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)

Eric D. Roiter, 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:	September 30, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Michigan Municipal
Money Market Fund

September 30, 2004

1.807721.100

MIS-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 101.6%
	Principal Amount		Value
Michigan - 99.1%
Allen Park Pub. School District Participating VRDN Series ROC II R4007, 1.75% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f)	$ 5,155,000		$ 5,155,000
Charlotte Hosp. Fin. Auth. Ltd. Oblig. Rev. (Hayes Green Beach Proj.) 1.77%, LOC Fifth Third Bank, Cincinnati, VRDN (a)	13,675,000		13,675,000
Clinton Econ. Dev. Corp. Rev. (Clinton Area Care Ctr. Proj.) 1.79%, LOC Northern Trust Co., Chicago, VRDN (a)	5,130,000		5,130,000
Delta County Econ. Dev. Corp. Envir. Impt. Rev. Participating VRDN Series PT 2371, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	2,000,000		2,000,000
Detroit City School District Participating VRDN:
ROC II R1033, 1.75% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f)	3,685,000		3,685,000
Series PT 2158, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	2,000,000		2,000,000
Series ROC II R4004, 1.75% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f)	5,780,000		5,780,000
Detroit Econ. Dev. Corp. Resource Recovery Rev. Participating VRDN Series Merlots 01 A90, 1.79% (Liquidity Facility Wachovia Bank NA) (a)(d)(f)	2,500,000		2,500,000
Detroit Swr. Disp. Rev. Participating VRDN:
Series 2002 G, 1.77% (Liquidity Facility Bank of America NA) (a)(f)	8,520,000		8,520,000
Series Merlots 00 I, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(f)	9,300,000		9,300,000
Series Merlots 01 A103, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(f)	10,010,000		10,010,000
Series Merlots 01 A112, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(f)	5,095,000		5,095,000
Series Merlots 04 B2, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(f)	5,800,000		5,800,000
Series Merlots B41, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(f)	2,255,000		2,255,000
Series PA 1183, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	6,000,000		6,000,000
Series SGB 47, 1.75% (Liquidity Facility Societe Generale) (a)(f)	5,800,000		5,800,000
Detroit Wtr. Supply Sys. Rev. Participating VRDN:
Series Merlots 00 D, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(f)	4,500,000		4,500,000
Series PA 1151, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	5,405,000		5,405,000
Municipal Securities - continued
	Principal Amount		Value
Michigan - continued
Detroit Wtr. Supply Sys. Rev. Participating VRDN: - continued
Series Putters 200, 1.73% (Liquidity Facility JPMorgan Chase Bank) (a)(f)	$ 5,370,000		$ 5,370,000
Series Putters 345, 1.73% (Liquidity Facility JPMorgan Chase Bank) (a)(f)	8,495,000		8,495,000
Series SG 64, 1.72% (Liquidity Facility Societe Generale) (a)(f)	3,500,000		3,500,000
Series SGB 6, 1.75% (Liquidity Facility Societe Generale) (a)(f)	9,570,000		9,570,000
Detroit Wtr. Sys. Rev. Participating VRDN Series EGL 99 2202, 1.75% (Liquidity Facility Citibank NA, New York) (a)(f)	8,200,000		8,200,000
East China School District TAN 2% 3/1/05	5,200,000		5,206,656
East Lansing School District Participating VRDN Series SGA 114, 1.75% (Liquidity Facility Societe Generale) (a)(f)	6,000,000		6,000,000
Genesee County Econ. Dev. Corp. (Creative Foam Corp. Proj.) Series 1994, 1.9%, LOC Bank One NA, Chicago, VRDN (a)(d)	1,000,000		1,000,000
Grand Rapids Economic Dev. Corp. (Cornerstone Univ. Proj.) 1.73%, LOC Nat'l. City Bank, VRDN (a)	2,000,000		2,000,000
Hartland Consolidated School District Participating VRDN Series MSTC 01 127 Class A, 1.75% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(f)	6,655,000		6,655,000
Holland Charter Township Econ. Dev. Corp. Rev. (Chicago Mission Proj.) 1.79%, LOC Comerica Bank, Detroit, VRDN (a)(d)	2,500,000		2,500,000
Jackson Pub. Schools RAN Series B, 2.45% 5/23/05, LOC Comerica Bank, Detroit	1,500,000		1,507,907
Kentwood Pub. Schools Participating VRDN Series EGL 03 24, 1.75% (Liquidity Facility Citibank NA, New York) (a)(f)	3,195,000		3,195,000
Michigan Bldg. Auth. Rev.:
Bonds:
(Facilities Prog.):
Series I:
5% 10/15/04	2,535,000		2,538,756
5% 4/15/05	1,000,000		1,017,889
Series II, 2% 10/15/04	1,075,000		1,075,388
(State Police Communications Sys. Proj.) 3% 10/1/04	3,225,000		3,225,000
Series MS 886, 1.25%, tender 12/16/04 (Liquidity Facility Morgan Stanley) (a)(f)(g)	1,700,000		1,700,000
Participating VRDN:
Series EGL 01 2202, 1.75% (Liquidity Facility Citibank NA, New York) (a)(f)	3,000,000		3,000,000
Series Merlots 04 B10, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(f)	5,120,000		5,120,000
Municipal Securities - continued
	Principal Amount		Value
Michigan - continued
Michigan Bldg. Auth. Rev.: - continued
Series MS 00 481X, 1.73% (Liquidity Facility Morgan Stanley) (a)(f)	$ 9,670,000		$ 9,670,000
