FIDELITY MUNICIPAL TRUST II, N-30D, 1996-08-12

FIDELITY MUNICIPAL TRUST II
N-30D, 1996-08-12

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FIDELITY

(registered trademark)
OHIO
MUNICIPAL
FUNDS

SEMIANNUAL REPORT
JUNE 30, 1996
CHECK PAGE NUMBERS !!!

CONTENTS

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PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

FIDELITY OHIO MUNICIPAL INCOME FUND

PERFORMANCE 4 How the fund has done over time.

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

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

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

FINANCIAL STATEMENTS 21 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

FIDELITY OHIO MUNICIPAL MONEY MARKET FUND

PERFORMANCE 25 How the fund has done over time.

FUND TALK 27 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 29 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 30 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 36 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 40 Notes to the financial statements.

</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,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
NEITHER THE FUNDS NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES,
CALL
1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST
OR SEND
MONEY.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
Although stocks have managed to post solid returns through the first six
months of 1996, signs of strength in the economy have led to inflation
fears, causing some uncertainty in bond markets so far this year. In 1995,
both stock and bond markets posted strong results, while the year before,
stocks posted below-average returns and bonds had one of the worst years in
history.
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

FIDELITY OHIO MUNICIPAL INCOME FUND

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). You can also look at the fund's income to
measure performance. If Fidelity had not reimbursed certain fund expenses,
the past 10 years total return would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JUNE 30, 1996 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS

Fidelity Ohio Municipal Income Fund - 0.80% 5.57% 42.94% 109.47%

Lehman Brothers Ohio 4 Plus Year - 0.30% 6.56% n/a n/a
Municipal Bond Index

Ohio Municipal Debt Funds Average -1.27% 5.70% 42.34% 104.84%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, 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. You can
compare the fund's returns to the performance of the Lehman Brothers Ohio 4
Plus Year Municipal Bond Index, which includes Ohio investment-grade
municipal bonds with maturities of four years or greater. To measure how
the fund's performance stacked up against its peers, you can compare it to
the Ohio municipal debt funds average, which reflects the performance of
56 mutual funds with similar objectives tracked by Lipper Analytical
Services, Inc. over the past six months. Both benchmarks include reinvested
dividends and capital gains, if any.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JUNE 30, 1996 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Fidelity Ohio Municipal Income Fund 5.57% 7.41% 7.67%

Lehman Brothers Ohio 4 Plus Year 6.56% n/a n/a
Municipal Bond Index

Ohio Municipal Debt Funds Average 5.70% 7.31% 7.43%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER 10 YEARS
IMAHDR PRASUN SHR__CHT 19960630 19960710 123922 S00000000000001
OH Muni Income LB Municipal Bond
00088 LB015
1986/06/30 10000.00 10000.00
1986/07/31 10051.64 10060.70
1986/08/31 10467.18 10511.12
1986/09/30 10460.54 10537.50
1986/10/31 10684.24 10719.48
1986/11/30 10877.71 10931.84
1986/12/31 10811.01 10901.66
1987/01/31 11178.78 11229.91
1987/02/28 11289.30 11285.16
1987/03/31 11220.20 11165.54
1987/04/30 10344.79 10605.25
1987/05/31 10245.80 10552.65
1987/06/30 10468.43 10862.48
1987/07/31 10621.60 10973.28
1987/08/31 10632.37 10997.97
1987/09/30 10076.75 10592.47
1987/10/31 10089.29 10629.97
1987/11/30 10362.87 10907.52
1987/12/31 10553.85 11065.78
1988/01/31 11040.72 11459.95
1988/02/29 11188.00 11581.08
1988/03/31 10897.81 11446.74
1988/04/30 10951.51 11533.73
1988/05/31 11027.74 11500.40
1988/06/30 11234.61 11668.65
1988/07/31 11333.70 11744.73
1988/08/31 11356.87 11755.07
1988/09/30 11567.96 11967.83
1988/10/31 11813.74 12178.47
1988/11/30 11724.49 12066.91
1988/12/31 11918.28 12190.36
1989/01/31 12089.99 12442.45
1989/02/28 11987.85 12300.49
1989/03/31 11989.00 12271.09
1989/04/30 12312.85 12562.40
1989/05/31 12580.66 12823.32
1989/06/30 12744.76 12997.47
1989/07/31 12850.10 13174.36
1989/08/31 12717.72 13045.38
1989/09/30 12657.55 13006.51
1989/10/31 12820.87 13165.58
1989/11/30 13005.83 13395.98
1989/12/31 13108.40 13505.56
1990/01/31 12985.40 13441.67
1990/02/28 13132.29 13561.30
1990/03/31 13147.22 13565.37
1990/04/30 12947.37 13467.16
1990/05/31 13282.79 13761.15
1990/06/30 13419.89 13882.11
1990/07/31 13621.64 14086.18
1990/08/31 13407.39 13881.64
1990/09/30 13509.80 13889.56
1990/10/31 13702.44 14141.51
1990/11/30 14024.25 14425.90
1990/12/31 14091.41 14488.65
1991/01/31 14247.66 14683.09
1991/02/28 14337.45 14810.83
1991/03/31 14363.73 14816.16
1991/04/30 14587.80 15013.22
1991/05/31 14707.18 15146.69
1991/06/30 14654.25 15131.69
1991/07/31 14856.08 15316.00
1991/08/31 15004.66 15517.71
1991/09/30 15182.18 15719.75
1991/10/31 15318.95 15861.23
1991/11/30 15345.58 15905.48
1991/12/31 15704.31 16246.81
1992/01/31 15732.23 16283.85
1992/02/29 15742.41 16289.06
1992/03/31 15730.80 16295.09
1992/04/30 15857.38 16440.12
1992/05/31 16072.10 16633.62
1992/06/30 16355.60 16912.73
1992/07/31 16827.93 17419.77
1992/08/31 16640.19 17249.93
1992/09/30 16739.03 17362.74
1992/10/31 16434.38 17192.07
1992/11/30 16872.29 17499.98
1992/12/31 17064.84 17678.65
1993/01/31 17287.81 17884.26
1993/02/28 17903.64 18531.13
1993/03/31 17694.51 18335.26
1993/04/30 17856.85 18520.26
1993/05/31 17946.74 18624.34
1993/06/30 18245.24 18935.18
1993/07/31 18272.32 18959.99
1993/08/31 18697.65 19354.73
1993/09/30 18921.35 19575.18
1993/10/31 18933.79 19612.96
1993/11/30 18772.78 19440.17
1993/12/31 19207.97 19850.56
1994/01/31 19441.44 20077.25
1994/02/28 18925.32 19557.25
1994/03/31 18124.56 18760.88
1994/04/30 18262.74 18919.97
1994/05/31 18386.77 19084.01
1994/06/30 18358.70 18967.40
1994/07/31 18648.89 19315.08
1994/08/31 18708.04 19381.91
1994/09/30 18480.14 19097.38
1994/10/31 18120.69 18758.21
1994/11/30 17722.72 18419.06
1994/12/31 18142.56 18824.47
1995/01/31 18686.97 19362.47
1995/02/28 19205.71 19925.53
1995/03/31 19404.25 20154.47
1995/04/30 19444.51 20178.26
1995/05/31 20015.96 20822.14
1995/06/30 19842.69 20640.99
1995/07/31 19952.23 20836.67
1995/08/31 20185.42 21100.88
1995/09/30 20344.59 21234.45
1995/10/31 20615.31 21543.19
1995/11/30 20936.21 21900.60
1995/12/31 21116.75 22111.06
1996/01/31 21277.69 22278.00
1996/02/29 21138.25 22127.62
1996/03/31 20838.31 21844.83
1996/04/30 20756.94 21783.01
1996/05/31 20733.04 21774.30
1996/06/28 20947.18 22011.42
IMATRL PRASUN SHR__CHT 19960630 19960710 123927 R00000000000123

$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was invested
in Fidelity Ohio Municipal Income Fund on June 30, 1986. As the chart
shows, by June 30, 1996, the value of the investment would have grown to
$20,947 - a 109.47% increase on the initial investment. For comparison,
look at how the Lehman Brothers Municipal Bond Index, which reflects the
performance of the investment-grade municipal bond market, did over the
same period. With dividends reinvested, the same $10,000 would have grown
to $22,015 - a 120.15% 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
SIX MONT
HS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30,

1996 1995 1994 1993 1992 1991

Dividend return 2.40% 6.22% 5.37% 6.19% 6.63% 7.02%

Capital appreciation
return -3.20% 10.17% -10.92% 6.37% 2.03% 4.43%

Total return -0.80% 16.39% -5.55% 12.56% 8.66% 11.45%

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.
DIVIDENDS AND YIELD

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PERIODS ENDED JUNE 30, 1996 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 4.51(cents) 27.71(cents) 57.61(cents)

Annualized dividend rate 4.94% 4.91% 5.08%

30-day annualized yield 4.98% - -

30-day annualized tax-equivalent yield 8.41% - -

</TABLE>

DIVIDENDS per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $11.11 over
the past month, $11.33 over the past six months and $11.34 over the past
year, you can compare the fund's income over these three periods. The
30-day annualized YIELD is a standard formula for all funds based on the
yields of the bonds in the fund, averaged over the past 30 days. This
figure shows you the yield characteristics of the fund's investments at the
end of the period. It also helps you compare funds from different companies
on an equal basis. The tax-equivalent yield shows what you would have to
earn on a taxable investment to equal the fund's tax-free yield, if you're
in the 40.80% combined effective 1996 federal and state tax bracket, but
does not reflect payment of the federal alternative minimum tax, if
applicable.
FIDELITY OHIO MUNICIPAL INCOME FUND

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Steven Harvey, Portfolio Manager of Fidelity Ohio
Municipal Income Fund
Q. STEVE, HOW HAS THE FUND PERFORMED?
A. For the six- and 12-month periods ended June 30, 1996, the fund had
total returns of -0.80% and 5.57%, respectively. The Ohio municipal debt
funds average returned -1.27% for the same six-month period and 5.70% for
the same 12-month period, according to Lipper Analytical Services. Also,
for the six- and 12-month periods, the Lehman Brothers Ohio 4 Plus Year
Municipal Bond Index returned -0.30% and 6.56%, respectively.
Q. WHAT FACTORS SHAPED THE MUNICIPAL BOND MARKET'S PERFORMANCE OVER THE
PAST SIX MONTHS?
A. Signs of a strengthening U.S. economy hurt the returns of most types of
bonds during the first half of 1996. Throughout the past six months,
investors became increasingly more concerned that the strengthening U.S.
economy would translate into higher inflation, which, in turn, could force
interest rates higher. Even though the Federal Reserve Board lowered
short-term interest rates, investors largely discounted the move. Bond
yields continued to climb, rising to levels not seen in more than a year as
investors reacted to surprisingly good economic news, particularly on the
employment front. Generally speaking, however, municipals outperformed
Treasuries during the first half of 1996. One reason was that the supply of
municipal bonds diminished, particularly in June when approximately $60
billion of outstanding municipals was retired or matured, and the total
amount of municipal supply actually contracted. Another reason for munis'
outperformance of Treasuries was that fears of a flat tax faded. As the
presidential campaign wore on, it became clear no viable presidential
candidate was likely to support the notion of a flat tax, which could
affect the tax-exempt status of municipals.
Q. WHAT WERE SOME OF THE KEY MOVES YOU MADE DURING THE PAST SIX MONTHS?
A. I continued to upgrade the credit quality of the fund, primarily by
eliminating the fund's investments in below-investment-grade bonds - those
with ratings below Baa as judged by Moody's Investors Service, for example.
Bonds that are rated below-investment-grade normally carry a fairly
significant amount of additional yield over higher-rated bonds in order to
compensate investors for the additional credit risk they carry. But during
the period, the diminished supply of municipal bonds was particularly
pronounced in the below-investment-grade category, while demand for
lower-quality bonds remained strong. As a result, there was very little
difference in yield between bonds with lower and higher credit ratings, and
credit spreads were said to be "tight." Because spreads were tight, I was
able to upgrade the overall credit quality of the fund by selling many of
the fund's below-investment-grade holdings and buying higher-rated
securities, without sacrificing much in the way of additional yield.
Q. SO WHAT TYPES OF HIGHER-RATED BONDS DID YOU BUY?
A. I added a number of insured bonds. When a bond is insured, it means that
its interest and principal payments are guaranteed by a third-party
municipal insurer. However, I think it's important to point out that
insurance does not protect a bond's price from rising or falling along with
the rest of the municipal market. Insured bonds are quite plentiful in the
Ohio municipal bond market, comprising a majority of the market there.
Because of that abundance, price inefficiencies can be found and an
investor can buy insured bonds at fairly attractive prices.
Q. WHAT SECTORS OFFERED GOOD OPPORTUNITIES?
A. In my view, student loan bonds offered some of the best opportunities in
the market during the period. These generally high-quality bonds often
traded at yields higher than many other municipal bonds with similar
maturities and credit ratings because of their prepayment risk. Investors
often fear the loans backing these bonds will be paid off early and,
therefore, force them to reinvest at lower interest rates. As a result of
the discomfort some investors have with student loan bonds because of this
prepayment risk, I was able to buy a number of bonds at what I believed
were quite attractive prices.
Q. YOU ALSO ADDED SOME BONDS ISSUED BY MUNICIPALITIES ON BEHALF OF PRIVATE
ENTERPRISES. WHAT'S THEIR ATTRACTION?
A. These municipal revenue bonds, known as industrial development bonds,
are issued to help finance private sector concerns. Two of the largest in
the fund were issued on behalf of British Petroleum, the large energy
company, and Cargill, the giant food and agriculture-related conglomerate.
Because these bonds are not as well known in the municipal market, they can
be bought at attractive prices.
Q. STEVE, WE UNDERSTAND THERE WERE SOME INVESTMENT POLICY CHANGES . . .
A. As of June 24, 1996, the fund reserves the right to invest up to 5% of
its assets - down from one-third - in below-investment-grade securities.
The fund does not intend to seek out the lower-quality,
below-investment-grade bonds. Instead, this change gives the fund
additional flexibility under unusual circumstances. Fidelity also will use
two additional agencies -Duff & Phelps Rating Co. and Fitch Investors
Service, L.P., as well as Moody's Investors Service and Standard & Poor's
which the fund already uses - to determine the credit quality of the fund's
bonds.
Q. WHAT'S AHEAD FOR THE MUNICIPAL MARKET OVER THE NEXT SIX MONTHS?
A. It's difficult to say, especially since the economy is sending off such
mixed signals and it's not clear where interest rates are headed. While
we've seen some strength in such economic indicators as housing sales,
retail sales and employment, inflation hasn't been much of a problem so
far. Further mixed signals could cause some continued volatility in the
market. But in my view, volatility can translate into opportunities to find
individual securities or sectors I want to buy at attractive levels. So
with the help of Fidelity's research group, I'll focus on finding these
opportunities as they materialize, rather than trying to predict the
direction of interest rates.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: high current income
for Ohio residents by
normally investing in
investment-grade municipal
securities whose interest is
free from federal income tax
and Ohio individual income
tax
START DATE: November 15, 1985
SIZE: as of June 30, 1996,
more than $379 million
MANAGER: Steven Harvey,
since 1994; manager, Spartan
Maryland Municipal Income
and Spartan Pennsylvania
Municipal Income funds, since
1993; Fidelity Massachusetts
Municipal Income Fund, since
1995; Spartan New Jersey
Municipal Income Fund, since
May 1996; joined Fidelity in
1986
(checkmark)
STEVE HARVEY ON OHIO'S
ECONOMY:
"The manufacturing sector in
Ohio continues to show its
strength. Many of the
counties surrounding Cincinnati,
Cleveland and Columbus
continue to have
unemployment rates of three
percent or lower. There are
even signs of labor shortages
developing in pockets across
the state. It is important to
remember that Ohio depends
quite heavily on durable
goods manufacturing,
particularly auto production.
Any softness in auto sales
could translate into a
downturn in Ohio's economic
fortunes."

