N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-6454

Fidelity Municipal Trust II
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	December 31

Date of reporting period:	March 31, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Michigan Municipal
Money Market Fund

March 31, 2010

1.814634.105

MIS-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 99.3%
	Principal Amount		Value
Michigan - 90.2%
Caledonia Cmnty. Schools Counties of Kent, Allegan and Barry Bonds Series 2009, 5% 5/1/10	$ 2,000,000		$ 2,007,398
Central Michigan Univ. Rev. Series 2008 A, 0.29%, LOC JPMorgan Chase Bank, VRDN (a)	5,640,000		5,640,000
Detroit City School District Participating VRDN Series Solar 06 01, 0.29% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(f)	9,785,000		9,785,000
Detroit Econ. Dev. Corp. Rev. (Michigan Opera Theatre Proj.) Series 1999, 0.6%, LOC JPMorgan Chase Bank, VRDN (a)	2,100,000		2,100,000
Eastern Michigan Univ. Revs.:
Series 2009 A, 0.32%, LOC JPMorgan Chase Bank, VRDN (a)	10,100,000		10,100,000
Series 2009 B, 0.32%, LOC JPMorgan Chase Bank, VRDN (a)	9,800,000		9,800,000
Farmington Hills Hosp. Fin. Auth. Hosp. Rev. (Botsford Gen. Hosp. Proj.) Series 2008 A, 0.32%, LOC U.S. Bank NA, Minnesota, VRDN (a)	1,000,000		1,000,000
Grand Rapids Wtr. Supply Sys. Bonds 5.75% 1/1/11	1,140,000		1,185,581
Grand Traverse County Bldg. Auth. Bonds Series 2009, 3% 9/1/10	1,225,000		1,238,281
Grand Valley Michigan State Univ. Rev.:
Series 2005, 0.27%, LOC Nat'l. City Bank Cleveland, VRDN (a)	19,570,000		19,570,000
Series 2008 B, 0.29%, LOC U.S. Bank NA, Minnesota, VRDN (a)	24,000,000		24,000,000
Kalamazoo Econ. Dev. Corp. Rev. Bonds (Heritage Cmnty. of Kalamazoo Proj.) Series 1999, 7.5% 5/15/29 (Pre-Refunded to 5/15/10 @ 102) (e)	2,000,000		2,056,943
Kalamazoo Pub. Schools Bonds Series 2009, 5% 5/1/10	500,000		501,933
Kent County Bldg. Auth. Participating VRDN Series PT 3242, 0.54% (Liquidity Facility Dexia Cr. Local de France) (a)(f)	10,775,000		10,775,000
Kent Hosp. Fin. Auth. Hosp. Facilities Rev. (Spectrum Health Sys. Proj.):
Series 2008 B1, 0.43%, LOC RBS Citizens NA, VRDN (a)	19,500,000		19,500,000
Series 2008 B3, 0.25% (Liquidity Facility Wells Fargo Bank NA), VRDN (a)	27,000,000		27,000,000
Series 2008 C, 0.27%, LOC Bank of New York, New York, VRDN (a)	14,000,000		14,000,000
L'Anse Creuse Pub. Schools Bonds:
3.5% 5/1/10 (Michigan Gen. Oblig. Guaranteed)	700,000		701,547
5% 5/1/10 (Michigan Gen. Oblig. Guaranteed)	4,575,000		4,591,332
Lake Orion Cmnty. School District Bonds Series 2007 A, 5.5% 5/1/10 (Michigan Gen. Oblig. Guaranteed)	1,400,000		1,405,860
Municipal Securities - continued
	Principal Amount		Value
Michigan - continued
Lenawee Co. Hosp. Fin. Auth. Hosp. Rev. (ProMedica Heathcare Oblig. Group Proj.) Series 2008 C, 0.25%, LOC UBS AG, VRDN (a)	$ 16,645,000		$ 16,645,000
Michigan Bldg. Auth. Rev.:
Bonds:
(Facilities Prog.):
Series 2000 I:
5% 10/15/11 (Pre-Refunded to 10/15/10 @ 100) (e)	1,000,000		1,025,212
5.125% 10/15/15 (Pre-Refunded to 10/15/10 @ 100) (e)	2,680,000		2,747,735
Series 2009 II, 3% 10/15/10	275,000		278,098
5.5% 10/15/10	5,000,000		5,138,139
Participating VRDN Series Solar 06 21, 0.28% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(f)	3,800,000		3,800,000
Series 2007 I, 0.3%, LOC JPMorgan Chase Bank, VRDN (a)	15,000,000		15,000,000
Series 5:
0.35% 6/24/10, LOC Bank of New York, New York, LOC State Street Bank & Trust Co., Boston, CP	8,800,000		8,800,000
0.35% 6/24/10, LOC Bank of New York, New York, LOC State Street Bank & Trust Co., Boston, CP	12,715,000		12,715,000
Michigan Ctfs. of Prtn. Bonds 5.5% 6/1/18 (Pre-Refunded to 6/1/10 @ 100) (e)	2,000,000		2,017,381
Michigan Higher Ed. Rev. (Univ. of Detroit Mercy Proj.) Series 2007, 0.3%, LOC JPMorgan Chase Bank, VRDN (a)	765,000		765,000
Michigan Hosp. Fin. Auth. Rev.:
Bonds:
(Ascension Health Cr. Group Proj.):
Series 1999 B1, 0.28%, tender 5/4/10 (a)	9,000,000		9,000,000
Series 1999 B2, 0.24%, tender 4/27/10 (a)	8,800,000		8,800,000
Series 1999 B3, 2.75%, tender 8/15/10 (a)	5,000,000		5,044,679
(Ascension Health Sr. Cr. Group Proj.) Series 2010 F:
0.32%, tender 10/27/10 (a)	8,800,000		8,800,000
0.32%, tender 10/27/10 (a)	8,800,000		8,800,000
0.32%, tender 10/27/10 (a)	7,100,000		7,100,000
(Trinity Health Sys. Proj.):
Series 2008 C:
0.23% tender 4/7/10, CP mode	18,700,000		18,700,000
0.27% tender 6/10/10, CP mode	14,000,000		14,000,000
0.27% tender 7/9/10, CP mode	6,700,000		6,700,000
0.3% tender 7/12/10, CP mode	16,000,000		16,000,000
Series C, 0.32% tender 8/12/10, CP mode	17,400,000		17,400,000
Municipal Securities - continued
	Principal Amount		Value
Michigan - continued
Michigan Hosp. Fin. Auth. Rev.: - continued
Participating VRDN Series ROC II R 11676, 0.3% (Liquidity Facility Citibank NA) (a)(f)	$ 7,800,000		$ 7,800,000
(Hosp. Equip. Ln. Prog.) Series B, 0.35%, LOC Bank of America NA, VRDN (a)	6,300,000		6,300,000
(McLaren Health Care Corp. Proj.):
Series 2008 B1, 0.28%, LOC JPMorgan Chase Bank, VRDN (a)	1,500,000		1,500,000
Series 2008 B3, 0.28%, LOC JPMorgan Chase Bank, VRDN (a)	1,000,000		1,000,000
(Munising Memorial Hosp. Assoc. Proj.) Series 2006, 0.39%, LOC Banco Santander SA, VRDN (a)	7,560,000		7,560,000
Michigan Hsg. Dev. Auth. Ltd.:
(Sand Creek Apts., Phase I Proj.) Series 2007 A, 0.34%, LOC Citibank NA, VRDN (a)(d)	3,700,000		3,700,000
(Sand Creek II Apts. Proj.) Series 2007 A, 0.34%, LOC Citibank NA, VRDN (a)(d)	5,495,000		5,495,000
(Teal Run I Apts. Proj.) Series 2007 A, 0.34%, LOC Citibank NA, VRDN (a)(d)	6,350,000		6,350,000
Michigan Hsg. Dev. Auth. Multi-family Hsg. Rev.:
(Canton Club East Apts. Proj.) Series 1998 A, 0.32%, LOC Fannie Mae, VRDN (a)(d)	1,090,000		1,090,000
(Hunt Club Apts. Proj.) 0.32%, LOC Fannie Mae, VRDN (a)(d)	6,995,000		6,995,000