Series PT 2177, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	6,170,000		6,170,000
Series PT 2234, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	5,900,000		5,900,000
Series ROC II R 4551, 1.75% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f)	5,215,000		5,215,000
Series ROC II R2064, 1.75% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f)	2,760,000		2,760,000
Series ROC II R4057, 1.75% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f)	2,215,000		2,215,000
Series Stars 101, 1.72% (Liquidity Facility BNP Paribas SA) (a)(f)	5,900,000		5,900,000
Michigan Gen. Oblig.:
Participating VRDN Series Putters 125, 1.73% (Liquidity Facility J.P. Morgan Chase & Co.) (a)(f)	8,225,000		8,225,000
Series 2002 D, 1.68% (FSA Insured), VRDN (a)	19,600,000		19,599,999
Michigan Higher Ed. Student Ln. Auth. Rev.:
Participating VRDN Series PA 1064, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f)	7,420,000		7,420,000
1.75% (AMBAC Insured), VRDN (a)(d)	4,000,000		4,000,000
Michigan Hosp. Fin. Auth. Hosp. Rev.:
Bonds (Ascension Health Cr. Group Proj.) Series 1999 B1, 5.05%, tender 11/15/04 (a)	11,000,000		11,048,905
(Health Care Equip. Ln. Prog.):
Series 2003 C, 1.56%, LOC Fifth Third Bank, Cincinnati, VRDN (a)	10,000,000		10,000,000
Series B, 1.56%, LOC Standard Fed. Bank, VRDN (a)	4,000,000		4,000,000
(United Memorial Hosp. Assoc. Proj.) Series 1999, 1.71%, LOC Fifth Third Bank, Cincinnati, VRDN (a)(d)	9,335,000		9,335,000
Michigan Hosp. Fin. Auth. Rev. Series B, 1.56%, LOC Standard Fed. Bank, VRDN (a)	3,600,000		3,600,000
Michigan Hsg. Dev. Auth. Multi-family Hsg. Rev. (Hunt Club Apts. Proj.) 1.74%, LOC Fannie Mae, VRDN (a)(d)	5,600,000		5,600,000
Michigan Hsg. Dev. Auth. Single Family Mtg. Rev.:
Bonds Series 2003 C, 1.22%, tender 11/24/04 (FSA Insured) (a)(d)	3,000,000		3,000,000
Participating VRDN Series PT 01 556, 1.77% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)(f)	3,630,000		3,630,000
Series 1999 B2, 1.75% (MBIA Insured), VRDN (a)(d)	6,000,000		6,000,000
Series 2002 A, 1.75% (MBIA Insured), VRDN (a)(d)	5,000,000		5,000,000
Municipal Securities - continued
	Principal Amount		Value
Michigan - continued
Michigan Muni. Bond Auth. Rev.:
Bonds 6.5% 10/1/17 (Pre-Refunded to 10/1/04 @ 102) (e)	$ 2,750,000		$ 2,805,000
Participating VRDN:
Series EGL 00 2201, 1.75% (Liquidity Facility Citibank NA, New York) (a)(f)	9,500,000		9,500,000
Series MS 718, 1.73% (Liquidity Facility Morgan Stanley) (a)(f)	12,971,000		12,971,000
Series MSTC 02 204, 1.75% (Liquidity Facility Bear Stearns Companies, Inc.) (a)(f)	10,395,000		10,395,000
Series TOC 04 C, 1.73% (Liquidity Facility Goldman Sachs Group, Inc.) (a)(f)	5,900,000		5,900,000
RAN Series B1, 3% 8/19/05	10,000,000		10,121,482
Michigan Strategic Fund Indl. Dev. Rev. (Althaus Family Investors II Proj.) Series 1997, 1.89%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)	2,055,000		2,055,000
Michigan Strategic Fund Ltd. Oblig. Rev.:
Participating VRDN Series MS 00 382, 1.73% (Liquidity Facility Morgan Stanley) (a)(f)	2,000,000		2,000,000
(BC&C Proj.) 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	1,560,000		1,560,000
(Bico Michigan, Inc. Proj.) Series 1999, 1.9%, LOC Bank One NA, VRDN (a)(d)	3,300,000		3,300,000
(Biewer of Lansing LLC Proj.) Series 1999, 1.82%, LOC Standard Fed. Bank, VRDN (a)(d)	1,245,000		1,245,000
(Bosal Ind. Proj.) Series 1998, 1.75%, LOC Bank of New York, New York, VRDN (a)(d)	7,500,000		7,500,000
(CJS Properties LLC Proj.) 1.9%, LOC Bank One NA, Chicago, VRDN (a)(d)	1,900,000		1,900,000
(Conti Properties LLC Proj.) Series 1997, 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	2,740,000		2,740,000
(Creative Foam Corp. Proj.) 1.9%, LOC Bank One NA, Chicago, VRDN (a)(d)	1,000,000		1,000,000
(Detroit Symphony Orchestra, Inc. Proj.) Series 2001 B, 1.72%, LOC Standard Fed. Bank, VRDN (a)	1,500,000		1,500,000
(Doss Ind. Dev. Co. Proj.) 1.9%, LOC Bank One NA, Chicago, VRDN (a)(d)	2,200,000		2,200,000
(Fintex LLC Proj.) Series 2000, 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	2,330,000		2,330,000
(Future Fence Co. Proj.) 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	2,450,000		2,450,000
(Grandview Plaza Riverview Assoc. One LP Proj.) 1.82%, LOC Nat'l. City Bank, VRDN (a)(d)	1,910,000		1,910,000
Municipal Securities - continued
	Principal Amount		Value
Michigan - continued
Michigan Strategic Fund Ltd. Oblig. Rev.: - continued
(Henry Ford Museum & Greenfield Village Projs.) Series 2002, 1.77%, LOC Comerica Bank, Detroit, VRDN (a)	$ 2,000,000		$ 2,000,000
(HP Pelzer Automotive Sys. Sterling Heights Proj.) 1.75%, LOC Bank One NA, Chicago, VRDN (a)(d)	2,250,000		2,250,000
(John H. Dekker & Sons Proj.) Series 1998, 1.84%, LOC Standard Fed. Bank, VRDN (a)(d)	1,110,000		1,110,000
(K&M Engineering, Inc. Proj.) 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	1,720,000		1,720,000
(LPB LLC Proj.) 1.9%, LOC Comerica Bank, Detroit, VRDN (a)(d)	3,100,000		3,100,000
(Majestic Ind., Inc. Proj.) 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	2,275,000		2,275,000
