N-Q 1 filing806.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number   811-6453


Fidelity Court Street Trust II

(Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  02210

(Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

November 30



Date of reporting period:

February 28, 2017


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity® Connecticut Municipal Money Market Fund

February 28, 2017







CTM-QTLY-0417
1.814096.112





Investments February 28, 2017 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 44.4%   
 Principal Amount Value 
Alabama - 0.1%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.85% 3/7/17, VRDN (a)(b) $1,100,000 $1,100,000 
Arkansas - 1.0%   
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 0.88% 3/7/17, VRDN (a)(b) 2,600,000 2,600,000 
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.85% 3/7/17, LOC Royal Bank of Scotland PLC, VRDN (a)(b) 6,400,000 6,400,000 
  9,000,000 
Connecticut - 42.3%   
Connecticut Dev. Auth. Arpt. Facility Rev. (Embraer Aircraft Holding, Inc. Proj.) Series 2010 A, 0.66% 3/7/17, LOC Citibank NA, VRDN (a) 11,045,000 11,045,000 
Connecticut Dev. Auth. Wtr. Facilities Rev. (Connecticut Wtr. Co. Proj.):   
Series 2004 A, 0.77% 3/7/17, LOC RBS Citizens NA, VRDN (a)(b) 5,000,000 5,000,000 
Series 2004 B, 0.72% 3/7/17, LOC RBS Citizens NA, VRDN (a) 4,550,000 4,550,000 
Connecticut Health & Edl. Facilities Auth. Rev.:   
(Gaylord Hosp. Proj.) Series B, 0.7% 3/7/17, LOC Bank of America NA, VRDN (a) 15,490,000 15,490,000 
(Greenwich Hosp. Proj.) Series C, 0.67% 3/7/17, LOC Bank of America NA, VRDN (a) 24,110,000 24,110,000 
(Hamden Hall Country Day School Proj.) Series A, 0.7% 3/7/17, LOC RBS Citizens NA, VRDN (a) 15,700,000 15,700,000 
(Sacred Heart Univ. Proj.) Series F, 0.68% 3/7/17, LOC Bank of America NA, VRDN (a) 17,100,000 17,100,000 
(Taft School Issue Proj.) Series E, 0.67% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a) 5,100,000 5,100,000 
(Trinity College Proj.) Series L, 0.64% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) 8,910,000 8,910,000 
(Wesleyan Univ. Proj.) Series H, 0.59% 3/7/17, VRDN (a) 20,105,000 20,105,000 
Series 2007 B, 0.64% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 1,795,000 1,795,000 
Series 2007 D, 0.7% 3/7/17, LOC Bank of America NA, VRDN (a) 9,670,000 9,670,000 
Series 2011 A, 0.67% 3/7/17, LOC HSBC Bank U.S.A., NA, VRDN (a) 1,855,000 1,855,000 
Series 2011 B, 0.69% 3/7/17, LOC Bank of America NA, VRDN (a) 45,000,000 45,000,000 
Series 2013 H, 0.64% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 15,800,000 15,800,000 
Series 2013 O, 0.62% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a) 26,000,000 26,000,000 
Series 2014 C, 0.62% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) 17,925,000 17,925,000 
Connecticut Hsg. Fin. Auth.:   
(CIL Realty, Inc. Proj.):   
Series 2008, 0.6% 3/7/17, LOC HSBC Bank U.S.A., NA, VRDN (a) 3,275,000 3,275,000 
Series 2010, 0.67% 3/7/17, LOC HSBC Bank U.S.A., NA, VRDN (a) 3,600,000 3,600,000 
(Hsg. Mtg. Fin. Prog.):   
Series 1989 D, 0.66% 3/7/17 (Liquidity Facility Royal Bank of Canada), VRDN (a)(b) 9,880,000 9,880,000 
Series 2011 C2, 0.66% 3/7/17 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) 30,000,000 30,000,000 
Series 2008 E, 0.68% 3/7/17 (Liquidity Facility Bank of America NA), VRDN (a)(b) 21,295,000 21,295,000 
Series 2011 C1, 0.64% 3/7/17 (Liquidity Facility Barclays Bank PLC), VRDN (a) 300,000 300,000 
Series 2011 E3, 0.64% 3/7/17 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a) 2,000,000 2,000,000 
Series 2016 F, 0.64% 3/7/17 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) 4,500,000 4,500,000 
Series D 3, 0.66% 3/7/17 (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.), VRDN (a)(b) 6,935,000 6,935,000 
Series E 3, 0.64% 3/7/17 (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) 15,000,000 15,000,000 
Connecticut Innovations, Inc. Rev. (ISO New England, Inc. Proj.) Series 2012, 0.63% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 28,190,000 28,190,000 
Stamford Hsg. Auth. Multi-family Rev. 0.63% 3/7/17, LOC Fannie Mae, VRDN (a)(b) 16,120,000 16,120,000 
  386,250,000 
Delaware - 0.1%   
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.):   
Series 1987, 0.82% 3/1/17, VRDN (a)(b) 400,000 400,000 
Series 1988, 0.82% 3/1/17, VRDN (a)(b) 600,000 600,000 
Series 1993 C, 0.85% 3/7/17, VRDN (a) 300,000 300,000 
  1,300,000 
Indiana - 0.2%   
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 0.81% 3/7/17, VRDN (a)(b) 1,700,000 1,700,000 
Kentucky - 0.2%   
Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 0.7% 3/7/17, VRDN (a)(b) 1,500,000 1,500,000 
Louisiana - 0.1%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.8% 3/7/17, VRDN (a) 700,000 700,000 
Nebraska - 0.1%   
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.85% 3/7/17, VRDN (a)(b) 1,100,000 1,100,000 
West Virginia - 0.3%   
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:   
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 0.87% 3/7/17, VRDN (a)(b) 1,600,000 1,600,000 
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.91% 3/7/17, VRDN (a)(b) 800,000 800,000 
  2,400,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $405,050,000)  405,050,000 
Tender Option Bond - 11.1%   
California - 0.3%   
California Health Facilities Fing. Auth. Participating VRDN Series 16 XG 00 49, 0.79% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 1,900,000 1,900,000 
Dignity Health Participating VRDN Series 17 04, 0.72% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) 800,000 800,000 
  2,700,000 
Colorado - 0.0%   
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters XF 22 41, 0.84% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) 300,000 300,000 
Connecticut - 10.6%   
Connecticut Gen. Oblig. Participating VRDN:   
Series 15 XF0222, 0.68% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) 2,000,000 2,000,000 
Series 15 YX1002, 0.67% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) 1,590,000 1,590,000 
Series Putters 3996, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 10,000,000 10,000,000 
Series Putters 5003, 0.62% 3/1/17 (Liquidity Facility J.P. Morgan Securities, LLC) (a)(c) 4,100,000 4,100,000 
Connecticut Health & Edl. Facilities Auth. Rev. Participating VRDN:   
