Fidelity Connecticut Municipal Incom Fund
FICNX
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- Fidelity Connecticut Municipal Income Fund (FICNX) is an open-end fixed income mutual fund that seeks a high level of current income exempt from federal income tax and Connecticut personal income tax. The fund, launched on October 29, 1987, and domiciled in the United States, normally invests at least 80% of its assets in investment-grade municipal securities issued by or on behalf of the State of Connecticut or its authorities, agencies, instrumentalities, and political subdivisions; these securities include general obligation bonds, revenue bonds, notes, and other debt obligations with varying maturities, focusing on sectors such as special tax obligations, health and educational facilities, and state general funds. It may also allocate up to more than 25% of assets to municipal securities financing similar projects, employs fundamental analysis considering credit quality, security features, valuation, and trading opportunities, and benchmarks performance against the Bloomberg Municipal TR USD index; the portfolio maintains a mid credit quality and moderate interest-rate sensitivity, with approximately 90.85% in U.S. bonds, 5.97% cash, and 3.18% non-U.S. bonds as of recent data. Fidelity Court Street Trust - Fidelity Connecticut Municipal Income Fund is managed by Fidelity Management & Research Company LLC, with co-management from Fidelity Investments Money Management (U.K.), Inc., Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Inc., under a portfolio management team led by Cormac Cullen (since May 2016), Elizah McLaughlin (since September 2018), and Michael Maka (since March 2020). The fund operates from Fidelity's headquarters at 245 Summer Street, Boston, Massachusetts, with total net assets of approximately $321.83 million and a net expense ratio of 0.46%; it is non-diversified, available for sale in the United States, and targets investors seeking tax-exempt income, particularly Connecticut residents. Recent portfolio data as of late 2025 reflects ongoing emphasis on Connecticut-specific issuers, with top holdings including Fidelity Municipal Cash Central (4.88%), Connecticut ST SPL Tax Oblig Rev 5% (4.30%), Connecticut ST 3% (2.61%), Connecticut ST Health & Edl Facs Auth Rev 4% (1.62%), and another Connecticut ST 3% (1.49%), comprising 14.90% of the portfolio; the top five holdings represent 17.65% on average for the category. No major acquisitions, partnerships, funding rounds, new product launches, or strategic shifts have been reported in the last 1-2 years, with the fund maintaining its core strategy amid stable management tenure and monthly dividend distributions, including a payment on December 31, 2024.