(Mans Proj.) Series 1998, 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	2,260,000		2,260,000
(Mid-American Products, Inc. Proj.) Series 1998 1.83%, LOC Standard Fed. Bank, VRDN (a)(d)	1,635,000		1,635,000
(Orchestra Place Renewal Proj.) Series 2000, 1.61%, LOC ABN-AMRO Bank NV, VRDN (a)	5,800,000		5,800,000
(PBL Enterprises, Inc. Proj.) Series 1997, 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	2,175,000		2,175,000
(Pioneer Laboratories, Inc. Proj.) 1.75%, LOC Bank One NA, Chicago, VRDN (a)(d)	1,300,000		1,300,000
(S&S LLC Proj.) Series 2000, 1.76%, LOC Standard Fed. Bank, VRDN (a)(d)	2,700,000		2,700,000
(SBC Ventures LLC Proj.) 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	4,000,000		4,000,000
(TEI Invts. LLC Proj.) Series 1997, 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	600,000		600,000
(Temperance Enterprise Proj.) Series 1996, 1.82%, LOC Nat'l. City Bank, VRDN (a)(d)	2,240,000		2,240,000
(The Monarch Press, Inc. Proj.) Series 2000, 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	1,900,000		1,900,000
(The Spiratex Co. Proj.) Series 1994, 1.9%, LOC Bank One NA, Chicago, VRDN (a)(d)	1,000,000		1,000,000
(Trilan LLC Proj.) 1.9%, LOC Bank One NA, Chicago, VRDN (a)(d)	3,700,000		3,700,000
(Unified-Boring Co., Inc. Proj.) Series 1992, 2%, LOC Comerica Bank, Detroit, VRDN (a)(d)	600,000		600,000
(Vent-Rite Valve Corp. Proj.) 1.75%, LOC Fleet Nat'l. Bank, VRDN (a)(d)	920,000		920,000
(W.H. Porter, Inc. Proj.) Series 2001, 1.84%, LOC Comerica Bank, Detroit, VRDN (a)(d)	3,550,000		3,550,000
Municipal Securities - continued
	Principal Amount		Value
Michigan - continued
Michigan Strategic Fund Ltd. Oblig. Rev.: - continued
(Whitehall Products LLC Proj.) Series 2000, 1.77%, LOC Lasalle Bank NA, VRDN (a)(d)	$ 2,515,000		$ 2,515,000
(Windcrest Properties LLC Proj.) 1.66%, LOC Comerica Bank, Detroit, VRDN (a)(d)	4,600,000		4,600,000
(YMCA Metropolitan Detroit Proj.) Series 2001, 1.79%, LOC Bank One NA, Chicago, VRDN (a)	12,740,000		12,740,000
Michigan Strategic Fund Poll. Cont. Rev. (Gen. Motors Corp. Proj.):
Series 1988 A, 1.8%, VRDN (a)	2,700,000		2,700,000
2.25%, VRDN (a)	2,925,000		2,925,000
Michigan Strategic Fund Solid Waste Disp. Rev. (Great Lakes Recovery Proj.) 1.75%, LOC Bank One NA, Chicago, VRDN (a)(d)	1,100,000		1,100,000
Michigan Trunk Line Bonds 4% 10/1/04	5,000,000		5,000,000
Oakland County Econ. Dev. Corp. Ltd. Oblig. Rev. (Osmic, Inc. Proj.) Series 2001 A, 1.84%, LOC Bank One NA, Chicago, VRDN (a)(d)	6,300,000		6,300,000
Rockford Pub. Schools Participating VRDN Series MS 01 589, 1.73% (Liquidity Facility Morgan Stanley) (a)(f)	2,135,000		2,135,000
Saint Clair County Econ. Dev. Corp. Poll. Cont. Rev. Participating VRDN Series MS 00 282, 1.73% (Liquidity Facility Morgan Stanley) (a)(f)	11,895,000		11,895,000
Sanilac County Econ. Dev. Corp. (Marlette Cmnty. Hosp. Proj.) Series 2001, 1.79%, LOC Bank One NA, Chicago, VRDN (a)	12,565,000		12,565,000
Sterling Heights Econ. Dev. Corp. Ltd. Oblig. Rev. (Cherrywood Ctr. Assoc. Proj.) 1.75%, LOC Comerica Bank, Detroit, VRDN (a)(d)	2,400,000		2,400,000
Univ. of Michigan Univ. Revs. Series 2003 D, 1.62% 10/15/04, CP	2,000,000		2,000,000
Van Buren Township Local Dev. Fin. Auth. Participating VRDN Series ROC 4518, 1.75% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f)	7,720,000		7,720,000
Wayne Charter County Arpt. Rev. Participating VRDN Series PT 2128, 1.78% (Liquidity Facility WestLB AG) (a)(d)(f)	1,275,000		1,275,000
Wayne State Univ. Revs Bonds 5% 11/15/04 (FGIC Insured)	2,550,000		2,561,632
Wayne-Westland Cmnty. Schools Participating VRDN:
Series MS 98 56, 1.73% (Liquidity Facility Morgan Stanley) (a)(f)	7,465,000		7,465,000
Series MS 98 67, 1.73% (Liquidity Facility Morgan Stanley) (a)(f)	10,895,000		10,895,000
Municipal Securities - continued
	Principal Amount		Value
Michigan - continued
Western Townships Utils. Auth. County of Wayne Swr. Disp. Sys. Bonds Series Merlots A96, 1.45%, tender 4/27/05 (Liquidity Facility Wachovia Bank NA) (a)(f)(g)	$ 5,700,000		$ 5,700,000
Whitmore Lake Pub. School District Participating VRDN Series ROC II R4515, 1.75% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f)	3,900,000		3,900,000
Woodhaven-Brownstown School District County of Wayne Bonds Series 2004 B, 1.5%, tender 11/1/04 (Liquidity Facility Fifth Third Bank, Cincinnati) (a)	5,000,000		5,001,456
Zeeland Hosp. Fin. Auth. Rev. (Zeeland Cmnty. Hosp. Proj.) 1.74%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)	11,000,000		11,000,000
			578,386,070
New York - 1.0%
Bank of New York Muni. Ctfs. trust various states Participating VRDN Series BNY 02 3, 1.79% (Liquidity Facility Bank of New York, New York) (a)(d)(f)	5,500,000		5,500,000
Other - 1.5%
Fidelity Municipal Cash Central Fund, 1.61% (b)(c)	8,979,800		8,979,800
TOTAL INVESTMENT PORTFOLIO - 101.6%		592,865,870
NET OTHER ASSETS - (1.6)%		(9,241,977)
NET ASSETS - 100%		$ 583,623,893

