FIDELITY COURT STREET TRUST II, N-30D, 1996-01-16

FIDELITY COURT STREET TRUST II
N-30D, 1996-01-16

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SPARTAN(registered trademark)

(registered trademark)
FLORIDA
MUNICIPAL
FUNDS

ANNUAL REPORT
NOVEMBER 30, 1995
CONTENTS

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PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

SPARTAN FLORIDA MUNICIPAL INCOME FUND
(FORMERLY 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 FUND
(FORMERLY 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 38 The auditors' opinion.

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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,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
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:
Although the markets were fairly positive in 1995, no one can predict what
lies ahead for investors. The previous year, stocks posted below-average
returns and bonds had one of the worst years in history. This downturn
followed a period in which the investing environment was generally very
positive.
These market ups and downs are a normal part of investing, and there are
some basic principles that are helpful for investors to remember in
different types of markets.
Keeping in mind that the effects of interest rate changes on your bond
investments will only be "paper" gains or losses unless you sell your
shares, staying in your bond fund may be appropriate if your investment
horizon is at least a year or more. 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. Of course, there is no assurance that a money market fund will
achieve its goal, and it is important to remember that money market funds
are not insured or guaranteed 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. 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 FUND
(FORMERLY 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
securities 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, the life of fund total returns, dividends
and yields would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan Florida Municipal Income Fund 21.08% 40.24%

Lehman Brothers Municipal Bond 18.90% n/a
Index

Average Florida Tax-exempt
Municipal Bond Fund 20.21% n/a

Consumer Price Index 2.47% 10.27%

CUMULATIVE TOTAL RETURNS show the fund's performance over a set 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, the value of your investment would be $1,050. You can compare
the fund's returns to the performance of the Lehman Brothers Municipal Bond
index - a broad gauge of the municipal bond market. To measure how the
fund's performance stacked up against its peers, you can compare it to the
average Florida municipal bond fund, which reflects the performance of 76
Florida tax-exempt municipal bond funds with similar objectives tracked by
Lipper Analytical Services over the past twelve-months. 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 CPI returns begin on the month end
closest to the fund's start date.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan Florida Municipal Income Fund 21.08% 9.54%

Lehman Brothers Municipal Bond 18.90% n/a
Index

Average Florida Tax-exempt
Municipal Bond Fund 20.21% n/a

Consumer Price Index 2.47% 2.70%

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

$13,962
$13,439
$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Spartan
Florida Municipal Income Fund on March 31, 1992, shortly after the fund
started. As the chart shows, by November 30, 1995, the value of your
investment would have grown to $13,962 - a 39.62% increase on your initial
investment. This assumes you still own the fund on November 30, 1995, 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 $13,439 - a 34.39% increase.

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

1995 1994 1993 1992

Dividend returns 6.30% 5.01% 6.10% 4.74%

Capital appreciation
returns 14.78% -12.21% 7.41% 5.19%

Total returns 21.08% -7.20% 13.51% 9.93%
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

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PERIODS ENDED NOVEMBER 30, 1995 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 4.53(cents) 27.92(cents) 57.26(cents)

Annualized dividend rate 4.97% 5.11% 5.37%

30-day annualized yield 4.81% - -

30-day annualized tax-equivalent yield 7.52% - -

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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 $11.08 over
the past month, $10.90 over the past six months and $10.67 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% 1995 federal tax bracket, but does not reflect payment of the
federal alternative minimum tax, if applicable.
SPARTAN FLORIDA MUNICIPAL INCOME FUND
(FORMERLY SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO)

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
In sharp contrast to much of
1994, the municipal bond market
posted strong returns for the 12
months ended November 30,
1995. For the period, the
Lehman Brothers Municipal
Bond Index - a broad measure
of the tax-free market - had a
total return of 18.90%. By
comparison, the Lehman
Brothers Aggregate Bond Index
- - a proxy for investment-grade
taxable bonds - had a total
return of 17.64%. While the
bankruptcy of Orange County,
California, in December 1994
caused some concern among
investors, tax-free bonds
managed to surge ahead of
their taxable counterparts in the
first quarter of 1995 on signs of
a slowing economy and tamer
inflation expectations. By spring,
however, the muni bond market
began to underperform U.S.
Treasury securities when
Congress began consideration
of tax-code changes, some of
which threatened the tax-exempt
status of municipal securities. This
threat of tax reform dampened
enthusiasm in the municipal
bond market, stalling the rally and
helping shorter maturity bonds
to outperform their longer
counterparts throughout the
spring and summer months. By
early fall, historically attractive
valuations relative to
Treasuries, weakening new
issuance, and stronger demand
from insurance companies and
retail buyers helped tax-free
bonds rebound.
An interview with Maureen Newman, Portfolio Manager of Spartan
Florida Municipal Income Fund
Q. HOW DID THE FUND PERFORM, MAUREEN?
A. For the 12-month period ended November 30, 1995, the fund returned
21.08%. This beat the average Florida municipal bond fund which returned
20.21% for the same period, as tracked by Lipper Analytical Services.
Q. WHAT ARE SOME MAJOR CHANGES YOU HAVE MADE SINCE TAKING OVER THE FUND IN
OCTOBER?
A. I made some changes to the portfolio's maturity structure. First, I
swapped some long maturity bonds for shorter maturity bonds in order to
take advantage of the flatter yield curve, or the graphical representation
of the yields of various bond maturities. In other words, I was not giving
up a great amount of yield to acquire the less volatile shorter-term bonds.
I have also taken advantage of some inefficiencies in the market valuation
of bonds with different coupons and call dates to improve the portfolio's
performance.
Q. BECAUSE OF ITS LARGE ELDERLY POPULATION, FLORIDA HAS A LARGE NUMBER OF
MEDICARE RECIPIENTS RELATIVE TO THE REST OF THE COUNTRY. DO YOU THINK THIS
WILL HAVE AN IMPACT ON THE STATE'S HOSPITALS GIVEN THE MEDICARE/MEDICAID
REFORM DEBATE IN WASHINGTON?
A. Absolutely. There is a great amount of long-term uncertainty with
Florida hospitals because they depend so heavily on Medicare. In addition
to Medicare cutbacks, Florida hospitals are contending with an increasingly
competitive HMO environment which is putting pressure on hospital revenues.
I believe that because Florida hospitals have been able to adapt to
significant Medicare changes in the past, they may adapt well to the
changes that are ahead. We carefully assess cost-cutting efforts,
competitive position and management expertise for each of our health care
holdings to determine their ability to thrive in the changing health care
environment.
Q. SO THE FUND'S HEALTH CARE ALLOCATION IS BASICALLY THE SAME AS SIX MONTHS
AGO?
A. Not really. Since I took over as manager, I have taken advantage of some
profitable situations. For example, I sold some tax-exempt bonds issued for
Beverly Enterprises - a corporate entity that operates nursing homes - at a
profit for the fund. However, the fund still has about 17% of its assets in
health care, about half of which is insured by a municipal bond insurance
company.
Q. WERE THERE ANY DISAPPOINTING AREAS THIS YEAR IN THE FLORIDA MUNICIPAL
BOND MARKET?
A. Florida's housing bonds did not perform very well. Historically, these
bonds have lagged in declining interest-rate environments because of
prepayment fears. Like mortgage-backed securities in the taxable bond
market, investors fear that the mortgages underlying housing bonds will be
refinanced - resulting in early calls of the bond and thus forcing the
housing bond investors to reinvest at lower rates. At the end of the
period, the fund had 3% of its assets in housing bonds.
Q. DO YOU THINK THE POSSIBLE DEREGULATION OF UTILITIES ACROSS THE COUNTRY
WILL AFFECT FLORIDA'S UTILITIES?
A. The competition caused by possible deregulation of utility monopolies
nationwide obviously has a negative side because of their loss of pricing
power. On the other hand, it creates many opportunities for those companies
that are prepared to compete. I believe tax-exempt electric utilities in
Florida will be competitive. I intend to target organizations with low
costs, efficient operations and strong managements such as Jacksonville
Electric and Orlando Utilities Commission. I believe their strong utilities
are likely to provide good return opportunities for the fund.
Q. THE FUND HAS A 46% POSITION IN BONDS BACKED BY MUNICIPAL INSURANCE
ORGANIZATIONS. WHY DOES THE FUND HAVE SO MANY INSURED BONDS?
A. Bond insurance involves the promise of an insurer such as AMBAC or MBIA
to pay interest and principal on a block of bonds should the issuer
experience payment problems. While bond insurance affords a bond a AAA
rating from the municipal rating agencies, it does not protect against
declines in their market value. That said, the large presence of insured
bonds in the Florida market has to do with supply and demand. On the supply
side, there are many high-quality issuers in Florida that qualify for bond
insurance. Also, many individuals in Florida buy bonds directly and prefer
bond insurance. Issuers, therefore, have been insuring their bonds to meet
that demand.
Q. WHAT'S YOUR OUTLOOK?
A. I expect tax-reform discussions to cause further volatility in the
market as we head into the presidential election year. I also expect the
supply of municipal bonds to continue to be light. With the budget
situation in Washington still a question mark and yields at historically
low levels, I don't think investors can expect the same price appreciation
municipal bonds enjoyed in 1995.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER,
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: to provide high current
tax-free income and
exemption from the Florida
intangible tax by investing
mainly in longer-term,
investment-grade municipal
securities whose interest is
free from federal income tax
START DATE: March 16, 1992
SIZE: as of November 30,
1995, more than $395 million
MANAGER: Maureen Newman,
since October 1, 1995;
manager, Spartan New
Jersey Municipal Income
Fund, since October 1995;
manager, Michigan Tax-Free
High Yield Portfolio, Spartan
Connecticut Municipal
Income Fund, since 1994;
Spartan Aggressive Municipal
Income Portfolio, Spartan
Arizona Municipal Fund,
1994 to 1995; bond analyst,
1985 to 1994; joined Fidelity
in 1985
(checkmark)

MAUREEN NEWMAN ON HER
INVESTMENT STYLE:
"I have a bottom-up approach
to investing. I start with
fundamental research to
understand each issuer in the
portfolio and to gauge the
likelihood of outperformance.
I then work with our
quantitative research analysts
and bond traders to uncover
bonds that offer strong
relative value. Our
quantitative research group
has developed a variety of
computer models that assist
in evaluating trading
opportunities and in achieving
a better understanding of the
total return characteristics of
the portfolios. I plan to keep
the fund's duration - or its
price sensitivity to changes in
interest rates - similar to that
of the Florida municipal bond
market as represented by the
Lehman Brothers Florida
index. Therefore, I will be able
to focus on adding value on a
issuer-by-issuer basis."
(solid bullet) On October 1, 1995,
Maureen Newman took over
management of the fund from
Anne Punzak.
SPARTAN FLORIDA MUNICIPAL INCOME FUND
(FORMERLY SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO)

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF NOVEMBER 30, 1995
% OF FUND'S % OF FUND'S INVESTMENT
INVESTMENTS S
IN THESE SECTORS
6 MONTHS AGO

Health Care 17.8 18.3

Transporation 16.3 13.1

Electric Revenue 14.4 15.6

Water & Sewer 10.5 9.5

Escrowed/Prerefunded 10.0 6.1

AVERAGE YEARS TO MATURITY AS OF NOVEMBER 30, 1995
6 MONTHS AGO

Years 15.3 17.0

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, 1995
6 MONTHS AGO

Years 7.9 8.2

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 AND SHARE PRICE. ACCORDINGLY,
A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THE ABOVE EXAMPLE.
QUALITY DIVERSIFICATION (MOODY'S RATINGS)
AS OF NOVEMBER 30, 1995 AS OF MAY 31, 1995
Aaa 55.6%
Aa, A 17.1%
Baa 18.9%
Ba, B 0.0%
Non-rated 3.6%
Short-term
investments 4.8%
Aaa 43.3%
Aa, A 21.1%
Baa 23.4%
Ba, B 0.0%
Non-rated 6.9%
Short-term
investments 5.3%
Row: 1, Col: 1, Value: 55.6
Row: 1, Col: 2, Value: 17.1
Row: 1, Col: 3, Value: 18.9
Row: 1, Col: 4, Value: 3.6
Row: 1, Col: 5, Value: 4.8
Row: 1, Col: 6, Value: 1.0
Row: 1, Col: 1, Value: 43.3
Row: 1, Col: 2, Value: 21.1
Row: 1, Col: 3, Value: 23.4
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 6.9
Row: 1, Col: 6, Value: 5.3
SHOWN AS A PERCENTAGE OF THE FUND'S INVESTMENTS. WHERE MOODY'S RATINGS ARE
NOT AVAILABLE, WE HAVE USED S&P RATINGS. UNRATED DEBT SECURITIES THAT ARE
EQUIVALENT TO BA AND BELOW ACCOUNT FOR 0.0% AND 3.1% OF THE FUND'S
INVESTMENTS AT NOVEMBER 30, 1995 AND MAY 31, 1995, RESPECTIVELY.
SPARTAN FLORIDA MUNICIPAL INCOME FUND
(FORMERLY SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO)

