Participating VRDN Series EGL 01 0906, 1.5% (Liquidity Facility Citibank NA, New York) (a)(c)

3,000,000

3,000,000

Florida Division of Bond Fin. Dept. Gen. Svcs. Revs.:

Bonds:

(Dept. of Envir. Protection-Preservation Proj.) Series 2000 B, 5% 7/1/02 (FSA Insured)

2,000,000

2,003,670

Series PA 967R, 1.55%, tender 8/15/02 (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)(d)

5,370,000

5,370,000

Participating VRDN Series MSDW 00 317, 1.48% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(c)

1,100,000

1,100,000

Florida Hsg. Fin. Corp. Rev.:

Participating VRDN:

Series 2000 J, 1.52% (Liquidity Facility Bank of America NA) (a)(b)(c)

4,435,000

4,435,000

Series FRRI 12, 1.6% (Liquidity Facility Bank of New York NA) (a)(b)(c)

10,175,000

10,175,000

Series PT 451, 1.55% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(b)(c)

3,490,000

3,490,000

(Riverside Apts. Proj.) Series 2000 1, 1.5%, LOC Bank of America NA, VRDN (a)(b)

14,200,000

14,200,000

(Valencia Village Apts. Proj.) Series G, 1.5%, LOC Fannie Mae, VRDN (a)(b)

5,880,000

5,880,000

(Waterford Pointe Apts. Proj.) Series 2000 E1, 1.5%,
LOC Fannie Mae, VRDN (a)(b)

4,000,000

4,000,000

Florida Local Govt. Fin. Auth. Rev.:

(Lake Wales Med. Centers, Inc. Proj.) Series 1994, 1.75%, LOC Wachovia Bank NA, VRDN (a)

2,708,000

2,708,000

Series A, 1.7% 8/8/02, LOC Wachovia Bank NA, CP

3,525,000

3,525,000

Florida Tpk. Auth. Tpk. Rev. Participating VRDN Series MSDW 00 355, 1.48% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(c)

8,417,500

8,417,500

Greater Orlando Aviation Auth. Arpt. Facilities Rev. Participating VRDN Series PA 535, 1.57% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)

4,800,000

4,800,000

Halifax Hosp. Med. Ctr. TAN 2.5% 3/14/03

6,480,000

6,512,381

Hillsborough County Aviation Auth. Rev. Series B, 1.6% 7/22/02, LOC Landesbank Baden-Wuerttemberg, CP (b)

4,000,000

4,000,000

Hillsborough County Hsg. Fin. Auth. Mtg. Rev. Bonds
Series A2, 2.85% 8/1/02 (b)

1,850,000

1,850,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Florida - continued

Hillsborough County Hsg. Fin. Auth. Multi-family Rev. (Lakewood Shores Apt. Proj.) Series 2000 A, 1.5%,
LOC Bank of America NA, VRDN (a)(b)

$ 3,750,000

$ 3,750,000

Hillsborough County Indl. Dev. Auth. Indl. Dev. Rev.
(Vigo Importing Co. Proj.):

1.6%, LOC Bank of America NA, VRDN (a)(b)

680,000

680,000

1.65%, LOC Bank of America NA, VRDN (a)(b)

900,000

900,000

Hillsborough County Port District Spl. Refing. Rev. Bonds (Tampa Port Auth. Proj.) 6.5% 6/1/02 (FSA Insured) (b)

2,000,000

2,000,000

Jacksonville Elec. Auth. Rev. Participating VRDN Series Merlots 00 FF, 1.5% (Liquidity Facility Wachovia Bank NA) (a)(c)

9,970,000

9,970,000

Lake County Indl. Dev. Auth. Rev. (U.S. Nutraceuticals LLC Proj.) Series 2001, 1.6%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)(b)

2,000,000

2,000,000

Lakeland Elec. & Wtr. Rev. Participating VRDN Series EGL 96 0901, 1.57% (Liquidity Facility Citibank NA, New York) (a)(c)

5,600,000

5,600,000

Lee County Arpt. Rev. Participating VRDN Series 01 580X, 1.55% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(b)(c)

6,995,000

6,995,000

Lee County Hosp. Board of Directors Hosp. Rev. (Lee Memorial Health Sys. Proj.):