Total Cost for Federal Income Tax Purposes $ 592,865,870

Security Type Abbreviations

CP - COMMERCIAL PAPER

RAN - REVENUE ANTICIPATION NOTE

TAN - TAX 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 listing of the fund's holdings as of its most recent fiscal year 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.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,400,000 or 1.3% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Michigan Bldg. Auth. Rev. Bonds Series MS 886, 1.25%, tender 12/16/04 (Liquidity Facility Morgan Stanley)	12/17/03	$ 1,700,000
Western Townships Utils. Auth. County of Wayne Swr. Disp. Sys. Bonds Series Merlots A96, 1.45%, tender 4/27/05 (Liquidity Facility Wachovia Bank NA)	11/2/01	$ 5,700,000

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Ohio Municipal
Money Market Fund

September 30, 2004

1.807730.100

OFS-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 99.4%
	Principal Amount		Value
Ohio - 97.1%
Akron Bath Copley Hosp. District Rev. Series B, 1.71%, LOC Bank One NA, VRDN (a)	$ 7,500,000		$ 7,500,000
Akron Income Tax Rev. Participating VRDN:
Series ROC II R2137, 1.75% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f)	1,395,000		1,395,000
Series ROC II R259, 1.75% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(f)	2,210,000		2,210,000
American Muni. Pwr.:
Bonds (Omega Joint Venture 6 Proj.) 1.45%, tender 2/14/05 (a)	9,861,000		9,861,000
BAN 1.25% 12/2/04	1,641,000		1,641,000
RAN 1.2% 10/7/04	840,000		840,000
Ashtabula County Indl. Dev. Rev. (Plasticolors, Inc. Proj.) Series 1996 A, 1.82%, LOC Key Bank NA, VRDN (a)(d)	1,845,000		1,845,000
Blue Ash Gen. Oblig. BAN 1.25% 2/4/05	1,700,000		1,700,000
Butler County Gen. Oblig. BAN:
Series C, 2.5% 6/9/05	4,005,000		4,027,480
1.12% 10/14/04	1,925,000		1,925,000
2.5% 3/11/05	1,750,000		1,757,650
Cambridge Hosp. Facilities Rev. (Southeastern Reg'l. Med. Ctr. Proj.) 1.5%, LOC Nat'l. City Bank, VRDN (a)	5,080,000		5,080,000
Cincinnati Student Ln. Fdg. Corp. Student Ln. Rev.:
Series 1998 A1, 1.74% (Liquidity Facility Sallie Mae), VRDN (a)(d)	7,700,000		7,700,000
Series 1998 A2, 1.74% (Liquidity Facility Sallie Mae), VRDN (a)(d)	19,800,000		19,800,002
Clark County Health Care Facilities Rev. (The Ohio Masonic Home Proj.) 1.79% (AMBAC Insured), VRDN (a)	5,500,000		5,500,000
Clermont County Indl. Dev. Rev. (American Micro Products Proj.) 1.82%, LOC U.S. Bank NA, Minnesota, VRDN (a)(d)	2,040,000		2,040,000
Cleveland Arpt. Sys. Rev. Participating VRDN:
Series PT 799, 1.78% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f)	1,500,000		1,500,000
Series SGA 126, 1.75% (Liquidity Facility Societe Generale) (a)(f)	10,685,000		10,685,000
Series Stars 81, 1.78% (Liquidity Facility BNP Paribas SA) (a)(d)(f)	5,635,000		5,635,000
Cleveland Gen. Oblig. Participating VRDN Series PT 2032, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	3,065,000		3,065,000
Cleveland Pub. Pwr. Sys. Rev. Bonds Series A, 7% 11/15/24 (Pre-Refunded to 11/15/04 @ 102) (e)	2,000,000		2,053,919
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Cleveland Wtrwks. Rev. Bonds Series Merlots 01 A24, 1.3%, tender 11/12/04 (Liquidity Facility Wachovia Bank NA) (a)(f)(g)	$ 4,020,000		$ 4,020,000
Columbus City School District Participating VRDN Series PT 2278, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	2,755,000		2,755,000
Columbus Gen. Oblig. Participating VRDN Series MS 01 585, 1.72% (Liquidity Facility Morgan Stanley) (a)(f)	5,175,000		5,175,000
Cuyahoga County Civic Facilities Rev. (Fairfax Dev. Corp. Proj.) 1.75%, LOC Key Bank NA, VRDN (a)	4,575,000		4,575,000
Cuyahoga County Econ. Dev. Rev. (Cleveland Botanical Garden Proj.) 1.73%, LOC Allied Irish Banks PLC, VRDN (a)	10,000,000		10,000,000
Cuyahoga County Health Care Facilities Rev.:
(Althenheim Proj.) 1.84%, LOC U.S. Bank NA, Minnesota, VRDN (a)	6,700,000		6,700,000
(Franciscan Communities, Inc. Mount Alverna Proj.) Series E, 1.67%, LOC Lasalle Bank NA, VRDN (a)	8,555,000		8,555,000
(The A.M. McGregor Home Proj.) 1.72%, LOC Key Bank NA, VRDN (a)	4,425,000		4,425,000
Cuyahoga County Indl. Dev. Rev.:
(Progressive Plastics, Inc. Proj.) 1.9%, LOC Bank One NA, VRDN (a)(d)	1,440,000		1,440,000
(Pubco Corp. Proj.) Series 2001, 1.82%, LOC Nat'l. City Bank, VRDN (a)(d)	3,070,000		3,070,000
(The Great Lakes Brewing Co. Proj.) Series 1997, 1.89%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)(d)	4,125,000		4,125,000
Cuyahoga County Rev. (Cleveland Clinic Health Sys. Obligated Group Prog.) Series 2003 B1, 1.72%, LOC JPMorgan Chase Bank, VRDN (a)	2,675,000		2,675,000
Darke County Health Care Facilities Rev. (Brethren Retirement Cmnty. Proj.) 1.77%, LOC Fifth Third Bank, Cincinnati, VRDN (a)	7,015,000		7,015,000
Dayton Gen. Oblig. BAN 3% 7/7/05 (d)	2,650,000		2,669,851
Dayton School District Participating VRDN Series SG 173, 1.72% (Liquidity Facility Societe Generale) (a)(f)	5,500,000		5,500,000
Delaware County Health Care Facilities (Willow Brook Christian Cmnty. Proj.) Series 1999, 1.75%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)	3,855,000		3,855,000
Elyria Gen. Oblig. BAN 2% 10/21/04	2,500,000		2,501,256
Erie County Gen. Oblig. BAN 2% 4/13/05	3,375,000		3,390,068
Erie County Multi-family Hsg. Rev. (Providence Residential Comnty. Corp. Proj.) Series 1999 A, 1.84%, LOC Bank One NA, VRDN (a)	10,255,000		10,255,000
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Franklin County Health Care Facilities Rev. (Friendship Villiage of Dublin, Ohio, Inc. Proj.) Series 2004 A, 1.69%, LOC Lasalle Bank NA, VRDN (a)	$ 10,805,000		$ 10,805,000
Franklin County Multi-family Rev.:
(Golf Pointe Apts. Proj.) Series 2000 A, 1.76%, LOC Lasalle Bank NA, VRDN (a)(d)	6,750,000		6,750,000
(Hanover Ridge Apts. Proj. 1.77%, LOC Fannie Mae, VRDN (a)(d)	4,350,000		4,350,000
Geauga County Health Care Facilities Rev. (Montefiore Hsg. Corp. Proj.) Series 2001, 1.75%, LOC Key Bank NA, VRDN (a)	5,710,000		5,710,000
Hamilton County Health Care Facilities Rev. 1.75%, LOC Fifth Third Bank, Cincinnati, VRDN (a)	4,145,000		4,145,000
Hamilton County Hosp. Facilities Rev. (Childrens Hosp. Med. Ctr. Proj.) Series 2000, 1.72%, LOC JPMorgan Chase Bank, VRDN (a)	5,000,000		5,000,000
