FIDELITY COURT STREET TRUST II, N-30D, 1995-01-10

FIDELITY COURT STREET TRUST II
N-30D, 1995-01-10

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FIDELITY

(registered trademark)
NEW JERSEY
TAX-FREE
MONEY MARKET
PORTFOLIO

ANNUAL REPORT
NOVEMBER 30, 1994
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 6 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 8 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 9 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 14 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 18 Notes to the financial statements.

REPORT OF INDEPENDENT
ACCOUNTANTS 20 The auditor's opinion.

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED
FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUND 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, THE FEDERAL
RESERVE BOARD OR
ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE
POSSIBLE LOSS OF
PRINCIPAL. NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A
BANK. FOR MORE
INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES, CALL
1-800-544-8888

FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
The year so far has been an unsettling time for many investors. For
example, after three years of a nearly perfect environment for stock market
investing, stock prices generally fell from February through June, and bond
prices fell, as well. Although there was a late-summer stock rally,
volatility continued into the fourth quarter and no one can know for sure
what will happen in the months ahead.
We do know, however, that market ups and downs are a normal part of
investing. We have historically seen corrections of 10% or more every two
years. That's why I thought this might be a good time to review three basic
investment principles that have proven helpful to successful investors in
every market cycle.
First, take a long-term approach when investing. If you can afford to leave
your money invested through the inevitable ups and downs of financial
markets, you will greatly reduce your vulnerability to any single decline.
Over time, for example, stock prices have gone up - and have significantly
outperformed other types of investments and stayed ahead of inflation.
Second, you can further manage risk by diversifying your investments. A
stock mutual fund is already diversified, because it invests in many
different companies. You can increase your diversification by investing in
a number of different stock funds, or in different investment categories,
such as bonds. You should also keep money you'll need in the near future in
a more stable investment.
Finally, it makes good sense to follow a regular investment plan, investing
a set amount of money at the same time each month or quarter. That way, you
can avoid getting caught up in the excitement of a rapidly-rising market -
and won't end up buying all your shares at market highs. This strategy
won't assure a profit or protect you from a loss in a declining market, but
it should help you lower the average cost of your purchases. For this to be
effective, you must continue to buy shares in both up and down markets.
If you have questions, please call us at 1-800-544-8888. We would be happy
to send you a Fidelity FundMatch kit, which can help you determine the mix
of investments that is right for you. You might also find it convenient to
set up a regular investment plan using the Fidelity Automatic Account
Builder.SM
We look forward to hearing from you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE

To measure a money market fund's performance, you can look at either total
return or yield. Total return reflects the change in a fund's share price
over a given period and reinvestment of its dividends (or 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 voluntarily reimbursed the fund for expenses during the
periods shown, the total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1994 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Fidelity New Jersey Tax-Free
Money Market Portfolio 2.19% 18.08% 30.41%

Consumer Price Index 2.81% 19.06% 28.67%

Average New Jersey Tax-Free
Money Market Fund 2.19% 18.91% 28.70%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year, five years, or since the fund started on March
17, 1988. For example, if you invested $1,000 in a fund that had a 5%
return over the past year, you would end up with $1,050. Comparing the
fund's performance to the consumer price index (CPI) helps show how your
investment did compared to inflation. To measure how the fund stacked up
against its peers, you can compare its return to the average New Jersey
tax-free money market fund's total return. This average currently reflects
the performance of 11 New Jersey tax-free money market funds tracked by
IBC/Donoghue. (The periods covered by the CPI and IBC/Donoghue numbers are
the closest available match to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1994 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Fidelity New Jersey Tax-Free
Money Market Portfolio 2.19% 3.38% 4.04%

Consumer Price Index 2.81% 3.55% 3.85%

Average New Jersey Tax-Free
Money Market Fund 2.19% 3.52% 4.06%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
YIELDS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
11/30/93 2/28/94 5/31/94 8/31/94 11/30/94

Fidelity New Jersey Tax-Fr 1.89% 1.85% 2.27% 2.52% 3.09%
ee
Money Market Portfolio

Average New Jersey 1.86% 1.92% 2.27% 2.52% 2.99%
Tax-Free Money Market
Fund

Fidelity New Jersey Tax-Fre 3.16% 3.10% 3.80% 4.22% 5.17%
e
Money Market Portfolio -
Tax-equivalent

Average All Taxable 2.69% 2.79% 3.51% 4.08% 4.84%
Money Market Fund

</TABLE>

Row: 1, Col: 1, Value: 1.89
Row: 1, Col: 2, Value: 1.86
Row: 2, Col: 1, Value: 1.85
Row: 2, Col: 2, Value: 1.85
Row: 3, Col: 1, Value: 2.27
Row: 3, Col: 2, Value: 2.27
Row: 4, Col: 1, Value: 2.52
Row: 4, Col: 2, Value: 2.52
Row: 5, Col: 1, Value: 3.09
Row: 5, Col: 2, Value: 2.99
Fidelity New Jersey
Tax-Free Money
Market Portfolio
Average New Jersey
Tax-Free Money
Market Fund
3% -
2% -
1% -
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 chart above shows the fund's
current seven-day yield at quarterly intervals over the past year. You can
compare these yields to the average New Jersey tax-free money market fund.
Or you can look at the fund's tax-equivalent yield, which is based on a
combined effective 1994 federal and state income tax rate of 40.26%. The
tax-equivalent figures are useful in seeing how the fund stacked up against
the average taxable money market fund as tracked by IBC/Donoghue.
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. And there is no
assurance that a money fund
will maintain a $1 share price.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

An interview with Scott Orr, Portfolio
Manager of Fidelity New Jersey
Tax-Free Money Market Portfolio
Q. SCOTT, INTEREST RATES HAVE CONTINUED TO RISE SINCE THE LAST REPORT. CAN
YOU TELL US ABOUT THE ENVIRONMENT YOU'VE BEEN OPERATING IN?
A. Sure. In the last report, we talked about the quarter-point rate
increases that occurred in February, March and April and the half-point
increase in May. Since then, the Federal Reserve Board's strategy has
remained the same - to slow the pace of economic growth. By increasing the
federal funds rate - or the rate banks charge each other for overnight
loans - the Fed has made some tactical changes in monetary policy. Recent
rate increases have been both less frequent and more dramatic. Accordingly,
after two months of inactivity, we saw a second half-point increase in
August and a three-quarter-point increase in November. By the end of
November, the federal funds rate stood at 5.50%, up sharply from 3% a year
ago.
Q. WHAT STEPS HAVE YOU TAKEN TO MAXIMIZE RETURNS IN THE FACE OF RISING
INTEREST RATES?
A. The simple answer is that I've shortened the fund's average maturity.
When rates are rising, it usually doesn't make sense to emphasize
longer-term securities; it's better to buy shorter-term instruments and let
the fund's yield rise with current rates. That's why the fund's average
maturity was 62 days at the end of November, down from 75 days a year ago.
Q. THE FUND'S AVERAGE MATURITY BOTTOMED OUT IN THE 30S EARLIER IN THE YEAR.
IF RATES ARE STILL RISING, WHY IS THE FUND'S AVERAGE MATURITY LONGER NOW
THAN IT WAS THEN?
A. It's fair to say that in a rising-rate environment, normally I'd be
looking for ways to shorten the fund's average maturity by adding variable
rate demand notes (VRDNs) - short-term securities whose yields rise with
the market. But demand for VRDNs has risen lately to the point where
they've lost a lot of their appeal. Instead, I've been buying more
fixed-rate securities with attractive yields that take into account the
likelihood of future rate increases. That strategy has lengthened the
fund's average maturity.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on November 30, 1994 was 3.09%, up from 1.89%
a year ago. The latest yield is equivalent to a 5.17% yield on a taxable
investment for investors in New Jersey's 40.26% combined federal and state
tax bracket. The fund's total return for the year ended November 30, 1994
was 2.19%. That matched the total return of 2.19% for the average New
Jersey tax-free money market fund, according to IBC/Donoghue.
Q. WHAT'S AHEAD?
A. I found it reassuring that the last rate increase in November was higher
than expected. That may give us a little breathing room before rates go up
again. Chances are excellent, however, that rates will resume climbing soon
- - I think possibly to as high as 7.5% by the end of 1995 as the Fed seeks
to meet its goal of 2.5% overall economic growth. Accordingly, I'll try to
preserve the fund's flexibility with an average maturity that will probably
vary between 45 and 60 days in the months ahead.

FUND FACTS
GOAL: tax-free income &
stability by investing in
high-quality, short-term New
Jersey municipal securities
START DATE: March 17, 1988
SIZE: as of November 30,
1994, more than $399 million
MANAGER: Scott Orr, since
January 1992; manager,
Fidelity New Jersey Tax-Free
Money Market Fund and
Fidelity Michigan Municipal
Money Market Fund, since
January 1992;
Fidelity and Spartan
Connecticut Municipal Money
Market Funds, since October
1993; Spartan Arizona
Municipal Money Market
Fund, since
November 1994, joined
Fidelity in 1989
(checkmark)

MONEY MARKETS AND
DERIVATIVES:
The word "derivatives" covers
a wide range of financial
agreements, of varying
degrees of complexity, that
have market values based on
security or market indices. All
"derivative" securities in
Fidelity's money market funds
are designed to have the price
characteristics of typical
money market securities.
During the recent Federal
Reserve Board interest rate
increases, all Fidelity money
market holdings performed as
designed and the funds
maintained a stable share
price of $1.00.
The more complex of these
instruments, such as floating
rate notes with unusual and
complex floating rate
formulas, frequently have too
much price volatility to be
appropriate investments for
money market funds. Many of
them do not offer the degree
of price stability Fidelity
believes is required in order
for its funds to maintain a
stable $1.00 share price.
Therefore, despite their
frequent higher yields at the
time they are sold, Fidelity
money market funds have not
purchased these volatile
securities. While this may
sometimes have caused
Fidelity money market funds
to have lower gross yields
than certain other funds,
Fidelity believes its investors
value prudence as well as
performance.
INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
11/30/94 5/31/94 11/30/93

0 - 30 60 62 57

31 - 90 21 14 16

91 - 180 5 15 9

181 - 397 14 9 18

WEIGHTED AVERAGE MATURITY
11/30/94 5/31/94 11/30/93

Fidelity New Jersey
Tax-Free Money Market
Portfolio 62 days 52 days 75 days

Average New Jersey
Tax-Free Money
Market Fund* 54 days 48 days 65 days

ASSET ALLOCATION
AS OF NOVEMBER 30, 1994 AS OF MAY 31, 1994

Row: 1, Col: 1, Value: 50.0
Row: 1, Col: 2, Value: 14.0
Row: 1, Col: 3, Value: 4.0
Row: 1, Col: 4, Value: 32.0
Row: 1, Col: 5, Value: 3.0
Row: 1, Col: 1, Value: 52.0
Row: 1, Col: 2, Value: 11.0
Row: 1, Col: 3, Value: 6.0
Row: 1, Col: 4, Value: 30.0
Row: 1, Col: 5, Value: 2.0
Variable rate
demand notes
(VRDNs) 50%
Commercial
paper 14%
Tender bonds 2%
Municipal
notes 32%
Other 2%
Variable rate
demand notes
(VRDNs) 52%
Commercial
paper 11%
Tender bonds 6%
Municipal
notes 30%
Other 1%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS NOVEMBER 30, 1994

Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - 91.8%
Atlantic County Impt. Auth. Rev. (Pooled Gov't. Loan Prog.)
3.50%, LOC Marine Midland Bank, Hong Kong &
Shanghai Banking Corp., VRDN $ 2,900,000 $ 2,900,000
Bayonne BAN 3.95% 1/15/95 2,475,000 2,475,749
Bergen County Rev. Rfdg. Bonds 6.50% 8/1/95 2,700,000 2,737,502
Berkeley Township BAN 3.86% 4/30/95 2,104,300 2,104,967
Bernards Township Swr. Auth. Swr. Rev. Rfdg. Bonds
Series 1985, 2.875% tender 12/15/94 4,500,000 4,500,000
Bloomingdale BAN 4.25% 3/22/95 778,000 779,452
Camden County BAN 3.25% 2/16/95 5,000,000 5,000,667
Carlstadt Borough BAN 3.54% 2/13/95 1,500,000 1,500,114
Essex County TAN 3.75% 12/19/94 18,300,000 18,305,726
Florham Park BAN 4.75% 11/9/95 1,293,500 1,296,401
Hamilton Township BAN 4.25% 12/15/94 6,700,000 6,702,552
Hudson County BAN 4.55% 10/11/95 5,000,000 5,006,168
Hudson County Impt. Auth. Rev. (Essential Purp. Pooled
Gov't. Loan Prog.) Series 1986, 4%,
LOC Marine Midland Bank, VRDN 29,895,000 29,895,000
Hudson County TAN 4.17% 2/17/95 10,000,000 10,004,565
Lacey Township BAN 4% 5/9/95 1,640,250 1,640,586
Lakewood BAN 4.05% 4/26/95 1,259,800 1,260,042
Longbranch TAN 4% 3/31/95 5,500,000 5,501,749
Mercer County BAN 4.75% 7/13/95 16,450,000 16,518,702
Mercer County Impt. Auth. Rev. (Pooled Gov't. Loan Prog.)
Series 1985, 3.45%, LOC Credit Suisse Bank, VRDN 200,000 200,000
Monmouth County Impt. Auth. Rev. (Pooled Gov't.
Loan Prog.) Series 1986, 3.45%,
LOC Union Bank of Switzerland, VRDN 12,300,000 12,300,000
Morristown BAN 4.50% 5/25/95 2,700,000 2,706,220
New Jersey Econ. Dev. Auth. 1st Mtg. Rev.
(Franciscan Oaks Proj.) Series 1992 B, 3.45%,
LOC Bank of Scotland, VRDN (b) 8,000,000 8,000,000
New Jersey Econ. Dev. Auth. Dock Facs. Rev. Rfdg.
(Bayonne Proj.) Series 1993 C, 3.50%
LOC First Nat'l. Bank of Chicago, VRDN 400,000 400,000
New Jersey Econ. Dev. Auth. Econ. Dev. Rev.:
Rfdg. (Church & Dwight Co.) Series 1991, 3.35%,
LOC Bank of Nova Scotia, VRDN 3,300,000 3,300,000
Rfdg. (Curtiss-Wright Corp.) Series 1992, 3.60%,
LOC Bank of Nova Scotia, VRDN 3,000,000 3,000,000
Rfdg. (RJB Associates 1983 Proj.) 3.70%
LOC PNC Bank, VRDN 500,000 500,000
(AVP Realty Holdings, Inc.) Series 1989 A, 3.70%,
LOC Barclays Bank, VRDN 1,250,000 1,250,000
(Arden Group) Series 1989 BB, 3.70%,
LOC Barclays Bank, VRDN 1,600,000 1,600,000
(Assoc. for Retarded Citizens) Series 1989 CC, 3.60%
LOC Barclay's Bank, VRDN 1,200,000 1,200,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
New Jersey Econ. Dev. Auth. Econ. Dev. Rev. - continued
(Composite Issue A-C & E-L) Series 1989 E, 3.60%,
LOC Barclays Bank PLC, VRDN $ 300,000 $ 300,000
(E.P. Henry Corp.) Series 1989-K, 3.70%,
LOC Barclays Bank, VRDN 500,000 500,000
(Guttenplan's Bakery) Series 1989-G, 3.70%
LOC Barclays Bank, VRDN (b) 650,000 650,000
(Morris Hall Proj.) 4.125%, tender 12/1/94 2,300,000 2,300,000
(PVC Container) Series 87-D,
3.70%, LOC Nat'l. Westminster Bank, VRDN (b) 835,000 835,000
New Jersey Econ. Dev. Auth. Econ. Growth Rev.
Series F, 3.55% LOC Nat'l. Westminster, VRDN 840,000 840,000
New Jersey Econ. Dev. Auth. Ind. Dev. Rev.
(Marriott Corp.) Series 1984, 3.35%,
LOC Nat'l. Westminster Bank, VRDN 4,500,000 4,500,000
New Jersey Econ. Dev. Auth. Poll. Cont. Rev.:
(Danic Urban Renewal Co. Proj.) Series 1985, 3.85%,
LOC Marine Midland Bank, VRDN 950,000 950,000
(Hoffman-La Roche Inc. Proj.) Series 1985, 3.875%,
LOC Bankers Trust, VRDN 3,000,000 3,000,000
(Russ Berrie & Co. Inc.) 3.60%,
LOC Bank of New York, VRDN 5,200,000 5,200,000
New Jersey Econ. Dev. Auth. Poll. Cont. Rev. Bonds:
(Exxon Proj.) Series 1989:
3.25%, tender 12/13/94 3,500,000 3,500,000
3.60%, tender 12/23/95 3,500,000 3,500,000
New Jersey Econ. Dev. Auth. Rev. Bonds:
(Chambers Cogeneration Proj.) Series 1991:
3.55%, tender 1/18/95, LOC Swiss Bank Corp. (b) 4,900,000 4,900,000
3.55%, tender 1/27/95, LOC Swiss Bank Corp. (b) 5,000,000 5,000,000
3.85%, tender 2/14/95, LOC Swiss Bank Corp. (b) 4,700,000 4,700,000
3.70%, tender 2/17/95, LOC Swiss Bank Corp. (b) 4,300,000 4,300,000
3.80%, tender 2/21/95, LOC Swiss Bank Corp. (b) 2,000,000 2,000,000
3.85%, tender 2/22/95, LOC Swiss Bank Corp. (b) 5,000,000 5,000,000
(Keystone Proj.) Series 1992:
3.55%, tender 1/13/95
LOC Union Bank of Switzerland (b) 4,000,000 4,000,000
3.60%, tender 2/13/95
LOC Union Bank of Switzerland (b) 2,000,000 2,000,000
3.75%, tender 2/21/95
LOC Union Bank of Switzerland (b) 1,000,000 1,000,000
3.85%, tender 2/23/95
LOC Union Bank of Switzerland (b) 2,500,000 2,500,000
New Jersey Econ. Dev. Auth. Rev., VRDN:
Rfdg. (Polymeric Res. Corp. Rfdg. Proj.)
Series 1998-B,3.85%, LOC Bank of Tokyo 1,450,000 1,450,000
(1420 Chestnut Ave.) Series 1989 FF, 3.70%,
LOC Barclays Bank 1,300,000 1,300,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
New Jersey Econ. Dev. Auth. Rev., VRDN - continued
(Bel Ray Co., Inc.) Series 1989 I, 3.70%,
LOC Barclays Bank $ 250,000 $ 250,000
(Center For Aging Applewook Proj.) 3.65%,
LOC Banque Paribas 2,600,000 2,600,000
(Hirsh Enterprises) Series 1989 II, 3.70%,
LOC Barclays Bank 500,000 500,000
(J.W. Holding Group) Series 1989 GG, 3.70%,
LOC Barclays Bank 650,000 650,000
(M&S Realty) Series 1988-N, 3.70%,
LOC Barclays Bank 950,000 950,000
(Philly Venture Fund) Series 1988 P,
3.60%, LOC Barclays Bank 1,350,000 1,350,000
(Pictorial Offset Corp.) Series 1989 H, 3.70%,
LOC Barclays Bank 2,000,000 2,000,000
New Jersey Econ. Dev. Auth. Participating VRDN
(Public School Proj.) (c):
Series MGT-49C, 3.50%, (Liquidity Facility Morgan
Guaranty) 3,800,000 3,800,000
Series MGT-49D, 3.50%, (Liquidity Facility Morgan
Guaranty) 5,200,000 5,200,000
Series MGT-49E, 3.50%, (Liquidity Facility Morgan
Guaranty) 3,500,000 3,500,000
New Jersey Gen. Oblig. Participating VRDN (c):
Series 21, 3.70% (Liquidity Facility Morgan Guaranty
Trust Co.) 2,500,000 2,500,000
Series BTP-104, 3.825%
(Liquidity Facility Bankers Trust Co.) 2,500,000 2,500,000
Series PA-6, 3.80%, BPA Merrill Lynch & Co. VRDN 14,260,000 14,260,000
New Jersey Gen. Oblig. Rfdg. Bonds
Series A, 7.90% 8/1/95 2,500,000 2,561,377
New Jersey Health Care Facs. Fin. Auth. Rev.
(Cap. Asset Fin. Prog.) Series 1985 B, 3.70%,
LOC Chemical Bank, VRDN 6,600,000 6,600,000
New Jersey Hsg. & Mtg. Fin. Agcy. Home Buyer Rev.
3.85% (Liquidity Facility Merrill Lynch & Co.)(b) 1,410,000 1,410,000
New Jersey Hsg. & Mtg. Fin. Agcy. Participating VRDN (c):
Series 94-C 3003, 3.97%,
(Liquidity Facility Citibank)(MBIA Insured) 6,800,000 6,800,000
Series 94-C 3004, 3.97%,
(Liquidity Facility Citibank)(MBIA Insured) 5,400,000 5,400,000
New Jersey Sports and Exposition Auth. Rev.,
Series 1992 C, 3.65%, (Liquidity Facility Ind. Bank of Japan)
(MBIA Insured) VRDN 6,100,000 6,100,000
New Jersey Turnpike Auth. Turnpike Rev., Series 1991 D,
3.25%, BPA Society Generale, (FGIC Insured), VRDN 20,900,000 20,900,000
North Bergen BAN 3.95% 1/27/95 1,500,000 1,500,114
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
North Brunswick Township BAN:
4% 12/1/94 $ 1,000,000 $ 1,000,000
3.75% 2/9/95 1,400,000 1,400,783
4.70% 2/9/95 1,000,000 1,001,500
Ocean City BAN 3.69% 1/4/95 1,200,000 1,200,130
Passaic County BAN:
3.68% 12/7/94 2,900,000 2,900,107
4.75% 9/28/95 5,000,000 5,006,429
Passaic County Util. Auth. BAN (Solid Waste Sys. Proj.)
Series 1994 C, 4.625% 11/9/95 (MBIA Insured) 5,000,000 5,000,000
Passaic Valley Wtr. Commission Participating VRDN, 3.85%
(Liquidity Facility Merrill Lynch & Co.)
(FGIC Insured) (c) 2,480,000 2,480,000
Pine Beach BAN 4.10% 3/30/95 700,000 700,220
Princeton Township TAN 4% 1/31/95 1,300,000 1,301,063
Roxbury Township BAN 3.94% 3/16/95 1,160,000 1,160,193
Rutherford TAN 4.50% 2/15/95 1,300,000 1,302,360
Salem County Ind. Poll. Cont. Fing. Auth. Poll. Cont. Rev.
Bonds (Philadelphia Elec. Co. Proj.) Series 1993 A, 3.85%,
tender 2/14/95 LOC Toronto Dominion Bank 2,000,000 2,000,000
Sea Isle City BAN 5% 8/10/95 1,550,000 1,555,179
Somerset County Ind. Poll. Cont. Auth.
(3M Proj.) 3.70%, VRDN 600,000 600,000
Trenton Gen. Oblig. Rev. 4.875% 1/15/95
(MBIA Insured) 439,000 440,136
Union County Ind. Dev. Auth. Poll. Cont. Rev. Bonds
(Exxon Proj.) Series 1989, 3.70%, tender 1/26/95 5,000,000 5,000,000
Vernon Township BAN 3.85% 1/13/95 778,000 778,133
Wall Township BAN 4.75% 10/26/95 1,500,000 1,504,529
Warren County BAN 4.10% 5/31/95 1,000,000 1,000,237
West Deptford Township BAN 4.50% 2/15/95 1,100,000 1,101,113
West Orange BAN 4% 4/5/95 2,000,000 2,003,058
Willingboro BAN 5.25% 11/22/95 1,175,000 1,181,342
Woodbridge Township BAN 4.13% 7/6/95 14,000,000 14,000,743
363,759,908
NEW YORK & NEW JERSEY - 6.8%
New York & New Jersey Port Auth. Participating VRDN,
Series PA-26, 3.75%, (Liquidity Facility Merrill
Lynch & Co.)(c) 3,820,000 3,820,000
New York & New Jersey Port Auth. Rev.:
Series 1991, 4.136%, VRDN (b) 8,800,000 8,800,000
Series 1992, 3.695%, VRDN 6,800,000 6,800,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK & NEW JERSEY - CONTINUED
New York & New Jersey Port Auth. Series A, CP (b):
3.55% 1/9/95 (Liquidity Facility Daiwa Bank) $ 2,000,000 $ 2,000,000
3.55% 1/10/95 (Liquidity Facility Daiwa Bank) 1,875,000 1,875,000
3.75% 1/11/95 (Liquidity Facility Daiwa Bank) 2,945,000 2,945,000
3.90% 1/11/95 (Liquidity Facility Daiwa Bank) 635,000 635,000
26,875,000
PUERTO RICO - 1.4%
Puerto Rico Commonwealth Participating VRDN, Series PW6,
3.80% (Liquidity Facility Bank of Nova Scotia)(c) 5,400,000 5,400,000
TOTAL INVESTMENTS - 100% $ 396,034,908
Total Cost for Income Tax Purposes $ 396,034,908

SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
TAN - Tax Anticipation Notes
VRDN - Variable Rate Demand Notes
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.
INCOME TAX INFORMATION
At November 30, 1994, the fund had a capital loss carryforward of
approximately $8,700 which will expire on November 30, 2001.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1994

1.ASSETS 2. 3.