Series 16 ZF0378, 0.68% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) 3,750,000 3,750,000 
Series BA 15 XF0247, 0.7% 3/7/17 (Liquidity Facility Bank of America NA) (a)(c) 4,500,000 4,500,000 
Series Floaters XM 04 49, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 2,225,000 2,225,000 
Series MS 06 1884, 0.67% 3/7/17 (Liquidity Facility Wells Fargo & Co.) (a)(c) 11,720,000 11,704,305 
Series RBC 2016 XM0133, 0.67% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(c) 2,225,000 2,225,000 
Series RBC 2016 ZM0134, 0.67% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(c) 7,910,000 7,910,000 
Series ROC II R 11854, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) 15,210,000 15,210,000 
Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev. Participating VRDN Series XG 00 59, 0.83% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 4,657,000 4,657,000 
Connecticut Spl. Tax Oblig. Participating VRDN Series Floaters 16 YX1026, 0.67% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) 4,500,000 4,500,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Participating VRDN Series ROC II R 14073, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) 16,000,000 15,999,984 
State of Connecticut Gen. Oblig. Bonds Participating VRDN Series XM 03 39, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 6,630,000 6,630,000 
  97,001,289 
Nebraska - 0.1%   
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 0.82% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 500,000 500,000 
New Jersey - 0.1%   
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 0.83% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 400,000 400,000 
Washington - 0.0%   
Catholic Health Initiatives Participating VRDN Series XF 1017, 0.94% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 400,000 400,000 
TOTAL TENDER OPTION BOND   
(Cost $101,301,289)  101,301,289 
Other Municipal Security - 33.3%   
Connecticut - 30.9%   
Bethel Gen. Oblig. BAN Series 2017, 1.25% 10/17/17 9,300,000 9,315,733 
Branford Gen. Oblig. BAN Series 2016, 2.5% 9/21/17 5,305,000 5,346,703 
Brookfield Gen. Oblig. BAN Series B, 2% 11/16/17 5,000,000 5,039,536 
Connecticut Gen. Oblig. Bonds:   
Series 2005 B, 5.25% 6/1/17 3,150,000 3,185,307 
Series 2011 D, 5% 11/1/17 10,750,000 11,031,729 
Series 2013 A:   
0.69% 7/1/17 (a) 25,100,000 25,100,000 
0.69% 1/1/18 (a) 19,500,000 19,500,000 
5% 10/15/17 1,130,000 1,157,417 
Series 2014 B, 0.95% 3/1/17 (a) 4,400,000 4,400,000 
Series 2014 C, 5% 6/15/17 4,665,000 4,720,481 
Series 2015 A, 3% 3/15/17 400,000 400,333 
Series 2015 F, 4% 11/15/17 6,885,000 7,025,174 
Series 2016 E, 2% 10/15/17 10,700,000 10,769,604 
Series 2016 G, 4% 11/1/17 9,700,000 9,883,556 
Connecticut Health & Edl. Facilities Auth. Rev. Bonds:   
(Yale Univ. Proj.) Series S-1:   
0.71% tender 4/4/17, CP mode 9,000,000 9,000,000 
0.71% tender 4/5/17, CP mode 9,300,000 9,300,000 
Series 2007 G, 4.5% 7/1/17 (Pre-Refunded to 7/1/17 @ 100) 2,000,000 2,024,178 
Series S1, 0.75% tender 3/2/17, CP mode 8,900,000 8,900,000 
Series S2:   
0.75% tender 3/2/17, CP mode 8,820,000 8,820,000 
0.78% tender 3/1/17, CP mode 2,500,000 2,500,000 
Connecticut Spl. Tax Oblig. Trans. Infrastructure Rev. Bonds:   
Series 2013 A, 5% 10/1/17 1,300,000 1,330,900 
Series B, 5% 1/1/18 8,650,000 8,940,625 
Danbury Gen. Oblig. BAN Series 2016, 2% 7/20/17 10,400,000 10,443,932 
Easton Gen. Oblig. BAN Series 2016, 2% 12/13/17 4,302,000 4,330,425 
Enfield Gen. Oblig. BAN Series 2016, 2% 8/9/17 12,900,000 12,970,866 
Milford Gen. Oblig. BAN:   
Series 2016 B, 2% 11/6/17 9,050,000 9,123,158 
Series 2016, 1.75% 5/5/17 5,110,000 5,119,593 
New Hartford Bd Anticipation Nts BAN Series 2016, 2% 11/16/17 4,000,000 4,029,629 
New Milford Gen. Oblig. BAN Series 2016, 2% 4/24/17 14,570,000 14,596,745 
North Haven Gen. Oblig. BAN Series 2016, 2% 11/9/17 3,545,000 3,569,300 
Oxford Gen. Oblig. BAN Series 2016, 2% 7/19/17 5,896,000 5,919,493 
Redding Gen. Oblig. BAN 2% 3/15/17 1,644,000 1,644,814 
Rocky Hill Gen. Oblig. BAN Series 2016, 1.5% 6/22/17 10,600,000 10,623,625 
South Windsor Gen. Oblig. BAN Series 2017, 2% 2/15/18 10,000,000 10,093,246 
Southington Gen. Oblig. BAN Series 2017, 2% 8/1/17 8,000,000 8,035,092 
Town of Essex Bond BAN Series 2016, 1.75% 5/17/17 4,000,000 4,008,410 
Univ. of Connecticut Gen. Oblig. Bonds Series 2016 A, 4% 3/15/17 5,300,000 5,306,683 
Wolcott Gen. Oblig. BAN Series 2016, 2% 10/19/17 4,460,000 4,491,468 
  281,997,755 
Georgia - 1.3%   
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds:   
Series 2010 A1, 0.75%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a) 9,310,000 9,310,000 
Series 2010 A2, 0.75%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a) 2,400,000 2,400,000 
  11,710,000 
Kentucky - 0.0%   
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.82% tender 3/1/17, CP mode 500,000 500,000 
Massachusetts - 0.3%   
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.):   
Series 1992, 0.8% tender 3/9/17, CP mode 1,500,000 1,500,000 
Series 1993 A, 0.75% tender 3/16/17, CP mode 600,000 600,000 
Series 93B, 0.85% tender 3/30/17, CP mode 800,000 800,000 
  2,900,000 
New Hampshire - 0.6%   
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds:   
(New England Pwr. Co. Proj.):   
Series 1990 A:   
0.8% tender 3/16/17, CP mode (b) 600,000 600,000 
0.85% tender 3/10/17, CP mode (b) 1,900,000 1,900,000 
Series 1990 A1, 0.94% tender 3/13/17, CP mode (b) 200,000 200,000 
Series A1, 0.94% tender 3/14/17, CP mode (b) 1,600,000 1,600,000 
(New England Pwr., Co. Proj.) Series 1990 B, 0.85% tender 3/2/17, CP mode 1,000,000 1,000,000 
  5,300,000 
Virginia - 0.1%   
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 0.92% tender 3/1/17, CP mode (b) 1,000,000 1,000,000 
West Virginia - 0.1%   
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 96, 0.8% tender 3/16/17, CP mode (b) 800,000 800,000 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $304,207,755)  304,207,755 
 Shares Value 
Investment Company - 10.8%   
Fidelity Municipal Cash Central Fund, 0.68% (d)(e)   
(Cost $98,546,291) 98,546,291 98,546,291 
TOTAL INVESTMENT PORTFOLIO - 99.6%   
(Cost $909,105,335)  909,105,335 
NET OTHER ASSETS (LIABILITIES) - 0.4%  3,532,297 
NET ASSETS - 100%  $912,637,632 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