Series 1985 D, 1.55%, VRDN (a)

2,800,000

2,800,000

Series 1992 B, 1.55%, VRDN (a)

22,300,000

22,300,000

Lee County Hsg. Fin. Auth. Single Family Mtg. Rev. Bonds Series 2001 A, 2.3%, tender 10/25/02 (a)

8,340,000

8,340,000

Manatee County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Miranda Gardens Proj.) Series A, 1.49%, LOC Suntrust Bank, VRDN (a)(b)

2,500,000

2,500,000

Miami-Dade County Expressway Auth. Participating VRDN Series Putters 01 160, 1.5% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

7,995,000

7,995,000

Miami-Dade County Gen. Oblig. Series A:

1.4% 6/7/02, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP (b)

8,200,000

8,200,000

1.7% 6/12/02, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP (b)

8,137,000

8,137,000

1.7% 6/19/02, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP (b)

15,800,000

15,800,000

1.75% 6/10/02, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP (b)

8,961,000

8,961,000

1.75% 6/12/02, LOC JPMorgan Chase Bank, LOC State Street Bank & Trust Co., Boston, CP (b)

7,400,000

7,400,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Florida - continued

Miami-Dade County Health Facilities Auth. Hosp. Rev. Participating VRDN Series Putters 208, 1.5% (Liquidity Facility JPMorgan Chase Bank) (a)(c)

$ 6,775,000

$ 6,775,000

Miami-Dade County Hsg. Fin. Auth. Participating VRDN
Series Merlots 00 HHH, 1.55% (Liquidity Facility Wachovia Bank NA) (a)(b)(c)

4,055,000

4,055,000

Miami-Dade County School District TAN 3.5% 6/27/02

10,000,000

10,005,538

Ocean Hwy. & Port Auth. Rev. Series 1990, 1.55%,
LOC ABN-AMRO Bank NV, VRDN (a)(b)

1,000,000

1,000,000

Okeechobee County Solid Waste Rev. (Chambers Waste Sys. Proj.) Series 1992, 1.5%, LOC JPMorgan Chase Bank, VRDN (a)(b)

4,300,000

4,300,000

Orange County Hsg. Fin. Auth. Multi-family Rev.:

(Charleston Club Apts. Proj.) Series A, 1.5%, LOC Amsouth Bank NA, Birmingham, VRDN (a)

7,250,000

7,250,000

(Glenn Millenia Proj.) Series 2001 C, 1.5%, LOC Key Bank Nat'l. Assoc., VRDN (a)(b)

3,355,000

3,355,000

(Landings on Millenia Boulevard Apts. Proj.) Series A, 1.5%, LOC Key Bank Nat'l. Assoc., VRDN (a)(b)

7,200,000

7,200,000

(Osprey Ridge Apts. Proj.) Series 2000 H, 1.5%,
LOC Fannie Mae, VRDN (a)(b)

5,200,000

5,200,000

(West Point Villas Apt. Proj.) Series 2000 F, 1.5%,
LOC Fannie Mae, VRDN (a)(b)

5,750,000

5,750,000

Orange County Indl. Dev. Auth. Indl. Dev. Rev.:

(Advanced Drainage Sys., Inc. Proj.) 1.65%, LOC Nat'l. City Bank, VRDN (a)(b)

4,170,000

4,170,000

(Central Florida YMCA Proj.) Series A, 1.5%, LOC Bank of America NA, VRDN (a)

5,000,000

5,000,000

Pasco County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Carlton Arms of Magnolia Valley Proj.) Series 1985, 1.725%,
LOC Wachovia Bank NA, VRDN (a)

2,415,000

2,415,000

Pasco County Indl. Dev. Rev. (Pacific Med., Inc. Proj.) Series 1999, 1.6%, LOC Bank of America NA, VRDN (a)(b)

3,125,000

3,125,000

Pinellas County Hsg. Fin. Auth. Single Family Hsg. Rev. Participating VRDN Series PT 352, 1.55% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(b)(c)

3,980,000

3,980,000

Pinellas County Indl. Council Indl. Dev. Rev. (Hunter Douglas, Inc. Proj.) 1.55%, LOC ABN-AMRO Bank NV, VRDN (a)(b)