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.:
Series 2007 B, 0.34% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)(d)	57,800,000		57,800,001
Series 2009 D, 0.29% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (a)	2,500,000		2,500,000
Michigan Hsg. Dev. Ltd. Oblig. Rev. (JAS Non-Profit Hsg. Corp. VI Proj.) Series 2000, 0.33%, LOC JPMorgan Chase Bank, VRDN (a)	6,800,000		6,800,000
Michigan Muni. Bond Auth. Rev.:
Bonds:
(Clean Wtr. Proj.) Series 2010, 2% 10/1/10	7,065,000		7,127,151
(Local Govt. Ln. Prog.) Series 2009 C, 3% 5/1/10 (Michigan Gen. Oblig. Guaranteed)	1,000,000		1,001,475
Series C, 5% 5/1/10	7,500,000		7,526,873
RAN Series 2009 C3, 2.5% 8/20/10, LOC Bank of Nova Scotia New York Branch	9,300,000		9,358,775
Michigan State Univ. Revs. 0.25% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a)	42,525,000		42,525,000
Municipal Securities - continued
	Principal Amount		Value
Michigan - continued
Michigan Strategic Fund Indl. Dev. Rev. (Lapeer Industries, Inc. Proj.) Series 2007, 0.4%, LOC Bank of America NA, VRDN (a)(d)	$ 1,400,000		$ 1,400,000
Michigan Strategic Fund Ltd. Oblig. Rev.:
(Almond Products, Inc. Proj.) 0.37%, LOC Bank of America NA, VRDN (a)(d)	8,565,000		8,565,000
(Bosal Ind. Proj.) Series 1998, 0.31%, LOC JPMorgan Chase Bank, VRDN (a)(d)	7,500,000		7,500,000
(Consumers Energy Co. Proj.):
0.29%, LOC Wells Fargo Bank NA, VRDN (a)	36,400,000		36,400,000
0.31%, LOC Wells Fargo Bank NA, VRDN (a)(d)	9,000,000		9,000,000
(Detroit Symphony Orchestra Proj.) Series 2001 B, 0.3%, LOC Bank of America NA, VRDN (a)	22,405,000		22,405,000
(Doss Ind. Dev. Co. Proj.) 1.15%, LOC JPMorgan Chase Bank, VRDN (a)(d)	400,000		400,000
(Evangelical Homes of Michigan Proj.) Series 2008, 0.28%, LOC JPMorgan Chase & Co., VRDN (a)	5,000,000		5,000,000
(Grand Rapids Art Museum Proj.) Series 2006 A, 0.4%, LOC Bank of America NA, VRDN (a)	3,700,000		3,700,000
(Holland Plastics Corp. Proj.) 0.45%, LOC Bank of America NA, VRDN (a)(d)	2,720,000		2,720,000
(John H. Dekker & Sons Proj.) Series 1998, 0.62%, LOC Bank of America NA, VRDN (a)(d)	500,000		500,000
(Orchestra Place Renewal Proj.) Series 2000, 0.28%, LOC Bank of America NA, VRDN (a)	7,440,000		7,440,000
(Pioneer Laboratories, Inc. Proj.) 0.38%, LOC JPMorgan Chase Bank, VRDN (a)(d)	1,600,000		1,600,000
(S&S LLC Proj.) Series 2000, 0.54%, LOC Bank of America NA, VRDN (a)(d)	1,305,000		1,305,000
(Van Andel Research Institute Proj.) Series 2008, 0.26%, LOC Bank of America NA, VRDN (a)	32,400,000		32,400,000
(W.H. Porter, Inc. Proj.) Series 2001, 0.45%, LOC Bank of America NA, VRDN (a)(d)	2,220,000		2,220,000
(YMCA Metropolitan Detroit Proj.) Series 2001, 0.29%, LOC JPMorgan Chase Bank, VRDN (a)	11,430,000		11,430,000
(YMCA Metropolitan Lansing Proj.) Series 2002, 0.33%, LOC Bank of America NA, VRDN (a)	8,400,000		8,400,000
Michigan Strategic Fund Solid Waste Disp. Rev. (Grayling Gen. Station Proj.) Series 1990, 0.31%, LOC Barclays Bank PLC, VRDN (a)(d)	9,294,000		9,294,000
Oakland County Econ. Dev. Corp. Ltd. Oblig. Rev.:
(Osmic, Inc. Proj.) Series 2001 A, 0.43%, LOC JPMorgan Chase Bank, VRDN (a)(d)	5,800,000		5,800,000
Municipal Securities - continued
	Principal Amount		Value
Michigan - continued
Oakland County Econ. Dev. Corp. Ltd. Oblig. Rev.: - continued
(Pratt & Miller Engineering & Fabrication, Inc. Proj.) Series 2004, 0.4%, LOC Bank of America NA, VRDN (a)(d)	$ 2,700,000		$ 2,700,000
The Lamphere Schools Oakland County Bonds Series 2005, 3.25% 5/1/10 (Michigan Gen. Oblig. Guaranteed)	1,000,000		1,002,444
Traverse City Area Pub. Schools Bonds Series 2008, 3% 5/1/10	1,000,000		1,002,237
Troy School District Bonds Series 2004, 5% 5/1/10	7,230,000		7,253,899
Waterford Econ. Dev. Corp. Ltd. Oblig. Rev. (Canterbury Health Care, Inc. Proj.) Series 2009, 0.32%, LOC Fed. Home Ln. Bank of Boston, VRDN (a)	6,165,000		6,165,000
Wayland Union School District Bonds (School Bldg. and Site Proj.) Series 1994, 8% 5/1/10 (Michigan Gen. Oblig. Guaranteed)	950,000		955,266
Wayne County Arpt. Auth. Rev.:
(Detroit Metropolitan Wayne County Arpt. Proj.) Series 2008 B, 0.35%, LOC Landesbank Baden-Wuert, VRDN (a)(d)	23,180,000		23,180,000
Series 2008 E, 0.4%, LOC JPMorgan Chase Bank, VRDN (a)(d)	6,200,000		6,200,000
Series 2008 F, 0.3%, LOC JPMorgan Chase Bank, VRDN (a)(d)	23,200,000		23,200,000
Western Michigan Univ. Rev. Bonds Series 2009, 5% 11/15/10	1,615,000		1,661,268
			789,463,508
Nevada - 0.1%
Clark County Passenger Facility Charge Rev. McCarran Int'l. Arpt. Series 2005 A2, 0.33%, LOC Bayerische Landesbank, VRDN (a)(d)	1,000,000		1,000,000
North Carolina - 0.0%
Catawba County Indl. Facilities & Poll. Cont. Fin. Auth. Rev. (Kroehler Furniture Proj.) Series 1998, 0.41%, LOC Nat'l. City Bank Cleveland, VRDN (a)(d)	355,000		355,000
Ohio - 0.4%
Dayton Montgomery County Port Auth. Spl. Arpt. Facilities Rev. (Wilmington Air Park, Inc. Proj.) Series 2007 B, 4% (Deutsche Post AG Guaranteed), VRDN (a)(d)	3,700,000		3,700,000
Pennsylvania - 0.1%
Pennsylvania Higher Edl. Facilities Auth. Rev. (St. Joseph's Univ. Proj.) Series 2008 B, 0.35%, LOC Citizens Bank of Pennsylvania, VRDN (a)	800,000		800,000
Municipal Securities - continued
	Principal Amount		Value
Puerto Rico - 0.5%
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998 A, 0.31%, LOC Bank of Nova Scotia New York Branch, VRDN (a)	$ 4,000,000		$ 4,000,000
Texas - 0.5%
Austin Hotel Occupancy Tax Rev. Series 2008 B, 0.37%, LOC Dexia Cr. Local de France, VRDN (a)	4,000,000		4,000,000
Washington - 0.1%
Port of Seattle Rev. Series 2005, 0.35%, LOC Fortis Banque SA, VRDN (a)(d)	800,000		800,000
	Shares
Other - 7.4%
Fidelity Municipal Cash Central Fund, 0.32% (b)(c)	65,039,000		65,039,000
TOTAL INVESTMENT PORTFOLIO - 99.3% (Cost $869,157,508)			869,157,508
NET OTHER ASSETS - 0.7%			5,759,888
NET ASSETS - 100%		$ 874,917,396