Legend

 (a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

 (e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Municipal Cash Central Fund $171,315 
Total $171,315 

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

Other Information

Income Tax Information

At February 28, 2017 the cost for Federal Income Tax Purposes was $909,105,335.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





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

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


Quarterly Holdings Report
for

Fidelity® New Jersey AMT Tax-Free Money Market Fund

February 28, 2017







SNJ-QTLY-0417
1.814103.112





Investments February 28, 2017 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 48.5%   
 Principal Amount Value 
Alaska - 0.3%   
Valdez Marine Term. Rev. (Phillips Trans. Alaska, Inc. Proj.) Series 1994 C, 0.67% 3/7/17, VRDN (a) $700,000 $700,000 
Arizona - 0.5%   
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.72% 3/7/17, VRDN (a) 1,500,000 1,500,000 
Delaware - 0.1%   
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.):   
Series 1993 C, 0.85% 3/7/17, VRDN (a) 100,000 100,000 
Series 1999 A, 0.73% 3/7/17, VRDN (a) 200,000 200,000 
  300,000 
Georgia - 0.6%   
Bartow County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Bowen Proj.) First Series 2009, 0.7% 3/7/17, VRDN (a) 1,600,000 1,600,000 
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.7% 3/7/17, VRDN (a) 200,000 200,000 
  1,800,000 
Louisiana - 0.6%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):   
Series 2010 A1, 0.8% 3/7/17, VRDN (a) 1,000,000 1,000,000 
Series 2010 B1, 0.8% 3/7/17, VRDN (a) 650,000 650,000 
  1,650,000 
New Jersey - 32.2%   
Hudson County Impt. Auth. Rev. (Essential Purp. Pooled Govt. Ln. Prog.) Series 1986, 0.61% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 9,740,000 9,740,000 
New Jersey Econ. Dev. Auth. Econ. Dev. Rev. (Stoltaven Perth Amboy, Inc. Proj.) Series 1998 A, 0.59% 3/7/17, LOC Citibank NA, VRDN (a) 2,300,000 2,300,000 
New Jersey Econ. Dev. Auth. Rev.:   
(Applewood Estates Proj.) Series 2005 B, 0.6% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 9,375,000 9,375,000 
(Cooper Health Sys. Proj.) Series 2008 A, 0.63% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 3,800,000 3,800,000 
New Jersey Health Care Facilities Fing. Auth. Rev.:   
(AHS Hosp. Corp. Proj.):   
Series 2008 B, 0.65% 3/7/17, LOC Bank of America NA, VRDN (a) 1,025,000 1,025,000 
Series 2008 C, 0.64% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) 12,835,000 12,835,000 
(Barnabas Health Proj.) Series 2011 B, 0.61% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) 6,900,000 6,900,000 
(Meridian Health Sys. Proj.):   
Series 2003 A, 0.64% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) 5,135,000 5,135,000 
Series 2006 A4, 0.62% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a) 4,385,000 4,385,000 
Series 2006 A5, 0.62% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a) 1,575,000 1,575,000 
(Meridian Nursing and Rehab. at Red Bank, Inc. Proj.) Series 2004 A3, 0.63% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a) 2,000,000 2,000,000 
(Southern Ocean County Hosp. Proj.) Series 2006, 0.62% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a) 1,000,000 1,000,000 
(Virtua Health Proj.):   
Series 2004, 0.6% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a) 5,975,000 5,975,000 
Series 2009 D, 0.61% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 5,500,000 5,500,000 
Series 2014 B, 0.6% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 7,250,000 7,250,000 
New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev. Series 2008 B, 0.64% 3/7/17, LOC Bank of America NA, VRDN (a) 14,300,000 14,300,000 
  93,095,000 
Pennsylvania, New Jersey - 8.7%   
Delaware River Port Auth. Pennsylvania & New Jersey Rev.:   
Series 2008 B, 0.63% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 6,970,000 6,970,000 
Series 2010 B, 0.64% 3/7/17, LOC Barclays Bank PLC, VRDN (a) 18,165,000 18,165,000 
  25,135,000 
New York And New Jersey - 4.8%   
Port Auth. of New York & New Jersey:   
Series 1992 2, 0.69% 3/30/17, VRDN (a)(b) 6,400,000 6,400,000 
Series 1997 1, 0.69% 3/30/17, VRDN (a)(b) 4,400,000 4,400,000 
Series 1997 2, 0.69% 3/30/17, VRDN (a)(b) 3,100,000 3,100,000 
  13,900,000 
Texas - 0.7%   
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.):   
Series 2001 A, 0.7% 3/1/17, VRDN (a) 100,000 100,000 
Series 2010 B, 0.7% 3/1/17, VRDN (a) 100,000 100,000 
Series 2010 C, 0.7% 3/1/17, VRDN (a) 1,800,000 1,800,000 
  2,000,000 
Wyoming - 0.0%   
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.75% 3/7/17, VRDN (a) 100,000 100,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $140,180,000)  140,180,000 
Tender Option Bond - 11.4%   
California - 0.1%   
Dignity Health Participating VRDN Series 17 04, 0.72% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) 200,000 200,000 
Colorado - 0.0%   
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters XF 22 41, 0.84% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) 100,000 100,000 
Nebraska - 0.0%   
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 0.82% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 100,000 100,000 
New Jersey - 4.8%   
Clipper Tax-Exempt Trust Participating VRDN Series Clipper 07 20, 0.68% 3/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) 2,400,000 2,400,000 
Hudson County Impt. Lease Rev. Participating VRDN Series 16 ZF0450, 0.68% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) 600,000 600,000 
New Jersey Econ. Dev. Auth. Rev. Participating VRDN Series Floaters XF 23 93, 0.71% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) 600,000 600,000 
New Jersey Edl. Facilities Auth. Rev. Participating VRDN Series 15 XF0149, 0.68% 3/7/17 (Liquidity Facility Bank of America NA) (a)(c) 2,000,000 2,000,000 