2,100,000

2,100,000

Polk County Hsg. Fin. Auth. Multi-family Hsg. Rev. (Cambridge Cove Apts. Proj.) Series 2001, 1.5%, LOC Amsouth Bank NA, Birmingham, VRDN (a)(b)

9,000,000

9,000,000

Polk County Indl. Dev. Auth. Indl. Dev. Rev. (Farmland Hydro LP Proj.) 1.5%, LOC RaboBank Nederland Coop. Central, VRDN (a)(b)

10,000,000

10,000,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Florida - continued

Putnam County Dev. Auth. Poll. Cont. Rev.:

Bonds (Seminole Elec. Coop., Inc. Proj.) Series 1984 D, 1.85%, tender 6/17/02 (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed) (a)

$ 5,900,000

$ 5,900,000

(Seminole Elec. Coop., Inc. Proj.):

Series 1984 H1, 1.6% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (a)

15,965,000

15,965,000

Series 1984 H2, 1.6% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (a)

11,715,000

11,715,000

(Seminole Elec. Coop., Inc. Proj.) Series 1984 S, 1.6% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (a)

5,040,000

5,040,000

Saint Petersburg Cap. Impt. Rev. (Arpt. Proj.) Series 1997 C, 1.55%, LOC Suntrust Bank, VRDN (a)(b)

1,095,000

1,095,000

Sarasota County Pub. Hosp. District Hosp. Rev. Bonds (Sarasota Memorial Hosp. Proj.):

Series 1985 A, 1.65% tender 8/13/02, LOC Suntrust Bank, CP mode

5,925,000

5,925,000

Series 1996 A, 1.75% tender 7/12/02, CP mode

1,000,000

1,000,000

Seminole County School District TAN 3.25% 8/14/02

3,000,000

3,006,646

Sumter County Indl. Auth. Rev. (Villages Tri-County Med. Ctr. Proj.) Series 2001, 1.5%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)

4,131,000

4,131,000

Sunshine State Govt. Fing. Commission Rev.:

Series G, 1.6% 7/1/02 (FGIC Insured), CP (b)

4,900,000

4,900,000

1.55% 7/23/02 (FGIC Insured), CP (b)

5,000,000

5,000,000

Tamarac Indl. Dev. Rev. (Fazio Hldgs. LP Proj.) Series 2000, 1.55%, LOC Wachovia Bank NA, VRDN (a)(b)

5,920,000

5,920,000

Tampa Bay Wtr. Util. Sys. Rev.:

Participating VRDN:

Series BA 01 N, 1.48% (Liquidity Facility Bank of America NA) (a)(c)

5,200,000

5,200,000

Series Merlots 01 A130, 1.5% (Liquidity Facility Wachovia Bank NA) (a)(c)

3,000,000

3,000,000

Series MSDW 98 112, 1.48% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(c)

4,885,000

4,885,000

1.55%, LOC Bank of America NA, VRDN (a)(b)

7,200,000

7,200,000

Volusia County School District Bonds 3.5% 8/1/02
(FGIC Insured)

5,300,000

5,307,286

556,735,465

Georgia - 0.6%

DeKalb County Dev. Auth. Poll. Cont. Rev. (Gen. Motors Corp. Proj.) Series 1985, 2.05%, VRDN (a)

4,245,000

4,245,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Illinois - 0.7%

Illinois Dev. Fin. Auth. Envir. Facilities Rev. Bonds (American Wtr. Corp. Proj.) Series 1997, 2.15% tender 9/9/02, CP mode (b)

$ 3,300,000

$ 3,300,000

Illinois Student Assistance Commission Student Ln. Rev. Series 1998 A, 1.5% (MBIA Insured) (BPA Bank of America NA), VRDN (a)(b)

1,650,000

1,650,000

4,950,000

Kansas - 0.4%

Kansas City Poll. Cont. Rev. (Gen. Motors Corp. Proj.) 2.05%, VRDN (a)

2,500,000

2,500,000

Kentucky - 1.6%

Kentucky Hsg. Corp. Single Family Mtg. Rev. Participating VRDN Series PT 628, 1.57% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)

1,000,000

1,000,000

Mason County Poll. Cont. Rev. (East Kentucky Pwr. Coop. Proj.):

Series 1984 B1, 1.6% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (a)