Security Type Abbreviations

CP - COMMERCIAL PAPER

RAN - REVENUE ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

(c) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(e) Security collateralized by an amount sufficient to pay interest and principal.

(f) Provides evidence of ownership in one or more underlying municipal bonds.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Municipal Cash Central Fund	$ 47,162

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At March 31, 2010, the cost of investment securities for income tax purposes was $869,157,508.

Investment Valuation

Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Ohio Municipal
Money Market Fund

March 31, 2010

1.814643.105

OFS-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 99.0%
	Principal Amount		Value
Arizona - 0.1%
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 E, 0.28%, LOC Landesbank Baden-Wuert, VRDN (a)	$ 1,100,000		$ 1,100,000
California - 0.1%
East Bay Muni. Util. District Wtr. Sys. Rev. Series 2008 B3, 0.3% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a)	800,000		800,000
Kentucky - 0.8%
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.):
Series 2006 B, 0.34%, LOC Commerzbank AG, VRDN (a)(d)	2,100,000		2,100,000
Series 2008 A, 0.36%, LOC Commerzbank AG, VRDN (a)(d)	2,600,000		2,600,000
Elizabethtown Indl. Bldg. Rev. (Altec Industries, Inc. Proj.) Series 1997, 0.37%, LOC Wells Fargo Bank NA, VRDN (a)(d)	1,000,000		1,000,000
Kentucky Higher Ed. Student Ln. Corp. Rev. Series 2008 A1, 0.32%, LOC State Street Bank & Trust Co., Boston, LOC Bank of America NA, VRDN (a)(d)	2,500,000		2,500,000
			8,200,000
Minnesota - 0.8%
Minnesota Hsg. Fin. Agcy. Series 2009 C, 0.32% (Liquidity Facility Fed. Home Ln. Bank-Des Moines), VRDN (a)(d)	8,000,000		8,000,000
Mississippi - 0.4%
Mississippi Bus. Fin. Corp. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 0.43%, LOC Bank of America NA, VRDN (a)(d)	4,000,000		4,000,000
Nevada - 0.8%
Clark County Arpt. Rev.:
Series 2008 D1, 0.32%, LOC Landesbank Baden-Wuert, VRDN (a)	6,600,000		6,600,000
Series 2008 D2, 0.32%, LOC Landesbank Baden-Wuert, VRDN (a)	1,100,000		1,100,000
			7,700,000
Municipal Securities - continued
	Principal Amount		Value
North Carolina - 0.8%
North Carolina State Ed. Assistance Auth. Student Ln. Rev. Series 2008 3A2, 0.37%, LOC Bank of America NA, VRDN (a)(d)	$ 1,600,000		$ 1,600,000
Sampson County Indl. Facilities & Poll. Cont. Fing. Auth. Envir. Facilities Rev. (Sampson County Disp., Inc. Proj.) 0.45%, LOC Wells Fargo Bank NA, VRDN (a)(d)	7,000,000		7,000,000
			8,600,000
Ohio - 86.9%
Allen County Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2008 D, 0.26%, LOC Wells Fargo Bank NA, VRDN (a)	3,700,000		3,700,000
Alliance Hosp. Rev. (Alliance Obligated Group Proj.) Series 2003, 0.35%, LOC JPMorgan Chase Bank, VRDN (a)	22,750,000		22,750,000
American Muni. Pwr. Bonds (Omega Joint Venture 6 Proj.) 0.35%, tender 8/15/10 (a)	5,416,000		5,416,000
Avon Gen. Oblig. BAN Series 2009, 1.3% 5/12/10	2,800,000		2,801,400
Avon Lake City School District BAN Series 2009, 1% 5/12/10	3,250,000		3,252,384
Beachwood Gen. Oblig. BAN Series 2009, 1.5% 12/2/10	3,000,000		3,018,204
Butler County Health Facilities Rev. (LifeSphere Proj.) Series 2002, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a)	9,425,000		9,425,000
Cambridge Hosp. Facilities Rev. (Southeastern Reg'l. Med. Ctr. Proj.) 0.33%, LOC Nat'l. City Bank Cleveland, VRDN (a)	780,000		780,000
Cleveland Arpt. Sys. Rev.:
Series 2008 D, 0.29%, LOC U.S. Bank NA, Minnesota, VRDN (a)	6,125,000		6,125,000
Series 2009 A, 0.31%, LOC U.S. Bank NA, Minnesota, VRDN (a)(d)	11,240,000		11,240,000
Series 2009 D, 0.4%, LOC KBC Bank NV, VRDN (a)	9,425,000		9,425,000
Cleveland-Cuyahoga County Port Auth. Edl. Facility Rev. (Laurel School Proj.) Series 2008, 0.32%, LOC JPMorgan Chase Bank, VRDN (a)	10,700,000		10,700,000
Columbus City School District Participating VRDN Series 1488, 0.34% (Liquidity Facility JPMorgan Chase Bank) (a)(f)	8,515,000		8,515,000
Columbus Muni. Arpt. Auth. Rev. Series A:
0.24% 4/7/10, LOC Calyon New York Branch, CP	8,000,000		8,000,000
0.3% 8/13/10, LOC Calyon New York Branch, CP	5,500,000		5,500,000
Cuyahoga County Arpt. Facilities Rev. (Corporate Wings-Cleveland LLC Proj.) 0.38%, LOC Nat'l. City Bank Cleveland, VRDN (a)(d)	2,945,000		2,945,000
Cuyahoga County Health Care Facilities Rev. (Altenheim Proj.) 0.31%, LOC U.S. Bank NA, Minnesota, VRDN (a)	11,835,000		11,835,000
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Cuyahoga County Indl. Dev. Rev.:
(Progressive Plastics, Inc. Proj.) 1.15%, LOC JPMorgan Chase Bank, VRDN (a)(d)	$ 615,000		$ 615,000
(Pubco Corp. Proj.) Series 2001, 0.41%, LOC Nat'l. City Bank Cleveland, VRDN (a)(d)	1,205,000		1,205,000
Dayton Montgomery County Port Auth. Spl. Arpt. Facilities Rev. (Wilmington Air Park, Inc. Proj.) Series 2007 B, 4% (Deutsche Post AG Guaranteed), VRDN (a)(d)	11,500,000		11,500,000
Delaware Gen. Oblig. BAN:
1.5% 4/28/10	11,500,000		11,506,415
1.5% 12/21/10	3,500,000		3,525,435
Franklin County Health Care Facilities Rev. (Friendship Village of Dublin, Ohio, Inc. Proj.):
Series 2004 A, 0.27%, LOC Nat'l. City Bank Cleveland, VRDN (a)	10,970,000		10,970,000
Series 2004 B, 0.27%, LOC Nat'l. City Bank Cleveland, VRDN (a)	7,730,000		7,730,000
Hamilton County Econ. Dev. Rev. Participating VRDN Series Solar 06 158, 0.29% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(f)	700,000		700,000
Hamilton County Health Care Facilities Rev. (The Children's Home of Cincinnati Proj.) Series 2009, 0.29%, LOC U.S. Bank NA, Minnesota, VRDN (a)	3,450,000		3,450,000
Hamilton County Healthcare Rev. (Life Enriching Cmntys. Proj.) Series 2006 C, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (a)	8,585,000		8,585,000