4.Investment in securities, at value - See accompanying 5. $ 396,034,908
schedule

6.Cash 7. 1,734,999

8.Receivable for investments sold 9. 900,370

10.Interest receivable 11. 2,980,577

12. 13.TOTAL ASSETS 14. 401,650,854

15.LIABILITIES 16. 17.

18.Payable to custodian bank $ 853,057 19.

20.Payable for investments purchased 1,001,500 21.

22.Dividends payable 25,691 23.

24.Accrued management fee 133,554 25.

26.Other payables and accrued expenses 88,627 27.

28. 29.TOTAL LIABILITIES 30. 2,102,429

31.32.NET ASSETS 33. $ 399,548,425

34.Net Assets consist of: 35. 36.

37.Paid in capital 38. $ 399,557,192

39.Accumulated net realized gain (loss) on investments 40. (8,767)

41.42.NET ASSETS, for 399,557,192 shares outstanding 43. $ 399,548,425

44.45.NET ASSET VALUE, offering price and redemption 46. $1.00
price per share ($399,548,425 (divided by) 399,557,192 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1994

47.48.INTEREST INCOME 49. $ 10,964,335

50.EXPENSES 51. 52.

53.Management fee $ 1,610,407 54.

55.Transfer agent, accounting and custodian fees 791,355 56.
and expenses

57.Non-interested trustees' compensation 655 58.

59.Registration fees 1,261 60.

61.Audit 20,796 62.

63.Legal 3,135 64.

65.Miscellaneous 2,435 66.

67. 68.TOTAL EXPENSES 69. 2,430,044

70.71.NET INTEREST INCOME 72. 8,534,291

73.REALIZED AND UNREALIZED GAIN (LOSS) 75. 7,322
74.Net realized gain (loss) on investment securities

76.Increase (decrease) in net unrealized gain from 77. (408)
accretion
of market discount

78.79.NET GAIN (LOSS) 80. 6,914

81.82.NET INCREASE IN NET ASSETS RESULTING FROM 83. $ 8,541,205
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED NOVEMBER 30,

1994 1993

84.INCREASE (DECREASE) IN NET ASSETS

85.Operations $ 8,534,291 $ 6,862,299
Net interest income

86. Net realized gain (loss) 7,322 (13,233)

87. Increase (decrease) in net unrealized gain from (408) 389
accretion of market discount

88. 89.NET INCREASE (DECREASE) IN NET ASSETS 8,541,205 6,849,455
RESULTING FROM OPERATIONS

90.Dividends to shareholders from net interest income (8,534,291) (6,862,299)

91.Share transactions at net asset value of $1.00 per 834,725,683 725,152,808
share
Proceeds from sales of shares

92. Reinvestment of dividends from net interest income 8,243,661 6,595,536

93. Cost of shares redeemed (803,015,157) (731,240,792)

94. Net increase (decrease) in net assets and shares 39,954,187 507,552
resulting from share transactions

95. 96.TOTAL INCREASE (DECREASE) IN NET ASSETS 39,961,101 494,708

97.NET ASSETS 98. 99.

100. Beginning of period 359,587,324 359,092,616

101. End of period $ 399,548,425 $ 359,587,324

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED NOVEMBER 30,

1994 1993 1992 1991 1990

102.SELECTED PER-SHARE DATA

103.Net asset value $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
,
beginning of
period

104.Income from .022 .019 .028 .042 .056
Investment
Operations
Net interest
income

105.Less Distributio (.022) (.019) (.028) (.042) (.056)
ns
From net interest
income

106.Net asset value $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
,
end of period

107.TOTAL RETURN 2.19% 1.94% 2.81% 4.29% 5.72%

108.RATIOS AND SUPPLEMENTAL D
ATA

109.Net assets, $ 399,548 $ 359,587 $ 359,093 $ 368,333 $ 443,585
end of period
(000 omitted)

110.Ratio of expens .62% .63% .64% .65% .27%
es to
average net
assets

111.Ratio of expens .62% .63% .64% .65% .61%
es to
average net asset
s
before expense
reductions

112.Ratio of net inte 2.17% 1.92% 2.78% 4.23% 5.57%
rest
income to average

net assets

</TABLE>

NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1994

1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity New Jersey Tax-Free Money Market Portfolio (the fund) is a fund of
Fidelity Court Street Trust II (the trust) and is authorized to issue an
unlimited number of shares. The trust is registered under the Investment
Company Act of 1940, as amended (the 1940 Act), as an open-end management
investment company organized as a Delaware business trust. The following
summarizes the significant accounting policies of the fund:
SECURITY VALUATION. 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, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. Accretion
of market discount represents unrealized gain until realized at the time of
a security disposition or maturity.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
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.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, Fidelity Management &
Research Company (FMR) receives a monthly fee that is calculated on the
basis of a group fee rate plus a fixed individual fund fee rate applied to
the average net assets of each fund. The group fee rate is the weighted
average of a series of rates and is based on the monthly average net assets
of all the mutual funds advised by FMR. The rates ranged from .1325% to
.3700% for the period December 1, 1993 to July 31, 1994 and .1200% to
.3700% for the period August 1, 1994 to November 30, 1994 for the fund. In
the event that these rates were lower than the contractual rates in effect
during those periods, FMR voluntarily implemented the above rates, as they
resulted in the same or a lower management fee. The annual individual fund
fee rate is .25%. For the period, the management fee was equivalent to an
annual rate of .41% of average net assets.
SUB-ADVISER FEE. As the fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR,
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
SUB-ADVISER FEE - CONTINUED
receives a fee from FMR of 50% of the management fee payable to FMR. The
fee is paid prior to any voluntary expense reimbursements which may be in
effect, and after reducing the fee for any payments by FMR pursuant to the
fund's Distribution and Service Plan.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plan (the Plan), and in accordance with Rule 12b-1 of the 1940 Act, FMR or
the fund's distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of the fund's shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of the fund's shares or render
shareholder support services. FMR or FDC has informed the fund that
payments made to third parties under the Plan amounted to $75,704 for the
period.
TRANSFER AGENT FEES. United Missouri Bank, N.A. (the Bank) is the custodian
and transfer and shareholder servicing agent for the fund. The Bank has
entered into a sub-contract with Fidelity Service Co. (FSC), an affiliate
of FMR, under which FSC performs the activities associated with the fund's
transfer and shareholder servicing agent and accounting functions. The fund
pays transfer agent fees based on the type, size, number of accounts and
number of transactions made by shareholders. 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, FSC received transfer
agent and accounting fees amounting to $676,483 and $80,653, respectively.
Shareholders participating in the Fidelity Ultra Service Account(registered
trademark) Program (the Program) pay a $5.00 monthly fee to Fidelity
Brokerage Services, Inc. (FBSI), an affiliate of FMR, for performing
services associated with the Program. For the period, fees paid to FBSI by
shareholders participating in the Program amounted to $63,969.

REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Court Street Trust II and the Shareholders of
Fidelity
New Jersey Tax-Free Money Market
Portfolio:
We have audited the accompanying statement of assets and liabilities of
Fidelity Court Street Trust II: Fidelity New Jersey Tax-Free Money Market
Portfolio, including the schedule of portfolio investments, as of November
30, 1994, and the related statement of operations for the year then ended,
the statement of changes in net assets for each of the two years in the
period then ended and the financial highlights for each of the five years
in the period then ended. These financial statements and financial
highlights are the responsibility of the fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of November 30, 1994 by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Court Street Trust II: Fidelity New Jersey Tax-Free Money
Market Portfolio as of November 30, 1994, the results of its operations for
the year then ended, the changes in its net assets for each of the two
years in the period then ended, and the financial highlights for each of
the five years in the period then ended, in conformity with generally
accepted accounting principles.
/s/COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
December 19, 1994
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)(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)(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
OVERNIGHT EXPRESS
Fidelity Investments
100 Crosby Parkway - KP2C
Covington, KY 41015-4399
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30281
Salt Lake City, UT 84130-0281
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions
World Trade Center
164 Northern Avenue
Boston, MA 02210
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
(LETTER_GRAPHIC)(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
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
TO VISIT FIDELITY

For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 East Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19100 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
811 Wilshire Boulevard
Los Angeles, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
455 Market Street
San Francisco, CA
1400 Civic Drive
Walnut Creek, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
185 Asylum Street
Hartford, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
90 Alhambra Plaza
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
Naples, FL
1907 West State Road 434
Orlando, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
2000 66th Street, North
St. Petersburg, FL
GEORGIA
3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
Deerfield, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
1 West Pennsylvania Ave.
Towson, MD
7401 Wisconsin Avenue
Bethesda, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
101 Cambridge Street
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
38 South Sixth Street
Minneapolis, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
2200 West Main Street
Durham, NC
4611 Sharon Road
Charlotte, NC
OHIO
600 Vine Street
Cincinnati, OH
1903 East Ninth Street
Cleveland, OH
28699 Chagrin Boulevard
Woodmere Village, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
1010 Lamar Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
215 South State Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI

INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Fred L. Henning Jr., Vice President
Scott Orr, Vice President
Thomas D. Maher, Assistant
Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Arthur S. Loring, Secretary
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
United Missouri Bank, N.A.
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
United Missouri Bank, N.A.
Kansas City, MO
FIDELITY'S TAX-FREE
MONEY MARKET FUNDS
California Tax-Free Money Market
Connecticut Municipal Money Market
Massachusetts Tax-Free Money Market
Michigan Municipal Money Market
New Jersey Tax-Free Money Market
New York Tax-Free Money Market
Ohio Municipal Money Market
Spartan(registered trademark) Arizona Municipal
Money Market
Spartan California Municipal
Money Market
Spartan Connecticut Municipal
Money Market
Spartan Florida Municipal Money Market
Spartan Massachusetts Municipal
Money Market
Spartan Municipal Money Fund
Spartan New Jersey Municipal
Money Market
Spartan New York Municipal
Money Market
Spartan Pennsylvania Municipal
Money Market
Tax-Exempt Money Market
THE FIDELITY
TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
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)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE

FIDELITY

(registered trademark)
CONNECTICUT
MUNICIPAL
MONEY MARKET
PORTFOLIO

ANNUAL REPORT
NOVEMBER 30, 1994
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 6 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 8 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 9 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 13 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 17 Notes to the financial statements.

REPORT OF INDEPENDENT
ACCOUNTANTS 19 The auditor's opinion.

FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

Fidelity Connecticut Municipal
Money Market Portfolio 2.19% 18.26% 20.15%

Consumer Price Index 2.81% 19.06% 20.30%

Average Connecticut Tax-Free
Money Market Fund 2.08% 16.60% 18.96%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year, five years or since the fund started on August
29, 1989. For example, if you invested $1,000 in a fund that had a 5%
return over the past year, you would end up with $1,050. Comparing the
fund's performance to the consumer price index (CPI) helps show how your
investment did compared to inflation. To measure how the fund stacked up
against its peers, you can compare its return to the average Connecticut
tax-free money market fund's total return. This average currently reflects
the performance of 12 Connecticut tax-free money market funds tracked by
IBC/Donoghue. (The periods covered by the CPI and IBC/Donoghue numbers are
the closest available match to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1994 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Fidelity Connecticut Municipal
Money Market Portfolio 2.19% 3.41% 3.55%

Consumer Price Index 2.81% 3.55% 3.58%

Average Connecticut Tax-Free
Money Market Fund 2.08% 3.12% 3.36%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had achieved that return
by performing at a constant rate each year.
YIELDS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
11/30/93 2/28/94 5/31/94 8/31/94 11/30/94

Fidelity Connecticut Municipa 1.90% 1.88% 2.22% 2.54% 3.10%
l
Money Market Portfolio

Average Connecticut Tax-Fr 1.81% 1.86% 2.19% 2.45% 3.01%
ee
Money Market Fund

Fidelity Connecticut Municip 3.10% 3.07% 3.63% 4.14% 5.07%
al
Money Market Fund -
Tax-equivalent

Portion of fund's income 5.8% 5.6% 4.1% 9.5% 1.2%
subject to state taxes on last
day of period

Average All Taxable 2.69% 2.79% 3.51% 4.08% 4.84%
Money Market Fund

</TABLE>

Row: 1, Col: 1, Value: 1.9
Row: 1, Col: 2, Value: 1.81
Row: 2, Col: 1, Value: 1.88
Row: 2, Col: 2, Value: 1.86
Row: 3, Col: 1, Value: 2.22
Row: 3, Col: 2, Value: 2.19
Row: 4, Col: 1, Value: 2.54
Row: 4, Col: 2, Value: 2.45
Row: 5, Col: 1, Value: 3.1
Row: 5, Col: 2, Value: 3.01
Fidelity Connecticut
Municipal Money
Market Portfolio
Average Connecticut
Tax-Free Money
Market Fund
3% -
2% -
1% -
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 chart above shows the fund's
current seven-day yield at quarterly intervals over the past year. You can
compare these yields to the average Connecticut tax-free money market fund.
Or you can look at the fund's tax-equivalent yield, which is based on a
combined effective 1994 federal and state income tax rate of 38.88% and
reflects that a portion of the fund's income was subject to state taxes.
The tax-equivalent figures are useful in seeing how the fund stacked up
against the average taxable money market fund as tracked by IBC/Donoghue. A
portion of the fund's income may be subject to the 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.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

An interview with Scott Orr, Portfolio
Manager of Fidelity Connecticut
Tax-Free Money Market Portfolio

Q. SCOTT, RISING INTEREST RATES HAVE CHANGED THE INVESTMENT CLIMATE
DRAMATICALLY DURING THE PAST YEAR. CAN YOU SUMMARIZE THE MAJOR
DEVELOPMENTS?
A. Sure. The Federal Reserve Board has raised the federal funds rate - what
banks charge each other for overnight loans - six times since the last
annual report. The first three increases - in February, March and April -
were a quarter-point each. Then there were two half-point increases in May
and August, followed by a three-quarter-point jump in November. The trend
lately, which I welcome, has been toward larger increases, more widely
spaced. By the end of November, the federal funds rate stood at 5.50%, up
sharply from 3% a year ago.
Q. WHAT STEPS HAVE YOU TAKEN TO MAXIMIZE RETURNS IN THE FACE OF RISING
INTEREST RATES?
A. The simple answer is that I've shortened the fund's average maturity.
When rates are rising, it usually doesn't make sense to emphasize
longer-term securities; it's better to buy shorter-term instruments and let
the fund's yield rise with current rates. That's why the fund's average
maturity was 65 days at the end of November, down from 76 days a year ago.
Q. THE FUND'S AVERAGE MATURITY BOTTOMED OUT IN THE 30S EARLIER IN THE YEAR.
IF RATES ARE STILL RISING, WHY IS THE FUND'S AVERAGE MATURITY LONGER NOW
THAN IT WAS THEN?
A. It's fair to say that in a rising-rate environment, normally I'd be
looking for ways to shorten the fund's average maturity by adding variable
rate demand notes (VRDNs) - short-term securities whose yields rise with
the market. But demand for VRDNs has risen lately to the point where
they've lost a lot of their appeal. Instead, I've been buying more
fixed-rate securities that have attractive yields which reflect the
likelihood of future rate increases. That strategy has lengthened the
fund's average maturity.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on November 30, 1994 was 3.10%, up from 1.90%
a year ago. The latest yield is equivalent to a 5.07% yield on a taxable
investment for investors in Connecticut's 38.88% combined federal and state
tax bracket. The fund's total return for the year ended November 30, 1994
was 2.19%. That beat the average total return of 2.08% for all Connecticut
tax-free money market funds, according to IBC/Donoghue.
Q. WHAT'S AHEAD?
A. I found it reassuring that the last rate increase in November was higher
than expected. In my view, that may give us a little breathing room before
rates go up again. I think chances are excellent, however, that eventually
rates will resume climbing soon - possibly to as high as 7.5% by the end of
1995 as the Fed seeks to meet its goal of 2.5% overall economic growth.
Accordingly, I'll try to preserve the fund's flexibility with an average
maturity that will probably vary between 45 and 60 days in the months
ahead.

FUND FACTS
GOAL: tax-free income and
stability by investing in
high-quality, short-term,
Connecticut municipal
securities
START DATE: August 29, 1989
SIZE: as of November 30,
1994, more than $300 million
MANAGER: Scott Orr, since
October 1993; manager,
Spartan Arizona Municipal
Money Market, since October
1994; Spartan Connecticut
Municipal Money Market, since
October 1993;
Fidelity Michigan Municipal
Money Market, Fidelity New
Jersey Tax-Free Money
Market and Spartan New
Jersey Money Market, since
January 1992; joined Fidelity in
1989
(checkmark)

MONEY MARKETS AND
DERIVATIVES:
The word "derivatives" covers
a wide range of financial
agreements, of varying
degrees of complexity, that
have market values based on
security or market indices. All
"derivative" securities in
Fidelity's money market funds
are designed to have the price
characteristics of typical
money market securities.
During the recent Federal
Reserve Board interest rate
increases, all Fidelity money
market holdings performed as
designed and the funds
maintained a stable share
price of $1.00.
The more complex of these
instruments, such as floating
rate notes with unusual and
complex floating rate
formulas, frequently have too
much price volatility to be
appropriate investments for
money market funds. Many of
them do not offer the degree
of price stability Fidelity
believes is required in order
for its funds to maintain a
stable $1.00 share price.
Therefore, despite their
frequent higher yields at the
time they are sold, Fidelity
has not purchased these
volatile securities. While this
may sometimes have caused
Fidelity money market funds
to have lower gross yields
than certain other funds,
Fidelity believes its investors
value prudence as well as
performance.
INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
11/30/94 5/31/94 11/30/93

0 - 30 66 60 65

31 - 90 6 27 9

91 - 180 10 12 5

181 - 397 18 1 21

WEIGHTED AVERAGE MATURITY
11/30/94 5/31/94 11/30/93

Fidelity Connecticut
Municipal Money Market
Portfolio 65 days 43 days 76 days

Average Connecticut
Tax-Free Money
Market Fund* 61 days 60 days 76 days

ASSET ALLOCATION
AS OF NOVEMBER 30, 1994 AS OF MAY 31, 1994

Row: 1, Col: 1, Value: 58.0
Row: 1, Col: 2, Value: 16.0
Row: 1, Col: 3, Value: 19.0
Row: 1, Col: 4, Value: 3.0
Row: 1, Col: 5, Value: 4.0
Row: 1, Col: 1, Value: 50.0
Row: 1, Col: 2, Value: 15.0
Row: 1, Col: 3, Value: 23.0
Row: 1, Col: 4, Value: 10.0
Row: 1, Col: 5, Value: 3.0
Variable rate
demand notes
(VRDNs) 58%
Commercial
paper 16%
Tender bonds 19%
Municipal
notes 3%
Other 4%
Variable rate
demand notes
(VRDNs) 50%
Commercial
paper 15%
Tender bonds 23%
Municipal
notes 10%
Other 2%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS NOVEMBER 30, 1994

Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - 87.4%
Clipper Tax-Exempt Trust Participating VRDN,
Series 1994-1, 3.92%, (Liquidity Facility State Street
Bank & Trust Co.) (c) $ 10,302,339 $ 10,302,339
Connecticut Dev. Auth. Arpt. Facs. Rev.
(Arpt. Hotel Bradley Assoc.1 Ltd.. Partnership Proj.)
3.55%, LOC Daiwa Bank, VRDN 10,000,000 10,000,000
Connecticut Dev. Auth. Health. Care Rev., VRDN:
(Corp. for Independent Living Proj.):
Series 1990, 3.50%, LOC Cr. Commercial de France 9,800,000 9,800,000
Series 1993 A, 3.50%, LOC Daiwa Bank 4,400,000 4,400,000
Connecticut Dev. Auth. Ind. Dev. Rev., VRDN (b):
(Cap. Dist Energy Ctr. Proj.):
Series 1986, 3.90%,
LOC Canadian Imperial Bank of Commerce, 8,200,000 8,200,000
Series 1988, 3.90%,
LOC Canadian Imperial Bank of Commerce 100,000 100,000
(Lindenmaier Precision Co. Ohaus Proj.) Series 1988,
3.65%, LOC Morgan Guaranty 8,000,000 8,000,000
Connecticut Dev. Auth. Poll. Cont. Rev.
(Light & Pwr. Co. Proj.), VRDN (b):
Series 1993 A, 3.55%, LOC Deutsche Bank 6,200,000 6,200,000
Series 1993 B, 3.60%, LOC Union Bank of
Switzerland 15,000,000 15,000,000
Connecticut Dev. Auth. (Shelton Inn Proj.) Series 1986,
3.70%, LOC Bank of Tokyo, VRDN (b) 5,600,000 5,600,000
Connecticut Dev. Auth. Solid Waste Disp. Facs. Rev., VRDN (b):
(Exeter Energy Proj.):
Series 1989 A, 3.60%, LOC Sanwa Bank 3,000,000 3,000,000
Series 1989 B, 3.60%, LOC Sanwa Bank 9,300,000 9,300,000
Series 1989 C, 3.60%, LOC Sanwa Bank 1,300,000 1,300,000
(Rand-Whitney Containerboard) 3.20%,
LOC Chase Manhattan Bank 6,700,000 6,700,000
Connecticut Gen. Oblig. Bonds:
Series A, 5.20% 3/15/95 8,300,000 8,332,767
Series C, 3.90% 3/15/95 3,000,000 3,000,798
Series 1991 B, 3.65% 6/1/96, BPA Canadian Imperial
Bank, Industrial Bank of Japan, Nat'l.
Westminister Bank 2,300,000 2,300,000
Connecticut Gen. Oblig. Econ. Recovery Notes
Series A, 5.25% 12/15/94 1,000,000 1,000,845
Connecticut Gen. Oblig. Participating VRDN (c):
Series BT-103, 3.825% (Liquidity Facility Bankers Trust) 3,165,000
3,165,000
Series MGT-27, 3.90% (Liquidity Facility Morgan
Guaranty Trust) 4,400,000 4,400,000
Series PA-1, 3.90% (Liquidity Facility Merrill
Lynch & Co. Inc.) 5,000,000 5,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Connecticut Health & Ed. Facs. Auth.:
VRDN:
(Charlotte Hungerford Hosp.) Series B, 3.65%,
LOC Mitsubishi Bank Ltd. $ 600,000 $ 600,000
(Kent School) Series A, 3.10%, LOC Barclays Bank PLC 1,600,000
1,600,000
Connecticut Health & Ed. Facs. Auth. Bonds:
(Windham Commty. Memorial Hosp.) Series B,
3.60%, tender 12/8/94, LOC Banque Paribas 5,000,000 5,000,000
(Yale University):
Series L, 3.40%, tender 12/19/94 500,000 500,000
Series L, 3.40%, tender 1/13/95 3,550,000 3,550,000
Series L, 3.75%, tender 3/9/95 1,000,000 1,000,000
Series M, 3.40%, tender 12/1/94 2,900,000 2,900,000
Series M, 3.40%, tender 1/13/95 4,300,000 4,300,000
Series N, 3.40%, tender 12/1/94 1,000,000 1,000,000
Series N, 3.40%, tender 12/19/94 2,100,000 2,100,000
Series O, 3.40%, tender 12/1/94 4,700,000 4,700,000
Series O, 3.55%, tender 2/10/95 8,400,000 8,400,000
Connecticut Hsg. Fin. Auth. Bonds (Hsg. Mtg. Fin. Prog.):
Series 1989 D, 3.50%, tender 12/8/94 (b) 2,900,000 2,900,000
Series 1989 D, 3.75%, tender 3/10/95 (b) 6,000,000 6,000,000
Series 1990 C, 3.90%, tender 3/10/95 (b) 1,200,000 1,200,000
Series 1992 D-2, 3.65%, tender 5/15/95 (b) 4,000,000 4,000,000
Series 1993 H-1, 4.30%, tender 9/1/95 17,000,000 17,000,000
Series 1993 H-2, 4.40%, tender 9/1/95 (b) 13,000,000 13,000,000
Connecticut Second Lien Special Tax Oblig. Bonds
(Transport Infrastructure) Series 1, 3.60%,
LOC Industrial Bank of Japan, VRDN 10,670,000 10,670,000
Connecticut Special Assessment Unemployment Rev.
Series 1993 B, 3.55%, LOC Industrial Bank of
Japan, VRDN 2,800,000 2,800,000
Connecticut Special Assessment Unemployment Rev. Bonds
Series 1993 C, 3.85%, tender 7/1/95, (FGIC Insured) 23,000,000
23,000,000
Connecticut Special Tax Oblig. Participating VRDN,
Series PA -69, 3.90% (Liquidity Facility Merrill
Lynch & Co. Inc.) (c) 3,800,000 3,800,000
Glastonbury BAN 3.75% 12/8/94 1,000,000 1,000,132
New Haven BAN 4.10% 3/1/95,
LOC Fleet Nat'l. Bank 3,300,000 3,304,832
New Haven Starter Sportswear, Series 1986, 3.50%,
LOC Nat'l. Westminster Bank, VRDN (b) 2,900,000 2,900,000
South Central Reg. Wtr. Auth. Participating
VRDN, Series MGT-6A, 3.80%,
(Liquidity Facility Morgan Guaranty Trust)
(FGIC Insured) (c) 2,500,000 2,500,000
Stamford BAN 4.25% 3/22/95 3,500,000 3,507,802
Stratford BAN 4.50% 10/18/95 2,000,000 2,000,729
260,335,244
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - 1.1%
New York City Ind. Dev. Agcy. Ind. Dev. Rev.
(Nippon Cargo Airlines Co.) Series 1992, 4.05%,
LOC Ind. Bank of Japan, VRDN (b) $ 3,200,000 $ 3,200,000
PUERTO RICO - 11.5%
Puerto Rico Commonwealth Participating VRDN, Series PW6,
3.80% (Liquidity Facility Bank of Nova Scotia) (c) 4,300,000 4,300,000
Puerto Rico Elec. Pwr. Auth. Participating VRDN,
Series BT-105, 3.50%, (Liquidity Facility
Bankers Trust Co.) (c) 13,158,000 13,158,000
Puerto Rico Hwy. and Trans. Rev. Series 1993 X, 3%,
LOC Bank of Switzerland, VRDN 14,500,000 14,500,000
Puerto Rico Ind. Med. Higher Ed. & Environmental
Cont. Fac. Fin. Auth. Bonds (AFICA) Series 1988, 3%,
tender 12/1/94, LOC Bank of Tokyo 2,500,000 2,500,000
34,458,000
TOTAL INVESTMENTS - 100% $ 297,993,244
Total Cost for Income Tax Purposes $ 297,993,244

SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(d) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(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.
INCOME TAX INFORMATION
At November 30, 1994, the fund had a capital loss carryforward of
approximately $26,700 of which $1,400, $400, $8,900 and $16,000 will expire
on November 30, 1999, 2000, 2001 and 2002, respectively.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1994

113.ASSETS 114. 115.