FIDELITY OHIO MUNICIPAL INCOME FUND

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF JUNE 30, 1996
% OF FUND'S % OF FUND'S INVESTMENT
INVESTMENTS S
IN THESE SECTORS
6 MONTHS AGO

General Obligation 37.5 28.3

Water & Sewer 17.0 21.4

Health Care 11.6 11.3

Education 7.8 6.5

Electric Revenue 5.6 1.0

AVERAGE YEARS TO MATURITY AS OF JUNE 30, 1996
6 MONTHS AGO

Years 12.5 13.2

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 JUNE 30, 1996
6 MONTHS AGO

Years 7.6 7.4

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. BEGINNING
WITH THE REPORTING CYCLE OF JUNE, 1996, THE MODEL USED TO CALCULATE
DURATIONS MAY BE SLIGHTLY MODIFIED IN ORDER TO FURTHER REFINE THIS
INFORMATION. THESE CHANGES IN METHODOLOGY MAY PRODUCE ADJUSTMENTS IN
HISTORICAL DURATION FIGURES.
QUALITY DIVERSIFICATION (MOODY'S RATINGS)
AS OF JUNE 30, 1996 AS OF DECEMBER 31, 1995
Aaa 50.8%
Aa, A 33.0%
Baa 9.7%
Ba, B 0%
Non-rated 3.6%
Short-term investments 2.9%
Aaa 45.8%
Aa, A 29.5%
Baa 12.6%
Ba, B 1.6%
Non-rated 4.8%
Short-term investments 5.7%
Row: 1, Col: 1, Value: 50.8
Row: 1, Col: 2, Value: 33.0
Row: 1, Col: 3, Value: 9.699999999999999
Row: 1, Col: 4, Value: 1.0
Row: 1, Col: 5, Value: 3.6
Row: 1, Col: 6, Value: 2.9
Row: 1, Col: 1, Value: 45.8
Row: 1, Col: 2, Value: 29.5
Row: 1, Col: 3, Value: 12.6
Row: 1, Col: 4, Value: 1.6
Row: 1, Col: 5, Value: 4.8
Row: 1, Col: 6, Value: 5.7
SHOWN AS A PERCENTAGE OF THE FUND'S INVESTMENTS. WHERE MOODY'S RATINGS ARE
NOT AVAILABLE, WE HAVE USED S&P RATINGS.
FIDELITY OHIO MUNICIPAL INCOME FUND

INVESTMENTS JUNE 30, 1996 (UNAUDITED)

Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 97.1%
MOODY'S PRINCIPAL VALUE RATINGS(C) AMOUNT (NOTE 1)
OHIO - 93.6%
Adams County Valley Local School Dist. Unltd. Tax:
6.65% 12/1/03 (MBIA Insured) Aaa $ 1,000,000 $ 1,113,750
6.65% 12/1/04 (MBIA Insured) Aaa 1,000,000 1,118,750
6.65% 12/1/05 (MBIA Insured) Aaa 1,000,000 1,122,500
Akron Parking Facs. Ltd. Tax:
8.75% 11/1/03 A 160,000 194,000
8.75% 11/1/04 A 160,000 196,400
8.75% 11/1/05 A 160,000 198,600
Akron Str. Impt. Ltd. Tax Series 1985-1:
8.75% 11/1/03 A 200,000 242,500
8.75% 11/1/04 A 200,000 245,500
8.75% 11/1/05 A 200,000 248,250
Alliance Wtrwks. Rev. (Cap. Appreciation)
0% 10/15/06 (FGIC Insured) Aaa 765,000 442,743
Bedford Hosp. Impt. Rev. Rfdg. (Bedford
Commty. Hosp.) Series 1990,
8.50% 5/15/09 (Escrowed to Maturity) (d) - 765,000 859,668
Berea Gen. Oblig. Ltd. Tax Rfdg. 0% 12/1/04 Aa 535,000 343,068
Berea Wtrwks. Rfdg. 0% 12/1/06 Aa 510,000 290,062
Berlin & Milan Local School Dist. Gen. Oblig
7.45% 12/1/11 A 675,000 739,968
Bexley City School Dist. Gen. Oblig.:
0% 12/1/06 Aa 440,000 250,250
0% 12/1/07 Aa 540,000 289,574
0% 12/1/08 Aa 540,000 271,350
Buckeye Local School Dist. Rfdg. (Jefferson County):
(Cap. Appreciation) 0% 12/1/06
(AMBAC Insured) Aaa 375,000 217,500
0% 12/1/07 (AMBAC Insured) Aaa 760,000 413,250
Buckeye Valley Local School Dist.
(Delaware County) Series A, 6.85%
12/1/15 (MBIA Insured) Aaa 2,000,000 2,275,000
Butler County Hosp. Facs. Auth. Rev. Rfdg.
& Impt. (Fort Hamilton Hughes) 7.50% 1/1/10 Baa 1,500,000 1,550,624
Cambridge Hosp. Impt. Rev. Rfdg. (Guernsey
Mem. Hosp.) 8% 12/1/11 BBB 1,500,000 1,591,874
Clark County Hosp. Impt. Rev. Rfdg.
(Commty. Hosp.) Series A,
9.375% 4/1/08 BBB+ 800,000 817,527
Cleveland Gen. Oblig. Rfdg.:
Series A, 6.75% 10/1/11 (AMBAC Insured)
(Pre-Refunded to 10/1/01 @ 102) (d) Aaa 1,850,000 2,053,500
5.375% 9/1/10 (AMBAC Insured) Aaa 1,025,000 1,004,500
Cleveland Pub. Pwr. Sys. Rev.:
0% 11/15/10 (MBIA Insured) Aaa 2,685,000 1,191,468
0% 11/15/11 (MBIA Insured) Aaa 2,685,000 1,110,918
MUNICIPAL BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE RATINGS(C) AMOUNT (NOTE 1)
OHIO - CONTINUED
Cleveland Pub. Pwr. Sys. Rev. (Capital
Appreciation) (First Mtg.) Series A,
0% 11/15/08 (MBIA Insured) Aaa $ 5,480,000 $ 2,774,250
Cleveland Wtrwks. Rev. Rfdg. (First Mtg.):
Series F-92 A:
6.25% 1/1/15 (AMBAC Insured) Aaa 3,000,000 3,093,750
6.50% 1/1/21 (AMBAC Insured)
(Pre-Refunded to 1/1/02 @ 102) (d) Aaa 3,000,000 3,288,750
Series F-92 B, 6.25% 1/1/05
(AMBAC Insured) Aaa 1,000,000 1,067,500
Series G, 5.50% 1/1/21 (MBIA Insured) Aaa 13,725,000 13,347,562
Columbus Gen. Oblig.:
Rfdg. Series B:
5.80% 1/1/00 Aaa 1,000,000 1,038,750
5.90% 1/1/01 Aaa 1,000,000 1,048,750
(Various Purpose):
Series 1, 6% 5/15/10 Aaa 1,000,000 1,033,750
9.50% 4/15/04 Aaa 500,000 643,750
8.125% 5/1/01 Aaa 1,000,000 1,143,750
6.50% 9/15/01 Aaa 2,000,000 2,170,000
Columbus Swr. Rev. 5.50% 6/1/01 A1 1,000,000 1,031,250
Columbus Swr. Syst. Impt. Ltd. Tax
9.375% 4/15/07 Aaa 590,000 790,600
Columbus Wtrwks. Enlargement #44
6% 5/1/12 Aaa 1,250,000 1,287,500
Cuyahoga County 5.50% 11/15/05 Aa 2,400,000 2,460,000
Cuyahoga County Cap. Appreciation Unltd.
Tax Rfdg. Series A:
0% 10/1/08 (MBIA Insured) Aaa 4,000,000 2,080,000
0% 10/1/09 (MBIA Insured) Aaa 4,200,000 2,042,250
0% 10/1/10 (MBIA Insured) Aaa 5,000,000 2,287,500
0% 10/1/11 (MBIA Insured) Aaa 2,400,000 1,032,000
0% 10/1/12 (MBIA Insured) Aaa 1,505,000 602,000
0% 10/1/13 (MBIA Insured) Aaa 3,000,000 1,121,250
Cuyahoga County Hosp. Rev. Rfdg.:
(Cleveland Clinic Foundation) Series A:
8% 12/1/08 Aa 1,000,000 1,060,000
8% 12/1/15 Aa 2,250,000 2,368,124
(Univ. Hosp. Health Sys.) 6% 1/15/04
(MBIA Insured) Aaa 2,175,000 2,283,750
Dayton Arpt. Rev. Rfdg. (James M. Cox
Dayton Intl. Arpt.):
5.15% 12/1/07 (AMBAC Insured) Aaa 1,300,000 1,269,125
5.25% 12/1/15 (AMBAC Insured) Aaa 1,000,000 947,500
Defiance Gen. Oblig. Spl. Assessments
7% 12/1/11 A 365,000 394,200
MUNICIPAL BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE RATINGS(C) AMOUNT (NOTE 1)
OHIO - CONTINUED
Delaware City School Dist. (Capital Appreciation)
(Construction & Impt.) Series B:
0% 12/1/08 (FGIC Insured) Aaa $ 1,100,000 $ 559,625
5.50% 12/1/08 (FGIC Insured) Aaa 1,400,000 1,403,500
Unltd. Tax 0% 12/1/09 (FGIC Insured) Aaa 1,000,000 470,000
Delaware County Wtr. & Swr. 6.50% 12/1/03 A1 1,750,000 1,900,938
Dublin City School Dist.:
Unltd. Tax Rfdg. (Cap. Appreciation) 0%
12/1/04 (AMBAC Insured) Aaa 1,930,000 1,268,975
6.20% 12/1/19 (AMBAC Insured) Aaa 1,400,000 1,447,250
Fairfield City School Dist.:
7.10% 12/1/07 (FGIC Insured) Aaa 1,120,000 1,285,200
7.45% 12/1/14 (FGIC Insured) Aaa 1,000,000 1,188,750
Franklin City School Dist. Unltd. Tax
(Warren County Impt.) 7% 12/1/14 A 1,250,000 1,323,438
Franklin County Hosp. Rev. Rfdg.
(Children's Hosp. Proj.) 6% 11/1/06 Aa 1,035,000 1,098,394
Franklin County Ltd. Tax:
Rfdg. 5.375% 12/1/20 Aaa 4,000,000 3,750,000
(Courthouse) 6.375% 12/1/17
(Pre-Refunded to 12/1/01 @ 102) (d) Aaa 2,500,000 2,731,250
Franklin County Rev. (OCLC Online Computer
Library Ctr.):
7.20% 7/15/06 - 1,000,000 1,075,000
6% 4/15/13 - 3,500,000 3,443,125
Granville Village School Dist. Rfdg.
(Cap. Appreciation):
0% 12/1/06 (AMBAC Insured) Aaa 625,000 362,500
0% 12/1/07 (AMBAC Insured) Aaa 665,000 361,594
0% 12/1/08 (AMBAC Insured) Aaa 650,000 330,688
0% 12/1/09 (AMBAC Insured) Aaa 645,000 307,181
Green County Swr. Sys. Rev. (Cap. Appreciation)
0% 12/1/09 (AMBAC Insured) Aaa 775,000 365,219
Green County Wtr. Sys. Rev. Series A,
6% 12/1/16 (FGIC Insured) Aaa 2,500,000 2,550,000
Hamilton County Health Care Sys. Rev.:
Rfdg. (Providence Hosp.-Franciscan Sisters
Poor Health Sys.) 6.875% 7/1/15 Baa1 5,000,000 5,050,000
(Sisters of Charity Health Care) Series A:
6.25% 5/15/08 (AMBAC Insured) Aaa 4,220,000 4,452,100
6.25% 5/15/14 (AMBAC Insured) Aaa 1,000,000 1,032,500
Hamilton County Swr. Sys. Rev.
Rfdg. & Impt. Series A:
6% 12/1/05 (FGIC Insured) Aaa 4,500,000 4,781,250
5.40% 12/1/08 (FGIC Insured) Aaa 3,715,000 3,705,713
5.45% 12/1/09 (FGIC Insured) Aaa 1,000,000 992,500
6.70% 12/1/13 (Pre-Refunded to
6/1/01 @ 102) (d) A1 3,100,000 3,417,750
Hamilton Elec. Sys. Mtg. Rev. Rfdg. Series 1992 A,
6% 10/15/12 (FGIC Insured) Aaa 2,000,000 2,070,000
MUNICIPAL BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE RATINGS(C) AMOUNT (NOTE 1)
OHIO - CONTINUED
Hilliard School Dist. Series A:
6% 12/1/05 (FGIC Insured) Aaa $ 1,415,000 $ 1,505,206
0% 12/1/11 (FGIC Insured) Aaa 1,600,000 666,000
Lakewood Gen. Oblig.:
6.60% 12/1/08 Aa 1,525,000 1,681,313
Series A, 6.60% 12/1/11 Aa 1,630,000 1,805,225
Lakota Local School Dist. Gen. Oblig. Rfdg.
(Cap. Appreciation):
Unltd. Tax 0% 12/1/99 A1 445,000 380,475
0% 12/1/00 A1 625,000 506,250
0% 12/1/01 A1 590,000 451,350
0% 12/1/02 A1 555,000 400,988
0% 12/1/03 A1 260,000 175,500
0% 12/1/04 A1 730,000 463,550
0% 12/1/05 A1 690,000 411,413
0% 12/1/06 A1 650,000 363,188
0% 12/1/07 A1 610,000 322,538
Logan-Hocking Local School Dist. Rfdg. Series B,
0% 12/1/08 (AMBAC Insured) Aaa 1,065,000 548,475
Lorain Gen. Oblig. Ltd. Tax 7.875% 12/1/09 Baa 1,000,000 1,097,500
Lowellville San. Swr. Sys. Rev. (Browning-Ferris
Inds., Inc.) 7.25% 6/1/06 (b) A 1,200,000 1,221,000
Lucas County Convention Ctr. Site Acquisition
Bonds Ltd. Tax:
6.50% 12/1/09 A 340,000 369,750
6.50% 12/1/10 A 340,000 369,750
6.50% 12/1/11 A 340,000 369,750
6.50% 12/1/12 A 340,000 365,075
Lucas County Hosp. Rev.:
Rfdg. (Riverside Hosp. Proj.)
7.625% 6/1/15 (f) Baa1 7,485,000 7,700,418
(Promedica Healthcare Oblig. Group) 6%
11/15/04 (MBIA Insured) Aaa 4,000,000 4,220,000
Mahoning County Hosp. Facs. Rev.
(YHA, Inc. Proj.) Series A,
7% 10/15/14 (MBIA Insured) Aaa 1,000,000 1,075,000
Mahoning County San. Swr. Sys. Rev.
7.50% 2/1/19 (BIG Insured) (MBIA Insured) Aaa 1,000,000 1,071,250
Mahoning Valley San. Dist.:
7.85% 12/15/12 - 1,200,000 1,230,000
7.85% 12/15/13 - 1,275,000 1,306,875
7.75% 5/15/14 - 3,250,000 3,306,875
Marion County Health Care Facs. Rev.
Rfdg. & Impt. (United Church Homes, Inc. Proj.)
6.30% 11/15/15 BBB- 1,800,000 1,737,000
Marysville Swr. Sys. Ltd. Tax 7.15% 12/1/11 A 500,000 537,500
MUNICIPAL BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE RATINGS(C) AMOUNT (NOTE 1)
OHIO - CONTINUED
Marysville Village School Dist. Gen. Oblig. Rfdg.
(Cap. Appreciation):
0% 12/1/05 (AMBAC Insured) Aaa $ 795,000 $ 493,894
0% 12/1/06 (AMBAC Insured) Aaa 750,000 438,750
0% 12/1/07 (AMBAC Insured) Aaa 690,000 379,500
Mason City Sch. Dist.:
6.05% 12/1/09 (FGIC Insured) Aaa 1,225,000 1,295,438
6.15% 12/1/10 (FGIC Insured) Aaa 1,420,000 1,512,300
Mentor Gen. Oblig. Ltd. Tax Series 1991,
7.15% 12/1/11 A 500,000 541,875
Mentor Village School Dist. Rfdg.
(Cap. Appreciation):
0% 12/1/00 (MBIA Insured) Aaa 755,000 614,381
0% 12/1/01 (MBIA Insured) Aaa 795,000 611,156
0% 12/1/02 (MBIA Insured) Aaa 845,000 616,850
0% 12/1/03 (MBIA Insured) Aaa 840,000 581,700
Miami County Hosp. Facs. Rev. (Upper Valley
Med. Ctr. Proj.) Series B, 8.25% 5/1/04
(BIG Insured) (MBIA Insured) Aaa 410,000 427,405
Middleburg Heights Hosp. Impt. Rev.
(Southwest Gen. Hosp.) 7.20% 8/15/19
(Pre-Refunded to 8/15/01 @ 102) (d) A 2,000,000 2,257,500
Montgomery County Solid Waste Rev. Rfdg.
6% 11/1/05 (MBIA Insured) Aaa 1,940,000 2,063,675
Newark Wtr. Rev. (Cap. Appreciation) 0%
12/1/07 (AMBAC Insured) Aaa 455,000 250,250
North Canton School Dist. 5.90% 12/1/14
(AMBAC Insured) Aaa 2,000,000 2,002,500
Northeast Ohio Reg. Swr. Dist. Wastewtr. Rev.
Rfdg. 6.25% 11/15/04 (AMBAC Insured) Aaa 1,000,000 1,083,750
Ohio Air Quality Dev. Auth.:
Rfdg. (Ohio Pwr. Co. Proj.)
Series B, 7.40% 8/1/09 Baa1 3,250,000 3,436,875
(Columbus & Southern Pwr. Co.) Series A,
6.375% 12/1/20 (FGIC Insured) Aaa 3,000,000 3,097,500
Ohio Bldg. Auth.:
Rfdg. (State Correctional Facs.) Series A:
6.50% 10/1/03 A1 2,750,000 2,963,125
5.70% 10/1/04 A1 1,125,000 1,164,375
5.75% 10/1/05 A1 2,080,000 2,152,800
Rfdg. (State Facs.-Vern Riffe) Series A,
5.75% 10/1/04 (AMBAC Insured) Aaa 8,250,000 8,621,250
(Administration Bldg. Fund Proj.) Series A,
5.60% 10/1/07 A1 3,330,000 3,367,463
(Adult Correctional Facs.) 6% 4/1/06
(AMBAC Insured) Aaa 1,930,000 2,045,800
(Ohio Ctr. Arts) Series A, 5.45% 10/1/07 A1 2,000,000 2,010,000
MUNICIPAL BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE RATINGS(C) AMOUNT (NOTE 1)
OHIO - CONTINUED
Ohio Bldg. Auth.: (continued)
(Spl. Redemption Provision) 7.30% 4/1/05
(MBIA Insured) (Pre-Refunded to 4/1/00
@ 102) (d) Aaa $ 1,200,000 $ 1,330,500
(Workers Compensation) 4.75% 4/1/14 A 1,620,000 1,421,550
Series A, 5% 10/1/08 (AMBAC Insured) Aaa 3,205,000 3,060,775
Ohio Cap. Corp. Multi-Family Hsg. Rev. Rfdg.:
Series A, 7.50% 1/1/24 (FNMA Coll.) Aaa 1,000,000 1,055,000
Series C, 7.375% 7/1/23 (FNMA Coll.) Aaa 2,000,000 2,057,500
Ohio Expositions Commission Ctfs. of Prtn.
(Agricenter Facs.) 8.25% 10/1/06
(Pre-Refunded to 4/4/00 @ 101) (d) - 1,120,000 1,264,200
Ohio Gen. Oblig.:
(Cap. Appreciation) (Infrastructure Impt.)
Series 1989, 0% 9/1/07 Aa 7,225,000 3,928,594
(College Savings Bonds):
0% 8/1/09 Aa 2,290,000 1,102,063
0% 8/1/10 Aa 2,000,000 900,000
0% 8/1/14 Aa 1,375,000 474,375
(Infrastructure Impt.):
Rfdg. Series R:
0% 9/1/00 Aa 3,260,000 2,681,350
5.45% 9/1/03 Aa 2,350,000 2,435,188
6% 8/1/00 Aa 5,000,000 5,256,250
5.75% 8/1/04 Aa 1,000,000 1,050,000
6.50% 8/1/04 Aa 5,670,000 6,237,000
4.80% 5/15/01 Aa 2,000,000 2,017,500
6.50% 9/1/01 Aa 1,000,000 1,085,000
6.65% 8/1/05 Aa 3,000,000 3,345,000
6.65% 9/1/09 Aa 1,000,000 1,098,750
Ohio Higher Edl. Facs. Commission Rev.:
(Case Western Reserve Univ. Proj.):
Rfdg.:
6% 10/1/14 Aa 1,500,000 1,524,375
6.125% 10/1/15 Aa 2,000,000 2,050,000
6.25% 10/1/16 Aa 2,500,000 2,603,125
Series B, 6.50% 10/1/20 Aa 2,250,000 2,435,625
7.70% 10/1/18 Aa 70,000 74,200
6% 10/1/22 Aa 650,000 649,188
(Kenyon College Proj.) 5.30% 12/1/08 A 1,115,000 1,088,519
(Oberlin Coll. Proj.) 5.375% 10/1/15 Aa 1,000,000 923,750
5.90% 12/1/06 (AMBAC Insured) Aaa 1,000,000 1,048,750
Ohio Liquor Profits Rev. Rfdg. 6.80% 9/1/98
(MBIA Insured) Aaa 2,000,000 2,105,000
Ohio Poll. Cont. Rev. (British Petroleum Co. PLC)
(Standard Oil Co.) 6.75% 12/1/15 Aa3 3,100,000 3,487,500
MUNICIPAL BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE RATINGS(C) AMOUNT (NOTE 1)
OHIO - CONTINUED
Ohio Pub. Facs. Commission Higher Ed. Facs.:
Rfdg. Series II-A, 5.20% 5/1/05
(AMBAC Insured) Aaa $ 1,025,000 $ 1,030,125
Series II-B, 5% 11/1/00 (MBIA Insured) Aaa 4,000,000 4,065,000
6.25% 5/1/99 (AMBAC Insured) Aaa 4,000,000 4,195,000
Ohio Turnpike Commission Rev.:
6% 2/15/04 (FSA Insured) Aaa 5,140,000 5,461,250
6% 2/15/05 (FSA Insured) Aaa 2,000,000 2,125,000
Ohio Wtr. Dev. Auth. Pollution Cont. Facs. Rev.
(Wtr. Control Loan Fd.):
6.50% 12/1/04 (MBIA Insured) Aaa 1,000,000 1,098,750
6.50% 12/1/05 (MBIA Insured) Aaa 2,735,000 3,008,500
Ohio Wtr. Dev. Auth. Rev.:
Rfdg. (Pure Wtr.) 5.50% 12/1/18
(AMBAC Insured) Aaa 2,500,000 2,396,875
(Fresh Wtr.):
6.25% 12/1/02 (AMBAC Insured) Aaa 1,915,000 2,061,019
6.25% 12/1/03 (AMBAC Insured) Aaa 2,025,000 2,187,000
(Pure Wtr.) Series I, 6% 12/1/16
(AMBAC Insured) (Escrowed to Maturity) (d) Aaa 1,685,000 1,712,381
Ohio Wtr. Dev. Auth. Solid Waste Disp. Rev.
(North Star BHP Steel - Cargill) 6.30% 9/1/20 Aa3 6,350,000 6,437,313
Olentangy Local School Dist. Unltd. Tax:
7.75% 12/1/07 (BIG Insured) (MBIA Insured) Aaa 500,000 606,875
7.75% 12/1/09 (BIG Insured) (MBIA Insured) Aaa 100,000 121,875
7.75% 12/1/11 (BIG Insured) (MBIA Insured) Aaa 190,000 233,225
Ottawa County Gen. Oblig. Ltd. Tax
7.50% 10/1/14 A1 500,000 555,000
Ottawa County San. Swr. Sys. Rev. Rfdg. (Cap.
Appreciation) (Danbury Proj.) 0% 10/1/06
(AMBAC Insured) Aaa 1,445,000 836,294
Pickerington Local School Dist. Constr. & Impt. Rev.
5.80% 12/1/09 (FGIC Insured) Aaa 1,000,000 1,038,750
Portage County Hosp. Rev. (Robinson Memorial
Hosp. Proj.) 6.50% 11/15/03 (MBIA Insured) Aaa 1,080,000 1,173,150
South Western City School Dist. Rfdg.
(Franklin & Pickway Counties) Series A,
6.20% 12/1/06 (AMBAC Insured) Aaa 1,000,000 1,061,250
Southwest Local School Dist. (Hamilton County):
0% 12/1/04 (AMBAC Insured) Aaa 500,000 328,125
0% 12/1/05 (AMBAC Insured) Aaa 525,000 324,844
0% 12/1/06 (AMBAC Insured) Aaa 525,000 305,813
0% 12/1/07 (AMBAC Insured) Aaa 520,000 284,050
Springboro Commty. School Dist. Rfdg.
0% 12/1/06 (AMBAC Insured) Aaa 915,000 520,406
Stark County Gen. Oblig. 5.60% 11/15/08
(AMBAC Insured) Aaa 1,150,000 1,154,313
MUNICIPAL BONDS - CONTINUED
MOODY'S PRINCIPAL VALUE RATINGS(C) AMOUNT (NOTE 1)
OHIO - CONTINUED
Stark County Hosp. Rev. (Doctors Hosp. of
Stark County) 6% 4/1/13 Baa $ 5,840,000 $ 5,204,900
Stow City School Dist. School Impt. Unltd. Tax
9.125% 12/1/06 A 590,000 747,088
Student Loan Fund Corp. Student Loan Rev.:
Rfdg. Series A, 7.25% 2/1/08 (b) A 4,000,000 4,190,000
Series A, 5.50% 12/1/01 (b) A1 5,500,000 5,575,625
Sr. Sub-Series A, 5.75% 8/1/03 A1 2,000,000 2,042,500
5.85% 8/1/04 A1 5,500,000 5,616,875
Tiffin San. Swr. Impt. Gen. Oblig. Ltd. Tax
7.10% 12/1/11 A 1,000,000 1,072,500
Toledo Gen. Oblig.:
6.10% 12/1/04 (AMBAC Insured) Aaa 1,750,000 1,800,313
7.625% 12/1/04 (AMBAC Insured) Aaa 1,000,000 1,178,750
Toledo Wtrwks. Rev. 6% 11/15/06
(FGIC Insured) Aaa 1,000,000 1,062,500
Union County Gen. Oblig. (Mem. Hosp.)
7.40% 12/1/10 A1 680,000 728,450
Warren County Gen. Oblig.:
Ltd. Tax 6.65% 12/1/11 Aa 500,000 554,375
6.10% 12/1/12 Aa 500,000 524,375
Warren County Swr. Impt. 5.50% 12/1/16 Aa 1,455,000 1,369,519
Warren Hsg. Dev. Corp. Rev.
(First Mtg. Rev.) Section 8:
7.25% 6/1/04 - 200,000 202,000
7.25% 6/1/05 - 200,000 202,000
7.25% 6/1/06 - 200,000 202,000
7.25% 6/1/07 - 200,000 202,000
7.25% 6/1/08 - 200,000 202,000
Willoughby Gen. Oblig. Road Impt. Ltd. Tax
7.40% 12/1/11 A 1,200,000 1,423,500
Youngstown Ltd. Tax 7.55% 12/1/11 Baa 1,500,000 1,640,625
346,369,176
PUERTO RICO - 3.5%
Puerto Rico Elec. Pwr. Auth. Rev. Rfdg. Series W,
7% 7/1/07 (MBIA Insured) Aaa 6,000,000 6,862,500
Puerto Rico Infrastructure Fing. Auth. Spl.
Tax Series 1988 A, 7.75% 7/1/08 Baa1 2,500,000 2,665,625
Puerto Rico Port Auth. (American Airlines)
Series A, 6.25% 6/1/26 Baa3 3,300,000 3,246,375
12,774,500
TOTAL MUNICIPAL BONDS
(Cost $353,721,597) 359,143,676
MUNICIPAL NOTES (A)- 2.9%
MOODY'S PRINCIPAL VALUE RATINGS(C) AMOUNT (NOTE 1)
OHIO - 2.9%
Columbus Various Purpose Unltd. Tax
Series 1995-1, 3% (Liquidity Facility
Westdeutsche Landesbank) VRDN VMIG 1 $ 1,200,000 $ 1,200,000
Dayton Spl. Facs. Rev. Rfdg. (Emery Air
Freight Corp. Proj.) Series 1988 D, 3.85%,
LOC Mellon Bank, VRDN (b) - 700,000 700,000
Ohio Air Quality Dev. Auth. Rev.
(JMG Funding) VRDN (b):
Series 1994 A, 3.50%, LOC Societe Generale VMIG 1 2,000,000 2,000,000
Series 1994 B, 3.65%, LOC Societe Generale VMIG 1 1,400,000 1,400,000
Series 1995 B, 3.50%, LOC Societe Generale A-1+ 1,200,000 1,200,000
3.50%, LOC Societe Generale A-1+ 3,200,000 3,200,000
Ohio Hsg. Fin. Agcy. Participating VRDN,
3.40% (Liquidity Facility Bank of
New York) (b) (e) - 1,000,000 1,000,000
TOTAL MUNICIPAL NOTES
(Cost $10,700,000) 10,700,000
TOTAL INVESTMENTS - 100%
(Cost $364,421,597) $ 369,843,676
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
Purchased
125 Municipal Bond Contracts Sept. 1996 $ 14,042,969 $ 60,991
THE FACE VALUE OF FUTURES SOLD AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 3.8%
SECURITY TYPE ABBREVIATIONS
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals.
(c) Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
(d) Security collateralized by an amount sufficient to pay interest and
principal.
(e) Provides evidence of ownership in one or more underlying municipal
bonds.
(f) A portion of the security was pledged to cover margin requirements for
futures contracts. At the period end, the value of securities pledged
amounted to $1,543,170.
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 81.6% AAA, AA, A 74.2%
Baa 8.5% BBB 7.1%
Ba 0.0% BB 0.1%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 3.6%.
The distribution of municipal securities by revenue source, as a percentage
of total value of investment in securities, is as follows:
General Obligation 37.5%
Water and Sewer 17.0
Health Care 11.6
Education 7.8
Electric Revenue 5.6
Industrial Development 5.3
Escrowed/Pre-Refunded 5.1
Others (individually less than 5%) 10.1
TOTAL 100.0%
INCOME TAX INFORMATION
At June 30, 1996, the aggregate cost of investment securities for income
tax purposes was $364,421,597. Net unrealized appreciation aggregated
$5,422,079, of which $8,479,403 related to appreciated investment
securities and $3,057,324 related to depreciated investment securities.
At December 31, 1995, the fund was required to defer $1,199,449 of losses
on futures contracts.