Hamilton County Hosp. Facilities Rev. (Childrens Hosp. Med. Ctr. Proj.):
Series 1997 A, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (a)	7,210,000		7,210,000
Series 2000, 0.29%, LOC JPMorgan Chase Bank, VRDN (a)	5,100,000		5,100,000
Series 2002 I, 0.29%, LOC U.S. Bank NA, Minnesota, VRDN (a)	14,575,000		14,575,000
Series 2007 N, 0.29%, LOC JPMorgan Chase Bank, VRDN (a)	3,500,000		3,500,000
Hudson City Gen. Oblig. BAN Series 2009, 2% 10/6/10	10,500,000		10,575,769
Kent State Univ. Revs.:
Bonds Series 2009 B, 2% 5/1/10	4,630,000		4,635,522
Series 2008 B, 0.27%, LOC Bank of America NA, VRDN (a)	8,715,000		8,715,000
Lake County Hosp. Facilities Rev. (Lake Hosp. Sys., Inc. Proj.) Series 2002, 0.45%, LOC JPMorgan Chase Bank, VRDN (a)	11,600,000		11,600,000
Lake County Indl. Dev. Rev. (Norshar Co. Proj.) 0.83%, LOC JPMorgan Chase Bank, VRDN (a)(d)	2,370,000		2,370,000
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Lancaster Port Auth. Gas Rev. 0.29% (Liquidity Facility Royal Bank of Canada), VRDN (a)	$ 25,855,000		$ 25,855,000
Lima Hosp. Rev. (Lima Memorial Hosp. Proj.) 0.31%, LOC JPMorgan Chase Bank, VRDN (a)	4,265,000		4,265,000
Lorain County Hosp. Rev. (EMH Reg'l. Med. Ctr. Proj.) Series 2008, 0.3%, LOC JPMorgan Chase Bank, VRDN (a)	17,300,000		17,300,000
Lorain County Ohio Port Auth. Rev. (Nat'l. Bronze and Metals, Inc. Proj.) Series 2009, 0.43%, LOC Bank of America NA, VRDN (a)	8,500,000		8,500,000
Lorain County Port Auth. Edl. Facilities Rev. (St. Ignatius High School Proj.) 0.29%, LOC U.S. Bank NA, Minnesota, VRDN (a)	2,050,000		2,050,000
Mason City School District BAN Series 2010, 1.5% 2/3/11	3,450,000		3,480,418
Mason Gen. Oblig. BAN:
(Road Impt. Proj.) 1.5% 7/28/10	1,150,000		1,152,766
1.25% 3/10/11	2,600,000		2,619,453
Mason Indl. Dev. Rev. (Crane Plastics Co. Proj.) 0.37%, LOC U.S. Bank NA, Minnesota, VRDN (a)(d)	3,440,000		3,440,000
Miami County Gen. Oblig. BAN (911 Sys. Proj.) 1.25% 5/14/10	1,000,000		1,000,591
Miamisburg City School District BAN (School Facilities Construction and Impt. Proj.) Series 2009, 2% 7/22/10	10,700,000		10,739,056
Montgomery County Rev.:
Bonds (Miami Valley Hosp. Proj.) Series 2008 A, 5% 11/15/10	2,705,000		2,775,524
Participating VRDN Series Putters 3622, 0.29% (Liquidity Facility JPMorgan Chase Bank) (a)(f)	4,195,000		4,195,000
Niles Gen. Oblig. BAN Series 2009, 1.75% 11/10/10	4,600,000		4,625,350
Northwestern Local School District BAN 2% 12/1/10	3,310,000		3,343,153
Ohio Air Quality Dev. Auth. Rev.:
(Cincinnati Gas & Elec. Co. Proj.) Series A:
0.32%, LOC Cr. Agricole SA, VRDN (a)(d)	12,100,000		12,100,000
0.35%, VRDN (a)	5,000,000		5,000,000
(Dayton Pwr. & Lt. Co. Proj.):
Series 2008 A, 0.32%, LOC JPMorgan Chase Bank, VRDN (a)(d)	9,700,000		9,700,000
Series 2008 B, 0.28%, LOC JPMorgan Chase Bank, VRDN (a)(d)	13,650,000		13,650,000
(FirstEnergy Corp. Proj.) Series 2006 B, 0.27%, LOC Wells Fargo Bank NA, VRDN (a)	2,100,000		2,100,000
(Ohio Valley Elec. Corp. Proj.):
Series 2009 B, 0.3%, LOC Bank of Nova Scotia New York Branch, VRDN (a)	6,200,000		6,200,000
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Ohio Air Quality Dev. Auth. Rev.: - continued
(Ohio Valley Elec. Corp. Proj.):
Series 2009 C, 0.29%, LOC Bank Tokyo-Mitsubishi UFJ Ltd., VRDN (a)	$ 4,600,000		$ 4,600,000
Series 2009 D, 0.3%, LOC Bank Tokyo-Mitsubishi UFJ Ltd., VRDN (a)	10,110,000		10,110,000
Ohio Bldg. Auth. Bonds:
(Administrative Bldg. Proj.) Series 2004 B, 5% 10/1/10	500,000		511,255
(James A. Rhodes State Office Tower Proj.) Series 1998 A, 5.25% 6/1/10	4,940,000		4,977,281
(William Green Bldg. Proj.) Series 2003 A, 5% 4/1/10	2,180,000		2,180,000
Ohio Gen. Oblig.:
Bonds:
(Common Schools Proj.) Series 2003 B, 5% 6/15/10	2,575,000		2,599,145
(Full Faith and Cr./Hwy. User Receipts Proj.) Series G, 5% 5/1/10	2,000,000		2,007,385
(Higher Ed. Cap. Facilities Proj.) Series II 2002 A, 5% 12/1/10	2,050,000		2,113,673
(Higher Ed. Proj.) Series 2006 A, 3.75% 5/1/10	1,000,000		1,002,727
Series 2000 B, 5.625% 5/1/15 (Pre-Refunded to 5/1/10 @ 100) (e)	1,000,000		1,004,210
Series K, 4% 5/1/10	1,000,000		1,002,699
Participating VRDN Series ROC II R208, 0.3% (Liquidity Facility Citibank NA) (a)(f)	7,755,000		7,755,000
(Common Schools Proj.) Series 2006 B, 0.29%, VRDN (a)	9,235,000		9,235,000
Ohio Higher Edl. Facility Commission Rev.:
Bonds (Cleveland Clinic Proj.):
Series 2008 B5:
0.26% tender 5/6/10, CP mode	10,300,000		10,300,000
0.28% tender 5/26/10, CP mode	10,200,000		10,200,000
0.28% tender 7/15/10, CP mode	12,700,000		12,700,000
Series 2008 B6, 0.37% tender 6/15/10, CP mode	23,900,000		23,900,000
(Antioch Univ. Proj.) 0.27%, LOC Nat'l. City Bank Cleveland, VRDN (a)	6,500,000		6,500,000
(Cleveland Institute of Music Proj.) 0.29%, LOC Nat'l. City Bank Cleveland, VRDN (a)	1,500,000		1,500,000
(Univ. Hosp. Health Sys. Proj.) Series 2008 B, 0.43%, LOC RBS Citizens NA, VRDN (a)	20,200,000		20,200,000
(Xavier Univ. Proj.) Series 2008 A, 0.28%, LOC U.S. Bank NA, Minnesota, VRDN (a)	3,700,000		3,700,000
Ohio Hosp. Facilities Rev. Participating VRDN Series Putters 3552, 0.29% (Liquidity Facility JPMorgan Chase Bank) (a)(f)	5,940,000		5,940,000
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Ohio Hsg. Participating VRDN Series Clipper 06 8, 0.41% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)(f)	$ 1,653,000		$ 1,653,000
Ohio Hsg. Fin. Agcy. Mtg. Rev.:
Participating VRDN:
Series Merlots 01 A78, 0.36% (Liquidity Facility Wells Fargo Bank NA) (a)(d)(f)	2,250,000		2,250,000
Series Merlots 06 A2, 0.36% (Liquidity Facility Wells Fargo Bank NA) (a)(d)(f)	4,405,000		4,405,000
Series Putters 1334, 0.44% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)(f)	7,755,000		7,755,000
(Mtg.-Backed Securities Prog.):
Series 2002 A2, 0.28% (Liquidity Facility KBC Bank NV), VRDN (a)(d)	790,000		790,000