116.Investment in securities, at value - See 117. $ 297,993,244
accompanying schedule

118.Cash 119. 1,471,110

120.Interest receivable 121. 1,642,069

122. 123.TOTAL ASSETS 124. 301,106,423

125.LIABILITIES 126. 127.

128.Payable to custodian bank $ 21,047 129.

130.Dividends payable 24,323 131.

132.Accrued management fee 102,926 133.

134.Other payables and accrued expenses 73,218 135.

136. 137.TOTAL LIABILITIES 138. 221,514

139.140.NET ASSETS 141. $ 300,884,909

142.Net Assets consist of: 143. 144.

145.Paid in capital 146. $ 300,911,549

147.Accumulated net realized gain (loss) on 148. (26,640)
investments

149.150.NET ASSETS, for 300,911,549 shares 151. $ 300,884,909
outstanding

152.153.NET ASSET VALUE, offering price and 154. $1.00
redemption price per share ($300,884,909 (divided by)
300,911,549 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1994

155.156.INTEREST INCOME 157. $ 8,543,533

158.EXPENSES 159. 160.

161.Management fee $ 1,266,953 162.

163.Transfer agent fees 567,306 164.

165.Non-interested trustees' compensation 19 166.

167.Registration fees 2,499 168.

169.Audit 18,766 170.

171.Legal 3,019

172.Miscellaneous 5,711 173.

174. 175.TOTAL EXPENSES 176. 1,864,273

177.178.NET INTEREST INCOME 179. 6,679,260

180.181.NET REALIZED GAIN (LOSS) ON INVESTMENTS 182. (15,972)

183.184.NET INCREASE IN NET ASSETS RESULTING FROM 185. $ 6,663,288
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED NOVEMBER 30,

1994 1993

186.INCREASE (DECREASE) IN NET ASSETS

187.Operations $ 6,679,260 $ 5,604,231
Net interest income

188. Net realized gain (loss) (15,972) (8,977)

189. 6,663,288 5,595,254
190.NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS

191.Dividends to shareholders from net interest income (6,679,260) (5,604,231)

192.Share transactions at net asset value of $1.00 per 674,020,564 559,818,327
share
Proceeds from sales of shares

193. Reinvestment of dividends from net interest 6,437,923 5,341,588
income

194. Cost of shares redeemed (668,124,024) (608,493,596)

195. 12,334,463 (43,333,681)
Net increase (decrease) in net assets and shares
resulting from share transactions

196. 12,318,491 (43,342,658)
197.TOTAL INCREASE (DECREASE) IN NET ASSETS

198.NET ASSETS 199. 200.

201. Beginning of period 288,566,418 331,909,076

202. End of period $ 300,884,909 $ 288,566,418

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED NOVEMBER 30,

1994 1993 1992 1991 1990

203.SELECTED PER-SHARE
DATA

204.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of period

205.Income from .022 .019 .027 .044 .056
Investment Operations
Net interest income

206.Less Distributions (.022) (.019) (.027) (.044) (.056)
From net interest income

207.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
end of period

208.TOTAL RETURN A 2.19 1.87 2.74 4.54 5.77
% % % % %

209.RATIOS AND
SUPPLEMENTAL DATA

210.Net assets, end of $ 300,885 $ 288,566 $ 331,909 $ 418,337 $ 376,031
period
(000 omitted)

211.Ratio of expenses to .60 .61 .43 .07 .23
average net assets % % % % %

212.Ratio of expenses to .60 .61 .59 .59 .63
average net assets before % % % % %
expense reductions

213.Ratio of net interest 2.16 1.87 2.76 4.45 5.59
income to average net % % % % %
assets

</TABLE>

A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1994

SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity Connecticut Municipal Money Market is a fund of Fidelity Court
Street Trust II (the trust) and is authorized to issue an unlimited number
of shares. The trust is registered under the Investment Company Act of
1940, as amended (the 1940 Act), as an open-end management investment
company organized as a Delaware business trust. The following summarizes
the significant accounting policies of the fund:
SECURITY VALUATION. 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, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. Accretion
of market discount represents unrealized gain until realized at the time of
a security disposition or maturity.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
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.
FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, Fidelity Management &
Research Company (FMR) receives a monthly fee that is calculated on the
basis of a group fee rate plus a fixed individual fund fee rate applied to
the average net assets of the fund. The group fee rate is the weighted
average of a series of rates and is based on the monthly average net assets
of all the mutual funds advised by FMR. The rates ranged from .1325% to
.3700% for the period December 1, 1993 to July 31, 1994 and .1200% to
.3700% for the period August 1, 1994 to November 30, 1994. In the event
that these rates were lower than the contractual rates in effect during
those periods, FMR voluntarily implemented the above rates, as they
resulted in the same or a lower management fee. The annual individual fund
fee rate is .25%. For the period, the management fee was equivalent to an
annual rate of .41% of average net assets.
SUB-ADVISER FEE. As the fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
SUB-ADVISER FEE - CONTINUED
fee is paid prior to any voluntary expense reimbursements which may be in
effect, and after reducing the fee for any payments by FMR pursuant to the
fund's Distribution and Service Plan.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plan (the Plan), and in accordance with Rule 12b-1 of the 1940 Act, FMR or
the fund's distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of the fund's shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of the fund's shares or render
shareholder support services. FMR or FDC has informed the fund that
payments made to third parties under the Plan amounted to $25,371 for the
period.
TRANSFER AGENT AND ACCOUNTING FEES. United Missouri Bank, N.A. (the Bank)
is the custodian and transfer and shareholder servicing agent for the fund.
The Bank has entered into a sub-contract with Fidelity Service Co. (FSC),
an affiliate of FMR, under which FSC performs the activities associated
with the fund's transfer and shareholder servicing agent and accounting
functions. The fund pays transfer agent fees based on the type, size,
number of accounts and number of transactions made by shareholders. 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, FSC received transfer agent and accounting fees amounting to
$471,992 and $64,843, respectively.
Shareholders participating in the Fidelity Ultra Service Account(registered
trademark) Program (the Program) pay a $5.00 monthly fee to Fidelity
Brokerage Services, Inc. (FBSI), an affiliate of FMR, for performing
services associated with the Program. For the period, fees paid to FBSI by
shareholders participating in the Program amounted to $24,865.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Court
Street Trust II and Shareholders of
Fidelity Connecticut Municipal
Money Market Portfolio
We have audited the accompanying statement of assets and liabilities of
Fidelity Connecticut Municipal Money Market Portfolio, a portfolio of
Fidelity Court Street Trust II, including the schedule of portfolio
investments, as of November 30, 1994, and the related statement of
operations for the year then ended, the statements of changes in net assets
for each of the two years in the period then ended, and the financial
highlights for each of the five years in the period then ended. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of November 30, 1994, by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Connecticut Municipal Money Market Portfolio as of November 30,
1994, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then ended,
in conformity with generally accepted accounting principles.
/s/COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
December 20, 1994
TO WRITE FIDELITY

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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.
TO VISIT FIDELITY

SPARTAN(registered trademark)

(registered trademark)
FLORIDA
MUNICIPAL
FUNDS

ANNUAL REPORT
NOVEMBER 30, 1994
CONTENTS

<TABLE>
<CAPTION>
<S> <C> <C>
PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO

PERFORMANCE 4 How the fund has done over time.

FUND TALK 7 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 10 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 11 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 19 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO

PERFORMANCE 23 How the fund has done over time.

FUND TALK 25 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 27 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 28 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 32 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 36 Notes to the financial statements.

REPORT OF INDEPENDENT
ACCOUNTANTS 39 The auditors' opinion.

</TABLE>

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, THE FEDERAL
RESERVE BOARD OR
ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE
POSSIBLE LOSS OF
PRINCIPAL. NEITHER THE FUNDS NOR FIDELITY DISTRIBUTORS CORPORATION IS A
BANK. FOR MORE
INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES, CALL
1-800-544-8888

FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
The unsettling period that began for bond investors when the Federal
Reserve Board raised short-term interest rates in February has continued
into the fourth quarter of 1994. The Board raised the federal funds rate -
the rate banks charge each other for overnight loans - five times from
February through August, taking it from 3.00% to 4.75%. A sixth increase in
November lifted the rate to 5.50%. The Fed rate hikes were intended to
forestall inflation that could result from an improving U.S. economy, and
they led to negative returns for many bond investments and below-average
returns for many stocks.
The volatility we have witnessed this year follows a period in which there
was a nearly perfect investing environment. Although there was a
late-summer rally in stocks and, to a lesser extent in bond markets, it is
impossible to predict where interest rates might go or what might happen in
the markets in the months ahead. That's why it probably is a good time to
again review your investment portfolio and how well it matches your goals.
Keeping in mind that the negative effects of rising rates on your bond
investments will only be "paper" losses unless you sell your shares,
staying in your bond fund may be appropriate. The longer your investing
time frame, the more likely it is that you will retain your principal
investment through both up and down markets. For example, a 10-year time
frame, such as saving for a college education, enables you to weather these
ups and downs in a long-term fund, which has higher potential returns. An
intermediate-length fund could be appropriate if your investment horizon is
two to four years, and 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, which seeks income
and a stable share price by investing in high-quality, short-term
investments. As with any mutual fund, of course, there is no assurance that
a money market fund will achieve its goal, and money market funds are not
insured by any agency of the U.S. government.
No matter what your investment horizon or portfolio diversity, it makes
good sense to follow a regular investment plan - investing a certain amount
of money at the same time each month or quarter - and to review your
portfolio periodically, as we have discussed here. A periodic investment
plan will not, of course, assure a profit or protect against a loss.
If you have any questions, please call us at 1-800-544-8888. We stand ready
to provide the information you need to make the investments that are right
for you.
Best regards,
Edward C. Johnson 3d
SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO

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. Each figure
includes changes in a fund's share price, reinvestment of any dividends (or
income) and capital gains (the profits the fund earns when it sells bonds
that have grown in value), and the effect of the $5 account closeout fee.
You can also look at the fund's income. If Fidelity had not reimbursed
certain fund expenses during the periods shown, the total returns,
dividends and yields would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1994 PAST 1 LIFE OF
YEAR FUND

Spartan Florida Municipal Income Portfolio -7.20% 15.81%

Lehman Brothers Municipal Bond Index -5.25% n/a

Average Florida Tax-exempt
Municipal Bond Fund -8.45% n/a

Consumer Price Index 2.81% 7.61%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year or since the fund started on March 16, 1992. For
example, if you invested $1,000 in a fund that had a 5% return over the
past year, you would end up with $1,050. You can compare these figures to
the performance of the Lehman Brothers Municipal Bond index - a broad gauge
of the municipal bond market. To measure how the fund stacked up against
its peers, you can look at the average Florida municipal bond fund, which
currently reflects the performance of 48 Florida tax-exempt municipal bond
funds tracked by Lipper Analytical Services. Both benchmarks include
reinvested dividends and capital gains, if any. Comparing the fund's
performance to the consumer price index helps show how your fund did
compared to inflation.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1994 PAST 1 LIFE OF
YEAR FUND

Spartan Florida Municipal Income Portfolio -7.20% 5.56%

Lehman Brothers Municipal Bond Index -5.25% n/a

Average Florida Tax-exempt
Municipal Bond Fund -8.45% n/a

Consumer Price Index 2.81% 2.79%

$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Spartan
Florida Municipal Income Portfolio on March 31, 1992, shortly after the
fund started. As the chart shows, by November 30, 1994, the value of your
investment would have grown to $11,530 - a 15.30% increase on your initial
investment. This assumes you still own the fund on November 30, and
therefore does not include the effect of the $5 account closeout fee. For
comparison, look at how the Lehman Brothers Municipal Bond index did over
the same period. With dividends reinvested, the same $10,000 would have
grown to $11,306- a 13.06% increase.

UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. Bond prices, for
example, 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.
(checkmark)
RETURN COMPONENTS
MARCH 16, 1992
(COMMENCEME
NT
YEARS ENDED NOVEMBER 30, OF OPERATIONS) T
O
NOVEMBER 30,

1994 1993 1992

Dividend return 5.01% 6.10% 4.74%

Capital appreciation return -12.21% 7.41% 5.19%
Total return -7.20% 13.51% 9.93%
DIVIDEND returns, capital appreciation returns are both part of a bond
fund's total return. An income return reflects the dividends paid by the
fund. A capital gain return reflects the amount paid by the fund to
shareholders based on the profits it has from selling bonds that have grown
in value. Both returns assume the dividends or gains are reinvested.
Changes in the fund's share price include changes in the prices of the
bonds owned by the fund. Change in share price and total return figures
include the effect of the
$5 account closeout fee.
DIVIDENDS AND YIELD

<TABLE>
<CAPTION>
<S> <C> <C> <C>
PERIODS ENDED NOVEMBER 30, 1994 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 4.91(cents) 29.29(cents) 58.71(cents)

Annualized dividend rate 6.16% 5.66% 5.52%

30-day annualized yield 6.38% - -

30-day annualized tax-equivalent yield 9.97% - -

</TABLE>

DIVIDENDS per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $9.69 over
the past month, $10.33 over the past six months and $10.64 over the past
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 36% combined federal tax bracket.
SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

Q. ANNE, HOW HAS THE FUND PERFORMED?
A. Rising interest rates made for a very volatile year for the municipal
bond market and for the fund, but the fund continued to hold up better than
many of its competitors. The fund's total return for the 12 months ending
November 30, 1994, was -7.20%. That was better than the average Florida
municipal fund which returned -8.45% for the year ended November 30, 1994,
according to Lipper Analytical Services.
Q. YOU MENTIONED THAT IT WAS AN UNSTABLE PERIOD. HOW DID YOU MODIFY YOUR
STRATEGY TO HELP PROTECT THE FUND FROM THAT VOLATILITY?
A. In the fall of 1993, I moved some of the fund's investments out of bonds
with longer-term maturities of 20 years or more, and into bonds with
intermediate maturities in the 10- to 20-year range. Longer-term bonds made
up 42% of investments at the end of November 1994, down from 52% a year
earlier. Intermediate bonds, on the other hand, rose to about 50% of
investments by the end of November, up from about 40% a year earlier.
Q. DID THAT STRATEGY ALSO HELP THE FUND DO BETTER THAN THE AVERAGE FLORIDA
FUND?
A. Yes. By making the switch from long-term to intermediate-term bonds, the
fund's duration - which is a measure of its sensitivity to changes in
interest rates - remained relatively short. The shorter the fund's
duration, the less sensitive its share price is to changing interest rates.
In hindsight, had the fund's duration been even shorter, its performance
would have been better. However, I didn't anticipate just how concerned the
Federal Reserve Board and investors would remain about the prospect of
inflation spiraling out of control, and underestimated the effects that
nervousness would have on interest rates and the municipal market. Until
I'm confident that the Federal Reserve's interest rate hikes have slowed
the pace of economic growth and kept inflation in check, I'll most likely
continue to keep the fund's duration at about the same level. Another
factor which helped the fund's performance was its stake in Baa-rated and
below investment-grade bonds. These bonds made up 43.2% of investments at
the end of the period. Because of their high yields, lower-rated bonds
generally held up better than higher-rated bonds during the market's
decline.
Q. DID ANY OF THE FUND'S OTHER INVESTMENTS HOLD UP RELATIVELY WELL DURING
THE DOWN DRAFT?
A. Yes, the fund's stake in Puerto Rico bonds, which stood at 12.9% of
investments as of November 30, 1994, held up fairly well. There was a
healthy demand for these bonds which helped firm their prices. The demand
was high because Puerto Rico bonds are exempt from state and federal taxes
in all 50 states. When shortages of municipal bonds crept up in high-tax
states, many investors used Puerto Rico bonds as a substitute for
state-issued bonds to generate income free from state and federal taxes.
Q. AFTER THE PERIOD ENDED, ORANGE COUNTY, CALIFORNIA, DECLARED BANKRUPTCY
BECAUSE OF LOSSES IN ITS INVESTMENT FUND. ARE THERE FLORIDA MUNICIPALITIES
EXPERIENCING SIMILAR PROBLEMS?
A. None of the same magnitude or the same type that we are aware of at this
time. The state of Florida recently revealed that some of its investments
had suffered price declines, and caused unrealized losses for one of the
state's treasury funds. But there are several important differences between
the Florida and California situations. First, the price declines were much
smaller on both an absolute and relative basis; about $200 million from the
$8 billion Florida treasury fund, compared to nearly $3 billion in Orange
County. Second, Orange County used leverage, or borrowed, money to buy many
of its investments. That leverage, in turn, exacerbated its losses. From
what we know now, most Florida municipalities have taken a more
conservative approach and haven't depended heavily on leverage. Finally,
Florida's unrealized losses aren't expected to cause the state to be
illiquid, like Orange County ultimately became. With the help of Fidelity's
research staff, I'll continue to closely monitor the situation.
Q. WHAT'S YOUR OUTLOOK FOR MUNICIPAL BONDS?
A. For the short term, there probably will be some continued volatility. I
believe it's likely that the Fed will raise interest rates one or two more
times in an effort to stave off inflation that would normally accompany a
quickly growing economy. For the long term, I'm more optimistic. By spring,
I think that economic growth will slow and inflation won't be a problem. If
that is the case, interest rates could start to fall and municipal bond
prices could begin to rise. A one percent rise in long-term interest rates
is not likely to have as negative consequences for bonds in 1995 as it did
in 1994. For example, if the yield on a high quality 30-year municipal bond
rose from 7% to 8%, that bond's total return for the year would be about
- -4%. On the other hand, a drop in yield from 7% to 6% would mean a total
return of about 15% for the year. So in my view, the downside risk for the
municipal bond market is limited and the upside potential is good.

FUND FACTS
GOAL: high current income
exempt from federal income
tax and the Florida intangible
personal property tax by
investing mainly in long-term,
investment- grade Florida
municipal bonds
START DATE: March 16, 1992
SIZE: as of November 30,
1994, more than $335 million
MANAGER: Anne Punzak,
since March 1992; manager,
Fidelity Aggressive Tax Free
Portfolio, since January,
1986; Fidelity High Yield
Tax-Free Portfolio, since
October 1993; Spartan
Aggressive Municipal
Portfolio, April 1993 to
October 1993; Fidelity
Insured Tax-free Fund,
October 1989 to September
1993; joined Fidelity in 1985
(checkmark)

ANNE PUNZAK'S OUTLOOK FOR
FLORIDA MUNICIPAL BONDS:
"Over the past 12 months,
higher interest rates have
been the dominant factor
affecting Florida municipal
bond prices. But if interest
rates start to stabilize, there
are some positives which
could work in favor of these
bonds. First, the state's fiscal
condition and economy are
strong. On the fiscal side, the
state has a relatively low level
of debt and the legislature
mandates a balanced budget.
On the economic front,
Florida has diversified its
economy and has started to
enjoy benefits from increased
trade with Latin and South
America. Second, supply and
demand factors also could be
a positive. The supply of
municipals could be rather
light next year. And demand
should remain strong. Lower
supply and constant demand
also could help boost prices."
SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF NOVEMBER 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE SECTORS
6 MONTHS AGO

Transportation 17.6 18.7

Health Care 15.7 17.8

General Obligation 13.2 10.1

Industrial Development 12.8 8.6

Electric Revenue 12.5 13.9

AVERAGE YEARS TO MATURITY AS OF NOVEMBER 30, 1994
6 MONTHS AGO

Years 19.0 18.6

AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME UNTIL PRINCIPAL
PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS, WEIGHTED BY DOLLAR
AMOUNT.
DURATION AS OF NOVEMBER 30, 1994
6 MONTHS AGO

Years 9.0 8.9

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.
QUALITY DIVERSIFICATION AS OF NOVEMBER 30, 1994
(MOODY'S RATINGS)
Row: 1, Col: 1, Value: 35.0
Row: 1, Col: 2, Value: 18.3
Row: 1, Col: 3, Value: 33.9
Row: 1, Col: 4, Value: 10.2
Row: 1, Col: 5, Value: 2.6
Aaa 35.0%
Aa, A 18.3%
Baa 33.9%
Non-rated 10.2%
Short-term investments 2.6%
WHERE MOODY'S RATINGS ARE NOT AVAILABLE, WE HAVE USED S&P RATINGS. UNRATED
DEBT SECURITIES THAT ARE EQUIVALENT TO BA AND BELOW AT NOVEMBER 30, 1994,
ACCOUNT FOR 6.3% OF THE FUND'S INVESTMENTS.
SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO

INVESTMENTS NOVEMBER 30, 1994
Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 97.4%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - 79.6%
Alachua County Health Facs. Auth.
Health Facs. Rev.:
Rfdg. (Santa Fe Healthcare Facs. Proj.):
6% 11/15/09 Baa1 $ 1,950,000 $ 1,628,250
7.60% 11/15/13 Baa1 1,000,000 983,750
6.05% 11/15/16 Baa1 5,590,000 4,478,988
(Beverly Enterprises Proj.)
10.125% 4/1/10 - 860,000 937,400
Bay County Ind. Dev. Correctional Facs. Rev.
(Corrections Corp. America Proj.)
Series A, 8.875% 11/1/05 (b) - 2,620,000 2,724,800
Brevard County Health Facs. Auth. Rev.
Rfdg. (Wuesthoff Mem. Hosp.)
Series B, 7.20% 4/1/13 Baa1 750,000 703,125
Broward County Rfdg. Series C,
5.50% 1/1/12 Aa 3,500,000 3,010,000
Broward County Resource Recovery Rev.
(SES Broward Co. LP South Proj.)
7.95% 12/1/08 A 6,935,000 7,307,756
Broward County Wtr. & Swr. Util. Rev.
Rfdg. 5.125% 10/1/15,
(AMBAC Insured) Aaa 2,500,000 2,003,125
Collier County Ind. Dev. Auth. Retirement
Rent Hsg. Rev. Rfdg. (Beverly Enterprises
Proj.) 10.75% 3/1/03 (f) 1,345,000 1,534,981
Dade County Pub. Facs. Rev. Rfdg.
(Jackson Mem. Hosp.) Series A, 4.75%
6/1/10 (MBIA Insured) Aaa 3,540,000 2,783,325
Dade County Rev. 5.125% 4/1/09
(MBIA Insured) Aaa 1,475,000 1,240,844
Delray Beach Wtr. & Swr. Rev. Series B:
0% 10/1/12, (AMBAC Insured) Aaa 4,475,000 1,325,719
0% 10/1/14, (AMBAC Insured) Aaa 4,400,000 1,122,000
Dunedin Hosp. Rev. (Mease Health Care):
5.25% 11/15/06, (MBIA Insured) Aaa 1,400,000 1,246,000
6.75% 11/15/21, (MBIA Insured) Aaa 1,000,000 1,061,250
Dunedin Util. Sys. Rev. Rfdg. 6.25%
10/1/11 (FGIC Insured) Aaa 1,360,000 1,300,500
Dunes Commty. Dev. Dist. Rev. Rfdg.
(Wtr. & Swr. Proj.) 6.10% 10/1/18 A3 1,500,000 1,321,875
Duval County Hsg. Fin. Auth. Single Family
Mtg. Rev. Series C, 7.70% 9/1/24,
(FGIC Insured) (GNMA Coll.) Aaa 725,000 734,063
Escambia County Health Facs. Auth. Rev.:
Rfdg. (Baptist Hosp. Inc.) Series B,
6% 10/1/14 BBB+ 2,825,000 2,245,875
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Escambia County Health Facs. Auth. Rev. - continued
(Baptist Hosp. & Baptist Manor)
6.75% 10/1/14 (f) BBB+ $ 3,250,000 $ 2,839,688
Escambia County Poll. Cont. Rev.:
Rfdg. (Gulf Pwr. Co. Proj.) 6.75% 3/1/22 A2 2,000,000 1,895,000
(Champion Int'l. Corp. Proj.)
6.90% 8/1/22 (b) Baa1 7,000,000 6,378,750
Escambia County Util. Sys. Rev. Series B,
6.25% 1/1/15 (FGIC Insured) Aaa 1,500,000 1,404,375
Florida Board Ed. Admin. Cap. Outlay Rfdg.
(Pub. Ed.):
Series A, 5% 6/1/24 Aa 5,000,000 3,718,750
Series D, 5% 6/1/15 Aa 5,000,000 3,887,500
Florida Div. Board Fin. Dept. Gen. Svcs. Rev.:
(Dept. of Natural Resources Preservation)
Series 2000 A:
6.75% 7/1/08 (AMBAC Insured) Aaa 1,350,000 1,385,438
4.75% 7/1/09 (MBIA Insured) Aaa 2,000,000 1,612,500
4.90% 7/1/13 (MBIA Insured) Aaa 2,000,000 1,555,000
Florida Hsg. Fin. Agcy. (Single Family Mtg.):
Rfdg. Series A, 6.35% 7/1/14 Aa 1,500,000 1,383,750
Rfdg. Series B, 6.55% 7/1/17 (b) Aa 1,500,000 1,381,875
Series A, 7.90% 1/1/16 AA 255,000 256,275
Florida Mid-Bay Bridge Auth. Rev. Series A:
7.50% 10/1/17 (f) - 1,700,000 1,723,375
6.875% 10/1/22 - 3,000,000 2,932,500
Florida Muni. Pwr. Agcy. Rev. Rfdg.
(Stanton II Proj.) 4.50% 10/1/16
(AMBAC Insured) Aaa 3,000,000 2,156,250
Florida Tpk. Auth. Rev.:
Rfdg. Series A:
5.25% 7/1/06 (FGIC Insured) Aaa 1,500,000 1,340,625
5.25% 7/1/11 (FGIC Insured) Aaa 4,000,000 3,405,000
5% 7/1/14 (MBIA Insured) Aaa 4,000,000 3,190,000
5% 7/1/16 (FGIC Insured) Aaa 4,000,000 3,135,000
5% 7/1/19 (FGIC Insured) Aaa 6,400,000 4,936,000
Series A:
5.90% 7/1/06 (FGIC Insured) Aaa 3,000,000 2,895,000
7.20% 7/1/11 (AMBAC Insured) Aaa 1,500,000 1,625,625
Greater Orlando Aviation Auth. Arpt.
Facs. Rev.:
Rfdg. Series D, 6.20% 10/1/08
(AMBAC Insured) Aaa 500,000 490,000
Series A, 6.50% 10/1/05
(FGIC Insured) (b) Aaa 3,550,000 3,585,500
Hernando County Ind. Dev. Rev. Rfdg.
(Beverly Enterprises, Inc.) 10% 9/1/11 - 955,000 1,055,275
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Hillsborough County Aviation Auth. Rev. Rfdg.
(Tampa Int'l. Arpt.):
Series A, 6.90% 10/1/11
(FGIC Insured) Aaa $ 4,250,000 $ 4,308,438
Series B, 5.30% 10/10/06,
(FGIC Insured) Aaa 2,075,000 1,880,469
Hillsborough County Envir. Sensitive Land
Acquisition & Protection Ltd. Tax
6.375% 7/1/11 A 2,000,000 1,895,000
Hillsborough County Ind. Dev. Auth.
5.60% 8/15/07 (MBIA Insured) Aaa 1,000,000 916,250
Hillsborough County Ind. Dev. Auth. Ind. Dev. Rev.
5.75% 8/15/10 (MBIA Insured) Aaa 1,000,000 900,000
Hillsborough County Util. Rev. Rfdg.
(Cap. Appreciation) Series A:
0% 8/1/05 Aaa 17,445,000 8,853,338
0% 8/1/07 Aaa 9,250,000 4,035,313
7% 8/1/14 Baa1 1,245,000 1,220,100
0% 8/1/06 Aaa 13,000,000 6,126,250
Homestead Spl. Ins. Assessment Rev.
(Hurricane Andrew Covered Claims)
3.85% 3/1/95 (MBIA Insured) Aaa 1,750,000 1,747,813
Indian River County Wtr. & Swr. Rev. Rfdg.
Series A, 5.50% 9/1/11 (FGIC Insured) Aaa 2,000,000 1,735,000
Jacksonville Cap. Impt. Rev. Ctfs.
(Gator Bowl Proj.):
5.50% 10/1/14 (AMBAC Insured) Aaa 2,000,000 1,707,500
5.50% 10/1/19 (AMBAC Insured) Aaa 2,000,000 1,667,500
Jacksonville Elec. Auth. Rev. Rfdg.
(St. Johns River Pwr. Issue #2):
7% 10/1/09 Aa1 2,490,000 2,549,138
Rfdg. Series 7, 5.75% 10/1/12 Aa1 1,900,000 1,688,625
Rfdg. Series 8, 5.125% 10/1/07 Aa1 1,000,000 858,750
Rfdg. Series 8, 5.50% 10/1/13 Aa1 2,000,000 1,715,000
Jacksonville Excise Tax Rev. Rfdg. 6.25%
10/1/05 (AMBAC Insured) Aaa 2,000,000 2,010,000
Jacksonville Health Facs. Auth. Ind. Dev. Rev.:
Rfdg. (Cypress Village Proj.):
(Nat'l. Benevolent Assn.) 7% 12/1/22 Baa1 2,000,000 1,745,000
(Nat'l. Benevolent Assn.) 8% 12/1/24 Baa1 2,740,000 2,695,475
(Nat'l. Benevolent Assn.) 6.25% 12/1/23 Baa1 2,400,000 1,854,000
(Cypress Village Proj.) 7% 12/1/14 Baa1 1,000,000 896,250
Jacksonville Health Facs. Auth. Hosp. Rev.
(Baptist Med. Ctr.) Series A, 7.30%
6/1/19 (MBIA Insured) Aaa 500,000 513,750
Jacksonville Hosp. Rev. (Univ. Med. Ctr.):
6.50% 2/1/07 (Connie Lee Insured) AAA 750,000 741,563
6.60% 2/1/21 (Connie Lee Insured) AAA 1,275,000 1,211,250
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Jacksonville Ind. Dev. Rev. Rfdg.
(Cargill, Inc. Proj.) 6.40% 3/1/11 AA- $ 1,250,000 $ 1,184,375
Jacksonville Wtr. & Swr. Gen. Wtr. Wks.
Dev. Rev. (Jacksonville Suburban Utils.)
6.75% 6/1/22 (b) A2 1,915,000 1,809,675
Key West Util. Board Elec. Rev. Rfdg. 0%
10/1/14 (AMBAC Insured) Aaa 6,755,000 1,722,525
Kissimmee Util. Auth. Elec. Sys. Rev.
Rfdg. & Impt. 5.25% 10/1/18
(FGIC Insured) Aaa 1,000,000 800,000
Lake Worth Rfdg. 5.80% 10/1/05
(AMBAC Insured) Aaa 1,000,000 966,250
Lee County Arpt. Rev. Series A, 5.50%
10/1/10 (AMBAC Insured) Aaa 2,000,000 1,760,000
Lee County Cap. Impt. Rev. Rfdg. Series B:
0% 10/1/11 (MBIA Insured) Aaa 1,975,000 629,531
0% 10/1/12 (MBIA Insured) Aaa 1,060,000 314,025
Lee County Ind. Dev. Auth. Econ. Dev. Rev.
Rfdg. (Encore Nursing Ctr.) (Beverly
Enterprises, Inc.) 8.125% 12/1/07 - 950,000 935,750
Leesburg Hosp. Auth. Rev. Rfdg.
(Leesburg Regional Med. Ctr. Proj.)
Series B:
5.625% 7/1/13 Baa1 2,795,000 2,141,669
5.70% 7/1/18 Baa1 2,140,000 1,599,650
Leon County 5.50% 10/1/07
(MBIA Insured) Aaa 1,000,000 912,500
Martin County Ind. Dev. Auth. Ind. Dev.
Rev. Rfdg. (Indiantown Cogeneration)
Series A, 7.875% 12/15/25 Baa3 3,000,000 2,962,500
Miami Beach Health Facs. Auth. Rev. Rfdg.
(Mt. Sinai Med. Ctr. Proj.) 6.25%
11/15/08 (Cap. Gtd. Insured) Aaa 2,000,000 1,947,500
Miami Beach Redev. Agcy. Tax Increment
Rev. (City Center Proj.):
5.80% 12/1/13 (b) Baa 1,000,000 821,250
5.875% 12/1/22 (b) Baa 1,000,000 792,500
Naples Hosp. Rev. Rfdg.
(Community Hosp. Proj.):
5% 10/1/19 (MBIA Insured) Aaa 1,000,000 762,500
5.10% 10/1/07 (MBIA Insured) Aaa 3,205,000 2,772,325
Nassau County Poll. Cont. Rev. Rfdg.:
6.2% 7/1/15 Baa 1,000,000 888,750
(ITT Rayonier Proj.):
7.65% 6/1/06 Baa2 1,415,000 1,462,756
6.25% 6/1/10 Baa2 9,500,000 8,704,375
North Broward Hosp. Dist. Rev. Rfdg.
6.40% 1/1/06 (MBIA Insured) Aaa 950,000 957,125
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
North Miami Edl. Facs. Rev.
(Johnson & Wales Univ. Proj.)
Series A, 6.125% 4/1/20 - $ 6,605,000 $ 5,449,125
Orange County Hsg. Fin. Auth. Mtg. Rev.
Series A, 7.875% 9/1/10,
(GNMA Coll.) (b) AAA 235,000 237,938
Orange County Sales Tax Rev.
Series B, 5.375% 1/1/24 A1 6,500,000 5,151,250
Orange County Tourist Dev. Tax Rev. Rfdg.
Series A:
5.85% 10/1/08 (MBIA Insured) Aaa 1,795,000 1,694,031
5.90% 10/1/09 (MBIA Insured) Aaa 1,250,000 1,162,500
Orlando Util. Comm. Wtr. & Elec.
Rev. 5% 10/1/23 Aa1 2,000,000 1,510,000
Orlando Util. Comm. Wtr. & Elec. Rev.:
Rfdg. Sub-Series D:
6.75% 10/1/17 Aa 2,500,000 2,503,125
5% 10/1/23 Aa 2,375,000 1,810,938
Sub-Series A, 6.50% 10/1/20 Aaa 1,405,000 1,462,956
5.395%, 10/31/13 Aa 4,000,000 3,400,000
5.60% 10/31/13 Aa 3,400,000 2,868,750
7.242% 10/31/13, INFL (d) Aa 1,000,000 710,000
Palm Beach County Solid Waste Ind. Dev.
Rev. (Osceola Pwr. Ltd. Partnership)
Series A, 6.95% 1/1/22 - 5,000,000 4,456,250
Pinellas Park Pub. Impt. Rev. Rfdg.
Series A, 5% 10/1/13 (FGIC Insured) Aaa 1,000,000 793,750
Pinellas Sun Coast Hlth. Rev. 8.50% 3/1/20 BBB- 430,000 439,138
Plantation Health Facs. Auth. Rev.
(Covenant Retirement Communities Inc.)
7.75% 12/1/22 - 2,500,000 2,384,375
Polk County Ind. Dev. Auth. Ind. Dev. Rev.
(Winter Haven Hosp.) Series 2, 6.25%
9/1/15 (MBIA Insured) Aaa 1,500,000 1,391,250
Reedy Creek Impt. Dist. Util. Rev. Rfdg.
Series 1, 5% 10/1/14 (MBIA Insured) Aaa 1,000,000 792,500
Seminole County Wtr. & Swr. Rev.
Rfdg. & Impt.:
6% 10/1/09 (MBIA Insured) Aaa 1,500,000 1,436,250
6% 10/1/12 (MBIA Insured) Aaa 1,500,000 1,408,125
St. Johns County Ind. Dev. Auth. Hosp. Rev.
(Flagler Hosp. Proj.) 6% 8/1/22 A 4,490,000 3,586,388
St. John's County Ind. Dev. Auth. Rev.
Rfdg. (Vicars Landing Proj.)
Series A, 6.75% 2/15/12 - 4,000,000 3,610,000
St. Lucie County Solid Waste Disp. Rev.
(Florida Pwr. & Lt. Co. Proj.)
6.70% 5/1/27 (b) A2 2,000,000 1,850,000
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Sumter County School Dist. Rev.
(Multi-Dist. Loan Prog.) 7.15%
11/1/15 (Cap. Guaranty Insured) Aaa $ 1,000,000 $ 1,037,500
Sunrise Pub. Facs. Rev. Series B,
0% 10/1/13 (MBIA Insured) Aaa 2,840,000 777,450
Sunrise Spl. Tax Dist. #1 Rfdg. 6.375%
11/1/21, LOC Bayer Hypotheken Bank Aa1 1,500,000 1,361,250
Tampa Cap. Impt. Prog. Rev. Series B:
8.25% 10/1/05 BBB 4,500,000 4,674,375
8.375% 10/1/18 BBB 1,800,000 1,854,000
Tampa Parking Facs. Rev. Rfdg. (Util. Tax)
5.50% 10/1/10 (AMBAC Insured) Aaa 3,600,000 3,141,000
Tampa Rev. (Allegheny Health Sys.-St. Joseph)
6.75% 12/1/17 (MBIA Insured) Aaa 150,000 147,750
Tampa Wtr. & Swr. Rev. Rfdg:
Series A, 5% 10/1/14 (FGIC Insured) Aaa 1,830,000 1,436,550
Series B, 5% 10/1/14 (FGIC Insured) Aaa 1,000,000 785,000
Tarpan Springs Health Facs. Auth. Hosp. Rev.
(Helen Ellis Mem. Hosp. Proj.):
7.5% 5/1/11 BBB- 1,225,000 1,156,094
7.625% 5/1/21 BBB- 4,245,000 3,995,606
Vero Beach Wtr. & Swr. Rev. Rfdg.
Series B, 5% 12/1/21
(FGIC Insured) Aaa 1,000,000 748,750
263,405,944
PUERTO RICO - 12.9%
Puerto Rico Commonwealth Aqueduct & Swr.
Auth. Rev. Series A, 7.875% 7/1/17 Baa 2,500,000 2,618,750
Puerto Rico Commonwealth Gen. Oblig.
5% 7/1/21 Baa1 8,090,000 6,027,050
Puerto Rico Commonwealth Hwy. & Trans.
Auth. Rev.:
Rfdg. Series X, 5.50% 7/1/15 Baa1 5,000,000 4,137,500
Series W:
5.50% 7/1/13 Baa1 8,000,000 6,680,000
5.50% 7/1/15 Baa1 7,000,000 5,792,500
5.25% 7/1/20 Baa1 2,010,000 1,542,675
Puerto Rico Commonwealth Infrastructuring
Fing. Auth. Spl. Series A, 7.50%
7/1/09 Baa1 1,000,000 1,043,750
Puerto Rico Commonwealth Rfdg. & Impt.
Unltd. Tax:
5.30% 7/1/04 Baa1 2,000,000 1,812,500
5.50% 7/1/13 Baa1 3,000,000 2,520,000
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
PUERTO RICO - CONTINUED
Puerto Rico Elec. Pwr. Auth. Resource Rev. Series R,
6.25% 7/1/17 Baa1 $ 2,450,000 $ 2,208,063
Puerto Rico Elec. Pwr. Auth. Rev.
Rfdg. Series S, 6.125% 7/1/09 Baa1 2,000,000 1,867,500
Puerto Rico Pub. Ed. & Health Facs. Rfdg.:
Series L, 5.50% 7/1/21 Baa1 3,000,000 2,422,500
Series M, 5.75% 7/1/15 Baa1 5,000,000 4,200,000
42,872,788
U.S. VIRGIN ISLANDS - 1.8%
Virgin Islands Pub. Fin. Auth. Rev. Rfdg.
Series A, 7.25% 10/1/18
(Escrowed to Maturity)(e) - 6,300,000 5,953,500
GUAM - 3.1%
Guam Arpt. Auth. Gen. Rev.:
Series A, 6.60% 10/1/10 (b) BBB 1,500,000 1,389,375
Series B:
6.40% 10/1/05 (b) BBB 2,500,000 2,371,868
6.70% 10/1/23 (b) BBB 3,950,000 3,555,000
Guam Pwr. Auth. Rev. Series A:
5.25% 10/1/13 BBB 1,250,000 996,875
6.30% 10/1/22 BBB 2,150,000 1,889,313
10,202,431
TOTAL MUNICIPAL BONDS
(Cost $355,701,991) 322,434,663
MUNICIPAL NOTES (A) - 2.6%
FLORIDA - 2.6%
Dade County Health Facs. Auth. Hosp. Rev.
(Miami Childrens Hosp. Proj.) Series 1990,
3.55%, LOC Barnett Bank, VRDN VMIG 1 2,800,000 2,800,000
Dade County Ind. Dev. Auth. Ind. Dev. Rev.
(Dolphins Stadium Proj.) Series 1985 B,
3.70%, LOC Citibank, Marine Midland
Bank, VRDN VMIG 1 3,800,000 3,800,000
Dade County Wtr. Swr. & Sys. Rev. 3.40%,
(FGIC Insured) (Liquidity Facility
Industrial Bank of Japan) VRDN VMIG 1 2,000,000 2,000,000
TOTAL MUNICIPAL NOTES
(Cost $8,600,000) 8,600,000
TOTAL INVESTMENTS - 100%
(Cost $364,301,991) $ 331,034,663
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
110 U.S. Treasury Bond Futures March, 1995 $ 10,786,875 $ (38,811)
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 3.2%

SECURITY TYPE ABBREVIATIONS
INFL - Inverse Floating Rate Security
VRDN - Variable Rate Demand Notes
LEGEND
(g) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(h) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals (AMT securities).
(i) Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
(j) Coupon is inversely indexed to a floating interest rate. The price will
be more volatile than the price of a comparable fixed rate security. The
rate shown is the rate at period end.
(k) Security collateralized by an amount sufficient to pay interest and
principal.
(l) A portion of the security was pledged to cover margin requirements for
futures contracts. At the period end, the value of securities pledged
amounted to $4,487,813.
INCOME TAX INFORMATION
At November 30, 1994 the aggregate cost of investment securities for income
tax purposes was $364,301,991. Net unrealized depreciation aggregated
$33,267,328, of which $324,574 related to appreciated investment securities
and $33,591,902 related to depreciated investment securities.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investments for the period ended is as follows (ratings are unaudited):
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 51.7% AAA, AA, A 68.2%
Baa 25.6% BBB 16.6%
Ba 0.0% BB 0.0%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 10.2%. FMR
has determined that unrated debt securities that are lower quality account
for 6.3% of the total value of investment in securities.
The distribution of municipal securities by revenue source, as a percentage
of total value of investments, is as follows:
Transportation 17.6%
Health Care 15.7
General Obligation 13.2
Industrial Development 12.8
Electric Revenue 12.5
Others
(individually less than 10%) 28.2
TOTAL 100.0%
At November 30, 1994, the fund had a capital loss carryforward of
approximately $1,972,231 which will expire on November 30, 2002.
SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1994

214.ASSETS 215. 216.

217.Investment in securities, at value (cost 218. $ 331,034,663
$364,301,991) -
See accompanying schedule

219.Receivable for investments sold 220. 5,006,835

221.Interest receivable 222. 5,948,852

223.Redemption fees receivable 224. 107

225. 226.TOTAL ASSETS 227. 341,990,457

228.LIABILITIES 229. 230.

231.Payable to custodian bank $ 45,841 232.

233.Payable for investments purchased 3,976,595 234.

235.Payable for fund shares redeemed 1,571,530 236.

237.Dividends payable 612,903 238.

239.Accrued management fee 154,981 240.

241.Payable for daily variation on futures contracts 77,623 242.

243. 244.TOTAL LIABILITIES 245. 6,439,473

246.247.NET ASSETS 248. $ 335,550,984

249.Net Assets consist of: 250. 251.

252.Paid in capital 253. $ 370,790,543

254.Accumulated undistributed net realized gain (loss) 255.
on investments (1,933,420)

256.Net unrealized appreciation (depreciation) on 257. (33,306,139)
investments

258.259.NET ASSETS, for 34,456,067 shares 260. $ 335,550,984
outstanding

261.262.NET ASSET VALUE, offering price and 263. $9.74
redemption price per share ($335,550,984 (divided by)
34,456,067 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1994

264.265.INTEREST INCOME 266. $ 24,304,277

267.EXPENSES 268. 269.

270.Management fee $ 2,214,635 271.

272.Non-interested trustees' compensation 2,454 273.

274.Total expenses before reductions 2,217,089 275.

276.Expense reductions (55,208) 2,161,881

277.278.NET INTEREST INCOME 279. 22,142,396

280.REALIZED AND UNREALIZED GAIN (LOSS) 282. 283.
281.Net realized gain (loss) on:

284. Investment securities (3,112,978) 285.

286. Futures contracts 1,265,990 (1,846,988)

287.Change in net unrealized appreciation 288. 289.
(depreciation) on:

290. Investment securities (49,869,617) 291.

292. Futures contracts (38,811) (49,908,428)

293.294.NET GAIN (LOSS) 295. (51,755,416)

296.297.NET INCREASE (DECREASE) IN NET ASSETS 298. $ (29,613,020)
RESULTING FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED NOVEMBER 30,

1994 1993

299.INCREASE (DECREASE) IN NET ASSETS

300.Operations $ 22,142,396 $ 20,834,018
Net interest income

301. Net realized gain (loss) (1,846,988) 8,118,245

302. Change in net unrealized appreciation (depreciation) (49,908,428) 15,435,529

303. (29,613,020) 44,387,792
304.NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS

305.Distributions to shareholders: (22,142,396) (20,834,018)
From net interest income

306. From net realized gain (7,685,399) (227,395)

307. 308.TOTAL DISTRIBUTIONS (29,827,795) (21,061,413)

309.Share transactions 113,687,492 242,254,359
Net proceeds from sales of shares

310. Reinvestment of distributions 19,685,122 13,961,012

311. Cost of shares redeemed (166,831,473) (88,378,513)

312. Redemption fees 83,694 94,890

313. (33,375,165) 167,931,748
Net increase (decrease) in net assets resulting from
share transactions

314. (92,815,980) 191,258,127
315.TOTAL INCREASE (DECREASE) IN NET ASSETS

316.NET ASSETS 317. 318.