INVESTMENTS NOVEMBER 30, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 95.2%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
FLORIDA - 90.0%
Alachua County Health Facs. Auth. Health Facs.
Rev. (Santa Fe Health Care Facs. Proj.):
Rfdg. 6% 11/15/09 Baa1 $ 2,950,000 $ 2,972,125
Rfdg. 6.05% 11/15/16 Baa1 5,590,000 5,583,013
7.60% 11/15/13 Baa1 1,000,000 1,090,000
Bay County Ind. Dev. Correctional Facs. Rev.
(Corrections Corp. America Proj.)
Series A, 8.875% 11/1/05 (b) - 2,385,000 2,493,756
Brevard County Sales Tax Rev. Rfdg. & Impt.
5.25% 12/1/13 (FGIC Insured) Aaa 1,100,000 1,083,500
Brevard County Util. Rev. Rfdg. 5.25% 3/1/14
(AMBAC Insured) Aaa 2,500,000 2,450,000
Broward County Hsg. & Fin. Auth. Single-Family
Mtg. Rev. 6.65% 8/1/21
(GNMA/FNMA Coll.) Aaa 2,000,000 2,062,500
Broward County Resources Recovery Rev. (SES
Broward Co. LP South Proj.) 7.95% 12/1/08 A 11,080,000 12,409,600
Broward County Special Oblig.:
5.50% 1/1/04 (AMBAC Insured) Aaa 2,320,000 2,444,700
5.50% 1/1/05 (AMBAC Insured) Aaa 2,585,000 2,727,174
5% 1/1/10 (AMBAC Insured) Aaa 1,500,000 1,470,000
Broward County Wtr. & Swr. Util. Rev. Rfdg.
5.125% 10/1/15 (AMBAC Insured) Aaa 2,500,000 2,409,375
Cocoa Wtr. & Swr. Rev. Impt. Series B, 5.125%
10/1/13 (AMBAC Insured) Aaa 1,245,000 1,209,205
Dade County Aviation Rev. Rfdg. Series E, 6%
10/1/09 (AMBAC Insured) Aaa 3,000,000 3,288,750
Dade County Gtd. Entitlement Rev. Rfdg.
Series B, 0% 2/1/02 (MBIA Insured) Aaa 1,810,000 1,357,500
Dade County Pub. Facs. Rev. Rfdg.
(Jackson Mem. Hosp.) Series A, 4.75%
6/1/10 (MBIA Insured) Aaa 3,540,000 3,327,600
Dade County Rev. 5.125% 4/1/09
(MBIA Insured) Aaa 1,475,000 1,476,843
Dade County Seaport Rev.:
6.20% 10/1/09 (MBIA Insured) Aaa 1,845,000 2,020,275
6.20% 10/1/10 (MBIA Insured) Aaa 1,325,000 1,450,875
5.75% 10/1/15 (MBIA Insured) Aaa 5,100,000 5,221,124
Dade County Wtr. & Swr. Sys. Rev.:
6.25% 10/1/06 (FGIC Insured) Aaa 1,500,000 1,676,250
6.25% 10/1/08 (FGIC Insured) Aaa 1,100,000 1,225,124
5.50% 10/1/18 (FGIC Insured) Aaa 1,000,000 998,750
5.50% 10/1/25 (FGIC Insured) Aaa 5,000,000 4,962,500
Dunedin Hosp. Rev. (Mease Health Care)
5.25% 11/15/06 (MBIA Insured) Aaa 1,400,000 1,445,500
Dunedin Util Sys. Rev. Rfdg. 6.25% 10/1/11
(FGIC Insured) Aaa 1,360,000 1,513,000
Duval County Hsg. Fin. Auth. Single Family Mtg. Rev.:
Series C, 7.70% 9/1/24 (FGIC Insured)
(GNMA Coll.) Aaa 725,000 779,375
5.80% 12/1/19 (GNMA Coll.) (b) Aaa 1,000,000 988,750
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Escambia County Health Facs. Auth. Rev.:
Rfdg. (Baptist Hosp. Inc.) Series B, 6% 10/1/1 BBB+ $ 2,825,000 $
2,775,563
(Baptist Hosp. & Baptist Manor) 6.75%
10/1/14 BBB+ 3,250,000 3,408,438
Escambia County Poll. Cont. Rev.:
Rfdg. (Gulf Pwr. Co. Proj.) 6.75% 3/1/22 A1 2,000,000 2,067,500
(Champion Int'l. Corp. Proj.) 6.90%
8/1/22 (b) Baa1 5,000,000 5,350,000
Escambia County Utils. Auth. Util. Sys. Rev.
Series B, 6.25% (FGIC Insured) Aaa 1,500,000 1,655,625
Florida Board of Ed. Admin. Cap. 5.40%
6/1/06 Aa 2,500,000 2,609,375
Florida Board Ed. Admin. Cap. Outlay
Rfdg. (Pub. Ed.):
Series A:
5% 6/1/24 Aa 5,000,000 4,637,500
5% 6/1/09 Aa 1,000,000 982,500
Unltd. Tax (Pub. Ed.) Series D, 5% 6/1/15 Aa 1,250,000 1,189,063
Florida Div. Board Fin Dept. Gen. Svcs. Rev.
(Dept. of Natural Resources):
Series 2000 A:
6.75% 7/1/08 (AMBAC Insured) Aaa 1,350,000 1,517,063
5.70% 7/1/09 (AMBAC Insured) Aaa 3,000,000 3,150,000
Florida Gen. Oblig. (Jacksonville Trans.)
6.40% 7/1/22 Aa 1,100,000 1,175,625
Florida Hsg. Fin. Agcy. Single-Family Mtg. Rfdg.:
Series A:
6.35% 7/1/14 Aa1 1,450,000 1,518,875
6.55% 7/1/14 Aa1 2,000,000 2,110,000
Series B, 6.55% 7/1/17 (b) Aa1 1,455,000 1,525,931
5.10% 4/1/13 A+ 2,500,000 2,500,000
Florida Mid-Bay Bridge Auth. Rev.:
Series A:
7.50% 10/1/17 (f) - 1,700,000 1,893,375
6.875% 10/1/22 (e) - 3,000,000 3,525,000
Florida Muni. Pwr. Agcy. Rev.:
Rfdg. (All Requirement Pwr. Supply) 6.25%
10/1/19 (AMBAC Insured) (e) Aaa 2,340,000 2,609,100
(Stanton II Proj.) 6.50% 10/1/20
(AMBAC Insured) (Pre-Refunded
to 10/1/02 @ 102) (e) Aaa 1,000,000 1,137,500
Florida State Tpk. Auth. Rev. (Dept. Transn.)
Series A, 5.50% 7/1/06 (AMBAC Insured) Aaa 3,000,000 3,142,500
Florida State Tpk. Auth. Tpk. Rev.:
Series A:
5.50% 7/1/05 (AMBAC Insured) Aaa 3,250,000 3,428,750
6.25% 7/1/09 (FGIC Insured) Aaa 2,325,000 2,490,656
7.20% 7/1/11 (AMBAC Insured)
(Pre-Refunded to 7/1/01 @ 102) (e) Aaa 1,500,000 1,736,250
6.35% 7/1/22 (FGIC Insured) (e) Aaa 4,255,000 4,754,963
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Florida State Tpk. Auth. Tpk. Rev. - continued
Rfdg. Series A:
5.25% 7/1/11 (FGIC Insured) Aaa $ 4,750,000 $ 4,744,063
5% 7/1/16 (FGIC Insured) Aaa 4,000,000 3,795,000
5% 7/1/19 (FGIC Insured) Aaa 4,000,000 3,780,000
Greater Orlando Aviation Auth. Aprt. Facs. Rev.
Series A, 6.50% 10/1/05 (FGIC Insured) (b) Aaa 3,550,000 3,944,938
Hillsborough County Aviation Auth. Rev. Rfdg.
(Tampa Int'l. Aprt.) Series A, 6.90%
10/1/11 (FGIC Insured) Aaa 4,250,000 4,616,563
Hillsborough County Port. Auth. Dist. Rev. Spl.
Rfdg. Rev. (Tampa Port Auth.):
6.50% 6/1/03 (FSA Insured) Aaa 2,000,000 2,227,500
6.50% 6/1/05 (FSA Insured) Aaa 2,000,000 2,242,500
Hillsborough County Util. Rev. Rfdg.
(Cap. Appreciation) Series A:
0% 8/1/05 (MBIA Insured) Aaa 8,000,000 5,000,000
0% 8/1/06 Aaa 10,000,000 5,887,500
0% 8/1/07 Aaa 7,000,000 3,885,000
Indian River County Wtr. & Swr. Rev. Rfdg.
Series A, 5.50% 9/1/11 (FGIC Insured) Aaa 2,000,000 2,055,000
Jacksonville Cap. Impt. Rev. Ctfs. (Gator Bowl Proj.):
5.50% 10/1/14 (AMBAC Insured) Aaa 2,000,000 2,015,000
5.50% 10/1/19 (AMBAC Insured) Aaa 2,000,000 2,000,000
Jacksonville Elec. Auth. Rev.:
Rfdg. (Bulk Pwr.-Scherer 4 Proj. A)
5.20% 10/1/11 Aa1 4,000,000 3,920,000
(Bulk Pwr. Supply-Scherer) 6.75% 10/1/21
(Pre-Refunded to 10/1/00 @ 101.5) (e) Aaa 1,000,000 1,122,500
(St. Johns River Pwr.) Series 5, 7%
10/1/09 Aa1 2,490,000 2,751,450
Jacksonville Excise Tax Rev.:
Rfdg. 6.25% 10/1/05 (AMBAC Insured) Aaa 2,000,000 2,205,000
Series A, 6.50% 10/1/11 (AMBAC Insured) Aaa 1,200,000 1,284,000
Jacksonville Health Facs. Auth. Hosp. Rev.
(Baptist Med. Ctr.) Series A, 7.30%
6/1/19 (MBIA Insured) Aaa 500,000 547,500
Jacksonville Health Facs. Auth. Indl. Dev. Rev.:
(Cypress Village Proj.) (Nat'l. Benevolent Assoc.):
Rfdg. 7% 12/1/22 Baa1 2,000,000 2,075,000
7% 12/1/14 Baa1 1,000,000 1,046,250
6.25% 12/1/23 Baa1 2,710,000 2,584,663
8% 12/1/24 Baa1 2,740,000 3,061,950
Jacksonville Ind. Dev. Rev. Rfdg.
(Cargill, Inc. Proj.) 6.40% 3/1/11 AA- 1,250,000 1,337,500
Jacksonville Sales Tax Rev.
(River City Rennaissance Proj.):
6% 10/1/04 (FGIC Insured) Aaa 3,430,000 3,794,438
6.50% 10/1/14 (FGIC Insured) Aaa 1,900,000 1,935,625
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Jacksonville Wtr. & Swr. Gen. Waterwks Dev. Rev.
(Jacksonville Suburban Utils.) 6.75%
6/1/22 (b) A2 $ 1,915,000 $ 2,075,381
Key West Util. Board Elec. Rev. Rfdg. 0%
10/1/14 (AMBAC Insured) Aaa 6,755,000 2,414,913
Lakeland Elec. & Wtr. Rev.:
0% 10/1/09 (FGIC Insured) Aaa 2,840,000 1,352,550
Rfdg. (Jr. Sub. Lien) (d):
6.25% 10/1/02 (FGIC Insured) Aaa 5,180,000 5,626,775
6.50% 10/1/06 (FGIC Insured) Aaa 1,000,000 1,111,250
6.50% 10/1/07 (FGIC Insured) Aaa 4,095,000 4,545,450
Leesburg Hosp. Rev. Rfdg.
(Leesburg Regl. Med. Ctr. Proj.):
Series B:
5.625% 7/1/13 Baa1 2,795,000 2,658,744
5.70% 7/1/18 Baa1 3,140,000 2,979,075
Leon County Rev. Rfdg.
5.50% 10/1/07 (MBIA Insured) Aaa 1,000,000 1,065,000
Martin County Ind. Dev. Auth. Rev. Rfdg.
(Indiantown Cogeneration Proj.):
Series A, 7.875% 12/15/25 Baa3 8,000,000 9,140,000
Series B, 8.05% 12/15/25 (b) Baa3 2,500,000 2,884,375
Melbourne Arpt. Rev. Rfdg. (d):
5.75% 10/1/97 (MBIA Insured) Aaa 190,000 194,275
5.75% 10/1/98 (MBIA Insured) Aaa 205,000 211,663
5.75% 10/1/99 (MBIA Insured) Aaa 215,000 223,869
6.25% 10/1/00 (MBIA Insured) Aaa 230,000 246,100
6.25% 10/1/01 (MBIA Insured) Aaa 240,000 258,600
6.255 10/1/02 (MBIA Insured) Aaa 260,000 281,775
6.25% 10/1/03 (MBIA Insured) Aaa 270,000 293,625
6.50% 10/1/04 (MBIA Insured) Aaa 290,000 320,813
6.50% 10/1/05 (MBIA Insured) Aaa 310,000 343,325
6.50% 10/1/06 (MBIA Insured) Aaa 325,000 359,938
6.75% 10/1/07 (MBIA Insured) Aaa 350,000 394,625
6.75% 10/1/08 (MBIA Insured) Aaa 375,000 421,875
6.75% 10/1/09 (MBIA Insured) Aaa 400,000 448,500
6.75% 10/1/10 (MBIA Insured) Aaa 425,000 477,063
Naples Hosp. Rev. Rfdg. (Community Hosp. Proj. Inc.):
5.10% 10/1/07 (MBIA Insured) Aaa 1,500,000 1,513,125
5% 10/1/19 (MBIA Insured) Aaa 1,000,000 935,000
Nassau County Poll. Cont. Rev. Rfdg.
(ITT Rayonier Proj.):
7.65% 6/1/06 Baa2 1,415,000 1,540,581
6.25% 6/1/10 Baa2 2,500,000 2,581,250
North Broward Hosp. Dist. Rev. Rfdg. 6.40%
1/1/06 (MBIA Insured) Aaa 950,000 1,046,188
North Miami Edl. Facs. Rev. (Johnson & Wales
Univ. Proj.) Series A, 6.125% 4/1/20 - 6,605,000 6,596,744
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Orange County Health Facs. Auth. Hosp. Rev.
(Adventist Health Sys.) 5.75% 11/15/05
(AMBAC Insured) Aaa $ 2,000,000 $ 2,167,500
Orange County Hsg. Fin. Auth. Mtg. Rev.
Series A, 7.875% 9/1/10 (GNMA Coll.) (b) AAA 145,000 151,887
Orange County Hsg. Fin. Auth. Single-Family
Mtg. Rev. (Mtg. Bkd. Secs. Proj.) 6.40%
10/1/14 (GNMA/FNMA Coll.) AAA 2,000,000 2,062,500
Orange County Sales Tax Rev. Series B,
5.375% 1/1/24 A1 1,000,000 978,750
Orange County Tourist Dev. Tax Rev. Rfdg.:
Series A:
5.75% 10/1/07 (MBIA Insured) Aaa 3,620,000 3,923,174
5.85% 10/1/08 (MBIA Insured) Aaa 1,795,000 1,952,062
5.90% 10/1/09 (MBIA Insured) Aaa 1,250,000 1,359,374
5.90% 10/1/10 (MBIA Insured) Aaa 1,000,000 1,081,249
Orlando & Orange County Expwy. Auth.
Expwy. Rev.:
Rfdg. Sr. Lien 5.25% 7/1/14
(AMBAC Insured) Aaa 4,000,000 3,915,000
7.50% 7/1/16 (e) Aaa 2,155,000 2,244,950
7.25% 7/1/14 (e) Aaa 13,250,000 13,784,372
Orlando Util. Commission Wtr. & Elec. Rev.:
Rfdg. 6% 10/1/10 Aa1 1,405,000 1,526,180
Rfdg. Sub-Series D, 6.75% 10/1/17 Aa 7,000,000 8,242,500
Sub-Series A, 6.50% 10/1/20 (Pre-Refunded to
10/1/10 @ 102) (e) Aaa 6,055,000 6,827,012
5% 10/1/23 Aa1 2,000,000 1,855,000
Orlando Wtr. & Elec. Rev. 5.538% 10/31/13 Aa 9,400,000 9,447,000
Osceola County School Board Ctfs. of Partnership
Series A, 5.25% 6/1/15 (AMBAC Insured) Aaa 3,750,000 3,684,374
Palm Beach County Solid Waste Auth. Rev.
8.625% 7/1/04 A 1,500,000 1,635,000
Palm Beach County Wtr. & Swr. Rev. 5.50%
10/1/06 (MBIA Insured) Aaa 1,500,000 1,580,625
Pinellas Park Pub. Impt. Rev. Rfdg. Series A,
5% 10/1/13 (FGIC Insured) Aaa 1,000,000 960,000
Plantation Health Facs. Auth. Rev.
(Covenant Retirement Communities Inc.),
7.75% 12/1/22 BBB+ 2,500,000 2,706,250
Polk County Ind. Dev. Auth. Ind. Dev. Rev.
(Winter Haven Hosp.) Series 2, 6.25%
9/1/15, (MBIA Insured) Aaa 1,500,000 1,591,875
Reedy Creek Util. Rev. 6.50% 10/1/16
(Pre-Refunded to 10/1/01 @101)
(MBIA Insured) (e) Aaa 1,350,000 1,512,000
St. Johns County Ind. Dev. Auth. Hosp. Rev.
(Flagler Hosp. Proj.) 6% 8/1/22 A 2,000,000 1,995,000
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
St. Lucie County Solid Waste Disp. Rev.
(Florida Pwr. & Lt. Co. Proj.) 6.70%
5/1/27 (b) A1 $ 1,050,000 $ 1,124,813
Sarasota Wtr. & Swr. Util. Rev. Rfdg. (d):
5.25% 10/1/00 (FGIC Insured) Aaa 1,150,000 1,183,063
6.25% 10/1/04 (FGIC Insured) Aaa 1,450,000 1,585,938
6.25% 10/1/07 (FGIC Insured) Aaa 1,735,000 1,895,488
Seminole County Wtr. & Swr. Rev. Rfdg. & Impt.:
6% 10/1/12 (MBIA Insured) Aaa 1,500,000 1,623,750
6% 10/1/09 (MBIA Insured) Aaa 1,500,000 1,636,875
South Miami Health Facs. Auth. Hosp. Rev.
5.50% 10/1/05 (MBIA Insured) Aaa 1,980,000 2,054,250
Sumter County School Dist. Rev.
(Multi-Dist. Loan Prog.) 7.15% 11/1/15,
(Cap. Guaranty Insured) Aaa 1,000,000 1,221,250
Sunshine St. Governmental Fing. Commn. Rev.
Series A, 5.50% 10/1/05
(FGIC Insured) Aaa 1,000,000 1,056,250
Tampa Rev. (Allegheny Health Sys. - St. Joseph):
6.70% 12/1/07 (MBIA Insured) Aaa 2,535,000 2,820,188
6.75% 12/1/17 (MBIA Insured) Aaa 150,000 165,375
Tampa Wtr. & Swr. Rev. Rfdg:
Series A, 5% 10/1/14 (FGIC Insured) Aaa 1,830,000 1,738,500
Series B, 5% 10/1/14 (FGIC Insured) Aaa 1,000,000 950,000
Tarpon Springs Health Facs. Auth. Hosp. Rev.
(Helen Ellis Mem. Hosp. Proj.):
7.50% 5/1/11 BBB- 1,225,000 1,284,719
7.625% 5/1/21 BBB- 4,245,000 4,457,250
365,411,046
PUERTO RICO - 3.1%
Puerto Rico Commonwealth Aqueduct & Swr.
Auth. Rev. Series A, 7.875% 7/1/17 Baa 2,500,000 2,771,875
Puerto Rico Commonwealth Hwy. & Trans. Auth.
Rev. Series T, 6.625% 7/1/18 Baa1 4,000,000 4,280,000
Puerto Rico Commonwealth Infrastructuring Fing.
Auth. Spl. Series A, 7.50% 7/1/09 Baa1 1,000,000 1,090,000
Puerto Rico Elec. Pwr. Auth. Rev. Rfdg. Series W,
6.50% 7/1/05 (MBIA Insured) Aaa 3,000,000 3,390,000
Puerto Rico Pub. Bldgs. Auth. Guaranteed Pub.
Ed. & Health Facs. Series L, 6.875%
7/1/21 (Pre-Refunded to 7/1/02 @
101.5) (e) Aaa 1,000,000 1,157,500
12,689,375
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
GUAM - 2.1%
Guam Arpt. Auth. Gen. Rev.:
Series A, 6.60% 10/1/10 (b) BBB $ 1,500,000 $ 1,518,750
Series B, 6.40% 10/1/05 (b) BBB 3,750,000 3,810,938
Guam Pwr. Auth. Rev. Series A:
5.25% 10/1/13 BBB 1,250,000 1,134,375
6.30% 10/1/22 BBB 1,900,000 1,916,625
8,380,688
TOTAL MUNICIPAL BONDS
(Cost $368,400,750) 386,481,109
MUNICIPAL NOTES (A) - 4.8%

FLORIDA - 4.8%
Dade County Health Facs. Auth. Hosp. Rev.
(Miami Children's Hosp. Proj.) Series 1990,
4%, LOC Barnett Bank, VRDN VMIG 1 7,900,000 7,900,000
Dade County Ind. Dev. Auth. Ind. Dev. Rev.
(Dolphins Stadium Proj.) Series 1985 B, 4%,
LOC Hong Kong & Shanghai Banking Corp.,
VRDN VMIG 1 3,700,000 3,700,000
Hialeah Hosp. Rev. Rfdg. Class B,
(Hialeah Hosp. Inc. Proj.) 3.90% 2/1/14,
LOC Bank Of Montreal,
VRDN VMIG 1 3,790,000 3,790,000
Miami TAN 4.50% MIG 1 2,000,000 2,016,840
Pinellas County Health Facs. Auth.
(Pooled Hosp. Loan Prog.)) 3.80%,
LOC Chemical Bank, VRDN VMIG 1 2,200,000 2,200,000
TOTAL MUNICIPAL NOTES
(Cost $19,606,840) 19,606,840
TOTAL INVESTMENTS - 100%
(Cost $388,007,590) $ 406,087,949
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASE
25 U.S. Treasury Bond Futures December 1995 $ 2,985,156 $ 32,586
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 0.7%

SECURITY TYPE ABBREVIATIONS
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) Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
(d) Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
(e) Security collateralized by an amount sufficient to pay interest and
principal.
(f) 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 $556,875.
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 71.2% AAA, AA, A 69.8%
Baa 13.2% BBB 15.5%
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 3.6%. FMR has
determined that unrated debt securities that are lower quality account for
0.0% 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 17.8%
Transporation 16.3
Electric Revenue 14.4
Water and Sewer 10.5
Escrowed/Prerefunded 10.0
Others
(individually less than 10%) 31.0
TOTAL 100.0%
INCOME TAX INFORMATION
At November 30, 1995, the aggregate cost of investment securities for
income tax purposes was $388,007,590. Net unrealized appreciation
aggregated $18,080,359, of which $18,543,813 related to appreciated
investment securities and $463,454 related to depreciated investment
securities.
At November 30, 1995, the fund had a capital loss carryforward of
approximately $3,910,000 of which $1,972,000 and $1,938,000 will expire on
November 30, 2002 and 2003, respectively.
At November 30, 1995, the fund was required to defer $310,225 of losses on
futures contracts.
SPARTAN FLORIDA MUNICIPAL INCOME FUND
(FORMERLY SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO)

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995

1.ASSETS 2. 3.

4.Invest 5. $ 406,087,949
ment in
securiti
es, at
value
(cost
$388,0
07,590)
- -
See
accom
panyin
g
schedu
le

6.Receiv 7. 5,580,474
able for
invest
ments
sold

8.Interes 9. 6,049,551
t
receiva
ble

10.Recei 11. 22,656
vable
for
daily
variatio
n on
futures
contrac
ts

12. 13.T 14. 417,740,630
OTAL
ASSETS

15.LIABIL 16. 17.
ITIES

18.Paya $ 11,043 19.
ble to
custodi
an
bank

Payable for 1,457,367
investme
nts
purchas
ed
Regular
delivery

Delayed 19,501,104
delivery

20.Paya 27,629 21.
ble for
fund
shares
redeem
ed

22.Distri 576,916 23.
butions
payabl
e

24.Accru 175,960 25.
ed
manag
ement
fee

26. 27.T 28. 21,750,019
OTAL
LIABILITI
ES

29.30.N 31. $ 395,990,611
ET
ASSETS

32.Net 33. 34.
Assets
consist
of:

35.Paid 36. $ 382,138,489
in
capital

37.Accu 38. (4,260,823)
mulate
d
undistri
buted
net
realize
d gain
(loss)
on
invest
ments

39.Net 40. 18,112,945
unreali
zed
appreci
ation
(depre
ciation)

on
invest
ments

41.42.N 43. $ 395,990,611
ET
ASSETS
, for
35,423,
977
shares
outstan
ding

44.45.N 46. $11.18
ET
ASSET
VALUE,
offering
price
and
redemp
tion
price
per
share
($395,9
90,611
(divided by)
35,423,
977
shares)

STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1995

47.48.IN 49. $ 21,748,264
TEREST
INCOME

50.EXPE 51. 52.
NSES

53.Mana $ 2,019,366 54.
gement
fee

55.Non-i 1,608 56.
nterest
ed
trustee
s'
compe
nsation

57. 58.T 59. 2,020,974
OTAL
EXPEN
SES

60.61.N 62. 19,727,290
ET
INTERES
T
INCOM
E

63.REALI 65. 66.
ZED AND
UNREALIZ
ED GAIN
(LOSS)
64.Net
realize
d gain
(loss)
on:

67. Inves (1,119,436) 68.
tment
securiti
es

69. Futur (1,023,381) (2,142,817)
es
contrac
ts

70.Chan 71. 72.
ge in
net
unreali
zed
appreci
ation
(depre
ciation)
on:

73. Inves 51,347,687 74.
tment
securiti
es

75. Futur 71,397 51,419,084
es
contrac
ts

76.77.N 78. 49,276,267
ET GAIN
(LOSS)

79.80.N 81. $ 69,003,557
ET
INCREA
SE
(DECRE
ASE) IN
NET
ASSETS
RESULTI
NG
FROM
OPERATI
ONS

STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED NOVEMBER 30,

1995 1994

82.INCRE
ASE
(DECREAS
E) IN NET
ASSETS

83.Oper $ 19,727,290 $ 22,142,396
ations
Net
interest
income

84. Net (2,142,817) (1,846,988)
realize
d gain
(loss)

85. Chan 51,419,084 (49,908,428)
ge in
net
unrealiz
ed
appreci
ation
(deprec
iation)

86. 69,003,557 (29,613,020)
87.N
ET
INCRE
ASE
(DECR
EASE
) IN
NET
ASSE
TS
RESUL
TING
FROM
OPER
ATION
S

88.Distri (19,727,290) (22,142,396)
butions
to
shareh
olders
From
net
interest
income

89. From - (7,685,399)
net
realize
d gain

90. 91.T (19,727,290) (29,827,795)
OTAL
DISTRIB
UTIONS

92.Share 78,744,845 113,687,492
transac
tions
Net
procee
ds from
sales
of
shares

93. Rein 12,331,494 19,685,122
vestme
nt of
distribu
tions

94. Cost (79,953,207) (166,831,473)
of
shares
redeem
ed

95. Rede 40,228 83,694
mption
fees

96.97. 11,163,360 (33,375,165)
NET
INCRE
ASE
(DECR
EASE
) IN
NET
ASSE
TS
RESUL
TING
FROM
SHAR
E
TRANS
ACTIO
NS

98. 60,439,627 (92,815,980)
99.TOT
AL
INCREA
SE
(DECRE
ASE) IN
NET
ASSETS

100.NET 101. 102.
ASSETS

103. Be 335,550,984 428,366,964
ginning
of
period

104. En $ 395,990,611 $ 335,550,984
d of
period

105.OTH 107. 108.
ER
INFORMATI
ON
106.Sha
res

109. Sol 7,475,522 10,546,906
d

110. Iss 1,152,868 1,829,088
ued in
reinves
tment
of
distribu
tions

111. Re (7,660,480) (15,871,258)
deeme
d

112. Ne 967,910 (3,495,264)
t
increas
e
(decre
ase)

FINANCIAL HIGHLIGHTS
YEARS ENDED NOVEMBER 30, MARCH 16, 1992
(COMMENCEME
NT
OF OPERATIONS) T
O
NOVEMBER 30,

1995 1994 D 1993 1992

113.SELE
CTED
PER-SH
ARE
DATA

114.Net $ 9.740 $ 11.290 $ 10.520 $ 10.000
asset
value,
beginni
ng of
period

115.Inco .573 .587 .615 .459
me
from
Invest
ment
Operati
ons
Net
interest
income

116. Ne 1.439 (1.352) .777 .514
t
realize
d and
unreali
zed
gain
(loss)

117. Tot 2.012 (.765) 1.392 .973
al from
invest
ment
operati
ons

118.Les (.573) (.587) (.615) (.459)
s
Distrib
utions
From
net
interest
income

119. Fro - (.200) (.010) -
m net
realize
d gain

120. Tot (.573) (.787) (.625) (.459)
al
distribu
tions

121.Red .001 .002 .003 .006
emptio
n fees
added
to paid
in
capital

122.Net $ 11.180 $ 9.740 $ 11.290 $ 10.520
asset
value,
end of
period

123.TOT 21.09 (7.19) 13.52% 9.94%
AL % %
RETURN
B

124.RATI
OS AND
SUPPLE
MENTAL
DATA

125.Net $ 395,991 $ 335,551 $ 428,367 $ 237,109
assets,
end of
period
(000
omitted
)

126.Rati .55 .54% .25% .03%A
o of % C C C
expens
es to
averag
e
net
assets

127.Rati 5.37 5.49% 5.52% 6.25%A
o of net %
interest
income
to
averag
e net
assets

128.Port 65 49% 50% 38%A
folio %
turnove
r rate

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 FMR VOLUNTARILY AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES
DURING THE PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO
WOULD HAVE BEEN HIGHER.
D EFFECTIVE DECEMBER 1, 1993, THE FUND 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, NET INTEREST INCOME PER SHARE MAY REFLECT CERTAIN
RECLASSIFICATIONS RELATED TO BOOK TO TAX DIFFERENCES.
SPARTAN FLORIDA MUNICIPAL MONEY MARKET FUND
(FORMERLY 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. If Fidelity had not
reimbursed the fund for certain expenses, the life of fund total returns
would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan Florida Municipal
Money Market Fund 3.57% 9.64%

Average All Tax-Free
Money Market Fund 3.38% 8.43%

Consumer Price Index 2.47% 9.01%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set 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, the value of your investment would be $1,050. To
measure how the fund's performance stacked up against its peers, you can
compare it to the average all tax-free money market fund, which reflects
the performance of 396 average all tax-free money market funds with similar
objectives tracked by IBC/Donoghue over the past twelve months. 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 and
IBC/Donoghue numbers are the closest available match to those covered by
the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan Florida Municipal
Money Market Fund 3.57% 2.85%

Average All Tax-Free
Money Market Fund 3.38% 2.52%

Consumer Price Index 2.47% 2.69%

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
11/28/94 2/27/95 5/29/95 8/28/95 11/27/95

Spartan Florida Municipal 3.30% 3.80% 3.78% 3.38% 3.39%
Money Market Fund

Average All Tax-Free 3.10% 3.48% 3.61% 3.21% 3.30%
Money Market Fund

Spartan Florida Municipal 5.16% 5.94% 5.91% 5.28% 5.30%
Money Market Fund -
Tax-equivalent

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 all tax-free money market fund as
tracked by IBC/Donoghue. Or you can look at the fund's tax-equivalent
yield, which is based on an effective 1995 federal tax rate of 36%. 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 fund
will maintain a $1 share price.
(checkmark)
SPARTAN FLORIDA MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO)