Jackson Local School District Stark & Summit Counties Participating VRDN Series PT 2334, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	4,005,000		4,005,000
Kettering Indl. Dev. Rev. (Millat Industries Corp. Proj.) 1.82%, LOC Nat'l. City Bank, VRDN (a)(d)	3,120,000		3,120,000
Lake County Gen. Oblig. BAN 2% 4/14/05	2,250,000		2,260,458
Lake County Indl. Dev. Rev.:
(American Bus. Co. Proj.) 1.89%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)(d)	950,000		950,000
(Norshar Co. Proj.) 1.9%, LOC Bank One NA, VRDN (a)(d)	3,020,000		3,020,000
Lima Hosp. Rev. (Lima Memorial Hosp. Proj.) 1.85%, LOC Bank One NA, Chicago, VRDN (a)	2,500,000		2,500,000
Lucas County Hosp. Rev. Bonds (Promedica Healthcare Oblig. Group) 6% 11/15/04 (MBIA Insured)	2,000,000		2,011,250
Lucas County Multi-family Rev. (Lakewoods Proj.) 1.82%, LOC Key Bank NA, VRDN (a)(d)	4,000,000		4,000,000
Madeira City School District BAN 1.75% 10/12/04	6,600,000		6,601,239
Medina County Indl. Dev. Rev.:
(Firedex, Inc. Proj.) Series 1997, 1.82%, LOC Key Bank NA, VRDN (a)(d)	885,000		885,000
(Rembond Proj.) Series 1996, 1.9%, LOC Bank One NA, VRDN (a)(d)	1,845,000		1,845,000
Montgomery County Health Care Facilities Rev.:
(Eastway Corp. & Property Resource Proj.) Series 1997, 1.89%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)(d)	2,640,000		2,640,000
(Kettering Affiliated Proj.) 1.85%, LOC Bank One NA, VRDN (a)	2,500,000		2,500,000
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Montgomery County Multi-family Hsg. Dev. Rev. (Pedcor Invts.-Lyons Gate Proj.) 1.73%, LOC Fed. Home Ln. Bank, Cincinnati, VRDN (a)(d)	$ 4,315,000		$ 4,315,000
Montgomery County Solid Waste Rev. Bonds 5.25% 11/1/04 (MBIA Insured)	1,750,000		1,756,217
North Ridgeville Gen. Oblig. BAN 1.36% 12/16/04	5,400,000		5,402,884
Ohio Air Quality Dev. Auth. Rev.:
Participating VRDN Series PA 769R, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	4,180,000		4,180,000
(AK Steel Corp. Proj.) Series A, 1.75%, LOC ABN-AMRO Bank NV, VRDN (a)(d)	7,100,000		7,100,000
(Cincinnati Gas & Elec. Co. Proj.) Series A, 1.77%, LOC Cr. Lyonnais SA, VRDN (a)(d)	4,000,000		4,000,000
Ohio Bldg. Auth. Participating VRDN:
Series FRRI 02 L 31J, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(f)	5,375,000		5,375,000
Series LB 04 L21J, 1.75% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(f)	7,100,000		7,100,000
Series PT 1824, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	6,400,000		6,400,000
Ohio Gen. Oblig.:
Participating VRDN:
Series PT 1823, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	6,500,000		6,500,000
Series PT 1831, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	5,620,000		5,620,000
Series PT 2046, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	2,575,000		2,575,000
Series PT 2125, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	6,155,000		6,155,000
Series PT 2137, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	5,630,000		5,630,000
Series PT 2139, 1.72% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(f)	4,315,000		4,315,000
Series Putters 511, 1.71% (Liquidity Facility PNC Bank NA, Pittsburgh) (a)(f)	6,900,000		6,900,000
Series 2003 B, 1.7%, VRDN (a)	4,400,000		4,400,000
Ohio Higher Edl. Facility Commission Rev.:
Participating VRDN Series MS 98 116, 1.72% (Liquidity Facility Morgan Stanley) (a)(f)	10,120,000		10,120,000
(Ashland Univ. Proj.) 1.74%, LOC Key Bank NA, VRDN (a)	9,000,000		9,000,000
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Ohio Higher Edl. Facility Commission Rev.: - continued
(Pooled Fing. Prog.):
Series 1996, 1.8%, LOC Fifth Third Bank, Cincinnati, VRDN (a)	$ 2,285,000		$ 2,285,000
Series 1999, 1.8%, LOC Fifth Third Bank, Cincinnati, VRDN (a)	7,400,000		7,400,000
Ohio Hsg. Fin. Agcy. Mtg. Rev.:
Bonds:
Series Merlots 00 A1, 1.35%, tender 11/12/04 (Liquidity Facility Wachovia Bank NA) (a)(d)(f)(g)	6,705,000		6,705,000
Series PT 228, 1.4%, tender 12/9/04 (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f)(g)	4,695,000		4,695,000
Participating VRDN:
Series BA 00 Q, 1.84% (Liquidity Facility Bank of America NA) (a)(d)(f)	320,000		320,000
Series BA 01 I, 1.81% (Liquidity Facility Bank of America NA) (a)(d)(f)	4,375,000		4,375,000
Series BA 98 B, 1.84% (Liquidity Facility Bank of America NA) (a)(d)(f)	14,695,000		14,695,000
Series BA 98 Q, 1.84% (Liquidity Facility Bank of America NA) (a)(d)(f)	4,600,000		4,600,000
Series BA 99 Q, 1.84% (Liquidity Facility Bank of America NA) (a)(d)(f)	1,260,000		1,260,000
Series FRRI 25, 1.8% (Liquidity Facility Bank of New York, New York) (a)(d)(f)	1,460,000		1,460,000
Series LB 03 L46J, 1.8% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(d)(f)	6,560,000		6,560,000
Series Merlots 01 A78, 1.79% (Liquidity Facility Wachovia Bank NA) (a)(d)(f)	2,300,000		2,300,000
Series Merlots 02 A34, 1.79% (Liquidity Facility Wachovia Bank NA) (a)(d)(f)	2,395,000		2,395,000
Series PT 1334, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f)	5,080,000		5,080,000
Series PT 241, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f)	3,565,000		3,565,000
Series PT 506, 1.77% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(d)(f)	1,945,000		1,945,000
Series PT 567, 1.77% (Liquidity Facility Danske Bank AS) (a)(d)(f)	3,975,000		3,975,000
Series PT 582, 1.77% (Liquidity Facility Svenska Handelsbanken AB) (a)(d)(f)	2,400,000		2,400,000
Series 2004 D, 1.66% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d)	9,900,000		9,900,000
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Ohio Hsg. Fin. Agcy. Mtg. Rev.: - continued
Series B, 1.75% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d)	$ 12,000,000		$ 12,000,000
Series F, 1.71% (Liquidity Facility Fed. Home Ln. Bank, Cincinnati), VRDN (a)(d)	6,400,000		6,400,000
Ohio Hsg. Fin. Agcy. Multi-family Hsg. Rev.:
(Club at Spring Valley Apts. Proj.) Series 1996 A, 1.77%, LOC Key Bank NA, VRDN (a)(d)	5,700,000		5,700,000
(Pedcor Invt. Willowlake Apts. Proj.):
Series A, 1.78%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (a)(d)	2,930,000		2,930,000