319. Beginning of period 428,366,964 237,108,837

320. End of period $ 335,550,984 $ 428,366,964

321.OTHER INFORMATION 323. 324.
322.Shares

325. Sold 10,546,906 22,071,403

326. Issued in reinvestment of distributions 1,829,088 1,252,444

327. Redeemed (15,871,258) (7,911,287)

328. Net increase (decrease) (3,495,264) 15,412,560

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C>
329. YEARS ENDED NOVEMBER 30, MARCH 16, 1992
(COMMENCEME
NT
OF OPERATIONS) T
O
NOVEMBER 30,

330. 1994 1993 1992

331.SELECTED PER-SHARE DATA

332.Net asset value, beginning of period $ 11.290 $ 10.520 $ 10.000

333.Income from Investment Operations .587 .615 .459
Net interest income

334. Net realized and unrealized gain (loss) (1.352) .777 .514

335. Total from investment operations (.765) 1.392 .973

336.Less Distributions (.587) (.615) (.459)
From net interest income

337. From net realized gain on investments (.200) (.010) -

338. Total distributions (.787) (.625) (.459)

339.Redemption fees added to paid in capital .002 .003 .006

340.Net asset value, end of period $ 9.740 $ 11.290 $ 10.520

341.TOTAL RETURN B -7.19% 13.52% 9.94%

342.RATIOS AND SUPPLEMENTAL DATA

343.Net assets, end of period (000 omitted) $ 335,551 $ 428,367 $ 237,109

344.Ratio of expenses to average net .54% .25% .03%A
assets C

345.Ratio of expenses to average net assets .55% .55% .55%A
before expense reductions C

346.Ratio of net interest income to average 5.49% 5.52% 6.25%A
net assets

347.Portfolio turnover rate 49% 50% 38%A

</TABLE>

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
C SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO

PERFORMANCE: THE BOTTOM LINE

To measure a money market fund's performance, you can look at either total
return or yield. Total return reflects the change in a fund's share price
over a given period, reinvestment of its dividends (or income), and the
effect of the fund's $5 account closeout fee. 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 NOVEMBER 30, 1994 PAST 1 LIFE OF
YEAR FUND

Spartan Florida Municipal
Money Market Portfolio 2.46% 5.85%

Consumer Price Index 2.81% 6.39%

Average All Tax-Free
Money Market Fund 2.25% 4.90%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year, or since the fund started on August 24,1992. For
example, if you invested $1,000 in a fund that had a 5% return over the
past year, you would end up with $1,050. Comparing the fund's performance
to the consumer price index (CPI) helps show how your investment did
compared to inflation. To measure how the fund stacked up against its
peers, you can compare its return to the average all tax-free money market
fund's total return. This average currently reflects the performance of 372
all tax-free money market funds tracked by IBC/Donoghue. (The periods
covered by the CPI and IBC/Donoghue numbers are the closest available match
to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1994 PAST 1 LIFE OF
YEAR FUND

Spartan Florida Municipal
Money Market Portfolio 2.46% 2.54%

Consumer Price Index 2.81% 2.79%

Average All Tax-Free
Money Market Fund 2.25% 2.15%

Spartan Florida Municipal 2.26% 2.30% 2.60% 2.75% 3.31%
Money Market Portfolio

If Fidelity had not reimbursed 2.16% 2.20% 2.55% n/a n/a
certain fund expenses

Average All Tax-Free 1.94% 1.97% 2.35% 2.59% 3.10%
Money Market Fund

Spartan Florida Municipal 3.53% 3.59% 4.06% 4.30% 5.17%
Money Market Portfolio -
Tax-equivalent

If Fidelity had not reimbursed 3.38% 3.44% 3.98% n/a n/a
certain fund expenses

Average All Taxable 2.69% 2.79% 3.51% 4.08% 4.84%
Money Market Fund

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 chart above shows the fund's
current seven-day yield at quarterly intervals over the past year. This
would have been lower if Fidelity had not reimbursed certain fund expenses.
You can compare these yields to the average all tax-free money market fund.
Or you can look at the fund's tax-equivalent yield, which is based on a
combined effective 1994 federal tax rate of 36%. The tax-equivalent figures
are useful in seeing how the fund stacked up against the average taxable
money market fund as tracked by IBC/Donoghue.
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 fund
will maintain a $1 share price.
(checkmark)
SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Deborah Watson, Portfolio Manager of Spartan Florida
Municipal Money Market Portfolio.
Q. DEB, CAN YOU FILL US IN ON THE CHANGES IN THE MONEY MARKETS DURING THE
PAST YEAR?
A. Interest rates have climbed sharply during the period. Early this year,
the Federal Reserve Board determined that economic growth had begun to
accelerate. I anticipated that by the end of the first quarter, the Fed
might begin to increase short-term interest rates to rein in that growth
and prevent a resurgence of inflation. The first rate increase came even
sooner than I expected, on February 4, 1994, when the Fed raised the
federal funds rate by one-quarter point, from 3.00% to 3.25%. Since then,
the Fed has boosted the rate five more times to 5.50%, including the recent
three-quarter point increase in November. As a result, yields on short-term
instruments have climbed as well.
Q. WHAT WAS YOUR STRATEGY DURING THE PERIOD?
A. Although I was surprised by the timing of the Fed's initial rate
increase, I had been preparing the fund for rates to move higher. The
fund's average maturity was 66 days at the end of November 1993. I let the
fund's average maturity roll down to 22 days by the end of May. In July,
the seasonal onslaught of borrowing by municipal issuers created an
increase in the supply of short-term issues, which drove yields higher. I
took advantage of that opportunity to lock in higher yields on some longer
securities, so the fund's average maturity rose to 32 days. By the end of
September, it had declined again, and was less than 30 days for the
remainder of the period.
Q. HOW DID THE FUND PERFORM?
A. On November 30, 1994, the fund's seven-day yield was 3.31%, up from
2.60% six months ago. The latest yield is the equivalent of a 5.17% yield
on a taxable investment for investors in the 36% federal income tax
bracket. The fund's total return for the 12 months ended November 30 was
2.46%. That beat the 2.25% average total return for all tax-free money
market funds during the same period, according to IBC/Donoghue.
Q. WHAT'S AHEAD FOR THE FUND?
A. The fund's assets will likely swell toward the end of this calendar year
as investors seek shelter from Florida's intangibles tax. Probably the bulk
of the new money will be invested in short-term variable-rate securities to
maintain the fund's low average maturity and liquidity since assets will
likely decrease in January. It seems likely that short-term rates will
continue to move higher during the coming months as the Fed continues to
attempt to restrain inflationary pressures. Thus, for the most part I
anticipate avoiding securities with relatively long maturities for now.

FUND FACTS
GOAL: income exempt from
federal income tax and the
Florida intangible personal
property tax and stability by
investing in high-quality,
short-term Florida municipal
securities
START DATE: August 24, 1992
SIZE: as of November 30,
1994, more than $337 million
MANAGER: Deborah Watson,
since August 1992; manager,
Spartan California and
Pennsylvania Municipal
Money Market Portfolios,
since 1989; and Fidelity
California Tax-Free Money
Market Portfolio, since 1988;
joined Fidelity in 1982
(checkmark)

INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
11/30/94 5/31/94 11/30/93

0 - 30 82 87 63

31 - 90 12 6 13

91 - 180 - 6 1

181 - 397 6 1 23

WEIGHTED AVERAGE MATURITY
11/30/94 5/31/94 11/30/93

Spartan Florida
Municipal Money Market
Portfolio 27 days 22 days 66 days

Average All Tax-Free
Money Market Fund* 46 days 43 days 64 days

ASSET ALLOCATION
AS OF NOVEMBER 30, 1994 AS OF MAY 31, 1994

Row: 1, Col: 1, Value: 68.0
Row: 1, Col: 2, Value: 21.0
Row: 1, Col: 3, Value: 4.0
Row: 1, Col: 4, Value: 6.0
Row: 1, Col: 5, Value: 2.0
Row: 1, Col: 1, Value: 65.0
Row: 1, Col: 2, Value: 14.0
Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 12.0
Row: 1, Col: 5, Value: 9.0
Variable rate
demand notes
(VRDNs) 68%
Commercial
paper 21%
Tender bonds 4%
Municipal
notes 6%
Other 1%
Variable rate
demand notes
(VRDNs) 65%
Commercial
paper 14%
Tender bonds 0%
Municipal
notes 12%
Other 9%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO

INVESTMENTS NOVEMBER 30, 1994
Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - 100.0%
Alachua County Health Facs. Auth. Rev. Bonds
(Academic Research Bldg. Proj.) Series 1989:
3.60%, tender 12/1/94,
LOC Barnett Bank of Jacksonville $ 1,000,000 $ 1,000,000
3.65%, tender 12/15/94,
LOC Barnett Bank of Jacksonville 5,250,000 5,250,000
Arcadia Hosp. Rev. (Desoto Memorial Hosp.) Series 1994,
3.95%, LOC First Union Bank of Florida, VRDN 5,000,000 5,000,000
Bay County Hosp. Sys. Rev. (Bay Med. Ctr. Proj.)
Series 1988 A, 3.50%, LOC Citibank, VRDN 5,500,000 5,500,000
Broward County Fin. Auth. Multi-Family Hsg. Rev., VRDN:
(Lake Park Assoc. Ltd. Partnership) Series 1985, 3.50%,
LOC Society Bank 8,500,000 8,500,000
(Palm Aire-Oxford Proj.) Series 1990, 3.80% 6,800,000 6,800,000
Broward County Hsg. & Fin. Auth.
(Sawgrass Pines Apt. Proj.) Series 1993 A, 4%,
LOC First Union Bank of Florida, VRDN (b) 11,000,000 11,000,000
Broward County Multi-Family Hsg. Rev. (Welleby Apts. Proj.)
3.55%, LOC Bank of America, VRDN 2,500,000 2,500,000
Collier County Wtr. & Swr. Ind. Dev. Rev.
(Marco Island Util. Proj.) Series 1990, 3.90%,
LOC Sun Bank, VRDN (b) 4,600,000 4,600,000
Dade County Ind. Dev. Auth. Ind. Dev. Rev.
(Royal Store Fixtures Corp. Proj.) 3.90%,
LOC Sun Bank of Miami, VRDN (b) 2,500,000 2,500,000
Dade County Ind. Dev. Rev., VRDN:
(Guastafeste Proj.):
Series 1987, 3.90%, LOC Sun Bank (b) 1,135,000 1,135,000
Series 1991, 3.90%, LOC Sun Bank (b) 715,000 715,000
(Montenay-Dade Proj.):
Series 1988, 3.35%, LOC Banque Paribas (b) 1,500,000 1,500,000
Series 1990 A, 3.50%, LOC Banque Paribas (b) 1,690,000 1,690,000
Dade County Multi-Family Hsg. Rev.
(Biscayne View Apts. Proj.) Series 1993, 4%,
BPA Commonwealth Life Ins. Co., VRDN (b) 15,000,000 15,000,000
Dade County Water & Swr. Sys. Rev. 3.40% (Liquidity Facility
Industrial Bank of Japan) (FGIC Insured), VRDN 2,000,000 2,000,000
Duval County Hsg. & Fin. Auth. Rev.
(Lakes of Mayport Apts.) Series 1985 F, 4%,
LOC Bank of Boston, VRDN 4,300,000 4,300,000
Florida Board of Ed. Participating VRDN:
Series P-1B, 3.90%,
(Liquidity Facility Merrill Lynch & Co.)(c) 4,000,000 4,000,000
Series PA-1004, 3.90%,
(Liquidity Facility Merrill Lynch & Co)(c) 5,780,000 5,780,000
Florida Dept. Natural Resources Participating VRDN,
Series BTP-64 94A, 3.925% (Liquidity
Facility Automatic Data Processing, Inc.)(c) 7,585,000 7,585,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Florida Dept. of Trans. Participating VRDN, Series PA-11,
3.90% (Liquidity Facility Merrill Lynch & Co.) (c) $ 5,300,000 $ 5,300,000
Florida Hsg. Fin. Agcy. Multi-Family Hsg. Rev. VRDN:
(Beville-Oxford Proj.) Series 1990 B, 3.80%
(Continental Casualty Guaranteed) 1,100,000 1,100,000
(Brandon-Oxford Proj.) Series 1990 C, 3.80%
(Continental Casualty Guaranteed) 9,000,000 9,000,000
(Hillsborough-Oxford Proj.) Series D, 3.80%
(Continental Casualty Guaranteed) 13,335,000 13,335,000
(Players Club) Series 1991 C, 3.88%,
LOC Sumitomo Trust 7,100,000 7,100,000
Florida Local Govt. Fin. Auth. Rev., VRDN:
(Govt. Unit Loan Prog.) Series 1986 A:
2.90%, LOC First Union Nat'l Bank of Florida 8,000,000 8,000,000
3.55% (GE Capital Corp. Guaranteed) (FGIC Insured) 1,000,000 1,000,000
(Lake Wales Medical Centers Inc. Proj.) Series 1994A,
3.70%, LOC First Union Nat'l Bank of Florida 2,000,000 2,000,000
Florida Muni. Pwr. Agcy. Participating VRDN, Series PA-1018,
3.90% (Liquidity Facility Merrill Lynch & Co.) (c) 2,680,000 2,680,000
Greater Orlando Aviation Auth. Arpt. Facs.
Series B, 3.75% 1/12/95
(Liquidity Facility Morgan Guaranty Trust Co.), CP (b) 3,000,000
3,000,000
Hillsborough County Aviation Auth.
(Tampa International Arpt. Proj.) 3.70% 1/13/95,
LOC Nat'l. Westminster Bank, CP (b) 5,000,000 5,000,000
Indian River County Hosp. Dist. Hosp. Rev.:
Series 1985, 3.80%, LOC Bank Indosuez, VRDN 4,900,000 4,900,000
Bonds:
Series 1988:
3.55%, tender 12/8/94, LOC Kredietbank 2,350,000 2,350,000
3.80%, tender 2/7/95, LOC Kredietbank 2,000,000 2,000,000
Series 1989:
3.65%, tender 12/20/94, LOC Kredietbank 4,300,000 4,300,000
3.80%, tender 2/8/95, LOC Kredietbank 1,200,000 1,200,000
Series 1990:
3.90%, tender 2/8/95, LOC Kredietbank 5,000,000 5,000,000
Indian Trace Commty. Dev. Dist. Bonds:
(Broward County Basin I Water Mgmt. Spl. Benefit):
Series 1991, 4.10%, tender 12/7/94,
LOC Tokai Bank 1,500,000 1,500,000
4.15%, tender 12/6/94, LOC Tokai Bank 5,000,000 5,000,000
4.10%, tender 12/7/94, LOC Tokai Bank 3,900,000 3,900,000
Jacksonville Elec. Auth. Participating VRDN, Series PA-100,
3.90% (Liquidity Facility Merrill Lynch & Co.)(c) 3,700,000 3,700,000
Jacksonville Health Facs. Auth. Rev. (HSI Support Sys. Proj.)
3.55% (Liquidity Facility SunBank-Orlando)
(MBIA Insured), VRDN 1,000,000 1,000,000
Jacksonville Ind. Dev. Rev. (Samuel C. Taylor Foundation 1987
Proj.) 3.875%, LOC Barnett Bank of Jacksonville, VRDN 5,500,000
5,500,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Jacksonville (River City Renaissance Proj.)
3.80%, tender 1/27/95,
BPA Morgan Guaranty Trust Co., CP $ 3,000,000 $ 3,000,000
Lee County Hosp. Board Hosp. Rev. Bonds (Lee Memorial
Hosp. Proj.) Series 1992 B, 3.35%, tender 12/9/94
(Liquidity Facility Industrial Bank of Japan) 2,300,000 2,300,000
Lee County Ind. Dev. Auth. Ind. Dev. Rev. Bonds
(Baader North America Proj.) Series1994, 3.80%,
LOC Deutsche Bank, VRDN (b) 2,200,000 2,200,000
Liberty County Ind. Dev. Rev. (Timber Energy Res. Inc. Proj.)
Series 1994, 3.65%, LOC Bank of Montreal, VRDN 8,200,000 8,200,000
Manatee County Hsg. Fin. Auth. (Harbour Pointe Proj.)
Series 1990-A, 4.15%, LOC Marine Midland
Bank, VRDN 1,000,000 1,000,000
Marion County Hsg. Fin. Auth. Rev. (Summer Trace Apts.)
Series 1985 D, 4%, LOC Bank of Boston, VRDN 4,100,000 4,100,000
Marion Commty. Hsg. Fin. Auth. Rev., VRDN:
(Belvedere Apt. Proj.) Series C, 4%,
LOC Bank of Boston 3,100,000 3,100,000
(Oakhurst Apt. Proj.) Series E, 4%,
LOC Bank of Boston 3,800,000 3,800,000
(Paddock Place Proj.) Series 1985 F, 4%,
LOC Bank of Boston 4,300,000 4,300,000
Monroe County School Dist. RAN 2.80% 12/15/95 4,000,000 4,000,000
Ocean Hwy. & Port Auth. Rev. Series 1990, 3.75%,
LOC ABN-AMRO, VRDN (b) 13,000,000 13,000,000
Okeechobee County Solid Waste Rev. (Chambers Waste Sys.)
Series 1992, 3.95%, LOC NationsBank, VRDN (b) 1,000,000 1,000,000
Orange County Health Facs. Auth. Prog. Rev. Rfdg. Series 1985,
3.60%, tender 1/26/95, BPA Banque Paribas
(MBIA Insured) 4,900,000 4,900,000
Orange County School Dist. TAN 4.75% 6/30/94 10,000,000 10,041,709
Orlando Util. Commission Water & Elec. Rev. Rfdg. Bonds:
7.90% 10/1/95 2,000,000 2,054,834
8.10% 10/1/95 1,000,000 1,046,990
Palm Beach County Health Facs. Auth. (Pooled Hosp. Loan)
3.85%, tender 1/19/95 (Liquidity Facility Credit Suisse)
(MBIA Insured) 4,000,000 4,000,000
Palm Beach County Hsg. Fin. Auth. Rev.
(Lake Crystal Apts. Proj. Phase III) Series 1988-A, 3.65%,
LOC Citibank, VRDN 7,440,000 7,440,000
Pasco County School Dist. TAN 4.75% 6/30/95 7,200,000 7,231,432
Pensacola Rev. Bonds (Harborview Corp. Proj.)
3.875%, LOC Amsouth Bank, VRDN 2,975,000 2,975,000
Pinellas County Health Facs. Auth. Rev. (Pooled Hosp. Loan
Prog.) 3.65%, LOC Chemical Bank, VRDN 2,300,000 2,300,000
Pinellas County Hsg. Fin. Auth. Multi-Family Mtg. Rev. Rfdg.
(Foxbridge Apts.) Series 1993 A, 4%,
LOC Citibank, VRDN 4,900,000 4,900,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Plant City Hosp. Rev. (South Baptist Hosp. Proj.) Series 1993,
3.95%, LOC Barnett Bank of Tampa, VRDN (b) $ 4,900,000 $ 4,900,000
Putnam County Dev. Auth. Poll. Cont. Rev.:
(Florida Pwr. & Light Co.) 3.60%, VRDN 1,000,000 1,000,000
(Seminole Elec. Coop.) Series 1984-D, 3.15%,
tender 12/15/94 (National Rural Util. CFC Guaranteed) 15,000,000
15,000,000
Sarasota County Health Facs. Auth. Hosp. Rev.
(Venice Hospital Proj.) Series 1992, 3.65%,
LOC Kredietbank, VRDN 2,100,000 2,100,000
Sarasota County Pub. Hosp. Dist. Hosp. Bonds:
(Sarasota Memorial Hosp.):
Series 1993 A:
3.65%, tender 1/17/95
(Liquidity Facility Goldman Sachs) 4,000,000 4,000,000
Series B, 3.60%, tender 1/26/95,
LOC Sumitomo Bank of Japan 4,750,000 4,750,000
3.65%, tender 2/8/95
(Liquidity Facility Goldman Sachs) 2,000,000 2,000,000
Sunshine Gov't. Fing. Comm. Rev. Bonds Series 1986,
3.15%, tender 12/20/94 LOC Morgan
Guaranty Trust Co. 4,500,000 4,500,000
Volusia County Health Facs. Auth. Rev., VRDN:
(Southwest Volusia Healthcare Corp.) Series 1994 A, 3.80%,
LOC First Union Nat'l. Bank of North Carolina 5,000,000 5,000,000
3.60%, BPA Morgan Guaranty Trust Co. (FGIC Insured) 1,300,000 1,300,000
TOTAL INVESTMENTS - 100% $ 335,659,965
Total Cost for Income Tax Purposes $ 335,659,965

SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
VRDN - Variable Rate Demand Notes
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.
INCOME TAX INFORMATION
At November 30, 1994, the fund had a capital loss carryforward of
approximately $23,100 of which $100, $1,100 and $21,900 will expire on
November 30, 2000, 2001 and 2002, respectively.
SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1994

348.ASSETS 349. 350.

351.Investment in securities, at value - See 352. $ 335,659,965
accompanying schedule

353.Cash 354. 6,838,947

355.Interest receivable 356. 1,787,627

357. 358.TOTAL ASSETS 359. 344,286,539

360.LIABILITIES 361. 362.

363.Payable for investments purchased $ 6,576,194 364.

365.Dividends payable 46,001 366.

367.Accrued management fee 134,693 368.

369. 370.TOTAL LIABILITIES 371. 6,756,888

372.373.NET ASSETS 374. $ 337,529,651

375.Net Assets consist of: 376. 377.

378.Paid in capital 379. $ 337,552,770

380.Accumulated net realized gain (loss) on 381. (23,119)
investments

382.383.NET ASSETS, for 337,552,770 shares 384. $ 337,529,651
outstanding

385.386.NET ASSET VALUE, offering price and 387. $1.00
redemption price per share ($337,529,651 (divided by)
337,552,770 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1994

388.389.INTEREST INCOME 390. $ 10,503,661

391.EXPENSES 392. 393.

394.Management fee $ 1,818,415 395.

396.Non-interested trustees' compensation 2,132 397.

398. Total expenses before reductions 1,820,547 399.

400. Expense reductions (159,576) 1,660,971

401.402.NET INTEREST INCOME 403. 8,842,690

404.REALIZED AND UNREALIZED GAIN (LOSS) 406. (21,862)
405.Net realized gain (loss) on investment securities

407.Increase (decrease) in net unrealized gain from 408. (17)
accretion of market discount

409.410.NET GAIN (LOSS) 411. (21,879)

412.413.NET INCREASE IN NET ASSETS RESULTING FROM 414. $ 8,820,811
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED NOVEMBER 30,

1994 1993

415.INCREASE (DECREASE) IN NET ASSETS

416.Operations $ 8,842,690 $ 5,069,253
Net interest income

417. Net realized gain (loss) (21,862) (1,143)

418. Increase (decrease) in net unrealized gain from (17) 17
accretion of market discount

419. 8,820,811 5,068,127
420.NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS

421.Dividends to shareholders from net interest income (8,842,690) (5,069,253)

422.Share transactions at net asset value of $1.00 per 587,117,506 523,059,131
share
Proceeds from sales of shares

423. Reinvestment of dividends from net interest 8,273,320 4,777,607
income

424. Cost of shares redeemed (564,580,189) (270,561,793)

425. 30,810,637 257,274,945
Net increase (decrease) in net assets and shares
resulting from share transactions

426. 30,788,758 257,273,819
427.TOTAL INCREASE (DECREASE) IN NET ASSETS

428.NET ASSETS 429. 430.