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Jan Bradburn, Portfolio Manager of Spartan Florida
Municipal Money Market Fund
Q. JAN, WHAT KIND OF INVESTMENT CLIMATE HAVE YOU BEEN OPERATING IN FOR THE
PAST YEAR?
A. Slower growth and declining interest rates defined the investment
climate in 1995. When the period began, the Federal Reserve was still doing
its best to temper the economic growth rate and prevent an outbreak of
inflation. Since the beginning of 1995, growth has slowed dramatically and
inflationary pressures have been dormant. In July 1995, fearful that the
economy might be in danger of slipping into a recession, the Fed offered a
dose of fiscal stimulus with a one-quarter percentage point cut in the
federal funds rate. Most market participants have assumed since then that
another rate cut was imminent, and the price of most short-term securities
reflect that assumption.
Q. WHAT WAS YOUR STRATEGY DURING THE YEAR?
A. Normally it makes sense to shorten the fund's average maturity when
rates are rising and lengthen when rates are falling. In Florida, however,
technical factors play a determinant role, especially the state's
intangible tax, levied annually on January 1. The fund's average maturity
when the period began was 27 days. Being so short then made sense for two
reasons: because rates were rising and because, knowing that many of the
new assets flooding the fund in December would disappear in January, it was
important to preserve liquidity. As the economy slowed during the spring
and interest rates fell, lack of supply made extending the fund's average
maturity difficult. As supply entered the market, I was able to extend,
reaching 55 days at the end of June, and staying close to that through the
fall and early winter. On the last day of the period, the fund's average
maturity was 52 days.
Q. HOW DID THE FUND PERFORM?
A. Better than most other tax-free money market funds. The fund's seven-day
yield on November 30, 1995 was 3.36%, up from 3.31% a year ago. That
equaled a 5.25% taxable rate for investors in the 36% federal tax bracket.
Through November 30, 1995, the fund's one-year total return was 3.57%,
compared to 3.38% for the average all tax-free money market fund, according
to IBC/Donoghue.
Q. WHAT'S THE OUTLOOK?
A. Even if the Fed chooses not to act at its next meeting in December,
rates seem likely to head lower before too long, probably before the end of
the first quarter of 1996. A key variable is the budget debate. If and when
Congress and the President reach an agreement on a balanced budget, the Fed
may choose to offset the restrictive effect of lower government spending
with a rate cut that would stimulate the economy. Of course, technical
factors will dominate my strategy over the next couple of months, as the
fund's assets swell and contract during tax season. But all that aside,
I'll probably target an average maturity of between 50 and 60 days in the
months ahead. That's long enough to capitalize on a rate cut should the Fed
decide to act, while still preserving some flexibility in case the Fed
stands pat.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER,
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: high current tax-free
income and exemption from
the Florida intangible tax, while
maintaining a stable $1.00
share price by investing in
high-quality, short-term
municipal money market
securities
START DATE: August 24, 1992
SIZE: as of November 30,
1995, more than $363 million
MANAGER: Jan Bradburn,
starting June 1995; also
manager, Fidelity Ohio
Municipal Money Market
Portfolio, since 1993;
Fidelity Massachusetts
Tax-Free Money Market
Portfolio and Spartan
Massachusetts Municipal
Money Market Portfolio, since
1992; Spartan New York
Municipal Money Market
Portfolio, since 1990; Fidelity
New York Tax-Free Money
Market Portfolio, since 1989;
joined Fidelity in 1989
(checkmark)

WORDS TO KNOW
COMMERCIAL PAPER: A security
issued by a municipality to
finance capital or operating
needs.
FEDERAL FUNDS RATE: The interest
rate banks charge each other
for overnight loans.
MATURITY: The time remaining
before an issuer is scheduled
to repay the principal amount
on a debt security. When the
fund's average maturity -
weighted by dollar amount -
is short, the fund manager is
anticipating a rise in interest
rates. When the average
maturity is long, the manager
is expecting rates to fall.
When the average maturity is
neutral, the manager wants
the flexibility to respond to
rising rates, while still
capturing a portion of the
higher yields available from
issues with longer maturities.
MUNICIPAL NOTE: A security
issued in advance of future
tax or other revenues and
payable from those specific
sources.
TENDER BOND: A variable-rate,
usually long-term security that
gives the bond holder the
option to redeem the bond at
face value before maturity.
VARIABLE RATE DEMAND NOTE
(VRDN): A tender bond that
can be redeemed on short
notice, typically one or seven
days. VRDNs are useful in
managing the fund's average
maturity and liquidity.
SPARTAN FLORIDA MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO)

INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
11/30/95 5/31/95 11/30/94

0 - 30 71 78 82

31 - 90 12 12 12

91 - 180 4 9 0

181 - 397 13 1 6

WEIGHTED AVERAGE MATURITY
11/30/95 5/31/95 11/30/94

Spartan Florida Municipal
Money Market Fund 52 days 29 days 27 days

Average All Tax-Free
Money Market Fund* 49 days 38 days 46 days

ASSET ALLOCATION
AS OF NOVEMBER 30, 1995 AS OF MAY 31, 1995

Row: 1, Col: 1, Value: 60.0
Row: 1, Col: 2, Value: 18.0
Row: 1, Col: 3, Value: 6.0
Row: 1, Col: 4, Value: 13.0
Row: 1, Col: 5, Value: 3.0
Row: 1, Col: 1, Value: 56.0
Row: 1, Col: 2, Value: 24.0
Row: 1, Col: 3, Value: 10.0
Row: 1, Col: 4, Value: 9.0
Row: 1, Col: 5, Value: 2.0
Variable rate
demand notes
(VRDNs) 60%
Commercial
paper 18%
Tender bonds 6%
Municipal
notes 13%
Other 3%
Variable rate
demand notes
(VRDNs) 56%
Commercial
paper 24%
Tender bonds 10%
Municipal
notes 9%
Other 1%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
SPARTAN FLORIDA MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO)

INVESTMENTS NOVEMBER 30, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - 100.0%
Alachua County Health Facs. Rev. Bonds (Academic Research
Bldg. Proj.) Series 1989, 3.90%, tender 1/18/96,
LOC Barnett Bank $ 6,250,000 $ 6,250,000
Arcadia Hosp. Rev. (Desoto Memorial Hosp.) Series 1994,
3.80%, LOC First Union Bank of Florida 5,000,000 5,000,000
Broward County Hsg. Fin. Auth. Multi-Family Hsg. Rev., VRDN:
(Lake Park Assoc. Ltd. Partnership) Series 1985, 3.70%,
LOC Society Bank 10,070,000 10,070,000
(Palm Aire-Oxford Proj.) Series 1990, 3.95%
(Continental Casualty Insurance Guaranteed) 1,800,000 1,800,000
(Town of Jacaranda) 3.85%, LOC Southtrust Bank 3,000,000 3,000,000
Broward County School Dist. RAN 4.50% 4/29/96 7,785,000 7,811,313
Clay County Hsg. Fin. Auth. Participating VRDN,
Series PT-61, 4.10%, LOC Bayerische Hypotheken
(b) (c) (d) 4,950,000 4,950,000
Collier County Wtr. & Swr. Ind. Dev. Rev., VRDN (b):
(Marco Island Util. Proj.):
Series 1990, 4%, LOC SunTrust Bank 4,300,000 4,300,000
Series 1992, 3.90%, LOC SunTrust Bank 1,200,000 1,200,000
Dade County Health Facs. Auth. Hosp. Rev.
(Miami Children's Hosp. Proj.) 3.65% (AMBAC Insured)
(Liquidity Facility SunTrust Bank) VRDN 12,000,000 12,000,000
Dade County Ind. Dev. Auth. Ind. Dev. Rev. (Royal Store
Fixtures Corp. Proj.) 3.90%, LOC SunTrust Bank,
VRDN (b) 2,500,000 2,500,000
Dade County Ind. Dev. Rev.:
(Dolphins Stadium Proj.) Series 1985 D, 4%,
LOC Hong Kong & Shanghai Banking Corp., VRDN 6,500,000 6,500,000
(Guastafeste Proj.):
Series 1987, 4%, LOC SunTrust Bank, VRDN (b) 1,010,000 1,010,000
Series 1991, 4%, LOC SunTrust Bank, VRDN (b) 625,000 625,000
(Montenay-Dade Ltd. Proj.) Series 1990 A, 3.85%,
LOC Banque Paribas, VRDN (b) 8,970,000 8,970,000
Dade County Multi-Family Hsg. (Biscayne View Apts. Proj.)
Series 1993, 4.20% (Commonwealth Life Ins. Co.
Guaranteed) VRDN (b) 15,000,000 15,000,000
Duval County Multi-Family Hsg. Fin. Auth. Rev.
(Lakes of Mayport Apts.) Series 1985 F, 3.80%,
LOC Bank of Boston, VRDN 4,300,000 4,300,000
Eustis Health Fac. Auth. Hosp. (Waterman Proj.) Series 1992,
3.65%, LOC Banque Paribas, VRDN 2,500,000 2,500,000
Florida Hsg. Fin. Agcy. Multi-Family Hsg. Rev. Rfdg.
(Hillsborough-Oxford Proj.) Series D, 3.95%
(Continental Casualty Insurance Guaranteed) VRDN 5,590,000 5,590,000
Florida Hsg. Fin. Agcy. (Oak Mill Creek Proj.) Series 1985,
3.75%, LOC Chemical Bank, VRDN 6,600,000 6,600,000
Florida State Board of Ed. Bonds Series B, 6.80%
6/1/96 1,000,000 1,012,551
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Florida State Board of Ed. Participating VRDN (c):
Series CR-163, 3.82% (Liquidity Facility Citibank) $ 10,000,000 $
10,000,000
Series CR-164, 3.82% (Liquidity Facility Citibank) 10,000,000
10,000,000
Series PA-103, 3.75%
(Liquidity Facility Merrill Lynch & Co.) 5,000,000 5,000,000
Florida State Dept. Gen. Svcs. Rev. Bonds (Environmental
Protection Agency) 4.50% 7/1/96 (FSA Insured) 1,160,000 1,163,920
Florida State Muni. Pwr. Agcy. (Stanton II Proj.)
Participating VRDN, Series PA-1018, 3.75%
(Liquidity Facility Merrill Lynch & Co.) (c) 2,520,000 2,520,000
Florida Turnpike Auth. Participating VRDN, Series PA-111,
3.75% (Liquidity Facility Merrill Lynch & Co.) (c) 1,100,000 1,100,000
Greater Orlando Aviation Auth. Bonds Series B, 3.80%
2/26/96 (Liquidity Facility Morgan Guaranty Trust Co.)
CP (b) 1,000,000 1,000,000
Hialeah Hosp. Rev. Rfdg. (Hialeah Hosp. Inc. Proj.) Series B,
3.90%, LOC Bank of Montreal Canada, VRDN 4,000,000 4,000,000
Hillsborough County Aviation Auth. (Tampa Intl. Arpt.) CP (b):
3.80% 2/13/96, LOC Nat'l. Westminster Bank 5,000,000 5,000,000
3.80% 2/14/96, LOC Nat'l. Westminster Bank 2,500,000 2,500,000
Indian River County Hosp. Dist. Hosp. Rev. Bonds:
Series 1988:
3.90%, tender 12/12/95, LOC Kredietbank 2,600,000 2,600,000
3.85%, tender 1/24/96, LOC Kredietbank 4,350,000 4,350,000
3.90%, tender 2/12/96, LOC Kredietbank 2,000,000 2,000,000
Series 1989:
3.85%, tender 12/7/95, LOC Kredietbank 1,200,000 1,200,000
3.90%, tender 12/12/95, LOC Kredietbank 4,300,000 4,300,000
Series 1990:
3.85%, tender 12/7/95, LOC Kredietbank 4,800,000 4,800,000
3.90%, tender 12/12/95, LOC Kredietbank 2,000,000 2,000,000
Indian River County Hosp. Dist. Rev. Rfdg. Series 1985,
3.70%, LOC Kredietbank, VRDN 900,000 900,000
Indian Trace Commty. Dev. Dist. Rev. (Broward County
Basin I Wtr. Mgmt. Spl. Benefit) 3.65% (MBIA Insured)
(BPA Swiss Bank Corp.) VRDN 3,100,000 3,100,000
Jacksonville Elec. Auth. Participating, Series PA-100, 3.80%
(Liquidity Facility Merrill Lynch & Co.) VRDN 3,460,000 3,460,000
Jacksonville Hosp. Rev. (Baptist Med. Ctr. Proj.) Series 1984,
3.60%, LOC First Union Nat'l. Bank, VRDN 5,700,000 5,700,000
Jacksonville Ind. Dev. Rev. (Samuel C. Taylor Foundation
1987 Proj.) 3.75%, LOC Barnett Bank, VRDN 5,200,000 5,200,000
Liberty County Ind. Dev. Rev. (Timber Energy Resources Inc.
Proj.) Series 1994, 3.85%, LOC Bank of Montreal,
VRDN 7,900,000 7,900,000
Manatee County Hsg. Fin. Auth. (Harbor Pointe Proj.)
Series 1990 A, 4.10%, LOC Marine Midland Bank,
VRDN 1,000,000 1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Miami TAN 4.50% 9/27/96 $ 10,000,000 $ 10,055,425
Monroe County School Dist. RAN 5.25% 12/14/95 3,000,000 3,000,000
Ocean Hwy. & Port Auth. Rev. Series 1990 3.80%,
LOC ABN-AMRO Bank (b) 9,100,000 9,100,000
Okeechobee County Solid Wst. Rev. (Chambers Waste Sys.)
Series 1992, 3.95%, LOC NationsBank,
VRDN (b) 10,900,000 10,900,000
Orange County Health Facs. Auth.
(Adventist Sys./Sunbelt Inc.)
Participating VRDN, 3.85%
(Liquidity Facility Merrill Lynch & Co.) (c) 3,985,000 3,985,000
Orange County Health Facs. (Adventist Sys./Sunbelt Inc.)
Series 1992, 3.65%, LOC Banque Paribas, VRDN 5,900,000 5,900,000
Orange County School Dist.:
RAN 4.50% 6/25/96 17,500,000 17,576,277
TAN 4.50% 10/16/96 10,000,000 10,059,717
Orange County Health Facs. Auth. Rfdg. Rev. Bonds
(Pooled Hosp. Loan Program):
Series 1985, 3.80%, tender 1/3/96 (MBIA Insured)
(BPA Banque Paribas) 2,400,000 2,400,000
Series 1985, 3.75%, tender 1/3/96 (MBIA Insured)
(BPA Banque Paribas) 4,000,000 4,000,000
Series 1985, 3.75%, tender 1/9/96 (MBIA Insured)
(BPA Banque Paribas) 10,300,000 10,300,000
Orlando Util. Commission Wtr. & Elec. Participating,
Series 1989 D, 3.75% (Liquidity Facility
Merrill Lynch & Co.) (c) 5,175,000 5,175,000
Orlando & Orange County Expressway Rev. Bonds:
7% 7/1/96 1,900,000 1,971,113
7.25% 7/1/96 1,000,000 1,041,021
Palm Beach County Health Facs. Auth. Bonds,
3.80%, tender 1/23/96 (MBIA Insured)
(Liquidity Facility Credit Suisse) 4,500,000 4,500,000
Palm Beach County Hsg. Fin. Auth. Rev. (Lake Crystal Apts.
Proj. Phase III) Series 1988 A, 3.92%, LOC Citibank,
VRDN (b) 7,340,000 7,340,000
Pensacola Rev. Bonds (Harborview Corp. Proj.) 3.95%
LOC Amsouth Bank, VRDN 2,975,000 2,975,000
Pinellas County Health Facs. Auth. Rev.:
(Bayfront Med.) 3.60% (FGIC Insured)
(BPA Barnett Bank) VRDN 1,100,000 1,100,000
(Pooled Hosp. Loan Program) 3.80%,
LOC Chemical Bank, VRDN 1,600,000 1,600,000
Pinellas County Wtr. Rev. Rfdg. Bonds 4.50% 10/1/96
(AMBAC Insured) 5,150,000 5,181,224
Plant City (South Baptist Hosp. Proj.) Series 1993, 3.90%,
LOC Barnett Bank, VRDN (b) 4,800,000 4,800,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Putnam County Dev. Auth. Poll. Cont. Rev. Bonds
(Seminole Elec. Coop.):
Series 1984 D, 3.40%, tender 12/15/95
(Nat'l. Rural Utils. Coop-CFC Guaranteed) $ 10,000,000 $ 10,000,000
Series 1984 H4, 3.75%, tender 3/15/96
(Nat'l. Rural Utils. Coop.-CFC Guaranteed) 6,000,000 6,000,000
Sunshine State Govt. Fing. Commission, CP:
3.65% 12/8/95 1,425,000 1,425,000
3.65% 12/11/95 5,000,000 5,000,000
Sunshine State Govt. Fing. Commission Rev. Bonds
Series 1986, 3.65%, tender 12/8/95 1,575,000 1,575,000
Volusia County Health Facs. Auth. Rev. (Southwest Volusia
Healthcare Corp.) Series 1994 A, 3.70%,
LOC First Union Nat'l. Bank, VRDN 9,900,000 9,900,000
TOTAL INVESTMENTS - 100% $ 358,642,561
Total Cost for Income Tax Purposes $ 358,642,748

SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue 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) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Clay County Hsg. Fin.
Auth. Participating VRDN,
Series PT-61 4/21/95 $ 4,951,207
INCOME TAX INFORMATION
At November 30, 1995, the fund had a capital loss carryforward of
approximately $27,100 of which $100, $1,000, $22,000 and $4,000 will expire
on November 30, 2000, 2001, 2002 and 2003, respectively.
SPARTAN FLORIDA MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO)

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995

129.ASS 130. 131.
ETS

132.Inve 133. $ 358,642,561
stment
in
securiti
es, at
value -
See
accom
panyin
g
schedu
le

134.Rec 135. 4,012,619
eivable
for
invest
ments
sold on
a
delaye
d
deliver
y basis

136.Inter 137. 2,616,135
est
receiva
ble

138. 140. 365,271,315
139.T
OTAL
ASSETS

141.LIA 142. 143.
BILITIES

144.Pay $ 599,455 145.
able to
custodi
an
bank

146.Pay 1,071,127 147.
able for
invest
ments
purcha
sed

148.Dist 58,725 149.
ribution
s
payabl
e

150.Acc 145,744 151.
rued
manag
ement
fee

152. 154. 1,875,051
153.T
OTAL
LIABILITI
ES

155. 157. $ 363,396,264
156.N
ET
ASSETS

158.Net 159. 160.
Assets
consist
of:

161.Paid 162. $ 363,423,660
in
capital

163.Acc 164. (27,396)
umulat
ed net
realize
d gain
(loss)
on
invest
ments

165. 167. $ 363,396,264
166.N
ET
ASSETS
, for
363,42
3,660
shares
outstan
ding

168. 170. $1.00
169.N
ET
ASSET
VALUE,
offering
price
and
redemp
tion
price
per
share
($363,3
96,264
(divided by)
363,42
3,660
shares)

STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1995

171. 173. $ 15,436,952
172.INTE
REST
INCOME

174.EXP 175. 176.
ENSES

177.Man $ 1,916,452 178.
ageme
nt fee

179.Non 2,196 180.
- -interes
ted
trustee
s'
compe
nsation

181. 183. 1,918,648
182.T
OTAL
EXPEN
SES

184. 186. 13,518,304
185.N
ET
INTERES
T
INCOM
E

187. 189. (4,277)
188.NET
REALIZED
GAIN
(LOSS)
ON
INVESTM
ENTS

190. 192. $ 13,514,027
191.N
ET
INCREA
SE IN
NET
ASSETS
RESULTI
NG
FROM
OPERATI
ONS

STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED NOVEMBER 30,

1995 1994

193.INCR
EASE
(DECREAS
E) IN NET
ASSETS

194.Ope $ 13,518,304 $ 8,842,690
rations
Net
interest
income

195. Ne (4,277) (21,862)
t
realize
d gain
(loss)

196. Inc - (17)
rease
(decre
ase) in
net
unreali
zed
gain
from
accr
etion of
market
discou
nt

197. 13,514,027 8,820,811
198.
NET
INCRE
ASE
(DECR
EASE
) IN
NET
ASSE
TS
RESUL
TING
FROM
OPER
ATION
S

199.Dist (13,518,304) (8,842,690)
ribution
s to
shareh
olders
from
net
interest
income

200.Sha 629,995,039 587,117,506
re
transac
tions at
net
asset
value
of
$1.00
per
share
Procee
ds from
sales
of
shares

201. Rei 12,616,815 8,273,320
nvestm
ent of
distribu
tions
from
net
interest
income

202. Co (616,740,964) (564,580,189)
st of
shares
redeem
ed

203. 25,870,890 30,810,637
204.
NET
INCRE
ASE
(DECR
EASE
) IN
NET
ASSE
TS
AND
SHAR
ES
RESUL
TING
FROM
SHAR
E
TRANS
ACTIO
NS

205. 25,866,613 30,788,758
206.T
OTAL
INCREA
SE
(DECRE
ASE) IN
NET
ASSETS

207.NET 208. 209.
ASSETS

210. Be 337,529,651 306,740,893
ginning
of
period

211. En $ 363,396,264 $ 337,529,651
d of
period

FINANCIAL HIGHLIGHTS
YEARS ENDED NOVEMBER 30, AUGUST 24, 1992
(COMMENCEMENT
OF OPERATIONS) TO
NOVEMBER 30,

1995 1994 1993 1992

212.SEL
ECTED
PER-SH
ARE
DATA

213.Net $ 1.000 $ 1.000 $ 1.000 $ 1.000
asset
value,
beginni
ng of
period

214.Inco .035 .024 .025 .008
me
from
Invest
ment
Operati
ons
Net
interest
income

215.Les (.035) (.024) (.025) (.008)
s
Distrib
utions
From
net
interest
income

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

217.TOT 3.57% 2.47% 2.51% .78%
AL
RETURN
B

218.RATIOS AND
SUPPLEMENTAL DATA

219.Net $ 363,396 $ 337,530 $ 306,741 $ 49,467
assets,
end of
period
(000
omitted
)

220.Rati .50% .46% .18% 0.00%
o of C C C
expens
es to
averag
e
net
assets

221.Rati 3.52% 2.43% 2.48% 2.91%
o of net A
interest
income
to
averag
e net
assets

1. SIGNIFICANT ACCOUNTING POLICIES.
On December 14, 1995, the Board of Trustees gave approval to change the
names of Spartan Florida Municipal Income Portfolio and Spartan Florida
Municipal Money Market Portfolio to Spartan Florida Municipal Income Fund
and Spartan Florida Municipal Money Market Fund, respectively. Spartan
Florida Municipal Income Fund (the income fund) is a fund of Fidelity Court
Street Trust. Spartan Florida Municipal Money Market Fund (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 substantially 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, which may result in distribution
reclassifications, are primarily due to differing treatments for market
discount, capital loss carryforwards and losses deferred due to wash sales,
and futures and options.
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.
RESTRICTED SECURITIES. The funds are permitted to invest in securities that
are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from registration
or to the public if the securities are registered. Disposal of these
securities may involve time-consuming negotiations and expense, and prompt
sale at an acceptable price may be difficult. At the end of the period,
restricted securities (excluding 144A issues) amounted to $4,950,000 or
1.4% of net assets for the money market fund. The income fund had no
investments in restricted securities.
DELAYED DELIVERY TRANSACTIONS. Each fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. The
market value of the securities purchased or sold on a when-issued or
forward commitment basis are identified as such in the fund's schedule of
investments. Each fund may receive compensation for interest forgone in the
purchase of a delayed delivery security. Losses may arise due to changes in
the market value of the underlying securities or if the counterparty does
not perform under the contract.
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.
INCOME FUND. Purchases and sales of securities, other than short-term
securities, aggregated $241,479,864 and $228,173,637, respectively. The
market value of futures contracts opened and closed during the period
amounted to $50,198,222 and $58,695,441, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, 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
$3,515 and $5,202 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.
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
Fidelity Court Street Trust: Spartan Florida Municipal Income Portfolio and
Fidelity Court Street Trust II: Spartan Florida Municipal Money Market
Portfolio, including the schedules of portfolio investments, as of November
30, 1995 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 three 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 for each of the three years in the period 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, 1995 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, 1995, 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 three 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 for each of
the three years in the period 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.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
January 4, 1996
DISTRIBUTIONS

The Board of Trustees of Spartan Florida Municipal Income Fund voted to
pay on December 26, 1995 to shareholders of record at the opening of
business on December 22, 1995, a distribution of $.005 derived from capital
gains realized from sales of portfolio securities.
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
Janice S. Bradburn, Vice President -
MONEY MARKET FUND
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Thomas D. Maher, Assistant
Vice President - MONEY MARKET FUND
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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
UMB Bank, n.a.
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
UMB 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
FIDELITY

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

ANNUAL REPORT
NOVEMBER 30, 1995
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 15 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 19 Notes to the financial statements.

