FIDELITY UNION STREET TRUST II, N-30D, 1995-10-18

FIDELITY UNION STREET TRUST II
N-30D, 1995-10-18

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SPARTAN(registered trademark)

(registered trademark)
ARIZONA
MUNICIPAL
FUNDS

ANNUAL REPORT
AUGUST 31, 1995
CONTENTS

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PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

SPARTAN ARIZONA 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 the life of the fund.

INVESTMENTS 11 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.

SPARTAN ARIZONA MUNICIPAL MONEY MARKET PORTFOLIO

PERFORMANCE 19 How the fund has done over time.

FUND TALK 21 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 23 A summary of major shifts in the
fund's investments over the past six
months
and the life of the fund.

INVESTMENTS 24 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 28 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 32 Notes to the financial statements.

REPORT OF INDEPENDENT
ACCOUNTANTS 35 The auditors' opinion.

</TABLE>

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUNDS. THIS REPORT IS NOT AUTHORIZED
FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUNDS UNLESS PRECEDED OR
ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
NEITHER THE FUNDS NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES,
CALL
1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST
OR SEND
MONEY.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
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 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 ARIZONA MUNICIPAL INCOME PORTFOLIO

PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each figure
includes changes in a fund's share price, reinvestment of any dividends (or
income) and capital gains (the profits the fund earns when it sells bonds
that have grown in value), and the effect of the $5 account closeout fee.
You can also look at the fund's income. If Fidelity had not reimbursed
certain fund expenses during the period shown, the total return, dividend,
and yield would have been lower.
CUMULATIVE TOTAL RETURNS
PERIOD ENDED AUGUST 31, 1995 LIFE OF
FUND

Spartan Arizona Municipal Income 11.73%

Lehman Brothers Municipal Bond Index n/a

Average Arizona Municipal Bond Fund n/a

Consumer Price Index 2.34%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case since the fund started on October 11,
1994. 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. Once the
fund is a year old, 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 (again, once it's a year old), you also will be able to
compare it to the average Arizona municipal bond fund. Both benchmarks will
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
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. Average annual returns for the fund and its
benchmarks will appear in the fund's next report.
$10,000 OVER LIFE OF FUND
Spartan Arizona MunMunicipal Bond Ind
10/31/94 10000.00 10000.00
11/30/94 9820.11 9819.20
12/31/94 10064.35 10035.32
01/31/95 10414.23 10322.13
02/28/95 10773.06 10622.30
03/31/95 10866.46 10744.35
04/30/95 10885.64 10757.03
05/31/95 11219.72 11100.28
06/30/95 11111.21 11003.16
07/31/95 11215.14 11107.47
08/31/95 11372.18 11248.31

$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Spartan
Arizona Municipal Income Portfolio on October 31, 1994, shortly after the
fund started. As the chart shows, by August 31, 1995, the value of your
investment would have grown to $11,372 - a 13.72% increase on your initial
investment. This assumes you still own the fund on August 31, 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 $11,248 - a 12.48% 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
OCTOBER 11, 1994
(COMMENCEMENT
OF OPERATIONS) TO
AUGUST 31,

1995

Dividend return 5.34%

Capital appreciation
return 6.39%

Total return 11.73%
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 AUGUST 31, 1995 PAST PAST 6 LIFE OF
MONTH MONTHS FUND

Dividends per share 4.76(cents) 28.92(cents) 50.36(cents)

Annualized dividend rate 5.35% 5.46% 5.53%

30-day annualized yield 5.31% - -

30-day annualized tax-equivalent yield 8.79% - -

</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 $10.48 over
the past month, $10.51 over the past six months and $10.22 over the life of
fund, 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 39.58% combined effective 1995 federal and state income tax bracket,
but does not reflect the payment of the federal alternative minimum tax, if
applicable. If the advisor had not reimbursed certain portfolio expenses
during the period shown, the yield and tax-equivalent yield would have been
4.86% and 8.04%, respectively.
SPARTAN ARIZONA MUNICIPAL INCOME PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

MARKET RECAP
The municipal bond market posted
strong returns for the 12 months
ended August 31, 1995. For the
12-month period, the Lehman
Brothers Municipal Bond Index - a
broad measure of the tax-free
market - had a total return of
8.87%. By comparison, the
Lehman Brothers Aggregate Bond
Index - a proxy of
investment-grade taxable bonds -
returned 11.30%. A strong rally
starting in November 1994 helped
municipal bonds recover from the
effects of the sharply rising interest
rate environment seen through
much of 1994. A relatively tame
inflationary environment coupled
with indications of a slowing
economy encouraged bond
investors, helping to push interest
rates down throughout the period.
In addition, the Federal Reserve
Board - seeking to prevent the
economy from going into recession
- - eased formerly tight credit
conditions by lowering the fed funds
rate - the rate banks charge each
other for overnight loans - by 0.25%
on July 6 to 5.75%. Performance
among taxable and tax-free issues
was not uniform during the period.
While municipal bonds performed
better than comparable Treasury
issues in the first quarter of 1995, this
trend reversed later in the year.
Ongoing concerns related to the
bankruptcy of Orange County,
California, and the threat of tax
reform dampened investor interest,
causing muni prices to compress
relative to taxable issues. The rally
rekindled at the end of August, aided
by a tightening supply of municipal
debt securities.
NOTE TO SHAREHOLDERS: On October 1, 1995, Jonathan Short (right photo)
became portfolio manager of Spartan Arizona Municipal Income Portfolio. The
following is an interview with Maureen Newman - who managed the fund during
the period covered by this report - with some comments from Jon Short on
what's ahead for the fund and his outlook for the Arizona economy.
Q. HOW DID THE FUND PERFORM, MAUREEN?
M.N. The municipal bond market has enjoyed a fairly significant rally in
1995 and the fund's performance reflects that. But since the fund has been
operating for less than a full year, any comparison of its performance with
other funds of its type would be misleading. That said, from the start of
its operations on October 11, 1994, through August 31, 1995, the fund
returned 11.73%.
Q. HOW DID YOU ALTER YOUR STRATEGY TO TAKE ADVANTAGE OF DECLINING INTEREST
RATES DURING THE PAST SIX MONTHS?
M.N. Up until the early summer, the yield curve - which measures the yields
on bonds with various maturities - flattened. As the yield curve flattens,
investors usually aren't rewarded with much additional yield for buying
bonds with longer-term maturities. So as the yield curve flattening
occurred, I moved more of the fund's investments out of longer-term bonds
with maturities of 20 years or more, and into intermediate bonds with
maturities between 10 and 15 years. But by mid-summer, the yield curve
began to steepen once again, and investors again were rewarded with enough
additional yield to warrant buying longer-term bonds. At that point, I
began buying some bonds with maturities of 15 to 20 years.
Q. WHAT WERE SOME OF THE BEST PERFORMING BONDS DURING THE PAST SIX MONTHS?
M.N. Uninsured bonds issued by Maricopa County - which accounted for 3.5%
of the fund's investments at the end of the period - performed quite well.
As you may remember, the credit quality of these bonds was downgraded to
lower-investment grade last year because of some of the fiscal problems the
county was experiencing. I purchased these bonds after the downgrade when
they were relatively cheap. But the county has brought in new management
and done some cost cutting and, as a result, the price of Maricopa County
bonds have risen. In addition, insured bonds performed very well during the
period. The prices of insured bonds tend to move up quickly during market
rallies. Also, heightened concerns about credit quality caused increased
demand for high-quality bonds.
Q. WHAT OTHER CHANGES DID YOU MAKE TO YOUR STRATEGY?
M.N. One of the more noticeable changes was that I reduced the fund's stake
in bonds with non-investment grade ratings of Ba or B, as rated by Moody's
Investor Service. Over the past six months the spread - or the difference-
between the yields offered by bonds of various credit qualities became
tighter, or smaller. So I sold many of the fund's below-investment grade
bonds and replaced them with investment-grade bonds. Tight spreads meant
that I didn't have to sacrifice much yield while I was improving the
overall credit quality of the fund. For example, I sold the fund's
below-investment grade electric utility bonds, which also explains why the
fund had a smaller stake in the electric utility sector bonds at the end of
the period than six months ago.
Q. WHY DID YOU DECREASE THE FUND'S STAKE IN BONDS ISSUED BY GUAM AND PUERTO
RICO?
M.N. I sold some of these territorial bonds in order to take advantage of
opportunities to buy Arizona securities. For example, I recently added some
bonds issued by Arizona State University and the University of Arizona,
which are very strong credits, in my view. The fund's stake in territorial
bonds was about 15% of investments at the end of the period, down from
26.5% six months ago. As territories of the United States, Guam and Puerto
Rico may issue municipal bonds free from local, state and federal income
taxes in all 50 states. I continue to hold many of these territorial bonds
because their tax-exempt status makes demand for them very strong, which
could result in superior returns.
Q. TURNING TO YOU JON, WHAT'S AHEAD FOR THE FUND?
J.S. Maureen and I share similar investment strategies and philosophy. For
that reason, most of the changes I'll make to the fund probably will be the
result of market opportunities and conditions, as opposed to some departure
in strategy. That said, I think that it is important for shareholders to
realize that over the past six months, the municipal bond market has
enjoyed extremely strong performance, and it wouldn't be all that
surprising if the market paused to catch its breath soon. If this is the
case, the fund's returns are likely to be more dependent on income than on
price appreciation.

FUND FACTS
GOAL: high current tax-free
income for Arizona residents
START DATE: October 11, 1994
SIZE: as of August 31, 1995,
more than $13 million
MANAGER: Jonathan Short, as
of October 1, 1995; manager,

Fidelity California Tax-Free
High Yield, Fidelity California
Tax-Free Insured, Spartan
California Municipal High
Yield and Spartan California
Intermediate Municipal
portfolios, since March 1995;
Fidelity Minnesota Tax-Free
Fund, as of October 1, 1995;
joined Fidelity in 1990.
(checkmark)

JON SHORT ON HIS OUTLOOK
FOR THE ARIZONA MUNICIPAL
MARKET:
"Arizona's economy and
fiscal health are two
important factors that will
affect the credit quality of
municipal bonds issued in
the state. I think the state's
economic and fiscal status
are quite healthy and should
continue to be so over the
near term. One reason for
the state's economic
strength is that it is broadly
diversified among the
service, industrial and
tourism sectors. That helps
to insulate it from a downturn
in any one sector. The
state's fiscal position is quite
strong as well. During the
past six months, the
legislature passed a
reduction in income tax
rates, but I don't expect any
further reductions in the
foreseeable future, and
Arizona tax-free bonds
continue to offer attractive
after-tax income for
investors."
SPARTAN ARIZONA MUNICIPAL INCOME PORTFOLIO

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF AUGUST 31, 1995
% OF FUND'S % OF FUND'S INVESTMENT
INVESTMENTS S
IN THESE SECTORS
6 MONTHS AGO

General Obligation 34.0 29.7

Electric Revenue 23.4 25.1

Water & Sewer 13.1 11.7

Special Tax 8.2 5.8

Transportation 6.2 5.8

AVERAGE YEARS TO MATURITY AS OF AUGUST 31, 1995
6 MONTHS AGO

Years 12.5 14.7

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 AUGUST 31, 1995
6 MONTHS AGO

Years 7.7 7.7

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 THIS EXAMPLE.
QUALITY DIVERSIFICATION (MOODY'S RATINGS)
AS OF AUGUST 31, 1995 AS OF FEBRUARY 28, 1995
Aaa 40.6%
Aa, A 39.2%
Baa 16.4%
Ba, B 0.0%
Non-rated 0.0%
Short-term
investments 3.8%
Aaa 39.2%
Aa, A 27.3%
Baa 23.9%
Ba, B 3.3%
Non-rated 1.6%
Short-term
investments 4.7%
Row: 1, Col: 1, Value: 40.6
Row: 1, Col: 2, Value: 39.2
Row: 1, Col: 3, Value: 16.4
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 6, Value: 3.8
Row: 1, Col: 1, Value: 39.2
Row: 1, Col: 2, Value: 27.3
Row: 1, Col: 3, Value: 23.9
Row: 1, Col: 4, Value: 3.3
Row: 1, Col: 5, Value: 1.6
Row: 1, Col: 6, Value: 4.7
SHOWN AS A PERCENTAGE OF THE FUND'S INVESTMENTS. WHERE MOODY'S RATINGS ARE
NOT AVAILABLE, WE HAVE USED S&P RATINGS.
SPARTAN ARIZONA MUNICIPAL INCOME PORTFOLIO

INVESTMENTS AUGUST 31, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 96.2%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
ARIZONA - 81.1%
Arizona Pwr. Auth. Pwr. Resources Rev. Rfdg.
(Hoover Uprating Proj.) 5.25% 10/1/17
(MBIA Insured) Aaa $ 100,000 $ 92,000
Arizona Trans. Board Excise Tax Rev.
(Maricopa County Reg'l. Area Road)
Series A, 5.75% 7/1/05 (AMBAC Insured) Aaa 400,000 425,500
Arizona Trans. Board Hwy. Rev. Rfdg.
5.25% 7/1/09 Aa 300,000 292,875
Arizona State Univ. Rev. Rfdg. 6% 7/1/07 A1 500,000 533,125
Central Arizona Wtr. Conservation Dist.
Contract Rev. (Central Arizona Proj.):
Rfdg. Series A, 5.50% 11/1/10 A1 100,000 98,375
7.30% 11/1/01 A1 350,000 398,125
Cochise Union School Dist. #68 (Sierra Vista)
Series B, 9% 7/1/02 (FGIC Insured) Aaa 200,000 248,000
Glendale Ind. Dev. Auth. Edl. Facs. Rev. Rfdg.
(American Graduate School Int'l.)
6.55% 7/1/06 AAA 150,000 165,375
Maricopa County Cfts. of Prtn. 5.625%
6/1/00 Baa 450,000 459,563
Maricopa County Gen. Oblig. Rev. Rfdg.
6.25% 7/1/02 (FGIC Insured) Aaa 200,000 219,250
Maricopa County School Dist. #1 Rfdg.
(Phoenix Elementary) Second Series, 0%
7/1/05 (MBIA Insured) Aaa 500,000 298,750
Maricopa County School Dist. #3 Rfdg.
(Temple Elementary) 0% 7/1/08
(AMBAC Insured) Aaa 500,000 247,500
Maricopa County School Dist. #28 Rfdg.
(Kyrene Elementary) Series C, 0% 1/1/07
(FGIC Insured) Aaa 500,000 271,875
Maricopa County Unified School Dist. #41
Rfdg. (Gilbert) 0% 1/1/06 (FGIC Insured) Aaa 300,000 174,000
Maricopa County Unified School Dist. #69
Rfdg. (Paradise Valley Board) Second Series,
5% 7/1/08 (AMBAC Insured) Aaa 300,000 294,000
Maricopa County Unified School Dist. #80
(Chandler) 6.60% 7/1/06 (FGIC Insured) Aaa 400,000 452,500
Mesa Gen. Oblig. Rev. Rfdg. 5.70% 7/1/03
(FGIC Insured) Aaa 250,000 266,875
Peoria Gen. Oblig. Rev. (1990 & 1994 Proj.)
Series A:
5% 7/1/14 (AMBAC Insured) Aaa 365,000 332,606
5% 7/1/15 (AMBAC Insured) Aaa 390,000 351,975
Phoenix Civic Impt. Corp. Wtr. Sys. Rev.
(Jr. Lien) 5.45% 7/1/19 A1 500,000 465,000
Phoenix Street & Hwy. User Rev. Rfdg.
(Jr. Lien) 6.25% 7/1/11 (MBIA Insured) Aaa 250,000 261,875
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
ARIZONA - CONTINUED
Pima County Swr. Rev. Rfdg., Series A, 5%
7/1/15 (FGIC Insured) Aaa $ 400,000 $ 357,500
Salt River Proj. Agric. Impt. & Pwr. Dist. Elec.
Sys. Rev. Rfdg.:
Series A, 5.75% 1/1/07 Aa 300,000 313,500
Series B, 6.50% 1/1/04 Aa 400,000 445,500
Series C, 5% 1/1/13 Aa 150,000 137,625
Series C, 4.75% 1/1/17 Aa 100,000 86,125
Scottsdale Gen. Oblig. Rev. Rfdg.:
Series C, 6.375% 7/1/01 Aa1 250,000 274,063
5.50% 7/1/09 Aa1 100,000 100,125
Scottsdale Street & Hwy. User Rev. Rfdg.
5.50% 7/1/07 A1 800,000 811,000
Tempe Union High School Dist. #213
Rfdg. & Impt., 7% 7/1/08 (FGIC Insured) Aaa 310,000 359,987
Tucson Gen. Oblig. Rev. Rfdg.:
7.50% 7/1/01 A1 300,000 344,250
6.75% 7/1/03 (FGIC Insured) Aaa 200,000 226,250
Tucson Wtr. Rev. Rfdg.:
Series A, 5.75% 7/1/18 A1 200,000 194,250
6.50% 7/1/16 A1 200,000 208,750
Univ. of Arizona Rev. Rfdg. (Univ. Rev. Sys.)
6.375% 6/1/05 A1 400,000 434,500
10,642,569
PUERTO RICO - 11.3%
Puerto Rico Commonwealth Hwy. & Trans. Auth.
Hwy. Rev. 5.50% 7/1/17 Baa1 100,000 93,500
Puerto Rico Commonwealth Pub. Impt. Gen.
Oblig. Rev. 6.80% 7/1/21
(Pre-Refunded to 7/1/02 @ 101.5) (d) AAA 250,000 286,250
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.:
Rfdg. Series N, 5% 7/1/12 Baa1 150,000 135,750
Rfdg. Series S, 7% 7/1/07 Baa1 500,000 565,000
Series O, 5% 7/1/12 Baa1 450,000 407,250
1,487,750
GUAM - 3.8%
Guam Pwr. Auth. Rev. Series A, 6.30%
10/1/22 BBB 500,000 493,750
TOTAL MUNICIPAL BONDS
(Cost $12,177,177) 12,624,069
MUNICIPAL NOTES (A) - 3.8%
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) (C) AMOUNT (NOTE 1)
ARIZONA - 3.8%
Apache County Ind. Dev. Auth. Rev.
(Tucson Elec. Pwr. Co.) Series 1981 B, 3.70%,
LOC Mitsubishi Bank Ltd., VRDN VMIG 1 $ 200,000 $ 200,000
Maricopa Poll. Cont. Rev. (Arizona Pub. Svcs.)
Series 1994 B, 3.50%,
LOC Morgan Guaranty Trust Co., VRDN P-1 200,000 200,000
Yuma Ind. Dev. Auth. Ind. Rev. (Ardco, Inc.
Proj.) 3.80%, LOC Bank of Montreal,
Harris Trust & Savings Bank, VRDN (b) A-1+ 100,000 100,000
TOTAL MUNICIPAL NOTES
(Cost $500,000) 500,000
TOTAL INVESTMENTS - 100%
(Cost $12,677,177) $ 13,124,069
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
1 Muni. Bond Contract Sep. 1995 $ 114,438 $ 2,835
2 Muni. Bond Contracts Dec. 1995 226,750 (143)
TOTAL FUTURES CONTRACTS $ 2,692
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 2.6%

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 collateralized by an amount sufficient to pay interest and
principal.
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 76.3% AAA, AA, A 88.9%
Baa 12.7% BBB 7.3%
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 0.0%.
The distribution of municipal securities by revenue source, as a percentage
of total value of investment in securities, is as follows:
General Obligation 34.0%
Electric Revenue 23.4
Water & Sewer 13.1
Others
(individually less than 10%) 29.5
TOTAL 100.0%
INCOME TAX INFORMATION
At August 31, 1995, the aggregate cost of investment securities for income
tax purposes was $12,677,177. Net unrealized appreciation aggregated
$446,892, of which $468,711 related to appreciated investment securities
and $21,819 related to depreciated investment securities.
The fund hereby designates $9,897 as a capital gain dividend for the
purpose of the dividend paid deduction.
SPARTAN ARIZONA MUNICIPAL INCOME PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AUGUST 31, 1995

1.ASSETS 2. 3.