Series 2005 B1, 0.34% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d)	6,000,000		6,000,000
Series 2005 F, 0.26% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d)	11,800,000		11,800,000
Series 2006 F, 0.26% (Liquidity Facility Citibank NA), VRDN (a)(d)	13,100,000		13,100,000
Series B, 0.3% (Liquidity Facility Citibank NA), VRDN (a)(d)	10,600,000		10,600,000
Series 2004 D, 0.26% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d)	10,860,000		10,860,000
Series B, 0.28% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d)	11,990,000		11,990,000
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev.:
(Club at Spring Valley Apts. Proj.) Series 1996 A, 0.75%, LOC RBS Citizens NA, VRDN (a)(d)	700,000		700,000
(Pedcor Invts. Willow Lake Apts. Proj.) Series B, 0.44%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (a)(d)	445,000		445,000
(Pine Crossing Apts. Proj.) 0.4%, LOC Bank of America NA, VRDN (a)(d)	4,515,000		4,515,000
(Wingate at Belle Meadows Proj.) 0.33%, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (a)(d)	7,755,000		7,755,000
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.:
(Mtg.-Backed Securities Prog.) Series 2008 D, 0.34% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d)	10,100,000		10,100,000
Series 2006 I, 0.3% (Liquidity Facility Citibank NA), VRDN (a)(d)	4,000,000		4,000,000
Series 2006 J, 0.3% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(d)	5,200,000		5,200,000
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Ohio Hsg. Fin. Agcy. Residential Mtg. Rev.: - continued
Series 2006 N, 0.26% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)(d)	$ 28,595,000		$ 28,595,004
Series 2007 J, 0.34% (Liquidity Facility KBC Bank NV), VRDN (a)(d)	2,000,000		2,000,000
Series 2008 H, 0.3% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d)	5,000,000		5,000,000
Ohio Solid Waste Rev.:
(BP Exploration & Oil, Inc. Proj.):
Series 1998, 0.35% (BP PLC Guaranteed), VRDN (a)(d)	8,000,000		8,000,000
Series 2000, 0.35% (BP PLC Guaranteed), VRDN (a)(d)	5,200,000		5,200,000
(BP Products NA, Inc. Proj.) Series B, 0.35% (BP PLC Guaranteed), VRDN (a)(d)	4,470,000		4,470,000
Ohio State Univ. Gen. Receipts Bonds Series 2005 A, 5% 6/1/10	6,470,000		6,518,274
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 0.31%, LOC Bank of America NA, VRDN (a)(d)	5,200,000		5,200,000
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev.:
(FirstEnergy Corp. Proj.) Series A, 0.3%, LOC Barclays Bank PLC, VRDN (a)(d)	3,380,000		3,380,000
Series A, 0.37%, LOC Barclays Bank PLC, VRDN (a)(d)	24,050,000		24,050,000
Ohio Wtr. Dev. Auth. Rev.:
Participating VRDN Series DCL 08 046, 0.33% (Liquidity Facility Dexia Cr. Local de France) (a)(f)	7,990,000		7,990,000
(Timken Co. Proj.) Series 2001, 0.3%, LOC Northern Trust Co., Chicago, VRDN (a)	10,200,000		10,200,000
Ohio Wtr. Dev. Auth. Wtr. Poll. Cont. Rev. Bonds (Wtr. Quality Proj.) Series 2009, 2% 6/1/10	950,000		952,577
Olentangy Local School District Participating VRDN Series Solar 07-7, 0.28% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(f)	10,300,000		10,300,000
Perrysburg Gen. Oblig. BAN:
1.25% 11/4/10	1,200,000		1,201,760
1.25% 11/4/10	2,570,000		2,573,769
Portage County Hosp. Rev. (Robinson Memorial Hosp. Proj.) Series 2008, 0.32%, LOC JPMorgan Chase Bank, VRDN (a)	11,770,000		11,770,000
Rickenbacker Port Auth. Indl. Dev. (Micro Inds. Corp. Proj.) Series 2000, 0.83%, LOC JPMorgan Chase Bank, VRDN (a)(d)	1,435,000		1,435,000
Solon Gen. Oblig. BAN Series 2009, 1.125% 11/18/10	1,175,000		1,177,766
Stow Gen. Oblig. BAN 1.5% 5/7/10	9,575,000		9,583,348
Sylvania Gen. Oblig. BAN 2% 7/15/10	3,250,000		3,261,593
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Toledo Lucas County Port Auth. Rev. Series 2004 C, 0.31%, LOC Banco Santander SA, VRDN (a)	$ 10,200,000		$ 10,200,000
Twinsburg Indl. Dev. Rev. (United Stationers Supply Co. Proj.) 0.32%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d)	6,800,000		6,800,000
Univ. of Cincinnati Gen. Receipts:
BAN:
Series 2009 B, 2% 7/21/10	16,000,000		16,038,439
Series 2009 D, 1.5% 12/16/10	5,250,000		5,286,297
Series 2008 B, 0.42%, LOC Bayerische Landesbank, VRDN (a)	1,700,000		1,700,000
Univ. of Toledo Gen. Receipts Series 2008 B, 0.32%, LOC JPMorgan Chase Bank, VRDN (a)	2,550,000		2,550,000
Village of Indian Hill Econ. Dev. Rev. (Cincinnati Country Day School Proj.) Series 1999, 0.33%, LOC Nat'l. City Bank Cleveland, VRDN (a)	4,345,000		4,345,000
Wadsworth City School District Bonds Series 2009, 2.25% 9/22/10	4,750,000		4,785,981
Warren County Health Care Facilities Rev. (Otterbein Homes Proj.) Series 2007, 0.3%, LOC U.S. Bank NA, Minnesota, VRDN (a)	6,525,000		6,525,000
Westlake Health Facilities Rev. (Lutheran Home Proj.) Series 2005, 0.5%, LOC RBS Citizens NA, VRDN (a)	2,200,000		2,200,000
Wood County Indl. Dev. Rev. (CMC Group Proj.) Series 2001, 0.41%, LOC Nat'l. City Bank Cleveland, VRDN (a)(d)	1,345,000		1,345,000
Zanesville-Muskingum Port Auth. Indl. Dev. Rev. (Almana II LLC Proj.) Series 2000, 1.95%, LOC JPMorgan Chase Bank, VRDN (a)(d)	3,200,000		3,200,000
			873,378,623
Texas - 0.5%
Greater East Texas Higher Ed. Auth. Student Ln. Rev. Series 1995 B, 0.3%, LOC State Street Bank & Trust Co., Boston, VRDN (a)(d)	1,000,000		1,000,000
Harris County Cultural Ed. Facilities Fin. Corp. Spl. Facilities Rev. (Texas Med. Ctr. Proj.) Series 2008 B2, 0.33%, LOC Compass Bank, VRDN (a)	4,100,000		4,100,000
			5,100,000
Washington - 0.1%
Port of Seattle Rev. Series 2005, 0.35%, LOC Fortis Banque SA, VRDN (a)(d)	900,000		900,000
Municipal Securities - continued
	Shares		Value
Other - 7.7%
Fidelity Municipal Cash Central Fund, 0.32% (b)(c)	77,706,000		$ 77,706,000
TOTAL INVESTMENT PORTFOLIO - 99.0% (Cost $995,484,623)			995,484,623
NET OTHER ASSETS - 1.0%			9,634,894
NET ASSETS - 100%		$ 1,005,119,517