431. Beginning of period 306,740,893 49,467,074

432. End of period $ 337,529,651 $ 306,740,893

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C>
433. YEARS ENDED NOVEMBER 30, AUGUST 24, 199
2
(COMMENCEME
NT
OF OPERATIONS) T
O
NOVEMBER 30,

434. 1994 1993 1992

435.SELECTED PER-SHARE DATA

436.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000

437.Income from Investment Operations .024 .025 .008
Net interest income

438.Less Distributions (.024) (.025) (.008)
From net interest income

439.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000

440.TOTAL RETURN B 2.47% 2.51% .78%

441.RATIOS AND SUPPLEMENTAL DATA

442.Net assets, end of period (000 omitted) $ 337,530 $ 306,741 $ 49,467

443.Ratio of expenses to average net assets .46% .18% -
C

444.Ratio of expenses to average net assets .50% .50% .50%A
before expense reductions C

445.Ratio of net interest income to average 2.43% 2.48% 2.91%A
net assets

</TABLE>

1. SIGNIFICANT ACCOUNTING
POLICIES.
Spartan Florida Municipal Income Portfolio(the income fund) is a fund of
Fidelity Court Street Trust. Spartan Florida Municipal Money Market
Portfolio (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 following summarizes the significant accounting policies of
the income fund and the money market fund:
SECURITY VALUATION.
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. Short-term securities maturing
within sixty days of their purchase date are valued either at amortized
cost or original cost plus accrued interest, both of which approximate
current value. Securities for which quotations are not readily available
through the pricing service are valued at their fair value as determined in
good faith under consistently applied procedures under the general
supervision of the Board of Trustees.
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 regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. For the
money market fund, accretion of market discount represents unrealized gain
until realized at the time of a security disposition or maturity.
EXPENSES. Most expenses of each trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest 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.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS -
CONTINUED
These differences are primarily due to differing treatments for losses
deferred due to futures and options transactions. The income fund also
utilized earnings and profits distributed to shareholders on redemption of
shares as a part of the dividends paid deduction for income tax purposes.
CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO SHAREHOLDERS. Effective December
1, 1993, the funds adopted Statement of Position 93-2: Determination,
Disclosure, and Financial Statement Presentation of Income, Capital Gain,
and Return of Capital Distributions by Investment Companies. As a result,
the income fund changed the classification of distributions to shareholders
to better disclose the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, amounts as of the beginning of the fiscal year have been
reclassified to reflect an increase in paid in capital and a decrease in
accumulated net realized gain on investments of $12,445. No adjustments
were necessary for the money market fund.
REDEMPTION FEES. Shares held in the income fund less than 180 days are
subject to a redemption 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.
2.OPERATING POLICIES.
FUTURES CONTRACTS AND OPTIONS. The income fund may invest in futures and
options contracts, and may also write options. These investments involve,
to varying degrees, elements of market risk and risks in excess of the
amount recognized in the Statement of Assets and Liabilities. The face or
contract amounts, as reflected in the schedule of investments under the
caption "Futures Contracts" reflect the extent of the involvement the
income fund has in the particular classes of instruments. Risks may be
caused by an imperfect correlation between movements in the price of the
instruments and the price of the underlying securities and interest rates.
Risks also may arise if there is an illiquid secondary market for the
instruments, or due to the inability of counterparties to perform.
Futures contracts are valued at the settlement price established each day
by the board of trade or exchange on which they are traded. Options traded
on an exchange are valued using the last sale price or, in the absence of a
sale, the last offering price. Options traded over-the-counter are valued
using dealer-supplied valuations.
3. PURCHASES AND SALES OF
INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $188,558,050 and $228,109,683, respectively. The face value of
futures contracts opened and closed amounted to $228,761,571 and
$216,769,051, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, Fidelity Management &
Research Company (FMR) pays all expenses, except the compensation of the
non-interested Trustees and certain exceptions such as interest, taxes,
brokerage commissions and extraordinary expenses. FMR receives a fee that
is computed daily at an annual rate of .55% and .50% of average net assets
for the income and money market funds, respectively.
FMR also bears the cost of providing shareholder services to each fund. To
offset the cost of providing these services, FMR or its affiliates
collected certain transaction fees from shareholders which amounted to
$6,860 and $5,246 for the income and money market funds, respectively.
SUB-ADVISER FEE. As the money market fund's investment sub-adviser, FMR
Texas Inc., a wholly owned subsidiary of FMR, receives a fee from FMR of
50% of the management fee payable to FMR. The fee is paid prior to any
voluntary expense reimbursements which may be in effect, and after reducing
the fee for any payments by FMR pursuant to the fund's Distribution and
Service Plan.
5. EXPENSE REDUCTIONS.
FMR has voluntarily agreed to reimburse the funds for total operating
expenses (excluding interest, taxes, brokerage commissions and
extraordinary expenses) above a specified percentage of average net assets.
INCOME FUND. For the period, this expense limitation ranged from an annual
rate of .45% to .55% of average net assets and the reimbursement amounted
to $55,208.
MONEY MARKET FUND. For the period, this expense limitation ranged from an
annual rate of .40% to .50% of average net assets and the reimbursement
amounted to $159,576.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Court Street Trust and Fidelity Court Street
Trust II and the Shareholders of Spartan Florida Municipal Income Portfolio
and Spartan Florida Municipal Money Market Portfolio:
We have audited the accompanying statements of assets and liabilities of
Spartan Florida Municipal Income Portfolio, a portfolio of Fidelity Court
Street Trust, and Spartan Florida Municipal Money Market Portfolio, a
portfolio of Fidelity Court Street Trust II, including the schedules of
portfolio investments, as of November 30, 1994, and the related statements
of operations for the year then ended, the statements of changes in net
assets for each of the two years in the period then ended and the financial
highlights for each of the two years then ended and the period from March
16, 1992 (commencement of operations) to November 30, 1992 for the Spartan
Florida Municipal Income Portfolio, and each of the two years then ended
and the period from August 24, 1992 (commencement of operations) to
November 30, 1992 for the Spartan Florida Municipal Money Market Portfolio.
These financial statements and financial highlights are the responsibility
of the funds' management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of November 30, 1994 by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Spartan Florida Municipal Income Portfolio and Spartan Florida Municipal
Money Market Portfolio, as of November 30, 1994, the results of their
operations for the year then ended, the changes in their net assets for
each of the two years in the period then ended, and the financial
highlights for each of the two years in the period then ended and the
period from March 16, 1992 (commencement of operations) to November 30,
1992 for the Spartan Florida Municipal Income Portfolio, and each of the
two years then ended and the period from August 24, 1992 (commencement of
operations) to November 30, 1992 for the Spartan Florida Municipal Money
Market Portfolio, in conformity with generally accepted accounting
principles.
/s/COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
December 30, 1994
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER, MONEY MARKET FUND
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Fred L. Henning, Jr. , Vice President -
MONEY MARKET FUND
Thomas J. Steffanci, Vice President -
INCOME FUND
Anne Punzak, Vice President
Thomas D. Maher, Assistant
Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Arthur S. Loring, Secretary
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
United Missouri Bank, N.A.
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
United Missouri Bank, N.A.
Kansas City, MO
THE FIDELITY
TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
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)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE

SPARTAN(registered trademark)

(registered trademark)
CONNECTICUT
MUNICIPAL
PORTFOLIOS

ANNUAL REPORT
NOVEMBER 30, 1994
CONTENTS

<TABLE>
<CAPTION>
<S> <C> <C>
PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

SPARTAN CONNECTICUT MUNICIPAL HIGH YIELD PORTFOLIO

PERFORMANCE 4 How the fund has done over time.

FUND TALK 7 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 10 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 11 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 19 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET PORTFOLIO

PERFORMANCE 23 How the fund has done over time.

FUND TALK 25 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 27 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 28 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 32 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 36 Notes to the financial statements.

REPORT OF INDEPENDENT
ACCOUNTANTS 39 The auditors' opinion.

</TABLE>

FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

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. Each figure
includes changes in a fund's share price, reinvestment of any dividends (or
income) and capital gains (the profits the fund earns when it sells bonds
that have grown in value), and the effect of the $5 account closeout fee.
You can also look at the fund's income. If Fidelity had not reimbursed
certain fund expenses during the periods shown, the total returns and
dividends would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1994 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan Connecticut Municipal
High Yield Portfolio -7.62% 31.36% 62.16%

Lehman Brothers Municipal Bond Index -5.25% 37.52% n/a

Average Connecticut Tax-exempt
Municipal Bond Fund -7.65% 33.45% n/a

Consumer Price Index 2.81% 19.06% 30.01%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year, five years, or since the fund started on October
29, 1987. For example, if you invested $1,000 in a fund that had a 5%
return over the past year, you would end up with $1,050. You can compare
these figures to the performance of the Lehman Brothers Municipal Bond
index - a broad gauge of the municipal bond market. To measure how the fund
stacked up against its peers, you can look at the average Connecticut
tax-exempt municipal bond fund, which currently reflects the performance of
13 Connecticut municipal bond funds tracked by Lipper Analytical Services.
Both benchmarks include reinvested dividends and capital gains, if any.
Comparing the fund's performance to the consumer price index (CPI) helps
show how your fund did compared to inflation. (The periods covered by the
CPI numbers are the closest available match to these covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1994 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan Connecticut Municipal
High Yield Portfolio -7.62% 5.61% 7.05%

Lehman Brothers Municipal Bond Index -5.25% 6.58% n/a

Average Connecticut Tax-exempt
Municipal Bond Fund -7.65% 5.94% n/a

Consumer Price Index 2.81% 3.55% 3.77%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER LIFE OF FUND
Spartan Connecticut TaxMunicipal Bond Ind
10/31/87 10000.00 10000.00
11/30/87 10121.14 10261.10
12/31/87 10253.38 10409.99
01/31/88 10621.32 10780.79
02/29/88 10727.51 10894.75
03/31/88 10415.77 10767.82
04/30/88 10463.24 10849.66
05/31/88 10515.59 10818.30
06/30/88 10713.45 10976.57
07/31/88 10766.94 11048.14
08/31/88 10821.12 11057.86
09/30/88 11033.66 11258.01
10/31/88 11228.48 11456.71
11/30/88 11123.75 11351.77
12/31/88 11289.83 11467.90
01/31/89 11442.62 11705.06
02/28/89 11333.30 11571.50
03/31/89 11345.51 11543.84
04/30/89 11654.63 11817.90
05/31/89 11899.34 12063.35
06/30/89 12098.25 12227.17
07/31/89 12229.61 12393.59
08/31/89 12100.69 12272.25
09/30/89 12064.54 12235.44
10/31/89 12207.62 12384.71
11/30/89 12387.76 12601.44
12/31/89 12467.79 12704.77
01/31/90 12357.27 12645.06
02/28/90 12469.60 12757.60
03/31/90 12491.35 12761.43
04/30/90 12296.36 12669.55
05/31/90 12602.21 12945.74
06/30/90 12730.25 13059.66
07/31/90 12919.65 13251.64
08/31/90 12687.36 13059.49
09/30/90 12769.38 13067.33
10/31/90 12962.06 13303.85
11/30/90 13241.66 13571.25
12/31/90 13302.08 13630.97
01/31/91 13449.70 13813.62
02/28/91 13534.39 13933.80
03/31/91 13556.04 13939.37
04/30/91 13728.33 14124.77
05/31/91 13850.06 14250.48
06/30/91 13743.00 14236.23
07/31/91 13906.13 14409.91
08/31/91 14057.21 14600.12
09/30/91 14183.28 14789.92
10/31/91 14323.10 14923.03
11/30/91 14357.59 14964.82
12/31/91 14709.44 15286.56
01/31/92 14731.79 15321.72
02/29/92 14739.08 15326.32
03/31/92 14671.72 15332.45
04/30/92 14749.26 15468.90
05/31/92 14951.26 15651.44
06/30/92 15245.81 15914.38
07/31/92 15720.88 16391.81
08/31/92 15498.37 16231.17
09/30/92 15604.48 16336.68
10/31/92 15338.53 16176.58
11/30/92 15752.70 16466.14
12/31/92 15918.26 16634.09
01/31/93 16155.62 16827.05
02/28/93 16812.50 17436.19
03/31/93 16583.73 17251.36
04/30/93 16736.58 17425.60
05/31/93 16834.45 17523.19
06/30/93 17132.67 17815.82
07/31/93 17158.03 17838.98
08/31/93 17547.21 18210.03
09/30/93 17760.00 18417.63
10/31/93 17769.50 18452.62
11/30/93 17613.40 18290.24
12/31/93 17984.07 18676.16
01/31/94 18192.19 18889.07
02/28/94 17691.70 18399.84
03/31/94 16886.78 17650.97
04/30/94 17031.86 17801.00
05/31/94 17133.34 17955.87
06/30/94 17026.94 17851.73
07/31/94 17368.69 18178.42
08/31/94 17407.77 18242.04
09/30/94 17121.73 17973.88
10/31/94 16740.36 17653.95
11/30/94 16273.36 17334.41
$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Spartan
Connecticut Municipal High Yield Portfolio on October 31, 1987, shortly
after the fund started. As the chart shows, by November 30, 1994, the value
of your investment would have grown to $16,273 - a 62.73% increase on your
initial investment. This assumes you still own the fund on November 30, and
therefore does not include the effect of the $5 account closeout fee. For
comparison, look at how the Lehman Brothers Municipal Bond index did over
the same period. With dividends reinvested, the same $10,000 would have
grown to $17,334 - a 73.34% increase.

YEARS ENDED NOVEMBER 30,

1994 1993 1992 1991 1990

Dividend return 5.27% 6.29% 6.59% 6.65% 6.71%
Capital appreciation returns -12.89% 5.52% 3.12% 1.77% 0.17%
Total return -7.62% 11.81% 9.71% 8.42% 6.88%
DIVIDEND returns and capital appreciation returns are both part of a bond
fund's total return. A dividend return reflects the actual dividends paid
by the fund. A capital appreciation 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 gains are
reinvested. Capital appreciation and total returns include the effect of
the $5 account closeout fee.
DIVIDENDS AND YIELD

<TABLE>
<CAPTION>
<S> <C> <C> <C>
PERIODS ENDED NOVEMBER 30, 1994 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 5.27(cents) 32.08(cents) 64.01(cents)

Annualized dividend rate 6.44% 6.04% 5.86%

30-day annualized yield 6.59% - -

30-day annualized tax-equivalent yield 10.78% - -

</TABLE>

DIVIDENDS per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $9.96 over
the past month, $10.59 over the past six months and $10.93 over the past
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 38.88% combined federal and state tax bracket.
SPARTAN CONNECTICUT MUNICIPAL HIGH YIELD PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
Sharply rising interest rates and
ongoing inflation worries caused a
severe downturn in U.S. bond
markets in 1994. Yields rose
sharply - and prices fell - on
taxable and tax-free bonds alike.
For the 12 months ended
November 30, 1994, the Lehman
Brothers Municipal Bond Index - a
broad measure of the tax-free
market - had a total return of
- -5.25%. By comparison, the
Lehman Brothers Aggregate Bond
Index - a proxy of
investment-grade taxable bonds -
returned -3.06%. After interest
rates remained low and relatively
steady in December 1993 and
January 1994, the rate
environment changed dramatically.
The Federal Reserve Board raised
the federal funds rate - the rate
banks charge each other for
overnight loans - from 3.00% to
5.50% from February through
November. The Fed was hoping to
head off future inflation that might
be triggered by an improving U.S.
economy. However, investors
heavily sold bonds at the very
threat of inflation because inflation
diminishes the value of their
fixed-rate income payments. Two
other influences affected the
performance of tax-free bonds,
specifically. First, investor demand
fell due to inflation worries, which
dampened prices. Second,
although it didn't outweigh the
negative effects of lower demand,
the supply of tax-free bonds fell as
well. The ability of states, cities and
public agencies to refinance
outstanding debt at lower, more
attractive rates was limited amid a
rising rate environment.
An interview with Maureen Newman,
Portfolio Manager of Spartan
Connecticut Municipal High Yield
Portfolio
Q. MAUREEN, HOW HAS THE FUND
PERFORMED?
A. For the year ended November 30, 1994, the fund had a total return of
- -7.62%. The average Connecticut municipal fund returned -7.65% for the same
period, according to Lipper Analytical Services.
Q. WHAT WERE SOME OF THE FACTORS THAT CREATED SUCH A NEGATIVE ENVIRONMENT?
A. The Federal Reserve Board increased the federal funds rate - the
interest banks charge each other for overnight loans - six times from
February through November 30. The outlook in February was that the economy
was improving, but that inflation - the usual result of rapid economic
growth and a negative for bond investors because it diminishes the value of
fixed-income payments - was not going to be a problem. Although some may
have applauded the Fed's vigilance at trying to check inflation, the Fed's
move kindled inflation fears, sparking a severe drop in price in all bond
markets.
Q. SO WHAT HAVE YOU DONE IN RESPONSE?
A. I have reduced the fund's duration, which lowers its sensitivity to
changes in comparable interest rates. I did so by using derivative
instruments called futures - which are widely employed for this purpose -
and by buying lower duration bonds. I don't like to increase the fund's
cash position to manage duration, because it reduces the income of the fund
and because the limited supply of Connecticut issues can make it difficult
to replace bonds later. The futures are held as a hedge against rising
interest rates, allowing me to manage duration without selling bonds.
Q. DOES THE FUND USE OTHER DERIVATIVE INVESTMENTS?
A. Yes, less than 3% of the fund is invested in inverse floaters - whose
yields rise as short-term rates fall, and vice versa. Using this type of
derivative can help me to achieve higher levels of tax-exempt income and
increased flexibility in managing the actual sensitivity to changes in
interest rates. These investments act like very long-term bonds,
effectively increasing a fund's duration, which is good in a falling
interest rate environment but can hurt the fund when interest rates rise.
That means that this year, with the Fed tightening, the fund's investment
in inverse floaters have hurt the fund's performance somewhat. Going
forward, I plan to link these investments to money market instruments
created at the same time by the same issuer. When linked together, they
perform like normal fixed-rate bonds with reduced interest rate
sensitivity.
Q. HEALTH CARE REMAINS THE FUND'S TOP SECTOR. WHAT'S YOUR OUTLOOK THERE?
A. Although I'm comfortable with the specific holdings in the health care
sector, in the long run I'll be working to reduce the fund's overall
exposure there, because of continuing changes in the health care
environment. I will accomplish this reduction in the fund's exposure to
health care only as other high income opportunities arise. Another top
sector in the fund is special tax bonds, securities linked to taxes such as
those levied on motor vehicles or liquor. This is an area where credit
remains strong.
Q. AFTER THE PERIOD ENDED, ORANGE COUNTY, CALIFORNIA DECLARED BANKRUPTCY
BECAUSE OF LOSSES IN ITS INVESTMENT FUND. ARE THERE CONNECTICUT
MUNICIPALITIES EXPERIENCING SIMILAR PROBLEMS?
A. None that we are aware of at this time. The State of Connecticut issued
an announcement stating that it on occasion purchases derivatives for
short-term investments, but that it has never used them for speculation.
The state added that it owned no such instruments at the time of the
announcement, and that it has not purchased derivatives using leverage, or
borrowed money, as Orange County did. From what we know now, Connecticut
municipalities have been even more conservative in their investments. As
far as the general muni market is concerned, Orange County caused a
temporary disruption, but the market bounced back as it sorted out the
issues. I don't expect the Orange County problem to have any significant
impact on the Connecticut market over the long term. With the help of
Fidelity's research staff, I'll continue to monitor the situation closely.
Q. WHAT'S YOUR OUTLOOK FOR THE NEXT SIX MONTHS?
A. In my view, interest rates probably will be more stable in 1995 than
they were in 1994. If I am correct, it's likely that bond prices will be
more stable as well. In that type of environment, the fund's total return
should be less dependent on bond price changes and more dependent on the
level of income the bonds pay. So to help boost the fund's total return,
I'll concentrate on pursuing a higher income for the fund. I'll do that
primarily by seeking opportunities in higher-yielding, lower-rated bonds.
Fidelity's research staff is one of the largest in the industry and has
expertise in finding high-yielding bonds that pay enough income to
compensate for the added risk that comes with a lower credit quality.

FUND FACTS
GOAL: to provide a high level
of current income exempt from
Connecticut state and federal
income taxes by investing
primarily in bonds rated Baa or
better
START DATE: October 29, 1987
SIZE: as of November 30,
1994, more than $315 million
MANAGER: Maureen Newman,
since July 1994; manager
Michigan Tax-Free High Yield
Fund since July 1994,
Spartan Aggressive Municipal
Fund, since October 1994
and Spartan Arizona
Municipal Income Fund since
October 1994; bond analyst
1985 to 1994; joined Fidelity
in 1985
(checkmark)

MAUREEN NEWMAN ON
INVESTMENT STRATEGY:
"I start with fundamental
research - checking
investment options issuer by
issuer - to come up with
investment ideas relating to
changes in credit quality. I try
to stay ahead of the market
and the rating agencies,
looking for quality trends
before they happen, in order
to buy into good situations on
their way up and to get out of
securities before the market
realizes potential problems.
Diversification is also a key,
as I try to keep a good mix of
coupons and maturities in the
fund which can reduce the
overall volatility of the fund."
(solid bullet) There has been a limited
supply of new bonds in
Connecticut, partially due to a
lack of activity in the state's
economy. The state still has
not recovered from cutbacks
in the defense and insurance
industries. There also has
been some credit
deterioration in the state in
general because of this
slow-down.
(solid bullet) As of July 1994, Maureen
Newman became the fund
manager.
Ms. Newman was previously
a research analyst.
DISTRIBUTIONS
The Board of Trustees of
Fidelity Court Street Trust:
Spartan Connecticut High
Yield Portfolio voted to pay on
December 19, 1994, to
shareholders of record at the
opening of business on
December 16, 1994, a
distribution of $.03 derived
from capital gains realized
from sales of portfolio
securities.
SPARTAN CONNECTICUT MUNICIPAL HIGH YIELD PORTFOLIO

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF NOVEMBER 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE SECTORS
6 MONTHS AGO

Health Care 28.5 28.7

General Obligation 25.0 23.7

Special Tax 11.6 12.0

Transportation 7.6 6.8

Education 7.1 6.9

AVERAGE YEARS TO MATURITY AS OF NOVEMBER 30, 1994
6 MONTHS AGO

Years 18.5 19.8

AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME UNTIL PRINCIPAL
PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS, WEIGHTED BY DOLLAR
AMOUNT.
DURATION AS OF NOVEMBER 30, 1994
6 MONTHS AGO

Years 8.2 8.5

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.
QUALITY DIVERSIFICATION AS OF NOVEMBER 30, 1994
(MOODY'S RATINGS)
Aaa 17.1%
Aa, A 36.5%
Baa 29.5%
Ba or B 2.4%
Non-rated 10.2%
Short-term and other
investments 4.3%
Row: 1, Col: 1, Value: 17.1
Row: 1, Col: 2, Value: 36.5
Row: 1, Col: 3, Value: 29.5
Row: 1, Col: 4, Value: 2.4
Row: 1, Col: 5, Value: 10.2
Row: 1, Col: 6, Value: 4.3
WHERE MOODY'S RATINGS ARE NOT AVAILABLE, WE HAVE USED S&P RATINGS. UNRATED
DEBT SECURITIES THAT ARE EQUIVALENT TO BA AND BELOW AT AUGUST 31, 1994
ACCOUNT FOR 10.2% OF THE FUND'S INVESTMENTS.
SPARTAN CONNECTICUT MUNICIPAL HIGH YIELD PORTFOLIO