FIDELITY OHIO MUNICIPAL INCOME FUND

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
JUNE 30, 1996 (UNAUDITED)

ASSETS

Investment in securities, at value (cost $364,421,597) - $ 369,843,676
See accompanying schedule

Cash 217,042

Receivable for investments sold 11,283,776

Interest receivable 4,716,291

Receivable for daily variation on futures contracts 40,479

TOTAL ASSETS 386,101,264

LIABILITIES

Payable for investments purchased $ 5,402,047

Payable for fund shares redeemed 252,062

Distributions payable 354,276

Accrued management fee 123,698

Other payables and accrued expenses 80,972

TOTAL LIABILITIES 6,213,055

NET ASSETS $ 379,888,209

Net Assets consist of:

Paid in capital $ 374,855,698

Accumulated undistributed net realized gain (loss) (450,559)
on investments

Net unrealized appreciation (depreciation) on 5,483,070
investments

NET ASSETS, for 33,885,138 shares outstanding $ 379,888,209

NET ASSET VALUE, offering price and redemption price per $11.21
share ($379,888,209 (divided by) 33,885,138 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)

INTEREST INCOME $ 10,707,581

EXPENSES

Management fee $ 773,771

Transfer agent, accounting and custodian fees and 336,751
expenses

Non-interested trustees' compensation 714

Registration fees 26,019

Audit 17,212

Legal 1,285

Miscellaneous 4,452

Total expenses before reductions 1,160,204

Expense reductions (3,807) 1,156,397

NET INTEREST INCOME 9,551,184

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities 924,879

Futures contracts (126,898) 797,981

Change in net unrealized appreciation (depreciation) on:

Investment securities (13,767,107)

Futures contracts 60,991 (13,706,116)

NET GAIN (LOSS) (12,908,135)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ (3,356,951)
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31,
1996 1995
(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 9,551,184 $ 21,258,088
Net interest income

Net realized gain (loss) 797,981 1,492,811

Change in net unrealized appreciation (depreciation) (13,706,116) 34,935,377

NET INCREASE (DECREASE) IN NET ASSETS RESULTING (3,356,951) 57,686,276
FROM OPERATIONS

Distributions to shareholders (9,551,184) (21,258,088)
From net interest income

From net realized gain (349,890) -

TOTAL DISTRIBUTIONS (9,901,074) (21,258,088)