New Jersey Envir. Infrastructure Trust Participating VRDN Series 16 XF0395, 0.68% 3/7/17 (Liquidity Facility Bank of America NA) (a)(c) 1,500,000 1,500,000 
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 0.83% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 2,800,000 2,800,000 
New Jersey Trans. Trust Fund Auth. Participating VRDN Series Floaters XF 23 70, 0.71% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) 1,425,000 1,425,000 
Union County Impt. Auth. Participating VRDN Series XF 10 19, 0.8% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 1,318,000 1,318,000 
Union County Impt. Auth. Rev. Participating VRDN Series XG 00 57, 0.81% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 1,200,000 1,200,000 
  13,843,000 
New York And New Jersey - 6.5%   
Port Auth. of New York & New Jersey Participating VRDN:   
Series 15 ZM0092, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) 9,000,000 9,000,000 
Series MS 3249, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) 500,000 500,000 
Series MS 3264, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) 7,650,000 7,650,000 
Series ROC II R 14077, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(c) 1,500,000 1,500,000 
  18,650,000 
Washington - 0.0%   
Catholic Health Initiatives Participating VRDN Series XF 1017, 0.94% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 100,000 100,000 
TOTAL TENDER OPTION BOND   
(Cost $32,993,000)  32,993,000 
Other Municipal Security - 26.2%   
Georgia - 0.3%   
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds:   
Series 2010 A1, 0.75%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a) 195,000 195,000 
Series 2010 A2, 0.75%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a) 600,000 600,000 
  795,000 
Kentucky - 0.1%   
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.82% tender 3/1/17, CP mode 200,000 200,000 
Massachusetts - 0.4%   
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds:   
(New England Pwr. Co. Proj.):   
Series 1992:   
0.75% tender 3/16/17, CP mode 200,000 200,000 
0.8% tender 3/9/17, CP mode 500,000 500,000 
Series 93B, 0.85% tender 3/30/17, CP mode 300,000 300,000 
(New England Pwr. Co., Proj.) Series 1993 B, 0.85% tender 3/2/17, CP mode 300,000 300,000 
  1,300,000 
New Jersey - 21.9%   
Bergen County Gen. Oblig. BAN Series 2016 B, 2% 12/14/17 3,000,000 3,021,778 
Chester Township Gen. Oblig. BAN Series 2017, 2% 10/16/17 1,000,000 1,006,387 
Cranford Township Gen. Oblig. BAN Series 2016, 2% 6/30/17 925,000 927,902 
Englewood Gen. Oblig. BAN 2.25% 4/6/17 2,900,000 2,904,027 
Evesham Township BAN Series 2016 A, 2% 5/16/17 1,000,000 1,002,416 
Fairfield TWP NJ BD NTS. BAN Series 2016, 2% 6/16/17 700,000 702,154 
Fairview Gen. Oblig. BAN Series 2017, 2.5% 2/2/18 1,650,000 1,670,378 
Haddonfield BAN:   
Series 2016, 2.25% 6/23/17 1,700,000 1,707,529 
2% 6/23/17 900,000 903,305 
Hamilton Township Mercer County BAN Series 2016, 2% 6/8/17 2,900,000 2,908,329 
Harrison Township BAN:   
Series 2016 A, 2.25% 6/1/17 800,000 802,637 
Series B, 1.5% 6/1/17 2,610,203 2,614,935 
Hazlet Township NJ BAN Series 2016, 2% 6/16/17 500,000 501,539 
Hoboken Gen. Oblig. BAN Series A, 2.25% 3/14/17 1,200,000 1,200,681 
Hopatcong Borough Gen. Oblig. BAN Series 2016, 2% 7/27/17 710,080 713,420 
Hopewell Township Gen. Oblig. BAN 2.25% 4/7/17 400,000 400,522 
Hudson County Gen. Oblig. BAN Series 2016, 2.5% 12/14/17 3,000,000 3,030,406 
Lakewood Township Gen. Oblig. BAN Series 2016 A, 2% 3/17/17 700,000 700,371 
Long Branch Gen. Oblig. BAN Series 2017, 2.5% 2/9/18 4,100,000 4,150,922 
Mercer County Gen. Oblig. BAN Series 2016 B, 2% 8/30/17 3,000,000 3,015,865 
Morris Plains BAN Series 2016, 2.25% 6/30/17 1,400,000 1,406,395 
New Jersey Econ. Dev. Auth. Rev. Bonds:   
Series 2011 C, 2.44% 8/1/17 (Pre-Refunded to 8/1/17 @ 100) (a) 1,600,000 1,607,887 
Series 2011 F, 2.446% 8/1/17 (Pre-Refunded to 8/1/17 @ 100) (a) 1,300,000 1,306,261 
New Jersey Edl. Facilities Auth. Rev.:   
Bonds Series 2008 K, 5% 7/1/17 200,000 202,811 
Series 1997 A, 0.76% 4/3/17, CP 1,100,000 1,100,000 
North Wildwood Gen. Oblig. BAN:   
Series 2016, 2% 8/24/17 1,300,000 1,307,209 
2.25% 5/10/17 700,000 701,647 
Old Bridge Township Gen. Oblig. BAN 2.25% 4/13/17 1,800,000 1,803,092 
Passaic County Gen. Oblig.:   
BAN Series 2016 A, 2% 12/11/17 6,000,000 6,039,582 
Bonds Series 2011, 5% 5/1/17 1,400,000 1,409,741 
Princeton Borough Gen. Oblig. BAN Series 2016, 2.5% 9/15/17 3,300,000 3,326,804 
Somerset County Impt. Auth. Rev. BAN (Township of Montgomery Proj.) Series 2016, 2% 12/19/17 (Somerset County Gen. Oblig. Guaranteed) 1,000,000 1,005,699 
South Brunswick Township BAN Series 2017, 2% 10/4/17 2,700,000 2,715,313 
Sparta Township Gen. Oblig. BAN Series 2016 A, 2% 10/27/17 836,450 842,115 
Sussex County Gen. Oblig. BAN Series 2016, 2.25% 6/28/17 1,100,000 1,105,448 
Tewksbury Township Gen. Oblig. BAN 2% 6/1/17 500,000 501,462 
Township of Lawrence BAN Series 2016, 2% 7/21/17 1,150,000 1,155,637 
Union County Gen. Oblig. Bonds:   
Series 2016 A, 2% 3/1/17 300,000 300,000 
Series 2016, 2% 3/1/17 200,000 200,000 
Verona Township Gen. Oblig. BAN Series 2016, 2% 7/21/17 1,300,000 1,306,322 
  63,228,928 
New York And New Jersey - 3.5%   
Port Auth. of New York & New Jersey Series B:   
0.73% 3/16/17, CP 3,200,000 3,200,000 
0.74% 3/21/17, CP 4,000,000 4,000,000 
0.75% 3/2/17, CP 1,800,000 1,800,000 
0.75% 5/9/17, CP 600,000 600,000 
0.79% 3/7/17, CP 595,000 595,000 
  10,195,000 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $75,718,928)  75,718,928 
 Shares Value 
Investment Company - 13.1%   
Fidelity Tax-Free Cash Central Fund, 0.66% (d)(e)   
(Cost $37,835,999) 37,835,280 37,835,999 
TOTAL INVESTMENT PORTFOLIO - 99.2%   
(Cost $286,727,927)  286,727,927 
NET OTHER ASSETS (LIABILITIES) - 0.8%  2,330,985 
NET ASSETS - 100%  $289,058,912 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