1,700,000

1,700,000

Series 1984 B2, 1.6% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (a)

8,150,000

8,150,000

10,850,000

Louisiana - 0.9%

Louisiana Gen. Oblig. Bonds Series 1991 A, 1.55% tender 7/11/02, LOC Dexia Cr. Local de France, CP mode

1,480,000

1,480,000

West Baton Rouge Parish Indl. District #3 Poll. Cont. Rev. Bonds (Dow Chemical Co. Proj.) 2.2% tender 6/3/02, CP mode

300,000

300,000

West Baton Rouge Parish Indl. District #3 Rev. (Dow Chemical Co. Proj.):

Series 1993, 2.05%, VRDN (a)(b)

1,000,000

1,000,000

Series 1995, 2.05%, VRDN (a)(b)

3,500,000

3,500,000

6,280,000

Maryland - 0.4%

Anne Arundel County Econ. Dev. Rev. Bonds (Baltimore Gas & Elec. Co. Proj.) 1.8% tender 7/10/02, CP mode (b)

1,000,000

1,000,000

Anne Arundel County Port Facilities Rev. Bonds (Baltimore Gas & Elec. Co. Proj.) Series 1985, 1.7% tender 8/9/02,
CP mode

1,000,000

1,000,000

Maryland Cmnty. Dev. Administration Dept. Hsg. & Cmnty. Dev. Bonds Series C, 1.65% 12/19/02 (b)

1,130,000

1,130,000

3,130,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Michigan - 1.3%

Michigan Strategic Fund Ltd. Oblig. Rev. (Dow Chemical Co. Proj.) Series 2000, 2.05%, VRDN (a)(b)

$ 3,800,000

$ 3,800,000

Michigan Strategic Fund Poll. Cont. Rev.:

Bonds (Dow Chemical Co. Proj.) Series 1987:

2.25% tender 6/6/02, CP mode

500,000

500,000

2.3% tender 6/3/02, CP mode

600,000

600,000

(Gen. Motors Corp. Proj.) Series 1988 A, 1.8%, VRDN (a)

430,000

430,000

Midland County Econ. Dev. Rev. (Dow Chemical Co. Proj.) Series 1993 A, 2.35%, VRDN (a)(b)

3,400,000

3,400,000

8,730,000

Minnesota - 0.4%

Becker Poll. Cont. Rev.:

Bonds (Northern States Pwr. Co.-Sherburne County Generating Station Unit 3 Proj.) Series 1993 A, 1.9% tender 6/13/02, CP mode

1,700,000

1,700,000

(Northern States Pwr. Co.-Sherburne County Generating Station Units 1 & 2 Proj.) Series 2000 A, 2%, VRDN (a)

1,000,000

1,000,000

Dakota County Cmnty. Dev. Agcy. Single Family Rev. Participating VRDN Series PT 627, 1.57% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)

390,000

390,000

3,090,000

Mississippi - 0.1%

Lowndes County Solid Waste Disp. Rev. (Weyerhaeuser Co. Proj.) Series 1999, 2.4%, VRDN (a)(b)

600,000

600,000

New Hampshire - 0.5%

New Hampshire Hsg. Fin. Auth. Single Family Rev. Participating VRDN Series Merlots 01 A82, 1.55% (Liquidity Facility Wachovia Bank NA) (a)(b)(c)

3,300,000

3,300,000

Oklahoma - 0.5%

Tulsa County Hsg. Fin. Auth. Single Family Mtg. Rev. Participating VRDN Series MSDW 01 581, 1.55% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(b)(c)

3,170,000

3,170,000

Texas - 3.7%

Brazos River Hbr. Navigation District of Brazoria County Poll. Cont. Rev. (Dow Chemical Co. Proj.) Series 1993, 2.05%, VRDN (a)(b)

3,300,000

3,300,000

Houston Wtr. & Swr. Sys. Rev. Bonds Series C, 0% 12/1/02 (AMBAC Insured)

7,000,000

6,933,807

Lower Colorado River Auth. Rev. Participating VRDN Series MSDW 01 577, 1.48% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(c)

7,915,000

7,915,000

Municipal Securities - continued

Principal
Amount

Value
(Note 1)