INVESTMENTS NOVEMBER 30, 1994
Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 95.7%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - 84.0%
Branford Gen. Oblig. Unltd. Tax:
7% 6/15/08, (FGIC Insured) Aaa $ 500,000 $ 517,500
7% 6/15/09, (FGIC Insured) Aaa 500,000 511,875
Bridgeport Gen. Oblig. Series B,
7.75% 11/15/10 Ba 3,235,000 3,263,306
Bridgeport Unltd. Tax Series A:
7.20% 3/1/98 Ba 930,000 946,275
7.40% 3/1/00 Ba 1,080,000 1,097,550
7.25% 6/1/02 Ba 565,000 564,294
7.625% 1/15/09 Ba 1,500,000 1,507,500
Brookfield Gen. Oblig.:
5.25% 7/15/10 Aa 200,000 173,000
5.25% 7/15/11 Aa 200,000 171,000
5.25% 7/15/12 Aa 200,000 169,250
5.25% 7/15/13 Aa 190,000 159,838
Canterbury Unltd. Tax:
7.20% 5/1/05 A 350,000 368,813
7.20% 5/1/06 A 195,000 204,750
Cheshire Unltd. Tax:
6.90% 2/15/06 Aa 100,000 104,875
6.90% 2/15/07 Aa 100,000 103,875
6.90% 2/15/08 Aa 100,000 103,125
Connecticut Clean Wtr. Fund Rev.:
5.875% 4/1/08 Aa 1,000,000 920,000
6% 10/1/12 (f) Aa 6,000,000 5,437,500
Series 1991, 7% 1/1/11 Aa 2,500,000 2,534,375
Connecticut College Savings Unltd. Tax
0% 12/1/11 Aa 1,540,000 492,800
Connecticut Dev. Auth. 1st. Mtg. Gross Rev.
(Health Care Proj.):
(Baptist Homes, Inc.):
8.75% 9/1/12 - 2,415,000 2,448,206
9% 9/1/22 - 4,240,000 4,367,200
(Inter-Church Residences, Inc.):
9.50% 5/1/13 - 1,200,000 1,288,500
9.625% 4/1/21 - 3,500,000 3,780,000
(Mary Wade Home, Inc. Proj.)
8.875%, 12/1/18 - 1,670,000 1,705,488
Connecticut Dev. Auth. Health Care Rfdg.
(Duncaster, Inc. Proj.) 6.75% 9/1/15 Aa3 3,000,000 2,797,500
Connecticut Dev. Auth. Health Care Rev.
(Jerome Home Proj.) 8% 11/1/19 - 1,975,000 1,970,063
Connecticut Dev. Auth. Poll. Cont. Rev.
(United Illuminating Co. Proj.)
9.50% 6/1/16 BBB- 2,625,000 2,782,500
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Connecticut Dev. Auth. Rev. (Hartford Civic Ctr.)
Series A:
6% 11/15/07 A1 $ 1,525,000 $ 1,437,313
Series A, 6% 11/15/08 A1 1,525,000 1,420,156
Series A, 6% 11/15/08 A1 1,525,000 1,406,813
4.75% 11/15/13 A1 1,525,000 1,136,125
Connecticut Dev. Auth. Wtr. Facs. Rev. Rfdg.
(Bridgeport Hydraulic Co. Proj.)
7.25% 6/1/20 A 1,000,000 1,011,250
Connecticut Gen. Oblig.:
(Cap. Appreciation College Savings Plan):
Series A:
0% 12/1/07 Aa 4,000,000 1,695,000
0% 12/1/08 Aa 558,000 218,318
Series B:
0% 11/1/09 Aa 11,390,000 4,257,013
0% 11/15/10 Aa 4,460,000 1,544,275
(College Savings Plan):
Series 1991 A, 0% 5/15/10 Aa 1,025,000 366,438
Series A:
0% 11/1/06 Aa 2,800,000 1,291,500
0% 5/15/10 Aa 7,980,000 2,852,850
0% 5/15/11 Aa 3,350,000 1,113,875
Unltd. Tax:
Series A, 0% 6/15/10 Aa 2,188,000 779,475
Series B:
Rfdg.:
5.30% 3/15/07 Aa 1,500,000 1,333,125
5.50% 3/15/10 Aa 2,000,000 1,767,500
5.50% 3/15/10 Aa 1,000,000 880,000
0%, 12/15/10 Aa 2,428,000 837,660
0%, 12/15/11 Aa 1,496,000 478,720
Series A:
0% 7/1/98 Aa 780,000 642,525
0% 7/1/03 Aa 4,000,000 2,340,000
0% 7/1/04 Aa 4,514,000 2,465,773
0% 7/1/05 Aa 750,000 380,625
0% 5/15/07 Aa 2,250,000 990,000
0% 7/1/07 Aa 2,430,000 1,060,088
0% 7/1/08 Aa 1,690,000 676,000
Connecticut Health & Ed. Facs. Auth. Rev.:
Rfdg. (Lawrence & Memorial Hosp.)
Series D, 5% 7/1/13 (MBIA Insured) Aaa 2,000,000 1,582,500
(Bristol Hosp.) Issue A:
7% 7/1/09 (MBIA Insured) Aaa 1,750,000 1,769,688
7% 7/1/20 (MBIA Insured) Aaa 4,180,000 4,159,100
(Hartford Univ.) Series D, 6.80% 7/1/22 Baa 6,320,000 5,577,400
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Connecticut Health & Ed. Facs. Auth. Rev. - continued
(Lutheran Gen. Health Care Sys.)
7.375% 7/1/19 Aaa $ 3,195,000 $ 3,406,669
(New Britain Mem. Hosp.) Series A,
7.75% 7/1/22 BBB- 16,900,000 16,139,500
(Norwalk Health Care, Inc.) Series A,
8.70% 7/1/22 - 6,600,000 6,740,250
(Quinnipiac Coll.):
Rfdg. Series D:
6%, 7/1/13 BBB- 3,750,000 3,060,938
6%, 7/1/23 BBB- 3,975,000 3,085,594
Series C, 7.75% 7/1/20 (Pre-Refunded
to 7/1/00 @ 102) (c) BBB- 1,000,000 1,101,250
(St. Joseph Living Ctr. Proj.) 4.75%
11/1/14 A1 3,250,000 2,331,875
(St. Mary's Hosp.) :
Issue B:
7.60% 7/1/03 Baa 900,000 920,250
7.80% 7/1/09 (AMBAC Insured) Baa 9,525,000 9,513,094
Series C, 7.375% 7/1/20 Baa 7,420,000 6,900,600
(St. Raphael Hosp.) Series H:
6.50% 7/1/11, (AMBAC Insured) Aaa 2,780,000 2,693,125
6.50% 7/1/13, (AMBAC Insured) Aaa 3,125,000 3,003,906
5.25% 7/1/14, (AMBAC Insured) Aaa 4,400,000 3,635,500
(Sacred Heart Univ.) Series A, 6.85%
7/1/22, LOC Fleet Nat'l. Bank A 1,000,000 936,250
(Sharon Healthcare, Inc.) Series A:
8.75% 7/1/06 (Pre-Refunded
to 7/1/01 @ 103) (c) AAA 450,000 524,813
9% 7/1/13 (Pre-Refunded
to 7/1/01 @ 103) (c) AAA 1,300,000 1,532,375
9.20% 7/1/21 (Pre-Refunded
to 7/1/01 @ 103) (c) AAA 1,500,000 1,785,000
(The Griffin Hosp.) Series A, 6% 7/1/13 Baa1 3,000,000 2,452,500
(Tolland County Health Care, Inc.) Series A:
8.75% 7/1/08 - 350,000 366,625
9% 7/1/13 - 1,000,000 1,063,750
9.20% 7/1/21 - 3,600,000 3,870,000
(Yale-New Haven Hosp.) Series F,
7.10% 7/1/25, (MBIA Insured) Aaa 5,000,000 5,012,500
(Yale Univ.) 7.57% 5/15/30 INFL (d) Aaa 7,000,000 4,952,500
Connecticut Higher Ed. Supplemental Loan
Auth. Rev. (b):
(Family Ed. Loan Prog.) Series A:
6.80% 11/15/02 A 460,000 458,850
7.20% 11/15/10 A 935,000 927,988
Series A:
7.375% 11/15/05 A1 565,000 567,119
7.50% 11/15/10 A1 1,950,000 1,959,750
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Connecticut Hsg. Fin. Auth. (Mtg. Fin. Prog.):
Series B1, 7.55% 11/15/08 Aa $ 965,000 $ 972,238
Series C, 7.625% 11/15/17 Aa 540,000 540,000
Series E, 8.75% 11/15/18 Aa 4,455,000 4,700,025
Connecticut Muni. Elec. Energy Coop. Pwr.
Supply Sys. Rev. Series A, 5% 1/1/18,
(MBIA Insured) Aaa 5,555,000 4,346,788
Connecticut Resource Recovery Auth. Rev.
(American Refuse Fuel Co.) 8.10%
11/15/15 (b) A2 4,500,000 4,798,125
Connecticut Spl. Tax. Oblig. Rev.
(Trans. Infrastructure):
Series A:
Rfdg. 5.25% 9/1/07 A1 4,165,000 3,581,900
7.125% 6/1/10 A1 3,550,000 3,629,875
Series B:
0% 6/1/08 A1 3,500,000 1,378,125
6.15% 9/1/09 A1 1,500,000 1,406,250
6.50% 10/1/10 A1 3,250,000 3,132,188
6.125% 9/1/12 A1 5,000,000 4,543,750
6.50% 10/1/12 A1 3,500,000 3,329,375
Series 1993 A, 5.375% 9/1/08 A1 6,705,000 5,766,300
Connecticut Spl. Tax Rev. Rfdg. Rites
4.484% 10/1/03 INFL (d) A1 5,000,000 2,856,250
Eastern Connecticut Resource Recovery Auth.
Solid Waste Rev. (Wheelabrator Lisbon
Proj.) Series A (b):
5.50% 1/1/15 (f) A 8,000,000 6,180,000
5.50% 1/1/20 A 3,000,000 2,212,500
Franklin Unltd. Tax :
7.30% 3/15/04 A 225,000 238,500
7.30% 3/15/05 A 225,000 238,781
7.30% 3/15/06 A 225,000 239,625
Hartford County Metropolitan Dist.:
School Boards Unltd. Tax 9.50% 6/1/03 Aa1 100,000 121,750
6.20% 11/15/09 Aa1 250,000 239,375
Manchester Hsg. Dev. Agcy.
(Multi-Family Hsg.) 7.20% 12/1/18 - 1,565,000 1,406,544
Mansfield Gen. Oblig. Unltd. Tax:
6.80% 6/15/03 A1 300,000 309,000
6.80% 6/15/08 A1 150,000 149,625
Meriden Unltd. Tax 7% 10/1/07,
(MBIA Insured) Aaa 500,000 526,250
Milford Gen. Oblig.:
Unltd. Tax:
6.70% 2/1/05 Aa 400,000 413,500
6.70% 2/1/08 Aa 315,000 318,150
5.20% 1/15/11 Aa 550,000 467,500
5.20% 1/15/13 Aa 500,000 418,125
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Monteville Gen. Oblig.:
6.30% 3/1/10 Aa $ 405,000 $ 393,863
Unltd. Tax:
7% 3/15/13 Aa 220,000 228,525
7% 3/15/14 Aa 220,000 228,800
7% 3/15/15 Aa 210,000 218,400
Naugatuck Unltd. Tax:
7.25% 9/1/04, (MBIA Insured) Aaa 215,000 231,931
6.90% 6/15/07, (FGIC Insured) Aaa 485,000 503,794
7.40% 9/1/07, (MBIA Insured) Aaa 370,000 400,063
7.40% 9/1/08, (MBIA Insured) Aaa 370,000 398,213
New Britain Gen. Oblig.:
Unltd. Tax:
Rfdg. 6% 2/1/12 (MBIA Insured) Aaa 400,000 370,500
7% 4/1/07 (MBIA Insured) Aaa 580,000 604,650
7% 4/1/08 (MBIA Insured) Aaa 580,000 603,200
Series B, 6% 3/1/12, (MBIA Insured) Aaa 2,000,000 1,850,000
5% 2/1/12 (MBIA Insured) Aaa 885,000 722,381
5% 2/1/13 (MBIA Insured) Aaa 885,000 716,850
New Haven Facs. Rev. (Easter Seal
Goodwill Rehabilitation Proj.)
8.875% 4/1/16 - 1,600,000 1,570,000
New Haven Gen. Oblig.:
Series A, 7.40% 3/1/12 Baa 1,000,000 995,000
8.25% 8/15/01 Baa 3,280,000 3,538,300
Newington Unltd. Tax:
6.50% 2/1/06 A1 320,000 322,000
6.60% 2/1/07 A1 200,000 201,250
North Haven Unltd. Tax 7% 10/1/08 Aa 375,000 394,219
North Thompsonville Fire Dist.:
6.75% 6/1/07, (MBIA Insured) Aaa 180,000 185,400
6.75% 6/1/08, (MBIA Insured) Aaa 190,000 194,275
6.75% 6/1/09, (MBIA Insured) Aaa 200,000 204,500
6.75% 6/1/10, (MBIA Insured) Aaa 215,000 219,837
6.75% 6/1/11, (MBIA Insured) Aaa 230,000 235,462
Norwalk Hsg. Auth. Mtg. Rev. (Monterey
Village) Series 1985 B, Section 8,
9% 11/1/99 - 165,000 167,474
Plainville Gen. Oblig.:
Unltd. Tax:
6.60% 8/15/09 A1 250,000 250,938
6.60% 8/15/10 A1 250,000 249,687
6.60% 8/15/11 A1 250,000 250,000
6.60% 8/15/08 A1 250,000 248,437
Stamford Gen. Oblig. Unltd. Tax :
6.60% 1/15/07 Aaa 295,000 299,424
6.60% 1/15/08 Aaa 1,480,000 1,492,950
6.60% 1/15/09 Aaa 1,000,000 1,012,500
MUNICIPAL BONDS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Stratford Gen. Oblig. Unltd. Tax 7%
6/15/08, (FGIC Insured) Aaa $ 500,000 $ 517,500
Thomaston Unltd. Tax:
6.50% 8/1/08 A 210,000 205,800
6.50% 8/1/09 A 210,000 206,850
Vernon Unltd. Tax:
7.10% 10/15/07 A1 250,000 266,874
7.10% 10/15/08 A1 250,000 264,374
Voluntown Gen. Oblig. Unltd. Tax:
6.75% 10/1/03 A 210,000 216,562
6.75% 10/1/04 A 210,000 215,774
6.80% 10/1/06 A 210,000 216,562
6.80% 10/1/07 A 210,000 213,150
6.80% 10/1/08 A 210,000 215,250
6.80% 10/1/09 A 185,000 188,237
West Haven Impt. Unltd. Tax 6.70%
2/15/04, (MBIA Insured) Aaa 710,000 739,287
Winchester Gen. Oblig. Unltd. Tax:
7.10% 11/15/06 A1 125,000 130,312
7.10% 11/15/08 A1 110,000 113,300
Wolcott Gen. Oblig. Unltd. Tax:
7% 6/15/09 (FGIC Insured) Aaa 445,000 455,568
7% 6/15/10 (FGIC Insured) Aaa 440,000 448,250
Woodstock Spl. Oblig. Rev. (Woodstock
Academy) 7% 3/1/08, (AMBAC Insured) Aaa 725,000 759,437
260,240,958
PUERTO RICO - 11.4%
Puerto Rico Commonwealth Hwy. & Trns. Auth. Rev.:
Rfdg.:
Series M, 5.75% 7/1/15 Baa1 3,500,000 2,896,250
Series W, 5.50% 7/1/13 Baa1 14,250,000 11,898,750
Series X, 5.50% 7/1/13 Baa1 2,500,000 2,087,500
Series X, 5.50% 7/1/15 Baa1 8,000,000 6,620,000
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.
Series T, 5.50% 7/1/20 Baa1 1,500,000 1,218,750
Puerto Rico Pub. Bldgs. Auth. Rev. Rfdg.
Series L, 5.50% 7/1/21 Baa1 12,000,000 9,690,000
Puerto Rico Pub. Ed. & Hlth. Facs. Rfdg.
Series M, 5.75% 7/1/15 Baa1 1,000,000 840,000
35,251,250
U.S. VIRGIN ISLANDS - 0.3%
Virgin Islands Wtr. & Pwr. Auth. Elec. Sys.
Series A, 7.40% 7/1/11 - 1,000,000 986,250
TOTAL MUNICIPAL BONDS
(Cost $317,705,309) 296,478,458
MUNICIPAL NOTES (A) - 4.3%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - 4.3%
Connecticut Special Assessment Unemployment
Rev. Series 1993 B, 3.45%, LOC Industrial
Bank of Japan, Mitsubishi Bank Ltd.
Japan, VRDN VMIG 1 $ 6,450,000 $ 6,450,000
Connecticut State Dev. Auth. (Light & Pwr.
Co. Proj. 1993) Series A, 2.75%
9/1/28, LOC Deutsche Bank, VRDN VMIG 1 7,000,000 7,000,000
TOTAL MUNICIPAL NOTES
(Cost $13,450,000) 13,450,000
TOTAL INVESTMENTS - 100%
(Cost $331,155,309) $ 309,928,458

FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
SELL
80 U.S. Treasury Bond Futures March, 1995 $ 7,845,000 $ (28,226)
10 Municipal Bond Futures March, 1995 837,188 (7,501)
$ (35,727)
THE FACE VALUE OF FUTURES SOLD AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 2.8%

SECURITY TYPE ABBREVIATIONS
VRDN - Variable Rate Demand Notes
LEGEND
(d) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(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) Coupon is inversely indexed to a floating interest rate. The price will
be more volatile than the price of a comparable fixed rate security. The
rate shown is the rate at period end.
(h) Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
(i) A portion of the security was pledged to cover margin requirements for
futures contracts. At the period end, the value of securities pledged
amounted to $9,152,500.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows (ratings are unaudited):
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 49.0% AAA, AA, A 60.7%
Baa 21.0% BBB 11.7%
Ba 2.4% BB 2.4%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 10.2%. FMR
has determined that unrated debt securities that are lower quality account
for 10.2% of the total value of investment in securities.
The distribution of municipal securities by revenue source, as a percentage
of total value of investment in securities, is as follows:
Health Care 28.5%
General Obligation 25.0
Special Tax 11.6
Others
(individually less than 10%) 34.9
TOTAL 100.0%
INCOME TAX INFORMATION
At November 30, 1994, the aggregate cost of investment securities for
income tax purposes was $331,161,463. Net unrealized depreciation
aggregated $21,233,005, of which $5,306,594 related to appreciated
investment securities and $26,539,599 related to depreciated investment
securities.
The fund hereby designates $876,961 as a capital gain dividend for the
purpose of the dividend paid deduction.
The fund has elected to defer to its fiscal year ending November 30, 1995,
$1,497,452 of losses recognized during the period December 1, 1993 to
November 30, 1994.
SPARTAN CONNECTICUT MUNICIPAL HIGH YIELD PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1994

446.ASSETS 447. 448.

449.Investment in securities, at value (cost 450. $ 309,928,458
$331,155,309) -
See accompanying schedule

451.Receivable for investments sold 452. 591,856

453.Interest receivable 454. 6,262,930

455. 456.TOTAL ASSETS 457. 316,783,244

458.LIABILITIES 459. 460.

461.Payable to custodian bank $ 60,455 462.

463.Payable for fund shares redeemed 572,449 464.

465.Dividends payable 353,081 466.

467.Accrued management fee 144,876 468.

469.Payable for daily variation on futures contracts 70,072 470.

471. 472.TOTAL LIABILITIES 473. 1,200,933

474.475.NET ASSETS 476. $ 315,582,311

477.Net Assets consist of: 478. 479.

480.Paid in capital 481. $ 339,105,081

482.Accumulated undistributed net realized gain (loss) 483. (2,260,192)
on investments

484.Net unrealized appreciation (depreciation) 485. (21,262,578)
on investments

486.487.NET ASSETS, for 31,695,171 shares 488. $ 315,582,311
outstanding

489.490.NET ASSET VALUE, offering price and 491. $9.96
redemption price per share ($315,582,311 (divided by)
31,695,171 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1994

492.493.INTEREST INCOME 494. $ 25,246,509

495.EXPENSES 496. 497.

498.Management fee $ 2,172,808 499.

500.Non-interested trustees' compensation 2,451 501.

502. 503.TOTAL EXPENSES 504. 2,175,259

505.506.NET INTEREST INCOME 507. 23,071,250

508.REALIZED AND UNREALIZED GAIN (LOSS) 510. 511.
509.Net realized gain (loss) on:

512. Investment securities 172,704 513.

514. Futures contracts 1,323,154 1,495,858

515.Change in net unrealized appreciation 516. 517.
(depreciation) on:

518. Investment securities (54,162,510) 519.

520. Futures contracts (35,727) (54,198,237)

521.522.NET GAIN (LOSS) 523. (52,702,379)

524.525.NET INCREASE (DECREASE) IN NET ASSETS 526. $ (29,631,129)
RESULTING FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED NOVEMBER 30,

1994 1993

527.INCREASE (DECREASE) IN NET ASSETS

528.Operations $ 23,071,250 $ 26,176,581
Net interest income

529. Net realized gain (loss) 1,495,858 14,894,691

530. Change in net unrealized appreciation (54,198,237) 8,978,171
(depreciation)

531. (29,631,129) 50,049,443
532.NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS

533.Distributions to shareholders: (23,071,250) (26,176,581)
From net interest income

534. From net realized gain (15,541,191) -

535. 536.TOTAL DISTRIBUTIONS (38,612,441) (26,176,581)

537.Share transactions 72,572,004 109,111,103
Net proceeds from sales of shares

538. Reinvestment of distributions 31,414,952 21,413,874

539. Cost of shares redeemed (170,335,951) (118,085,422)

540. Redemption fees 62,252 52,698

541. (66,286,743) 12,492,253
Net increase (decrease) in net assets resulting from
share transactions

542. (134,530,313) 36,365,115
543.TOTAL INCREASE (DECREASE) IN NET ASSETS

544.NET ASSETS 545. 546.

547. Beginning of period 450,112,624 413,747,509

548. End of period $ 315,582,311 $ 450,112,624

549.OTHER INFORMATION 551. 552.
550.Shares

553. Sold 6,627,548 9,381,355

554. Issued in reinvestment of distributions 2,812,853 1,827,287

555. Redeemed (15,753,663) (10,079,212)

556. Net increase (decrease) (6,313,262) 1,129,430

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED NOVEMBER 30,

1994 1993 1992 1991 1990

557.SELECTED PER-SHARE
DATA

558.Net asset value, $ 11.840 $ 11.220 $ 10.880 $ 10.730 $ 10.730
beginning of period

559.Income from .640 .680 .689 .684 .687
Investment Operations
Net interest income

560. Net realized and (1.472) .619 .338 .188 .020
unrealized gain (loss)

561. Total from investment (.832) 1.299 1.027 .872 .707
operations

562.Less Distributions (.640) (.680) (.689) (.684) (.687)
From net interest
income

563. From net realized gain (.410) - - (.040) (.020)
on investments

564. Total distributions (1.050) (.680) (.689) (.724) (.707)

565.Redemption fees added .002 .001 .002 .002 -
to paid in capital

566.Net asset value, $ 9.960 $ 11.840 $ 11.220 $ 10.880 $ 10.730
end of period

567.TOTAL RETURN A -7.61 11.81 9.72 8.43 6.89
% % % % %

568.RATIOS AND
SUPPLEMENTAL DATA

569.Net assets, end of $ 315,582 $ 450,113 $ 413,748 $ 346,781 $ 251,855
period
(000 omitted)

570.Ratio of expenses to .55 .55 .55 .55 .62
average net assets % % % % %

571.Ratio of expenses to .55 .55 .55 .60 .62
average net assets before % % % % %
expense reductions

572.Ratio of net interest 5.83 5.81 6.21 6.34 6.51
income to average net % % % % %
assets

573.Portfolio turnover rate 11 45 11 6 18
% % % % %

</TABLE>

A TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET PORTFOLIO

PERFORMANCE: THE BOTTOM LINE

To measure a money market fund's performance, you can look at either total
return or yield. Total return reflects the change in a fund's share price
over a given period, reinvestment of its dividends (or income), and the
effect of the fund's $5 account closeout fee. 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
voluntarily reimbursed the fund for expenses during the periods shown, the
total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1994 PAST 1 LIFE OF
YEAR FUND

Spartan Connecticut Municipal
Money Market Portfolio 2.27% 10.95%

Consumer Price Index 2.81% 11.20%

Average Connecticut Tax-Free
Money Market Fund 2.08% 9.26%

CUMULATIVE TOTAL RETURNS reflect actual performance over a specific period
- - in this case, one year, or since the fund started on March 4, 1991. For
example, if you invested $1,000 in a fund that had a 5% return over the
past year, you would end up with $1,050. Comparing the fund's performance
to the consumer price index (CPI) helps show how your investment did
compared to inflation. To measure how the fund stacked up against its
peers, you can compare its return to the average Connecticut tax-free money
market fund's total return. This average currently reflects the performance
of 12 Connecticut tax-free money market funds tracked by IBC/Donoghue. (The
periods covered by the CPI and IBC/Donoghue numbers are the closest
available match to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1994 PAST 1 LIFE OF
YEAR FUND

Spartan Connecticut Municipal
Money Market Portfolio 2.27% 2.81%

Consumer Price Index 2.81% 2.87%

Average Connecticut Tax-Free
Money Market Fund 2.08% 2.44%

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
11/30/93 2/28/94 5/31/94 8/31/94 11/30/94

Spartan Connecticut Municip 1.96% 2.03% 2.32% 2.63% 3.24%
al
Money Market Fund

Average Connecticut Tax-Fr 1.81% 1.86% 2.19% 2.45% 3.01%
ee
Money Market Fund

Spartan Connecticut Municip 3.19% 3.31% 3.78% 4.28% 5.27%
al
Money Market Fund -
Tax-equivalent

Portion of fund's income 10.1% 9.4% 6.8% 13.9% 12.5%
subject to state taxes on last
day of period

Average All Taxable 2.69% 2.79% 3.51% 4.08% 4.84%
Money Market Fund

</TABLE>

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.
(checkmark)
SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Scott Orr,
Portfolio Manager of Spartan
Connecticut Municipal Money
Market Portfolio

Q. SCOTT, RISING INTEREST RATES HAVE CHANGED THE INVESTMENT CLIMATE
DRAMATICALLY DURING THE PAST YEAR. CAN YOU SUMMARIZE THE MAJOR
DEVELOPMENTS?
A. Sure. The Federal Reserve Board has raised the federal funds rate - what
banks charge each other for overnight loans - six times since the last
annual report. The first three increases - in February, March and April -
were a quarter-point each. Then there were two half-point increases in May
and August, followed by a three-quarter-point jump in November. The trend
lately has been toward larger increases, more widely spaced. By the end of
November, the federal funds rate stood at 5.50%, up sharply from 3% a year
ago.
Q. WHAT STEPS HAVE YOU TAKEN TO MAXIMIZE RETURNS IN THE FACE OF RISING
INTEREST RATES?
A. The simple answer is that I've shortened the fund's average maturity.
When rates are rising, it usually doesn't make sense to emphasize
longer-term securities; it's better to buy shorter-term instruments and let
the fund's yield rise with current rates. That's why the fund's average
maturity was 68 days at the end of November, down from 72 days a year ago.
Q. THE FUND'S AVERAGE MATURITY BOTTOMED OUT IN THE 30S EARLIER IN THE YEAR.
IF RATES ARE STILL RISING, WHY IS THE FUND'S AVERAGE MATURITY LONGER NOW
THAN IT WAS THEN?
A. It's fair to say that in a rising-rate environment, normally I'd be
looking for ways to shorten the fund's average maturity by adding variable
rate demand notes (VRDNs) - short-term securities whose yields rise with
the market. But demand for VRDNs has risen lately to the point where
they've lost a lot of their appeal. Instead, I've been buying more
fixed-rate securities that have attractive yields which reflect the
likelihood of future rate increases. That strategy has lengthened the
fund's average maturity.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on November 30, 1994 was 3.24%, up from 1.96%
a year ago. The latest yield is equivalent to a 5.27% yield on a taxable
investment for investors in Connecticut's 38.88% combined federal and state
tax bracket. The fund's total return for the year ended November 30, 1994,
was 2.27%. That beat the average total return of 2.08% for all Connecticut
tax-free money market funds, according to IBC/Donoghue.
Q. WHAT'S AHEAD?
A. I found it reassuring that the last rate increase in November was higher
than expected. In my view, that may give us a little breathing room before
rates go up again. I think chances are excellent, however, that eventually
rates will resume climbing - possibly to as high as 7.5% as the Fed seeks
to meet its goal of 2.5% overall economic growth. Accordingly, I'll try to
preserve the fund's flexibility with an average maturity that will probably
vary between 45 and 60 days in the months ahead.