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(e) Security collateralized by an amount sufficient to pay interest and principal.

(f) Provides evidence of ownership in one or more underlying municipal bonds.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Municipal Cash Central Fund	$ 48,409

Other Information

Income Tax Information

At March 31, 2010, the cost of investment securities for income tax purposes was $995,484,623.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Pennsylvania Municipal
Money Market Fund

March 31, 2010

1.814638.105

PFR-QTLY-0510

Investments March 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 99.4%
	Principal Amount		Value
Arizona - 0.1%
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 E, 0.28%, LOC Landesbank Baden-Wuert, VRDN (b)	$ 700,000		$ 700,000
California - 0.0%
East Bay Muni. Util. District Wtr. Sys. Rev. Series 2008 B3, 0.3% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b)	200,000		200,000
District Of Columbia - 0.1%
District of Columbia Rev. (American Psychological Assoc. Proj.) Series 2003, 0.34%, LOC Bank of America NA, VRDN (b)	980,000		980,000
Georgia - 0.5%
Coweta County Dev. Auth. Rev. (W.Y. Industries, Inc. Proj.) Series 2007, 0.45%, LOC Wells Fargo Bank NA, VRDN (b)(e)	3,580,000		3,580,000
Kentucky - 0.8%
Carroll County Envir. Facilities Rev. (Kentucky Utils. Co. Proj.):
Series 2006 B, 0.34%, LOC Commerzbank AG, VRDN (b)(e)	1,700,000		1,700,000
Series 2008 A, 0.36%, LOC Commerzbank AG, VRDN (b)(e)	1,800,000		1,800,000
Kentucky Higher Ed. Student Ln. Corp. Rev. Series 2008 A1, 0.32%, LOC State Street Bank & Trust Co., Boston, LOC Bank of America NA, VRDN (b)(e)	1,800,000		1,800,000
			5,300,000
Nevada - 0.1%
Clark County Arpt. Rev. Series 2008 C1, 0.33%, LOC Bayerische Landesbank, VRDN (b)(e)	700,000		700,000
Ohio - 0.4%
Dayton Montgomery County Port Auth. Spl. Arpt. Facilities Rev. (Wilmington Air Park, Inc. Proj.) Series 2007 B, 4% (Deutsche Post AG Guaranteed), VRDN (b)(e)	2,800,000		2,800,000
Pennsylvania - 89.6%
Allegheny County Bonds Series C56, 5% 10/1/10	1,000,000		1,022,481
Allegheny County Hosp. Dev. Auth. Rev.:
(Jefferson Reg'l. Med. Ctr. Proj.) Series 2008 A, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)	7,875,000		7,875,000
(South Hills Health Sys. Proj.) Series 2000 A, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)	5,100,000		5,100,000
Allegheny County Indl. Dev. Auth. Health & Hsg. Facilities Rev. (Longwood at Oakmont, Inc. Proj.) Series 2008 B, 0.36%, LOC Citizens Bank of Pennsylvania, VRDN (b)	7,900,000		7,900,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - continued
Allegheny County Indl. Dev. Auth. Rev.:
(Doren, Inc. Proj.) Series 1997 C, 0.49%, LOC Nat'l. City Bank Cleveland, VRDN (b)(e)	$ 500,000		$ 500,000
(R.I. Lampus Co. Proj.) Series 1997 A, 0.41%, LOC Nat'l. City Bank Cleveland, VRDN (b)(e)	1,040,000		1,040,000
(Union Elec. Steel Co. Proj.) Series 1996 A, 0.36%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)	3,120,000		3,120,000
(United Jewish Federation Proj.) Series 1996 A, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)	380,000		380,000
Beaver County Indl. Dev. Auth. Poll. Cont. Rev.:
(FirstEnergy Nuclear Generation Corp. Proj.):
Series 2005 A, 0.29%, LOC Barclays Bank PLC, VRDN (b)	14,400,000		14,400,000
Series 2006 A, 0.3%, LOC Barclays Bank PLC, VRDN (b)	1,500,000		1,500,000
Series 2006 B, 0.3%, LOC Royal Bank of Scotland PLC, VRDN (b)	19,900,000		19,900,000
(Pennsylvania Elec. Co. Proj.) Series 2005 B, 0.34%, LOC Bank of Nova Scotia New York Branch, VRDN (b)(e)	10,000,000		10,000,000
Berks County Indl. Dev. Auth. Rev. (Kutztown Univ. Foundation, Inc. Proj.) Series 2004, 0.28%, LOC Wells Fargo Bank NA, VRDN (b)	9,510,000		9,510,000
Berks County Muni. Auth. Rev. (Phoebe-Devitt Homes Obligated Group Proj.) Series 2008 A, 0.27%, LOC Banco Santander SA, VRDN (b)	7,600,000		7,600,000
Bucks County Indl. Dev. Auth. Rev. (Snowball Real Estate LP Proj.) 0.5%, LOC Wells Fargo Bank NA, VRDN (b)(e)	1,650,000		1,650,000
Butler Co. Gen. Auth. Rev. (New Castle Area School District Proj.) Series 2009 A, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)	3,040,000		3,040,000
Butler County Indl. Dev. Auth. Rev. (Concordia Lutheran Health & Human Care Proj.) Series 2008 A, 0.27%, LOC Bank of America NA, VRDN (b)	5,975,000		5,975,000
Cambria County Ind. Dev. Auth. (Cambria Cogen Co. Proj.) Series 1998 A2, 0.35%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (b)(e)	3,300,000		3,300,000
Cambria County Indl. Dev. Auth. Rev. (American Nat'l. Red Cross Proj.) Series 2008, 0.25%, LOC JPMorgan Chase Bank, VRDN (b)	2,545,000		2,545,000
Chester County Health & Ed. Auth. Rev. (Jenner's Pond Proj.) Series 2006, 0.48%, LOC Citizens Bank of Pennsylvania, VRDN (b)	2,310,000		2,310,000
Chester County Indl. Dev. Auth. Student Hsg. Rev.:
(Univ. Student Hsg., LLC Proj. at West Chester Univ.) Series 2003, 0.28%, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (b)	7,100,000		7,100,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - continued
Chester County Indl. Dev. Auth. Student Hsg. Rev.: - continued
Series 2008 A, 0.29%, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (b)	$ 8,000,000		$ 8,000,000
Chester County Intermediate Unit Rev. Series 2003, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)	2,405,000		2,405,000
Delaware County Auth. Hosp. Rev. (Crozer-Chester Med. Ctr. Proj.) Series 1996, 0.38%, LOC KBC Bank NV, VRDN (b)	3,800,000		3,800,000
Delaware County Auth. Rev. (White Horse Village Proj.):