Share transactions 32,033,069 98,716,714
Net proceeds from sales of shares

Reinvestment of distributions 7,574,068 16,250,656

Cost of shares redeemed (50,904,077) (97,218,900)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING (11,296,940) 17,748,470
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS (24,554,965) 54,176,658

NET ASSETS

Beginning of period 404,443,174 350,266,516

End of period $ 379,888,209 $ 404,443,174

OTHER INFORMATION
Shares

Sold 2,821,710 8,863,429

Issued in reinvestment of distributions 667,930 1,447,995

Redeemed (4,503,641) (8,706,556)

Net increase (decrease) (1,014,001) 1,604,868

</TABLE>

FINANCIAL HIGHLIGHTS
SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED JUNE 30,
1996

(UNAUDITED) 1995 1994 1993C 1992 1991

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA

Net asset value, $ 11.590 $ 10.520 $ 12.020 $ 11.550 $ 11.320 $ 10.840
beginning of period

Income from .277 .618 .657 .693 .718 .719
Investment
Operations
Net interest
income

Net realized (.370) 1.070 (1.310) .720 .230 .480
and unrealized
gain (loss)

Total from (.093) 1.688 (.653) 1.413 .948 1.199
investment
operations

Less Distributions (.277) (.618) (.657) (.693) (.718) (.719)
From net interest
income

From net realized (.010) - (.190) (.250) - -
gain

Total distributions (.287) (.618) (.847) (.943) (.718) (.719)

Net asset value, $ 11.210 $ 11.590 $ 10.520 $ 12.020 $ 11.550 $ 11.320
end of period

TOTAL RETURN B (.80) 16.39% (5.55) 12.56% 8.66% 11.45%
% %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of $ 379,888 $ 404,443 $ 350,267 $ 457,872 $ 384,861 $ 327,767
period (000 omitted)

Ratio of expenses to .60% .58% .57% .57% .61% .64%
average net assets A

Ratio of net interest 4.92% 5.52% 5.88% 5.67% 6.31% 6.53%
income to average A
net assets

Portfolio turnover rate 46% 48% 22% 41% 20% 11%
A

</TABLE>

A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C EFFECTIVE JANUARY 1, 1993, THE FUND ADOPTED STATEMENT OF POSITION 93-2,
"DETERMINATION, DISCLOSURE, AND FINANCIAL STATEMENT PRESENTATION OF INCOME,
CAPITAL GAIN, AND RETURN OF CAPITAL DISTRIBUTIONS BY INVESTMENT COMPANIES."
AS A RESULT, NET INTEREST INCOME PER SHARE MAY REFLECT CERTAIN
RECLASSIFICATIONS RELATED TO BOOK TO TAX DIFFERENCES.
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1996 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Ohio Municipal Income Fund (the income fund) is a fund of Fidelity
Municipal Trust. Fidelity Ohio Municipal Money Market Fund (the money
market fund) is a fund of Fidelity Municipal 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 Municipal
Trust and Fidelity Municipal 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
financial statements have been prepared in conformity with generally
accepted accounting principles which permit management to make certain
estimates and assumptions at the date of the financial statements. The
following summarizes the significant accounting policies of the income fund
and the money market fund:
SECURITY VALUATION.
INCOME FUND. Securities are valued based upon a computerized matrix system
and/or appraisals by a pricing service, both of which consider market
transactions and dealer-supplied valuations. Short-term securities maturing
within sixty days of their purchase date are valued either at amortized
cost or original cost plus accrued interest, both of which approximate
current value. Securities for which quotations are not readily available
are valued at their fair value as determined in good faith under
consistently applied procedures under the general supervision of the Board
of Trustees.
MONEY MARKET FUND. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, each fund is not subject to income taxes to
the extent that it distributes substantially all of its taxable income for
the fiscal year. The schedules of investments include information regarding
income taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. For the
municipal 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
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED
differing treatments for gains/losses on futures and options transactions,
capital loss carryforwards, and losses deferred due to futures and options
and excise tax regulations. Permanent book and tax differences relating to
shareholder distributions will result in reclassifications to paid in
capital and may affect the per-share allocation between net investment
income and realized and unrealized gain (loss). Any taxable gain remaining
at fiscal year end is distributed in the following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
FUTURES CONTRACTS AND OPTIONS. The income fund may use futures and options
contracts to manage its exposure to the bond market and to fluctuations in
interest rates. Buying futures, writing puts, and buying calls tend to
increase the fund's exposure to the underlying instrument. Selling futures,
buying puts, and writing calls tend to decrease the fund's exposure to the
underlying instrument, or hedge other fund investments. Futures contracts
involve, to varying degrees, risk of loss in excess of the futures
variation margin reflected in the Statement of Assets and Liabilities. The
underlying face amount at value of any open futures contracts at period
end, 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 $144,554,594 and $84,830,647, respectively.
The market value of futures contracts opened and closed during the period
amounted to $21,598,911 and $7,490,035, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, Fidelity Management &
Research Company (FMR) receives a monthly fee that is calculated on the
basis of a group fee rate plus a fixed individual fund fee rate applied to
the average net assets of each fund. The group fee rate is the weighted
average of
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
a series of rates and is based on the monthly average net assets of all the
mutual funds advised by FMR. The rates ranged from .1100% to .3700% for the
period. In the event that these rates were lower than the contractual rates
in effect during the period, FMR voluntarily implemented the above rates,
as they resulted in the same or a lower management fee. The annual
individual fund fee rate is .25%. For the period, the management fee was
equivalent to an annualized rate of .40% of average net assets for the
income and money market funds.
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.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plans (the Plans), and in accordance with Rule 12b-1 of the 1940 Act, FMR
or the funds' distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of each fund's shares. Subject to
the approval of each Board of Trustees, the Plans also authorize payments
to third parties that assist in the sale of each fund's shares or render
shareholder support services. No payments were made to third parties under
the Plans during the period.
TRANSFER AGENT AND ACCOUNTING FEES. UMB Bank, n.a. (UMB) is the custodian
and transfer and shareholder servicing agent for the funds. UMB has entered
into a sub-contract with Fidelity Service Co. (FSC), an affiliate of FMR,
under which FSC performs the activities associated with the funds' transfer
and shareholder servicing agent and accounting functions. The funds pay
account fees and asset-based fees that vary according to account size and
type of account. FSC pays for typesetting, printing and mailing of all
shareholder reports, except proxy statements. The accounting fee is based
on the level of average net assets for the month plus out-of-pocket
expenses. For the period, FSC received transfer agent and accounting fees
amounting to $236,697 and $89,483 for the income fund and $236,930 and
$31,147 for the money market fund, respectively.
For the period, the transfer agent fees were equivalent to an annualized
rate of .12% and .15% of average net assets for the income fund and the
money market fund, respectively.
Shareholders participating in the Fidelity Ultra Service Account(registered
trademark) Program (the Program) pay a $5.00 monthly fee to Fidelity
Brokerage Services, Inc. (FBSI), an affiliate of FMR, for performing
services associated with the Program. For the period, fees paid to FBSI by
shareholders participating in the Program amounted to $4,240.
5. EXPENSE REDUCTIONS.
Each fund has entered into arrangements with its custodian and transfer
agent whereby interest earned on uninvested cash balances was used to
offset a portion of each fund's expenses. During the period, the custodian
and transfer agent fees were reduced by $2,007 and $0, and $1,800 and
$21,394, for the income and money market funds, respectively, under these
arrangements.
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)(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)(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
950 Northgate Drive
San Rafael, CA
1400 Civic Drive
Walnut Creek, CA
6300 Canoga Avenue
Woodland Hills, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
90 Alhambra Plaza
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
Naples, FL
1907 West State Road 434
Orlando, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
2000 66th Street, North
St. Petersburg, FL
GEORGIA
3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
Deerfield, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
29155 Northwestern Hwy.
Southfield, MI
MINNESOTA
7600 France Avenue South
Edina, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
56 South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
1271 Avenue of the
Americas
New York, NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
4611 Sharon Road
Charlotte, NC
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
1903 East Ninth Street
Cleveland, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
2701 Drexel Drive
Houston, TX
1010 Lamar Street
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
215 South State Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
511 Pine Street
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
595 North Barker Road
Brookfield, WI

INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISER,
MONEY MARKET FUND
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Fred L. Henning, Jr., Vice President
Janice S. Bradburn, Vice President -
MONEY MARKET FUND
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Thomas D. Maher, Assistant
Vice President - MONEY MARKET FUND
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Thomas J. Simpson, Assistant
Treasurer - MONEY MARKET FUND
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
Marvin L. Mann *
Edward H. Malone *
Gerald C. McDonough *
Thomas R. Williams *
ADVISORY BOARD
William O. McCoy
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)
MICHIGAN
MUNICIPAL
FUNDS

SEMIANNUAL REPORT
JUNE 30, 1996
CONTENTS

CHECK PAGE NUMBERS !!!

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

FIDELITY MICHIGAN MUNICIPAL INCOME FUND

PERFORMANCE 4 How the fund has done over time.

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

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

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

FINANCIAL STATEMENTS 20 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

FIDELITY MICHIGAN MUNICIPAL MONEY MARKET FUND

PERFORMANCE 24 How the fund has done over time.

FUND TALK 26 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 28 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 29 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 33 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 37 Notes to the financial statements.

</TABLE>

FIDELITY MICHIGAN MUNICIPAL MONEY MARKET FUND

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). Yield
measures the income paid by a fund. Since a money market fund tries to
maintain a $1 share price, yield is an important measure of performance. If
Fidelity had not reimbursed the fund for certain expenses, the past five
years and life of fund total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JUNE 30, 1996 PAST 6 PAST 1 PAST 5 LIFE OF
MONTHS YEAR YEARS FUND

Fidelity Michigan Municipal
Money Market Fund 1.47% 3.15% 14.92% 24.18%

All Tax-Free Money Market Funds Average 1.47% 3.16% 14.54% 20.20%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one year, five years, or
since the fund started on June 12, 1990. 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 all tax-free money market
funds average, which reflects the performance of 398 all tax-free money
market funds with similar objectives tracked by IBC Financial Data, Inc.
over the past six months. (The periods covered by the IBC Financial Data,
Inc. numbers are the closest available match to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JUNE 30, 1996 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Fidelity Michigan Municipal
Money Market Fund 3.15% 2.82% 3.40%

All Tax-Free Money Market Funds Average 3.16% 2.75% 3.11%

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
6/26/95 10/2/95 1/1/96 4/1/96 7/2/96

Fidelity Michigan Municipal 3.56% 3.52% 4.00% 2.86% 2.49%
Money Market Fund

All Tax-Free Money Market 3.59% 3.55% 3.95% 2.87% 2.89%
Funds Average

Fidelity Michigan Municipal 5.82% 5.75% 6.54% 4.67% 4.07%
Money Market Fund
Tax-equivalent

Row: 1, Col: 1, Value: 3.56
Row: 1, Col: 2, Value: 3.59
Row: 2, Col: 1, Value: 3.52
Row: 2, Col: 2, Value: 3.55
Row: 3, Col: 1, Value: 4.0
Row: 3, Col: 2, Value: 3.95
Row: 4, Col: 1, Value: 2.86
Row: 4, Col: 2, Value: 2.87
Row: 5, Col: 1, Value: 2.49
Row: 5, Col: 2, Value: 2.89
5% -
4% -
3% -
2% -
1% -
0%
Fidelity Michigan
Municipal Money
Market Fund
All Tax-Free Money
Market Funds
Average
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 all tax-free money market funds average as
tracked by IBC Financial Data, Inc. Or you can look at the fund's
tax-equivalent yield, which is based on a combined effective 1996 federal
and state income tax rate of 38.82%. A portion of the fund's income may be
subject to the federal 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. And there is no
assurance that a money fund
will maintain a $1 share price.
(checkmark)
FIDELITY MICHIGAN MUNICIPAL MONEY MARKET FUND

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Jeff Parker,
Portfolio Manager of Fidelity Michigan Municipal Money Market Fund
Q. JEFF, WHAT KIND OF INVESTMENT CLIMATE HAVE YOU BEEN OPERATING IN FOR THE
PAST SIX MONTHS?
A. There's been a dramatic turnaround in market sentiment since the
beginning of the calendar year. When the period began, the Federal Reserve
was in an easing mode, having just lowered the federal funds rate - the
rate banks charge each other for overnight loans - in December 1995. With
inflationary pressures mild, Congress and the White House making progress
toward a balanced budget agreement, and the economy apparently losing
steam, many market participants believed it was only a matter of time
before the Fed cut interest rates again. It therefore came as no surprise
when the Fed lowered the federal funds rate one-quarter percentage point on
the last day of January 1996, to 5.25%. Heading into spring, further rate
cuts seemed likely.
Q. WHEN DID THE CHANGE IN MARKET SENTIMENT OCCUR?
A. The first hint may have been Fed Chairman Alan Greenspan's testimony
before the Senate Banking Committee in February, when he seemed to suggest
that the economy was basically sound. Then came the infamous February
employment report, which was significantly stronger than most analysts had
predicted, prompting a dramatic sell-off in the bond market and sending
interest rates higher. By the end of June, a string of positive indicators
had left little doubt in most analysts' minds that, for the time being, the
economy was in no need of further stimulus.
Q. HOW DID YOU RESPOND TO CHANGING CONDITIONS?
A. The fund began the period with an average maturity of 47 days. As
evidence mounted that the economy was performing stronger than expected, I
sought greater flexibility by selling some of the fund's longer-term
securities. With the added flexibility, I began searching for buying
opportunities driven by technical factors. As those opportunities arose, I
purchased selectively, moving the fund's average maturity to 46 days at the
end of June.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on June 30, 1996 was 2.93%, compared to 3.98%
on December 31, 1995. The latest yield was the equivalent of a taxable
yield of 4.79% for Michigan investors in the 38.82% combined federal and
state tax bracket. The fund's total return during the six-month period was
1.47%. This mirrored the total return of 1.47% for the all tax-free money
market funds average, according to IBC Financial Data, Inc.
Q. WHAT'S THE OUTLOOK?
A. Given the recent strength in certain economic indicators, no one expects
the Fed to lower rates again anytime soon. Indeed, there have been some
ominous signs of growing inflationary pressures in recent months.
Historically, the Fed has been hesitant to raise interest rates in the
months leading up to a presidential election. However, if we continue to
see evidence of strong economic performance in key indicators such as
employment, housing and consumer spending, I think there's a good chance
the Fed may raise rates anyway, possibly by as much as one-half percentage
point before the summer is over. Given the uncertainty, I'll probably aim
to keep the fund's average maturity about where it is right now-between 40
and 50 days. That gives me maximum flexibility to adapt to changing
conditions and take advantage of buying opportunities as they arise.
FUND FACTS
GOAL: high current tax-free
income for Michigan residents
while maintaining a stable
$1.00 share price.
START DATE: January 12, 1990
SIZE: as of June 30, 1996,
over $239 million
MANAGER: Jeff Parker, since
June, 1995; also manager,
Fidelity Connecticut Municipal
Money Market Fund, Fidelity
New Jersey Municipal Money
Market Fund, Spartan
Connecticut Municipal Money
Market Fund and Spartan
New Jersey Municipal Money
Market Fund, since 1995;
joined Fidelity in 1991
(checkmark)
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

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.
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.

On August 1, 1996, Deborah
Watson will become manager
of the fund.