4.Investment in securities, at value (cost $12,677,177) - 5. $ 13,124,069
See accompanying schedule

6.Receivable for investments sold 7. 212,567

8.Interest receivable 9. 143,604

10.Receivable for daily variation on futures contracts 11. 1,057

12.Receivable from investment adviser for expense 13. 4,904
reductions

14. 15.TOTAL ASSETS 16. 13,486,201

17.LIABILITIES 18. 19.

20.Payable to custodian bank $ 24,107 21.

22.Distributions payable 8,486 23.

24.Accrued management fee 5,993 25.

26. 27.TOTAL LIABILITIES 28. 38,586

29.30.NET ASSETS 31. $ 13,447,615

32.Net Assets consist of: 33. 34.

35.Paid in capital 36. $ 12,883,511

37.Accumulated undistributed net realized gain (loss) 38. 114,520
on investments

39.Net unrealized appreciation (depreciation) 40. 449,584
on investments

41.42.NET ASSETS, for 1,263,896 shares outstanding 43. $ 13,447,615

44.45.NET ASSET VALUE, offering price and redemption 46. $10.64
price per share ($13,447,615 (divided by) 1,263,896 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
OCTOBER 11, 1994 (COMMENCEMENT OF OPERATIONS) TO AUGUST 31, 1995

47.48.INTEREST INCOME 49. $ 381,171

50.EXPENSES 51. 52.

53.Management fee $ 37,388 54.

55.Non-interested trustees' compensation 50 56.

57. Total expenses before reductions 37,438 58.

59. Expense reductions (33,511) 3,927

60.61.NET INTEREST INCOME 62. 377,244

63.REALIZED AND UNREALIZED GAIN (LOSS) 65. 66.
64.Net realized gain (loss) on:

67. Investment securities 100,718 68.

69. Futures contracts 13,802 114,520

70.Change in net unrealized appreciation (depreciation) 71. 72.
on:

73. Investment securities 446,892 74.

75. Futures contracts 2,692 449,584

76.77.NET GAIN (LOSS) 78. 564,104

79.80.NET INCREASE (DECREASE) IN NET ASSETS 81. $ 941,348
RESULTING FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C>
OCTOBER 11, 1994
(COMMENCEMENT
OF OPERATIONS) TO
AUGUST 31, 1995

82.INCREASE (DECREASE) IN NET ASSETS

83.Operations $ 377,244
Net interest income

84. Net realized gain (loss) 114,520

85. Change in net unrealized appreciation (depreciation) 449,584

86. 87.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM 941,348
OPERATIONS

88.Distributions to shareholders from net interest income (377,244)

89.Share transactions 17,301,630
Net proceeds from sales of shares

90. Reinvestment of distributions from net interest income 317,012

91. Cost of shares redeemed (4,737,604)

92. Redemption fees 2,473

93.94. 12,883,511
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM SHARE
TRANSACTIONS

95. 96.TOTAL INCREASE (DECREASE) IN NET ASSETS 13,447,615

97.NET ASSETS 98.

99. Beginning of period -

100. End of period $ 13,447,615

101.OTHER INFORMATION 103.
102.Shares

104. Sold 1,696,864

105. Issued in reinvestment of distributions 30,535

106. Redeemed (463,503)

107. Net increase (decrease) 1,263,896

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C>
108. OCTOBER 11, 199
4
(COMMENCEMEN
T
OF OPERATIONS) TO
AUGUST 31, 1995

109.SELECTED PER-SHARE DATA

110.Net asset value, beginning of period $ 10.000

111.Income from Investment Operations .504
Net interest income

112. Net realized and unrealized gain (loss) .637

113. Total from investment operations 1.141

114.Less Distributions (.504)
From net interest income

115.Redemption fees added to paid in capital .003

116.Net asset value, end of period $ 10.640

117.TOTAL RETURN B 11.74%

118.RATIOS AND SUPPLEMENTAL DATA

119.Net assets, end of period (000 omitted) $ 13,448

120.Ratio of expenses to average net assets .06%A

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

122.Ratio of net interest income to average net assets 5.54%A

123.Portfolio turnover rate 56%A

</TABLE>

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURN WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIOD SHOWN. SEE
NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
SPARTAN ARIZONA 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 certain fund expenses during the period
shown, the total return and yields would have been lower.
CUMULATIVE TOTAL RETURNS
PERIOD ENDED AUGUST 31, 1995 LIFE OF
FUND

Spartan Arizona Municipal Money Market 3.43%

Average All Tax-Free Money Market Fun 2.79%
d

Consumer Price Index 2.34%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case since the fund started on October 12,
1994. 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 391 all tax-free money market funds with similar
objectives tracked by IBC/Donoghue during the period covered by this
report. 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
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. Average annual returns for the fund and its
benchmarks will appear in the fund's next report.
YIELDS

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

Spartan Arizona Municipal Money Marke 3.76% 4.15% 4.10% 3.71%
t

If Fidelity had not reimbursed certain 3.26% 3.65% 3.70% 3.31%
fund expenses

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

Spartan Arizona Municipal Money 6.22% 6.87% 6.79% 6.14%
Market - Tax-equivalent

If Fidelity had not reimbursed certain 5.40% 6.04% 6.12% 5.48%
fund expenses

</TABLE>

Spartan Arizona
Municipal Money
Market
Average
All Tax-Free
Money Market
Fund
Row: 1, Col: 1, Value: 3.76
Row: 1, Col: 2, Value: 3.1
Row: 2, Col: 1, Value: 4.149999999999999
Row: 2, Col: 2, Value: 3.48
Row: 3, Col: 1, Value: 4.1
Row: 3, Col: 2, Value: 3.61
Row: 4, Col: 1, Value: 3.71
Row: 4, Col: 2, Value: 3.21
5% -
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. You can compare these
yields to the average all tax-free money market fund. Or you can look at
the fund's tax-equivalent yield, which is based on a combined effective
1995 federal and state income tax rate of 39.58%. Figures for the average
all tax-free money market fund are from IBC/Donoghue. A portion of the
fund's income may be subject to the alternative minimum tax.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT PAST
RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.

COMPARING
PERFORMANCE
Yields on tax-free investments
are usually lower than yields
on taxable investments.
However, a straight
comparison between the two
may be misleading because it
ignores the way taxes reduce
taxable returns. Tax-equivalent
yield - the yield you'd have to
earn on a similar taxable
investment to match the
tax-free yield - makes the
comparison more meaningful.
Keep in mind that the U.S.
government neither insures nor
guarantees a money market
fund. In fact, there is no
assurance that a money fund
will maintain a $1 share price.
(checkmark)
SPARTAN ARIZONA MUNICIPAL MONEY MARKET PORTFOLIO

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Scott Orr, Portfolio
Manager of Spartan Arizona
Municipal Money Market Portfolio
Q. SCOTT, WHAT KIND OF AN INVESTMENT CLIMATE HAVE YOU BEEN OPERATING IN FOR
THE PAST YEAR?
A. We've seen both sides of Federal Reserve policy since the fund began
operating last October - tightening and easing. Last fall, the Fed was
still concerned with slowing down the pace of economic growth and
preventing an outbreak of inflation. There already had been five increases
during 1994 in the federal funds rate - the interest rate banks charge each
other for overnight loans - and two more would follow: a
three-quarter-point increase in November 1994 and a one-half-point increase
in February 1995. That brought the federal funds rate to an even 6%,
exactly double the rate of a year earlier. By that time, evidence of an
economic slowdown was accumulating, confirmed with the release of the
first-quarter growth rate in the gross domestic product, which came in at a
modest 2.7% compared to 5.1% during the fourth quarter of 1994. Hoping to
achieve its so-called soft landing for the economy, the Fed retreated to
the sidelines. But as growth slowed even further in the second quarter, the
Fed shifted into an easing mode, trimming one-quarter percentage point off
the federal funds rate in July.
Q. WHAT WAS YOUR STRATEGY DURING THE PERIOD?
A. After the startup period, the fund's average maturity settled in at
around 30 days in January. Six months ago, at the end of February, it was
35 days. I kept it between 30 and 40 days throughout the spring and early
summer; although rates were declining then, supplies were limited and what
few longer-term fixed rate securities were available were often what I
considered too expensive. Then, as we entered the summer borrowing season,
and more new issues entered the market, I moved to extend the fund's
average maturity toward a target of about 60 days. That number has since
varied, sometimes dramatically, as securities have matured and been
replaced, but my target has remained the same. On August 31, 1995, the
fund's average maturity was 60 days.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on August 31, 1995, was 3.72%, compared to
4.15% on February 28, 1995. The latest yield was the equivalent of a
taxable yield of 6.16% for investors in the 39.58% combined state and
federal tax bracket. The fund's total return for the life of the fund,
beginning October 12, 1994, was 3.43%. That beat the total return of 2.79%
during the same period for the average all tax-free money market fund,
according to IBC/Donoghue.
Q. WHAT'S THE OUTLOOK?
A. I believe the next Fed move will be another rate cut; the question is
when. The second quarter growth rate in the economy was only 1.1% - less
than the first-quarter growth rate and well below the Fed's target rate of
2.5%. Given that, coupled with benign inflationary pressures, the Fed may
feel compelled to act sooner rather than later. On the other hand, the
economy has been showing some mixed signs of strength today, suggesting the
Fed may hold off for awhile, possibly until after the first of the year.
With all the uncertainty, now is probably not the time to aggressively
extend the fund's average maturity. Instead, I'll probably aim to preserve
some flexibility by staying within a range of 50-60 days.

FUND FACTS
GOAL: high current tax-free
income for Arizona residents
while maintaining a stable $1
share price
START DATE: October 12, 1994
SIZE: as of August 31, 1995,
more than $52 million
MANAGER: Scott Orr, since
1994; manager, Spartan
Municipal Money Market
Portfolio, since June 1995;
also manager of various
institutional money market
portfolios; 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,
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 ARIZONA MUNICIPAL MONEY MARKET PORTFOLIO

INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS
8/31/95 2/28/95

0 - 30 64 68

31 - 90 19 23

91 - 180 5 5

181 - 397 12 4

WEIGHTED AVERAGE MATURITY
8/31/95 2/28/95

Spartan Arizona
Municipal Money Market 60 days 35 days

Average All Tax-Free
Money Market Fund* 53 days 39 days

ASSET ALLOCATION
AS OF AUGUST 31, 1995 AS OF FEBRUARY 28, 1995

Row: 1, Col: 1, Value: 50.0
Row: 1, Col: 2, Value: 31.0
Row: 1, Col: 3, Value: 1.5
Row: 1, Col: 4, Value: 4.0
Row: 1, Col: 5, Value: 14.0
Row: 1, Col: 1, Value: 64.0
Row: 1, Col: 2, Value: 26.0
Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 10.0
Variable rate
demand notes
(VRDNs) 50%
Commercial
paper 31%
Tender bonds 1%
Municipal
notes 4%
Other 14%
Variable rate
demand notes
(VRDNs) 64%
Commercial
paper 26%
Tender bonds 0%
Municipal
notes 0%
Other 10%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
SPARTAN ARIZONA MUNICIPAL MONEY MARKET PORTFOLIO

INVESTMENTS AUGUST 31, 1995
Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ARIZONA - 90.7%
Apache County Ind. Dev. Auth. Rev. (Tucson Elec.
Pwr. Co. - Springerville Proj.) Series1983 B, 3.70%,
LOC Bank of New York, VRDN $ 200,000 $ 200,000
Arizona Ctfs. of Prtn. Series A,
4.10% 11/1/95 (AMBAC Insured) 445,000 444,890
Arizona Ed. Loan Mktg. Corp., VRDN: (b)
Series 1990 A, 3.75% (MBIA Insured) BPA Fuji Bank 750,000 750,000
Series 1991 A, 3.75%, LOC Dresdner Bank 200,000 200,000
Arizona Health Facs. Auth. Hosp. Sys. Rev. Bonds
(Samaritan Health Svcs.) 5.30% 12/1/95
(MBIA Insured) 1,000,000 1,001,311
Arizona Health Facs. Auth. Rev., VRDN:
(Samcor 1986 Loan Pool-Samaritan Health Care)
3.60% (FGIC Insured) BPA Chemical Bank 900,000 900,000
(Voluntary Hosp. Federation Pooled Loan Prog.):
Series 1985 A, 3.60% (FGIC Insured)
(Liquidity Facility Citibank) 225,000 225,000
Series 1985 B, 3.60% (FGIC Insured)
(Liquidity Facility Citibank) 200,000 200,000
Chandler Ind. Dev. Auth. Multi-Family Hsg. Rev. Rfdg.
(Southpark Apts.) 3.55%, LOC Citibank, VRDN 650,000 650,000
Cochise County Poll. Cont. Rev. Solid Waste Rev. Bonds
(Arizona Elec. Pwr. Coop) 4.45%, tender 9/1/95 (b) 800,000 800,000
Coconino County Poll. Cont. Corp. Poll. Cont. Rev.
(Arizona Pub. Svc. Co.-Navajo Proj.)
Series 1994 A, 3.70%, LOC Bank of America Nat'l.
Trust & Savings, VRDN (b) 200,000 200,000
Maricopa County Gen. Oblig. Rfdg. Bonds Series 1995,
5% 7/1/96 (AMBAC Insured) 800,000 808,076
Maricopa County Ind. Dev. Auth. Multi-Family Hsg. Auth.
Rev., VRDN: (b)
(Privado Park Apt. Proj.) Series 1994 A, 3.70%,
LOC Bank One Arizona 1,300,000 1,300,000
(Shadow Creek Apt. Proj.) Series 1994 C, 3.70%,
LOC Bank One Arizona 500,000 500,000
Maricopa County Poll. Cont. Rev. Bonds
(Southern California Edison Co.):
Series 1985 D:
3.60%, tender 9/12/95 400,000 400,000
3.90%, tender 11/10/95 500,000 500,000
Series 1985 E:
3.65%, tender 9/11/95 1,000,000 1,000,000
3.60%, tender 9/25/95 900,000 900,000
3.65%, tender 10/16/95 750,000 750,000
Series 1985 F, 3.70%, tender 10/10/95 300,000 300,000
Maricopa County Washington Elementary School Dist. #6
Bonds Series 1995 C, 7.80% 7/1/96
(MBIA Insured) (c) 500,000 515,325
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ARIZONA - CONTINUED
Mohave County Ind. Dev. Auth. Ind. Dev. Rev. Bonds
(Citizens Utils.) Series 1993 E: (b)
3.25%, tender 9/12/95 $ 300,000 $ 300,000
4.25%, tender 9/12/95 1,000,000 1,000,000
3.75%, tender 10/17/95 2,000,000 2,000,000
Phoenix Civic Improvement Corp. Arpt. Impt. Rev.
Series 1995, 3.70%, LOC Landesbank Hessen,
VRDN (b) 2,000,000 2,000,000
Phoenix Gen. Oblig. Rev. Series 1995-1, 3.55%
BPA Morgan Guaranty Trust Co., VRDN 400,000 400,000
Phoenix Gen. Oblig. Rfdg. Bonds Series 1992 B,
5.05% 7/1/96 1,000,000 1,011,290
Phoenix Ind. Dev. Board Auth. Multi-Family Hsg. Rev., VRDN:
(Bell Square Apt. Proj.) Series 1995, 3.80%,
LOC General Electric Capital Corp. 2,000,000 2,000,000
(Lynwood Apt. Proj.) Series 1994, 3.60%, LOC FHLB 900,000 900,000
(Paradise Lakes Apt. Proj.) Series 1995, 3.80%,
LOC General Electric Capital Corp. 500,000 500,000
(Ventana Palms Apt.) Series 1994, 3.80%,
LOC First Interstate Bank of California (b) 2,600,000 2,600,000
Pima County Ind. Dev. Auth. Multi-Family Rev.
(Quail Ridge Apt.-B) 3.70%, LOC Bank One,
VRDN (b) 1,400,000 1,400,000
Pinal County Ind. Dev. Auth. Ind. Dev. Rev.
(Sunbelt Refining Co. LP Proj.) Series 1988, 3.65%,
LOC Bankers Trust Co., VRDN (b) 4,000,000 4,000,000
Pinal County Ind. Dev. Poll. Cont. Rev.
(Magna Copper Co. Proj.) Series 1984, 3.55%,
LOC Nat'l. Westminster Bank PLC, VRDN 4,800,000 4,800,000
Salt River Proj. Agricultural Impt. & Pwr. Dist., CP:
3.35% 9/11/95 1,000,000 1,000,000
3.75% 11/9/95 1,100,000 1,100,000
3.85% 11/10/95 800,000 800,000
3.85% 11/14/95 1,600,000 1,600,000
Salt River Proj. Agricultural Impt. & Pwr. Dist. Elec. Sys. Rev.
Series C, 7.125% 1/1/96 1,000,000 1,028,829
Tempe Excise Tax Rev. Bonds Series 1995, 4.20%
1/1/96 500,000 500,000
Tempe Ind. Dev. Auth. Rev. (Schreiber Foods, Inc.)
Series 1990, 3.80%, LOC Bank of Tokyo, VRDN (b) 300,000 300,000
Tempe Union High School Dist. #213 TAN 4.45%
7/31/96 2,000,000 2,007,926
Tucson Gen. Oblig. Rev. Series 1984 B, 7.80%
7/1/96 1,000,000 1,050,784
Tucson Ind. Dev. Auth. Multi-Family Hsg. Rev., VRDN:
Rfdg. (Freedom Park Apts. Proj.) Series 1989 A, 3.75%,
LOC Sumitomo Bank Ltd. 1,084,000 1,084,000
(Lincoln Garden Proj.) 3.80%, LOC Sumitomo Bank Ltd. 300,000 300,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ARIZONA - CONTINUED
Yavapi County Ind. Dev. Auth. Ind. Dev. Rev. Bonds
(Citizens Utils.) Series 1993: (b)
4.25%, tender 9/8/95 $ 600,000 $ 600,000
4.25%, tender 9/11/95 400,000 400,000
3.90%, tender 11/7/95 500,000 500,000
Yuma Ind. Dev. Auth. Ind. Rev., VRDN: (b)
(Ardco Inc. Proj.) 3.80%,
LOC Harris Trust & Savings Bank 900,000 900,000
(Buchbinder Proj.) Series 1995, 3.80%,
LOC Harris Trust & Savings Bank 1,225,000 1,225,000
49,852,431
PUERTO RICO - 9.3%
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Rfdg. Bonds
Series W, 4.25% 7/1/96 (c) 1,500,000 1,504,171
Puerto Rico Gov't. Dev. Bank, CP:
3.50% 9/7/95 1,000,000 1,000,000
3.50% 10/10/95 1,000,000 1,000,000
3.50% 10/11/95 1,000,000 1,000,000
3.80% 11/8/95 600,000 600,000
5,104,171
TOTAL INVESTMENTS - 100% $ 54,956,602
Total Cost for Income Tax Purposes $ 54,956,841