Series B, 1.88%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (a)(d)	480,000		480,000
Series C, 1.88%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (a)(d)	625,000		625,000
Series D, 1.88%, LOC Fed. Home Ln. Bank, Indianapolis, VRDN (a)(d)	625,000		625,000
(Pine Crossing Apts. Proj.) 1.76%, LOC Lasalle Bank NA, VRDN (a)(d)	5,670,000		5,670,000
(Shannon Glenn Apts. Proj.) 1.74%, LOC Fannie Mae, VRDN (a)(d)	11,800,000		11,800,000
Ohio Indl. Dev. Rev.:
(K&S Realty Proj.) Series 1989 I, 1.75%, LOC Nat'l. City Bank, VRDN (a)(d)	105,000		105,000
(K&S Realty/Starr Fabricating, Inc. Proj.) Series 1989 III, 1.75%, LOC Nat'l. City Bank, VRDN (a)(d)	160,000		160,000
(Midwest Acoust-A-Fiber, Inc. Proj.) Series 1989 I, 1.75%, LOC Nat'l. City Bank, VRDN (a)(d)	50,000		50,000
(Plasticos Co. Proj.) Series 1989 IIIA, 1.75%, LOC Nat'l. City Bank, VRDN (a)(d)	20,000		20,000
(Standby Screw & Machine Proj.) Series 1991 IA, 1.75%, LOC Nat'l. City Bank, VRDN (a)(d)	100,000		100,000
Ohio Poll. Cont. Rev.:
(Gen. Motors Corp. Proj.) Series 1985, 2.65%, VRDN (a)	4,350,000		4,350,000
(Sohio Air Proj.) Series 1995, 1.72%, VRDN (a)	2,000,000		2,000,000
Ohio Solid Waste Rev.:
(BP Amoco Chemical Co. Proj.) 1.78% (BP PLC Guaranteed), VRDN (a)(d)	3,950,000		3,950,000
(BP Exploration & Oil, Inc. Proj.):
Series 1998, 1.78%, VRDN (a)(d)	4,025,000		4,025,000
Series 1999, 1.78% (BP PLC Guaranteed), VRDN (a)(d)	1,500,000		1,500,000
Series 2000, 1.78% (BP PLC Guaranteed), VRDN (a)(d)	1,000,000		1,000,000
1.78% (BP PLC Guaranteed), VRDN (a)(d)	2,600,000		2,600,000
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Ohio State Univ. Gen. Receipts Participating VRDN Series MS 851, 1.72% (Liquidity Facility Morgan Stanley) (a)(f)	$ 8,270,000		$ 8,270,000
Ohio Tpk. Commission Tpk. Rev. Participating VRDN Series MS 98 71, 1.72% (Liquidity Facility Morgan Stanley) (a)(f)	9,790,000		9,790,000
Ohio Wtr. Dev. Auth. (Waste Mgmt., Inc. Proj.) Series B, 1.83%, LOC Fleet Bank NA, VRDN (a)(d)	4,700,000		4,700,000
Ohio Wtr. Dev. Auth. Poll. Cont. Facilities Rev.:
(Cleveland Elec. Illuminating Co. Proj.) Series A, 1.75%, LOC Barclays Bank PLC, VRDN (a)(d)	6,000,000		6,000,000
(Toledo Edison Co. Proj.) Series A, 1.75%, LOC Barclays Bank PLC, VRDN (a)(d)	3,800,000		3,800,000
Ohio Wtr. Dev. Auth. Solid Waste Disp. Rev.:
(American Steel & Wire Corp. Proj.) 1.76%, LOC Lasalle Bank NA, VRDN (a)(d)	9,600,000		9,600,000
(Timken Co. Proj.) Series 1997, 1.72%, LOC Wachovia Bank NA, VRDN (a)(d)	7,100,000		7,100,000
Perrysburg Gen. Oblig. BAN:
1.75% 11/11/04	2,480,000		2,481,238
2.2% 8/11/05	1,955,000		1,961,594
Port of Greater Cincinnati Dev. Auth. Rev. (Nat'l. Underground Railroad Freedom Ctr., Inc. Proj.) Series 2003 A, 1.75%, LOC Bank One NA, LOC Fifth Third Bank, Cincinnati, VRDN (a)	6,500,000		6,500,000
Portage County Gen. Oblig. BAN 1.75% 10/29/04	3,300,000		3,301,671
Portage County Indl. Dev. Rev. (Mantaline Corp. Proj.) 1.82%, LOC Nat'l. City Bank, VRDN (a)(d)	2,935,000		2,935,000
Richland County Health Care Facilities Rev. (Mansfield Memorial Homes Proj.) Series 2002, 1.79%, LOC Key Bank NA, VRDN (a)	5,030,000		5,030,000
Richland County Indl. Dev. Rev. (Sabin Robbins Paper Co. Proj.) Series 1997, 1.85%, LOC Fifth Third Bank, Cincinnati, VRDN (a)(d)	1,800,000		1,800,000
Rickenbacker Port Auth. Indl. Dev. (Micro Industries Corp. Proj.) Series 2000, 1.9%, LOC Bank One NA, VRDN (a)(d)	2,590,000		2,590,000
Salem City Hosp. Facilities Rev. Series 2000, 1.8%, LOC PNC Bank NA, Pittsburgh, VRDN (a)	5,800,000		5,800,000
Stark County Indl. Dev. Rev.:
(H-P Products, Inc. Proj.) 1.82%, LOC Key Bank NA, VRDN (a)(d)	2,435,000		2,435,000
(Kidd Dev. Proj.) 1.9%, LOC Bank One NA, VRDN (a)(d)	2,965,000		2,965,000
Summit County Indl. Dev. Rev.:
(Commercial Alloys Corp. Proj.):
1.87%, LOC Nat'l. City Bank, VRDN (a)(d)	1,800,000		1,800,000
1.95%, LOC Nat'l. City Bank, VRDN (a)(d)	2,575,000		2,575,000
Municipal Securities - continued
	Principal Amount		Value
Ohio - continued
Summit County Indl. Dev. Rev.: - continued
(Kaiser Dev. Proj.) 1.9%, LOC Nat'l. City Bank, VRDN (a)(d)	$ 650,000		$ 650,000
(Keltec, Inc. Proj.) Series 1987, 1.9%, LOC Nat'l. City Bank, VRDN (a)(d)	150,000		150,000
(Mannix Co. Proj.) Series 1987, 1.9%, LOC Bank One NA, VRDN (a)(d)	805,000		805,000
(Sigma Properties Proj.) Series 2000 B, 1.87%, LOC Nat'l. City Bank, VRDN (a)(d)	1,995,000		1,995,000
(Summit Plastic Co. Proj.) 1.87%, LOC Nat'l. City Bank, VRDN (a)(d)	1,015,000		1,015,000
(Triumph Hldgs. Proj.) 1.87%, LOC Nat'l. City Bank, VRDN (a)(d)	1,355,000		1,355,000
Tallmadge Gen. Oblig. BAN 2% 3/15/05	2,100,000		2,108,063
Toledo City School District Participating VRDN:
Series Merlots 04 A15, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(f)	3,545,000		3,545,000
Series MS 889, 1.72% (Liquidity Facility Morgan Stanley) (a)(f)	1,810,000		1,810,000
Toledo City Svcs. Spl. Assessment Notes 1.71%, LOC State Street Bank & Trust Co., Boston, VRDN (a)	6,600,000		6,600,000
Toledo-Lucas County Port Auth. Rev. (P&G Industries Proj.) 1.82%, LOC Nat'l. City Bank, VRDN (a)(d)	2,150,000		2,150,000
Twinsburg Indl. Dev. Rev. (United Stationers Supply Co. Proj.) 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d)	6,800,000		6,800,000
Union County Gen. Oblig. BAN 2.5% 6/9/05	4,020,000		4,040,374
Warren County Health Care Facilities Rev. (Otterbein Homes Proj.):
Series 1998 A, 1.65%, LOC Fifth Third Bank, Cincinnati, VRDN (a)	3,020,000		3,020,000
Series 1998 B, 1.73%, LOC Fifth Third Bank, Cincinnati, VRDN (a)	4,500,000		4,500,000
Wood County Indl. Dev. Rev.:
(CMC Group Proj.) Series 2001, 1.82%, LOC Nat'l. City Bank, VRDN (a)(d)	2,210,000		2,210,000
(Dowa THT America, Inc. Proj.) Series 1999, 1.75%, LOC Comerica Bank, Detroit, VRDN (a)(d)	3,800,000		3,800,000
Zanesville-Muskingum Port Auth. Indl. Dev. Rev. (Almana II LLC Proj.) Series 2000, 1.9%, LOC Bank One NA, VRDN (a)(d)	5,900,000		5,900,000
			666,297,214
Municipal Securities - continued
	Principal Amount		Value
Other - 2.3%
Fidelity Municipal Cash Central Fund, 1.61% (b)(c)	$ 15,389,700		$ 15,389,700
TOTAL INVESTMENT PORTFOLIO - 99.4%		681,686,914
NET OTHER ASSETS - 0.6%			4,339,612
NET ASSETS - 100%		$ 686,026,526