FIDELITY MICHIGAN MUNICIPAL MONEY MARKET FUND

INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
6/30/96 12/31/95 6/30/95

0 - 30 69 68 71

31 - 90 14 10 16

91 - 180 11 13 6

181 - 397 6 9 7

WEIGHTED AVERAGE MATURITY
6/30/96 12/31/95 6/30/95

Michigan Municipal
Money Market Fund 46 days 47 days 51 days

All Tax-Free Money Market
Funds Average* 50 days 53 days 45 days

ASSET ALLOCATION
AS OF JUNE 30, 1996 AS OF DECEMBER 31, 1995

Row: 1, Col: 1, Value: 65.0
Row: 1, Col: 2, Value: 10.0
Row: 1, Col: 3, Value: 4.0
Row: 1, Col: 4, Value: 19.0
Row: 1, Col: 5, Value: 2.0
Row: 1, Col: 1, Value: 62.0
Row: 1, Col: 2, Value: 16.0
Row: 1, Col: 3, Value: 4.0
Row: 1, Col: 4, Value: 16.0
Row: 1, Col: 5, Value: 2.0
Variable rate
demand notes
(VRDNs) 65%
Commercial
paper 10%
Tender bonds 4%
Municipal
notes 19%
Other 2%
Variable rate
demand notes
(VRDNs) 62%
Commercial
paper 16%
Tender bonds 4%
Municipal
notes 16%
Other 2%
* SOURCE: IBC'S MONEY FUND REPORT(registered trademark)
FIDELITY MICHIGAN MUNICIPAL MONEY MARKET FUND

INVESTMENTS JUNE 30, 1996 (UNAUDITED)

Showing Percentage of Total Value of Investments

MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MICHIGAN - 99.6 %
Allegan Intermediate School Dist. Spl. Ed. TAN
4.25% 4/1/97 $ 1,300,000 $ 1,304,173
Bay City School Dist. Bay City & Saginaw County RAN
4.10% 10/25/96 3,500,000 3,505,464
Bruce Township Hosp. Fin. Auth. Sisters of Charity
Health Care Sys. Rev. (St. Joseph Hosp. Ctr. Proj.):
Bonds 3.65%, tender 11/1/96
(MBIA Insured) (BPA Morgan Guaranty Trust Co.) 1,435,000 1,435,000
Series 1988 A, 3.20%
(MBIA Insured) VRDN 4,800,000 4,800,000
Clinton Econ. Dev. Corp. Rev. (Sisters of Charity Health Care Sys.
St. Joseph's Elder Care) Series 1988 A, 3.20%
(MBIA Insured) VRDN 1,800,000 1,800,000
Dearborn Econ. Dev. Corp. Ltd. Oblig. Rev.
(Oakbrook Common Proj.) Series 1991,
3.45%, LOC Mellon Bank, VRDN 2,800,000 2,800,000
Delta County Econ. Dev. Corp. Envir. Impt. Rev., VRDN:
(Mead Escanaba Paper Co. Proj.):
Series 1985 D, 3.60%, LOC Credit Suisse 1,000,000 1,000,000
Series 1985 F, 3.60%, LOC Bank of Nova Scotia 1,300,000 1,300,000
Series 1992, 3.65%, LOC Union Bank of Switzerland (b) 2,200,000
2,200,000
Detroit Swr. Disp. Rev. Bonds 6.75% 7/1/97 1,500,000 1,570,671
Detroit Wtr. Supply Rev. Bonds 5% 7/1/96 (FGIC Insured) 1,000,000
1,000,000
Flint Econ.Dev. Corp. Ltd. Oblig. Rev.
(Genessee County Real Estate Proj.) 3.55%,
LOC NBD Bank, VRDN (b) 1,200,000 1,200,000
Genesee County Econ. Dev. Corp. Ltd. Oblig. Econ. Dev.
Rev. (Creative Foam Corp. Proj.) Series 1994, 3.55%,
LOC NBD Bank, VRDN (b) 3,000,000 3,000,000
Georgetown Charter Township Ind. Dev. Rev.
(J&F Steel Corp. Proj.) Series 1989,
3.45%, LOC Societe Generale, VRDN (b) 1,000,000 1,000,000
Grand Rapids Econ. Dev. Auth. Rev.
(Calder Plaza Proj.) Series 1992 A,
3.30%, LOC Old Kent Bank, VRDN 2,680,000 2,680,000
Grand Rapids Econ. Dev. Corp. Ltd. Oblig. Rev.
(Holland Home Proj.) Series 1994 B, 3.35%,
LOC Old Kent Bank, VRDN 2,250,000 2,250,000
Grand Rapids Ind. Dev. Rev.
(Rowe Int'l.) 3.50%, LOC Chemical Bank, VRDN 5,300,000 5,300,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MICHIGAN - CONTINUED
Grand Rapids Wtr. Supply Sys. Impt. Rev. Rfdg.
Series 1993, 3.25% (FGIC Insured) (Liquidity Facility
Societe Generale) VRDN $ 2,300,000 $ 2,300,000
Jackson County Econ. Dev. Corp. Rev. (SPX Corp. Proj.)
3.70%, LOC NBD Bank, VRDN 2,000,000 2,000,000
Kalamazoo Econ. Dev. Corp. Rev. Rfdg.
(La Quinta Motor Inns) Series 1991, 3.40%,
LOC NationsBank, VRDN 2,040,000 2,040,000
Kent County Hosp. Fin. Auth. Participating VRDN,
Series 94-C1, 3.65% (MBIA Insured)
(Liquidity Facility Norwest Bank) (c) 4,000,000 4,000,000
Livonia Econ. Dev. Corp. Rev., VRDN:
(Ajluni Proj.) 3.55%, LOC NBD Bank (b) 2,200,000 2,200,000
(Foodland Distributors Corp.) 3.50%, LOC Comerica 2,100,000 2,100,000
Michigan Bldg. Auth. Rev. 3.70% 8/28/96, LOC Canadian
Imperial Bank, CP 2,500,000 2,500,000
Michigan Bldg. Auth. Rev. Bonds Series I, 5.40% 10/1/96 1,000,000
1,004,277
Michigan Gen. Oblig. TAN 4% 9/30/96 21,000,000 21,023,118
Michigan Higher Ed. Student Loan Auth. Rev. Rfdg., VRDN (b):
Series XII-B, 3.40% (AMBAC Insured)
(BPA Mitsubishi Bank) 13,100,000 13,100,000
Series XII-D, 3.40% (AMBAC Insured) (BPA Fuji Bank) 3,400,000 3,400,000
Series XII-F, 3.40% (MBIA Insured) (BPA Krediet Bank) 5,200,000
5,200,000
Michigan Hosp. Fin. Auth. Hosp. Equip. Rev. Bonds 3.55%,
LOC First of America Bank, VRDN 4,500,000 4,500,000
Michigan Hosp. Fin. Auth. Rev., VRDN:
Rfdg. (Mt. Clemens Gen. Hosp.) Series 1994, 3.30%,
LOC Comerica Bank 10,000,000 10,000,000
(Hosp. Equip. Loan Prog.) Series A,
3.55% LOC First of America Bank 5,700,000 5,700,000
Michigan Hsg. Dev. Auth. Hsg. Rev. Bonds Series 1988 A,
3.55%, tender 7/25/96, LOC Credit Suisse (b) 2,000,000 2,000,000
Michigan Hsg. Dev. Auth. Ltd. Oblig. Rev. (Shoal Creek
Apt. Proj.) 3.40%, LOC Nat'l. Westminster Bank, VRDN 1,000,000 1,000,000
Michigan Hsg. Dev. Auth. Participating VRDN (b) (c):
Series PT-38, 3.60% (FSA Insured)
(Liquidity Facility Commerzbank) 4,710,000 4,710,000
Series PT-58, 3.70% (Liquidity Facility Credit Suisse (d) 8,780,000
8,780,000
3.60% (Liquidity Facility Credit Suisse) 10,570,000 10,570,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MICHIGAN - CONTINUED
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series 1994 C,
3.25%, LOC Credit Suisse, VRDN $ 350,000 $ 350,000
Michigan Muni. Bond Auth. RAN:
Series 1995 B, 4.50% 7/3/96 7,000,000 7,000,258
Series 1996 A, 4.50% 7/3/97 12,000,000 12,066,240
Series C, 4.50% 9/6/96 3,100,000 3,102,999
Michigan Strategic Fund Ltd. Oblig. Rev. VRDN:
(Doss Ind. Dev. Co.) 3.55%, LOC NBD Bank (b) 3,900,000 3,900,000
(Envir. Quality Co. Proj.) Series 1995, 3.60%, LOC Comerica
Bank 1,800,000 1,800,000
(General Motors Corp. Composite) 3.55% 5,790,000 5,790,000
(Hi Tech Mold & Engineering) 3.55%, LOC NBD Bank (b) 1,300,000 1,300,000
(Peachwood Center Assoc.) Series 1995, 3.45%,
LOC NBD Bank 1,500,000 1,500,000
(The Spiratex Co. Proj.) Series 1994, 3.55%,
LOC NBD Bank (b) 2,800,000 2,800,000
(Uni Boring Co. Inc. Proj.) Series 1992, 3.55%,
LOC NBD Bank 1,900,000 1,900,000
(Ultimate Hydroforming Inc. Proj.) 3.55%, LOC NBD Bank, (b) 1,000,000
1,000,000
Michigan Strategic Fund Poll. Cont. Rev. :
Bonds:
(Dow Chemical Proj.) Series 1988 (b):
3.80%, tender 8/5/96 6,000,000 6,000,000
3.85%, tender 8/6/96 4,700,000 4,700,000
3.70%, tender 8/15/96 3,700,000 3,700,000
3.65%, tender 9/12/96 2,000,000 2,000,000
3.65%, tender 9/11/96 3,000,000 3,000,000
3.65%, tender 9/12/96 1,000,000 1,000,000
Rfdg. (Consumers Pwr. Co. Proj.) Series 1988 A, 3.55%,
LOC Union Bank of Switzerland, VRDN 5,000,000 5,000,000
Michigan Strategic Fund Solid Waste Disp. Rev.
(Grayling Gen. Station Proj.) Series 1990, 3.55%, LOC
Barclays Bank, VRDN (b) 9,200,000 9,200,000
Michigan Trunk Line Participating VRDN, Series SG-44,
3.45% (Liquidity Facility Societe Generale) (c) 5,830,000 5,830,000
Mona Shores School Dist. Participating VRDN,
Series SG-26, 3.45% (Liquidity Facility Societe
Generale) (c) 8,175,000 8,175,000
Monroe County Econ. Dev. Corp. Rev. Rfdg. (Detroit Edison
Proj.) Series 92CC, 3.60%, LOC Barclays Bank, VRDN 600,000 600,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MICHIGAN - CONTINUED
Rochester Hills Econ. Dev. Corp. Ltd. Oblig. Rev.
(Cardell Corp.) 3.45%, LOC Comerica Bank, VRDN (b) $ 250,000 $ 250,000
Royal Oak Gen. Oblig. Rfdg. 3.95% 10/1/96
(AMBAC Insured) 1,435,000 1,435,000
Sterling Heights Econ. Dev. Corp. Ltd. Oblig. Rev.
(Cherrywood Ctr. Assoc. Proj.) 3.60%, LOC Comerica
Bank, VRDN (b) 5,000,000 5,000,000
University of Michigan Intercollegiate Athletic Rev. 3.60%,
VRDN 2,800,000 2,800,000
Villiage of Chelsea Ltd. Oblig. Rev. (Silver Maples of Chelsea Proj.)
Series 1996, 3.30%, LOC Comerica Bank, VRDN 3,000,000 3,000,000
250,472,200
TEXAS - 0.4 %
Brazos River Auth. Poll. Cont. Rev.
(Texas Util. Elec. Co.) Series 1995 A, 3.80%,
LOC Morgan Guaranty Trust Co., VRDN (b) 1,000,000 1,000,000
TOTAL INVESTMENTS - 100% $ 251,472,200
Total Cost for Income Tax Purposes $ 251,472,227
SECURITY TYPE ABBREVIATIONS
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal
bonds.
(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
Michigan Hsg. Dev.
Auth. Participating VRDN
Series PT-58, 3.70% 12/14/95 $8,780,000
INCOME TAX INFORMATION
At December 31, 1995, the fund had a capital loss carryforward of
approximately $57,500 of which $1,600, $1,700, $10,300, $39,100 and $4,800
will expire on December 31, 1998, 1999, 2001, 2002 and 2003, respectively.
FIDELITY MICHIGAN MUNICIPAL MONEY MARKET FUND

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
JUNE 30, 1996 (UNAUDITED)

ASSETS

Investment in securities, at value - See accompanying $ 251,472,200
schedule

Cash 144,785

Interest receivable 1,637,388

TOTAL ASSETS 253,254,373

LIABILITIES

Payable for investments purchased $ 13,371,794

Distributions payable 22,390

Accrued management fee 76,860

Other payables and accrued expenses 55,474

TOTAL LIABILITIES 13,526,518

NET ASSETS $ 239,727,855

Net Assets consist of:

Paid in capital $ 239,820,335

Accumulated net realized gain (loss) on investments (92,480)

NET ASSETS, for 239,820,335 shares outstanding $ 239,727,855

NET ASSET VALUE, offering price and redemption price per $1.00
share ($239,727,855 (divided by) 239,820,335 shares)

</TABLE>

STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)

INTEREST INCOME $ 4,058,286

EXPENSES

Management fee $ 455,996

Transfer agent, accounting and custodian fees and 228,378
expenses

Non-interested trustees' compensation 765

Registration fees 22,351

Audit 5,856

Legal 1,620

Reports to shareholders 105

Total expenses before reductions 715,071

Expense reductions (21,069) 694,002

NET INTEREST INCOME 3,364,284

NET REALIZED GAIN (LOSS) ON INVESTMENTS (34,961)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 3,329,323

STATEMENT OF CHANGES IN NET ASSETS
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1996 1995
(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 3,364,284 $ 7,277,883
Net interest income

Net realized gain (loss) (34,961) (4,791)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 3,329,323 7,273,092
FROM OPERATIONS

Distributions to shareholders from net interest income (3,364,284) (7,277,883)

Share transactions at net asset value of $1.00 per share 253,303,595 347,831,546
Proceeds from sales of shares

Reinvestment of distributions from net interest income 3,214,882 6,942,228

Cost of shares redeemed (248,014,616) (345,244,892)

NET INCREASE (DECREASE) IN NET ASSETS AND SHARES 8,503,861 9,528,882
RESULTING FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS 8,468,900 9,524,091

NET ASSETS

Beginning of period 231,258,955 221,734,864

End of period $ 239,727,855 $ 231,258,955

</TABLE>

FINANCIAL HIGHLIGHTS
SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED
JUNE 30, 1996

(UNAUDITED) 1995 1994 1993 1992 1991

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA

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

Income from .015 .033 .024 .020 .026 .044
Investment
Operations
Net interest
income

Less Distributions (.015) (.033) (.024) (.020) (.026) (.044)
From net interest
income

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

TOTAL RETURN B 1.47% 3.38% 2.44% 1.98% 2.66% 4.46%

RATIOS AND SUPPLEMENTAL DATA

Net assets, $ 239,728 $ 231,259 $ 221,735 $ 175,190 $ 160,817 $ 175,150
end of period
(000 omitted)

Ratio of expenses .62% A .63% .61% .62% .49% .21%
to average net D D
assets

Ratio of expenses .60% A, C .63% .61% .62% .49% .21%
to average net
assets after
expense
reductions

Ratio of net interest 2.92% A 3.32% 2.45% 1.96% 2.64% 4.38%
income to
average net
assets