SECURITY TYPE ABBREVIATIONS
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) Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
SPARTAN ARIZONA MUNICIPAL MONEY MARKET PORTFOLIO

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AUGUST 31, 1995

124.ASSETS 125. 126.

127.Investment in securities, at value - See 128. $ 54,956,602
accompanying schedule

129.Cash 130. 15,616

131.Receivable for investments sold 132. 300,537

133.Interest receivable 134. 293,950

135. 136.TOTAL ASSETS 137. 55,566,705

138.LIABILITIES 139. 140.

141.Payable for investments purchased: $ 2,025,643 142.
Delayed delivery

143.Share transactions in process 969,857 144.

145.Distributions payable 233 146.

147.Accrued management fee 5,117 148.

149. 150.TOTAL LIABILITIES 151. 3,000,850

152.153.NET ASSETS 154. $ 52,565,855

155.Net Assets consist of: 156. 157.

158.Paid in capital 159. $ 52,565,652

160.Accumulated net realized gain (loss) on 161. (12)
investments

162.Unrealized gain from accretion of market discount 163. 215

164.165.NET ASSETS, for 52,565,652 shares 166. $ 52,565,855
outstanding

167.168.NET ASSET VALUE, offering price and 169. $1.00
redemption price per share ($52,565,855 (divided by)
52,565,652 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
OCTOBER 12, 1994 (COMMENCEMENT OF OPERATIONS) TO AUGUST 31, 1995

170.171.INTEREST INCOME 172. $ 1,000,415

173.EXPENSES 174. 175.

176.Management fee $ 125,670 177.

178.Non-interested trustees' compensation 200 179.

180. Total expenses before reductions 125,870 181.

182. Expense reductions (110,107) 15,763

183.184.NET INTEREST INCOME 185. 984,652

186.REALIZED AND UNREALIZED GAIN (LOSS) 188. (12)
187.Net realized gain (loss) on investment securities

189.Increase (decrease) in net unrealized gain from 190. 215
accretion of market discount

191.192.NET GAIN (LOSS) 193. 203

194.195.NET INCREASE IN NET ASSETS RESULTING FROM 196. $ 984,855
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C>
OCTOBER 12, 1994
(COMMENCEMENT
OF OPERATIONS) TO
AUGUST 31, 1995

197.INCREASE (DECREASE) IN NET ASSETS

198.Operations $ 984,652
Net interest income

199. Net realized gain (loss) (12)

200. Increase (decrease) in net unrealized gain from accretion of 215
market discount

201. 984,855
202.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS

203.Distributions to shareholders from net interest income (984,652)

204.Share transactions at net asset value of $1.00 per share 104,017,553
Proceeds from sales of shares

205. Reinvestment of distributions from net interest income 967,585

206. Cost of shares redeemed (52,419,486)

207.208. 52,565,652
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES RESULTING FROM
SHARE TRANSACTIONS

209. 52,565,855
210.TOTAL INCREASE (DECREASE) IN NET ASSETS

211.NET ASSETS 212.

213. Beginning of period -

214. End of period $ 52,565,855

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C>
OCTOBER 12, 1994
(COMMENCEMENT
OF OPERATIONS) TO
AUGUST 31, 1995

215.SELECTED PER-SHARE DATA

216.Net asset value, beginning of period $ 1.000

217.Income from Investment Operations .034
Net interest income

218.Less Distributions (.034)
From net interest income

219.Net asset value, end of period $ 1.000

220.TOTAL RETURN B 3.43%

221.RATIOS AND SUPPLEMENTAL DATA

222.Net assets, end of period (000 omitted) $ 52,566

223.Ratio of expenses to average net assets .06%A

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

225.Ratio of net interest income to average net assets 3.91%A

</TABLE>

1. SIGNIFICANT ACCOUNTING POLICIES.
Spartan Arizona Municipal Income Portfolio (the income fund) is a fund of
Fidelity Union Street Trust. Spartan Arizona Municipal Money Market
Portfolio (the money market fund) is a fund of Fidelity Union 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 Union Street Trust and Fidelity Union 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 funds:
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. The funds intend to qualify as regulated investment companies
under Subchapter M of the Internal Revenue Code. By so qualifying, the
funds will not be subject to income taxes to the extent that they
distribute substantially all of their taxable income for their fiscal
years. The schedules 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. 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 futures
and options transactions and losses deferred due to wash sales, futures and
options, and excise tax regulations.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
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 money market 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 markets 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
and written options involve, to varying degrees, risk of loss in excess of
the futures variation margin or the option value 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 $15,751,792 and $3,682,970, respectively.
The market value of futures contracts opened and closed during the period
amounted to $792,246 and $451,250, 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 $90
and $281 for the income and money market funds, respectively.
SUB-ADVISER FEE. As the money market fund's investment sub-adviser, FMR
Texas Inc., a wholly owned subsidiary of FMR, receives a fee from FMR of
50% of the management fee payable to FMR. The fee is paid prior to any
voluntary expense reimbursements which may be in effect, and after reducing
the fee for any payments by FMR pursuant to the fund's Distribution and
Service Plan.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the funds' operating expenses
(excluding interest, taxes, brokerage commissions and extraordinary
expenses) above a specified percentage of average net assets.
INCOME FUND. For the period, this expense limitation ranged from an annual
rate of 0% to .10% of average net assets and the reimbursement reduced
expenses by $33,511.
MONEY MARKET FUND. For the period, this expense limitation ranged from an
annual rate of 0% to .10% of average net assets and the reimbursement
reduced expenses by $110,107.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Union Street Trust and Fidelity Union Street
Trust II and the Shareholders of Spartan Arizona Municipal Income Portfolio
and Spartan Arizona Municipal Money Market Portfolio:
We have audited the accompanying statements of assets and liabilities of
Fidelity Union Street Trust: Spartan Arizona Municipal Income Portfolio
(income fund) and Fidelity Union Street Trust II: Spartan Arizona Municipal
Money Market Portfolio (money market fund), including the schedules of
portfolio investments as of August 31, 1995, the related statements of
operations, the statements of changes in net assets, and the financial
highlights for the period October 11, 1994 (commencement of operations) to
August 31, 1995 for the income fund, and the period October 12, 1994
(commencement of operations) to August 31, 1995 for the money market fund.
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 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 August 31, 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 Union Street Trust: Spartan Arizona Municipal Income Portfolio
and Fidelity Union Street Trust II: Spartan Arizona Municipal Money Market
Portfolio as of August 31, 1995, the results of their operations, the
changes in their net assets, and the financial highlights for the period
October 11, 1994 (commencement of operations) to August 31, 1995 for the
income fund, and the period October 12, 1994 (commencement of operations)
to August 31, 1995 for the money market fund, in conformity with generally
accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Boston, MA
October 2, 1995
TO CALL FIDELITY

FOR FUND INFORMATION AND QUOTES
The Fidelity Telephone Connection offers you special automated telephone
services for quotes and balances. The services are easy to use,
confidential and quick. All you need is a Touch Tone telephone.
YOUR PERSONAL IDENTIFICATION NUMBER
(PIN)
The first time you call one of our automated telephone services, we'll ask
you
to set up your Personal Identification
Number (PIN). The PIN assures that
only you have automated telephone
access to your account information.
Please have your Customer Number
(T-account #) handy when you call -
you'll need it to establish your PIN. If
you would ever like to change your PIN, just choose the "Change your
Personal
Identification Number" option when
you call. If you forget your PIN, please
call a Fidelity representative at 1-800-
544-6666 for assistance.

(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
For quotes on funds you own.
1.
For an individual fund quote.
2.
For the ten most frequently
requested Fidelity fund quotes.
3.
For quotes on Fidelity Select
Portfolios(registered trademark).
4.
To change your Personal
Identification Number (PIN).
5.
To speak with a Fidelity
representative.
6.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
For balances on funds you own.
1.
For your most recent fund activity
(purchases, redemptions, and
dividends).
2.
To change your Personal
Identification Number (PIN).
3.
To speak with a Fidelity
representative.
4.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD AND
RETURN WILL
VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS
MEANS THAT
YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO
ASSURANCE THAT
MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN
INVESTMENT IN
A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT.
TOTAL
RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE, REINVESTMENT OF
DIVIDENDS
AND CAPITAL GAINS, AND THE EFFECTS OF ANY SALES CHARGES.
TO 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

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
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
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 - 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)
DAILY INCOME
TRUST
ANNUAL REPORT
AUGUST 31, 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 17 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 21 Notes to the financial statements.

REPORT OF INDEPENDENT
ACCOUNTANTS 23 The auditors' opinion.

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED
FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR
ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES,
CALL
1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST
OR SEND
MONEY.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
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, as well as 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.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED AUGUST 31, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Daily Income Trust 5.43% 24.52% 77.17%

Average All Taxable Money Market Fund 5.25% 23.68% 75.30%

Consumer Price Index 2.62% 16.19% 41.57%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, one year, five years, or 10 years. 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 taxable money market fund's total return which reflects the
performance of 756 taxable money market funds with similar objectives
tracked by IBC/Donoghue during the period covered by this report. 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
IBC/Donoghue numbers are the closest available match to those covered by
the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED AUGUST 31, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Daily Income Trust 5.43% 4.48% 5.89%

Average All Taxable Money Market Fund 5.25% 4.34% 5.77%

Consumer Price Index 2.62% 3.05% 3.54%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had achieved that return
by performing at a constant rate each year.
YIELDS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
8/30/94 11/29/94 2/28/95 5/30/95 8/29/95

4.27% 5.02% 5.66% 5.70% 5.45%
Fidelity Daily Income Trust

Average All Taxable 4.08% 4.84% 5.49% 5.51% 5.25%
Money Market Fund

8/24/94 11/30/94 3/1/95 5/31/95 8/30/95

2.45% 2.68% 2.88% 2.89% 2.84%
MMDA
</TABLE>

Row: 1, Col: 1, Value: 4.27
Row: 1, Col: 2, Value: 4.08
Row: 1, Col: 3, Value: 2.45
Row: 2, Col: 1, Value: 5.02
Row: 2, Col: 2, Value: 4.84
Row: 2, Col: 3, Value: 2.68
Row: 3, Col: 1, Value: 5.659999999999999
Row: 3, Col: 2, Value: 5.49
Row: 3, Col: 3, Value: 2.89
Row: 4, Col: 1, Value: 5.7
Row: 4, Col: 2, Value: 5.51
Row: 4, Col: 3, Value: 2.83
Row: 5, Col: 1, Value: 5.45
Row: 5, Col: 2, Value: 5.25
Row: 5, Col: 3, Value: 2.84
6% -
5% -
4% -
3% -
2% -
1% -
0%
Fidelity Daily
Income Trust
Average
All Taxable
Money Market
Fund
MMDA
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 taxable money market fund and the
average bank money market deposit account (MMDA). Figures for the average
all taxable money market fund are from IBC/Donoghue. The MMDA average is
supplied by BANK RATE MONITOR.(Trademark)
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT PAST
RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.

COMPARING
PERFORMANCE
There are some important
differences between a bank
money market deposit
account (MMDA) and a
money market fund. First, 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.
Second, a money market
fund returns to its
shareholders income earned
by the fund's investments
after expenses. This is in
contrast to banks, which set
their MMDA rates periodically
based on current interest
rates, competitors' rates, and
internal criteria.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

An interview with Burnie Stehman,
Portfolio Manager of Fidelity Daily Income Trust
Q. BURNIE, WHAT KIND OF AN INVESTMENT CLIMATE HAVE YOU BEEN OPERATING IN
FOR THE PAST YEAR?
A. Conditions have changed dramatically during the past 12 months, making
for a very interesting year. Last August when the period began, the Federal
Reserve was still in a restrictive mode, raising short-term interest rates
in hopes of slowing down the pace of economic growth and preventing an
outbreak of inflation. Accordingly, the Fed raised the federal funds rate -
the rate banks charge each other for overnight loans - three-quarters of a
percentage point in November 1994 and another one-half-percentage point in
February 1995. The February rate increase was the seventh in little more
than a year, doubling the federal funds rate during that period to 6%. At
that point, amidst growing signs of an economic slowdown, the Fed retreated
to the sidelines, adopting a neutral stance. As expected, the economy
slowed markedly during the first quarter of 1995 - expanding at a modest
annual 2.7% rate, compared to 5.1% during the fourth quarter of 1994. As
growth slowed even more dramatically in the second quarter, the Fed shifted
into an easing mode, trimming one-quarter percentage point off the federal
funds rate in July in response to the weakened economy and a benign outlook
for inflation.
Q. WHAT WAS YOUR STRATEGY DURING THE PERIOD?
A. The fund's average maturity at the beginning of the period was 42 days.
Throughout the fall and early winter of 1994, with the economy expanding
and interest rates rising, I became more defensive. By the end of January
1995, the fund's average maturity was 25 days. Once the prospect of future
rate increases dimmed, I became more aggressive, extending the fund's
average maturity again to lock in current yields and protect the fund
against the possibility of a rate cut. By the end of August, the fund was
at 52 days, after having been as long as 60 days in June. One way I
achieved that longer maturity was by reducing the fund's stake in
short-term variable rate securities - from a high of 30% to about 20% at
the end of the period. Lack of supply, coupled with an unattractive pricing
structure, made variable rate securities less desirable to the fund in a
declining rate environment.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on August 31, 1995, was 5.49%, compared to
4.27% a year ago. The fund's one-year total return was 5.43%, compared to
5.25% for the average all taxable money market fund, according to
IBC/Donoghue.
Q. WHAT'S THE OUTLOOK?
A. I believe now is not the time to make a big bet on the direction of
interest rates. On the one hand, growth has clearly slowed since the
beginning of the year. The revised second-quarter growth rate came in at
1.1% - higher than the original estimate of 0.5% but still well below the
Fed's long-term trend rate of about 2.5%. As long as growth continues at
such a sluggish pace, I believe the Fed is unlikely to slip back into a
restrictive mode and begin raising interest rates again. On the other hand,
there are enough uncertainties in the economic and political outlook that I
don't think it would be prudent at this time to aggressively extend the
fund's average maturity. Instead, I'll probably look for opportunities to
selectively extend, aiming for a target range of 50 to 55 days. That puts
the fund slightly on the aggressive side of neutral, while still allowing
me the flexibility to respond rapidly to changing conditions.