Texas - continued

Lower Neches Valley Auth. Indl. Dev. Corp. Exempt Facilities Rev. (ExxonMobil Proj.) Series 2001 B, 1.65%, VRDN (a)(b)

$ 6,400,000

$ 6,400,000

Southeast Hsg. Fin. Corp. Single Family Mtg. Rev. Participating VRDN Series MSDW 01 661, 1.53% (Liquidity Facility Morgan Stanley Dean Witter & Co.) (a)(b)(c)

1,200,000

1,200,000

25,748,807

Virginia - 0.4%

Louisa Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1985, 1.75% tender 7/10/02, CP mode

2,500,000

2,500,000

Washington - 0.7%

Port of Seattle Rev. Series 1999 A, 1.6%, LOC Commerzbank AG, VRDN (a)

4,900,000

4,900,000

Wisconsin - 0.9%

Oak Creek Poll. Cont. Rev. (Wisconsin Elec. Pwr. Co. Proj.) Series 1986, 1.75%, VRDN (a)

6,000,000

6,000,000

TOTAL INVESTMENT PORTFOLIO - 100.5%

689,591,951

NET OTHER ASSETS - (0.5)%

(3,216,313)

NET ASSETS - 100%

$ 686,375,638

Total Cost for Income Tax Purposes $ 689,591,951

Security Type Abbreviations

CP - COMMERCIAL PAPER

TAN - TAX ANTICIPATION NOTE

TRAN - TAX AND REVENUE
ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND 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) Provides evidence of ownership in one or more underlying municipal bonds.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition
Date

Cost

Florida Division of Bond Fin. Dept. Gen. Svcs. Revs. Bonds Series PA 967R, 1.55%, tender 8/15/02 (Liquidity Facility Merrill Lynch & Co., Inc.)

2/7/02

$ 5,370,000

Other Information

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,370,000 or 0.8% of net assets.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Florida Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

May 31, 2002 (Unaudited)

Assets

Investment in securities, at value - See accompanying schedule

$ 689,591,951

Cash

15,126,489

Receivable for investments sold

3,000,000

Receivable for fund shares sold

5,031,818

Interest receivable

2,840,325

Other receivables

37,267

Total assets

715,627,850

Liabilities

Payable for fund shares redeemed

$ 28,942,285

Distributions payable

11,576

Accrued management fee

297,521

Other payables and accrued expenses

830

Total liabilities

29,252,212

Net Assets

$ 686,375,638

Net Assets consist of:

Paid in capital

$ 686,337,982

Accumulated net realized gain (loss) on investments

37,656

Net Assets, for 686,335,848 shares outstanding

$ 686,375,638

Net Asset Value, offering price and redemption price per share ($686,375,638 ÷ 686,335,848 shares)

$ 1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Fidelity Florida Municipal Money Market Fund
Financial Statements - continued

Statement of Operations

Six months ended May 31, 2002 (Unaudited)

Investment Income

Interest

$ 6,812,124

Expenses

Management fee

$ 2,125,492

Non-interested trustees' compensation

386

Total expenses before reductions

2,125,878

Expense reductions

(204,970)

1,920,908

Net investment income

4,891,216

Net Realized Gain (Loss) on Investment securities

37,656

Net increase in net assets resulting from operations

$ 4,928,872

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

Six months ended
May 31, 2002
(Unaudited)

Year ended
November 30,
2001

Increase (Decrease) in Net Assets

Operations

Net investment income

$ 4,891,216

$ 16,056,658

Net realized gain (loss)

37,656

50,857

Net increase (decrease) in net assets resulting
from operations

4,928,872

16,107,515

Distributions to shareholders from net investment income

(4,891,216)

(16,056,658)

Share transactions at net asset value of $1.00 per share
Proceeds from sales of shares

1,734,339,428

1,332,567,015

Reinvestment of distributions

4,742,222

14,094,216

Cost of shares redeemed

(1,609,039,117)

(1,289,280,530)

Net increase (decrease) in net assets and shares resulting from share transactions

130,042,533

57,380,701

Total increase (decrease) in net assets

130,080,189

57,431,558

Net Assets

Beginning of period

556,295,449

498,863,891

End of period

$ 686,375,638

$ 556,295,449

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

Six months
ended
May 31, 2002

Years ended November 30,

(Unaudited)