REPORT OF INDEPENDENT
ACCOUNTANTS 21 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,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
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:
Although the markets were fairly positive in 1995, no one can predict what
lies ahead for investors. The previous year, stocks posted below-average
returns and bonds had one of the worst years in history. This downturn
followed a period in which the investing environment was almost ideal.
These market ups and downs are a normal part of investing, and there are
some basic principles that can help investors in every type of market.
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 reimbursed certain fund expenses, the past 5 years and the
life of fund total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Fidelity New Jersey Tax-Free
Money Market Portfolio 3.33% 15.41% 34.75%

Average New Jersey Tax-Free
Money Market Fund 3.24% 16.06% n/a

Consumer Price Index 2.47% 14.80% 31.85%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set 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, the value of your investment would
be $1,050. To measure how the fund's performance stacked up against its
peers, you can compare it to the average New Jersey tax-free money market
fund, which reflects the performance of 11 New Jersey tax-free money market
funds with similar objectives tracked by IBC/Donoghue over the past six
months. Comparing the fund's performance to the consumer price index (CPI)
helps show how your investment did compared to inflation. (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, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Fidelity New Jersey Tax-Free
Money Market Portfolio 3.33% 2.91% 3.94%

Average New Jersey Tax-Free
Money Market Fund 3.24% 3.02% n/a

Consumer Price Index 2.47% 2.80% 3.67%

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>
11/28/94 2/27/95 5/29/95 8/28/95 11/27/95

Fidelity New Jersey 3.09% 3.44% 3.53% 3.18% 3.17%
Tax-Free Money Market
Portfolio

Average New Jersey 2.99% 3.35% 3.48% 3.06% 3.16%
Tax-Free Money Market
Fund

Fidelity New Jersey Tax-Fre 5.17% 5.75% 5.90% 5.32% 5.30%
e
Money Market Portfolio -
Tax-equivalent

</TABLE>
Row: 1, Col: 1, Value: 3.09
Row: 1, Col: 2, Value: 2.99
Row: 2, Col: 1, Value: 3.44
Row: 2, Col: 2, Value: 3.35
Row: 3, Col: 1, Value: 3.53
Row: 3, Col: 2, Value: 3.48
Row: 4, Col: 1, Value: 3.18
Row: 4, Col: 2, Value: 3.06
Row: 5, Col: 1, Value: 3.17
Row: 5, Col: 2, Value: 3.16
Fidelity New Jersey
Tax-Free Money
Market Portfolio
Average New Jersey
Tax-Free Money
Market Fund
4% -
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 1995 federal and state income tax rate of 40.21%.
Figures for the average New Jersey tax-free money market fund are from
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 Jeff Parker,
Portfolio Manager of Fidelity
New Jersey Tax-Free Money
Market Portfolio
Q. JEFF, HOW HAVE INVESTMENT CONDITIONS CHANGED DURING THE PAST YEAR?
A. A year ago, the economy was still expanding rapidly and the Federal
Reserve was doing its best to temper growth and stave off inflation. In
November 1994 and again in February 1995, the Fed raised the federal funds
rate, completing a string of seven rate increases dating back to February
1994. Then, early in 1995, signs began appearing that growth was slowing.
In response, the Fed eased in July, cutting the federal funds rate
one-quarter percentage point. Since then, the economy has been hard to
read, and the Fed has remained on the sidelines. The growth rate in the
gross domestic product (GDP) rebounded sharply during the third quarter of
1995 after an essentially flat second quarter. However, inflation has
remained quite low and there have been persistent, albeit irregular, signs
of weakness. By the end of the period, most market participants were
anticipating another rate cut by the Fed.
Q. HOW DID YOU COPE WITH CHANGING CONDITIONS?
A. When the period began, the fund's average maturity was 57 days. Scott
Orr, who managed the fund until I took over in June, lengthened
aggressively beginning late in 1994 and was able to lock in attractive
yields while short-term rates were declining. Entering the annual summer
borrowing season, the fund's average maturity was back down to 55 days.
That gave me the flexibility I needed to take advantage of abundant new
supplies and move the fund back out to 69 days by the end of June, in time
for the Fed ease. The fund has been in a holding pattern since then,
finishing the period at 70 days. I have added more variable rate demand
notes (VRDN) in recent months as increased supplies have made them more
attractive than fixed-rate securities. VRDNs totaled about 56% of the
fund's assets at the end of November, compared to 50% at the end of May.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on November 30, 1995, was 3.14%, compared to
3.09% a year ago. The latest yield was the equivalent of a 5.25% taxable
yield for New Jersey investors in the 40.21% combined state and federal tax
bracket. The fund had a total return for the year of 3.33%, which beat the
average total return of 3.24% for all New Jersey tax-free money market
funds, according to IBC/Donoghue.
Q. WHAT CAN WE EXPECT GOING FORWARD?
A. Despite relatively robust economic growth in the third quarter of 1995,
many market participants believe the Fed's next move will be to lower rates
again, possibly before year end. A key variable may be the budget debate in
Congress. A balanced budget agreement would necessitate steep cuts in
federal spending. The Fed, in turn, might seek to offset the impact of
those spending cuts with a rate cut. The chance that the Fed will cut rates
is that much greater given the lack of inflationary pressure and continuing
signs of weakness in the economy. For those reasons, at the end of the
period, a rate cut was looking more and more likely, although it was far
from certain. While my strategy has been to maintain flexibility by keeping
the fund's average maturity around 70 days, my bias as I look toward 1996
is to buy into the market as opportunities arise and perhaps take the fund
slightly longer.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER,
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: tax-free income &
stability by investing in
high-quality, short-term New
Jersey municipal money
market securities
START DATE: March 17, 1988
SIZE: as of November
30,1995, more than $434
million
MANAGER: Jeff Parker, since
June, 1995; also manager,
Fidelity Connecticut Municipal
Money Market, Fidelity
Michigan Municipal Money
Market, Spartan Connecticut
Municipal Money Market,and
Spartan New Jersey Municipal
Money Market since June
1995; joined Fidelity in 1991
(checkmark)

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
11/30/95 5/31/95 11/30/94

0 - 30 63 62 60

31 - 90 11 21 21

91 - 180 8 8 5

181 - 397 18 9 14

WEIGHTED AVERAGE MATURITY
11/30/95 5/31/95 11/30/94

Fidelity New Jersey
Tax-Free Money Market
Portfolio 70 days 56 days 62 days

Average New Jersey
Tax-Free Money
Market Fund* 60 days 48 days 54 days

ASSET ALLOCATION
AS OF NOVEMBER 30, 1995 AS OF MAY 31, 1995

Row: 1, Col: 1, Value: 56.0
Row: 1, Col: 2, Value: 12.0
Row: 1, Col: 3, Value: 2.0
Row: 1, Col: 4, Value: 30.0
Row: 1, Col: 5, Value: 2.0
Row: 1, Col: 1, Value: 50.0
Row: 1, Col: 2, Value: 17.0
Row: 1, Col: 3, Value: 2.0
Row: 1, Col: 4, Value: 31.0
Row: 1, Col: 5, Value: 2.0
Variable rate
demand notes
(VRDNs) 56%
Commercial
paper 12%
Tender bonds 1%
Municipal
notes 30%
Other 1%
Variable rate
demand notes
(VRDNs) 50%
Commercial
paper 17%
Tender bonds 1%
Municipal
notes 31%
Other 1%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS NOVEMBER 30, 1995

Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
IDAHO - 0.5%
Idaho Health Facs. Auth. Rev. (St. Lukes Regional Med. Ctr.)
3.85%, LOC Credit Suisse, VRDN $ 2,000,000 $ 2,000,000
NEW JERSEY - 80.4%
Allentown BAN 4.22% 5/21/96 800,000 800,249
Atlantic County Impt. Auth. Rev. (Pooled Gov't. Loan Prog.)
3.40%, LOC Marine Midland Bank, VRDN 2,900,000 2,900,000
Atlantic Highland BAN 3.90% 6/27/96 800,000 800,442
Belmar BAN 4.25% 5/15/96 433,200 434,264
Bernards Township Swr. Auth. Swr. Rev. Rfdg. Bonds,
Series 1985, 5.35%, tender 12/15/95
(BPA Marine Midland Bank) 2,500,000 2,500,000
Bloomfield Township BAN 3.81% 6/7/96 2,000,000 2,000,197
Brick Township Board of Ed. BAN 4.25% 8/1/96 1,800,000 1,806,392
Burlington County BAN:
5.50% 12/15/95 2,000,000 2,000,365
4% 11/27/96 2,900,000 2,909,659
Caldwell BAN 4.25% 6/7/96 1,573,350 1,577,636
Chatham Township BAN 4.31% 4/19/96 1,000,000 1,000,214
Clark Township BAN 3.85% 12/22/95 500,000 500,028
Clifton Board of Ed. BAN 4.25% 7/12/96 2,500,000 2,507,369
Cranbury Township BAN 4.50% 3/15/96 1,400,000 1,401,548
Cranford Township BAN 4.25% 3/22/96 500,000 500,813
Englewood BAN 3.78% 7/18/96 3,359,400 3,359,993
Fort Lee BAN 4.33% 5/3/96 1,500,000 1,500,178
Franklin Lakes Board of Ed. BAN 3.77% 2/22/96 1,700,000 1,700,261
Freehold Township BAN 3.95% 6/25/96 1,000,000 1,000,053
Gloucester County Poll. Cont. Fin. Auth. Rev. Rfdg.
(Mobil Oil Refining) Series 1993 A, 3.30%, VRDN 2,700,000 2,700,000
Hamilton Township Mercer County BAN 4.125% 11/27/96 3,900,000 3,917,677
Hightstown BAN 5.18% 12/7/95 500,000 500,006
Hillside BAN 4.13% 5/22/96 1,483,500 1,484,036
Ho-ho-kus Borough BAN 3.74% 12/5/96 500,000 500,525
Hudson County BAN 4.375% 10/10/96 9,500,000 9,526,192
Hudson County Impt. Auth. Rev. (Essential Purp. Pooled
Gov't. Loan Prog.) Series 1986, 3.55%,
LOC Hong Kong & Shanghai Banking Corp., VRDN 29,895,000 29,895,000
Margate BAN 4.25% 3/25/96 1,400,000 1,401,728
Mercer County Gen. Oblig. Rev. 5% 9/1/96 935,000 942,888
Mercer County Impt. Auth. Rev. (Pooled Gov't. Loan Prog.)
Series 1985, 3.30%, LOC Credit Suisse Bank, VRDN 200,000 200,000
Metuchen BAN 5% 12/19/95 1,000,000 1,000,285
Middlesex County BAN 3.625% 6/27/96 10,000,000 10,001,374
Mine Hill Township BAN 3.97% 8/2/96 500,000 500,128
Monmouth County Impt. Auth. Rev.:
9.25% 12/1/96 420,000 442,675
(Pooled Gov't. Loan Prog.) Series 1986, 3.40%,
LOC Union Bank of Switzerland, VRDN 15,050,000 15,050,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
Montclair Township BAN 4% 6/28/96 $ 700,000 $ 700,964
Montgomery Township BAN 4.32% 4/26/96 646,000 646,042
Montgomery Township Board of Ed. BAN 4.25% 2/1/96 2,490,000 2,491,443
Morris Township BAN 4.50% 5/17/96 3,600,000 3,606,347
Morristown BAN 4.25% 5/24/96 1,400,000 1,402,946
New Jersey Econ. Dev. Auth. Dock Facs. Rev. Rfdg.
(Bayonne Proj.), VRDN:
Series 1993 A, 3.70%, LOC Rabobank Nederland 300,000 300,000
Series 1993 B, 3.70%, LOC ABN-AMRO Bank 600,000 600,000
New Jersey Econ. Dev. Auth. Econ. Dev. Rev., VRDN:
Rfdg. (Church & Dwight Co.) Series 1991, 3.40%,
LOC Bank of Nova Scotia 3,300,000 3,300,000
Rfdg. (Eldorado Terminals Co. Proj.)
Series 1984 A, 3.80% 1,500,000 1,500,000
Rfdg. (RJB Associates 1983 Proj.) 3.80%, LOC PNC Bank 500,000 500,000
(500 International Drive Partners Proj.) Series 1995,
3.65%, LOC First Fidelity Bank 2,800,000 2,800,000
(1420 Chestnut Ave. Assoc.) Series 1989 FF, 3.70%,
LOC Barclays Bank (b) 1,250,000 1,250,000
(AVP Realty Holdings, Inc.) Series 1989 A, 3.70%,
LOC Barclays Bank, (b) 1,150,000 1,150,000
(Assoc. for Retarded Citizens) Series 1989 CC, 3.60%,
LOC Barclays Bank 1,150,000 1,150,000
(Bel Ray Co., Inc.) Series 1989 I, 3.70%,
LOC Barclays Bank (b) 50,000 50,000
(Catholic Community Services) Series 1995, 3.65%,
LOC First Fidelity Bank 1,250,000 1,250,000
(Center For Aging Applewood Proj.) 3.65%,
LOC Banque Paribas 2,100,000 2,100,000
(Composite Issue A-C & E-L) Series 1989 E, 3.60%,
LOC Barclays Bank 250,000 250,000
(Danic Urban Renewal Co. Proj.) Series 1985, 3.55%,
LOC Marine Midland Bank 900,000 900,000
(Guttenplan's Bakery) Series 1989 G, 3.70%,
LOC Barclays Bank (b) 650,000 650,000
(Hirsh Enterprises) Series 1989 II, 3.70%,
LOC Barclays Bank (b) 450,000 450,000
(J.W. Holding Group) Series 1989 GG, 3.70%,
LOC Barclays Bank (b) 600,000 600,000
(M&S Realty) Series 1988 N, 3.70%,
LOC Barclays Bank (b) 900,000 900,000
(PVC Container Corp.) Series 1987 D, 3.90%,
LOC Nat'l Westminster Bank (b) 1,285,000 1,285,000
(Philly Venture Fund) Series 1988 P, 3.60%,
LOC Barclays Bank 1,250,000 1,250,000
(Russ Berrie & Co. Inc.) 3.65%, LOC Bank of New York 5,200,000
5,200,000
New Jersey Econ. Dev. Auth. Econ. Growth Rev. Series F,
3.55%, LOC Nat'l. Westminster, VRDN 800,000 800,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
New Jersey Econ. Dev. Auth. First Mtg. Rev., VRDN:
(Fellowship Village Inc. Proj.) Series 1994 B, 3.65%,
LOC Banque Paribas $ 8,500,000 $ 8,500,000
(Franciscan Oaks Proj.) Series 1992 B, 3.55%,
LOC Bank of Scotland 8,000,000 8,000,000
New Jersey Econ. Dev. Auth. Ind. Dev. Auth. Rev.
(Marriott Corp.) Series 1984, 3.45%,
LOC Nat'l. Westminster Bank, VRDN 4,500,000 4,500,000
New Jersey Econ. Dev. Auth. Poll. Cont. Rev.
(Hoffman-La Roche Proj.) Series 1985, 3.65%,
LOC Wachovia Bank of North Carolina, VRDN 3,000,000 3,000,000
New Jersey Econ. Dev. Auth. Rev. Bonds (b):
(Chambers Cogeneration Proj.) Series 1991:
3.70%, tender 1/11/96, LOC Swiss Bank 5,000,000 5,000,000
3.70%, tender 1/26/96, LOC Swiss Bank 4,900,000 4,900,000
3.70%, tender 2/9/96, LOC Swiss Bank 6,700,000 6,700,000
3.70%, tender 2/27/96, LOC Swiss Bank 4,300,000 4,300,000
3.70%, tender 2/28/96, LOC Swiss Bank 5,000,000 5,000,000
(Keystone Proj.) Series 1992:
3.75%, tender 12/11/95,
LOC Union Bank of Switzerland 2,500,000 2,500,000
3.80%, tender 1/26/96,
LOC Union Bank of Switzerland 5,000,000 5,000,000
(Morris Hall/St. Lawrence, Inc.) Series 1993, 4.75%,
tender 12/1/95, LOC New Jersey Nat'l. Bank 3,100,000 3,100,000
New Jersey Edl. Facs. Auth. Rev. (Princeton Univ.)
Series 1995 C, 4.50% 7/1/96 745,000 747,726
New Jersey Gen. Oblig. Participating VRDN (c):
Series 1995-CB1, 3.92%
(Liquidity Facility Chemical Bank) 4,900,000 4,900,000 Series BT-104,
3.80%
(Liquidity Facility Bankers Trust Co.) 2,500,000 2,500,000
Series MGT-21, 3.65%
(Liquidity Facility Morgan Guaranty Trust Co.) 2,500,000 2,500,000
Series PA-6, 3.55% (BPA Merrill Lynch & Co.) 9,060,000 9,060,000
New Jersey Health Care Facs. Fing. Auth. Rev.
(Hospital Cap. Asset Fing. Prog.) Series 1985 B, 3.50%,
LOC Chemical Bank, VRDN 8,100,000 8,100,000
New Jersey Hsg. & Mtg. Fin. Agcy. Participating VRDN (c):
Series 1994 C-3003, 3.92% (MBIA Insured)
(Liquidity Facility Citibank) 6,800,000 6,800,000
Series 1994 C-3004, 3.77% (MBIA Insured)
(Liquidity Facility Citibank) 4,800,000 4,800,000
New Jersey Turnpike Auth. Turnpike Rev. Series 1991 D,
3.35% (FGIC Insured) LOC Societe Generale, VRDN 32,000,000 32,000,000
North Brunswick Township BAN 4.125% 8/30/96 4,500,000 4,505,303
Ocean County BAN 4% 6/28/96 6,000,000 6,009,113
Parsippany-Troy Hills BAN 4.625% 5/9/96 2,600,000 2,604,080
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
Passaic County BAN:
4.46% 4/5/96 $ 1,500,000 $ 1,500,294
5% 4/5/96 8,756,000 8,772,798
4% 6/27/96 7,500,000 7,512,102
4.125% 9/27/96 500,000 500,746
4.25% 9/27/96 2,400,000 2,406,630
Passaic County Util. Auth. BAN (Solid Waste Sys. Proj.)
Series 1995 C, 3.90% 10/4/96 (MBIA Insured) 5,000,000 4,999,958
Princeton BAN 3.58% 6/14/96 985,000 985,149
Randolph Township BAN 3.71% 6/21/96 2,000,000 1,999,565
Roselle Park BAN 4.25% 10/17/96 1,200,000 1,203,536
Saddle Brook BAN 5% 5/16/96 1,300,000 1,304,378
Salem County Ind. Poll. Cont. Fing. Auth. Poll. Cont. Rev.
Bonds (Philadelphia Elec. Co.) Series 1993 A, 3.80%,
tender 12/14/95, LOC Toronto Dominion Bank (b) 2,000,000 2,000,000
Sea Isle City BAN 3.99% 1/26/96 1,221,500 1,221,662
Somerset County Ind. Poll. Cont. Fing. Auth. Rev.
(Minnesota Mining & Manufacturing 3M) 3.75%, VRDN 600,000 600,000
South Brunswick TAN 5.25% 1/3/96 2,500,000 2,501,406
South Orange Maplewood Regional School Dist. BAN
3.85% 11/29/96 1,000,000 1,001,910
Sparta Township BAN 4% 6/14/96 850,000 851,844
Upper Freehold Regional School Dist. BAN 5.625% 2/1/96 1,490,000
1,491,139
Verona BAN 4% 5/22/96 2,289,000 2,292,133
Washington Township BAN 5.50% 12/15/95 4,023,000 4,023,448
Watchung BAN 4% 5/17/96 1,000,000 1,001,129
West Milford Township BAN 4% 1/26/96 1,772,400 1,772,793
West Orange:
BAN:
4% 3/12/96 802,000 802,542
4.75% 1/4/96 1,389,000 1,389,670
Gen. Oblig. Rev. 4% 12/1/96 400,000 401,056
Westwood BAN 4.25% 8/20/96 4,000,000 4,008,272
347,915,299
NEW YORK & NEW JERSEY - 12.0%
New York & New Jersey Port. Auth. Participating VRDN,
Series PA-67, 3.70%
(Liquidity Facility Merrill Lynch & Co.) (c) 2,000,000 2,000,000
New York & New Jersey Port Auth. Rev.:
Series 1991, 4.044%, VRDN (b) 8,800,000 8,800,000
Series 1992, 3.625%, VRDN 6,800,000 6,800,000
Series 1995, 3.625%, VRDN (b) 9,400,000 9,400,000
Series A, CP (b):
3.65% 12/1/95 1,600,000 1,600,000
3.70% 12/8/95 2,770,000 2,770,000
3.70% 12/15/95 3,360,000 3,360,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK & NEW JERSEY - CONTINUED
New York & New Jersey Versatile Structure Gen. Oblig.,
VRDN:
3.35% (BPA Morgan Guaranty Trust Co.) $ 9,700,000 $ 9,700,000
Series 3, 3.40%, LOC Morgan Guaranty Trust Co. 7,700,000 7,700,000
52,130,000
PUERTO RICO - 5.9%
Puerto Rico Commonwealth Participating VRDN (c):
Series 1995, 3.76% (MBIA Insured)
(Liquidity Facility Bankers Trust Co.) 4,900,000 4,900,000
Series BT-165, 3.76%
(Liquidity Facility Bankers Trust Co.) 5,712,000 5,712,000
Series PT-63, 3.55%
(Liquidity Facility Bayerische Hypotheken) 2,900,000 2,900,000
Puerto Rico Gov't Dev. Bank, CP:
3.75% 12/12/95 1,700,000 1,700,000
3.70% 1/23/96 5,500,000 5,500,000
Puerto Rico Pub. Bldg. Auth. Participating VRDN,
Series PA-106, 3.55% (AMBAC Insured)
(Liquidity Facility Merrill Lynch & Co.) (c) 3,700,000 3,700,000
Univ. of Puerto Rico Participating VRDN
Series PA 109, 3.55% (MBIA Insured)
(Liquidity Facility Merrill Lynch & Co.) (c) 1,200,000 1,200,000
25,612,000
TEXAS - 1.0%
Brazos River Auth. Poll. Cont. Rev. Rfdg. (Texas Util. Elec. Co.)
Series 1995 C, 3.80%, LOC Swiss Bank, VRDN (b) 2,000,000 2,000,000
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev.
(Amoco Oil Co.) 3.80%, VRDN (b) 2,300,000 2,300,000
4,300,000
VIRGINIA - 0.2%
Richmond Ind. Dev. Auth. Rev. (Cogentrix Inc. Proj.)
Series 1990 A, 4.10%, LOC Banque Paribas, VRDN (b) 700,000 700,000
TOTAL INVESTMENTS - 100% $ 432,657,299
Total Cost for Income Tax Purposes $ 432,656,953

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, 1995, the fund had a capital loss carryforward of
approximately $29,000, of which $9,000 and $20,000 will expire on November
30, 2001 and 2003, respectively.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1995

1.ASSETS 2. 3.