</TABLE>

A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED
DURING THE PERIODS SHOWN.
C FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD PARTIES
WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES (SEE NOTE 5 OF
NOTES TO FINANCIAL STATEMENTS).
D FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES. WITHOUT THIS
REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE BEEN HIGHER.
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1996 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Michigan Municipal Income Fund (the income fund) is a fund of
Fidelity Municipal Trust. Fidelity Michigan Municipal Money Market Fund
(the money market fund) is a fund of Fidelity Municipal 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
Municipal Trust and Fidelity Municipal 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 financial statements have been prepared in conformity with
generally accepted accounting principles which permit management to make
certain estimates and assumptions at the date of the financial statements.
The following summarizes the significant accounting policies of the income
fund and the money market fund:
SECURITY VALUATION.
INCOME FUND. Securities are valued based upon a computerized matrix system
and/or appraisals by a pricing service, both of which consider market
transactions and dealer-supplied valuations. Short-term securities maturing
within sixty days of their purchase date are valued either at amortized
cost or original cost plus accrued interest, both of which approximate
current value. Securities (including restricted securities) for which
quotations are not readily available are valued at their fair value as
determined in good faith under consistently applied procedures under the
general supervision of the Board of Trustees.
MONEY MARKET FUND. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, each fund is not subject to income taxes to
the extent that it distributes substantially all of its taxable income for
the fiscal year. The schedules of investments include information regarding
income taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. For the
money market fund, accretion of market discount represents unrealized gain
until realized at the time of a security disposition or maturity.
EXPENSES. Most expenses of each trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income. Distributions to shareholders from
realized capital gains on investments, if any, are recorded on the
ex-dividend date.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences, which may result in distribution
reclassifications, are primarily due to differing treatments for expiring
capital loss carryforwards and losses deferred due to wash sales, futures
and options and excise tax regulations.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED
Permanent book tax basis differences relating to shareholder distributions
will result in reclassifications to paid in capital. Any taxable gain
remaining at fiscal year end is distributed in the following year.
During the period, the income fund received payments from the trustees for
Michigan Health Care Corporation, a Detroit hospital system that filed for
bankruptcy in the spring of 1995. These amounts, which were recorded as
income for book purposes, remain undistributed to shareholders pending
determination by the bankruptcy courts as to their classification for
income tax purposes.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
FUTURES CONTRACTS AND OPTIONS. The income fund may use futures and options
contracts to manage its exposure to the bond market and to fluctuations in
interest rates. Buying futures, writing puts, and buying calls tend to
increase the fund's exposure to the underlying instrument. Selling futures,
buying puts, and writing calls tend to decrease the fund's exposure to the
underlying instrument, or hedge other fund investments. 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.
RESTRICTED SECURITIES. The funds are permitted to invest in securities that
are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from registration
or to the public if the securities are registered. Disposal of these
securities may involve time-consuming negotiations and expense, and prompt
sale at an acceptable price may be difficult. At the end of the period,
restricted securities (excluding 144A issues) amounted to $8,780,000 or
3.7% of net assets for the money market fund. The income fund had no
investments in restricted securities.
3. PURCHASES AND SALES OF INVESTMENTS.
INCOME FUND. Purchases and sales of securities, other than short-term
securities, aggregated $93,111,457 and $103,932,230, respectively.
The market value of futures contracts opened and closed during the period
amounted to $31,582,154 and $8,008,125, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, Fidelity Management &
Research Company (FMR) receives a monthly fee that is calculated on the
basis of a group fee rate plus a fixed individual fund fee rate applied to
the average net assets of each fund. The group fee rate is the weighted
average of a series of rates and is based on the monthly average net assets
of all the mutual funds advised by
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEE - CONTINUED
FMR. The rates ranged from .1100% to .3700% for the period. In the event
that these rates were lower than the contractual rates in effect during the
period, FMR voluntarily implemented the above rates, as they resulted in
the same or a lower management fee.
The annual individual fund fee rate is .25%. For the period, the management
fees were equivalent to an annual rate of .40% for the income and money
market funds.
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.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plans (the Plans), and in accordance with Rule 12b-1 of the 1940 Act, FMR
or the funds' distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of each fund's shares. Subject to
the approval of each Board of Trustees, the Plans also authorize payments
to third parties that assist in the sale of each fund's shares or render
shareholder support services. No payments were made to third parties under
the Plans during the period.
TRANSFER AGENT AND ACCOUNTING FEES. UMB Bank, n.a. (UMB) is the custodian
and transfer and shareholder servicing agent for the funds. UMB has entered
into a sub-contract with
Fidelity Service Co. (FSC), an affiliate of FMR, under which FSC performs
the activities associated with the funds' transfer and shareholder
servicing agent and accounting functions. The funds pay account fees and
asset-based fees that vary according to account size and type of account.
FSC pays for typesetting, printing and mailing of all shareholder reports,
except proxy statements.
The accounting fee is based on the level of average net assets for the
month plus out-of-pocket expenses. For the period, FSC received transfer
agent and accounting fees amounting to $297,298 and $104,950 for the income
fund and $197,609 and $23,535 for the money market fund, respectively; the
transfer agent fees were equivalent to annual rates of .13% and .17% of
average net assets for the income and money market funds, respectively.
Shareholders participating in the Fidelity Ultra Service Account(registered
trademark) Program (the Program) pay a $5.00 monthly fee to Fidelity
Brokerage Services, Inc. (FBSI), an affiliate of FMR, for performing
services associated with the Program. For the period, fees paid to FBSI by
shareholders participating in the Program amounted to $4,280.
5. EXPENSE REDUCTIONS.
FMR has entered into arrangements on behalf of each fund with it's
custodian and transfer agent whereby interest earned on uninvested cash
balances is used to offset a portion of each fund's expenses. During the
period, the custodian and transfer agent fees were reduced by $0 and
$2,567, and $219 and $20,850 for the income and money market funds,
respectively, under these arrangements.
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISER,
MONEY MARKET FUND
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Fred L. Henning, Jr., Vice President
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Thomas D. Maher, Assistant
Vice President - MONEY MARKET FUND
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer- MONEY MARKET FUND
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 *
ADVISORY BOARD
William O. McCoy
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

SPARTAN(registered trademark)

(registered trademark)
PENNSYLVANIA
MUNICIPAL
FUNDS

SEMIANNUAL REPORT
JUNE 30, 1996
CONTENTS

CHECK PAGE NUMBERS !!!

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PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

SPARTAN PENNSYLVANIA MUNICIPAL INCOME FUND

PERFORMANCE 4 How the fund has done over time.

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

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

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

FINANCIAL STATEMENTS 17 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

SPARTAN PENNSYLVANIA MUNICIPAL MONEY MARKET FUND

PERFORMANCE 21 How the fund has done over time.

FUND TALK 23 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 25 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 26 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 30 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.

NOTES 34 Notes to the financial statements.

</TABLE>

SPARTAN PENNSYLVANIA MUNICIPAL INCOME FUND

PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each figure
includes changes in a fund's share price, reinvestment of any dividends (or
income) and capital gains (the profits the fund earns when it sells
securities that have grown in value), and the effect of the $5 account
closeout fee on an average sized account. You can also look at the fund's
income to measure performance. If Fidelity had not reimbursed certain fund
expenses during the periods shown, the total returns would have been lower.
CUMULATIVE TOTAL RETURNS
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PERIODS ENDED JUNE 30, 1996 PAST 6 PAST 1 PAST 5 LIFE OF
MONTHS YEAR YEARS FUND

Spartan Pennsylvania Municipal Income Fu -0.75% 6.15% 47.25% 107.03%
nd

Lehman Brothers Pennsylvania -0.31% 6.27% n/a n/a
Municipal Bond Index

Pennsylvania Municipal Debt Funds -1.07% 6.01% 44.04% n/a
Average
</TABLE>
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one year, five years, or
since the fund started on August 6, 1986. For example, if you invested
$1,000 in a fund that had a 5% return over the past year, the value of your
investment would be $1,050. You can compare the fund's returns to the
performance of the Lehman Brothers Pennsylvania Municipal Bond Index,
which includes Pennsylvania investment-grade municipal bonds. To measure
how the fund's performance stacked up against its peers, you can compare it
to the Pennsylvania municipal debt funds average, which reflects the
performance of 67 mutual funds with similar objectives tracked by Lipper
Analytical Services, Inc. over the past six months. Both benchmarks include
reinvested dividends and capital gains, if any.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JUNE 30, 1996 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan Pennsylvania Municipal Income Fu 6.15% 8.05% 7.62%
nd

Lehman Brothers Pennsylvania 6.27% n/a n/a
Municipal Bond Index

Pennsylvania Municipal Debt Funds 6.01% 7.57% n/a
Average

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER LIFE OF FUND
IMAHDR PRASUN SHR__CHT 19960630 19960717 113519 S00000000000001
Spart. PA Muni. Inc. LB Municipal Bond
00402 LB015
1986/08/31 10000.00 10000.00
1986/09/30 10054.66 10025.10
1986/10/31 10247.93 10198.23
1986/11/30 10389.97 10400.26
1986/12/31 10329.57 10371.56
1987/01/31 10619.05 10683.84
1987/02/28 10726.54 10736.41
1987/03/31 10633.81 10622.60
1987/04/30 9635.80 10089.56
1987/05/31 9511.24 10039.52
1987/06/30 9731.51 10334.28
1987/07/31 9912.36 10439.69
1987/08/31 9930.00 10463.17
1987/09/30 9312.08 10077.40
1987/10/31 9290.88 10113.07
1987/11/30 9561.05 10377.12
1987/12/31 9737.58 10527.70
1988/01/31 10226.61 10902.69
1988/02/29 10395.52 11017.93
1988/03/31 10077.29 10890.13
1988/04/30 10138.64 10972.89
1988/05/31 10210.17 10941.18
1988/06/30 10412.66 11101.25
1988/07/31 10481.86 11173.63
1988/08/31 10499.01 11183.46
1988/09/30 10728.60 11385.88
1988/10/31 11039.47 11586.27
1988/11/30 10943.16 11480.14
1988/12/31 11121.73 11597.59
1989/01/31 11278.34 11837.42
1989/02/28 11181.44 11702.36
1989/03/31 11178.65 11674.39
1989/04/30 11467.63 11951.54
1989/05/31 11675.62 12199.77
1989/06/30 11859.07 12365.45
1989/07/31 11973.30 12533.74
1989/08/31 11860.42 12411.03
1989/09/30 11821.58 12374.05
1989/10/31 11984.65 12525.38
1989/11/30 12126.32 12744.58
1989/12/31 12212.13 12848.83
1990/01/31 12144.68 12788.05
1990/02/28 12252.26 12901.87
1990/03/31 12254.26 12905.74
1990/04/30 12074.27 12812.30
1990/05/31 12375.68 13091.99
1990/06/30 12488.22 13207.07
1990/07/31 12651.31 13401.22
1990/08/31 12468.05 13206.63
1990/09/30 12531.05 13214.16
1990/10/31 12711.91 13453.86
1990/11/30 12984.68 13724.42
1990/12/31 13091.25 13784.12
1991/01/31 13261.54 13969.10
1991/02/28 13338.09 14090.64
1991/03/31 13367.32 14095.71
1991/04/30 13577.22 14283.18
1991/05/31 13739.14 14410.16
1991/06/30 13670.82 14395.89
1991/07/31 13874.87 14571.23
1991/08/31 14065.40 14763.14
1991/09/30 14228.90 14955.35
1991/10/31 14351.82 15089.95
1991/11/30 14390.41 15132.05
1991/12/31 14726.74 15456.79
1992/01/31 14766.47 15492.03
1992/02/29 14774.42 15496.99
1992/03/31 14773.31 15502.72
1992/04/30 14928.20 15640.69
1992/05/31 15114.57 15824.78
1992/06/30 15358.33 16090.32
1992/07/31 15841.49 16572.71
1992/08/31 15676.41 16411.13
1992/09/30 15760.34 16518.46
1992/10/31 15518.10 16356.08
1992/11/30 15887.98 16649.02
1992/12/31 16068.91 16819.00
1993/01/31 16280.61 17014.61
1993/02/28 16918.95 17630.03
1993/03/31 16726.18 17443.68
1993/04/30 16889.06 17619.69
1993/05/31 16992.36 17718.71
1993/06/30 17280.07 18014.43
1993/07/31 17258.90 18038.03
1993/08/31 17692.01 18413.58
1993/09/30 17952.11 18623.31
1993/10/31 17961.11 18659.26
1993/11/30 17807.71 18494.87
1993/12/31 18186.82 18885.30
1994/01/31 18423.87 19100.97
1994/02/28 17976.51 18606.25
1994/03/31 17185.54 17848.60
1994/04/30 17275.00 17999.96
1994/05/31 17469.46 18156.02
1994/06/30 17440.66 18045.09
1994/07/31 17721.82 18375.85
1994/08/31 17782.40 18439.43
1994/09/30 17530.24 18168.74
1994/10/31 17228.57 17846.07
1994/11/30 16818.79 17523.41
1994/12/31 17270.98 17909.10
1995/01/31 17800.09 18420.94
1995/02/28 18338.60 18956.62
1995/03/31 18597.75 19174.43
1995/04/30 18653.00 19197.06
1995/05/31 19151.33 19809.64
1995/06/30 18964.06 19637.29
1995/07/31 19130.12 19823.46
1995/08/31 19332.40 20074.82
1995/09/30 19549.88 20201.89
1995/10/31 19789.06 20495.63
1995/11/30 20099.85 20835.65
1995/12/31 20282.37 21035.88
1996/01/31 20482.38 21194.70
1996/02/29 20333.45 21051.64
1996/03/31 20054.05 20782.60
1996/04/30 19963.04 20723.78
1996/05/31 19932.30 20715.49
1996/06/30 20131.06 20941.08
IMATRL PRASUN SHR__CHT 19960630 19960717 113523 R00000000000123

$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Spartan Pennsylvania Municipal Income Fund on August 31, 1986,
shortly after the fund started. As the chart shows, by June 30, 1996, the
value of the investment would have grown to $20,131 - a 101.31% increase on
the initial investment. This assumes the fund is still owned on June 30,
1996, and therefore does not include the effect of the $5 account closeout
fee. For comparison, look at how the Lehman Brothers Municipal Bond Index -
which reflects the performance of the investment-grade municipal bond
market - did over the same period. With dividends reinvested, the same
$10,000 would have grown to $20,941 - a 109.41% increase.

1996 1995 1994 1993 1992 1991

Dividend returns 2.43% 6.52% 5.73% 6.68% 7.00% 7.53%

Capital appreciation
returns -3.18% 10.91% -10.77% 6.49% 2.11% 4.95%

Total returns -0.75% 17.43% -5.04% 13.17% 9.11% 12.48%
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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<S> <C> <C> <C>
PERIODS ENDED JUNE 30, 1996 PAST PAST 6 PAST 1
MONTH MONTHS YEAR

Dividends per share 4.24(cents) 25.96(cents) 54.34(cents)

Annualized dividend rate 5.04% 4.98% 5.20%

30-day annualized yield 5.05% - -

30-day annualized tax-equivalent yield 8.12% - -

</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 $10.24 over
the past month, $10.45 over the past six months and $10.44 over the past
year, you can compare the fund's income over these three periods. The
30-day annualized YIELD is a standard formula for all funds based on the
yields of the bonds in the fund, averaged over the past 30 days. This
figure shows you the yield characteristics of the fund's investments at the
end of the period. It also helps you compare funds from different companies
on an equal basis. The tax-equivalent yield shows what you would have to
earn on a taxable investment to equal the fund's tax-free yield, if you're
in the 37.79% combined effective 1996 federal and state tax bracket. A
portion of the fund's income may be subject to the alternative minimum tax.
SPARTAN PENNSYLVANIA MUNICIPAL INCOME FUND