Series 2006 A, 0.4%, LOC Citizens Bank of Pennsylvania, VRDN (b)	4,715,000		4,715,000
Series 2008, 0.4%, LOC Citizens Bank of Pennsylvania, VRDN (b)	9,810,000		9,810,000
Delaware County Indl. Dev. Auth. Rev. (The Agnes Irwin School Proj.) Series 2003, 0.43%, LOC Citizens Bank of Pennsylvania, VRDN (b)	6,765,000		6,765,000
Franklin County Indl. Dev. Auth.:
(Menno Haven Proj.) Series 2008, 0.3%, LOC Wells Fargo Bank NA, VRDN (b)	9,410,000		9,410,000
(Menno-Haven, Inc. Proj.) Series 2006, 0.3%, LOC Wells Fargo Bank NA, VRDN (b)	7,100,000		7,100,000
Geisinger Auth. Health Sys. Rev. Participating VRDN Series Putters 3446, 0.28% (Liquidity Facility JPMorgan Chase Bank) (b)(g)	6,600,000		6,600,000
Haverford Township School District Series 2009, 0.29%, LOC TD Banknorth, NA, VRDN (b)	1,000,000		1,000,000
Hempfied School District Gen. Oblig. Bonds Series 2009, 2.5% 10/15/10	1,000,000		1,011,386
Huntingdon County Gen. Auth. College Rev. (Juniata College Proj.) Series 2001 A, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)	265,000		265,000
Lancaster County Hosp. Auth. Health Ctr. Rev. (Lancaster Gen. Hosp. Proj.) Series 2008, 0.35%, LOC Bank of America NA, VRDN (b)	33,075,000		33,075,000
Lawrence County Indl. Dev. Auth. Indl. Dev. Rev. (Atlantic States Materials Proj.) Series 1999, 0.45%, LOC Wells Fargo Bank NA, VRDN (b)(e)	600,000		600,000
Luzerne County Indl. Dev. Auth. Rev. (United Methodist Homes Proj.) Series 2003, 0.29%, LOC Banco Santander SA, VRDN (b)	7,115,000		7,115,000
Montgomery County Higher Ed. & Health Auth. Rev. (William Penn Charter School Proj.) Series 2001, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)	1,175,000		1,175,000
Montgomery County Indl. Dev. Auth. Rev. (Gaudenzia Foundation, Inc. Prog.) 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)	250,000		250,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - continued
Moon Indl. Dev. Auth. Commercial Dev. Rev. (One Thorn Run Ctr. Proj.) Series 1995 A, 0.36%, LOC Nat'l. City Bank Cleveland, VRDN (b)(e)	$ 3,490,000		$ 3,490,000
Northampton Indl. Dev. Auth. Rev. (Ultra-Poly Corp./Portland Ind. Park Proj.) Series 1997, 0.39%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)	2,052,000		2,052,000
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.:
(Amtrak Proj.) Series 2001 B, 0.33%, LOC JPMorgan Chase Bank, VRDN (b)(e)	20,910,000		20,910,000
(FirstEnergy Corp. Proj.) Series A, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)	4,800,000		4,800,000
(Shippingport Proj.) Series A, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)	10,100,000		10,100,000
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.:
(Westrum Harleysville II, LP Proj.) Series 2005, 0.52%, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (b)(e)	11,535,000		11,535,000
Series 2002 B5, 0.36%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)	5,000,000		5,000,000
Series 2002 B6, 0.36%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)	600,000		600,000
Series 2004 D2, 0.36%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)	1,200,000		1,200,000
Series 2004 D6, 0.36%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)	1,900,000		1,900,000
Pennsylvania Econ. Dev. Fing. Auth. Manufacturing Facility Rev. (Dodge Realty Partners Proj.) 0.33%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(e)	3,600,000		3,600,000
Pennsylvania Econ. Dev. Fing. Auth. Solid Waste Disp. Rev. (Republic Svcs., Inc. Proj.) Series 2005, 0.37%, LOC Bank of America NA, VRDN (b)(e)	9,500,000		9,500,000
Pennsylvania Energy Dev. Auth. Rev. (Piney Creek Proj.) Series 1996 C, 0.32%, LOC Landesbank Hessen-Thuringen, VRDN (b)(e)	5,855,000		5,855,000
Pennsylvania Gen. Oblig.:
Bonds:
First Series 2001, 5% 1/15/11	2,905,000		3,011,689
Second Series 2000, 5.25% 10/15/10	1,000,000		1,025,945
Second Series, 5% 5/1/10	1,725,000		1,731,414
Seconds Series 2003, 5% 7/1/10	2,850,000		2,882,106
Third Series 2004, 4% 9/1/10	1,000,000		1,014,750
Participating VRDN:
Series Putters 3350, 0.28% (Liquidity Facility JPMorgan Chase Bank) (b)(g)	7,100,000		7,100,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - continued
Pennsylvania Gen. Oblig.: - continued
Participating VRDN:
Series Putters 3352Z, 0.28% (Liquidity Facility JPMorgan Chase Bank) (b)(g)	$ 4,435,000		$ 4,435,000
Pennsylvania Higher Edl. Facilities Auth. Rev.:
Bonds:
(Bryn Mawr College Proj.) Series 2009, 0.75%, tender 2/2/11 (b)	6,000,000		6,000,000
Series 2009 AK, 3% 6/15/10	1,220,000		1,226,289
Participating VRDN ROC II R 11721, 0.3% (Liquidity Facility Citibank NA) (b)(g)	7,500,000		7,500,000
(Salle Univ. Proj.) Series 2007 B, 0.4%, LOC Citizens Bank of Pennsylvania, VRDN (b)	3,390,000		3,390,000
(California Univ. of Pennsylvania Student Hsg. Proj.) Series 2006 A, 0.29%, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (b)	8,725,000		8,725,000
(Holy Family Univ. Proj.) Series 2008, 0.29%, LOC TD Banknorth, NA, VRDN (b)	2,000,000		2,000,000
(Indiana Univ. of Pennsylvania Student Hsg. Proj.) Series 2008, 0.29%, LOC Fed. Home Ln. Bank Pittsburgh, VRDN (b)	8,625,000		8,625,000
(Mercyhurst College Proj.) Series 12, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)	895,000		895,000
(St. Joseph's Univ. Proj.) Series 2008 B, 0.35%, LOC Citizens Bank of Pennsylvania, VRDN (b)	14,400,000		14,400,000
Pennsylvania Hsg. Fin. Agcy. Single Family Mtg. Rev.:
Participating VRDN:
Series BA 08 1118, 0.37% (Liquidity Facility Bank of America NA) (b)(e)(g)	4,140,000		4,140,000
Series Merlots 07 C50, 0.36% (Liquidity Facility Wells Fargo Bank NA) (b)(e)(g)	5,475,000		5,475,000