4.Investment in securities, at value - See accompanying 5. $ 432,657,299
schedule

6.Cash 7. 174,173

8.Interest receivable 9. 4,069,084

10. 11.TOTAL ASSETS 12. 436,900,556

13.LIABILITIES 14. 15.

16.Payable for investments purchased $ 1,903,776 17.

18.Distributions payable 28,786 19.

20.Accrued management fee 143,454 21.

22.Other payables and accrued expenses 115,695 23.

24. 25.TOTAL LIABILITIES 26. 2,191,711

27.28.NET ASSETS 29. $ 434,708,845

30.Net Assets consist of: 31. 32.

33.Paid in capital 34. $ 434,737,882

35.Accumulated net realized gain (loss) on investments 36. (29,390)

37.Unrealized gain from accretion of market discount 38. 353

39.40.NET ASSETS, for 434,737,882 shares outstanding 41. $ 434,708,845

42.43.NET ASSET VALUE, offering price and redemption 44. $1.00
price per share ($434,708,845 (divided by) 434,737,882 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1995

45.46.INTEREST INCOME 47. $ 16,607,130

48.EXPENSES 49. 50.

51.Management fee $ 1,712,699 52.

53.Transfer agent, accounting and custodian fees 894,653 54.
and expenses

55.Non-interested trustees' compensation 2,893 56.

57.Registration fees 1,228 58.

59.Audit 23,200 60.

61.Legal 9,627 62.

63.Miscellaneous 4,495 64.

65. 66.TOTAL EXPENSES 67. 2,648,795

68.69.NET INTEREST INCOME 70. 13,958,335

71.REALIZED AND UNREALIZED GAIN (LOSS) 73. (20,623)
72.Net realized gain (loss) on investment securities

74.Increase (decrease) in net unrealized gain from 75. 353
accretion of market discount

76.77.NET GAIN (LOSS) 78. (20,270)

79.80.NET INCREASE IN NET ASSETS RESULTING FROM 81. $ 13,938,065
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

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

1995 1994

82.INCREASE (DECREASE) IN NET ASSETS

83.Operations $ 13,958,335 $ 8,534,291
Net interest income

84. Net realized gain (loss) (20,623) 7,322

85. Increase (decrease) in net unrealized gain from 353 (408)
accretion of market discount

86. 87.NET INCREASE (DECREASE) IN NET ASSETS 13,938,065 8,541,205
RESULTING FROM OPERATIONS

88.Distributions to shareholders from net interest (13,958,335) (8,534,291)
income

89.Share transactions at net asset value of $1.00 per 1,061,922,377 834,725,683
share
Proceeds from sales of shares

90. Reinvestment of distributions from net interest 13,552,281 8,243,661
income

91. Cost of shares redeemed (1,040,293,968) (803,015,157)

92.93. 35,180,690 39,954,187
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES
RESULTING FROM SHARE TRANSACTIONS

94. 95.TOTAL INCREASE (DECREASE) IN NET ASSETS 35,160,420 39,961,101

96.NET ASSETS 97. 98.

99. Beginning of period 399,548,425 359,587,324

100. End of period $ 434,708,845 $ 399,548,425

</TABLE>

FINANCIAL HIGHLIGHTS

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

1995 1994 1993 1992 1991

101.SELECTED PER-SHARE
DATA

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

103.Income from .033 .022 .019 .028 .042
Investment Operations
Net interest income

104.Less Distributions (.033) (.022) (.019) (.028) (.042)
From net interest
income

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

106.TOTAL RETURN 3.33 2.19 1.94 2.81 4.29
% % % % %

107.RATIOS AND SUPPLEMENTAL DATA

108.Net assets, end of $ 434,709 $ 399,548 $ 359,587 $ 359,093 $ 368,333
period (000 omitted)

109.Ratio of expenses to .62 .62 .63 .64 .65
average net assets % % % % %

110.Ratio of net interest 3.28 2.17 1.92 2.78 4.23
income to average % % % % %
net assets

</TABLE>

NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1995

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 substantially 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 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 .1200% to
.3700% for the period. In the event that these rates were lower than the
contractual rates in effect during the period, 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 .40% 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 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.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
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 $86,340 for the
period.
TRANSFER AGENT AND ACCOUNTING FEES. UMB Bank, n.a. (UMB) is the custodian
and transfer and shareholder servicing agent for the fund. UMB 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. During the period
December 1, 1994 to December 31, 1994, the fund paid fees based on the
type, size, number of accounts and the number of transactions made by
shareholders. Effective January 1, 1995, the Board of Trustees approved a
revised transfer agent contract pursuant to which the fund pays account
fees and asset-based fees that vary according to account size and type of
account. 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
$781,941 and $87,056, 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 $58,455.
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 fund investments, as of November 30,
1995, 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 30,1995 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, 1995, 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.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
December 26, 1995
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
6300 Canoga Avenue
Woodland Hills, 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
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
29155 Northwestern Hwy.
Southfield, MI
MINNESOTA
7600 France Avenue South
Edina, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
56 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
1271 Avenue of the
Americas
New York, NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
4611 Sharon Road
Charlotte, NC
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
1903 East Ninth Street
Cleveland, 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
2701 Drexel Drive
Houston, TX
1010 Lamar Street
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
511 Pine Street
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
595 North Barker Road
Brookfield, 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
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Thomas D. Maher, Assistant
Vice President
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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
UMB Bank, n.a
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
UMB 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
SPARTAN(registered trademark)

(registered trademark)
CONNECTICUT
MUNICIPAL
FUNDS

ANNUAL REPORT
NOVEMBER 30, 1995
CONTENTS

CHECK PAGE NUMBERS !!!

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PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

SPARTAN CONNECTICUT MUNICIPAL INCOME FUND
(FORMERLY 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 FUND
(FORMERLY 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>

DEAR SHAREHOLDER:
Although the markets were fairly positive in 1995, no one can predict what
lies ahead for investors. The previous year, stocks posted below-average
returns and bonds had one of the worst years in history. This downturn
followed a period in which the investing environment was generally very
positive.
These market ups and downs are a normal part of investing, and there are
some basic principles that are helpful for investors to remember in
different types of markets.
Keeping in mind that the effects of interest rate changes on your bond
investments will only be "paper" gains or losses unless you sell your
shares, staying in your bond fund may be appropriate if your investment
horizon is at least a year or more. 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. Of course, there is no assurance that a money market fund will
achieve its goal, and it is important to remember that money market funds
are not insured or guaranteed 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. 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 CONNECTICUT MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CONNECTICUT MUNICIPAL HIGH YIELD 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
securities that have grown in value), and the effect of the $5 account
closeout fee on an average sized account. You can also look at the fund's
income to measure performance. If Fidelity had not reimbursed certain fund
expenses, the past five years and life of fund total returns would have
been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan Connecticut Municipal
Income Fund 19.40% 46.74% 93.64%

Lehman Brothers Municipal Bond Index 18.90% 51.82% n/a

Average Connecticut Tax-exempt
Municipal Bond Fund 18.66% 46.67% n/a

Consumer Price Index 2.47% 14.80% 33.22%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set 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, the value of your investment would
be $1,050. You can compare the fund's returns to the performance of the
Lehman Brothers Municipal Bond index - a broad gauge of the municipal bond
market. To measure how the fund's performance stacked up against its peers,
you can compare it to the average Connecticut tax-exempt municipal bond
fund, which reflects the performance of 23 Connecticut municipal bond funds
with similar objectives tracked by Lipper Analytical Services over the past
year. 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 CPI returns begin
on the month end closest to the fund's start date.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan Connecticut Municipal
Income Fund 19.40% 7.97% 8.50%

Lehman Brothers Municipal Bond Index 18.90% 8.71% n/a

Average Connecticut Tax-exempt
Municipal Bond Fund 18.66% 7.96% n/a

Consumer Price Index 2.47% 2.80% 3.61%

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 CT Municipal Income
Lehman Bros. Muni. Bond
$20,605
$19,432
$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Spartan
Connecticut Municipal Income Fund on October 31, 1987, shortly after the
fund started. As the chart shows, by November 30, 1995, the value of your
investment would have grown to $19,432 - a 94.32% increase on your initial
investment. This assumes you still own the fund on November 30, 1995, 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 $20,605 - a 106.05% increase.

YEARS ENDED NOVEMBER 30,

1995 1994 1993 1992 1991

Dividend return 6.62% 5.27% 6.29% 6.59% 6.65%

Capital appreciation
returns 12.78% -12.89% 5.52% 3.12% 1.77%

Total return 19.40% -7.62% 11.81% 9.71% 8.42%

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>
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<S> <C> <C> <C>
PERIODS ENDED NOVEMBER 30, 1995 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 4.74(cents) 29.96(cents) 61.70(cents)

Annualized dividend rate 5.19% 5.45% 5.73%

30-day annualized yield 4.83% - -

30-day annualized tax-equivalent yield 7.90% - -

</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 $11.12 over
the past month, $10.97 over the past six months and $10.77 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% 1995 combined federal and state tax bracket but does not
reflect payment of the alternative minimum tax if applicable.
SPARTAN CONNECTICUT MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CONNECTICUT MUNICIPAL HIGH YIELD PORTFOLIO)

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
In sharp contrast to much of
1994, the municipal bond market
posted strong returns for the 12
months ended November 30,
1995. For the period, the
Lehman Brothers Municipal
Bond Index - a broad measure
of the tax-free market - had a
total return of 18.90%. By
comparison, the Lehman
Brothers Aggregate Bond
Index - a proxy for
investment-grade taxable
bonds - had a total return of
17.64%. While the bankruptcy
of Orange County, California, in
December 1994 caused some
concern among investors,
tax-free bonds managed to
surge ahead of their taxable
counterparts in the first quarter of
1995 on signs of a slowing
economy and tamer inflation
expectations. By spring,
however, the muni bond market
began to underperform U.S.
Treasury securities when
Congress began consideration
of tax-code changes, some of
which threatened the
tax-exempt status of municipal
securities. This threat of tax
reform dampened enthusiasm in
the municipal bond market,
stalling the rally and helping
shorter maturity bonds to
outperform their longer
counterparts throughout the
spring and summer months. By
early fall, historically attractive
valuations relative to
Treasuries, weakening new
issuance, and stronger demand
from insurance companies and
retail buyers helped tax-free
bonds rebound.
An interview with Maureen Newman, Portfolio Manager of Spartan
Connecticut Municipal Income Fund
Q. HOW DID THE FUND PERFORM, MAUREEN?
A. Pretty well. For the 12-month period ended November 30, 1995, the fund
had a total return of 19.40%. For the same period, the average Connecticut
municipal fund, as tracked by Lipper Analytical Services, returned 18.66%.
Q. MUNICIPAL BONDS, LIKE OTHER TYPES OF BONDS, HAVE PERFORMED WELL THIS
YEAR COMPARED TO 1994. WAS THE FUND ABLE TO BENEFIT FROM THE COMEBACK IN
MUNIS?
A. To some extent, yes. The municipal bond market had a very strong first
quarter of 1995 despite problems such as the bankruptcy of Orange County,
California, in December of 1994. On the other hand, in the spring, the
market underperformed taxable bonds as the various tax reform proposals in
Washington - including the flat tax - posed a threat to the value of the
tax-exemption for municipal bonds. This slowed the flow of cash into
municipal bond mutual funds - a major player in the $1.2 trillion municipal
bond market. Now, munis seem to be moving back up again, helped in part by
an almost 12% decrease in issuance from 1994 levels. Also, in the third
quarter of 1995, we saw a lot of interest from large institutional
investors such as insurance companies because of attractive yields relative
to taxable bonds.
Q. DID THE TAX-REFORM DEBATE IN WASHINGTON AFFECT THE WAY YOU DISTRIBUTED
THE FUND'S ASSETS AMONG BONDS WITH VARIOUS MATURITIES?
A. During the spring, the threat of a flat tax caused the yield curve (the
graphical representation of the yields of various bond maturities) to
steepen. In other words, investors, fearing major tax-reform was on the
horizon, sought the relative safety of shorter maturity bonds. Because bond
prices move in the opposite direction of their yields, investors' buying of
short-term securities caused yields on short bonds to fall more than yields
on long bonds which, in turn, created a steep yield curve. We took
advantage of this by buying some bonds further out on the yield curve.
Q. DID THIS STRATEGY PAY OFF?
A. Yes, it did. First, when the yield curve steepens, it "pays" to extend
the fund's holdings to longer maturities. This means that on a risk/reward
basis, I am being compensated in yield for the extra risk of longer
maturity bonds. Secondly, in the last three months as tax-reform talk has
faded somewhat, the longer end of the curve has flattened tremendously,
resulting in more price appreciation for these bonds. We are now selling
these longer maturity bonds in order to move down the yield curve.
Q. SIX MONTHS AGO, YOU DISCUSSED HOW THE FUND'S 7.9% STAKE IN PUERTO RICO
BONDS HELPED THE FUND. HAS THERE BEEN ANY CHANGE IN THE PUERTO RICO BOND
POSITION?
A. Yes, I have reduced it. First, however, let me give some background on
part of my strategy this past year. About a year ago, I anticipated
potential problems arising from Connecticut's biennial budget process. I
knew this could cause the state's general obligation bonds to underperform.
Therefore, I purchased Puerto Rico bonds - which are tax-exempt in
Connecticut - and, at the time, represented good value. Over the next
couple of months, the Connecticut general obligation bonds underperformed
the market and the Puerto Rico bonds did well. Subsequently, I sold many of
the Puerto Rico bonds as they reached full value and, in turn, I bought
Connecticut bonds.
Q. HAS THE FUND'S POSITION IN HEALTH-CARE BONDS HELPED OR HURT THE FUND?
A. Our exposure to tax-exempt hospital bonds hurt the fund during the year
due to a couple of factors. First, the Medicare and Medicaid reductions
being considered in the current budget proposals in Washington have caused
a lot of uncertainty in the health care industry. Secondly, hospital bonds
historically tend to lag the municipal bond market when bond prices are
going up. On the other hand, the fund's investment in nursing home bonds
paid off nicely. I was able to sell them at very high prices, thus locking
in the strong performance these bonds have had this year.
Q. WHAT'S YOUR OUTLOOK FOR THE GENERAL MUNICIPAL BOND MARKET?
A. I expect tax-reform discussions to cause further volatility in the
market as we head into the presidential election year. I also expect the
supply of municipal bonds to continue to be light. With the budget
situation in Washington still a question mark and yields at historically
low levels, I don't think investors can expect the same price appreciation
municipal bonds enjoyed in 1995.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER,
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: to provide high current
tax-free income for
Connecticut residents
START DATE: October 29, 1987
SIZE: as of November 30,
1995, more than $358 million
MANAGER: Maureen Newman,
since 1994; manager, Spartan
Florida Municipal Income
Fund, Spartan New Jersey
Municipal Income Fund, since
October 1995; manager,
Fidelity Michigan Tax-Free
High Yield Portfolio, since
1994, Fidelity Aggressive
Municipal Fund and Spartan
Arizona Municipal Income
Portfolio, 1994 to 1995; bond
analyst, 1985 to 1994; joined
Fidelity in 1985
(checkmark)

MAUREEN NEWMAN ON
THE CONNECTICUT ECONOMY:
"Let me first say that despite
Connecticut's problems over
the past few years, the state
still has the highest per capita
income in the country.
Additionally, the southwestern
part of the state continues to
enjoy the positive spillover
effects of its proximity to New
York City. That said, I
continue to have some
concerns about the state's
economy. In the short-term,
Bridgeport's already
depressed economy was hurt
by the defeat of a bill that
would have established a
casino in that city.
Additionally, the state's
economy continues to endure
the brunt of consolidation in
the insurance and defense
industries. For example, the
Travelers Group's recently
proposed acquisition of
Aetna's property and casualty
unit threatens to cut 1,500
jobs in Hartford. Job growth
through economic
development still does not
appear to be on the horizon.
"Due to this economic
uncertainty, I am focusing on
high-quality bonds with
dedicated revenue streams.
Therefore, the portfolio is
underweighted in Connecticut
general obligation bonds
relative to the overall
Connecticut bond market as
represented by the Lehman
Brothers Connecticut Index."
SPARTAN CONNECTICUT MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CONNECTICUT MUNICIPAL HIGH YIELD PORTFOLIO)

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF NOVEMBER 30, 1995
% OF FUND'S % OF FUND'S INVESTMENT
INVESTMENTS S
IN THESE SECTORS
6 MONTHS AGO

General Obligation 28.1 23.5

Health Care 15.0 26.4

Education 11.3 7.6

Special Tax 10.5 11.0

Housing 8.5 4.5

AVERAGE YEARS TO MATURITY AS OF NOVEMBER 30, 1995
6 MONTHS AGO

Years 15.9 17.8

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, 1995
6 MONTHS AGO

Years 7.3 8.0

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
CAN ALSO INFLUENCE A BOND FUND'S PERFORMANCE AND SHARE PRICE. ACCORDINGLY,
A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THE ABOVE EXAMPLE.
QUALITY DIVERSIFICATION (MOODY'S RATINGS)
AS OF NOVEMBER 30, 1995 AS OF MAY 31, 1995
Aaa 33.7%
Aa, A 44.6%
Baa 14.2%
Ba, B 2.2%
Non-rated 0.9%
Short-term
investments 4.4%
Aaa 19.7%
Aa, A 39.6%
Baa 24.1%
Ba, B 2.3%
Non-rated 9.7%
Short-term
investments 4.6%
Row: 1, Col: 1, Value: 33.7
Row: 1, Col: 2, Value: 44.6
Row: 1, Col: 3, Value: 14.2
Row: 1, Col: 4, Value: 3.2
Row: 1, Col: 5, Value: 1.9
Row: 1, Col: 6, Value: 4.4
Row: 1, Col: 1, Value: 19.7
Row: 1, Col: 2, Value: 39.6
Row: 1, Col: 3, Value: 24.1
Row: 1, Col: 4, Value: 2.3
Row: 1, Col: 5, Value: 9.699999999999999
Row: 1, Col: 6, Value: 4.6
SHOWN AS A PERCENTAGE OF THE FUND'S INVESTMENTS. WHERE MOODY'S RATINGS ARE
NOT AVAILABLE, WE HAVE USED S&P RATINGS. UNRATED DEBT SECURITIES THAT ARE
EQUIVALENT TO BA AND BELOW ACCOUNT FOR 0.9% AND 9.7% OF THE FUND'S
INVESTMENTS AT NOVEMBER 30, 1995 AND MAY 31, 1995, RESPECTIVELY.
SPARTAN CONNECTICUT MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CONNECTICUT MUNICIPAL HIGH YIELD PORTFOLIO)