FUND TALK: THE MANAGER'S OVERVIEW

An interview with Steven Harvey, Portfolio Manager of Spartan Pennsylvania
Municipal Income Fund
Q. STEVE, HOW HAS THE FUND PERFORMED?
A. For the six- and 12-month periods ended June 30, 1996, the fund had
total returns of -0.75% and 6.15%, respectively. The Pennsylvania municipal
debt funds average returned -1.07% for the same six-month period and 6.01%
for the same 12-month period, according to Lipper Analytical Services.
Also, for the six- and 12-month periods, the Lehman Brothers Pennsylvania
Municipal Bond Index returned -0.31% and 6.27%, respectively.
Q. WHAT FACTORS SHAPED THE MUNICIPAL BOND MARKET'S PERFORMANCE OVER THE
PAST SIX MONTHS?
A. Signs of a strengthening U.S. economy hurt the returns of most types of
bonds during the first half of 1996. Throughout the past six months,
investors became increasingly more concerned that the strengthening U.S.
economy would translate into higher inflation, which, in turn, could force
interest rates higher. However, the news wasn't all bad for municipals.
Generally speaking, municipals outperformed Treasuries during the first
half of 1996. One reason was that the supply of municipal bonds diminished,
particularly in June when approximately $60 billion of outstanding
municipals was retired or matured, and the total amount of municipal supply
actually contracted. Another reason for munis' outperformance of Treasuries
was that fears of a flat tax faded. As the presidential campaign wore on,
it became clear no viable presidential candidate was likely to support the
notion of a flat tax, which could affect the tax-exempt status of
municipals.
Q. WHAT WERE SOME OF THE KEY MOVES YOU MADE DURING THE PAST SIX MONTHS?
A. I continued to upgrade the credit quality of the fund, primarily by
reducing the fund's investments in below-investment-grade bonds - those
with ratings below Baa as judged by Moody's Investors Service, for example.
Bonds that are rated below-investment-grade normally carry a fairly large
amount of additional yield over higher-rated bonds in order to compensate
investors for the additional credit risk they carry. But during the period,
there was little in the way of new bonds issued in the
below-investment-grade category, while demand for lower-quality bonds
remained strong. As a result, there was very little difference in yield
between bonds with lower and higher credit ratings, and credit spreads were
said to be "tight." Because spreads were tight, I was able to upgrade the
overall credit quality of the fund by selling many of the fund's
below-investment-grade holdings and buying higher-rated securities, without
sacrificing much in the way of additional yield.
Q. SO WHAT TYPES OF HIGHER-RATED BONDS DID YOU BUY?
A. I added a number of insured bonds. When a bond is insured, it means that
its interest and principal payments are guaranteed by a third-party
municipal insurer. However, I think it's important to point out that
insurance does not protect a bond's price from rising or falling along with
the rest of the municipal market. Insured bonds are quite plentiful in the
Pennsylvania municipal bond market, comprising nearly 60% of the market.
Because of that abundance, price inefficiencies can creep up. During the
period, I bought some bonds that I thought were priced less than what I
believed to be their full value. Also, Fidelity bought bond insurance for
the fund's holdings in the Pennsylvania Convention Center. These bonds are
obligations of the City of Philadelpia, and we insured the bonds because
our credit research indicated that most of the expected credit improvement
for Philadelphia obligations had already occurred. The insurance provided a
way to "lock in" that credit improvement. The process of insuring these
previously uninsured securities also added to the fund's insured holdings.
But it's important to point out that the fund itself is not insured.
Q. WHAT SECTORS OFFERED GOOD OPPORTUNITIES?
A. In my view, student loan bonds offered some of the best opportunities in
the market during the period. These generally high-quality bonds often
traded at yields higher than many other municipal bonds with similar
maturities and credit ratings because of their perceived prepayment risk.
Investors often fear the loans backing these bonds will be paid off early
and, therefore, force them to reinvest at lower interest rates. As a result
of some investors' discomfort with the prepayment risk, I was able to buy a
number of the bonds at what I believed were attractive prices.
Q. THERE WERE SOME RECENT CHANGES TO THE FUND'S INVESTMENT POLICIES. CAN
YOU TELL US ABOUT THEM?
A. Sure. As of June 24, 1996, the fund reserved the right to invest up to
5% of its assets - down from one-third - in below-investment-grade
securities. The fund does not intend to seek out the lower-quality,
below-investment-grade bonds. Instead, this change gives the fund
additional flexibility under unusual circumstances. Fidelity also will use
two additional agencies - Duff & Phelps Rating Co. and Fitch Investors
Service, L.P., as well as Moody's Investors Service and Standard & Poor's
which the fund already uses - to determine the credit quality of the fund's
bonds.
Q. WHAT DO YOU THINK IS AHEAD FOR THE MUNICIPAL MARKET OVER THE NEXT SIX
MONTHS?
A. Further mixed economic signals could cause some continued volatility in
the market. But in my view, volatility can translate into opportunities to
find individual securities or sectors I want to buy at attractive levels.
So with the help of Fidelity's research group, I'll focus on finding these
opportunities as they materialize, rather than trying to predict the
direction of interest rates.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGER
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

SPARTAN PENNSYLVANIA MUNICIPAL INCOME FUND

INVESTMENT CHANGES

TOP FIVE SECTORS AS OF JUNE 30, 1996
% OF FUND'S % OF FUND'S INVESTMENT
INVESTMENTS S
IN THESE SECTORS
6 MONTHS AGO

General Obligation 30.9 31.2

Escrowed/Pre-Refunded 12.8 8.0

Water & Sewer 12.1 14.4

Education 8.8 9.2

Health Care 7.8 9.9

AVERAGE YEARS TO MATURITY AS OF JUNE 30, 1996
6 MONTHS AGO

Years 12.9 14.1

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 JUNE 30, 1996
6 MONTHS AGO

Years 7.2 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. BEGINNING
WITH THE REPORTING CYCLE OF JUNE,1996, THE MODEL USED TO CALCULATE
DURATIONS MAY BE SLIGHTLY MODIFIED IN ORDER TO FURTHER REFINE THIS
INFORMATION. THESE CHANGES IN METHODOLOGY MAY PRODUCE ADJUSTMENTS IN
HISTORICAL DURATION FIGURES.
QUALITY DIVERSIFICATION (MOODY'S RATINGS)
AS OF JUNE 30, 1996 AS OF DECEMBER 31, 1995
Aaa 55.6%
Aa, A 23.6%
Baa 12.5%
Ba, B 0.2%
Non-rated 3.4%
Short-term investments 4.7%
Aaa 47.3%
Aa, A 23.1%
Baa 17.1%
Ba, B 2.1%
Non-rated 4.4%
Short-term investments 6.0%
Row: 1, Col: 1, Value: 55.6
Row: 1, Col: 2, Value: 23.6
Row: 1, Col: 3, Value: 12.5
Row: 1, Col: 4, Value: 0.2
Row: 1, Col: 5, Value: 3.4
Row: 1, Col: 6, Value: 4.7
Row: 1, Col: 1, Value: 47.3
Row: 1, Col: 2, Value: 23.1
Row: 1, Col: 3, Value: 17.1
Row: 1, Col: 4, Value: 2.1
Row: 1, Col: 5, Value: 4.4
Row: 1, Col: 6, Value: 6.0
SHOWN AS A PERCENTAGE OF THE FUND'S INVESTMENTS. WHERE MOODY'S RATINGS ARE
NOT AVAILABLE, WE HAVE USED S&P RATINGS.
SPARTAN PENNSYLVANIA MUNICIPAL INCOME FUND

INVESTMENTS JUNE 30, 1996 (UNAUDITED)

Showing Percentage of Total Value of Investments

MUNICIPAL BONDS - 95.3%
MOODY'S RATINGS PRINCIPAL VALUE (UNAUDITED) (C) AMOUNT (NOTE 1)
PENNSYLVANIA - 90.3%
Allegheny County Gen. Oblig. 0% 4/1/11
(MBIA Insured) Aaa $ 2,560,000 $ 1,113,600
Allegheny County Higher Ed. Bldg. Auth. Rev.
(Duquesne Univ. Proj.) 6.50% 3/1/10
(AMBAC Insured) Aaa 400,000 446,500
Allegheny County Hosp. Dev. Auth. Rev. Rfdg.
(South Side Hosp.) Series A, 8.75% 6/1/10 - 3,750,000 3,912,713
Allegheny County Ind. Dev. Auth. Rev. (YMCA
Pittsburgh Proj.) Series 1990, 8.75% 3/1/10 - 2,535,000 2,699,775
Allegheny County Residential Fin. Auth.
Single Family Mtg. Rev.:
Series H, 8% 6/1/17 (GNMA Coll.) Aaa 205,000 211,406
7.95% 6/1/23 (GNMA Coll.) (b) Aaa 1,455,000 1,509,563
Allegheny County San. Auth. Swr. Rev.:
Series B, 7.50% 12/1/16 (FGIC Insured)
(Pre-Refunded to 6/1/99 @100) (d) Aaa 750,000 811,875
0% 12/1/12 (FGIC Insured) Aaa 2,260,000 853,150
Bethlehem Wtr. Auth. Rev. 6.25% 11/15/21
(MBIA Insured) (Escrowed to Maturity) (d) Aaa 1,000,000 1,067,500
Dauphin County Ind. Dev. Auth. Wtr. Dev. Rev.
(Dauphin Consolidated Wtr. Supply) Series A,
6.90% 6/1/24 (b) A3 1,000,000 1,100,000
Delaware County Auth. Hosp. Rev. (Crozier-
Chester Med. Ctr., Keystone Healthcare):
6% 12/15/09 Baa1 1,000,000 973,750
6% 12/15/20 Baa1 5,000,000 4,637,500
Delaware County Gen. Oblig. Rfdg. Unltd. Tax
5.30% 11/15/01 Aa 2,200,000 2,260,500
Delaware County Ind. Dev. Auth. Rev. Rfdg.
(Resources Recovery Proj.) Series A, 8.10%
12/1/13, LOC Swiss Bank Corp. Aa3 1,400,000 1,455,314
Erie County Series B, 6.75% 9/1/16 (FGIC
Insured) (Pre-Refunded to 9/1/01 @100) (d) Aaa 1,000,000 1,087,500
Jenks Township Muni. Auth. Rev. (Abraxas
Group, Inc.) 8% 4/1/18 - 6,605,000 6,357,313
Lehigh County Gen. Purpose Auth. Rev. (Hosp.
Healtheast, Inc.) Series B, 9% 7/1/15
(Pre-Refunded to 7/1/97 @102) (d) A1 1,000,000 1,068,000
McKeesport Area School Dist. Rfdg. Series C,
5% 4/1/13 A 1,000,000 910,000
Meadville Gen. Oblig. Rfdg. Series B, 6%
10/1/05 (AMBAC Insured) Aaa 3,210,000 3,406,613
Montgomery County Higher Ed. & Health
Auth. Hosp. Rev. (United Hosp. Proj.) Series A,
10% 11/1/05 Ba1 650,000 666,081
Northumberland County Auth. Commonwealth
Lease Rev. 0% 10/15/10 (MBIA Insured) Aaa 1,000,000 446,250
Pennsbury School Dist.:
Rfdg. 6% 8/15/05 (FGIC Insured) Aaa 1,605,000 1,723,369
6.80% 8/15/14 (FGIC Insured) (Pre-Refunded
to 8/14/04 @100) (d) Aaa 1,025,000 1,146,719
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (UNAUDITED) (C) AMOUNT (NOTE 1)
PENNSYLVANIA - CONTINUED
Pennsylvania Convention Ctr. Rev.:
Rfdg. Series A:
6.60% 9/1/09 (MBIA Insured) Aaa $ 9,150,000 $ 9,996,375
6.70% 9/1/14 (MBIA Insured) Aaa 3,965,000 4,306,981
6.75% 9/1/19 (MBIA Insured) Aaa 3,420,000 3,714,975
Series A, 6% 9/1/19 (FGIC Insured)
(Escrowed to Maturity) (d) Aaa 4,225,000 4,325,344
Pennsylvania Gen. Oblig.:
Unltd. Tax Rfdg. Series 1, 5.30% 5/1/04 A1 3,500,000 3,535,000
Series 1:
6% 9/15/98 A1 2,000,000 2,067,500
6% 9/15/01 A1 1,100,000 1,157,750
5% 5/01/02 (FGIC Insured) Aaa 1,000,000 1,011,250
5.375% 5/15/16 (FGIC Insured) Aaa 4,000,000 3,755,000
Series 2:
5.50% 7/1/01 A1 4,135,000 4,253,881
5.60% 7/1/02 A1 1,000,000 1,033,750
0% 7/1/07 (AMBAC Insured) Aaa 1,770,000 980,138
Series 3:
5.10% 6/15/03 (MBIA Insured) Aaa 1,000,000 1,007,500
6.10% 11/15/04 (FGIC Insured) Aaa 1,000,000 1,065,000
5% 9/1/09 A1 1,245,000 1,162,519
Series A:
6.75% 5/1/98 A1 1,000,000 1,041,250
6.125% 9/15/03 A1 2,000,000 2,122,500
6.10% 11/15/03 (AMBAC Insured) Aaa 10,310,000 10,967,263
Pennsylvania Higher Ed. Assistance Agcy.
Student Loan Rev. (b):
6.173% 3/1/22 (AMBAC Insured) Aaa 4,000,000 3,915,000
6.854% 9/1/26 (AMBAC Insured) Aaa 2,000,000 2,050,000
Pennsylvania Higher Ed. Facs. Auth.
College & Univ. Rev.:
Rfdg. (Carnegie-Mellon Univ.) 6% 11/1/05 AA- 1,000,000 1,071,250
(Pennsylvania Med. College Proj.) Series A,
8.375% 3/1/11 Baa 900,000 1,002,375
(Univ. of Pennsylvania):
Rfdg. Series A:
6.50% 9/1/02 Aa 2,750,000 2,983,750
6.50% 9/1/04 Aa 2,650,000 2,898,438
Rfdg. Series B:
6.50% 9/1/02 Aa 1,950,000 2,115,750
6.50% 9/1/04 Aa 2,100,000 2,296,875
Series A, 7% 9/1/01 Aa 2,000,000 2,197,500
Series B, 7% 9/1/05 Aa 2,000,000 2,267,500
Pennsylvania Hsg. Fin. Agcy.:
6.10% 10/1/13 Aa 5,000,000 4,981,250
5.65% 4/1/20 Aa 2,875,000 2,860,625
Pennsylvania Hsg. Fin. Agcy. Single Family Mtg.
Series V, 7.80% 4/1/16 Aa 500,000 518,750
Pennsylvania Ind. Dev. Auth. Econ. Dev. Rev.:
7% 7/1/06 (AMBAC Insured) Aaa 1,000,000 1,127,500
7% 1/1/07 (AMBAC Insured) Aaa 1,500,000 1,685,625
7% 7/1/07 (AMBAC Insured) Aaa 2,650,000 2,991,188
5.80% 1/1/08 (AMBAC Insured) Aaa 2,000,000 2,052,500
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (UNAUDITED) (C) AMOUNT (NOTE 1)
PENNSYLVANIA - CONTINUED
Pennsylvania Ind. Dev. Auth. Econ. Dev. Rev: - continued
5.80% 7/1/09 (AMBAC Insured) Aaa $ 1,295,000 $ 1,320,900
Pennsylvania Intergovernmental Coop. Auth.
Spl. Tax Rev.:
Rfdg. Series A, 5% 6/15/13 A 7,500,000 6,693,750
(City of Philadelphia Funding Prog.)
6% 6/15/00 (FGIC Insured) Aaa 2,000,000 2,092,500
6.75% 6/15/21 (FGIC Insured) (Pre-Refunded
to 6/15/05 @100) (d) Aaa 2,190,000 2,447,325
Pennsylvania Rfdg. & Proj. Series 1-A, 6.75%,
1/1/11 (Pre-Refunded to 1/1/01
@101.50) (d) A1 1,100,000 1,196,250
Pennsylvania Turnpike Commission Rev.:
Series J, 7.20% 12/1/17 (FGIC Insured)
(Pre-Refunded to 12/1/01 @102) (d) Aaa 1,000,000 1,128,750
Series N, 5.50% 12/1/17 A1 2,000,000 1,885,000
Philadelphia Gas Wks. Rev. Rfdg. Series 14-A:
6.375% 7/1/14 Baa1 3,550,000 3,603,250
6.375% 7/1/26 Baa1 5,905,000 5,956,669
Philadelphia Gen. Oblig. 6.25% 5/15/10
(MBIA Insured) Aaa 3,200,000 3,332,000
Philadelphia Hosp. & Higher Ed. Facs. Auth. Rev.:
(Graduate Health Sys.) Series B, 6.25% 7/1/13 Baa1 1,000,000 947,500
6.15% 7/1/05 Baa1 2,100,000 2,107,875
6.25% 7/1/06 Baa1 2,600,000 2,609,750
Philadelphia Muni. Auth. Rev.
(Muni. Svcs. Bldg. Lease):
(Justice Lease) Series B, 7.10% 11/15/11
(FGIC Insured) (Pre-Refunded to
11/15/01 @102) (d) Aaa 2,500,000 2,806,250
0% 3/15/11 (FSA Insured) Aaa 1,000,000 421,250
0% 3/15/14 (FSA Insured) Aaa 7,360,000 2,603,600
Philadelphia Redev. Auth. Hsg. Rev.
Sub-Series 3, 8.125% 8/1/26 (GNMA Coll.) AAA 45,000 48,994
Philadelphia Wtr. & Swr. Rev.:
(Cap. Appreciation) 14th Series, 0% 10/1/08
(MBIA Insured) Aaa 5,300,000 2,689,750
7.50% 8/1/10 (Pre-Refunded to
8/1/01 @102) (d) Baa 3,000,000 3,408,750
Philadelphia Wtr. & Wastewtr. Rev.:
6.75% 8/1/04 (MBIA Insured) Aaa 2,085,000 2,311,743
6.75% 8/1/05 (MBIA Insured) Aaa 3,110,000 3,459,875
6.25% 8/1/07 (MBIA Insured) Aaa 4,840,000 5,184,850
Pittsburgh Gen. Oblig. Series A:
Rfdg. 5.50% 9/1/14 (AMBAC Insured) Aaa 5,310,000 5,203,800
5.875% 9/1/00 (MBIA Insured) Aaa 1,315,000 1,382,394
Pittsburgh School Dist. Series B:
0% 8/1/07 (AMBAC Insured) Aaa 2,610,000 1,455,075
0% 8/1/08 (AMBAC Insured) Aaa 2,000,000 1,052,500
Pittsburgh Urban Redev. Auth. Mtg. Rev.
Series A, 7.625% 10/1/17 A1 995,000 1,015,845
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (UNAUDITED) (C) AMOUNT (NOTE 1)
PENNSYLVANIA - CONTINUED
Pittsburgh Wtr. & Swr. Auth. Wtr. & Swr. Sys. Rev.
Rfdg. Series A:
0% 9/1/04 (FGIC Insured) (Escrowed
to Maturity) (d) Aaa $ 5,000,000 $ 3,275,000
6.50% 9/1/13 (FGIC Insured) Aaa 15,705,000 17,059,556
Scranton Parking Auth. Rev. 8.125%
9/15/14, LOC Northeastern Bank
(Pre-Refunded to 9/15/98 @100) (d) A 500,000 539,375
Southeastern Pennsylvania Trans. Auth. Spl. Rev.
Series A:
6.50% 3/1/03 (FGIC Insured) Aaa 2,520,000 2,734,200
6.50% 3/1/04 (FGIC Insured) Aaa 1,485,000 1,616,794
Westmoreland County Gen. Oblig. Rfdg.
Series G, 0% 12/1/09 (FGIC Insured) Aaa 2,490,000 1,164,075
Westmoreland County Muni. Auth. Svc. Rev.
Series K, 0% 7/1/13 (FGIC Insured)
(Escrowed to Maturity) (d) Aaa 3,500,000 1,273,125
Wilson Area School Dist. (Cap. Appreciation):
0% 5/15/09 (AMBAC Insured) Aaa 3,275,000 1,580,187
0% 5/15/10 (AMBAC Insured) Aaa 3,280,000 1,488,300
0% 5/15/11 (AMBAC Insured) Aaa 3,500,000 1,496,250
Wyoming Ind. Dev. Auth. Poll. Cont. Rev.
Rfdg. (Proctor & Gamble Paper Proj.)
5.55% 5/1/10 Aa2 5,000,000 5,006,250
York City Swr. Auth. Swr. Rev. Unltd. Tax Gen.
Oblig. 0% 12/1/12 (MBIA Insured) Aaa 3,235,000 1,245,472
243,229,622
PUERTO RICO - 4.7%
Puerto Rico Commonwealth Pub. Impt. 6.80% 7/1/21
(Pre-Refunded to 7/1/02 @101.50) (d) AAA 4,000,000 4,470,000
Puerto Rico Commonwealth Urban Renewal &
Hsg. Corp. Rfdg. 7.875% 10/1/04 Baa 1,000,000 1,102,500
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series P,
7% 7/1/21 Aaa 4,000,000 4,480,000
Puerto Rico Port Auth. Spl. Facs. (American
Airlines) Series A, 6.25% 6/1/26 Baa3 2,500,000 2,459,375
12,511,875
GUAM - 0.3%
Guam Pwr. Auth. Rev. Series A, 5.25% 10/1/13 BBB 1,000,000 885,000
TOTAL MUNICIPAL BONDS
(Cost $254,369,054) 256,626,497
MUNICIPAL NOTES (A) - 4.7%
MOODY'S RATINGS PRINCIPAL VALUE (UNAUDITED) (C) AMOUNT (NOTE 1)
PENNSYLVANIA - 4.7%
Allegheny County Hosp. Dev. Auth. Health Ctr. Rev.
(Presbyterian Univ. Health Sys.) VRDN:
3.55%, LOC PNC Bank, NA VMIG 1 $ 600,000 $ 600,000
Series 1988 B-3, 3.55%, LOC PNC Bank, NA VMIG 1 3,100,000 3,100,000
Series 1990 D, 3.55% (MBIA Insured)
(BPA PNC Bank, NA) VMIG 1 600,000 600,000
Allegheny County Ind. Dev. Auth. Rev. Rfdg.
(Chelsea Inds. Inc.) Series 1994, 3.55%, LOC
Bank of Boston, VRDN P-1 500,000 500,000
Harrisburg Wtr. Auth. Rev. Participating
VRDN, Series BT-193, 3.50% (Liquidity Facility
Bankers Trust Co.) (e) VMIG 1 1,000,000 1,000,000
Northumberland County Ind. Dev. Rev.
(Foster Wheeler Mt. Carmel Inc.)
Series 1987 B, 3.25%, LOC Union Bank of
Switzerland, VRDN (b) VMIG 1 1,450,000 1,450,000
Pennsylvania Econ. Dev. Fin. Auth., VRDN:
(Griffin, Schlaegle & Pirillia) Series 1992 A3,
3.70%, LOC PNC Bank, NA (b) - 650,000 650,000
(Lutheran Youth & Family Svc.) Series 1993 A,
3.55%, LOC PNC Bank, NA - 700,000 700,000
(Pappafava Proj.) Series 1989 D7, 3.70%, LOC
PNC Bank, NA (b) - 225,000 225,000
Pennsylvania Energy Dev. Auth. Rev. (B&W
Edensburg Proj.) Series 1986, 3.40%,
LOC Swiss Bank Corp., VRDN (b) VMIG 1 1,400,000 1,400,000
Pennsylvania Higher Ed. Assistance Agcy.
Student Loan Rev., VRDN (b):
Series 1988 C, 3.40%, LOC SLMA VMIG 1 300,000 300,000
Series 1994 A, 3.40%, LOC SLMA VMIG 1 200,000 200,000
Pittsburgh Wtr. & Swr. Auth. Participating VRDN,
Series BT-181, 3.45% (Liquidity Facility
Bankers Trust Co.) (e) VMIG 1 1,000,000 1,000,000
Sayre Health Care Facs. Auth. Hosp. Rev.
(VHA of Pennsylvania) Series 1985 K, 3.25%
(AMBAC Insured) (BPA Mellon Bank)
VRDN A-1+ 200,000 200,000
Schuylkill County Ind. Dev. Auth. (Pine Grove
Landfill, Inc.) Series 1995, 3.85%, LOC
Meridian Bank NA, VRDN (b) - 700,000 700,000
TOAL MUNICIPAL NOTES
(Cost $12,625,000) 12,625,000
TOTAL INVESTMENTS - 100%
(Cost $266,994,054) $ 269,251,497
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 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.
(e) Provides evidence of ownership in one or more underlying municipal
bonds.
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 76.6% AAA, AA, A 79.4%
Baa 10.7% BBB 10.3%
Ba 0.3% BB 0.9%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%