2001

2000

1999

1998

1997

Selected Per-Share Data

Net asset value, beginning of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Income from Investment Operations

Net investment
income

.006

.027

.037

.028

.031

.032

Distributions from net investment income

(.006)

(.027)

(.037)

(.028)

(.031)

(.032)

Net asset value, end of period

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

$ 1.000

Total Return B, C

.58%

2.69%

3.75%

2.85%

3.17%

3.29%

Ratios to Average Net Assets D

Expenses before
expense
reductions

.50% A

.50%

.50%

.50%

.50%

.50%

Expenses net of
voluntary
waivers, if any

.50% A

.50%

.50%

.50%

.50%

.50%

Expenses net of all reductions

.45% A

.45%

.48%

.46%

.48%

.49%

Net investment
income

1.16% A

2.77%

3.66%

2.81%

3.13%

3.21%

Supplemental Data

Net assets,
end of period
(000 omitted)

$ 686,376

$ 556,295

$ 498,864

$ 460,305

$ 452,878

$ 421,406

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from directed brokerage or other expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from directed brokerage or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the fund.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2002 (Unaudited)

1. Significant Accounting Policies.

Spartan Florida Municipal Income Fund (the income fund) is a fund of Fidelity Court Street Trust. Fidelity Florida Municipal Money Market Fund (the money market fund) is a fund of Fidelity Court Street Trust II. Each trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Fidelity Court Street Trust and Fidelity Court Street Trust II (the trusts) are organized as a Massachusetts business trust and a Delaware business trust, respectively. Each fund is authorized to issue an unlimited number of shares. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America which require management to make certain estimates and assumptions at the date of the financial statements. Each fund may be affected by economic and political developments in the state of Florida. The following summarizes the significant accounting policies of the income fund and the money market fund:

Security Valuation.

Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. In addition, investments in open-end investment companies are valued at their net asset value each business day. The following summarizes the security valuation policies of the funds.

Income Fund. Securities are valued based upon a computerized matrix system and/or appraisals by a pricing service, both of which consider market transactions and dealer-supplied valuations. Securities (including restricted securities) for which quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADR's, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost.

Money Market Fund. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium.

Income Taxes. As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, each fund is not subject to income taxes to the extent that it distributes all of its taxable income for the fiscal year. The schedules of investments include information, if any, regarding income taxes under the caption "Income Tax Information."

Investment Income. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Expenses. Most expenses of each trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among the funds in the trust.

Distributions to Shareholders. Dividends are declared daily and paid monthly from net investment income. Distributions to shareholders from realized capital gains on investments, if any, are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These differences are primarily due to differing treatments for market discount, capital loss carryforwards and losses deferred due to wash sales and futures transactions.

Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications to paid in capital. Temporary book and tax basis differences will reverse in a subsequent period.

Short-Term Trading (Redemption) Fees. Shares held in the income fund less than 30 days are subject to a short-term trading fee equal to .50% of the proceeds of the redeemed shares. The fee, which is retained by the fund, is accounted for as an addition to paid in capital.

Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.

Change in Accounting Principle. Effective December 1, 2001, the funds, as applicable, adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. The cumulative effect of this accounting change had no impact on total net assets of the funds, but resulted in an increase or (decrease) to the cost of securities held and a corresponding increase (decrease) to accumulated net undistributed realized gain (loss) based on securities held by the funds on December 1, 2001:

Fund

Cost of Securities/
Accumulated gain (loss)

Spartan Florida Municipal Income Fund

$ 449,841

The effect of this change during the period resulted in an increase or (decrease) in net investment income, net unrealized appreciation/depreciation, and net realized gain (loss) as shown below. The Statement of Changes in Net Assets and Financial Highlights for prior periods have not been restated to reflect this change in presentation.

Fund

Net investment
income

Net unrealized
appreciation/depreciation

Net realized gain (loss)

Spartan Florida Municipal
Income Fund

$ 57,101

$ (54,824)

$ (2,277)

Semiannual Report

2. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. Each fund may purchase or sell 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. During the time a delayed delivery sell is outstanding, the contract is "marked to market" daily and equivalent deliverable securities are held for the transaction. The values of the securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable fund's Schedule of Investments. Each fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.