INVESTMENTS NOVEMBER 30, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 95.6%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED)(C) AMOUNT (NOTE 1)
CONNECTICUT - 89.2%
Branford Gen. Oblig. Unltd. Tax:
7% 6/15/08 (FGIC Insured) Aaa $ 500,000 $ 591,875
7% 6/15/09 (FGIC Insured) Aaa 500,000 591,875
Bridgeport Gen. Oblig.:
Series A:
5.40% 9/1/08 (AMBAC Insured) Aaa 550,000 554,125
5.50% 9/1/09 (AMBAC Insured) Aaa 550,000 554,125
5.60% 9/1/10 (AMBAC Insured) Aaa 550,000 556,188
5.70% 9/1/11 (AMBAC Insured) Aaa 550,000 556,188
Series B, 7.75% 11/15/10 Ba1 3,235,000 3,534,238
8.75% 8/15/05 (FGIC Insured) Aaa 570,000 737,438
Bridgeport Gen. Oblig. Unltd. Tax Series A:
7.20% 3/1/98 Ba1 930,000 971,850
7.40% 3/1/00 Ba1 1,080,000 1,163,700
7.25% 6/1/02 Ba1 565,000 607,375
7.625% 1/15/09 Ba1 1,500,000 1,605,000
Brookfield Gen. Oblig.:
5.25% 7/15/10 Aa 200,000 201,750
5.25% 7/15/11 Aa 200,000 200,000
5.25% 7/15/12 Aa 200,000 198,500
5.25% 7/15/13 Aa 190,000 188,575
Canterbury Gen. Oblig. Unltd. Tax:
7.20% 5/1/05 A 350,000 405,125
7.20% 5/1/06 A 195,000 226,444
Cheshire Gen. Oblig. Unltd. Tax:
6.90% 2/15/06 Aa 100,000 118,250
6.90% 2/15/07 Aa 100,000 118,625
6.90% 2/15/08 Aa 100,000 119,000
Connecticut Clean Wtr. Fund Rev.:
Series 1991, 7% 1/1/11 Aa 2,500,000 2,787,500
6.80% 7/1/05 Aa 1,000,000 1,108,750
5.875% 4/1/08 Aa 1,000,000 1,080,000
6% 10/1/12 (d) Aa 6,000,000 6,532,500
Connecticut Dev. Auth. Health Care Rfdg.
(Duncaster, Inc. Proj.) 6.75% 9/1/15 Aa3 3,000,000 3,210,000
Connecticut Dev. Auth. Poll. Cont. Rev.:
(New England Pwr. Co. Proj.)
7.25% 10/15/15 A1 3,000,000 3,258,750
(United Illuminating Co. Proj.) 9.50% 6/1/16 BBB- 2,625,000 2,753,441
Connecticut Dev. Auth. Rev. (Hartford Civic Ctr.)
Series A:
6% 11/15/07 A1 1,525,000 1,662,250
6% 11/15/08 A1 1,525,000 1,652,719
6% 11/15/08 A1 1,525,000 1,658,438
4.75% 11/15/13 A1 1,525,000 1,391,563
Connecticut Dev. Auth. Wtr. Facs. Rev. Rfdg.
(Bridgeport Hydraulic Co. Proj.)
7.25% 6/1/20 A+ 1,000,000 1,101,250
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED)(C) AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Connecticut Gen. Oblig.:
Rfdg. Series B, 5.30% 3/15/07 Aa $ 1,500,000 $ 1,543,125
(Cap. Appreciation College Savings Plan):
Series A, 0% 12/1/07 Aa 4,000,000 2,195,000
Series B:
0% 11/1/06 Aa 2,800,000 1,638,000
Unltd. Tax:
0%, 12/15/10 Aa 2,428,000 1,101,705
0% 11/1/09 Aa 7,390,000 3,584,150
(College Savings Plan):
Series 1991 A, 0% 5/15/10 Aa 1,025,000 480,469
Series A:
0% 5/15/07 Aa 2,250,000 1,268,438
0% 5/15/10 Aa 7,980,000 3,740,625
0% 11/15/10 Aa 4,460,000 2,034,875
0% 5/15/11 Aa 3,350,000 1,478,188
Series A:
6.10% 3/15/02 Aa 3,000,000 3,262,500
7% 3/15/03 Aa 5,000,000 5,743,750
Series B:
6% 10/1/05 Aa 5,000,000 5,481,250
5.50% 10/1/20 Aa 1,525,000 1,595,531
5% 6/15/98 Aa 1,000,000 1,020,000
5% 12/15/98 Aa 4,000,000 4,090,000
Connecticut Health & Edl. Facs. Auth. Rev.:
Rfdg. (Lawrence & Memorial Hosp.) Series D,
5% 7/1/13 (MBIA Insured) Aaa 2,000,000 1,882,500
Rfdg. (Quinnipiac College) Series D:
6% 7/1/13 BBB- 3,750,000 3,600,000
6% 7/1/23 BBB- 3,975,000 3,731,531
(Bristol Hosp.) Issue A:
7% 7/1/09 (MBIA Insured) Aaa 1,750,000 1,942,500
7% 7/1/20 (MBIA Insured) Aaa 4,180,000 4,660,700
(Connecticut College) Issue B, 6.625%
7/1/11 (MBIA Insured) Aaa 1,200,000 1,297,500
(Kent School) Series B:
3.70% 7/1/96 (MBIA Insured) Aaa 200,000 200,028
3.90% 7/1/97 (MBIA Insured) Aaa 250,000 250,000
4% 7/1/98 (MBIA Insured) Aaa 200,000 199,750
4.125% 7/1/99 (MBIA Insured) Aaa 325,000 324,594
4.30% 7/1/00 (MBIA Insured) Aaa 300,000 299,625
4.40% 7/1/01 (MBIA Insured) Aaa 250,000 249,688
4.50% 7/1/02 (MBIA Insured) Aaa 305,000 304,619
4.60% 7/1/03 (MBIA Insured) Aaa 150,000 149,813
4.70% 7/1/04 (MBIA Insured) Aaa 500,000 500,000
4.875% 7/1/05 (MBIA Insured) Aaa 400,000 402,000
5% 7/1/06 (MBIA Insured) Aaa 500,000 503,750
5.10% 7/1/07 (MBIA Insured) Aaa 265,000 266,325
5.25% 7/1/08 (MBIA Insured) Aaa 305,000 307,669
5.375% 7/1/09 (MBIA Insured) Aaa 845,000 854,506
5.40% 7/1/10 (MBIA Insured) Aaa 865,000 868,244
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED)(C) AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Connecticut Health & Edl. Facs. Auth. Rev. - continued
(Kent School) Series B - continued
5.50% 7/1/15 (MBIA Insured) Aaa $ 4,575,000 $ 4,580,719
5.40% 7/1/23 (MBIA Insured) Aaa 3,000,000 2,925,000
(Lutheran Gen. Health Care Sys.)
7.375% 7/1/19 Aaa 3,195,000 3,977,775
(New Britain Mem. Hosp.) Series A, 7.75%
7/1/22 BBB- 16,900,000 18,188,625
(Quinnipiac College) Series C, 7.75% 7/1/20
(Pre-Refunded to 7/1/00 @102)(e) BBB- 1,000,000 1,158,750
(Sacred Heart Univ.) Series A, 6.85% 7/1/22,
LOC Fleet Nat'l. Bank A 1,000,000 1,047,500
(Sharon Healthcare, Inc.) Series A:
8.75% 7/1/06
(Pre-Refunded to 7/1/01 @103)(e) AAA 450,000 555,750
9% 7/1/13
(Pre-Refunded to 7/1/01 @103)(e) AAA 1,300,000 1,621,750
9.20% 7/1/21
(Pre-Refunded to 7/1/01 @103)(e) AAA 1,500,000 1,884,375
(St. Francis Hosp. & Medical Ctr.) Series C,
5% 7/1/23 (FGIC Insured) Aaa 1,000,000 925,000
(St. Mary's Hosp.) Issue B:
7.60% 7/1/03 Baa 900,000 960,750
7.80% 7/1/09 (AMBAC Insured) Baa 4,525,000 4,756,906
(St. Raphael Hosp.) Series H:
6.50% 7/1/11 (AMBAC Insured) Aaa 2,780,000 3,169,200
6.50% 7/1/13 (AMBAC Insured) Aaa 3,125,000 3,609,375
5.25% 7/1/14 (AMBAC Insured) Aaa 4,400,000 4,290,000
(The Griffin Hosp.) Series A, 6% 7/1/13 Baa1 850,000 819,188
(Yale Univ.) 5.929% 6/10/30 Aaa 14,000,000 14,332,500
(Yale-New Haven Hosp.) Series F, 7.10%
7/1/25 (MBIA Insured) Aaa 5,000,000 5,581,250
Connecticut Higher Ed. Supplemental Loan
Auth. Rev.:
Series A:
7.375% 11/15/05 (b) A1 535,000 568,438
7.50% 11/15/10 (b) A1 1,855,000 1,977,894
(Family Ed. Loan Prog.) Series A, 7.20%
11/15/10 (b) A 910,000 978,250
Connecticut Hsg. Fin Auth.:
Series E, Subseries E-1, 6.30% 5/15/17 Aa 1,950,000 2,003,625
(Hsg. Mtg. Fin. Prog.):
Series A, Subseries A-2, 6.45% 5/15/22 Aa 5,500,000 5,671,875
Series B:
Sub-Series B1:
7.55% 11/15/08 Aa 510,000 552,075
6.125% 5/15/18 Aa 4,650,000 4,748,813
6.20% 5/15/12 Aa 3,000,000 3,082,500
Series C, 7.625% 11/15/17 Aa 530,000 544,575
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED)(C) AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Connecticut Hsg. Fin Auth. - continued
(Hsg. Mtg. Fin. Prog.) - continued
Series E - continued
6.20% 5/15/14 Aa $ 1,000,000 $ 1,027,500
8.75% 11/15/18 Aa 4,455,000 4,656,678
Series F, Subseries F-1, 6% 5/15/17 Aa 1,500,000 1,518,750
6.05% 5/15/17 Aa 3,600,000 3,654,000
5.45% 11/15/08 Aa 1,635,000 1,643,175
Connecticut Muni. Elec. Energy Coop. Pwr.
Supply Sys. Rev. Series A, 5% 1/1/18,
(MBIA Insured) Aaa 5,555,000 5,263,363
Connecticut Resource Recovery Rev.:
(American Refuse Fuel Co.)
8.10% 11/15/15 (b) A2 4,500,000 5,006,250
5.25% 11/15/08 (MBIA Insured)(f) Aaa 8,000,000 7,770,000
5.375% 11/15/10 (MBIA Insured)(f) Aaa 1,000,000 962,500
Connecticut Spl. Tax Oblig. Rev.:
Rfdg. (Trans. Infrastructure):
Series 1993 A, 5.375% 9/1/08 A1 6,705,000 6,881,006
Series A, 5.25% 9/1/07 A1 2,165,000 2,213,713
(Trans. Infrastructure ):
Series A:
6.50% 6/1/03 A1 2,800,000 3,125,500
7.125% 6/1/10 A1 3,550,000 4,242,250
Series B:
0% 6/1/08 A1 3,500,000 1,833,125
6.15% 9/1/09 A1 1,500,000 1,648,125
6.50% 10/1/10 A1 3,250,000 3,684,688
6.50% 10/1/12 A1 3,500,000 3,968,125
6.125% 9/1/12 A1 5,000,000 5,456,250
Eastern Connecticut Resource Recovery Auth.
Solid Waste Rev.
(Wheelabrator Lisbon Proj.) Series A :
5.50% 1/1/15 (b) A 8,000,000 7,530,000
5.50% 1/1/20 (b) A 3,000,000 2,782,500
5% 1/1/04 (b) A 1,000,000 977,500
Franklin Gen. Oblig. Unltd. Tax:
7.30% 3/15/04 A 225,000 256,781
7.30% 3/15/05 A 225,000 259,313
7.30% 3/15/06 A 225,000 262,125
Hartford County Metropolitan Dist. Gen. Oblig.
6.20% 11/15/09 Aa1 250,000 277,813
Hartford County Metropolitan Dist. Gen. Oblig.
School Boards Unltd. Tax 9.50% 6/1/03 Aa1 100,000 130,125
Manchester Redev. Agcy. Multi-Family Hsg.
Dev. Rfdg. (Bennet Hsg. Dev.)
7.20% 12/1/18 - 1,545,000 1,589,419
Meriden Gen. Oblig. Unltd. Tax
7% 10/1/07(MBIA Insured) Aaa 500,000 593,125
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED)(C) AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Milford Gen. Oblig.:
5.20% 1/15/11 Aa $ 550,000 $ 545,188
5.20% 1/15/13 Aa 500,000 491,875
Unltd. Tax:
6.70% 2/1/05 Aa 400,000 462,500
6.70% 2/1/08 Aa 315,000 367,369
Monteville Gen. Oblig.:
7% 3/15/13 Aa 220,000 265,100
7% 3/15/14 Aa 220,000 266,750
7% 3/15/15 Aa 210,000 255,938
Unltd. Tax 6.30% 3/1/10 Aa 405,000 456,131
Naugatuck Gen. Oblig. Unltd. Tax:
7.25% 9/1/04 (MBIA Insured) Aaa 215,000 255,313
6.90% 6/15/07 (FGIC Insured) Aaa 485,000 566,844
7.40% 9/1/07 (MBIA Insured) Aaa 370,000 449,550
7.40% 9/1/08 (MBIA Insured) Aaa 370,000 450,938
New Britain Gen. Oblig.:
Series B, 6% 3/1/12 (MBIA Insured) Aaa 2,000,000 2,167,500
5% 2/1/12 (MBIA Insured) Aaa 885,000 865,088
5% 2/1/13 (MBIA Insured) Aaa 885,000 855,131
7% 4/1/07 (MBIA Insured) Aaa 580,000 678,600
Unltd. Tax:
Rfdg. 6% 2/1/12 (MBIA Insured) Aaa 400,000 433,000
7% 4/1/08 (MBIA Insured) Aaa 580,000 682,225
New Haven Facs. Rev. (Easter Seal Goodwill
Rehabilitation Proj.) 8.875% 4/1/16 - 1,565,000 1,647,163
New Haven Gen. Oblig.:
Rfdg. Series A:
5% 8/1/07 (FGIC Insured) Aaa 1,000,000 1,002,500
5% 8/1/08 (FGIC Insured) Aaa 2,720,000 2,703,000
5% 8/1/09 (FGIC Insured) Aaa 1,775,000 1,746,156
Series A, 7.40% 3/1/12 Baa 1,000,000 1,083,750
7% 2/15/03 (FGIC Insured) Aaa 1,000,000 1,153,750
7% 2/15/04 (FGIC Insured) Aaa 1,150,000 1,338,313
7% 2/15/05 (FGIC Insured) Aaa 1,250,000 1,465,625
8.25% 8/15/01 Baa 3,280,000 3,813,000
Newington Gen. Oblig. Unltd. Tax:
6.50% 2/1/06 A1 320,000 358,800
6.60% 2/1/07 A1 200,000 226,750
North Haven Gen. Oblig. Unltd. Tax 7%
10/1/08 Aa 375,000 445,313
North Thompsonville Fire Dist. #10:
6.75% 6/1/07 (MBIA Insured) Aaa 180,000 209,475
6.75% 6/1/08 (MBIA Insured) Aaa 190,000 221,350
6.75% 6/1/09 (MBIA Insured) Aaa 200,000 236,250
6.75% 6/1/10 (MBIA Insured) Aaa 215,000 253,431
6.75% 6/1/11 (MBIA Insured) Aaa 230,000 270,250
Norwalk Hsg. Auth. Mtg. Rev. (Monterey Village)
Series 1985 B, Section 8, 9% 11/1/99 BBB 145,000 150,619
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED)(C) AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Plainville Gen. Oblig.:
6.60% 8/15/08 A1 $ 250,000 $ 284,375
Unltd. Tax:
6.60% 8/15/09 A1 250,000 285,938
6.60% 8/15/10 A1 250,000 286,250
6.60% 8/15/11 A1 250,000 287,188
South Central Connecticut Reg. Wtr. Sys. Auth. Rev.
11th Series, 5.625% 8/1/05 (FGIC Insured) Aaa 4,000,000 4,285,000
Stamford Gen. Oblig. Unltd. Tax:
6.60% 1/15/07 Aaa 295,000 343,306
6.60% 1/15/08 Aaa 1,480,000 1,724,200
6.60% 1/15/09 Aaa 1,000,000 1,165,000
7% 6/15/08 (FGIC Insured) Aaa 500,000 589,375
Thomaston Gen. Oblig. Unltd. Tax
6.50% 8/1/09 A 210,000 234,937
Vernon Gen. Oblig. Unltd. Tax:
7.10% 10/15/07 A1 250,000 301,249
7.10% 10/15/08 A1 250,000 301,562
Voluntown Gen. Oblig. Unltd. Tax:
6.75% 10/1/03 A 210,000 234,412
6.75% 10/1/04 A 210,000 235,987
6.80% 10/1/06 A 210,000 240,974
6.80% 10/1/07 A 210,000 239,924
6.80% 10/1/08 A 210,000 245,174
6.80% 10/1/09 A 185,000 215,524
West Haven Gen. Oblig. Impt. Unltd. Tax
6.70% 2/15/04 (MBIA Insured) Aaa 710,000 812,949
Winchester Gen. Oblig. Unltd. Tax:
7.10% 11/15/06 A1 125,000 146,562
7.10% 11/15/08 A1 110,000 130,487
Wolcott Gen. Oblig. Unltd. Tax:
7% 6/15/09 (FGIC Insured) Aaa 445,000 517,868
7% 6/15/10 (FGIC Insured) Aaa 440,000 513,149
Woodstock Spl. Oblig. Rev. (Woodstock Academy)
7% 3/1/08 (AMBAC Insured) Aaa 725,000 807,468
322,045,905
PUERTO RICO - 6.1%
Puerto Rico Commonwealth Gen. Oblig.:
Unltd. Tax 6.40% 7/1/11 Baa1 2,000,000 2,152,500
Unltd. Tax Series 1991, 7.30% 7/1/20 Baa1 2,500,000 2,865,624
Puerto Rico Commonwealth Hwy. & Trans. Auth.
Rev. Rfdg. Series V, 6.625% 7/1/12 Baa1 1,750,000 1,881,249
Puerto Rico Elec. Pwr. Auth. Rev:
Rfdg. Series W:
6.50% 7/1/05 (MBIA Insured) Aaa 6,000,000 6,780,000
7% 7/1/07 (MBIA Insured) Aaa 2,000,000 2,350,000
7% 7/1/07 (MBIA Insured) Aaa 2,000,000 2,350,000
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED)(C) AMOUNT (NOTE 1)
PUERTO RICO - CONTINUED
Puerto Rico Ind. Med. & Environmental Poll. Ctl.
Facs. Fing. Auth. Rev. (Motorola,Inc.)
Series A, 6.75% 1/1/14 Aa3 $ 1,285,000 $ 1,394,224
Puerto Rico Elec. Pwr. Auth. Pwr. Resources Auth. Pwr.
Rev. Rfdg. Series N, 7.125% 7/1/14
(Escrowed to Maturity)(e) Baa1 1,965,000 2,188,518
21,962,115
GUAM - 0.3%
Guam Arpt. Auth. Gen. Rev. Series B, 6.40%
10/1/05 (b) BBB 1,250,000 1,270,313
TOTAL MUNICIPAL BONDS
(Cost $324,316,755) 345,278,333
MUNICIPAL NOTES (A) - 4.4%

CONNECTICUT - 4.4%
Connecticut Dev. Auth. (Light & Pwr. Co.
Proj. 1993) Series A, 4.10%,
LOC Deutsche Bank, VRDN VMIG 1 10,900,000 10,900,000
Connecticut Spl. Assessment Unemployment Rev.
Series 1993B, 3.65%,
LOC Mitsubishi Bank Ltd., VRDN VMIG 1 4,850,000 4,850,000
TOTAL MUNICIPAL NOTES
(Cost $15,750,000) 15,750,000
TOTAL INVESTMENTS - 100%
(Cost $340,066,755) $ 361,028,333
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
SOLD
50 Municipal Bond Contracts Mar. 1996 $ 5,962,500 $ (32,891)
125 30 Year U.S. Treasury Bond Contracts Dec. 1995 14,925,781 (528,165)
$ (561,056)
THE FACE VALUE OF FUTURES SOLD AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 5.8%

SECURITY TYPE ABBREVIATIONS
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) Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
(d) 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 $3,571,100.
(e) Security collateralized by an amount sufficient to pay interest and
principal.
(f) Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
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 73.5% AAA, AA, A 77.2%
Baa 5.7% BBB 9.9%
Ba 2.2% BB 2.2%
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 0.9%. FMR has
determined that unrated debt securities that are lower quality account for
0.9% 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:
General Obligation 28.1%
Health Care 15.0
Education 11.3
Special Tax 10.5
Others
(individually less than 10%) 35.1
TOTAL 100.0%
INCOME TAX INFORMATION
At November 30, 1995, the aggregate cost of investment securities for
income tax purposes was $340,072,735. Net unrealized appreciation
aggregated $20,955,598 of which $21,884,619 related to appreciated
investment securities and $929,021 related to depreciated investment
securities.
At November 30, 1995, the fund was required to defer $2,575,125 of losses
on futures contracts.
At November 30, 1995, the fund had a capital loss carryforward of
approximately $2,543,885 all of which will expire on November 30, 2003.
SPARTAN CONNECTICUT MUNICIPAL INCOME FUND
(FORMERLY SPARTAN CONNECTICUT MUNICIPAL HIGH YIELD PORTFOLIO)

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995

1.ASSETS

Investme $ 361,028,333
nt in
securiti
es, at
value
(cost
$340,0
66,755)
- -
See
accom
panyin
g
schedu
le

Receivab 3,044,955
le for
invest
ments
sold

Interest 5,432,065
receiva
ble

2.TOTAL 369,505,353
ASSETS

3.LIABILIT
IES

Payable $ 270,254
to
custodi
an
bank

Payable
for
invest
ments
purcha
sed:

Delaye 8,673,710
d
deliver
y

Regula 765,771
r
deliver
y

Payable 309,447
for fund
shares
redeem
ed

Distributi 330,326
ons
payabl
e

Accrued 160,809
manag
ement
fee

Payable 146,094
for
daily
variatio
n on
futures
contrac
ts

4.TOTAL 10,656,411
LIABILITI
ES

5.NET $ 358,848,942
ASSETS

Net
Assets
consist
of:

Paid in $ 343,012,354
capital

Accumul
ated (4,563,934)
undistri
buted
net
realize
d gain
(loss)
on
invest
ments

Net 20,400,522
unreali
zed
appreci
ation
(depre
ciation)

on
invest
ments

6.NET $ 358,848,942
ASSETS
, for
32,042,
676
shares
outstan
ding

7.NET $11.20
ASSET
VALUE,
offering
price
and
redemp
tion
price
per
share
($358,8
48,942
(divided by)
32,042,
676
shares)

STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1995

8.INTERES $ 21,430,286
T INCOME

9.EXPEN
SES

Manage $ 1,875,183
ment
fee

Non-inter 1,537
ested
trustee
s'
compe
nsation

10.TOT 1,876,720
AL
EXPEN
SES

11.NET 19,553,566
INVEST
MENT
INCOM
E

12.REALI
ZED AND
UNREALIZ
ED GAIN
(LOSS)
Net
realize
d gain
(loss)
on:

Invest 304,500
ment
securiti
es

Future (1,895,427) (1,590,927)
s
contrac
ts

Change
in net
unreali
zed
appreci
ation
(depre
ciation)
on:

Invest 42,188,429
ment
securiti
es

Future (525,329) 41,663,100
s
contrac
ts

13.NET 40,072,173
GAIN
(LOSS)

14.NET $ 59,625,739
INCREA
SE
(DECRE
ASE) IN
NET
ASSETS
RESULTI
NG
FROM
OPERATI
ONS

STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED NOVEMBER 30,

1995 1994

15.INCRE
ASE
(DECREAS
E) IN NET
ASSETS

Operatio $ 19,553,566 $ 23,071,250
ns
Net
invest
ment
income

Net (1,590,927) 1,495,858
realize
d gain
(loss)

Chang 41,663,100 (54,198,237)
e in net
unreali
zed
appreci
ation
(depre
ciation)

16.NET 59,625,739 (29,631,129)
INCRE
ASE
(DECR
EASE
) IN
NET
ASSE
TS
RESUL
TING
FROM
OPER
ATION
S

Distributi (19,553,566) (23,071,250)
ons to
shareh
olders
From
net
invest
ment
income

From (699,611) (15,541,191)
net
realize
d gain

In (243,807) -
excess
of net
realize
d gain

17.TOT (20,496,984) (38,612,441)
AL
DISTRIB
UTIONS

Share 49,373,918 72,572,004
transac
tions
Net
procee
ds from
sales
of
shares

Reinve 16,090,044 31,414,952
stment
of
distribu
tions

Cost of (61,340,934) (170,335,951)
shares
redeem
ed

Redem 14,848 62,252
ption
fees

18. NE 4,137,876 (66,286,743)
T
INCRE
ASE
(DECR
EASE
) IN
NET
ASSE
TS
RESUL
TING
FROM
SHAR
E
TRANS
ACTIO
NS

19.T 43,266,631 (134,530,313)
OTAL
INCREA
SE
(DECRE
ASE) IN
NET
ASSETS

20.NET
ASSETS

Beginni 315,582,311 450,112,624
ng of
period

End of $ 358,848,942 $ 315,582,311
period

21.OTHE
R
INFORMATI
ON
Shares

Sold 4,630,644 6,627,548

Issued 1,496,456 2,812,853
in
reinves
tment
of
distribu
tions

Redee (5,779,595) (15,753,663)
med

Net 347,505 (6,313,262)
increas
e
(decre
ase)

FINANCIAL HIGHLIGHTS
YEARS ENDED NOVEMBER 30,

1995 1994C 1993 1992 1991

SELECTED
PER-SH
ARE
DATA

Net asset $ 9.960 $ 11.840 $ 11.220 $ 10.880 $ 10.730
value,
beginni
ng of
period

Income .617 .640 .680 .689 .684
from
Invest
ment
Operati
ons
Net
investm
ent
income

Net 1.270 (1.472) .619 .338 .188
realize
d and
unreali
zed
gain
(loss)

Total 1.887 (.832) 1.299 1.027 .872
from
invest
ment
operati
ons

Less (.617) (.640) (.680) (.689) (.684)
Distrib
utions
From
net
invest
ment
income