Total Cost for Federal Income Tax Purposes $ 681,686,914

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

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.

(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.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $15,420,000 or 2.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Cleveland Wtrwks. Rev. Bonds Series Merlots 01 A24, 1.3%, tender 11/12/04 (Liquidity Facility Wachovia Bank NA)	3/16/01	$ 4,020,000
Ohio Hsg. Fin. Agcy. Mtg. Rev. Bonds: Series Merlots 00 A1, 1.35%, tender 11/12/04 (Liquidity Facility Wachovia Bank NA)	9/25/00 - 11/12/03	$ 6,705,000
Series PT 228, 1.4%, tender 12/9/04 (Liquidity Facility Merrill Lynch & Co., Inc.)	8/10/99	$ 4,695,000

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Pennsylvania Municipal
Money Market Fund

September 30, 2004

1.807725.100

PFS-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 98.5%
	Principal Amount		Value
New Jersey/Pennsylvania - 1.0%
Delaware River Port Auth. Pennsylvania & New Jersey Rev. Participating VRDN Series PA 606, 1.73% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)	$ 3,200,000		$ 3,200,000
Pennsylvania - 97.5%
Allegheny County Arpt. Rev.:
Bonds (Pittsburgh Int'l. Arpt. Proj.) 5.5% 1/1/05 (MBIA Insured) (b)	3,000,000		3,028,303
Participating VRDN Series PA 567, 1.78% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)	2,000,000		2,000,000
Allegheny County Hosp. Dev. Auth. Rev.:
Bonds (South Hills Health Sys. Proj.) Series 2000 A, 1.71%, tender 6/1/05, LOC PNC Bank NA, Pittsburgh (a)	3,900,000		3,900,000
Participating VRDN Series PT 762, 1.71% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(c)	2,800,000		2,800,000
Allegheny County Indl. Dev. Auth. Econ. Dev. Rev. (Glassport Realty Ltd. Proj.) 1.9%, LOC Huntington Nat'l. Bank, Columbus, VRDN (a)(b)	1,730,000		1,730,000
Allegheny County Indl. Dev. Auth. Rev.:
Bonds (Children's Museum of Pittsburgh Proj.) 2%, tender 10/1/04, LOC PNC Bank NA, Pittsburgh (a)	7,230,000		7,230,000
Participating VRDN Series Merlots A48, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(c)	3,000,000		3,000,000
(Doren, Inc. Proj.) Series 1997 C, 1.82%, LOC Nat'l. City Bank, PA, VRDN (a)(b)	1,600,000		1,600,000
(R.I. Lampus Co. Proj.) Series 1997 A, 1.82%, LOC Nat'l. City Bank, PA, VRDN (a)(b)	2,560,000		2,560,000
(Sacred Heart High School Proj.) 1.76%, LOC PNC Bank NA, Pittsburgh, VRDN (a)	1,000,000		1,000,000
(Union Elec. Steel Co. Proj.) Series 1996 A, 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b)	3,120,000		3,120,000
(UPMC Health Sys. Proj.) Series 2002 C, 1.71%, LOC Comerica Bank, Detroit, VRDN (a)	1,740,000		1,740,000
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Participating VRDN Series EGL 95 3503, 1.75% (Liquidity Facility Citibank NA, New York) (a)(c)	2,700,000		2,700,000
Berks County Indl. Dev. Auth. Rev. (Grafika Commercial Printing, Inc. Proj.) Series 1995, 1.81%, LOC Wachovia Bank NA, VRDN (a)(b)	695,000		695,000
Bucks County Indl. Dev. Auth. Rev.:
(Double H Plastics, Inc. Proj.) Series 1993, 1.81%, LOC Wachovia Bank NA, VRDN (a)(b)	1,020,000		1,020,000
(Snowball Real Estate LP Proj.) 1.86%, LOC Wachovia Bank NA, VRDN (a)(b)	2,375,000		2,375,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - continued
Butler County Indl. Dev. Auth. Rev. (Armco, Inc. Proj.) Series 1996 A, 1.77%, LOC Fifth Third Bank, Cincinnati, VRDN (a)(b)	$ 1,500,000		$ 1,500,000
Cambria County Ind. Dev. Auth. (Cambria Cogen Co. Proj.) Series 1998 A1, 1.78%, LOC Bayerische Hypo-und Vereinsbank AG, VRDN (a)(b)	2,525,000		2,525,000
Central Bucks School District Series 2000 A, 1.74% (FGIC Insured), VRDN (a)	4,330,000		4,330,000
Chester County Inter Unit 1.79%, LOC PNC Bank NA, Pittsburgh, VRDN (a)	2,500,000		2,500,000
Daniel Boone Area School District 1.69% (FSA Insured), VRDN (a)	3,200,000		3,200,000
Delaware County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (Exelon Generation Co. Proj.) 1.12% tender 10/5/04, LOC Wachovia Bank NA, CP mode	2,900,000		2,900,000
Harrisburg Auth. Wtr. Rev. Series A, 1.74% (FGIC Insured), VRDN (a)	2,800,000		2,800,000
Hatfield Township Indl. Dev. Auth. Exempt Facilities Rev. (Hatfield Quality Meats Proj.) 1.75%, LOC Bank of America NA, VRDN (a)(b)	2,500,000		2,500,000
Indiana County Indl. Dev. Auth. Poll. Cont. Rev. (Conemaught Proj.) Series 1997 A, 1.7%, LOC Bank One NA, Chicago, VRDN (a)(b)	6,725,000		6,725,000
Lancaster County Hosp. Auth. Rev. (Health Ctr. Willow Valley Proj.) Series B, 1.79% (MBIA Insured), VRDN (a)	2,400,000		2,400,000
Lancaster Higher Ed. Auth. College Rev. (Franklin & Marshall College Proj.) Series 1997, 1.79% (Liquidity Facility JPMorgan Chase Bank), VRDN (a)	2,880,000		2,880,000
Lawrence County Indl. Dev. Auth. Indl. Dev. Rev. (Atlantic States Materials Proj.) Series 1999, 1.81%, LOC Wachovia Bank NA, VRDN (a)(b)	1,400,000		1,400,000
Montgomery Co. Gen. Oblig. Bonds 5% 10/15/04	1,800,000		1,802,600
Montgomery County Indl. Dev. Auth. Poll. Cont. Rev.:
Bonds (Exelon Generation Co. LLC Proj.) Series B, 1.68% tender 10/13/04, LOC Wachovia Bank NA, CP mode	3,100,000		3,100,000