Legend

 (a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $13,900,000 or 4.8% of net assets.

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

 (d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund.

 (e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Additional information on each restricted holding is as follows:

Security Acquisition Date Cost 
Port Auth. of New York & New Jersey Series 1992 2, 0.69% 3/30/17, VRDN 2/14/92 $6,400,000 
Port Auth. of New York & New Jersey Series 1997 1, 0.69% 3/30/17, VRDN 8/9/02 $4,400,000 
Port Auth. of New York & New Jersey Series 1997 2, 0.69% 3/30/17, VRDN 9/15/97 $3,100,000 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Tax-Free Cash Central Fund $53,182 
Total $53,182 

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

Other Information

Income Tax Information

At February 28, 2017 the cost for Federal Income Tax Purposes was $286,727,927.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





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

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


Quarterly Holdings Report
for

Fidelity® New Jersey Municipal Money Market Fund

February 28, 2017







NJS-QTLY-0417
1.814343.112





Investments February 28, 2017 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 43.0%   
 Principal Amount Value 
Alabama - 0.1%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.85% 3/7/17, VRDN (a)(b) $1,400,000 $1,400,000 
Arkansas - 0.7%   
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 0.88% 3/7/17, VRDN (a)(b) 500,000 500,000 
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.85% 3/7/17, LOC Royal Bank of Scotland PLC, VRDN (a)(b) 8,900,000 8,900,000 
  9,400,000 
Delaware - 0.1%   
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.):   
Series 1988, 0.82% 3/1/17, VRDN (a)(b) 800,000 800,000 
Series 1993 C, 0.85% 3/7/17, VRDN (a) 400,000 400,000 
Series 1994, 0.82% 3/1/17, VRDN (a)(b) 500,000 500,000 
  1,700,000 
Delaware, New Jersey - 1.7%   
Delaware River & Bay Auth. Rev. Series 2008, 0.63% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 22,700,000 22,700,000 
Georgia - 0.0%   
Monroe County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co. Plant Scherer Proj.) First Series 2009, 0.7% 3/7/17, VRDN (a) 300,000 300,000 
Indiana - 0.0%   
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 0.81% 3/7/17, VRDN (a)(b) 300,000 300,000 
Iowa - 0.7%   
Iowa Fin. Auth. Solid Disp. Waste Rev. (MidAmerican Energy Proj.) Series 2008 A, 0.72% 3/7/17, VRDN (a)(b) 9,200,000 9,200,000 
Kentucky - 0.3%   
Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 0.7% 3/7/17, VRDN (a)(b) 3,600,000 3,600,000 
Louisiana - 0.1%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 A1, 0.8% 3/7/17, VRDN (a) 500,000 500,000 
Nebraska - 0.1%   
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.85% 3/7/17, VRDN (a)(b) 1,400,000 1,400,000 
New Jersey - 25.5%   
Bergen County Impt. Auth. Multi-family Hsg. Rev. (Kentshire Apts. Proj.) Series 2001, 0.61% 3/7/17, LOC Fannie Mae, VRDN (a)(b) 9,500,000 9,500,000 
Essex County Impt. Auth. Multi-family Hsg. Rev. (Fern Sr. Hsg. Proj.) Series 2010, 0.64% 3/7/17, LOC Freddie Mac, VRDN (a) 4,000,000 4,000,000 
Hudson County Impt. Auth. Rev. (Essential Purp. Pooled Govt. Ln. Prog.) Series 1986, 0.61% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 24,500,000 24,500,000 
New Jersey Econ. Dev. Auth. Natural Gas Facilities Rev. (South Jersey Gas Co. Proj.) Series 2006-1, 0.65% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) 24,900,000 24,900,000 
New Jersey Econ. Dev. Auth. Rev.:   
(Bayshore Health Ctr. Proj.) Series 1998 A, 0.64% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) 9,270,000 9,270,000 
(Cooper Health Sys. Proj.) Series 2008 A, 0.63% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 15,000,000 15,000,000 
New Jersey Econ. Dev. Auth. Spl. Facilities Rev. (Port Newark Container Term. LLC Proj.) Series 2003 A, 0.6% 3/7/17, LOC Royal Bank of Canada, VRDN (a)(b) 62,500,000 62,500,000 
New Jersey Econ. Dev. Auth. Thermal Energy Facilities Rev. (Marina Energy LLC Proj.):   
Series 2001 A, 0.69% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) 10,000,000 10,000,000 
Series 2006 A, 0.69% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a)(b) 5,465,000 5,465,000 
New Jersey Health Care Facilities Fing. Auth. Rev.:   
(AHS Hosp. Corp. Proj.):   
Series 2008 B, 0.65% 3/7/17, LOC Bank of America NA, VRDN (a) 37,580,000 37,580,000 
Series 2008 C, 0.64% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) 26,375,000 26,375,000 
(Barnabas Health Proj.) Series 2011 B, 0.61% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) 18,965,000 18,965,000 
(Meridian Health Sys. Proj.) Series 2003 A, 0.64% 3/7/17, LOC JPMorgan Chase Bank, VRDN (a) 12,750,000 12,750,000 
(Meridian Nursing and Rehab. at Red Bank, Inc. Proj.) Series 2004 A3, 0.63% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a) 8,735,000 8,735,000 
(Southern Ocean County Hosp. Proj.) Series 2006, 0.62% 3/7/17, LOC Wells Fargo Bank NA, VRDN (a) 2,400,000 2,400,000 
New Jersey Hsg. & Mtg. Fin. Agcy. Multi-family Rev.:   
Series 2006 A, 0.66% 3/7/17, LOC Bank of America NA, VRDN (a)(b) 9,865,000 9,865,000 
Series 2008 B, 0.64% 3/7/17, LOC Bank of America NA, VRDN (a) 5,485,000 5,485,000 
Series 2008 F, 0.65% 3/7/17, LOC Bank of America NA, VRDN (a)(b) 48,645,000 48,645,000 
Series 2015 F, 0.65% 3/7/17, LOC Bank of America NA, VRDN (a)(b) 2,335,000 2,335,000 
  338,270,000 
Pennsylvania, New Jersey - 9.4%   
Delaware River Port Auth. Pennsylvania & New Jersey Rev.:   
Series 2008 B, 0.63% 3/7/17, LOC TD Banknorth, NA, VRDN (a) 30,630,000 30,630,000 
Series 2010 B, 0.64% 3/7/17, LOC Barclays Bank PLC, VRDN (a) 93,215,000 93,215,000 
  123,845,000 