The percentage not rated by either S&P or Moody's amounted to 3.4%. FMR has
determined that unrated debt securities that are lower quality account for
2.4% of the total value of investment in securities.
The distribution of municipal securities by revenue source, as a percentage
of total value of investment in securities, is as follows:
General Obligation 30.9%
Escrowed/Pre-Refunded 12.8
Water and Sewer 12.1
Education 8.8
Health Care 7.8
Others (individually less than 5%) 27.6
TOTAL 100.0%
INCOME TAX INFORMATION
At June 30, 1996, the aggregate cost of investment securities for income
tax purposes was $266,994,054. Net unrealized appreciation aggregated
$2,257,443, of which $5,017,680 related to appreciated investment
securities and $2,760,237 related to depreciated investment securities.
At December 31, 1995, the fund had a capital loss carryforward of
approximately $176,917 which will expire on December 31, 2003.
At December 31, 1995, the fund was required to defer $1,901,550 of losses
on futures and option contracts.
SPARTAN PENNSYLVANIA MUNICIPAL INCOME FUND

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
JUNE 30, 1996 (UNAUDITED)

ASSETS

Investment in securities, at value (cost $266,994,054) - $ 269,251,497
See accompanying schedule

Cash 21,219

Receivable for investments sold 5,498,529

Interest receivable 3,955,828

Redemption fees receivable 12

TOTAL ASSETS 278,727,085

LIABILITIES

Payable for investments purchased $ 3,956,786

Payable for fund shares redeemed 103,185

Distributions payable 290,554

Accrued management fee 122,328

TOTAL LIABILITIES 4,472,853

NET ASSETS $ 274,254,232

Net Assets consist of:

Paid in capital $ 271,626,244

Accumulated undistributed net realized gain (loss) 370,545
on investments

Net unrealized appreciation (depreciation) on 2,257,443
investments

NET ASSETS, for 26,543,763 shares outstanding $ 274,254,232

NET ASSET VALUE, offering price and redemption price per $10.33
share ($274,254,232 (divided by) 26,543,763 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED JUNE 30, 1996 (UNAUDITED)

INTEREST INCOME $ 7,678,603

EXPENSES

Management fee $ 766,334

Non-interested trustees' compensation 572

Total expenses before reductions 766,906

Expense reductions (59,010) 707,896

NET INTEREST INCOME 6,970,707

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities 2,475,736

Futures contracts 295 2,476,031

Change in net unrealized appreciation (depreciation) (11,726,302)
on investment securities

NET GAIN (LOSS) (9,250,271)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ (2,279,564)
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1996 1995
(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 6,970,707 $ 15,573,846
Net interest income

Net realized gain (loss) 2,476,031 (433,700)

Change in net unrealized appreciation (depreciation) (11,726,302) 27,933,708

NET INCREASE (DECREASE) IN NET ASSETS RESULTING (2,279,564) 43,073,854
FROM OPERATIONS

Distributions to shareholders (6,970,707) (15,573,846)
From net interest income

From net realized gain (27,019) -

TOTAL DISTRIBUTIONS (6,997,726) (15,573,846)

Share transactions 13,942,798 39,446,593
Net proceeds from sales of shares

Reinvestment of distributions 5,197,178 11,652,492

Cost of shares redeemed (24,039,041) (31,916,917)

Redemption fees 5,266 13,800

NET INCREASE (DECREASE) IN NET ASSETS RESULTING (4,893,799) 19,195,968
FROM SHARE TRANSACTIONS

TOTAL INCREASE (DECREASE) IN NET ASSETS (14,171,089) 46,695,976

NET ASSETS

Beginning of period 288,425,321 241,729,345

End of period $ 274,254,232 $ 288,425,321

OTHER INFORMATION
Shares

Sold 1,330,766 3,861,028

Issued in reinvestment of distributions 497,394 1,130,166

Redeemed (2,304,758) (3,101,862)

Net increase (decrease) (476,598) 1,889,332

</TABLE>

FINANCIAL HIGHLIGHTS
SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED
JUNE 30, 1996

(UNAUDITED) 1995 1994 1993D 1992 1991

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA

Net asset value, $ 10.670 $ 9.620 $ 11.130 $ 10.590 $ 10.370 $ 9.880
beginning of period

Income from .260 .590 .652 .679 .693 .701
Investment
Operations
Net interest income

Net realized (.339) 1.049 (1.201) .679 .219 .489
and unrealized
gain (loss)

Total from (.079) 1.639 (.549) 1.358 .912 1.190
investment
operations

Less Distributions (.260) (.590) (.652) (.679) (.693) (.701)
From net interest
income

From net realized (.001) - (.310) (.140) - -
gain

Total distributions (.261) (.590) (.962) (.819) (.693) (.701)

Redemption fees added .000 .001 .001 .001 .001 .001
to paid in capital

Net asset value, end $ 10.330 $ 10.670 $ 9.620 $ 11.130 $ 10.590 $ 10.370
of period

TOTAL RETURN B (.75)% 17.44% (5.04) 13.18% 9.11% 12.49%
%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of $ 274,254 $ 288,425 $ 241,729 $ 306,246 $ 242,375 $ 199,499
period (000 omitted)

Ratio of expenses to .55%A .55% .55% .55% .55% .55%
average net assets

Ratio of expenses to .51%A .55% .55% .55% .55% .55%
average net assets ,C
after expense
reductions

Ratio of net interest 5.00% A 5.73% 6.33% 6.13% 6.65% 6.96%
income to average
net assets

Portfolio turnover rate 66% A 49% 26% 38% 8% 6%

</TABLE>

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL RETURNS WOULD HAVE BEEN LOWER
HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
C FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD PARTIES
WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES (SEE NOTE 5 OF
NOTES TO FINANCIAL STATEMENTS).
D EFFECTIVE JANUARY 1, 1993, THE FUND ADOPTED STATEMENT OF POSITION 93-2,
"DETERMINATION, DISCLOSURE, AND FINANCIAL STATEMENT PRESENTATION OF INCOME,
CAPITAL GAIN, AND RETURN OF CAPITAL DISTRIBUTIONS BY INVESTMENT COMPANIES."
AS A RESULT, NET INTEREST INCOME PER SHARE MAY REFLECT CERTAIN
RECLASSIFICATIONS RELATED TO BOOK TO TAX DIFFERENCES.
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1996 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.
Spartan Pennsylvania Municipal Income Fund (the income fund) is a fund of
Fidelity Municipal Trust. Spartan Pennsylvania Municipal Money Market Fund
(the money market fund) is a fund of Fidelity Municipal 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
Municipal Trust and Fidelity Municipal 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 financial statements have been prepared in conformity with
generally accepted accounting principles which permit management to make
certain estimates and assumptions at the date of the financial statements.
The following summarizes the significant accounting policies of the the
income fund and money market fund:
SECURITY VALUATION.
INCOME FUND. Securities are valued based upon a computerized matrix system
and/or appraisals by a pricing service, both of which consider market
transactions and dealer-supplied valuations. Short-term securities maturing
within sixty days of their purchase date are valued either at amortized
cost or original cost plus accrued interest, both of which approximate
current value. Securities for which quotations are not
readily available are valued at their fair value as determined in good
faith under consistently applied procedures under the general supervision
of the Board of Trustees.
MONEY MARKET FUND. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, each fund is not subject to income taxes to
the extent that it distributes substantially all of its taxable income for
the fiscal year. The schedules of investments include information regarding
income taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. For the
money market fund, accretion of market discount represents unrealized gain
until realized at the time of a security disposition or maturity.
EXPENSES. Most expenses of each trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income. Distributions to shareholders from
realized capital gains on investments, if any, are recorded on the
ex-dividend date.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences, which may result in distribution
reclassifications, are primarily due to differing treatments for
gains/losses on futures and options transactions, capital loss
carryforwards and losses deferred due to futures and options and excise tax
regulations. Permanent book and tax basis differences relating to
shareholder distributions will result in reclassifications to paid in
capital and may affect the per-share allocation between net investment
income and realized and unrealized gain (loss). Any taxable gain remaining
at fiscal year end is distributed in the following year.
REDEMPTION FEES. Shares held in the income fund less than 180 days are
subject to a redemption fee equal to .50% of the proceeds of the redeemed
shares. The fee, which is retained by the fund, is accounted for as an
addition to paid in capital.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
DELAYED DELIVERY TRANSACTIONS. Each fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. The
market value of the securities purchased or sold on a when-issued or
forward commitment basis are identified as such in the fund's schedule of
investments. Each fund may receive compensation for interest forgone in the
purchase of a delayed delivery security. Losses may arise due to changes in
the market value of the underlying securities or if the counterparty does
not perform under the contract.
FUTURES CONTRACTS AND OPTIONS. The income fund may use futures and options
contracts to manage its exposure to the bond market and to fluctuations in
interest rates. Buying futures, writing puts, and buying calls tend to
increase the fund's exposure to the underlying instrument. Selling futures,
buying puts, and writing calls tend to decrease the fund's exposure to the
underlying instrument, or hedge other fund investments. 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.
2. OPERATING POLICIES - CONTINUED
FUTURES CONTRACTS AND OPTIONS - CONTINUED
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 $85,828,001 and $90,312,296, respectively. The
market value of futures contracts opened and closed during the period
amounted to $3,584,415 and $3,584,710, 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
$1,775 and $4,175 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.
5. EXPENSE REDUCTIONS.
FMR has entered into arrangements on behalf of each fund with the funds'
custodian and transfer agent whereby interest earned on uninvested cash
balances was used to offset a portion of each fund's expenses. During the
period, each fund' s expenses were reduced by $59,010 and $50,859 for the
income and money market funds, respectively, under these arrangements.
TO CALL FIDELITY

INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER, MONEY MARKET FUND
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Fred L. Henning Jr., Vice President
Deborah F. Watson, Vice President -
MONEY MARKET FUND
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Thomas D. Maher, Assistant
Vice President - MONEY MARKET FUND
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer -
MONEY MARKET FUND
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*
ADVISORY BOARD
William O. McCoy
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