From (.020) (.410) - - (.040)
net
realized
gain

In (.010) - - - -
excess
of net
realized
gain

Total (.647) (1.050) (.680) (.689) (.724)
distribu
tions

Redempti .000 .002 .001 .002 .002
on fees
added
to paid
in
capital

Net asset $ 11.200 $ 9.960 $ 11.840 $ 11.220 $ 10.880
value,
end of
period

TOTAL 19.41 -7.61% 11.81 9.72 8.43%
RETURN % % %
A

RATIOS AND
SUPPLEMENTAL DATA

Net $ 358,849 $ 315,582 $ 450,113 $ 413,748 $ 346,781
assets,
end of
period
(000
omitted
)

Ratio of .55 .55% .55 .55 .55%
expens % % % B
es to
averag
e net
assets

Ratio of 5.73 5.83% 5.81 6.21 6.34%
net % % %
invest
ment
income
to
averag
e
net
assets

Portfolio 39 11% 45 11 6%
turnove % % %
r rate

A TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE. THE TOTAL RETURN
WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE
PERIOD SHOWN.
B FMR VOLUNTARILY AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES
DURING THE PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO
WOULD HAVE BEEN HIGHER.
C EFFECTIVE DECEMBER 1, 1993, THE FUND 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, NET INTEREST INCOME PER SHARE MAY REFLECT CERTAIN
RECLASSIFICATIONS RELATED TO BOOK TO TAX DIFFERENCES.
SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET FUND
(FORMERLY 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 on an average size account.
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 reimbursed certain fund expenses, the life of fund
total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan Connecticut Municipal
Money Market Fund 3.41% 14.74%

Average Connecticut Tax-Free
Money Market Fund 3.16% n/a

Consumer Price Index 2.47% 13.95%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set 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, the value of your investment would be $1,050. To
measure how the fund's performance stacked up against its peers, you can
compare it to the average Connecticut tax-free money market fund, which
reflects the performance of 12 Connecticut tax-free money market funds with
similar objectives tracked by IBC/Donoghue over the past year. Comparing
the fund's performance to the consumer price index (CPI) helps show how
your investment did compared to inflation. (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, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan Connecticut Municipal
Money Market Fund 3.41% 2.94%

Average Connecticut Tax-Free
Money Market Fund 3.16% n/a

Consumer Price Index 2.47% 2.79%

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
11/28/94 2/27/95 5/29/95 8/28/95 11/27/95

Spartan Connecticut 3.24% 3.48% 3.64% 3.22% 3.32%
Municipal
Money Market Fund

Average Connecticut 3.01% 3.27% 3.37% 3.01% 3.09%
Tax-Free
Money Market Fund

Spartan Connecticut 5.27% 5.68% 5.92% 5.24% 5.38%
Municipal
Money Market Fund -
Tax-equivalent

Portion of fund's income 12.75% 4.64% 11.16% 9.50% 19.03%
subject to state taxes

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 1995 federal and state income tax rate of 38.88% and
reflects that a portion of the fund's income was subject to state taxes. 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)
SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET PORTFOLIO)

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Jeffrey Parker, Portfolio Manager of Spartan
Connecticut Municipal Money
Market Fund
Q. JEFF, HOW HAVE INVESTMENT CONDITIONS CHANGED DURING THE PAST YEAR?
A. A year ago, the economy was still expanding rapidly and the Federal
Reserve was doing its best to temper growth and stave off inflation. In
November 1994 and again in February 1995, the Fed raised the federal funds
rate, completing a string of seven rate increases dating back to February
1994. Then, early in 1995, signs began appearing that growth was slowing.
In response, the Fed eased in July, cutting the federal funds rate
one-quarter percentage point. Since then, the economy has been hard to
read, and the Fed has remained on the sidelines. The growth rate in the
gross domestic product (GDP) rebounded sharply during the third quarter of
1995 after an essentially flat second quarter. However, inflation has
remained quite low and there have been persistent, albeit irregular signs
of weakness. By the end of the period, most market participants were
anticipating another rate cut by the Fed.
Q. HOW DID YOU COPE WITH CHANGING CONDITIONS?
A. When the period began, the fund's average maturity was 68 days. Scott
Orr, who managed the fund until I took over in June, lengthened
aggressively beginning late in 1994 and was able to lock in attractive
yields while short-term rates were declining. Halfway through the period,
at the beginning of the annual summer borrowing season, the fund's average
maturity was down to 30 days. As soon as supply entered the market, I
lengthened the fund aggressively, reaching 54 days in time for the Fed rate
cut in July. Since then, I've taken advantage of opportunities to extend
the fund's average maturity even further, ending the period at 62 days.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on November 30, 1995, was 3.31%, compared to
3.24% a year ago. The latest yield was the equivalent of a 5.37% taxable
yield for Connecticut investors in the 38.88% combined state and federal
tax bracket. The fund had a total return for the year of 3.41%, which beat
the average total return of 3.16% for all Connecticut tax-free money market
funds, according to IBC/Donoghue.
Q. WHAT CAN WE EXPECT GOING FORWARD?
A. Despite relatively robust economic growth in the third quarter of 1995,
many market participants believe the Fed's next move will be to lower rates
again, possibly before year end. A key variable may be the budget debate in
Congress. A balanced budget agreement would necessitate steep cuts in
federal spending. The Fed, in turn, might seek to offset the impact of
those spending cuts with a rate cut. The chance that the Fed will cut rates
is that much greater given the lack of inflationary pressures and
continuing signs of weakness in the economy. While my strategy has been to
maintain flexibility, my bias as I look toward 1996 is to buy into the
market as opportunities arise and perhaps take the fund slightly longer.
That desire is tempered somewhat by a continuing lack of supply.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER,
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: tax-free income and
stability by investing in
high-quality, short-term,
Connecticut municipal money
market securities
START DATE: March 4, 1991
SIZE: as of November 30,
1995, more than $175 million
MANAGER: Jeff Parker, since
June, 1995; manager, Fidelity
Connecticut Municipal Money
Market, Fidelity Michigan
Municipal Money Market,
Fidelity New Jersey Tax-Free
Money Market, and Spartan
New Jersey Municipal Money
Market, since June 1995;
joined Fidelity in 1991
(checkmark)

WORDS TO KNOW
COMMERCIAL PAPER: A security
issued by a municipality to
finance capital or operating
needs.
FEDERAL FUNDS RATE: The interest
rate banks charge each other
for overnight loans.
MATURITY: The time remaining
before an issuer is scheduled
to repay the principal amount
on a debt security. When the
fund's average maturity -
weighted by dollar amount -
is short, the fund manager is
anticipating a rise in interest
rates. When the average
maturity is long, the manager
is expecting rates to fall.
When the average maturity is
neutral, the manager wants
the flexibility to respond to
rising rates, while still
capturing a portion of the
higher yields available from
issues with longer maturities.
MUNICIPAL NOTE: A security
issued in advance of future
tax or other revenues and
payable from those specific
sources.
TENDER BOND: A variable-rate,
usually long-term security that
gives the bond holder the
option to redeem the bond at
face value before maturity.
VARIABLE RATE DEMAND NOTE
(VRDN): A tender bond that
can be redeemed on short
notice, typically one or seven
days. VRDNs are useful in
managing the fund's average
maturity and liquidity.
SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET PORTFOLIO)

INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
11/30/95 5/31/95 11/30/94

0 - 30 65 61 62

31 - 90 11 26 8

91 - 180 3 12 12

181 - 397 21 1 18

WEIGHTED AVERAGE MATURITY
11/30/95 5/31/95 11/30/94

Spartan Connecticut
Municipal Money Market
Fund 62 days 30 days 68 days

Average Connecticut
Tax-Free Money Market Fun 58 days 38 days 61 days
d*

ASSET ALLOCATION
AS OF NOVEMBER 30, 1995 AS OF MAY 31, 1995

Row: 1, Col: 1, Value: 53.0
Row: 1, Col: 2, Value: 22.0
Row: 1, Col: 3, Value: 16.0
Row: 1, Col: 4, Value: 4.0
Row: 1, Col: 5, Value: 5.0
Row: 1, Col: 1, Value: 55.0
Row: 1, Col: 2, Value: 21.0
Row: 1, Col: 3, Value: 18.0
Row: 1, Col: 4, Value: 4.0
Row: 1, Col: 5, Value: 2.0
Variable rate
demand notes
(VRDNs) 53%
Commercial
paper 22%
Tender bonds 16%
Municipal
notes 4%
Other 5%
Variable rate
demand notes
(VRDNs) 55%
Commercial
paper 21%
Tender bonds 18%
Municipal
notes 4%
Other 2%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET PORTFOLIO)

INVESTMENTS NOVEMBER 30, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ARIZONA - 2.9%
Coconino County Poll. Cont. Corp. Poll. Cont. Rev.
(Arizona Pub. Svc. Co.-Navajo Proj.) Series 1994 A,
3.85%, LOC Bank of America, VRDN (b) $ 5,100,000 $ 5,100,000
CONNECTICUT - 68.0%
Bethel BAN 4.25% 7/12/96 600,000 601,767
Clipper Participating VRDN, Series 1994-1, 3.92%
(Liquidity Facility State Street Bank & Trust Co.)(c) 4,934,800
4,934,800
Connecticut Dev. Auth. Health. Care Rev.
(Corp. for Independent Living Proj.) Series 1990, 3.60%,
LOC Cr. Commercial de France, VRDN 8,000,000 8,000,000
Connecticut Dev. Auth. Ind. Dev. Rev. (W.E. Bassett Co. Proj.)
Series 1986, 4%, LOC First Nat'l. Bank of Boston,
VRDN (b) 1,000,000 1,000,000
Connecticut Dev. Auth. Poll. Cont. Rev. (Light & Pwr. Co. Proj.)
Series B, 3.80%, LOC Union Bank of Switzerland,
VRDN (b) 8,000,000 8,000,000
Connecticut Dev. Auth. Solid Waste Disp. Facs. Rev.
(Rand-Whitney Containerboard)3.45%,
LOC Chase Manhattan Bank, VRDN (b) 3,300,000 3,300,000
Connecticut Dev. Auth. Water Facs. Rev.
(Bridgeport Hydraulic Co.) Series 1995, 3.40%,
LOC Society Generale, VRDN 4,600,000 4,600,000
Connecticut Econ. Recovery Notes Series A, 5.40%
12/15/95 400,000 400,185
Connecticut Gen. Oblig. Bonds Series 1995 B, 4.50%
10/1/96 2,000,000 2,010,483
Connecticut Gen. Oblig. Participating VRDN (c):
Series BT-103, 3.85% (Liquidity Facility Bankers Trust) 1,600,000
1,600,000
Series MGT-27, 3.80%
(Liquidity Facility Morgan Guaranty Trust Co.) 2,325,000 2,325,000
Connecticut Health & Ed. Facs. Auth. Rev. Bonds
4.50% 11/1/96 (MBIA Insured) 1,000,000 1,007,130
Connecticut Health & Ed. Facs. Auth. Rev. Bonds:
(Windham Commty. Hosp.) Series B, 3.65%
tender 1/16/96, LOC Banque Paribas 4,000,000 4,000,000
(Yale University):
Series L, 3.75% tender 12/13/95 1,800,000 1,800,000
Series M, 3.65% tender 2/13/96 6,000,000 6,000,000
Series N:
3.65%, tender 1/12/96 3,100,000 3,100,000
3.65%, tender 2/13/96 1,000,000 1,000,000
Series O, 3.70% tender 12/14/95 3,200,000 3,200,000
Connecticut Health & Edl. Facs. Rev. (Charlotte Hungerford
Hosp.) Series B, 3.40%, LOC Bank of Boston,
VRDN 3,000,000 3,000,000
Connecticut Hsg. Fin. Auth. Rev. Bonds (Hsg. Mtg. Fin. Prog.)
Series 1993 H-2, 3.75%, tender 4/15/96 (b) 6,000,000 6,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Connecticut Hsg. Fin. Auth. Rev. Bonds
(Hsg. Mtg. Fin. Prog.) continued:
Series 1989 D (b):
3.85% tender 12/14/95 $ 1,800,000 $ 1,800,000
3.80%, tender 12/8/95 800,000 800,000
Series 1990 C, 3.85% 12/14/95 1,600,000 1,600,000
Series 1993 E-1, 3.75%, tender 6/10/96 3,200,000 3,200,000
Series 1993 E-2, 3.85%, tender 6/10/96 (b) 3,600,000 3,600,000
Connecticut Muni. Elec. Energy Coop Pwr. Supply Sys. Rev.
Bonds Series 1995 A, 3.55%, tender 1/25/96,
LOC Fleet Bank 1,400,000 1,400,000
Connecticut Second Lien Spl. Tax Oblig. Bonds
(Transport Infrastructure) Series 1, 3.55%,
LOC Commerzbank AG, VRDN 15,580,000 15,580,000
Connecticut Special Assessment Unemployment Rev.
Series 1993 C, 3.85%, tender 7/1/96 (FGIC Insured) 14,600,000 14,600,000
East Haven BAN 4.25% 9/4/96 500,000 501,656
Fairfield BAN 5.25% 1/16/96 500,000 500,241
Hartford Gen. Oblig. Bonds 6.75% 10/1/96 (FGIC Insured) 400,000 409,128
New Haven BAN 4.25% 8/22/96, LOC State Street Bank 3,500,000 3,511,012
New Haven Gen. Oblig. Rfdg. Bonds Series A, 4.50% 8/1/96 1,000,000
1,003,868
New Milford BAN 3.77% 8/16/96 1,000,000 1,000,135
Stamford Hsg. Auth. Mutimodal Rev. (Morgan Street Proj.)
Series 1994, 3.65%, LOC Deutsche Bank, VRDN (b) 2,500,000 2,500,000
117,885,405
KENTUCKY - 2.6%
Daviess County Solid Wst. Disp. Facs. Rev. (Scott Paper Co.):
Series 1993 B, 3.85%, LOC ABN-AMRO Bank, VRDN 3,600,000 3,600,000
3.85%, LOC ABN-AMRO Bank, VRDN (b) 1,000,000 1,000,000
4,600,000
LOUISIANA - 3.2%
Plaquemines Parish Envir. Rev. Rfdg.
(BP Exploration & Oil, Inc.), VRDN (b):
Series 1994, 3.85% 800,000 800,000
Series 1995, 3.85% 4,700,000 4,700,000
5,500,000
PUERTO RICO - 15.9%
Puerto Rico Commonwealth Participating VRDN (c):
Series BT-165, 3.76%
(Liquidity Facility Bankers Trust Co.) 2,142,000 2,142,000
Series PA-97, 3.55%
(Liquidity Facility Merrill Lynch & Co.) 2,145,000 2,145,000
Series PT-63, 3.55%,
(Liquidity Facility Bayerische Hypotheken) 1,155,000 1,155,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
PUERTO RICO - CONTINUED
Puerto Rico Elec. Pwr. Auth. Participating VRDN,
Series BT-105, 3.525%,
(Liquidity Facility Bankers Trust Co.)(c) $ 3,978,000 $ 3,978,000
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Rfdg. Bonds Series W,
4.25% 7/1/96 4,365,000 4,373,505
Puerto Rico Gov't. Dev. Bank CP:
3.70% 12/1/95 3,000,000 3,000,000
3.75% 12/1/95 3,500,000 3,500,000
3.75% 12/14/95 2,800,000 2,800,000
3.65% 12/15/95 2,000,000 2,000,000
3.70% 1/18/96 1,000,000 1,000,000
3.70% 1/23/96 1,500,000 1,500,000
27,593,505
TEXAS - 7.3%
Brazos River Auth. Poll. Cont. Rev. Rfdg.
(TU Electric Co. Proj.) 4.10%,
LOC Union Bank of Switzerland, VRDN (b) 300,000 300,000
Brazos River Harbor Navigation Dist. of Brazoria County Rev.
(Dow Chemical) Series1993, 3.90%, VRDN (b) 3,900,000 3,900,000
Gulf Coast Ind. Dev. Auth. Solid Waste Disp. Rev.
(Citgo Petroleum) 3.90%, LOC Wachovia Bank,
VRDN (b) 6,500,000 6,500,000
Gulf Coast Waste Disp. Auth. (Amoco Oil Co. Proj.)
3.80%, VRDN (b) 200,000 200,000
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev.
(Amoco Oil Co.) 3.80%, VRDN (b) 1,800,000 1,800,000
12,700,000
VIRGINIA - 0.1%
Richmond Ind. Dev. Auth. (I) Rev. (Cogentrix Inc. Proj.)
Series 1990 A, 4.10%, LOC Banque Paribas,
VRDN (b) 100,000 100,000
TOTAL INVESTMENTS - 100% $ 173,478,910
Total Cost for Income Tax Purposes $ 173,478,910

SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
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, 1995, the fund had a capital loss carryforward of
approximately $13,000 of which $3,000 and $10,000 will expire on November
30, 2001 and 2002, respectively.
SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET FUND
(FORMERLY SPARTAN CONNECTICUT MUNICIPAL MONEY MARKET PORTFOLIO)

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1995

22.ASSE
TS

Investme $ 173,478,910
nt in
securiti
es, at
value -
See
accom
panyin
g
schedu
le

Cash 1,136,729

Interest 1,090,000
receiva
ble

23.TOT 175,705,639
AL
ASSETS

24.LIABIL
ITIES

Distributi $ 11,245
ons
payabl
e

Accrued 72,028
manag
ement
fee

25.TOT 83,273
AL
LIABILITI
ES

26.NET $ 175,622,366
ASSETS

Net
Assets
consist
of:

Paid in $ 175,635,799
capital

Accumul (13,433)
ated
net
realize
d gain
(loss)
on
invest
ments

27.NET $ 175,622,366
ASSETS
, for
175,63
5,799
shares
outstan
ding

28.NET $1.00
ASSET
VALUE,
offering
price
and
redemp
tion
price
per
share
($175,6
22,366
(divided by)
175,63
5,799
shares)

STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1995

29.30.IN $ 6,277,756
TEREST
INCOME

31.EXPE
NSES

Manage $ 812,383
ment
fee

Non-inter 813
ested
trustee
s'
compe
nsation

32.TOT 813,196
AL
EXPEN
SES

33.NET 5,464,560
INTERES
T
INCOM
E

34.REALI 4,063
ZED AND
UNREALIZ
ED GAIN
(LOSS)
Net
realize
d gain
(loss)
on
invest
ment
securiti
es

Increase (416)
(decre
ase) in
net
unreali
zed
gain
from
accreti
on of
market
discou
nt

35.NET 3,647
GAIN
(LOSS)

36.NET $ 5,468,207
INCREA
SE IN
NET
ASSETS
RESULTI
NG
FROM
OPERATI
ONS

STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED NOVEMBER 30,

1995 1994

37.INCRE
ASE
(DECREAS
E) IN NET
ASSETS

Operatio $ 5,464,560 $ 3,624,901
ns
Net
interest
income

Net 4,063 (10,039)
realize
d gain
(loss)

Increas (416) 416
e
(decre
ase) in
net
unreali
zed
gain
from
accr
etion of
market
discou
nt

38.NET 5,468,207 3,615,278
INCRE
ASE
(DECR
EASE
) IN
NET
ASSE
TS
RESUL
TING
FROM
OPER
ATION
S

Distributi (5,464,560) (3,624,901)
ons to
shareh
olders
from
net
interest
income

Share 190,588,598 225,193,655
transac
tions at
net
asset
value
of
$1.00
per
share
Procee
ds from
sales
of
shares

Reinve 5,248,200 3,499,344
stment
of
distribu
tions
from
net
interest
income

Cost of (187,273,625) (224,729,453)
shares
redeem
ed

39. NE 8,563,173 3,963,546
T
INCRE
ASE
(DECR
EASE
) IN
NET
ASSE
TS
AND
SHAR
ES
RESUL
TING
FROM
SHAR
E
TRANS
ACTIO
NS

40.T 8,566,820 3,953,923
OTAL
INCREA
SE
(DECRE
ASE) IN
NET
ASSETS

41.NET
ASSETS

Beginni 167,055,546 163,101,623
ng of
period

End of $ 175,622,366 $ 167,055,546
period

FINANCIAL HIGHLIGHTS
YEARS ENDED NOVEMBER 30, MARCH 4, 1991
(COMMENCEMENT
OF OPERATIONS) TO
NOVEMBER 30,

1995 1994 1993 1992 1991

SELECTED PER-SHARE DATA

Net asset $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
value,
beginni
ng of
period

Income .034 .023 .022 .030 .029
from
Invest
ment
Operati
ons
Net
interest
income

Less (.034) (.023) (.022) (.030) (.029)
Distrib
utions
From
net
interest
income

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

TOTAL 3.41 2.28 2.21% 3.08% 2.97%
RETURN % %
B

RATIOS AND
SUPPLEMENTAL DATA

Net $ 175,622 $ 167,056 $ 163,102 $ 86,672 $ 22,247
assets,

end of
period
(000
omitted
)

Ratio of .50 .50 .24% .02% .00%
expens % % C C C
es to
averag
e net
assets

Ratio of 3.36 2.25 2.17% 2.90% 4.05%
net % % A
interest
income
to
averag
e
net
assets

1. SIGNIFICANT ACCOUNTING
POLICIES.
On December 14, 1995, the Board of Trustees gave approval to change the
names of Spartan Connecticut Municipal High Yield Portfolio and Spartan
Connecticut Municipal Money Market Portfolio to Spartan Connecticut
Municipal Income Fund and Spartan Connecticut Municipal Money Market Fund,
respectively. Spartan Connecticut Municipal Income Fund (the income fund )
is a fund of Fidelity Court Street Trust. Spartan Connecticut Municipal
Money Market Fund (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 substantially 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.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS -
CONTINUED
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences, which may result in distribution
reclassifications, are primarily due to differing treatments for futures
and options transactions,capital loss carryforwards and losses deferred due
to wash sales, futures and options and excise tax regulations.
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.
DELAYED DELIVERY TRANSACTIONS. Each fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. The
market value of the securities purchased or sold on a when-issued or
forward commitment basis are identified as such in the fund's schedule of
investments. Each fund may receive compensation for interest forgone in the
purchase of a delayed delivery security. Losses may arise due to changes in
the market value of the underlying securities or if the counterparty does
not perform under the contract.
FUTURES CONTRACTS AND OPTIONS. The income fund may use futures and options
contracts to manage its exposure to the bond market and to fluctuations in
interest rates. Buying futures, writing puts, and buying calls tend to
increase the fund's exposure to the underlying instrument. Selling futures,
buying puts, and writing calls tend to decrease the fund's exposure to the
underlying instrument, or hedge other fund investments. Futures contracts
involve, to varying degrees, risk of loss in excess of the futures
variation margin reflected in the Statement of Assets and Liabilities. The
underlying face amount at value is shown in the schedule of investments
under the caption "Futures Contracts". This amount reflects each contract's
exposure to the underlying instrument at period end. Losses may arise from
changes in the value of the underlying instruments, if there is an illiquid
secondary market for the contracts, or if the counterparties do not perform
under the contracts' terms. Futures contracts are valued at the settlement
price established each day by the board of trade or exchange on which they
are traded. Exchange traded options 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.
INCOME FUND. Purchases and sales of securities, other than short-term
securities, aggregated $127,962,934 and $130,961,201, respectively.
The market value of futures contracts opened and closed during the period
amounted to $63,194,938 and $53,409,510, 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
$4,020 and $3,225 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.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plans (the Plans), and in accordance with Rule 12b-1 of the 1940 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 $2,710 for the
income 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 fund of Fidelity
Court Street Trust, and Spartan Connecticut Municipal Money Market
Portfolio, a fund of Fidelity Court Street Trust II including the schedules
of fund investments, as of November 30, 1995, 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 four 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, 1995 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, 1995, 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 four 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.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
January 4, 1996
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
INVESTMENT 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
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Thomas D. Maher, Assistant
Vice President, MONEY MARKET FUND
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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
UMB Bank, n.a.
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
UMB 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

FIDELITY CONNECTICUT
MUNICIPAL MONEY MARKET
FUND

(registered trademark)
(FORMERLY FIDELITY CONNECTICUT
MUNICIPAL MONEY MARKET PORTFOLIO)

ANNUAL REPORT
NOVEMBER 30, 1995
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.