New York And New Jersey - 3.7%   
Port Auth. of New York & New Jersey:   
Series 1991 1, 0.72% 3/30/17, VRDN (a)(b)(c) 8,800,000 8,800,000 
Series 1991 3, 0.72% 3/30/17, VRDN (a)(b)(c) 9,800,000 9,800,000 
Series 1992 1, 0.69% 3/30/17, VRDN (a)(c) 6,800,000 6,800,000 
Series 1995 3, 0.72% 3/30/17, VRDN (a)(b)(c) 9,400,000 9,400,000 
Series 1995 4, 0.72% 3/30/17, VRDN (a)(b)(c) 10,500,000 10,500,000 
Series 1997 1, 0.69% 3/30/17, VRDN (a)(c) 1,500,000 1,500,000 
Series 1997 2, 0.69% 3/30/17, VRDN (a)(c) 2,000,000 2,000,000 
  48,800,000 
Texas - 0.2%   
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) Series 2004, 0.83% 3/7/17, VRDN (a)(b) 2,400,000 2,400,000 
Port Arthur Navigation District Jefferson County Rev. Series 2000 B, 0.73% 3/7/17 (Total SA Guaranteed), VRDN (a)(b) 500,000 500,000 
  2,900,000 
West Virginia - 0.3%   
Marion County Solid Waste Disp. Rev. (Grant Town Cogeneration Proj.) Series 1990 C, 0.8% 3/7/17, LOC Deutsche Bank AG, VRDN (a)(b) 800,000 800,000 
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:   
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 0.87% 3/7/17, VRDN (a)(b) 2,200,000 2,200,000 
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 0.91% 3/7/17, VRDN (a)(b) 1,300,000 1,300,000 
  4,300,000 
Wyoming - 0.1%   
Lincoln County Envir. (PacifiCorp Proj.) Series 1995, 0.77% 3/7/17, VRDN (a)(b) 1,650,000 1,650,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $570,265,000)  570,265,000 
Tender Option Bond - 14.6%   
California - 0.1%   
Dignity Health Participating VRDN Series 17 04, 0.72% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(d) 1,100,000 1,100,000 
Colorado - 0.0%   
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters XF 22 41, 0.84% 3/7/17 (Liquidity Facility Citibank NA) (a)(d) 400,000 400,000 
Nebraska - 0.1%   
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 0.82% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) 800,000 800,000 
New Jersey - 7.4%   
Clipper Tax-Exempt Trust Participating VRDN Series Clipper 07 20, 0.68% 3/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) 13,230,000 13,230,000 
Hudson County Impt. Lease Rev. Participating VRDN Series 16 ZF0450, 0.68% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(d) 4,275,000 4,275,000 
New Jersey Econ. Dev. Auth. Rev. Participating VRDN Series Floaters XF 23 93, 0.71% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(d) 3,150,000 3,150,000 
New Jersey Edl. Facilities Auth. Rev. Participating VRDN:   
Series 15 XF0099, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(d) 4,335,000 4,335,000 
Series 15 XF0149, 0.68% 3/7/17 (Liquidity Facility Bank of America NA) (a)(d) 2,670,000 2,670,000 
Series Floaters L 36, 0.71% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(b)(d) 6,900,000 6,900,000 
New Jersey Envir. Infrastructure Trust Participating VRDN Series 16 XF0395, 0.68% 3/7/17 (Liquidity Facility Bank of America NA) (a)(d) 2,015,000 2,015,000 
New Jersey St Higher Ed. Assistance Auth. Participating VRDN Series Floaters L 35, 0.71% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(b)(d) 11,090,000 11,090,000 
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 0.83% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) 17,325,000 17,325,000 
New Jersey Trans. Trust Fund Auth. Participating VRDN Series Floaters XF 23 70, 0.71% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(d) 7,245,000 7,245,000 
Union County Impt. Auth. Participating VRDN Series XF 10 19, 0.8% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) 6,700,000 6,700,000 
Union County Impt. Auth. Rev. Participating VRDN Series XG 00 57, 0.81% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) 5,720,000 5,720,000 
Union County Utils. Resources Auth. Participating VRDN Series 16 ZM0165, 0.71% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(b)(d) 13,140,000 13,140,000 
  97,795,000 
New York And New Jersey - 6.9%   
Port Auth. of New York & New Jersey Participating VRDN:   
Series 15 ZF0203, 0.72% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) 1,675,000 1,675,000 
Series 16 XF0398, 0.72% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) 22,610,000 22,610,000 
Series 16 XF0401, 0.72% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) 13,510,000 13,510,000 
Series 16 XF0407, 0.72% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) 6,170,000 6,170,000 
Series 16 XF2211, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(d) 7,610,000 7,610,000 
Series 16 XM0211, 0.72% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) 6,000,000 6,000,000 
Series 16 ZF0367, 0.72% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b)(d) 7,155,000 7,155,000 
Series 16 ZM0160, 0.71% 3/7/17 (Liquidity Facility Royal Bank of Canada) (a)(b)(d) 3,470,000 3,470,000 
Series Floaters YX 10 34, 0.72% 3/7/17 (Liquidity Facility Barclays Bank PLC) (a)(b)(d) 780,000 780,000 
Series Floaters ZM 04 10, 0.67% 3/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(d) 800,000 800,000 
Series MS 3321, 0.67% 3/7/17 (Liquidity Facility Cr. Suisse AG) (a)(b)(d) 5,005,000 5,005,000 
Series ROC 14086, 0.7% 3/7/17 (Liquidity Facility Citibank NA) (a)(b)(d) 2,160,000 2,160,000 
Series ROC II R 14077, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(d) 5,165,000 5,165,000 
Series TD 0013, 0.71% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(b)(d) 2,375,000 2,375,000 
Series XG 00 37, 0.67% 3/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(d) 4,400,000 4,400,000 
The Port Auth. of New York and New Jersey Participating VRDN Series XF 23 60, 0.67% 3/7/17 (Liquidity Facility Citibank NA) (a)(d) 2,400,000 2,400,000 
  91,285,000 
South Carolina - 0.1%   
South Carolina St. Pub. Svc. Auth. Rev. Participating VRDN Series XG 0046, 0.73% 3/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(d) 1,800,000 1,800,000 
