FIDELITY NEW JERSEY TAX-FREE MONEY MARKET PORTFOLIO
A FUND OF FIDELITY COURT STREET TRUST II
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 14, 1994
MANAGEMENT CONTRACT. Effective August 1, 1994, FMR agreed to
voluntarily adopt the revised group fee rate schedule shown below for
purposes of calculating the group fee component of the management fee. The
revised schedule provides for lower management fees as total assets under
management increase, and it will be presented to shareholders for approval
at the next shareholder meeting.
The following information replaces the "Group Fee Rate" and "Effective
Annual Fee Rate" schedules found on page 17.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Average Group Annualized Group Net Effective Annual Fee
Assets Rate Assets Rate
0 - $ 3 billion .3700% $ 0.5 billion .3700%
3 - 6 .3400 25 .2664
6 - 9 .3100 50 .2188
9 - 12 .2800 75 .1986
12 - 15 .2500 100 .1869
15 - 18 .2200 125 .1793
18 - 21 .2000 150 .1736
21 - 24 .1900 175 .1690
24 - 30 .1800 200 .1652
30 - 36 .1750 225 .1618
36 - 42 .1700 250 .1587
42 - 48 .1650 275 .1560
48 - 66 .1600 300 .1536
66 - 84 .1550 325 .1514
84 - 120 .1500 350 .1494
120 - 156 .1450 375 .1476
156 - 192 .1400 400 .1459
192 - 228 .1350
228 - 264 .1300
264 - 300 .1275
300 - 336 .1250
336 - 372 .1225
Over 372 .1200
</TABLE>
NJSB-94-2
(Page 1 of 2)
August 1994
The following tables replace those found in the section entitled
"Performance" beginning on page 9.
1994 TAX RATES AND TAX-EQUIVALENT YIELDS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Taxable Income* Marginal Federal Combined New Jersey and
Income Tax New Jersey Federal Effective
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Single Return Joint Return Bracket Marginal Rate Tax Bracket **
</TABLE>
-- $38,001-$50,000 28% 2.375% 29.71%
-- $50,001-$70,000 28% 3.325% 30.39%
$22,751-$35,000 -- 28% 3.750% 30.70%
$35,001-$40,000 $70,001-$80,000 28% 4.750% 31.42%
$40,001-$55,100 $80,001-$91,850 28% 6.175% 32.45%
$55,101-$75,000 $91,851-$140,000 31% 6.175% 35.26%
$75,001-$115,000 -- 31% 6.650% 35.59%
-- $140,001-$150,000 36% 6.175% 39.95%
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
$115,001-$250,000 $150,001-$250,000 36% 6.650% 40.26%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
$250,001 & $250,001 & above 39.6% 6.650% 43.62%
above
</TABLE>
* Net amount subject to federal income tax after deductions and exemptions.
Assumes ordinary income only; does not include the effect of preferential
rate on long-term capital gains.
** Excludes the impact of the phaseout of personal exemptions, limitations
on itemized deductions, and other credits, exclusions, and adjustments
which may increase a taxpayer's marginal tax rate. An increase in a
shareholder's marginal tax rate would increase that shareholder's
tax-equivalent yield.
Having determined your effective tax bracket above, use the tax table below
to determine the tax-equivalent yield for a given tax-free yield.
If your combined effective federal and state personal income tax rate in
1994 is:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
29.71% 30.39% 30.70% 31.42% 32.45% 35.26% 35.59% 39.95% 40.26% 43.62%
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
To match these
tax-free rates: Your taxable investment would have to earn the following yield:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2.0% 2.85% 2.87% 2.89% 2.92% 2.96% 3.09% 3.11% 3.33% 3.35% 3.55%
3.0% 4.27% 4.31% 4.33% 4.37% 4.44% 4.63% 4.66% 5.00% 5.02% 5.32%
4.0% 5.69% 5.75% 5.77% 5.83% 5.92% 6.18% 6.21% 6.66% 6.70% 7.09%
5.0% 7.11% 7.18% 7.22% 7.29% 7.40% 7.72% 7.76% 8.33% 8.37% 8.87%
6.0% 8.54% 8.62% 8.66% 8.75% 8.88% 9.27% 9.32% 9.99% 10.04% 10.64%
7.0% 9.96% 10.06% 10.10% 10.21% 10.36% 10.81% 10.87% 11.66% 11.72% 12.42%
</TABLE>
(Page 2 of 2)