DEAR SHAREHOLDER:
Although the markets have been fairly positive this year, no one can
predict what lies ahead for investors. Last year, stocks posted
below-average returns and bonds had one of the worst years in history. This
downturn followed a period in which the investing environment was almost
ideal.
These market ups and downs are a normal part of investing, and there are
some basic principles that can help investors in every type of market.
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 reimbursed certain fund expenses, the past five years and
life of fund total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Fidelity Connecticut Municipal
Money Market Fund 3.29% 15.49% 24.10%

Average Connecticut Tax-Free
Money Market Fund 3.16% 14.72% n/a

Consumer Price Index 2.47% 14.80% 23.27%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set 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, the value of your investment would
be $1,050. To measure how the fund's performance stacked up against its
peers, you can compare it to the average Connecticut tax-free money market
fund, which reflects the performance of 12 funds with similar objectives
tracked by IBC/Donoghue over the past year. 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 and IBC/Donoghue
numbers are the closest available match to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Fidelity Connecticut Municipal
Money Market Fund 3.29% 2.92% 3.51%

Average Connecticut Tax-Free
Money Market Fund 3.16% 2.78% n/a

Consumer Price Index 2.47% 2.80% 3.40%

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
11/28/94 2/27/95 5/29/95 8/28/95 11/27/95

Fidelity Connecticut Municipa 3.11% 3.25% 3.50% 3.14% 3.23%
l
Money Market Fund

Average Connecticut Tax-Fr 3.01% 3.27% 3.37% 3.01% 3.09%
ee
Money Market Fund

Fidelity Connecticut Municip 5.08% 5.31% 5.72% 5.12% 5.26%
al
Money Market Fund -
Tax-equivalent

Portion of fund's income 2.38% 1.97% 4.02% 6.30% 11.32%
subject to state taxes

</TABLE>

Row: 1, Col: 1, Value: 3.11
Row: 1, Col: 2, Value: 3.01
Row: 2, Col: 1, Value: 3.25
Row: 2, Col: 2, Value: 3.27
Row: 3, Col: 1, Value: 3.5
Row: 3, Col: 2, Value: 3.37
Row: 4, Col: 1, Value: 3.14
Row: 4, Col: 2, Value: 3.01
Row: 5, Col: 1, Value: 3.28
Row: 5, Col: 2, Value: 3.09
Fidelity Connecticut
Municipal Money
Market Fund
Average Connecticut
Tax-Free Money
Market Fund
4% -
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
as tracked by IBC Donoghue. Or you can look at the fund's tax-equivalent
yield, which is based on a combined effective 1995 federal and state income
tax rate of 38.88% and reflects that a portion of the fund's income was
subject to state taxes. 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 Jeff Parker,
Portfolio Manager of Fidelity
Connecticut Municipal Money
Market Fund
Q. JEFF, HOW HAVE INVESTMENT CONDITIONS CHANGED DURING THE PAST YEAR?
A. A year ago the economy was still expanding rapidly and the Federal
Reserve was doing its best to temper growth and stave off inflation. In
November 1994 and again in February 1995, the Fed raised the federal funds
rate, completing a string of seven rate increases dating back to February
1994. Then, early in 1995, signs began appearing that growth was slowing.
In response, the Fed eased in July, cutting the federal funds rate
one-quarter percentage point. Since then, the economy has been hard to
read, and the Fed has remained on the sidelines. The growth rate in the
gross domestic product (GDP) rebounded sharply during the third quarter of
1995 after an essentially flat second quarter. However, inflation has
remained quite low and there have been persistent, albeit irregular, signs
of weakness. By the end of the period, most market participants were
anticipating another rate cut by the Fed.
Q. HOW DID YOU COPE WITH CHANGING CONDITIONS?
A. When the period began, the fund's average maturity was 65 days. Scott
Orr, who managed the fund until I took over in June, lengthened
aggressively beginning late in 1994 and was able to lock in attractive
yields while short-term rates were declining. Halfway through the period,
at the beginning of the annual summer borrowing season, the fund's average
maturity was down to 30 days. As soon as supply entered the market, I
lengthened the fund aggressively, reaching 55 days in time for the Fed rate
cut in July. Since then, I've taken advantage of opportunities to extend
the fund's average maturity even further, ending the period at 62 days.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on November 30, 1995 was 3.21%, compared to
3.10% a year ago. The latest yield was the equivalent of a 5.26% taxable
yield for Connecticut investors in the 38.88% combined state and federal
tax bracket. The fund had a total return for the year of 3.29%, which beat
the average total return of 3.16% for all Connecticut tax-free money market
funds, according to IBC/Donoghue.
Q. WHAT CAN WE EXPECT GOING FORWARD?
A. Despite relatively robust economic growth in the third quarter of 1995,
many market participants believe the Fed's next move will be to lower rates
again, possibly before year end. A key variable may be the budget debate in
Congress. A balanced budget agreement would necessitate steep cuts in
federal spending. The Fed, in turn, might seek to offset the impact of
those spending cuts with a rate cut. The chance that the Fed will cut rates
is that much greater given the lack of inflationary pressures and
continuing signs of weakness in the economy. While my strategy has been to
maintain flexibility, my bias as I look toward 1996 is to buy into the
market as opportunities arise and perhaps take the fund slightly longer.
That desire is tempered somewhat by a continuing lack of supply.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER,
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: tax-free income and
stability by investing in
high-quality, short-term,
Connecticut municipal money
market securities
START DATE: August 29, 1989
SIZE: as of November 30,
1995, more than $321 million
MANAGER: Jeff Parker,
starting June 1, 1995; also
manager,
Fidelity Michigan Municipal
Money Market Portfolio,
Fidelity New Jersey Tax-Free
Money Market Portfolio,
Spartan Connecticut
Municipal Money Market
Fund, and Spartan New
Jersey Municipal Money
Market Portfolio, since June
1995; joined Fidelity in 1991
(checkmark)

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
11/30/95 5/31/95 11/30/94

0 - 30 66 64 66

31 - 90 9 22 6

91 - 180 4 13 10

181 - 397 21 1 18

WEIGHTED AVERAGE MATURITY
11/30/95 5/31/95 11/30/94

Fidelity Connecticut
Municipal Money Market
Fund 62 days 30 days 65 days

Average Connecticut
Tax-Free Money
Market Fund* 58 days 38 days 61 days

ASSET ALLOCATION
AS OF NOVEMBER 30, 1995 AS OF MAY 31, 1995

Row: 1, Col: 1, Value: 53.0
Row: 1, Col: 2, Value: 21.0
Row: 1, Col: 3, Value: 17.0
Row: 1, Col: 4, Value: 4.0
Row: 1, Col: 5, Value: 5.0
Row: 1, Col: 1, Value: 58.0
Row: 1, Col: 2, Value: 21.0
Row: 1, Col: 3, Value: 15.0
Row: 1, Col: 4, Value: 5.0
Row: 1, Col: 5, Value: 2.0
Variable rate
demand notes
(VRDNs) 53%
Commercial
paper 21%
Tender bonds 17%
Municipal
notes 4%
Other 5%
Variable rate
demand notes
(VRDNs) 58%
Commercial
paper 21%
Tender bonds 15%
Municipal
notes 5%
Other 1%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS NOVEMBER 30, 1995

Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ARIZONA - 1.2%
Coconino County Poll. Cont. Corp. Poll. Cont. Rev.
(Arizona Pub. Svc. Co. Navajo Proj.) Series 1994 A,
3.85%, LOC Bank of America, VRDN (b) $ 3,700,000 $ 3,700,000
CONNECTICUT - 74.4%
Bethel BAN 4.25% 7/12/96 1,169,000 1,172,444
Clipper Participating VRDN, Series 94-1, 3.92%
(Liquidity Facility State Street Bank & Trust Co.)(c) 10,233,049
10,233,049
Connecticut Dev. Auth. Health. Care Rev.
(Corp. for Independent Living Proj.) Series 1990, 3.60%,
LOC Chemical Bank, VRDN 15,200,000 15,200,000
Connecticut Dev. Auth. Ind. Dev. Rev., VRDN (b):
(Cap. Dist. Energy Ctr. Proj.):
Series 1986, 3.75%,
LOC Bank of Nova Scotia 7,800,000 7,800,000
Series 1988, 3.75%,
LOC Bank of Nova Scotia 100,000 100,000
(Lindenmaier Precision Co. Ohaus Proj.) Series 1988,
3.80%, LOC Morgan Guaranty 8,000,000 8,000,000
(W.E. Bassett Co. Proj.) Series 1986, 4%,
LOC First Nat'l. Bank of Boston 1,400,000 1,400,000
Connecticut Dev. Auth. Poll. Cont. Rev. (Light & Pwr. Co. Proj.)
Series 1993 B, 3.80%, LOC Union Bank of Switzerland,
VRDN (b) 15,000,000 15,000,000
Connecticut Dev. Auth. Solid Waste Disp. Fac. Rev.
(Rand-Whitney Containerboard) 3.45%,
LOC Chase Manhattan Bank, VRDN (b) 6,700,000 6,700,000
Connecticut Dev. Auth. Water Facs. Rev.
(Bridgeport Hydraulic Co.) Series 1995, 3.40%,
LOC Society Generale, VRDN 6,900,000 6,900,000
Connecticut Econ. Recovery Notes Series A, 5.40% 12/15/95 1,000,000
1,000,463
Connecticut Gen. Oblig. Bonds
Series 1995 B, 4.50% 10/1/96 3,985,000 4,005,887
Connecticut Gen. Oblig. Participating VRDN (c):
Series BTP-103, 3.85% (Liquidity Facility Bankers Trust) 3,165,000
3,165,000
Series MGT-27, 3.80%
(Liquidity Facility Morgan Guaranty Trust Co.) 4,400,000 4,400,000
Connecticut Health & Edl. Facs. Auth. Rev.:
(Charlotte Hungerford Hosp.) Series B, 3.40%,
LOC Bank of Boston, VRDN 1,700,000 1,700,000
(Pomfret School Issue) Series A, 3.45%,
LOC Credit Local De France, VRDN 1,000,000 1,000,000
Bonds:
(Connecticut Univ.) 4.50% 11/1/96 (MBIA Insured) 1,050,000 1,057,487
(Windham Commty. Hosp.) Series B, 3.65%,
tender 1/16/96, LOC Banque Paribas 5,000,000 5,000,000
(Yale University Proj.):
Series L:
3.80%, tender 12/12/95 1,500,000 1,500,000
3.75%, tender 12/13/95 3,550,000 3,550,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
CONNECTICUT - CONTINUED
Connecticut Health & Edl. Facs. Auth. Rev.: - continued
Bonds: - continued
(Yale University Proj.): - continued
Series M:
3.75%, tender 12/13/95 $ 4,400,000 $ 4,400,000
3.65%, tender 1/12/96 2,900,000 2,900,000
Series N, 3.80% tender, 12/12/95 3,100,000 3,100,000
Series O:
3.65%, tender 1/12/96 4,700,000 4,700,000
3.65%, tender 2/13/96 8,400,000 8,400,000
Connecticut Hsg. & Fin. Auth. Bonds (Hsg. Mtg. Fin. Prog.):
Series 1989 D (b):
3.80%, tender 12/8/95 1,500,000 1,500,000
3.85%, tender 12/14/95 6,700,000 6,700,000
Series 1993 E-1, 3.75%, tender 6/10/96 3,800,000 3,800,000
Series 1993 E-2, 3.85%, tender 6/10/96 (b) 6,400,000 6,400,000
Series 1993 H-2, 3.75%, tender 4/15/96 (b) 12,000,000 12,000,000
Connecticut Muni. Elec. Energy Coop. Pwr. Supply Sys. Rev.
Bonds Series 1995 A, 3.55%, tender 1/25/96,
LOC Fleet Bank 2,000,000 2,000,000
Connecticut Second Lien Spl. Tax Oblig. Bonds
(Transport Infrastructure) Series 1, 3.55%,
LOC Commerzbank AG, VRDN 30,775,000 30,775,000
Connecticut Spl. Assessment Unemployment Rev. Bonds
Series 1993 C, 3.85%, tender 7/1/96
(FGIC Insured) 30,400,000 30,400,000
East Haven BAN 4.25% 9/4/96 1,000,000 1,003,313
Fairfield BAN 5.25% 1/16/96 1,000,000 1,000,481
New Haven Gen. Oblig. Rev. Bonds Rfdg. Series A,
4.50% 8/1/96 1,570,000 1,576,072
New Haven BAN 4.25% 8/22/96, LOC State Street Bank 6,500,000 6,520,451
New Haven Ind. Dev. Rev. (Starter Sportswear)
Series 1986, 3.85%, LOC Nat'l. Westminster Bank,
VRDN (b) 2,800,000 2,800,000
New Milford BAN 3.77% 8/16/96 2,243,000 2,243,302
Stamford Hsg. Auth. Mutimodal Rev. (Morgan Street Proj.)
Series 1994, 3.65%, LOC Deutsche Bank (b) 5,000,000 5,000,000
236,102,949
LOUISIANA - 0.9%
Plaquemines Parish Envir. Rev. Rfdg.
(BP Exploration & Oil, Inc.),VRDN (b):
Series 1994, 3.85% 1,900,000 1,900,000
Series 1995, 3.85% 1,000,000 1,000,000
2,900,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - 0.1%
New York City Ind. Dev. Auth. Ind. Dev. Rev.
(Japan Airlines Co. Ltd. Prog.) Series 1991, 3.95%,
LOC Morgan Guaranty Trust Co., VRDN (b) $ 200,000 $ 200,000
PUERTO RICO - 17.7%
Puerto Rico Commonwealth Participating VRDN (c):
Series BT-165, 3.76%
(Liquidity Facility Bankers Trust Co.) 4,620,600 4,620,600
Series PA-97, 3.55%
(Liquidity Facility Merrill Lynch & Co.) 4,100,000 4,100,000
Series PT-63, 3.55%
(Liquidity Facility Bayerische Hypotheken) 2,100,000 2,100,000
Puerto Rico Elec. Pwr. Auth. Participating VRDN,
Series BT-105, 3.525%
(Liquidity Facility Bankers Trust Co.) 13,158,000 13,158,000
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Rfdg. Bonds
Series W, 4.25% 7/1/96 8,000,000 8,015,587
Puerto Rico Gov't. Dev. Bank CP:
3.70% 12/1/95 8,000,000 8,000,000
3.75% 12/1/95 2,100,000 2,100,000
3.75% 12/14/95 5,200,000 5,200,000
3.65% 12/15/95 5,000,000 5,000,000
3.70% 1/18/96 1,000,000 1,000,000
3.70% 1/23/96 2,900,000 2,900,000
56,194,187
TEXAS - 5.0%
Brazos River Auth. Poll. Cont. Rev. (Texas Util. Elec. Co.),
VRDN (b):
Rfdg. Series 1995 C, 3.80%, LOC Swiss Bank 700,000 700,000
Series 1995 A, 3.80%, LOC Morgan Guaranty 700,000 700,000
Brazos River Harbor Navigation Dist. of Brazoria County Rev.
(Dow Chemical) Series1993, 3.90%, VRDN (b) 1,600,000 1,600,000
Gulf Coast Ind. Dev. Auth. Solid Waste Disp. Rev.
(Citgo Petroleum) 3.90% LOC Wachovia Bank,
VRDN (b) 3,000,000 3,000,000
Gulf Coast Waste Disp. Auth. (Amoco Oil Co. Proj.) 3.80%,
VRDN (b) 2,100,000 2,100,000
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev.
(Amoco Oil Co.) 3.80%, VRDN (b) 6,700,000 6,700,000
Harris County Ind. Dev. Corp. Poll. Cont. Rev. (Exxon Proj.)
Series 1987, 3.80%, VRDN (b) 1,000,000 1,000,000
15,800,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
VIRGINIA - 0.4%
Richmond Ind. Dev. Auth. Rev. (Cogentrix Richmond Inc. Proj.),
VRDN (b):
Series 1990 A, 4.10%, LOC Banque Paribas $ 1,200,000 $ 1,200,000
Series 1991 B, 4.10%, LOC Banque Paribas 100,000 100,000
1,300,000
WASHINGTON - 0.3%
Washington Hsg. Fin. Commission Multi-Family Mtg. Rev.
(Canyon Lake II) 4.15%,
LOC U.S. Bank of Washington, VRDN (b) 1,000,000 1,000,000
TOTAL INVESTMENTS - 100% $ 317,197,136
Total Cost for Income Tax Purposes $ 317,197,136

SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
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, 1995, the fund had a capital loss carryforward of
approximately $29,600 of which $1,400, $400, $8,900, $16,000 and $2,900
will expire on November 30, 1999, 2000, 2001, 2002 and 2003, respectively.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1995

1.ASSETS 2. 3.

4.Investment in securities, at value - See accompanying 5. $ 317,197,136
schedule

6.Cash 7. 2,666,600

8.Interest receivable 9. 2,234,084

10. 11.TOTAL ASSETS 12. 322,097,820

13.LIABILITIES 14. 15.

16.Distributions payable $ 30,736 17.

18.Accrued management fee 105,249 19.

20.Other payables and accrued expenses 92,023 21.

22. 23.TOTAL LIABILITIES 24. 228,008

25.26.NET ASSETS 27. $ 321,869,812

28.Net Assets consist of: 29. 30.

31.Paid in capital 32. $ 321,899,337

33.Accumulated net realized gain (loss) on investments 34. (29,525)

35.36.NET ASSETS, for 321,899,337 shares outstanding 37. $ 321,869,812

38.39.NET ASSET VALUE, offering price and redemption 40. $1.00
price per share ($321,869,812 (divided by) 321,899,337 shares)

</TABLE>

STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1995

41.42.INTEREST INCOME 43. $ 12,175,879

44.EXPENSES 45. 46.

47.Management fee $ 1,273,431 48.

49.Transfer agent, accounting and custodian fees 612,659 50.
and expenses

51.Non-interested trustees' compensation 2,165 52.

53.Registration fees 536 54.

55.Audit 21,231 56.

57.Legal 7,471 58.

59.Miscellaneous 5,933 60.

61. 62.TOTAL EXPENSES 63. 1,923,426

64.65.NET INTEREST INCOME 66. 10,252,453

67.68.NET GAIN (LOSS) 69. (2,885)

70.71.NET INCREASE IN NET ASSETS RESULTING FROM 72. $ 10,249,568
OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED NOVEMBER 30,

1995 1994

73.INCREASE (DECREASE) IN NET ASSETS

74.Operations $ 10,252,453 $ 6,679,260
Net interest income

75. Net realized gain (loss) (2,885) (15,972)

76. 77.NET INCREASE (DECREASE) IN NET ASSETS 10,249,568 6,663,288
RESULTING FROM OPERATIONS

78.Distributions to shareholders from net interest (10,252,453) (6,679,260)
income

79.Share transactions at net asset value of $1.00 per 718,824,759 674,020,564
share
Proceeds from sales of shares

80. Reinvestment of distributions from net interest 9,814,514 6,437,923
income

81. Cost of shares redeemed (707,651,485) (668,124,024)

82.83. 20,987,788 12,334,463
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES
RESULTING FROM SHARE TRANSACTIONS

84. 85.TOTAL INCREASE (DECREASE) IN NET ASSETS 20,984,903 12,318,491

86.NET ASSETS 87. 88.

89. Beginning of period 300,884,909 288,566,418

90. End of period $ 321,869,812 $ 300,884,909

</TABLE>

FINANCIAL HIGHLIGHTS

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

1995 1994 1993 1992 1991

91.SELECTED
PER-SHARE DATA

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

93.Income from .032 .022 .019 .027 .044
Investment
Operations
Net interest income

94.Less Distributions (.032) (.022) (.019) (.027) (.044)
From net interest
income

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

96.TOTAL RETURN A 3.29 2.19 1.87 2.74% 4.54%
% % %

97.RATIOS AND SUPPLEMENTAL DATA

98.Net assets, end of $ 321,870 $ 300,885 $ 288,566 $ 331,909 $ 418,337
period (000 omitted)

99.Ratio of expenses .61 .60 .61 .43% .07%
to average net assets % % % B B

100.Ratio of net 3.24 2.16 1.87 2.76% 4.45%
interest % % %
income to average
net assets

</TABLE>

A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
B FMR VOLUNTARILY AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES
DURING THE PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO
WOULD HAVE BEEN HIGHER.
NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1995

1. SIGNIFICANT ACCOUNTING POLICIES.
On December 14, 1995, the Board of Trustees gave approval to change the
name of Fidelity Connecticut Municipal Money Market Portfolio to Fidelity
Connecticut Municipal Money Market Fund. Fidelity Connecticut Municipal
Money Market Fund (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 substantially 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 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 .1200% to
.3700% for the period. In the event that these rates were lower than the
contractual rates in effect during the period, 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 .40% 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 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.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
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 $20,255 for the
period.
TRANSFER AGENT AND ACCOUNTING FEES. UMB Bank, n.a. (UMB) 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. During
the period December 1, 1994 to December 31, 1994, the fund paid fees based
on the type, size, number of accounts and the number of transactions made
by shareholders. Effective January 1, 1995, the Board of Trustees approved
a revised transfer agent contract pursuant to which the fund pays account
fees and asset-based fees that vary according to account size and type of
account. 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
$522,793 and $66,146, 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 $24,055.
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 Court Street Trust II: Fidelity Connecticut Municipal Money Market
Portfolio, including the schedule of portfolio investments, as of November
30, 1995, 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 audit.
We conducted our audit 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, 1995, 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 audit provides 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,
1995, 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.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
December 26, 1995
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)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(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 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6I
400 East Las Colinas Blvd.
Irving, TX 75309-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
(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
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6R
400 East Las Colinas Blvd.
Irving, TX 75309-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
TO VISIT FIDELITY

INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
INVESTMENT 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
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Thomas D. Maher, Assistant
Vice President
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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
UMB Bank, n.a.
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
UMB 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