Washington - 0.0%   
Catholic Health Initiatives Participating VRDN Series XF 1017, 0.94% 3/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(d) 600,000 600,000 
TOTAL TENDER OPTION BOND   
(Cost $193,780,000)  193,780,000 
Other Municipal Security - 31.4%   
Georgia - 0.7%   
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds:   
Series 2010 A1, 0.75%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a) 6,145,000 6,145,000 
Series 2010 A2, 0.75%, tender 6/1/17 (Liquidity Facility Royal Bank of Canada) (a) 3,500,000 3,500,000 
  9,645,000 
Kentucky - 0.0%   
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co. Proj.) Series 2001 A, 0.82% tender 3/1/17, CP mode 800,000 800,000 
Massachusetts - 0.2%   
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1993 A:   
0.75% tender 3/16/17, CP mode 900,000 900,000 
0.8% tender 3/9/17, CP mode 2,200,000 2,200,000 
  3,100,000 
New Hampshire - 0.7%   
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds:   
(New England Pwr. Co. Proj.):   
Series 1990 A:   
0.8% tender 3/16/17, CP mode (b) 900,000 900,000 
0.85% tender 3/10/17, CP mode (b) 2,800,000 2,800,000 
Series 1990 A1, 0.94% tender 3/13/17, CP mode (b) 200,000 200,000 
Series 90B, 0.85% tender 3/30/17, CP mode 1,200,000 1,200,000 
Series A1, 0.94% tender 3/14/17, CP mode (b) 2,400,000 2,400,000 
(New England Pwr., Co. Proj.) Series 1990 B, 0.85% tender 3/2/17, CP mode 1,600,000 1,600,000 
  9,100,000 
New Jersey - 25.0%   
Chester Township Gen. Oblig. BAN Series 2017, 2% 10/16/17 4,817,000 4,847,768 
Cranford Township Gen. Oblig. BAN Series 2016, 2% 6/30/17 4,700,000 4,714,747 
Englewood Gen. Oblig. BAN 2.25% 4/6/17 22,300,000 22,330,965 
Evesham Township BAN Series 2016 A, 2% 5/16/17 7,071,418 7,088,501 
Fairfield TWP NJ BD NTS. BAN Series 2016:   
2% 6/16/17 5,000,000 5,015,389 
2% 12/6/17 5,483,902 5,512,967 
Fairview Gen. Oblig. BAN Series 2017, 2.5% 2/2/18 8,100,000 8,200,035 
Haddonfield BAN:   
Series 2016, 2.25% 6/23/17 11,875,000 11,927,592 
2% 6/23/17 5,725,738 5,746,766 
Hamilton Township Mercer County BAN Series 2016, 2% 6/8/17 15,100,000 15,143,367 
Harrison Township BAN:   
Series 2016 A, 2.25% 6/1/17 5,223,490 5,240,706 
Series B, 1.5% 6/1/17 14,100,000 14,125,562 
Hazlet Township NJ BAN Series 2016, 2% 6/16/17 3,546,237 3,557,153 
Hoboken Gen. Oblig. BAN Series A, 2.25% 3/14/17 7,500,000 7,504,257 
Hopatcong Borough Gen. Oblig. BAN Series 2016, 2% 7/27/17 4,800,000 4,822,581 
Hopewell Township Gen. Oblig. BAN 2.25% 4/7/17 3,013,145 3,017,076 
Hudson County Gen. Oblig. BAN Series 2016, 2.5% 12/14/17 14,700,000 14,848,990 
Lakewood Township Gen. Oblig. BAN Series 2016 A, 2% 3/17/17 5,580,000 5,582,960 
Long Branch Gen. Oblig. BAN Series 2017, 2.5% 2/9/18 19,607,615 19,851,142 
Mercer County Gen. Oblig. BAN Series 2016 B, 2% 8/30/17 15,200,000 15,280,380 
Morris Plains BAN Series 2016, 2.25% 6/30/17 9,475,000 9,518,283 
New Jersey Econ. Dev. Auth. Rev. Bonds:   
Series 2011 C, 2.44% 8/1/17 (Pre-Refunded to 8/1/17 @ 100) (a) 8,400,000 8,441,405 
Series 2011 F, 2.446% 8/1/17 (Pre-Refunded to 8/1/17 @ 100) (a) 6,750,000 6,782,509 
New Jersey Edl. Facilities Auth. Rev. Series 1997 A, 0.76% 4/3/17, CP 5,600,000 5,600,000 
North Wildwood Gen. Oblig. BAN:   
Series 2016, 2% 8/24/17 7,840,000 7,883,474 
2.25% 5/10/17 4,830,000 4,841,366 
Old Bridge Township Gen. Oblig. BAN 2.25% 4/13/17 13,210,000 13,232,690 
Passaic County Gen. Oblig.:   
BAN Series 2016 A, 2% 12/11/17 14,500,000 14,592,838 
Bonds Series 2011, 5% 5/1/17 2,780,000 2,799,342 
Princeton Borough Gen. Oblig. BAN Series 2016, 2.5% 9/15/17 16,200,000 16,331,582 
Somerset County Impt. Auth. Rev. BAN (Township of Montgomery Proj.) Series 2016, 2% 12/19/17 (Somerset County Gen. Oblig. Guaranteed) 5,000,000 5,028,495 
South Brunswick Township BAN Series 2017, 2% 10/4/17 13,682,000 13,759,596 
Sparta Township Gen. Oblig. BAN Series 2016 A, 2% 10/27/17 4,600,000 4,631,154 
Sussex County Gen. Oblig. BAN Series 2016, 2.25% 6/28/17 7,500,000 7,537,143 
Tewksbury Township Gen. Oblig. BAN 2% 6/1/17 3,150,000 3,159,212 
Township of Lawrence BAN Series 2016, 2% 7/21/17 7,600,000 7,637,255 
Union County Gen. Oblig. Bonds Series 2016 B, 2% 3/1/17 3,750,000 3,750,000 
Verona Township Gen. Oblig. BAN Series 2016, 2% 7/21/17 8,562,500 8,604,140 
Washington Township Gloucester County BAN Series 2016 B, 2% 4/25/17 2,990,000 2,995,729 
  331,485,117 
New York And New Jersey - 4.6%   
Port Auth. of New York & New Jersey:   
Bonds Series 197, 4% 11/15/17 (b) 6,600,000 6,739,429 
Series A:   
0.7% 3/8/17, CP (b) 900,000 900,000 
0.75% 5/17/17, CP (b) 6,800,000 6,800,000 
0.76% 5/25/17, CP (b) 4,430,000 4,430,000 
0.77% 5/11/17, CP (b) 2,000,000 2,000,000 
0.8% 3/8/17, CP (b) 3,000,000 3,000,000 
0.8% 5/3/17, CP (b) 6,000,000 6,000,000 
0.81% 4/6/17, CP (b) 7,650,000 7,650,000 
0.85% 3/16/17, CP (b) 7,495,000 7,495,000 
Series B:   
0.74% 3/21/17, CP 10,000,000 10,000,000 
0.75% 5/9/17, CP 2,715,000 2,715,000 
0.79% 3/7/17, CP 2,800,000 2,800,000 
  60,529,429 
Virginia - 0.1%   
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 1992, 0.92% tender 3/1/17, CP mode (b) 1,400,000 1,400,000 
West Virginia - 0.1%   
Grant County Cmnty. Solid Waste Disp. Rev. Bonds (Virginia Elec. & Pwr. Co. Proj.) Series 96, 0.8% tender 3/16/17, CP mode (b) 1,100,000 1,100,000 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $417,159,546)  417,159,546 
 Shares Value 
Investment Company - 10.5%   
Fidelity Municipal Cash Central Fund, 0.68% (e)(f)   
(Cost $139,273,058) 139,273,058 139,273,058 
TOTAL INVESTMENT PORTFOLIO - 99.5%   
(Cost $1,320,477,604)  1,320,477,604 
NET OTHER ASSETS (LIABILITIES) - 0.5%  6,292,123 
NET ASSETS - 100%  $1,326,769,727 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