FUND FACTS
GOAL: to provide current
income while maintaining a
stable $1.00 share price by
investing in high quality,
short-term money market
securities
START DATE: May 31, 1974
SIZE: as of August 31, 1995,
more than $2 billion
MANAGER: Burnell Stehman,
since 1985; manager, Fidelity
Daily Income Trust, 1979
- -1983; several institutional
money market funds; joined
Fidelity in 1979
(checkmark)

WORDS TO KNOW
BANKERS' ACCEPTANCE (BA):
A short-term note whose
payment is guaranteed by a
bank.
CERTIFICATE OF DEPOSIT (CD):
An interest-bearing deposit
with a specific maturity. Large
denomination CDs, like the
fund buys, have negotiable
interest rates and can be sold
in the secondary market.
COMMERCIAL PAPER: A
short-term note from a bank
or corporation.
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
believes interest rates will
rise. When the average
maturity is long, the fund
manager is expecting rates to
fall. When the average
maturity is neutral, the fund
manager wants to have the
flexibility to respond to rising
rates, while still capturing a
portion of the higher yields
available from issues with
longer maturities.
TIME DEPOSIT (TD): An
interest-bearing deposit with a
specific maturity. Large
denomination TDs, like the
fund buys, differ from CDs in
that they can't be sold in the
secondary market.
INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
8/31/95 2/28/95 8/31/94

0 - 30 40 48 59

31 - 90 46 42 25

91 - 180 13 10 15

181 - 397 1 0 1

WEIGHTED AVERAGE MATURITY
8/31/95 2/28/95 8/31/94

Fidelity Daily Income Trus 52 days 43 days 42 days
t

Average All Taxable
Money Market Fund* 54 days 40 days 42 days

ASSET ALLOCATION
AS OF AUGUST 31, 1995 AS OF FEBRUARY 28, 1995

Row: 1, Col: 1, Value: 54.0
Row: 1, Col: 2, Value: 37.0
Row: 1, Col: 3, Value: 9.0
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 1, Value: 49.0
Row: 1, Col: 2, Value: 49.0
Row: 1, Col: 3, Value: 3.0
Row: 1, Col: 4, Value: 0.0
Commercial
paper 54%
Bank CDs, BAs,
TDs, and notes 37%
Government
securities 9%
Other 0%
Commercial
paper 49%
Bank CDs, BAs,
TDs, and notes 49%
Government
securities 2%
Other 0%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS AUGUST 31, 1995

Showing Percentage of Total Value of Investments

BANKERS' ACCEPTANCES - 2.3%
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Bank of America National Trust & Savings Assoc.
2/2/96 5.75% $ 20,000 $ 19,522
Chase Manhattan Bank
9/15/95 5.78 7,000 6,984
Chemical Bank
10/27/95 6.13 5,714 5,661
11/7/95 6.14 8,571 8,477
First Bank N.A. - Minnesota
10/6/95 5.76 6,000 5,967
U.S. Bank of Washington
11/13/95 5.80 5,000 4,942
TOTAL BANKERS' ACCEPTANCES 51,553
CERTIFICATES OF DEPOSIT - 0.7%

Old Kent Bank & Trust Co.
10/31/95 6.20 15,000 15,000
COMMERCIAL PAPER - 54.4%

A.H. Robins Company, Incorporated
9/27/95 5.84 8,000 7,967
American Express Credit Corp.
10/6/95 5.73 9,000 8,950
11/9/95 5.89 10,000 9,890
11/15/95 6.10 20,000 19,753
11/16/95 6.11 10,000 9,875
12/12/95 5.85 10,000 9,839
12/18/95 5.73 20,000 19,662
American Home Food Products, Inc.
9/25/95 6.01 2,000 1,992
American Home Products
9/1/95 6.03 11,000 11,000
9/25/95 6.01 3,000 2,988
10/19/95 5.80 6,000 5,954
10/23/95 5.82 14,503 14,382
10/24/95 5.82 17,000 16,856
American Telephone & Telegraph Co.
11/30/95 5.72 20,000 19,720
12/8/95 5.72 25,000 24,620
Asset Securitization Cooperative Corporation
9/7/95 5.95 4,000 3,996
Associates Corp. of North America
9/1/95 5.98 8,000 8,000
11/1/95 5.79 15,000 14,855
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Banc One Corp.
11/7/95 6.18% $ 6,000 $ 5,933
Bank of New York Company, Inc.
9/11/95 5.78 15,000 14,976
Bear Stearns Cos., Inc.
10/3/95 5.78 10,000 9,949
10/4/95 5.78 10,000 9,947
10/6/95 5.81 5,000 4,972
Beneficial Corp.
9/18/95 6.06 12,000 11,966
9/19/95 5.99 25,000 24,926
10/24/95 5.75 12,000 11,900
CIESCO, L.P.
9/20/95 5.75 15,000 14,955
10/26/95 5.76 15,000 14,869
CIT Group Holdings, Inc.
9/28/95 6.22 40,000 39,818
9/29/95 6.25 10,000 9,953
Chrysler Financial Corporation
9/11/95 5.82 5,000 4,992
9/13/95 5.86 2,000 1,996
9/14/95 5.90 7,000 6,985
9/19/95 6.01 8,000 7,976
10/16/95 5.88 5,000 4,964
10/26/95 5.89 5,000 4,956
11/7/95 5.85 5,000 4,946
11/13/95 5.94 5,000 4,941
Citizens Utility Company
10/30/95 5.78 15,000 14,859
CoreStates Capital Corp.
9/8/95 5.84 (a) 10,000 10,000
Corporate Asset Funding Co., Inc.
11/2/95 5.77 5,000 4,951
Dean Witter, Discover & Co.
9/22/95 5.78 18,730 18,667
du Pont (E.I.) de Nemours & Co.
11/10/95 5.86 10,000 9,889
11/17/95 5.87 15,000 14,816
12/21/95 5.75 10,000 9,826
Fleet Funding Corporation
9/12/95 5.78 12,000 11,979
Ford Motor Credit Corp.
9/13/95 6.31 15,000 14,969
9/18/95 5.95 25,000 24,931
10/12/95 5.76 10,000 9,935
10/16/95 5.75 15,000 14,894
10/17/95 5.79 12,000 11,912
10/27/95 5.86 5,000 4,956
11/20/95 5.77 20,000 19,747
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
GTE Corp.
9/7/95 5.86% $ 3,700 $ 3,696
9/11/95 5.87 1,200 1,198
General Electric Capital Corp.
9/1/95 5.82 (a) 40,000 40,000
9/21/95 5.96 20,000 19,935
9/26/95 5.97 15,000 14,939
General Electric Capital Services Inc.
11/1/95 6.13 35,000 34,647
General Electric Corp.
9/27/95 6.25 10,000 9,956
General Motors Acceptance Corp.
9/15/95 6.05 13,000 12,970
11/6/95 5.84 10,000 9,895
11/20/95 5.89 30,000 29,613
11/21/95 5.89 20,000 19,739
11/22/95 5.89 10,000 9,868
Golden Peanut Co.
9/28/95 5.99 12,000 11,947
Goldman Sachs Group, L.P. (The)
9/8/95 6.01 10,000 9,989
9/18/95 6.02 20,000 19,944
Hewlett-Packard Co.
10/10/95 5.72 20,000 19,878
Household Finance Corp.
9/25/95 5.91 5,000 4,981
10/25/95 5.80 10,000 9,914
IBM Credit Corp.
9/1/95 5.97 10,000 10,000
John Deere Capital Corp.
9/5/95 5.87 15,000 14,990
11/27/95 5.88 25,000 24,654
Lilly (Eli) & Co.
12/19/95 5.78 20,000 19,657
1/16/96 5.81 15,900 15,556
McDonald's Corp.
11/6/95 6.00 26,975 26,687
Merrill Lynch & Co., Inc.
10/10/95 5.75 10,000 9,938
Monsanto Co.
9/11/95 5.96 10,000 9,984
10/26/95 6.23 10,000 9,908
Morgan (J.P.) & Co.
12/20/95 5.73 25,000 24,573
Morgan Stanley Group, Inc.
10/10/95 5.78 1,000 9,938
5/16/96 5.95 15,000 14,388
National Rural Util. Coop. Fin. Corp.
10/19/95 5.91 2,000 1,985
11/15/95 5.90 5,000 4,940
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
New Center Asset Trust
9/19/95 5.82% $ 5,000 $ 4,986
New England Power Company
11/21/95 5.80 10,125 9,995
Norfolk Southern Corp.
9/8/95 5.87 10,000 9,989
9/11/95 5.91 10,000 9,984
Norwest Corp.
9/5/95 6.01 20,000 19,987
Norwest Financial
9/12/95 6.05 15,000 14,973
PHH Corp.
9/21/95 5.88 7,000 6,997
Prudential Funding Corp.
10/23/95 5.80 5,000 4,959
Sears Roebuck Acceptance Corp.
9/13/95 5.80 7,000 6,987
9/21/95 5.81 2,000 1,994
10/25/95 5.80 5,000 4,957
11/8/95 5.82 10,000 9,891
Textron, Inc.
9/6/95 5.90 5,000 4,996
United Parcel Service
9/8/95 5.95 5,000 4,994
Whirlpool Financial Corp.
10/18/95 5.82 10,000 9,925
TOTAL COMMERCIAL PAPER 1,228,471
FEDERAL AGENCIES - 8.7%
FEDERAL FARM CREDIT BANK - AGENCY COUPONS - 1.6%
9/1/95 5.99 (a) 35,000 34,986
FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 1.1%
2/22/96 5.65 25,000 24,335
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 0.2%
2/13/96 5.64 4,620 4,504
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 2.1%
11/2/95 5.68 18,468 18,290
11/15/95 5.73 30,000 29,647
47,937
FEDERAL AGENCIES - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 3.7%
9/14/95 5.88% $ 15,000 $ 14,968
10/23/95 5.63 49,900 49,501
11/3/95 5.68 15,000 14,853
1/29/96 5.66 5,000 4,885
84,207
TOTAL FEDERAL AGENCIES 195,969
BANK NOTES - 23.1%

Bank of America - Illinois
10/19/95 5.76 20,000 20,000
Bank of America National Trust & Savings Assoc.
9/1/95 5.78 (a) 13,000 12,992
10/20/95 5.75 25,000 25,000
10/27/95 5.76 20,000 20,000
Bank of New York
9/7/95 6.02 10,000 9,999
12/11/95 5.75 5,000 5,000
12/15/95 5.75 9,000 9,000
Boatmen's First National Bank of Kansas City
9/1/95 6.08 (a) 30,000 30,000
9/15/95 5.86 (a) 6,000 5,999
Boatmen's National Bank of St. Louis
9/15/95 5.86 (a) 4,000 3,999
Comerica Bank - Detroit
12/1/95 5.75 (a) 15,000 14,989
Fifth Third Bank - Cincinnati
11/13/95 6.00 5,000 5,001
First Bank N.A. - Minnesota
9/20/95 5.86 (a) 14,000 13,997
10/10/95 5.78 20,000 19,999
First National Bank of Boston
9/8/95 5.85 (a) 5,000 5,000
First Union National Bank of North Carolina
10/31/95 6.24 25,000 25,000
11/8/95 5.76 25,000 25,000
11/13/95 5.75 7,000 7,000
Harris Trust & Savings Bank, Chicago
10/30/95 5.73 25,000 25,000
10/31/95 5.73 15,000 15,000
Household Bank, N.A.
10/13/95 5.88 10,000 9,999
Huntington National Bank
11/2/95 6.26 15,000 15,000
11/13/95 5.73 10,000 10,001
BANK NOTES - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Mellon Bank, N.A.
10/16/95 6.29% $ 5,000 $ 5,000
10/18/95 6.23 25,000 25,000
NBD Bank, N.A.
10/16/95 6.27 25,000 25,000
1/31/96 5.73 15,000 14,892
NationsBank of Georgia
10/27/95 6.25 12,500 25,000
NationsBank of North Carolina
2/12/96 5.85 25,000 25,000
NationsBank of Texas
9/26/95 6.38 25,000 25,000
9/27/95 6.38 25,000 25,000
10/10/95 6.00 10,000 10,000
2/6/96 6.00 1,000 1,004
Society National Bank
4/15/96 6.21 5,000 5,013
4/25/96 6.21 3,500 3,495
TOTAL BANK NOTES 522,379
MASTER NOTES (A) - 2.0%

J.P. Morgan Securities
9/1/95 6.08 17,000 17,000
9/1/95 6.08 8,000 8,000
Morgan Stanley Group, Inc.
9/1/95 6.00 8,000 8,000
Norwest Corp.
9/1/95 5.87 13,000 13,000
TOTAL MASTER NOTES 46,000
MEDIUM-TERM NOTES (A) - 5.2%

Beneficial Corp.
9/15/95 5.89 5,000 5,000
Commonwealth Life Insurance Co.
9/1/95 6.04 15,000 15,000
Dean Witter, Discover & Co.
9/15/95 5.90 5,000 5,003
General Electric Capital Corp.
3/29/96 5.96 10,000 9,998
General Motors Acceptance Corp.
11/7/95 5.98 20,000 20,000
MEDIUM-TERM NOTES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Goldman Sachs Group, L.P. (The) (c)
9/1/95 5.97% $ 20,000 $ 20,000
12/16/95 5.89 20,000 20,000
Norwest Corp.
9/15/95 6.00 23,000 23,000
TOTAL MEDIUM-TERM NOTES 118,001
SHORT-TERM NOTES (A) - 3.5%

Corporate Asset Funding Co., Inc. (c)
9/15/95 5.85 10,000 10,000
SMM Trust Company (1994-D) (b)
10/27/95 5.93 5,000 5,000
SMM Trust Company (1995-B) (b)
9/2/95 5.90 5,000 5,000
SMM Trust Company (1995-I) (b)
9/13/95 5.98 11,000 10,997
SMM Trust Company (1995-J) (b)
9/15/95 5.88 47,000 47,000
TOTAL SHORT-TERM NOTES 77,997
REPURCHASE AGREEMENTS - 0.1%
MATURITY AMOUNT
(000S)
In a joint trading account
(U.S. Treasury Obligations)
dated 8/31/95 due 9/1/95:
(Note 2)
At 5.87% $ 2,365 2,365
TOTAL INVESTMENTS - 100% $ 2,257,735
Total Cost for Income Tax Purposes $ 2,257,735

LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
(b) 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 AMOUNT
SECURITY DATE (000'S)
SMM Trust Company:
(1994-D) 10/28/94 $ 5,000
(1995-B) 8/11/95 $ 5,000
(1995-I) 5/31/95 $ 10,997
(1995-J) 5/16/95 $ 47,000

(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $50,000,000 or 2.2% of net
assets.
INCOME TAX INFORMATION
At August 31, 1995, the fund had a capital loss carryforward of
approximately $900,000 of which $345,000, $536,000, and $19,000 will expire
on August 31, 2001, 2002, and 2003, respectively.
For the period ended August 31, 1995, approximately 2% of the fund's
dividends to shareholders was derived from interest on U.S. Government
obligations.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNT) AUGUST 31, 1995

1.ASSETS 2. 3.

4.Investment in securities, at value (including 5. $ 2,257,735
repurchase agreements of $2,365) - See
accompanying schedule

6.Cash 7. 18,364

8.Interest receivable 9. 8,852

10. 11.TOTAL ASSETS 12. 2,284,951

13.LIABILITIES 14. 15.

16.Payable for investments purchased $ 27,981 17.

18.Distributions payable 332 19.

20.Accrued management fee 643 21.

22.Other payables and accrued expenses 443 23.

24. 25.TOTAL LIABILITIES 26. 29,399

27.28.NET ASSETS 29. $ 2,255,552

30.Net Assets consist of: 31. 32.

33.Paid in capital 34. $ 2,255,825

35.Accumulated net realized gain (loss) on investments 36. (273)

37.38.NET ASSETS, for 2,255,825 shares outstanding 39. $ 2,255,552

40.41.NET ASSET VALUE, offering price and redemption 42. $1.00
price per share ($2,255,552 (divided by) 2,255,825 shares)

</TABLE>

STATEMENT OF OPERATIONS
AMOUNTS IN THOUSANDS YEAR ENDED AUGUST 31, 1995

43.44.INTEREST INCOME 45. $ 129,246

46.EXPENSES 47. 48.

49.Management fee $ 7,357 50.

51.Transfer agent fees 4,043 52.

53.Accounting fees and expenses 216 54.

55.Non-interested trustees' compensation 32 56.

57.Custodian fees and expenses 64 58.

59.Registration fees 97 60.

61.Audit 25 62.

63.Legal 14 64.

65.Miscellaneous 21 66.

67. 68.TOTAL EXPENSES 69. 11,869

70.71.NET INTEREST INCOME 72. 117,377

73.74.NET REALIZED GAIN (LOSS) ON INVESTMENTS 75. (19)

76.77.NET INCREASE IN NET ASSETS RESULTING FROM 78. $ 117,358
OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEARS ENDED AUGUST 31,

1995 1994

79.INCREASE (DECREASE) IN NET ASSETS

80.Operations $ 117,377 $ 67,686
Net interest income

81. Net realized gain (loss) (19) (536)

82. 83.NET INCREASE (DECREASE) IN NET ASSETS 117,358 67,150
RESULTING FROM OPERATIONS

84.Distributions to shareholders from net interest (117,377) (67,686)
income

85.Share transactions at net asset value of $1.00 per 6,588,010 6,210,672
share
Proceeds from sales of shares

86. Reinvestment of distributions from net interest 114,676 66,153
income

87. Cost of shares redeemed (6,579,339) (6,240,368)

88.89. 123,347 36,457
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES
RESULTING FROM SHARE TRANSACTIONS

90. 91.TOTAL INCREASE (DECREASE) IN NET ASSETS 123,328 35,921

92.NET ASSETS 93. 94.