FUND FACTS
GOAL: tax-free income and
stability by investing in
high-quality, short-term,
Connecticut municipal securities
START DATE: March 4, 1991
SIZE: as of November 30,
1994, more than $167 million
MANAGER: Scott Orr, since
October 1993; manager,
Fidelity
Connecticut Municipal Money
Market Portfolio, since October
1993; Fidelity Michigan
Municipal Money Market
Portfolio,
Fidelity New Jersey Tax-Free
Money Market Portfolio and
Spartan New Jersey Money
Market Portfolios, since
January 1992; Spartan Arizona
Money Market, since
November 1994:
joined Fidelity in 1989
(checkmark)

MONEY MARKETS AND
DERIVATIVES:
The word "derivatives" covers
a wide range of financial
agreements, of varying
degrees of complexity, that
have market values based on
security or market indices. All
"derivative" securities in
Fidelity's money market funds
are designed to have the price
characteristics of typical
money market securities.
During the recent Federal
Reserve Board interest rate
increases, all Fidelity money
market holdings performed as
designed and the funds
maintained a stable share
price of $1.00.
The more complex of these
instruments, such as floating
rate notes with unusual and
complex floating rate
formulas, frequently have too
much price volatility to be
appropriate investments for
money market funds. Many of
them do not offer the degree
of price stability Fidelity
believes is required in order
for its funds to maintain a
stable $1.00 share price.
Therefore, despite their
frequent higher yields at the
time they are sold, Fidelity
has not purchased these
volatile securities. While this
may sometimes have caused
Fidelity money market funds
to have lower gross yields
than certain other funds,
Fidelity believes its investors
value prudence as well as
performance.
SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET PORTFOLIO

INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
11/30/94 5/31/94 11/30/93

0 - 30 62 61 66

31 - 90 8 26 10

91 - 180 12 12 5

181 - 397 18 1 19

WEIGHTED AVERAGE MATURITY
11/30/94 5/31/94 11/30/93

Spartan Connecticut
Municipal Money Market
Portfolio 68 days 41 days 72 days

Average Connecticut
Tax-Free Money Market Fun 61 days 60 days 76 days
d*

ASSET ALLOCATION
AS OF NOVEMBER 30, 1994 AS OF MAY 31, 1994

Row: 1, Col: 1, Value: 53.0
Row: 1, Col: 2, Value: 20.0
Row: 1, Col: 3, Value: 18.0
Row: 1, Col: 4, Value: 3.0
Row: 1, Col: 5, Value: 6.0
Row: 1, Col: 1, Value: 47.0
Row: 1, Col: 2, Value: 20.0
Row: 1, Col: 3, Value: 21.0
Row: 1, Col: 4, Value: 11.0
Row: 1, Col: 5, Value: 1.0
Variable rate
demand notes
(VRDNs) 53%
Commercial
paper 20%
Tender bonds 18%
Municipal
notes 3%
Other 6%
Variable rate
demand notes
(VRDNs) 47%
Commercial
paper 20%
Tender bonds 21%
Municipal
notes 11%
Other 1%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET PORTFOLIO

INVESTMENTS NOVEMBER 30, 1994
Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CALIFORNIA - 0.2%
Orange County Apt. Dev. Rev. Rfdg. Bonds, Series 1990 A,
4.10%, tender 12/6/94, LOC Tokai Bank $ 341,000 $ 341,000
CONNECTICUT - 78.9%
Clipper Tax Exempt Trust Participating VRDN,
Series 1994-1, 3.92%, (Liquidity Facility State Street
Bank & Trust Co.) (c) 4,968,215 4,968,215
Connecticut Dev. Auth. (Shelton Inn Proj.) Series 1986,
3.70%, LOC Bank of Tokyo, VRDN (b) 200,000 200,000
Connecticut Dev. Auth. Arpt. Facs. Rev. (Arpt. Hotel
Bradley Assoc. Ltd., Proj.) 3.55%,
LOC Daiwa Bank, VRDN 6,500,000 6,500,000
Connecticut Dev. Auth. Health. Care Rev.
(Corp. for Independent Living Proj.), VRDN:
Series 1990, 3.50%, LOC Cr. Commercial de France 4,700,000 4,700,000
Series 1993, 3.50%, LOC Daiwa Bank 3,200,000 3,200,000
Connecticut Dev. Auth. Poll. Cont. Rev. (Light & Pwr. Co.
Proj.) Series B, 3.60%, LOC Union Bank of
Switzerland, VRDN (b) 7,200,000 7,200,000
Connecticut Dev. Auth. Solid Waste Disp. Facs. Rev., VRDN (b):
(Exeter Energy):
Series 1989 A, 3.60%, LOC Sanwa Bank 1,500,000 1,500,000
Series 1989 B, 3.60%, LOC Sanwa Bank 4,900,000 4,900,000
(Rand-Whitney Containerboard), 3.20%,
LOC Chase Manhattan Bank 3,300,000 3,300,000
Connecticut Econ. Recovery Gen. Oblig. Notes:
Bonds Series A, 5.25% 12/15/94 1,000,000 1,000,845
Series 1991 B, 3.65%, BPA Canadian Imperial
Bank, Industrial Bank of Japan, Nat'l.
Westminster Bank, VRDN 2,100,000 2,100,000
Connecticut Gen. Oblig. Bonds:
Series A, 5.20% 3/15/95 4,475,000 4,492,654
Series C, 3.90% 3/15/95 1,500,000 1,500,400
Connecticut Gen. Oblig. Participating VRDN (c):
Series BT-103, 3.825% (Liquidity Facility Bankers Trust) 1,600,000
1,600,000
Series MGT-27, 3.90% (Liquidity Facility Morgan
Guaranty Trust Co.) 2,325,000 2,325,000
Series PA-1, 3.90% (Liquidity Facility Merrill
Lynch & Co. Inc.) 2,000,000 2,000,000
Connecticut Health & Ed. Fac. Auth.:
(Charlotte Hungerford Hosp.) Series B, 3.65%,
LOC Mitsubishi Bank Ltd., VRDN 1,800,000 1,800,000
(Kent School) Series A, 3.10%, LOC Barclays
Bank PLC, VRDN 5,800,000 5,800,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Connecticut Health & Ed. Fac. Auth.: - continued
Bonds:
(Windham Commty. Memorial Hosp.) Series B,
3.60%, tender 12/8/94, LOC Banque Paribas $ 4,000,000 $ 4,000,000
(Yale Univ.):
Series L, 3.40%, tender 1/13/95 1,550,000 1,550,000
Series M, 3.55%, tender 2/10/95 5,900,000 5,900,000
Series N, 3.55%, tender 2/10/95 1,350,000 1,350,000
Series N, 3.75%, tender 3/9/95 3,100,000 3,100,000
Series O, 3.55%, tender 2/10/95 3,200,000 3,200,000
Connecticut Hsg. Fin. Auth. (Hsg. Mtg. Fin. Prog.) Bonds:
Series 1989:
3.65%, tender 2/10/95 (b) 500,000 500,000
3.75%, tender 3/10/95 (b) 2,500,000 2,500,000
3.90%, tender 3/9/95 (b) 1,165,000 1,165,000
Series 1990 C:
3.70%, tender 2/10/95 (b) 1,000,000 1,000,000
3.90%, tender 3/10/95 (b) 400,000 400,000
Series 1992 D-2, 3.65%, tender 5/15/95 (b) 2,000,000 2,000,000
Series 1993 H-1, 4.30%, tender 9/1/95 8,000,000 8,000,000
Series 1993 H-2, 4.40%, tender 9/1/95 (b) 7,000,000 7,000,000
Connecticut Second Lien Special Tax Oblig.
(Transport Infrastructure) Series 1, 3.60%,
LOC Industrial Bank of Japan, VRDN 5,785,000 5,785,000
Connecticut Special Assessment Unemployment Rev.:
Series 1993 B, 3.55%, LOC Industrial Bank of
Japan, VRDN 1,400,000 1,400,000
Bonds Series 1993 C, 3.85% tender 7/1/95,
(FGIC Insured) 13,600,000 13,598,576
Connecticut Special Tax Oblig. Participating VRDN,
Series PA-69, 3.90%, (Liquidity Facility
Merrill Lynch & Co. Inc.) (c) 2,000,000 2,000,000
Glastonbury BAN 3.75% 12/8/94 500,000 500,066
New Britain Gen. Oblig. Bonds 8.50% 4/1/95 500,000 507,304
New Haven Air Freight Pkg. Fac. Rev. Bonds 5.30%
12/1/94 (MBIA Insured) 435,000 435,000
New Haven BAN 4.10% 3/1/95,
LOC Fleet Nat'L Bank (b) 1,700,000 1,702,489
South Central Connecticut Reg. Wtr. Auth. Participating
VRDN, Series MGT-6A, 3.80%, (Liquidity Facility
Morgan Guaranty) (c) 2,500,000 2,500,000
Stamford BAN 4.25% 3/22/95 2,000,000 2,004,458
Stratford BAN 4.50% 10/18/95 1,000,000 1,000,365
132,185,372
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - 2.5%
Indian Trace Commty. Dev. Dist. Bonds
(Broward County Basin I Wtr. Mgmt.):
4.10%, tender 12/7/94, LOC Tokai Bank $ 1,600,000 $ 1,600,000
4.15%, tender 12/6/94, LOC Tokai Bank 2,500,000 2,500,000
4,100,000
ILLINOIS - 1.3%
Illinois Health Facs. Auth. Rev. (Methodist Med. Ctr. Proj.)
Series 1985 B, 3.70%, LOC Sumitomo Bank, VRDN 2,100,000 2,100,000
NEVADA - 1.6%
Las Vegas Local Impt. Bonds (Dist #404 Summelin Area)
4.15%, tender 12/6/94, LOC Tokai Bank 2,725,000 2,725,000
NEW YORK - 2.1%
New York City Ind. Dev. Agcy. Ind. Dev. Rev.
(Nippon Cargo Airlines Co.) Series 1992, 4.05%,
LOC Industrial Bank of Japan, VRDN (b) 3,500,000 3,500,000
NORTH CAROLINA - 0.4%
Craven County Ind. Facs. Resource Recovery Rev., VRDN (b):
(Wood Energy Ltd. Partnership):
Series 1989 A, 3.80%, LOC Mitsubishi Bank Ltd. 400,000 400,000
Series 1989 C, 3.80%, LOC Mitsubishi Bank Ltd. 300,000 300,000
700,000
PUERTO RICO - 9.4%
Puerto Rico Commonwealth Participating VRDN, Series PW-6,
3.80% (Liquidity Facility Bank of Nova Scotia) (c) 2,000,000 2,000,000
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Bonds Series J,
9.125%, (Pre-Refunded to 7/1/95) (d) 1,200,000 1,269,706
Puerto Rico Elec. Pwr. Auth. Participating VRDN,
BT-105, 3.50%, (Liquidity Facility Bankers Trust Co.) (c) 3,978,000
3,978,000
Puerto Rico Ind. Med. Higher Ed. & Environmental Cont. Fac.
Fin. Auth. Bonds (AFICA) Series 1988, 3%, tender 12/1/94,
LOC Bank of Tokyo 1,500,000 1,500,000
Puerto Rico Hwy. And Trans. Rev. Series 1993 X, 3%,
LOC Bank of Switzerland, VRDN 7,000,000 7,000,000
15,747,706
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
VIRGINIA - 3.6%
Richmond Ind. Dev. Auth. (I) Rev.
(Cogentrix of Richmond Inc. Proj.) Series 1990 A, 3.80%,
LOC Banque Paribas, VRDN (b) $ 1,300,000 $ 1,300,000
Richmond Ind. Dev. Auth. (II) Rev.
(Cogentrix of Richmond Inc.) Series 1991 A, 3.80%,
LOC Banque Paribas, VRDN (b) 3,000,000 3,000,000
Richmond Ind. Dev. Auth. (III) Rev.
(Cogentrix of Richmond Inc. Proj.) Series 1991 B, 3.80%,
LOC Banque Paribas, VRDN (b) 1,800,000 1,800,000
6,100,000
TOTAL INVESTMENTS - 100% $ 167,499,078
Total Cost for Income Tax Purposes $ 167,498,662

SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
VRDN - Variable Rate Demand Notes
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) Security collateralized by an amount sufficient to pay interest and
principal.
INCOME TAX INFORMATION
At November 30, 1994 the fund had a capital loss carryforward of
approximately $17,500 of which $40, $2,090, $5,330 and $10,040 will expire
on November 30, 1999, 2000, 2001 and 2002, respectively.
SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1994

574.ASSETS 575. 576.

577.Investment in securities, at value - See 578. $ 167,499,078
accompanying schedule

579.Interest receivable 580. 904,907

581. 582.TOTAL ASSETS 583. 168,403,985

584.LIABILITIES 585. 586.

587.Payable to custodian bank $ 75,893 588.

589.Payable for investments purchased 514,330 590.

591.Share transactions in process 680,285 592.

593.Dividends payable 9,462 594.

595.Accrued management fee 68,469 596.

597. 598.TOTAL LIABILITIES 599. 1,348,439

600.601.NET ASSETS 602. $ 167,055,546

603.Net Assets consist of: 604. 605.

606.Paid in capital 607. $ 167,072,626

608.Accumulated net realized gain (loss) on 609. (17,496)
investments

610.Unrealized gain from accretion of market discount 611. 416

612.613.NET ASSETS, for 167,072,626 shares 614. $ 167,055,546
outstanding

615.616.NET ASSET VALUE, offering price and 617. $1.00
redemption price per share ($167,055,546 (divided by)
167,072,626 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1994

618.619.INTEREST INCOME 620. $ 4,429,303

621.EXPENSES 622. 623.

624.Management fee $ 803,448 625.

626.Non-interested trustees' compensation 954 627.

628. 629.TOTAL EXPENSES 630. 804,402

631.632.NET INTEREST INCOME 633. 3,624,901

634.REALIZED AND UNREALIZED GAIN (LOSS) 636. (10,039)
635.Net realized gain (loss) on investment securities

637.Increase (decrease) in net unrealized gain from 638. 416
accretion of market discount

639.640.NET GAIN (LOSS) 641. (9,623)

642.643.NET INCREASE IN NET ASSETS RESULTING FROM 644. $ 3,615,278
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED NOVEMBER 30,

1994 1993

645.INCREASE (DECREASE) IN NET ASSETS

646.Operations $ 3,624,901 $ 2,789,066
Net interest income

647. Net realized gain (loss) (10,039) (5,334)

648. Increase (decrease) in net unrealized gain from 416 -
accretion of market discount

649. 3,615,278 2,783,732
650.NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS

651.Dividends to shareholders from net interest income (3,624,901) (2,789,066)

652.Share transactions at net asset value of $1.00 per 225,193,655 224,246,405
share
Proceeds from sales of shares

653. Reinvestment of dividends from net interest 3,499,344 2,693,169
income

654. Cost of shares redeemed (224,729,453) (150,504,642)

655. 3,963,546 76,434,932
Net increase (decrease) in net assets and shares
resulting from share transactions

656. 3,953,923 76,429,598
657.TOTAL INCREASE (DECREASE) IN NET ASSETS

658.NET ASSETS 659. 660.

661. Beginning of period 163,101,623 86,672,025

662. End of period $ 167,055,546 $ 163,101,623

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
663. YEARS ENDED NOVEMBER 30, MARCH 4, 1991
(COMMENCEME
NT
OF OPERATIONS) T
O
NOVEMBER 30,

664. 1994 1993 1992 1991

665.SELECTED PER-SHARE DATA

666.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of period

667.Income from Investment .023 .022 .030 .029
Operations
Net interest income

668.Less Distributions (.023) (.022) (.030) (.029)
From net interest income

669.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000

670.TOTAL RETURN B 2.28 2.21 3.08 2.97%
% % %

671.RATIOS AND SUPPLEMENTAL DATA

672.Net assets, end of period $ 167,056 $ 163,102 $ 86,672 $ 22,247
(000 omitted)

673.Ratio of expenses to average .50 .24 .02 -
net assets % % %

674.Ratio of expenses to average net .50 .50 .50 .50%A
assets before expense reductions % % %

675.Ratio of net interest income to 2.25 2.17 2.90 4.05%A
average net assets % % %

</TABLE>

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1994

1. SIGNIFICANT ACCOUNTING
POLICIES.
Spartan Connecticut Municipal High Yield Portfolio(the high yield fund) is
a fund of Fidelity Court Street Trust. Spartan Connecticut Municipal Money
Market Portfolio (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 following summarizes the significant
accounting policies of the money market fund and the high yield fund:
SECURITY VALUATION.
HIGH YIELD 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. Short-term securities
maturing within sixty days of their purchase date are valued either at
amortized cost or original cost plus accrued interest, both of which
approximate current value. Securities for which quotations are not readily
available through the pricing service are valued at their fair value as
determined in good faith under consistently applied procedures under the
general supervision of the Board of Trustees.
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 regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. For the
money market fund, accretion of market discount represents unrealized gain
until realized at the time of a security disposition or maturity.
EXPENSES. Most expenses of each trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest 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
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS -
CONTINUED
due to differing treatments for futures and options transactions The fund
also utilized earnings and profits distributed to shareholders on
redemption of shares as a part of the dividends paid deduction for income
tax purposes.
REDEMPTION FEES. Shares held in the high yield fund less than 180 days
are subject to a redemption 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 FOR DISTRIBUTIONS TO SHAREHOLDERS. Effective December
1, 1993, the funds adopted Statement of Position 93-2: Determination,
Disclosure, and Financial Statement Presentation of Income, Capital Gain,
and Return of Capital Distributions by Investment Companies. As a result,
the funds changed the classification of distributions to shareholders to
better disclose the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, amounts as of November 30, 1993 have been restated to reflect
an increase in paid in capital and a decrease in accumulated net realized
gain on investments of $94,330 for the high yield fund. No adjustments were
necessary for the money market fund.
2. OPERATING POLICIES.
FUTURES CONTRACTS AND OPTIONS. The high yield fund may invest in futures
and options contracts, and may also write options. These investments
involve, to varying degrees, elements of market risk and risks in excess of
the amount recognized in the Statement of Assets and Liabilities. The face
or contract amounts, as reflected in the schedule of investments under the
caption "Futures Contracts," reflect the extent of the involvement the high
yield fund has in the particular classes of instruments. Risks may be
caused by an imperfect correlation between movements in the price of the
instruments and the price of the underlying securities and interest rates.
Risks also may arise if there is an illiquid secondary market for the
instruments, or due to the inability of counterparties to perform.
Futures contracts are valued at the settlement price established each day
by the board of trade or exchange on which they are traded. Options traded
on an exchange are valued using the last sale price or, in the absence of a
sale, the last offering price. Options traded over-the-counter are valued
using dealer-supplied valuations.
3. PURCHASES AND SALES OF
INVESTMENTS.
HIGH YIELD FUND. Purchases and sales of securities, other than short-term
securities, aggregated $40,123,361 and
3. PURCHASES AND SALES OF
INVESTMENTS - CONTINUED
HIGH YIELD FUND - CONTINUED
$129,295,692, respectively. The market value of futures contracts opened
and closed during the period amounted to $235,896,944 and $225,739,146,
respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, Fidelity Management &
Research Company (FMR) pays all expenses, including the cost of providing
shareholder services, except the compensation of the non-interested
Trustees and certain exceptions such as interest, taxes, brokerage
commissions and extraordinary expenses. FMR receives a fee that is computed
daily at an annual rate of .55% and .50% of average net assets for the high
yield and money market funds, respectively.
To offset the cost of providing shareholder services, FMR or its
affiliates collect certain transaction fees from the fund's shareholders.
For the period, fees collected from shareholders amounted to $7,842 and
$4,274 for the high yield and money market funds, respectively.
SUB-ADVISER FEE. As the money market fund's investment sub-adviser, FMR
Texas Inc., a wholly owned subsidiary of FMR, receives a fee from FMR of
50% of the management fee payable to FMR. The fee is paid prior to any
voluntary expense reimbursements which may be in effect, and after reducing
the fee for any payments by FMR pursuant to the fund's Distribution and
Service Plan.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plans (the Plans), and in accordance with Rule 12b-1 of the Act, FMR or the
funds' distributor, Fidelity Distributors Corporation (FDC), an affiliate
of FMR, may use their resources to pay administrative and promotional
expenses related to the sale of each fund's shares. Subject to the approval
of each Board of Trustees, the Plans also authorize payments to third
parties that assist in the sale of each fund's shares or render shareholder
support services. FMR or FDC has informed the funds that payments made to
third parties under the Plans amounted to $2,939 for the high yield fund
and no payments were made for the money market fund for the period.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Court Street Trust and Fidelity Court Street
Trust II and the Shareholders of Spartan Connecticut Municipal High Yield
Portfolio and Spartan Connecticut Municipal Money
Market Portfolio:
We have audited the accompanying statements of assets and liabilities of
Spartan Connecticut Municipal High Yield Portfolio, a portfolio of Fidelity
Court Street Trust, and Spartan Connecticut Municipal Money Market
Portfolio, a portfolio of Fidelity Court Street Trust II including the
schedules of portfolio investments, as of November 30, 1994, the related
statements of operations for the year then ended, the statements of changes
in net assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then ended
for the Spartan Connecticut Municipal High Yield Portfolio, and the
financial highlights for each of the three years in the period then ended
and for the period March 4, 1991 (commencement of operations) to November
30, 1991 for the Spartan Connecticut Municipal Money Market Portfolio.
These financial statements and financial highlights are the responsibility
of the Funds' management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of November 30, 1994 by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Spartan Connecticut Municipal High Yield Portfolio and Spartan
Connecticut Municipal Money Market Portfolio as of November 30, 1994, the
results of their operations for the year then ended, the changes in their
net assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then ended
for the Spartan Connecticut Municipal High Yield Portfolio, and the
financial highlights for each of the three years in the period then ended
and for the period March 4, 1991 (commencement of operations) to November
30, 1991 for the Spartan Connecticut Municipal Money Market Portfolio, in
conformity with generally accepted accounting principles.
/s/COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
December 30, 1994
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER (MONEY MARKET)
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Fred L. Henning, Jr., Vice President,
MONEY MARKET FUND
Thomas J. Steffanci, Vice President,
HIGH YIELD FUND
Scott Orr, Vice President,
MONEY MARKET FUND
Thomas D. Maher, Assistant
Vice President, MONEY MARKET FUND
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Arthur S. Loring, Secretary
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
United Missouri Bank, N.A.
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
United Missouri Bank, N.A.
Kansas City, MO
THE FIDELITY
TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
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)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE