With the fenders on.
The 33's fit nicely and I'm psyched that they are a little narrower but still have the size to get over things. I spaced the wheels wide enough enough (via axle positioning) that I could run any one of the tire sizes in our arsenal, the wider 35s on my FJ55, the wider 16" 33s on everyone else's rigs, and didn't want any potential rubbing and mud clearance. But truth be told I think the 33's will probably stick/be the ticket for drag resistance (really there's no reason to go to a wider tire) and looking back at it I should have just committed to the size.
I spaced the tire on these rims at 2" from the inside wall to the frame, but looking back at it I should have sized 1" or 1.25" narrower and I wouldn't now have to widen the fenders. Maybe it will be worth it to have the flexibility of different tires sizes later.
I'm also considering even going down to 32" (or even just temporarily) as these tires may end up on my truck and I have two good and two increasingly worn 32's on truck currently... Not sure if this will be temporary or not. I'm telling myself that I would really like to be able to wheel the trailer fairly hard so the larger size will be nice...