95. Beginning of period 2,132,224 2,096,303

96. End of period $ 2,255,552 $ 2,132,224

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
97. YEARS ENDED AUGUST 31,

98. 1995 1994 1993 1992 1991

99.SELECTED PER-SHARE DATA

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

101.Income from .053 .032 .028 .042 .064
Investment Operations
Net interest income

102.Less Distributions (.053) (.032) (.028) (.042) (.064)
From net interest
income

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

104.TOTAL RETURN 5.43% 3.23% 2.83% 4.32% 6.64%

105.RATIOS AND SUPPLEMENTAL DATA

106.Net assets, $ 2,256 $ 2,132 $ 2,096 $ 2,502 $ 2,802
end of period
(in millions)

107.Ratio of expenses to .54% .56% .57% .55% .60%
average net assets

108.Ratio of net interest 5.31% 3.18% 2.83% 4.22% 6.47%
income to average
net assets

</TABLE>

NOTES TO FINANCIAL STATEMENTS
For the period ended August 31, 1995

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Daily Income Trust (the fund) is a fund of Fidelity Union 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.
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. OPERATING POLICIES.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other affiliated
entities of Fidelity Management & Research Company (FMR), may transfer
uninvested cash balances into one or more joint trading accounts. These
balances are invested in one or more repurchase agreements that mature in
60 days or less from the date of purchase, and are collateralized by U.S.
Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying U.S. Treasury or Federal Agency Securities, the market
value of which is required to be at least equal to the repurchase price.
For term repurchase agreement transactions, the underlying securities are
marked-to-market daily and maintained at a value at least equal to the
repurchase price. FMR, the fund's investment adviser, is responsible for
determining that the value of the underlying securities remains in
accordance with the market value requirements stated above.
2. OPERATING POLICIES -
CONTINUED
RESTRICTED SECURITIES. The fund is 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 67,997,000 or 3%
of net assets.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
fee computed daily and paid monthly, based on the level of the fund's
average net assets and gross income earned each month. The portion of the
fee based on average net assets is graduated ranging from an annual rate of
.10% of average net assets up to $2 billion to an annual rate of .05% of
average net assets in excess of $6 billion. The portion of the fee based on
gross income is equal to 4% of the gross income earned by the fund each
month (exclusive of gains realized from the sale of investments) provided
the amount of such fee, at a minimum, amounts to an annual rate of .20%
and, at a maximum, does not exceed an annual rate of .40% of the fund's
average net assets. For the period, the management fee was equivalent to an
annual rate of .33% 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.
TRANSFER AGENT FEES. Fidelity Service Co. (FSC), an affiliate of FMR, is
the fund's transfer, dividend disbursing and shareholder servicing agent.
During the period September 1, 1994 to December 31, 1994, FSC received 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 FSC receives
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.
ACCOUNTING FEES. FSC maintains the fund's accounting records. The fee is
based on the level of average net assets for the month plus out-of-pocket
expenses.
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 $1,488,000.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees and Shareholders of
Fidelity Union Street Trust II:
Fidelity Daily Income Trust:
We have audited the accompanying statement of assets and liabilities of
Fidelity Union Street Trust II: Fidelity Daily Income Trust, including the
schedule of portfolio investments, as of August 31, 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 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 August 31, 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 Union Street Trust II: Fidelity Daily Income Trust as of August
31, 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
September 27, 1995
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
Burnell R. Stehman, 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 AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
Bank of New York, N.A.
New York, NY
FIDELITY'S TAXABLE
MONEY MARKET FUNDS
Fidelity Cash Reserves
Fidelity Daily Income Trust
Fidelity U.S. Government Reserves
Spartan(registered trademark) Money Market Fund
Spartan U.S. Government
Money Market Fund
Spartan U.S. Treasury
Money Market Fund
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)
MUNICIPAL
MONEY
FUND
ANNUAL REPORT
AUGUST 31, 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 28 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 32 Notes to the financial statements.

REPORT OF INDEPENDENT
ACCOUNTANTS 34 The auditors' 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, 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 certain fund expenses during the periods shown, the total
returns and yields would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED AUGUST 31, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan Municipal Money Fund 3.59% 16.69%

Average All Tax-Free Money Market Fund 3.25% 13.53%

Consumer Price Index 2.62% 14.28%

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
January 14, 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 all tax-free money market fund, which reflects
the performance of 391 all tax-free money market funds with similar
objectives tracked by IBC/Donoghue over the past 12 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 AUGUST 31, 1995 PAST 1 LIFE OF
YEAR FUND

Spartan Municipal Money Fund 3.59% 3.39%

Average All Tax-Free Money Market Fund 3.25% 2.81%

Consumer Price Index 2.62% 2.90%

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

Spartan Municipal 2.91% 3.45% 3.85% 3.86% 3.50%
Money Fund

If Fidelity had not 2.81% 3.35% 3.75% 3.76% 3.40%
reimbursed certain fund
expenses

Average All Tax-Free 2.59% 3.10% 3.48% 3.61% 3.21%
Money Market Fund

Spartan Municipal Money 4.55% 5.39% 6.02% 6.03% 5.47%
Fund - Tax-equivalent

If Fidelity had not 4.39% 5.23% 5.86% 5.88% 5.31%
reimbursed certain fund
expenses

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. If the
adviser had not reimbursed certain portfolio expenses during the periods
shown, the yields would have been lower. You can compare these yields to
the average all tax-free money market fund. Or you can look at the fund's
tax-equivalent yield, which assumes you're in the 36% federal tax bracket.
Figures for the average all tax-free money market fund are from
IBC/Donoghue. A portion of the fund's income may be subject to the
alternative minimum tax.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT PAST
RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.

An interview with Scott Orr,
Portfolio Manager of Spartan
Municipal Money Fund
Q. SCOTT, WHAT KIND OF AN INVESTMENT CLIMATE HAVE YOU BEEN OPERATING IN FOR
THE PAST YEAR?
A. We've seen both sides of Federal Reserve policy since last August -
tightening and easing. A year ago, when the period began, the Fed was still
trying to slow down the pace of economic growth and prevent an outbreak of
inflation. There had already been five increases during 1994 in the federal
funds rate - the interest rate banks charge each other for overnight loans
- - and two more would follow: a three-quarter-point increase in November
1994 and a one-half-point increase in February 1995. That brought the
federal funds rate to an even 6%, exactly double the rate of a year
earlier. By that time, evidence of an economic slowdown was accumulating.
Those signs were confirmed with the release of the first-quarter growth
rate in the gross domestic product, which came in at a modest 2.7% compared
to 5.1% during the fourth quarter of 1994. Hoping to achieve its so-called
soft landing for the economy, the Fed retreated to the sidelines. But as
growth slowed even further in the second quarter, the Fed shifted into an
easing mode, trimming one-quarter percentage point off the federal funds
rate in July.
Q. WHAT WAS YOUR STRATEGY DURING THE PERIOD?
A. The fund's average maturity at the beginning of the period was 48 days.
As rates continued rising over the next few months, Sarah Zenoble, the
previous fund manager, became gradually more defensive. By the end of
April, the average maturity had rolled down to 23 days. That may seem
counterintuitive, given that rates had stabilized by then. But note supply
was scarce heading into the summer borrowing season, which limited our
ability to lengthen the fund's average maturity. As new issues entered the
market in June, I moved more aggressively to extend the fund, reaching 63
days by the end of June and as high as 70 days later in the summer. At the
end of the period, the fund's average maturity remained at 70 days.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on August 31, 1995, was 3.48%, compared to
2.94% a year ago. The latest yield was the equivalent of a taxable yield of
5.44% for investors in the 36% federal tax bracket. The fund's total return
during the one-year period was 3.59%. That beat the average total return of
3.25% during the same period for the average all tax-free money market
fund, according to IBC/Donoghue.
Q. WHAT'S THE OUTLOOK?
A. I believe the next Fed move will be another rate cut; the question is
when. The second quarter growth rate in the economy was only 1.1% - less
than the first-quarter growth rate and well below the Fed's target rate of
2.5%. Given that, coupled with benign inflationary pressures, the Fed may
feel compelled to act sooner rather than later. On the other hand, the
economy has been showing some mixed signs of economic strength lately,
suggesting the Fed may hold off for a while, possibly until after the first
of the year. With all the uncertainty, now is probably not the time to
aggressively extend the fund's average maturity. Instead, I'll probably aim
to preserve some flexibility by staying within a range of 60 to 70 days.

FUND FACTS
GOAL: tax-free income with
share price stability by
investing in high-quality,
short-term municipal
securities
START DATE: January 14, 1991
SIZE: as of August 31,1995,
more than $2 billion
MANAGER: Scott Orr, since
June 1995; manager, Spartan
Arizona Municipal Money
Market Portfolio, since 1994;
also manager of various
institutional money market
portfolios; joined Fidelity in
1989.
(checkmark)

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
8/31/95 2/28/95 8/31/94

0 - 30 66 71 66

31 - 90 14 16 22

91 - 180 3 11 3

181 - 397 17 2 9

WEIGHTED AVERAGE MATURITY
8/31/95 2/28/95 8/31/94

Spartan Municipal
Money Market Fund 70 days 32 days 48 days

Average All Tax-Free
Money Market Fund* 53 days 39 days 56 days

ASSET ALLOCATION
AS OF AUGUST 31, 1995 AS OF FEBRUARY 28, 1995

Row: 1, Col: 1, Value: 58.0
Row: 1, Col: 2, Value: 21.0
Row: 1, Col: 3, Value: 7.0
Row: 1, Col: 4, Value: 14.0
Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 1, Value: 56.0
Row: 1, Col: 2, Value: 22.0
Row: 1, Col: 3, Value: 6.0
Row: 1, Col: 4, Value: 16.0
Row: 1, Col: 5, Value: 0.0
Variable rate
demand notes
(VRDNs) 58%
Commercial
paper 21%
Tender bonds 7%
Municipal
notes 14%
Other 0%
Variable rate
demand notes
(VRDNs) 56%
Commercial
paper 22%
Tender bonds 6%
Municipal
notes 16%
Other 0%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS AUGUST 31, 1995

Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
ALABAMA - 2.6%
Alabama Ind. Dev. Auth. Rev., VRDN: (b)
(Columbus Mills Inc. Proj.) Series 1994 A, 3.75%,
LOC Trust Co. Bank $ 3,000 $ 3,000
(Well Built Cabinet Inc.) 4%, LOC Amsouth Bank 3,000 3,000
Ashland Ind. Dev. Board Rev. (Wellborn Cabinet Inc. Proj.)
Series 1991 A, 3.90%, LOC Amsouth Bank, VRDN (b) 1,560 1,560
Chatam Ind. Dev. Board Poll. Cont. Rev. Bonds
(Alabama Elec. Coop Inc. Proj.) Series 1993, 3.75%
tender 9/7/95 5,000 5,000
Colbert County Ind. Dev. Board (Golden Poultry Co., Inc.
Proj.) Series 1990, 3.90%, LOC Trust Co. Bank,
VRDN (b) 4,750 4,750
Columbia Ind. Dev. Rfdg. Rev. (Russell Corp. Proj.) 3.90%
LOC Trust Co. Bank, VRDN (b) 2,800 2,800
Columbiana Ind. Dev. Board Rev. (NFA Corp. Proj.)
Series 1992 A, 3.90%, LOC Amsouth Bank, VRDN (b) 6,700 6,700
Eufaula Ind. Dev. Board (Columbus Mills Inc. Proj.)
Series 1993, 3.90% LOC Trust Co. Bank, VRDN (b) 6,100 6,100
Florence Ind. Dev. Board. Rev. (Robert J. Bevis Proj.)
Series 1990, 3.90%, LOC, Boatmen's Nat'l. Bank
of St. Louis, VRDN (b) 3,325 3,325
Geneva Ind. Dev. Board Rev. (Russell Corp. Proj.)
Series 1992, 3.90%, LOC Trust Co. Bank, VRDN (b) 3,000 3,000
Phenix City Environmental Impt. Rev. Bonds
(Mead Coated Board Proj.) Series 1988: (b)
3.80% tender 10/16/95,
LOC ABN-AMRO Bank 3,000 3,000
3.85% tender 11/7/95,
LOC ABN-AMRO Bank 10,500 10,500
Phenix City Ind. Dev. Board Envir. Impt. Rev.
(Mead Coated Board Proj.), 3.60%,
LOC Toronto-Dominion Bank, VRDN (b) 3,200 3,200
Roanoke Ind. Dev. Board Ind. Dev. Rev.
(Wehadkee/Rock Mills Proj.) Series 1992, 3.90%,
LOC Trust Co. Bank, VRDN (b) 1,200 1,200
Talladega Ind. Dev. Rev. (Wehadkee Yarn Mills Proj.)
Series 1990, 3.90%, LOC Trust Co. Bank,
VRDN (b) 1,030 1,030
58,165
ARIZONA - 2.6%
Arizona Ed. Loan Mktg. Corp. Series 1991 A, 3.75%,
LOC Dresdner Bank, VRDN (b) 8,200 8,200
Coconino County Poll. Cont. Corp. Poll. Cont. Rev.
(Arizona Pub. Svc. Co.-Navajo Proj.) Series 1994 A,
3.70%, LOC Bank of America, VRDN (b) 5,900 5,900
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
ARIZONA - CONTINUED
Flagstaff Ind. Dev. Auth. Rev. Bonds (Citizens Utilities),
4.25% tender 9/8/95 (b) $ 2,100 $ 2,100
Maricopa County Ind. Dev. Auth. Multi-Family Hsg. Rev.
(Shadow Creek Apt. Proj.) Series 1994 C, 3.70%,
LOC Bank One Arizona, VRDN (b) 5,100 5,100
Mohave County Ind. Dev. Auth. Ind. Dev. Rev. Bonds
(Citizens Utilities) Series 1993 E: (b)
4.25% tender 9/12/95 3,500 3,500
3.80% tender 10/12/95 6,900 6,900
3.95% tender 11/8/95 2,500 2,500
Phoenix Civic Impt. Corp. Arpt. Impt. Rev. Series 1995,
3.70%, LOC Landesbank Hessen, VRDN (b) 11,000 11,000
Pima County Ind. Dev. Auth. Multi-Family Rev. (Quail Ridge
Apt.-B) 3.70%, LOC Bank One, VRDN 3,700 3,700
Pinal County Ind. Dev. Auth. Ind. Dev. Rev. (Sunbelt Refining
Co. LP Proj.) Series 1988, 3.65%, LOC Bankers Trust Co.,
VRDN (b) 2,500 2,500
Yavapai County Ind. Dev. Auth. Ind. Dev. Rev. Bonds
(Citizens Utilities) Series 1993: (b)
4.25% tender 9/12/95 5,700 5,700
3.85% tender 11/9/95 2,000 2,000
59,100
ARKANSAS - 1.0%
Arkansas Student Loan Auth. Rev., VRDN: (b)
Series B-1, 3.65% 2,500 2,500
Series B-2, 3.65% 2,000 2,000
Series B-3, 3.65% 1,000 1,000
Blytheville Ind. Dev. Rev. (Arkansas Steel Processing Proj.)
Series 1992, 3.65%, LOC Credit Agricole, VRDN (b) 9,500 9,500
Clark County Solid Waste Disp. Rev. (Reynolds Metals
Co. Proj.), 3.75%, LOC Trust Co. Bank,
VRDN (b) 4,700 4,700
Harrison Ind. Dev. Rev. (Rock-Tenn Converting Co. Proj.)
Series 1993, 3.75%, LOC Trust Co. Bank,
VRDN (b) 2,500 2,500
22,200
CALIFORNIA - 10.9%
Alameda County TRAN 4.75% 7/25/96,
LOC Union Bank of Switzerland 18,000 18,116
California Higher Ed. Student Loan Auth. Rev. Bonds: (b)
Series 1987 C, 4.10% tender 6/1/96, LOC Sallie Mae 28,500 28,500
Series E-5, 4.25% tender 6/1/96, LOC Sallie Mae 11,000 11,000
California School Cash Reserve Prog. Auth. TRAN
Series 1995 A, 4.75% 7/3/96 (MBIA Insured)
LOC Ind. Bank of Japan 60,000 60,483
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
CALIFORNIA - CONTINUED
California Student Ed. Loan Mktg. Corp. Student Loan Rev.
Rfdg. Bonds, Series 1994 A, 4.35% tender 6/1/95,
LOC Dresdner Bank (b) $ 9,500 $ 9,500
Fresno County TRAN 4.50% 7/2/96 6,900 6,923
Los Angeles Reg'l. Arpt. Impt. Facs. Lease Rev.
(Campagne Nationale Air France), 4.05%,
LOC Societe Generale, VRDN (b) 1,425 1,425
Los Angeles County TRAN 4.50% 7/1/96,
LOC Credit Suisse, Morgan Guaranty, Swiss Bank Corp.,
Union Bank of Switzerland, Westdeutsche Landesbank Giron,
Bank of America Nat'l. Trust & Savings 79,000 79,419
Oakland TRAN 4.50% 7/31/96 7,500 7,541
Oakland Unified School Dist. TRAN 4.50% 8/30/96 6,000 6,024
San Bernardino County TRAN 4.50% 7/5/96, LOC Bank of
Nova Scotia, Banque Nationale de Paris BNP,
Toronto-Dominion Bank 16,000 16,071
245,002
COLORADO - 1.9%
Colorado Student Oblig. Bond Auth. Rev. (Student Loan
Prog.) Series 1990 A, 3.55%, LOC Sallie Mae, VRDN (b) 12,120 12,120
Denver County Urban Renewal Auth. Tax Increment Rev.
Bonds (Urban Renewal Proj.) Series 1989 A, 4.20%
tender 2/15/96 (b) 10,530 10,530
Jefferson County School Dist. #R-1 Participating VRDN,
Series BTP-35A, 3.75% (Liquidity Facility Bankers Trust) (c) 3,025 3,025
Monte Vista Ltd. Oblig. Swr. Rev., Series 1992, 3.90%,
LOC Wachovia Bank, VRDN (b) 2,810 2,810
Westminster Multi-Family Hsg. Rev. (Lakeview Apts.)
Series 1994, 4.10%, LOC Sumitomo Bank, VRDN (b) 7,185 7,185
Wheat Ridge Ind. Dev. Rev., VRDN: (b)
(Adolph Coors Co. Proj.) Series 1993, 3.80%,
LOC Wachovia Bank 4,000 4,000
(Leaf Inc. Proj.) 3.875%, LOC Wachovia Bank 4,000 4,000
43,670
CONNECTICUT - 1.4%
Connecticut Hsg. Fin. Auth. Hsg. Mtg. Fin. Prog. Bonds: (b)
Series 1989 D, 3.85% tender 10/11/95 8,500 8,500
Series 1993 H-2, 3.75% tender 4/15/96 3,000 3,000
Connecticut Spl. Assessment Unemployment Rev. Bonds,
Series 1993 C, 3.85% tender 7/1/95 (FGIC Insured) 20,000 20,000
31,500
DELAWARE - 0.4%
Delaware Hsg. Auth. Participating VRDN, Series PA-39,
3.70% (Liquidity Facility Merrill Lynch) (c) 9,975 9,975
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
DISTRICT OF COLUMBIA - 0.6%
Dist. of Columbia Hsg. Fin. Auth. Multi-Family Hsg. Rev.
Rfdg. (Mount Vernon Plaza Apts.) Series 1991, 3.75%,
LOC Bank One, VRDN (b) $ 13,105 $ 13,105
FLORIDA - 5.6%
Broward County Ind. Dev. Board Rev., VRDN: (b)
Rfdg. (Goldline Lab., Inc. Proj.) Series 1989 B, 3.60%,
LOC Barnett Bank 567 567
(Rib Associates Proj.) Series 1989, 3.90%,
LOC Sun Bank 1,495 1,495
Collier County Wtr. & Swr. Ind. Dev. Rev.
(Marco Island Util. Proj.), VRDN: (b)
Series 1990, 3.90%, LOC Sun Bank 2,400 2,400
Series 1992, 3.90%, LOC Sun Bank 4,825 4,825
Dade County Hsg. Fin. Corp. Participating VRDN,
Series 1991 A, 4% (Liquidity Facility Bank One) (b) (c) 6,360 6,360
Dade County Ind. Dev. Rev., VRDN: (b)
(Guastafeste Proj.) Series 1987, 3.90%,
LOC Sun Bank 2,235 2,235
(Montenay-Dade Proj.):
Series 1988, 3.70%, LOC Banque Paribas 20,015 20,015
Series 1990 A, 3.70%, LOC Banque Paribas 47,715 47,715
Dade County Multi-Family Hsg. Rev. (Biscayne View Apts.
Proj.) Series 1993, 4.10%, VRDN (b) 12,000 12,000
Escambia County Solid Wst. Disp. Rev. (Monsanto Co.
Proj.) Series 1993, 3.70%, VRDN (b) 5,300 5,300
Florida Hsg. Fin. Agcy. Multi-Family Hsg. Rev. Rfdg.
(Players Club) Series 1991 C, 3.76%,
LOC Sumitomo Trust, VRDN 3,960 3,960
Florida Local Gov't. Fin. Auth. (Lake Wales Medical Centers
Inc. Proj.) Series 1994 A, 3.60%,
LOC First Union Nat'l. Bank of Florida, VRDN 1,563 1,563
Greater Orlando Aviation Auth. Arpt. Fac. Rev.,
Series B, 3.95% 9/26/95
(Liquidity Facility Morgan Guaranty), CP (b) 3,000 3,000
Hillsborough County Ind. Dev. Rev. (Vigo Importing Proj.)
3.90%, LOC NationsBank of Florida, VRDN (b) 1,835 1,835
Indian River County Hosp. Dist. Hosp. Rev. Bonds
Series 1990, 4.30% tender 9/12/95, LOC Kredietbank 4,400 4,400
Lee County Ind. Dev. Auth. Ind. Dev. Rev. Bonds (Baader
North America Proj.) Series 1994, 3.50%,
LOC Deutsche Bank (b) 2,200 2,200
Orange County Health Fac. Auth. Rfdg. Rev. Bonds
(Pooled Hosp. Loan) Series 1985, 3.80% tender 10/5/95
(MBIA Insured) BPA Banque Paribas 4,000 4,000
Volusia County Ind. Dev. Auth. (Southern State Util. Proj.)
Series 1994, 3.75%, LOC Sun Bank, VRDN (b) 2,190 2,190
126,060
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
GEORGIA - 1.5%
Cartersville Dev. Auth. Ind. Dev. Rev. (Sekisui Jushi America
Inc.) Series 1992, 3.85%, LOC Sanwa Bank, VRDN (b) $ 4,100 $ 4,100
Floyd County Dev. Auth. Ind. Dev. Rev. (Marglen Ind. Inc.
Proj.), 3.75%, LOC Trust Co. Bank, VRDN (b) 6,200 6,200
Georgia Port Auth. Rev. (Mayor's Point Terminal)
Series 1992, 3.90%, LOC Trust Co. Bank,
VRDN (b) 3,700 3,700
Greene County Ind. Dev. Rev. (Chipman-Union Inc. Proj.)
Series 1991, 3.90%, LOC Trust Co. Bank,
VRDN (b) 1,900 1,900
Newton County Ind. Dev. Auth. Ind. Dev. Rev. Bonds
(Kopmatsu Forklift USA, Inc.) 3.85%,
LOC Ind. Bank of Japan, VRDN (b) 3,000 3,000
Pierce County Ind. Dev. & Bldg. Auth. Rev. (American Egg
Prods. Inc. Proj.) Series 1989, 3.75%,
LOC Trust Co. Bank, VRDN (b) 1,650 1,650
Rockdale County Ind. Dev. Rev. (Takahashi Works USA)
Series 1990, 3.90%, LOC Sanwa Bank, VRDN (b) 3,575 3,575
Savannah Econ. Dev. Auth. Rev. (Home Depot Inc.)
Series 1995 A, 3.90%, VRDN (b) 5,000 5,000
Worth County Ind. Dev. Auth. Rev. (Seabrook Ent. Proj.)
Series 1991, 3.50%, LOC Barclays Bank, VRDN (b) 5,000 5,000
34,125
HAWAII - 0.3%
Hawaii Hsg. Fin. & Dev. Corp. Participating VRDN,
Series PT-35, 3.80% (Liquidity Facility Ind. Bank of
Japan) (b) (c) 5,610 5,610
IDAHO - 0.7%
Idaho Gen. Oblig. TAN Series 1995, 4.50% 6/27/96 13,000 13,072
Port of Lewiston Ind. Dev. Rev. (Blount Inc.) Series 1995,
3.90%, LOC NationsBank of Georgia, VRDN (b) 1,800 1,800
14,872
ILLINOIS - 3.9%
Carol Stream Multi-Family Hsg. Rev. (St. Charles Square
Proj.) Series 1993, 3.05% LOC Heller Financial Inc.,
VRDN (b) 7,850 7,850
Chicago - O'Hare Int'l. Arpt. Rev., VRDN: (b)
Series 1988 A, 3.85%, LOC Sanwa Bank 19,800 19,800
(Northwest Orient Airlines), 3.85%,
LOC Mitsubishi Bank 700 700
Illinois Dev. Fin. Auth. Ind. Dev. Rev., VRDN: (b)
(Belmont Steel Proj.) Series 1991, 3.85%,
LOC Comerica Bank 4,500 4,500
(Chicago Fineblanking Corp. Proj.) 3.80%,
LOC Nat'l. Bank of Detroit 4,000 4,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
ILLINOIS - CONTINUED
Illinois Dev. Fin. Auth. Ind. Dev. Rev., VRDN: (b) - continued
(Eakas Corp. Proj.) Series 1989, 3.85%,
LOC Bank of Tokyo $ 8,000 $ 8,000
(FC Ltd. Partnership), 3.90%,
LOC Lasalle Nat'l. Bank 3,410 3,410
(Kindlon Partners Proj.) Series 1994, 3.90%,
LOC Lasalle Nat'l. Bank 1,400 1,400
(Rich Products Corp. Proj.) Series 1993, 3.75%,
LOC Trust Co. Bank 7,800 7,800
(Yale-South Haven Proj.) Series 1994, 3.80%,
LOC Bank One 2,900 2,900
Illinois Dev. Fin. Auth. Ltd. Oblig. Rev. (SWD Inc. Proj.),
3.80%, LOC Nat'l. Bank of Detroit, VRDN (b) 5,000 5,000
Illinois Dev. Fin. Auth. Poll. Cont. Rev. (Illinois Pwr. Co. Proj.)
Series 1987 B, 3.60%, LOC Mitsubishi Bank Ltd., VRDN (b) 4,300 4,300
Illinois Dev. Fin. Auth. Residential Rental Rev. (F.C. Harris Pavilion
Proj.) Series 1994, 3.70%, VRDN (b) 5,400 5,400
Kane, Cook & DuPage Counties School Dist. U-46 TAN
5% 9/29/95 9,000 9,002
St. Charles Ind. Dev. Rev. (Pier 1 Imports-Midwest, Inc. Proj.)
Series 1986, 3.60%, LOC Nat'l. Westminster Bank,
VRDN (b) 4,100 4,100
88,162
INDIANA - 0.8%
Indiana Hsg. Fin. Auth. Single Family Mtg. Rev. Bonds,
Series 1994 C, 4% tender 7/3/95 (b) 3,000 3,000
Indianapolis Econ. Dev. Rev. (EPI Printers Inc. Proj.)
Series 1995, 3.85%, LOC Comerica Bank, VRDN (b) 5,075 5,075
Indianapolis Ind. Dev. Rev. (Sohl Assoc. LLC Proj.)
Series 1995, 3.95%, LOC Nat'l. City Bank, VRDN (b) 3,000 3,000
Lebanon Econ. Dev. Rev. (White Castle Sys. Inc. Proj.)
3.80%, LOC Bank One, VRDN (b) 2,270 2,270
Ligonier Econ. Dev. Rev. (Sharon Manufacturing Co.), 3.80%,
LOC Nat'l. Bank of Detroit, VRDN (b) 5,300 5,300
18,645
IOWA - 1.2%
Clinton Ind. Dev. Rev. (Sethness Products Co. Proj.) 3.75%,
LOC Northern Trust Corp., VRDN (b) 4,000 4,000
Iowa Fin. Auth. Ind. Dev. Rev. (McWane Inc. Proj.)
Series 1992, 3.90%, LOC Amsouth Bank, VRDN (b) 6,000 6,000
Iowa Student Loan Liquidity Corp. Rev., Series B, 3.75%
(AMBAC Insured), BPA Norwest Bank, VRDN (b) 16,000 16,000
26,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
KANSAS - 0.2%
Olathe Ind. Dev. Rev. (Garmin International Inc.)
Series 1995, 4.05%, LOC Boatmens First Nat'l. Bank of
Kansas City, VRDN $ 3,500 $ 3,500
KENTUCKY - 0.5%
Cynthiana Ind. Dev. Rev. (E.D. Bullard Co. Proj.), 3.90%,
LOC NationsBank, VRDN (b) 1,440 1,440
Daviess County Multi-Family Hsg. Rev. Rfdg. (Park Regency
Apts. Proj.) 4.10%, LOC Sumitomo Bank Ltd., VRDN (b) 4,155 4,155
Scott County Ind. Building Rev. (Ropak Corp. Proj.)
Series 1994, 3.80%, LOC Bank One, VRDN (b) 4,950 4,950
10,545
LOUISIANA - 1.6%
Calcasieu Parish Pub. Trust Auth. Solid Waste Disp. Rev.
(PPG Industries Inc. Proj.) Series 1994, 3.80%, VRDN (b) 6,300 6,300
East Baton Rouge Parish Solid Waste Rev. (Georgia Pacific
Corp.) 4%, LOC Ind. Bank of Japan, VRDN (b) 5,000 5,000
Lake Charles Hbr. & Term. Dist. Port Impt. Rev., 3.70%,
LOC Nat'l. Westminster Bank, VRDN (b) 23,000 23,000
Plaquemines Parish Environmental Rev.
(BP Exploration & Oil, Inc.), VRDN: (b)
Rfdg. Series 1995, 3.70% 700 700
Series 1994, 3.70% 1,700 1,700
36,700
MAINE - 0.3%
Eastport Ind. Dev. Rev. (Passamaquoddy Tribe Fibre Extrusion
Proj.) Series 1992, 3.75%, LOC Nat'l. Bank of Detroit,
VRDN (b) 4,860 4,860
Maine Fin. Auth. Econ. Dev. Rev., VRDN: (b)
Series 1992 A, 3.85%, LOC Sumitomo Bank 1,620 1,620
Series 1992 C, 3.85%, LOC Sumitomo Bank 720 720
Series 1992 D, 3.85%, LOC Sumitomo Bank 540 540
7,740
MARYLAND - 1.9%
Baltimore Econ. Dev. Rev., VRDN: (b)
(Oles Envelope):
Series A, 3.75%, LOC First Fidelity Bank 3,500 3,500
Series B, 3.75%, LOC First Fidelity Bank 4,260 4,260
(Rock-Tenn Converting Co.) Series 1987, 3.90%,
LOC Trust Co. Bank 1,455 1,455
Maryland Commty. Dev. Administration Dept. of Hsg. &
Commty. Dev. Participating VRDN, Series PT-36,
3.75% (Liquidity Facility Ind. Bank of Japan) (b) (c) 18,540 18,540
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
MARYLAND - CONTINUED
Montgomery County Hsg. Opportunity Commission
(Draper Lane Apts.) 3.80% (FGIC Insured),
BPA Sumitomo Bank, VRDN (b) $ 12,400 $ 12,400
Prince George's County Ind. Dev. Rev. (Cintas Corp. #41
Proj.), 3.90%, LOC PNC Bank, VRDN (b) 2,615 2,615
42,770
MICHIGAN - 2.6%
Michigan Auth. RAN Series 1995 B, 4.50% 7/3/96 43,000 43,242
Michigan Higher Ed. Student Loan Auth. Rev. Rfdg.,
Series XII-B, 3.55% (AMBAC Insured)
(BPA Mitsubishi Bank), VRDN (b) 2,000 2,000
Michigan Strategic Fund Ltd. Oblig. Rev.
(Michigan Sugar Co. - Carrollton) 3.90%,
LOC Trust Co. Bank, VRDN (b) 6,000 6,000
Michigan Strategic Fund Rev. Bonds (Dow Chemical Proj.)
Series 1988: (b)
3.85% tender 10/13/95 2,600 2,600
3.85% tender 10/26/95 4,000 4,000
Rochester Hills Econ. Dev. Corp. Ltd. Oblig. Rev.
(Cardell Corp.) 3.70%, LOC Comerica Bank,
VRDN (b) 1,450 1,450
59,292
MINNESOTA - 0.1%
Anoka County United Pwr. Assoc. Rev. Bonds
(Nat'l. Rural Utilities) Series 1988 A, 4.25%
tender 9/11/95 (b) 1,300 1,300
Baudette Ind. Dev. Rev. (Reid-Rowell Inc. Proj.) Series 1989,
3.90%, LOC NationsBank of Georgia, VRDN (b) 1,900 1,900
3,200
MISSISSIPPI - 0.7%
Canton Ind. Dev. Auth. Rev. (McCarty Farms Proj.)
Series 1990, 3.90%, LOC Trust Co. Bank,
VRDN (b) 6,000 6,000
DeSoto County Ind. Dev. Rev. (Flavorite Labs Proj.)
Series 1991 B, 3.95%, LOC First Tenn. Nat'l. Corp.,
VRDN (b) 3,200 3,200
Mississippi Business Fin. Corp. Ind. Dev. Rev. (Pillowtex
Corp. Proj.) Series 1992, 3.85%, LOC NationsBank,
VRDN (b) 4,140 4,140
Noxubee County Ind. Dev. Board Rev. (Barge Forest Products
Co. Proj.) 4.50%, LOC Amsouth Bank, VRDN (b) 3,265 3,265
16,605
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
MISSOURI - 1.8%
Berkeley Ind. Dev. Auth. Tax Exempt Fac. Rev. (St. Louis Air
Cargo Svcs. Proj.) 4.25%, LOC Sumitomo Bank, VRDN (b) $ 7,675 $ 7,675
Missouri Higher Ed. Loan Auth. Student Loan Rev., VRDN: (b)
Series 1988 A, 3.80%, LOC Nat'l. Westminster Bank 6,000 6,000
Series 1990 A, 3.80%, LOC Nat'l. Westminster Bank 5,700 5,700
Series 1991 B, 3.85% (MBIA Insured)
BPA Internationale Nederlanden Bank 16,500 16,500
University of Missouri RAN Series 1995-96, 4.75% 6/28/96 4,000 4,033
39,908
NEVADA - 4.2%
Clark County Ind. Dev. Rev. (Nevada Pwr. Co. Proj.)
Series 1989 A, 3.75%, LOC Society Generale, VRDN (b) 28,600 28,600
Clark County Poll. Cont. Rev. Bonds
(Southern California Edison) Series 1987 A: (b)
3.75% tender 9/11/95 7,615 7,615
3.85% tender 10/13/95 8,000 8,000
3.85% tender 10/17/95 5,000 5,000
3.95% tender 10/19/95 3,575 3,575
3.95% tender 10/24/95 4,000 4,000
Nevada Director State Dept. Comm. Ind. Dev. Rev.
(Primex Corp.), 3.80%, LOC Bank One, VRDN (b) 3,125 3,125
Washoe County Gas Fac. Rev. Bonds
(Sierra Pacific Pwr. Co.) Series 1990: (b)
3.50% tender 9/8/95,
LOC Union Bank of Switzerland 3,500 3,500
3.85% tender 10/18/95,
LOC Union Bank of Switzerland 17,615 17,615
3.95% tender 11/9/95,
LOC Union Bank of Switzerland 2,050 2,050
3.95% tender 11/10/95,
LOC Union Bank of Switzerland 10,000 10,000
3.85% tender 11/17/95,
LOC Union Bank of Switzerland 1,400 1,400
94,480
NEW HAMPSHIRE - 0.6%
New Hampshire Higher Ed. & Health Fac. Auth. Rev. Bonds
(Dartmouth Educ. Loan Corp.), 4% tender 12/1/95 (b) 1,670 1,670
New Hampshire Hsg. Fin. Auth. Multi-Family Hsg. Rev., VRDN:
(Fairways Proj.), 3.75%, LOC General Electric Capital
Corp. (b) 10,000 10,000
(Nashua-Oxford Proj.) Series 1990, 4.15% 1,100 1,100
12,770
NEW JERSEY - 0.4%
Cherry Hill Township BAN 5.50% 12/13/95 9,669 9,686
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
NEW MEXICO - 0.2%
Espanol Ind. Dev. Rev. (Nambee Mills Inc. Proj.) Series A,
3.95%, LOC Nat'l. City Bank, VRDN (b) $ 4,000 $ 4,000
NEW YORK - 0.4%
New York City Gen. Oblig. TAN 4.50% 2/15/96 7,240 7,261
New York City Ind. Dev. Auth. Ind. Dev. Rev. (Japan Airlines
Co. Ltd.) Series 1991, 3.65%, LOC Morgan Guaranty,
VRDN (b) 700 700
7,961
NORTH CAROLINA - 1.9%
Bladen County Ind. Fac. & Poll. Cont. Fin. Auth. Rev.
(BCH Energy Ltd. Partner), 3.85%,
LOC Bank of Tokyo, VRDN 19,000 19,000
Cleveland County Ind. Fac. & Poll. Cont. Fin. Auth. Solid
Waste Disp. Rev. (PPG Ind. Proj.) 3.80%, VRDN (b) 3,300 3,300
Guilford County Ind. Fac. & Poll. Cont. Fin. Auth. Rev.
(High Point Chemical Corp.) Series 1994, 3.85%,
LOC Sumitomo Bank, VRDN (b) 3,000 3,000
Halifax County Ind. Fac. Poll. Cont. Fac. Auth. Rev.
(Westmoreland-Hadson & Roanoke Valley Proj.)
Series 1991, 3.70%, LOC Credit Suisse, VRDN (b) 5,000 5,000
Johnston County Ind. Facs. Poll. Cont. Rev. Fin. Auth. Ind.
Dev. Rev. (Kabivitrum Inc. Proj.) 3.85%,
LOC Wachovia Bank, VRDN 2,000 2,000
Piedmont Triad Arpt. Auth. Spl. Facs. Rev. (Triad Int'l.
Maintenance Corp. Proj.) Series 1989, 3.85%,
LOC Mellon Bank, VRDN (b) 10,100 10,100
42,400
NORTH DAKOTA - 0.1%
Mercer County Solid Waste Disp. Rev. Bonds (United Pwr.
Proj.), 3.95% tender 12/1/95 (b) 3,100 3,100
OHIO - 0.2%
Middletown Ind. Dev. Rev. (Pilot Chemical Proj.) 3.80%,
LOC Bank One, VRDN (b) 900 900
Ohio Ind. Dev. Rev. (Masashi Nagai/Snair Co.) Series A,
3.85%, LOC Bank One, VRDN 1,270 1,270
Summit County Ind. Dev. Rev. (Ganzhorn Prop. Proj.)
3.80%, LOC Bank One, VRDN 1,125 1,125
3,295
OKLAHOMA - 0.9%
Oklahoma Ind. Auth. Ind. Rev. (Farley Candy), 4.20%,
LOC Toronto-Dominion Bank, VRDN (b) 3,000 3,000
Oklahoma Ind. Fin. Auth. Gen. Oblig. Ind. Fin. Rev. Bonds,
Series L, 4.30% tender 11/1/95,
LOC Credit Locale de France (b) 7,600 7,600
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
OKLAHOMA - CONTINUED
Southeastern Ind. Auth. Solid Wst. Disp. Rev.
(Weyerhaeuser Co. Proj.) 3.80%, VRDN (b) $ 10,000 $ 10,000
20,600
OREGON - 0.7%
Lane County Sewer Disp. Rev. (Weyerhauser Co. Proj.)
3.85%, VRDN (b) 7,100 7,100
Oregon Econ. Dev. Dept. Solid Waste Disp. Rev.
(Weyerhaeuser Co. Proj.) Series CL, 3.85%, VRDN (b) 3,000 3,000
Port Umatilla Ltd. Oblig. Rev. (Hermiston Food Proj.)
Series 1989, 3.90%, LOC U.S. Nat'l. Bank of Oregon,
VRDN (b) 3,900 3,900
Portland Econ. Dev. Rev. (Columbia Aluminum Recycling)
3.95%, LOC U.S. Nat'l. Bank of Oregon, VRDN (b) 2,350 2,350
16,350
PENNSYLVANIA - 5.8%
Butler County Ind. Dev. Rev. (JSM Acquisition Corp. Proj.)
Series 1989 A, 3.90%, LOC PNC Bank, VRDN (b) 1,650 1,650
Carbon County Ind. Dev. Auth. Resource Recovery Rev. Bonds
(Panther Creek Partners Proj.): (b)
Series B:
3.60% tender 10/10/95, LOC Nat'l. Westminster Bank 4,000 4,000
3.85% tender 10/13/95, LOC Nat'l. Westminster Bank 2,000 2,000
3.95% tender 10/19/95, LOC Nat'l. Westminster Bank 8,285 8,285
3.95% tender 11/9/95, LOC Nat'l. Westminster Bank 2,700 2,700
Series 1990 A:
3.40% tender 9/7/95, LOC Nat'l. Westminster Bank 5,000 5,000
3.55% tender 10/6/95, LOC Nat'l. Westminster Bank 11,200 11,200
3.85% tender 11/17/95, LOC Nat'l. Westminster Bank 2,000 2,000
Series 1991 A:
3.40% tender 9/7/95, LOC Nat'l. Westminster Bank 9,575 9,575
3.95% tender 10/19/95, LOC Nat'l. Westminster Bank 1,400 1,400
Series 1992 A:
3.50% tender 9/8/95, LOC Nat'l. Westminster Bank 5,000 5,000
3.80% tender 10/12/95, LOC Nat'l. Westminster Bank 10,000 10,000
Erie County Ind. Dev. Auth. Rev. (Carlisle Corp. Proj.)
Series 1993, 3.75%, LOC Trust Co. Bank, VRDN (b) 1,500 1,500
Northampton County Ind. Dev. Auth. Bonds (Citizens Utilities
Co. Proj.) Series 1991, 4.25% tender 9/8/95 (b) 2,000 2,000
Northumberland County Ind. Dev. Board Rev.
(Foster Wheeler Mt. Carmel Inc.), VRDN: (b)
Series 1987 A, 3.70%,
LOC Union Bank of Switzerland 9,600 9,600
Series 1987 B, 3.70%,
LOC Union Bank of Switzerland 1,200 1,200
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
PENNSYLVANIA - CONTINUED
Pennsylvania Econ. Dev. Fin. Auth. Rev., VRDN: (b)
(BPS Dev. Proj.) Series 1989 D-3, 3.90%,
LOC PNC Bank $ 225 $ 225
(Corry Laser Technology Proj.) Series 1989 D-5,
3.90%, PNC Bank 150 150
(C&D Charter Pwr. Sys.) Series 1991 D-6, 3.90%,
LOC PNC Bank 1,300 1,300
(Johnstown Corp. Proj.) 3.90%, LOC PNC Bank 510 510
Pennsylvania Higher Ed. Assistance Agcy. Student Loan Rev.,
Series 1988 A, 3.75%, LOC Sallie Mae, VRDN (b) 8,400 8,400
Philadelphia Ind. Dev. Auth. Commercial Dev. Rev. (Airport Hotel
Proj.) Series 1990, 3.65% LOC Citibank, VRDN (b) 11,000 11,000
Venango Ind. Dev. Auth. Resource Recovery Rev. Bonds
(Scrubgrass Proj.): (b)
Series 1990 A:
3.50% tender 9/8/95, LOC Nat'l. Westminster Bank 7,400 7,400
3.95% tender 11/9/95, LOC Nat'l. Westminster Bank 2,750 2,750
Series 1990 B:
4.25% tender 9/7/95, LOC Nat'l. Westminister Bank 7,800 7,800
3.65% tender 10/11/95, LOC Nat'l. Westminster Bank 4,100 4,100
3.80% tender 10/26/95, LOC Nat'l. Westminster Bank 3,785 3,785
3.80% tender 10/27/95, LOC Nat'l. Westminister Bank 5,000 5,000
129,530
RHODE ISLAND - 0.2%
Rhode Island Hsg. & Mtg. Fin. Corp. Homeownership
Opportunities Bonds Series 17C, 4.40% tender 2/1/96 (b) 5,000 5,000
SOUTH CAROLINA - 3.7%
Dorchester County Ind. Dev. Rev. (SYN Strand Inc.) Series 1994,
3.875%, LOC Wachovia Bank, VRDN (b) 6,650 6,650
Marion County Ind. Dev. Rev. (New South Proj.) Series 1994,
3.90%, LOC NationsBank, VRDN (b) 4,000 4,000
South Carolina Jobs Econ. Dev. Auth. Ind. Dev. Rev., VRDN: (b)
(Drake Molding Corp. Proj.) Series 1995, 3.80%,
LOC First of America 6,200 6,200
(Titan Wheel Int'l. Proj.) Series 1995, 3.90%,
LOC NationsBank 9,500 9,500
(Wellman Inc. Proj.) 3.875%,
LOC Wachovia Bank, VRDN 7,500 7,500
South Carolina Jobs Econ. Dev. Auth. Rev., VRDN: (b)
(Alexander Mach. Inc. Proj.) Series 1994, 3.90%,
LOC NationsBank 2,500 2,500
(Alfmeir Corp.) 3.875%, LOC Bayerische Landesbank 3,500 3,500
(Jackson Mills Inc. Proj.) Series 1994, 3.75%,
LOC Trust Co. Bank 4,400 4,400
(Peace Textile America Proj.) Series 1992, 3.90%,
LOC NationsBank 3,000 3,000
(Zeuna Staerker USA Inc. Proj.) Series 1993, 3.70%,
LOC Bayerische Landesbank 7,200 7,200
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
SOUTH CAROLINA - CONTINUED
South Carolina Port Auth. Jr. Lien, 3.70%,
LOC South Carolina Nat'l. Bank, VRDN (b) $ 20,700 $ 20,700
Spartanburg County Ind. Dev. Rev. (Prym-Dritz Corp. Proj.)
3.875%, LOC Wachovia Bank, VRDN (b) 4,100 4,100
Union County Ind. Dev. Auth. Rev. (Federal Paper Board
Proj.) 3.875%, LOC Wachovia Bank, VRDN (b) 4,000 4,000
83,250
TENNESSEE - 3.3%
Anderson County Ind. Dev. Board Rev. (Becromal of America
Proj.) Series 1988, 4.05%, LOC Credito Italiano,
VRDN (b) 2,000 2,000
Carter County Ind. Dev. Board Multi-Family Hsg. Rev. Rfdg.
(Willow Run Apts.) Series 1990, 4.10%,
LOC Sumitomo Bank, VRDN (b) 6,675 6,675
Claiborne County Ind. Dev. Rev. Board (Royal Sterilization
Sys.) 3.95%, LOC First Tennessee Nat'l. Corp.,
VRDN (b) 3,600 3,600
Hamilton County Ind. Dev. Board Multi-Family Hsg. Rev.
(Waterford Place Apts. Proj.) Series 1987, 4.25%,
LOC Marine Midland Bank, VRDN (b) 10,300 10,300
Knox County Ind. Dev. Rev. (Rock-Tenn Converting CP Proj.)
Series 1993, 3.75%, LOC Trust Company Bank,
VRDN (b) 1,000 1,000
Memphis Gen. Oblig. Arpt. Rev., Series 1987 D, 3.85%,
LOC Ind. Bank of Japan, VRDN (b) 4,100 4,100
Memphis-Shelby County Arpt. Auth. Rev., 3.85% 10/20/95,
LOC Canadian Imperial Bank, CP (b) 8,700 8,700
Morristown Ind. Dev. Rev., VRDN: (b)
(Lakeway Container Inc. Proj.) Series 1993, 4.05%,
LOC First Tennessee Bank 400 400
(Tuff Torq Corp. Proj.) Series 1989, 3.95%,
LOC Bank of Tokyo 4,950 4,950
Tennessee Hsg. Dev. Agcy. Rev. Bonds
Series PT-59A, 4.10% tender 12/7/95
(Liquidity Facility Credit Suisse) (b) (c) (d) 13,705 13,705
Tennessee Hsg. Dev. Agcy. Participating VRDN: (b) (c)
Series PT-25, 3.80% (AMBAC Insured)
(Liquidity Facility Credit Suisse) 14,840 14,840
Series PT-59B, 3.80% (Liquidity Facility Credit Suisse) 3,950 3,950
Trenton Ind. Dev. Board Rev. (Dyersburg Fabrics Inc.)
Series 1990, 3.90%, LOC Trust Co. Bank,
VRDN (b) 1,050 1,050
75,270
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
TEXAS - 17.5%
Bell County Ind. Dev. Corp. Ind. Dev. Rev. Bonds (Metal Sales
Manufacturing Corp.) 3.90%, LOC Star Bank, VRDN (b) $ 2,800 $ 2,800
Brazos River Hbr. Navigation Dist. of Brazoria County
Rev. Bonds (Dow Chemical): (b)
Series 1988:
3.75% tender 9/11/95 9,000 9,000
3.80% tender 10/10/95 8,570 8,570
3.80% tender 10/12/95 7,500 7,500
3.85% tender 10/13/95 2,700 2,700
3.95% tender 10/19/95 2,000 2,000
3.90% tender 10/23/95 14,300 14,300
Series 1992:
3.40% tender 9/7/95 14,350 14,350
3.60% tender 9/7/95 4,300 4,300
3.75% tender 9/11/95 5,660 5,660
3.85% tender 10/17/95 5,700 5,700
3.90% tender 10/23/95 4,000 4,000
Brazos River Hbr. Navigation Dist. of Brazoria County Rev.
(Dow Chemical) Series 1993, 3.70%, VRDN (b) 2,000 2,000
Brazos River Auth. Collateralized Poll. Cont. Rev.
(Texas Util. Elec.): (b)
Rfdg. Bonds:
Series A, 3.65% tender 10/11/95,
LOC Canadian Imperial Bank 10,670 10,670
Series A, 3.85% tender 10/20/95,
LOC Canadian Imperial Bank 13,000 13,000
Series B, 3.95% tender 11/13/95,
LOC Canadian Imperial Bank 29,170 29,170
Rfdg., VRDN:
Series 1995 C, 3.65%, LOC Swiss Bank Corp. 5,900 5,900
3.80%, LOC Union Bank of Switzerland 5,300 5,300
Series 1995 A, 3.65%, LOC Morgan Guaranty, VRDN 6,600 6,600
Brownsville Ind. Dev. Corp. Rev. (Rich-Seapak Corp. Proj.)
Series 1992, 3.90%, LOC Trust Co. Bank, VRDN (b) 7,000 7,000
Cleburne Ind. Dev. Rev. (Southwestern Analytical Chemical
Proj.) 4.05%, LOC Nat'l. City Bank, VRDN (b) 2,775 2,775
Denton County Ind. Dev. Rev. (Hydro Conduit Corp.) 4.20%,
LOC Union Bank of Switzerland, VRDN (b) 7,200 7,200
Greater East Texas Higher Ed. Auth. Student Loan Rev.: (b)
Bonds, Series 1993 B, 4.10% tender 6/1/96,
LOC Sallie Mae 6,000 6,006
Rfdg., Series 1992 B, 3.75%, LOC Sallie Mae, VRDN 1,000 1,000
Series 1988 A, 3.70% (AMBAC Insured)
BPA Citibank, VRDN 29,700 29,700
Series 1988, 3.70% (AMBAC Insured)
BPA Citibank, VRDN 7,500 7,500
Series 1993 B, 3.75%, LOC Sallie Mae, VRDN 24,000 24,000
Gulf Coast Ind. Dev. Auth. Solid Waste Disp. Rev.
(Citgo Petroleum) 3.70%, LOC Wachovia Bank, VRDN (b) 3,300 3,300
Gulf Coast Waste Disp. Auth. (Amoco Oil Co. Proj.)
3.65%, VRDN (b) 3,500 3,500
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
TEXAS - CONTINUED
Gulf Coast Waste Disp. Auth. Solid Waste Disp. Rev.
Bonds (Amoco Oil Co. Proj.) Series 1991, 4.30%
tender 10/1/95 (b) $ 2,100 $ 2,100
Harris County Ind. Dev. Corp. Poll. Cont. Rev. (Exxon Proj.)
Series 1987, 3.65%, VRDN (b) 1,700 1,700
Houston Arpt. Sys. Senior Lien, Series 1993 A, 3.70% 9/7/95,
LOC Morgan Guaranty & Canadian Imperial Bank, CP (b) 6,500 6,500
McKinney Ind. Dev. Corp. Ind. Dev. Rev. (Delta Daily Food Inc.
Proj.) Series 1994, 3.50%, LOC Rabo Bank, VRDN (b) 8,500 8,500
North Texas Higher Ed. Student Loan Rev., VRDN: (b)
Series 1990, 3.75%, LOC SLMA 2,700 2,700
Series 1991 C, 3.75% (AMBAC Insured) BPA Sallie Mae 5,000 5,000
Series 1991 F, 3.75% (AMBAC Insured) BPA Sallie Mae 4,500 4,500
Series 1993 A, 3.75%, LOC Sallie Mae 2,200 2,200
Orange County Navigational & Port Dist. Rev. (Coastal
Films Inc.) 3.90%, LOC NationsBank, VRDN (b) 5,000 5,000
San Antonio Elec. & Gas Sys., Series A, 3.70% 9/8/95, CP 20,000 20,000
San Antonio Hsg. Fin. Auth. Rev., VRDN: (b)
(Braesview Apts. Proj.) 3.55%, LOC Swiss Bank Corp. 2,100 2,100
(Mesa Ridge Apts. Proj.) 3.55%, LOC Swiss Bank Corp. 2,100 2,100
San Marcos Ind. Dev. Corp. Ind. Dev. Rev.
(Butler Manufacturing Co.) Series 1995, 3.85%,
LOC NationsBank, VRDN (b) 6,250 6,250
Southeast Hsg. Fin. Corp. Participating VRDN,
Series 1991 C, 4% (Liquidity Facility Bank One) (b) (c) 7,190 7,190
Sunbelt Ind. Dev. Corp. Rev. (Fort Dearborn Lithograph)
3.80%, LOC Nat'l. Bank of Detroit, VRDN (b) 5,000 5,000
Texas Gen. Oblig. TRAN Series 1995 A, 4.75% 8/30/96 37,000 37,257
Texas Dept. of Hsg. & Commty. Affairs Multi-Family Hsg.
Rev. Rfdg. (Remington Hills Development) 3.65%,
LOC Trust Co. Bank, VRDN 5,380 5,380
Texas Small Bus. Ind. Dev. Corp. Rev. (Pub. Facs. Prog.)
3.60%, LOC Credit Suisse, Nat'l. Westminster Bank, VRDN 20,195 20,195
Travis County Hsg. Fin. Corp. Multi-Family Hsg. Rev.
(Primecrest Ltd. Proj.), VRDN: (b)
Series 1990 A, 3.60%, LOC Algemene Bank 500 500
Series 1990 B, 3.60%, LOC Algemene Bank 1,200 1,200
Waxahachie Ind. Dev. Auth. Rev. (Rock-Tenn Converting Co.
Proj.) Series 1986, 3.90%, LOC Trust Co. Bank,
VRDN (b) 3,145 3,145
394,018
UTAH - 0.6%
Intermountain Pwr. Agency Pwr. Supply Rev. Bonds,
Series 1985 E, 3.85% tender 6/17/96,
BPA Bank of America Nat'l. Trust & Savings 10,000 10,000
Salt Lake City Arpt. Rev., Series A, 3.55%,
LOC Credit Suisse, VRDN (b) 4,300 4,300
14,300
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
VERMONT - 0.4%
Vermont Hsg. Fin. Agcy. Participating VRDN,
Series P 64, 3.75% (AMBAC Insured)
(Liquidity Facility Bayerische Hypotheken) (b) (c) $ 6,535 $ 6,535
Vermont Ind. Dev. Auth. Rev. (Ryegate Proj.) Series 1990,
3.80%, LOC ABN AMRO, VRDN (b) 3,000 3,000
9,535
VIRGINIA - 3.3%
Amelia County Facs. Rev. (Chambers Waste Sys. Proj.),
4%, LOC NationsBank, VRDN (b) 4,400 4,400
Amherst Ind. Dev. Auth. Solid Wst. Rev. (Nekoosa Pkg.
Proj.) 4%, LOC Ind. Bank of Japan, VRDN (b) 2,750 2,750
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Bonds
(Virginia Elec. Pwr. Co.) Series 1985, 3.75%
tender 9/7/95 4,700 4,700
Halifax County Ind. Dev. Auth. Poll. Cont. Rev. Bonds
(Virginia Elec. Pwr. Co.) Series 1992: (b)
4.30% tender 9/8/95 13,100 13,100
4% tender 11/8/95 20,000 20,000
Mecklenburg County Ind. Dev. Auth. Rev. (American Bldgs.
Co. Proj.) 4%, LOC Lasalle Nat'l. Bank, VRDN (b) 8,000 8,000
Smyth County Ind. Dev. Auth. Ind. Dev. Rev. (Summit
Dimension Products Proj.) Series 1995, 3.875%,
LOC Wachovia Bank, VRDN (b) 5,100 5,100
Virginia Beach Dev. Auth. Rfdg. Rev. (Ocean Ranch Motel
Corp. Proj.) Series 1993, 3.85%, LOC Nationsbank, VRDN 2,000 2,000
Virginia Hsg. Dev. Auth. Participating VRDN: (b) (c)
Series PA-80A, 3.75% (Liquidity Facility Merrill Lynch) 5,220 5,220
Series PA-80B, 3.75% (Liquidity Facility Merrill Lynch) 4,000 4,000
Virginia Hsg. Dev. Auth. Rev. Bonds, Series B, 3.55%
tender 9/12/95 (b) 5,000 5,000
74,270
WASHINGTON - 6.0%
Klickitat County Pub. Corp. Ind. Dev. Rev. (Rabanco Landfill
Proj.) Series 1990, 4.05%, LOC Bank of America,
VRDN (b) 10,700 10,700
Pierce County Econ. Dev. Corp. Ind. Rev.:
(America Nichirei Foods Corp.) Series 1987, 4.05%,
LOC Fuji Bank, VRDN (b) 6,500 6,500
(Pacific N.W. Baking Co. Proj.) Series 1988, 3.95%,
LOC Barclays Bank, VRDN (b) 4,875 4,875
Port Angeles Ind. Dev. Corp. Rev.
(Daishowa America Proj.), VRDN: (b)
Series 1991, 4%, LOC Ind. Bank of Japan 5,500 5,500
Series 1992, 4%, LOC Ind. Bank of Japan 6,200 6,200
Series 1992 B, 4%, LOC Ind. Bank of Japan 16,100 16,100
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
WASHINGTON - CONTINUED
Port Bellingham Ind. Dev. Rev. (Sauder Woodcraft Corp.),
4.20%, LOC Bank of America, VRDN (b) $ 3,880 $ 3,880
Grays Hbr. Ind. Dev. Corp. Solid Wst. Disp. Rev.
(Weyerhaeuser Co. Proj.) 3.85%, VRDN (b) 9,650 9,650
Port Longview Ind. Dev. Corp. Solid Waste Disp. Rev.
(Weyerhaeuser Co. Proj.) Series 1993, 3.85%, VRDN 20,400 20,400
Washington Student Loan Fin. Assoc. Guaranteed Student
Loan Prog. Rev., VRDN: (b)
Series 1987 A, 3.90%, LOC Sanwa Bank of California 7,000 7,000
Series 1987 B, 3.90%, LOC Sanwa Bank of California 4,200 4,200
Series 1988 A, 3.60%, LOC Nat'l. Westminster Bank 15,800 15,800
Washington Commty. Econ. Revitalization Rev.:
(Flying Food Fare) Series 1990-3, 3.95%
LOC Ind. Bank of Japan, VRDN (b) 975 975
(Sanken USA) Series 1988-1, 3.95%,
LOC Ind. Bank of Japan, VRDN (b) 2,770 2,770
Washington Hsg. Fin. Commission Multi-Family Mtg. Rev.
(Canyon Lake II), 3.95%, LOC U.S. Bank, VRDN (b) 5,935 5,935
Washington Hsg. Fin. Commission Single Family Prog.
Rev. Bonds, Series 1A, 4.10% tender 6/1/96
(FGIC Insured) (b) 9,000 9,000
Washington Pub. Pwr. Supply Sys. Rev. Rfdg.
(Nuclear Proj. #1) Series 1993-1A2, 3.65%,
LOC Ind. Bank of Japan, VRDN 6,295 6,295
135,780
WEST VIRGINIA - 2.4%
Grant County Poll. Cont. Rev. Bonds (Vepco Proj.)
Series 1986, 4% tender 12/7/95 (b) 7,400 7,400
Marion County Solid Wst. Disp. Rev.
(Grant Town Cogeneration Proj.), VRDN: (b)
Series 1990 B, 3.80%, LOC Nat'l. Westminster Bank 4,600 4,600
Series 1990 C, 3.80%, LOC Nat'l. Westminster Bank 7,900 7,900
Series 1990 D, 3.80%, LOC Nat'l. Westminster Bank 6,500 6,500
West Virginia Pub. Energy Auth. Energy Rev. Bonds
(Morgantown Energy Assoc.): (b)
3.60% tender 10/6/95, LOC Swiss Bank Corp. 2,600 2,600
3.85% tender 10/13/95, LOC Swiss Bank Corp. 2,000 2,000
3.95% tender 11/7/95, LOC Swiss Bank Corp. 16,900 16,900
4% tender 12/8/95, LOC Swiss Bank Corp. 1,000 1,000
Wood County Ind. Dev. Rev. (AGA Gas Inc. Proj.)
Series 1988, 4.05%, LOC Svenska Handelsbanken,
VRDN (b) 4,800 4,800
53,700
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
(000S) (000S)
WISCONSIN - 1.6%
Ashwaubenon Ind. Dev. Rev. (Tufco Proj.) Series 1992,
3.80%, LOC Bank One, VRDN (b) $ 1,750 $ 1,750
Hartford Comm. Dev. Auth. Ind. Dev. Rev. (TNT/Larpen
Supply Proj.) 3.80%, LOC Bank One (b) 2,500 2,500
Jefferson Ind. Dev. Rev. (Generac Corp. Proj.) Series 1994,
3.80%, LOC Nat'l. Bank of Detroit, VRDN (b) 7,200 7,200
Little Chure Ind. Dev. Rev. (Kaukauna Cheese Proj.)
Series 1995, 3.80%, LOC Bank One, VRDN (b) 3,500 3,500
Pleasant Prairie Ind. Dev. Rev. (Muskie Enterprises
Inc. Proj.) Series 1995, 3.80%,
LOC Harris Trust & Savings Bank, VRDN (b) 4,000 4,000
Rhinelander Ind. Dev. Rev. (Red Arrow Prod. Co., Inc.)
Series 1994, 3.80% LOC Bank One, VRDN (b) 7,000 7,000
Wisconsin Gen. Oblig. Participating VRDN, Series 944904,
3.82% (Liquidity Facility Citibank) (b) (c) 9,100 9,100
35,050
WYOMING - 0.5%
Sweetwater County Envir. Improv. Rev. Bonds
(Pacificorp Proj.) Series 1990 A:
3.80% tender 10/13/95,
LOC Nat'l. Westminster Bank 4,420 4,420
4% tender 9/18/95, LOC Nat'l. Westminster Bank 6,400 6,400
10,820
TOTAL INVESTMENTS - 100% $ 2,251,616
Total Cost for Income Tax Purposes $ 2,251,616