Futures Contracts. The income fund may use futures contracts to manage its exposure to the bond market and to fluctuations in interest rates. Buying futures tends to increase the fund's exposure to the underlying instrument, while selling futures tends to decrease the fund's exposure to the underlying instrument or hedge other fund investments. Losses may arise from changes in the value of the underlying instruments or if the counterparties do not perform under the contracts' terms. Gains (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

Restricted Securities. Certain funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of each applicable fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of each applicable fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (FMR) and its affiliates provide the income fund with investment management related services for which the income fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate of .25% of the fund's average net assets and a group fee rate that averaged .13% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .38% of the fund's average net assets.

FMR and its affiliates provide the money market fund with investment management related services for which the fund pays a monthly management fee of .50% of the fund's average net assets. FMR pays all other expenses, except the compensation of the non-interested Trustees and certain exceptions such as interest expense. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the fund to the non-interested Trustees.

Transfer Agent and Accounting Fees. Citibank, N.A.(Citibank) is the custodian, transfer agent and shareholder servicing agent for the income fund. Citibank has entered into a sub-contract with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the activities associated with the funds' transfer and shareholder servicing agent and accounting functions. The income fund pay account fees and asset-based fees vary according to account size and type of account. FSC pays for typesetting, printing and mailing of all shareholder reports, except proxy statements. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

For the period, the transfer agent fees were equivalent to an annualized rate of .07% of average net assets.

Central Funds. The funds may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the funds are recorded as income in the accompanying financial statements. Distributions from the Central Funds are noted in the table below:

Income
Distributions

Fidelity Florida Municipal Money Market Fund

$ $548,061

Semiannual Report

5. Expense Reductions.

Through arrangements with the income fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.

Custody
expense
reduction

Transfer
Agent
expense
reduction

Spartan Florida Municipal Income Fund

$ 4,519

$ 78,289

In addition, through an arrangement with Fidelity Florida Municipal Money Market Fund's custodian and transfer agent, $204,970 of credits realized as a result of uninvested cash balances were used to reduce the fund's expenses.

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1   For mutual fund and brokerage trading.

2   For quotes.*

3   For account balances and holdings.

4   To review orders and mutual
fund activity.

5   To change your PIN.

*0   To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

If you are not currently on the Internet, call EarthLink Sprint at 1-800-288-2967, and be sure to ask for registration number SMD004 to receive a special Fidelity package that includes 30 days of free Internet access. EarthLink is North America's #1 independent Internet access provider.

(computer_graphic)

Fidelity On-line Xpress+®

Fidelity On-line Xpress+ software for Windows combines comprehensive portfolio management capabilities, securities trading and access to research and analysis tools . . . all on your desktop. Call Fidelity at 1-800-544-0240 or visit our web site for more information on how to manage your investments via your PC.

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

851 East Hamilton Avenue
Campbell, CA

527 North Brand Boulevard
Glendale, CA

19200 Von Karman Avenue
Irvine, CA

601 Larkspur Landing Circle
Larkspur, CA

10100 Santa Monica Blvd.
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73-575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

1760 Challenge Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

21701 Hawthorne Boulevard
Torrance, CA

1400 Civic Drive
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

9185 East Westview Road
Littleton, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

Delaware

222 Delaware Avenue
Wilmington, DE

Florida

4400 N. Federal Highway
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

2401 PGA Boulevard
Palm Beach Gardens, FL

8065 Beneva Road
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7401 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

25 State Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

416 Belmont Street
Worcester, MA

Semiannual Report

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

43420 Grand River Avenue
Novi, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

8885 Ladue Road
Ladue, MO

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

New York

1055 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

3805 Edwards Road
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

1518 6th Avenue
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

To Write Fidelity

If more than one address is listed, please locate the address that is closest to you. We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
2300 Litton Lane - KH1A
Hebron, KY 41048

Selling shares

Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

Overnight Express
Fidelity Investments
Attn: Redemptions - CP6I

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

Overnight Express
Fidelity Investments
Attn: Redemptions - CP5L

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research
Company
Boston, MA

Investment Sub-Adviser

Fidelity Investments
Money Management, Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Citibank, N.A.

New York, NY

and

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
 and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic)    1-800-544-5555

(automated graphic)    Automated line for quickest service

SFC-SANN-0702 157506
1.704910.104

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com