Legend

 (a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

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

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $48,800,000 or 3.7% of net assets.

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

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

 (f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Port Auth. of New York & New Jersey Series 1991 1, 0.72% 3/30/17, VRDN 6/18/91 $8,800,000 
Port Auth. of New York & New Jersey Series 1991 3, 0.72% 3/30/17, VRDN 12/3/03 $9,800,000 
Port Auth. of New York & New Jersey Series 1992 1, 0.69% 3/30/17, VRDN 2/14/92 $6,800,000 
Port Auth. of New York & New Jersey Series 1995 3, 0.72% 3/30/17, VRDN 9/15/95 $9,400,000 
Port Auth. of New York & New Jersey Series 1995 4, 0.72% 3/30/17, VRDN 8/9/02 $10,500,000 
Port Auth. of New York & New Jersey Series 1997 1, 0.69% 3/30/17, VRDN 1/27/16 $1,500,000 
Port Auth. of New York & New Jersey Series 1997 2, 0.69% 3/30/17, VRDN 10/26/12 - 11/8/13 $2,000,000 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Municipal Cash Central Fund $230,836 
Total $230,836 

Investment Valuation

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs is provided later in this section.

Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

Other Information

Income Tax Information

At February 28,2017 the cost for Federal Income Tax Purposes was $1,320,477,604.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





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

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


Item 2.

Controls and Procedures


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


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


Item 3.

Exhibits


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




SIGNATURES


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


Fidelity Court Street Trust II



By:

/s/Stephanie J. Dorsey


Stephanie J. Dorsey


President and Treasurer



Date:

April 28, 2017


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



By:

/s/Stephanie J. Dorsey


Stephanie J. Dorsey


President and Treasurer



Date:

April 28, 2017



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

April 28, 2017