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
Tennessee Hsg. Dev. Agcy.
Rev. Bonds Series PT-59A,
4.10% tender 12/7/95
(Liquidity Facility
Credit Suisse) 6/1/95 $ 13,705,000
INCOME TAX INFORMATION
At August 31 1995, the fund had a capital loss carryforward of
approximately $73,900 of which $900, $700, $45,800, and $26,500 will expire
on August 31, 1999, 2001, 2002, and 2003, respectively.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNT) AUGUST 31, 1995

4.ASSETS 5. 6.

7.Investment in securities, at value - See accompanying 8. $ 2,251,616
schedule

9.Cash 10. 5,401

11.Interest receivable 12. 12,199

13. 14.TOTAL ASSETS 15. 2,269,216

16.LIABILITIES 17. 18.

19.Payable for investments purchased $ 55,527 20.

21.Share transactions in process 6,635 22.

23.Distributions payable 173 24.

25.Accrued management fee 751 26.

27. 28.TOTAL LIABILITIES 29. 63,086

30.31.NET ASSETS 32. $ 2,206,130

33.Net Assets consist of: 34. 35.

36.Paid in capital 37. $ 2,206,201

38.Accumulated net realized gain (loss) on investments 39. (71)

40.41.NET ASSETS, for 2,206,201 shares outstanding 42. $ 2,206,130

43.44.NET ASSET VALUE, offering price and redemption 45. $1.00
price per share ($2,206,130 (divided by) 2,206,201 shares)

</TABLE>

STATEMENT OF OPERATIONS
AMOUNTS IN THOUSANDS YEAR ENDED AUGUST 31, 1995

46.47.INTEREST INCOME 48. $ 87,642

49.EXPENSES 50. 51.

52.Management fee $ 11,137 53.

54.Non-interested trustees' compensation 12 55.

56. Total expenses before reductions 11,149 57.

58. Expense reductions (2,230) 8,919

59.60.NET INTEREST INCOME 61. 78,723

62.63.NET REALIZED GAIN (LOSS) ON INVESTMENTS 64. (26)

65.66.NET INCREASE IN NET ASSETS RESULTING FROM 67. $ 78,697
OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEARS ENDED AUGUST 31,

1995 1994

68.INCREASE (DECREASE) IN NET ASSETS

69.Operations $ 78,723 $ 52,700
Net interest income

70. Net realized gain (loss) (26) (44)

71. 72.NET INCREASE (DECREASE) IN NET ASSETS 78,697 52,656
RESULTING FROM OPERATIONS

73.Distributions to shareholders from net interest (78,723) (52,700)
income

74.Share transactions at net asset value of $1.00 per 3,154,447 3,611,432
share
Proceeds from sales of shares

75. Reinvestment of distributions from net interest 75,335 50,122
income

76. Cost of shares redeemed (3,311,498) (3,069,334)

77.78. (81,716) 592,220
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES
RESULTING FROM SHARE TRANSACTIONS

79. 80.TOTAL INCREASE (DECREASE) IN NET ASSETS (81,742) 592,176

81.NET ASSETS 82. 83.

84. Beginning of period 2,287,872 1,695,696

85. End of period $ 2,206,130 $ 2,287,872

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
86. YEARS ENDED AUGUST 31, JANUARY 14, 1991
(COMMENCEMENT
OF OPERATIONS) TO
AUGUST 31,

87. 1995 1994 1993 1992 1991

88.SELECTED PER-SHARE DATA

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

90.Income from Investment .035 .025 .026 .038 .030
Operations
Net interest income

91.Less Distributions (.035) (.025) (.026) (.038) (.030)
From net interest income

92.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
end of period B

93.TOTAL RETURN 3.59% 2.50% 2.66% 3.91% 3.03%

94.RATIOS AND SUPPLEMENTAL DATA

95.Net assets, end of period $ 2,206 $ 2,288 $ 1,696 $ 1,303 $ 424
(in millions)

96.Ratio of expenses to .40% .33% .27% .20% .09%A
average net assets

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

98.Ratio of net interest 3.53% 2.48% 2.61% 3.67% 4.69%A
income to average net
assets

</TABLE>

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN. SEE
NOTE 4 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
For the period ended August 31, 1995

1. SIGNIFICANT ACCOUNTING POLICIES.
Spartan Municipal Money Fund (the fund) is a fund of Fidelity Union 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. OPERATING POLICIES.
RESTRICTED SECURITIES. The fund is 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 $13,705,000 or
0.6% of net assets.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the 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 .50% of the fund's average net
assets.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
FMR also bears the cost of providing shareholder services to the fund. To
offset the cost of providing these services, FMR or its affiliates collect
certain transaction fees from the fund's shareholders which amounted to
$35,847 for the period.
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.
4. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the fund's operating expenses
(excluding interest, taxes, brokerage commissions and extraordinary
expenses) above an annual rate of .40% of average net assets. For the
period, the reimbursement reduced the fund's expenses by $2,230,000. In
addition, through December 31, 1995, FMR has agreed to limit the fund's
total operating expenses to an annual rate of .45% of average net assets.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees and Shareholders of
Fidelity Union Street Trust II:
Spartan Municipal Money Fund:
We have audited the accompanying statement of assets and liabilities of
Fidelity Union Street Trust II: Spartan Municipal Money Fund, including the
schedule of portfolio investments, as of August 31, 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 four years in the period then ended
and for the period January 14, 1991(commencement of operations) to August
31, 1991. 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 August 31, 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 Union Street Trust II: Spartan Municipal Money Fund as of
August 31, 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 four years in the
period then ended, and for the period January 14, 1991 (commencement of
operations) to August 31, 1991, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
September 27, 1995
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INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Fred L. Henning, Jr., Vice President
Scott Orr, Vice President
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 AGENT
Fidelity Service Co.
Boston, MA
and
UMB Bank, n.a.
Kansas City, MO
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 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