Series Putters 1213 B, 0.4% (Liquidity Facility JPMorgan Chase & Co.) (b)(e)(g)	1,540,000		1,540,000
Series 2002 74A, 0.33% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e)	2,600,000		2,600,000
Series 2002 75A, 0.33% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e)	8,100,000		8,100,000
Series 2003 77B, 0.33% (Liquidity Facility BNP Paribas SA), VRDN (b)(e)	11,575,000		11,575,000
Series 2003 79B, 0.33% (Liquidity Facility BNP Paribas SA), VRDN (b)(e)	6,450,000		6,450,000
Series 2004 81C, 0.33% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b)(e)	5,000,000		5,000,000
Series 2004 83C, 0.26% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	7,100,000		7,100,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - continued
Pennsylvania Hsg. Fin. Agcy. Single Family Mtg. Rev.: - continued
Series 2004 84D, 0.33% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	$ 6,600,000		$ 6,600,000
Series 2004 86C, 0.33% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	9,890,000		9,890,000
Series 2005 90C, 0.26% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	6,600,000		6,600,000
Series 2005-89, 0.33% (Liquidity Facility Fannie Mae) (Liquidity Facility Freddie Mac), VRDN (b)(e)	24,425,000		24,425,000
Series 2006 92B, 0.33% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b)(e)	30,270,000		30,270,000
Pennsylvania Intergovernmental Coop. Auth. Spl. Tax Rev. Participating VRDN Series Putters 3481, 0.28% (Liquidity Facility JPMorgan Chase Bank) (b)(g)	5,035,000		5,035,000
Pennsylvania Pub. School Bldg. Auth. School Rev. (Harrisburg School District Proj.) Series 2009 D, 0.28%, LOC Wells Fargo Bank NA, VRDN (b)	6,800,000		6,800,000
Pennsylvania State Univ. Bonds Series 2009 B, 1.5%, tender 6/1/10 (b)	7,700,000		7,713,332
Pennsylvania Tpk. Commission Tpk. Rev.:
Series 2008 B1, 0.32%, LOC Bank of America NA, VRDN (b)	2,400,000		2,400,000
Series 2008 B5, 0.3%, LOC Bank of America NA, VRDN (b)	3,900,000		3,900,000
Series 2008 B6, 0.32%, LOC Bank of America NA, VRDN (b)	2,000,000		2,000,000
Philadelphia Arpt. Rev. Series 2005 C, 0.27%, LOC TD Banknorth, NA, VRDN (b)(e)	34,600,000		34,600,003
Philadelphia Auth. for Indl. Dev. Rev.:
(Spl. People Northeast, Inc. Proj.) Series 2006, 0.43%, LOC Citizens Bank of Pennsylvania, VRDN (b)	7,935,000		7,935,000
(The Franklin Institute Proj.) Series 2006, 0.32%, LOC Bank of America NA, VRDN (b)	2,600,000		2,600,000
Philadelphia Gas Works Rev. (1998 Gen. Ordinance Proj.) Eighth Series D, 0.3%, LOC Bank of America NA, VRDN (b)	1,500,000		1,500,000
Philadelphia Gen. Oblig. Series 2009 B, 0.26%, LOC Wells Fargo Bank NA, VRDN (b)	7,000,000		7,000,000
Philadelphia School District:
Series 2008 A3, 0.3%, LOC Bank of America NA, VRDN (b)	2,000,000		2,000,000
Series 2008 A4, 0.37%, LOC Bank of America NA, VRDN (b)	500,000		500,000
Series 2008 B1, 0.28%, LOC Wells Fargo Bank NA, VRDN (b)	3,000,000		3,000,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - continued
Philadelphia School District: - continued
Series 2008 B2, 0.28%, LOC Wells Fargo Bank NA, VRDN (b)	$ 6,800,000		$ 6,800,000
Philadelphia Wtr. & Wastewtr. Rev.:
Series 1997 B, 0.29%, LOC Bank of America NA, VRDN (b)	17,235,000		17,235,000
Series 2005 B, 0.26%, LOC Bank of America NA, VRDN (b)	7,745,000		7,745,000
Pittsburgh School District Bonds Series 2009 A, 3% 9/1/10	750,000		756,762
Ridley School District Series 2009, 0.29%, LOC TD Banknorth, NA, VRDN (b)	3,000,000		3,000,000
Sayre Health Care Facilities Auth. Rev. Bonds (Latrobe Area Hosp. Proj.) Series 2002 A, 5.25% 7/1/10 (Escrowed to Maturity) (f)	1,385,000		1,402,179
Somerset County Gen. Oblig. Series 2009 C, 0.29%, LOC PNC Bank NA, Pittsburgh, VRDN (b)	1,300,000		1,300,000
Union County Higher Edl. Facilities Fing. Auth. Univ. Rev. Bonds (Bucknell Univ. Proj.) Series 2010, 3% 4/1/11 (a)	1,615,000		1,655,197
			630,010,533
Puerto Rico - 0.3%
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998 A, 0.31%, LOC Bank of Nova Scotia New York Branch, VRDN (b)	2,000,000		2,000,000
Tennessee - 0.3%
Knox County Health Edl. & Hsg. Facilities Board Hosp. Facilities Rev. (Catholic Healthcare Partners Proj.) Series 2008 B, 0.33%, LOC Landesbank Baden-Wuert, VRDN (b)	2,000,000		2,000,000
Washington - 0.1%
Port of Seattle Rev. Series 2005, 0.35%, LOC Fortis Banque SA, VRDN (b)(e)	625,000		625,000
	Shares
Other - 7.1%
Fidelity Municipal Cash Central Fund, 0.19% (c)(d)	49,591,000		49,591,000
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $698,486,533)		698,486,533
NET OTHER ASSETS - 0.6%			4,413,464
NET ASSETS - 100%		$ 702,899,997

Security Type Abbreviations

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(f) Security collateralized by an amount sufficient to pay interest and principal.

(g) Provides evidence of ownership in one or more underlying municipal bonds.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Municipal Cash Central Fund	$ 21,643

Other Information

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At March 31, 2010, the cost of investment securities for income tax purposes was $698,486,533.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value and are categorized as Level 2 in the hierarchy.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Municipal Trust II's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Municipal Trust II

By:	/s/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	June 1, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	June 1, 2010

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	June 1, 2010