(Peco Energy Co. Proj.) Series B, 1.75%, LOC Wachovia Bank NA, VRDN (a)(b)	2,000,000		2,000,000
(RJI LP Proj.) Series 1992, 1.8%, LOC Nat'l. City Bank, VRDN (a)(b)	190,000		190,000
Northampton County Indl. Dev. Auth. Rev.:
Bonds (American Wtr. Cap. Corp. Proj.) Series 1991, 1.28% tender 10/4/04, CP mode (b)	2,500,000		2,500,000
(Binney & Smith, Inc. Proj.) Series 1997 A, 1.76%, LOC Bank One NA, Chicago, VRDN (a)(b)	2,350,000		2,350,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - continued
Northampton Indl. Dev. Auth. Rev. (Ultra-Poly Corp./Portland Ind. Park Proj.) 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b)	$ 2,600,000		$ 2,600,000
Pennsylvania Econ. Dev. Fing. Auth. Exempt Facilities Rev.:
(Merck & Co. Proj.) Series 2000, 1.75%, VRDN (a)(b)	4,000,000		4,000,000
(Reliant Energy Seward LLC Proj.):
Series 2002 A, 1.74%, LOC WestLB AG, VRDN (a)(b)	9,600,000		9,600,000
Series 2002 B, 1.75%, LOC WestLB AG, VRDN (a)(b)	5,700,000		5,700,000
Series A:
1.74%, LOC WestLB AG, VRDN (a)(b)	12,000,000		12,000,000
1.76%, LOC Barclays Bank PLC, VRDN (a)(b)	6,925,000		6,925,000
Pennsylvania Econ. Dev. Fing. Auth. Indl. Dev. Rev.:
(Dodge-Regupol, Inc. Proj.) Series D4, 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b)	200,000		200,000
(Respironics, Inc. Proj.) Series 1989 F, 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b)	100,000		100,000
Series 1996 A2, 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b)	700,000		700,000
Series 1996 A7, 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b)	425,000		425,000
Series 1999 C4, 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b)	900,000		900,000
Series 2002 B6, 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b)	900,000		900,000
Series B3, 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b)	1,700,000		1,700,000
Series B5, 1.77%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(b)	1,100,000		1,100,000
Pennsylvania Econ. Dev. Fing. Auth. Rev. (Westrum Hanover, L.P. Proj.) 1.74%, VRDN (a)(b)	2,500,000		2,500,000
Pennsylvania Gen. Oblig. Participating VRDN:
Series Merlots 04 B15, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(c)	3,100,000		3,100,000
Series MS 01 465, 1.73% (Liquidity Facility Morgan Stanley) (a)(c)	6,995,000		6,995,000
Pennsylvania Higher Ed. Assistance Agcy. Student Ln. Rev.:
Series 1988 C, 1.68%, LOC Sallie Mae, VRDN (a)(b)	22,800,000		22,800,000
Series 1997 A, 1.7% (AMBAC Insured), VRDN (a)(b)	2,900,000		2,900,000
Series 1999 A, 1.71% (AMBAC Insured), VRDN (a)(b)	4,000,000		4,000,000
Series 2000 A, 1.7% (AMBAC Insured), VRDN (a)(b)	1,000,000		1,000,000
Series 2001 B, 1.75% (FSA Insured), VRDN (a)(b)	800,000		800,000
Series 2002 B, 1.7% (FSA Insured), VRDN (a)(b)	2,800,000		2,800,000
Series A, 1.7% (FSA Insured), VRDN (a)(b)	5,600,000		5,600,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - continued
Pennsylvania Higher Ed. Assistance Agcy. Student Ln. Rev.: - continued
Series A1, 1.7% (AMBAC Insured), VRDN (a)(b)	$ 5,600,000		$ 5,600,000
Pennsylvania Higher Edl. Facilities Auth. Health Svcs. Rev. Bonds Series 1996 A, 6% 1/1/05	1,000,000		1,011,741
Pennsylvania Higher Edl. Facilities Auth. Rev.:
(Mount Aloysius College Proj.) Series L3, 1.73%, LOC Allied Irish Banks PLC, VRDN (a)	2,600,000		2,600,000
(Saint Joseph's Univ. Proj.) Series 1997 A7, 1.73%, LOC Allied Irish Banks PLC, VRDN (a)	2,800,000		2,800,000
Pennsylvania Hsg. Fin. Agcy.:
Bonds Series 2004 81A, 1.25% 4/1/05 (b)	510,000		510,000
Participating VRDN:
Series PA 1235, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)	2,280,000		2,280,000
Series PA 930, 1.74% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)	5,995,000		5,995,000
Series PT 2068, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)	1,820,000		1,820,000
Series PT 2190, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)	5,440,000		5,440,000
Series PT 890, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)	1,795,000		1,795,000
Series 2004 82B, 1.67% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a)(b)	16,210,000		16,210,000
Series 2004 84D, 1.75% (Liquidity Facility Dexia Cr. Local de France), VRDN (a)(b)	3,100,000		3,100,000
Pennsylvania Pub. School Bldg. Auth. School Rev.:
Bonds Series Merlots 03 A42, 1.8%, tender 7/28/05 (Liquidity Facility Wachovia Bank NA) (a)(c)(d)	2,900,000		2,900,000
Participating VRDN Series MS 958, 1.73% (Liquidity Facility Morgan Stanley) (a)(c)	3,100,000		3,100,000
Pennsylvania Tpk. Commission Oil Franchise Tax Rev. Participating VRDN Series ROC II R1005, 1.75% (Liquidity Facility Citigroup Global Markets Hldgs., Inc.) (a)(c)	2,470,000		2,470,000
Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series AAB 04 9, 1.35%, tender 10/13/04 (Liquidity Facility ABN-AMRO Bank NV) (a)(c)(d)	3,100,000		3,100,000
Philadelphia Arpt. Rev. Participating VRDN Series SG 118, 1.78% (Liquidity Facility Societe Generale) (a)(b)(c)	2,600,000		2,600,000
Philadelphia Auth. for Indl. Dev. Arpt. Rev. Participating VRDN:
Series LB 04 L17, 1.8% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (a)(b)(c)	3,385,000		3,385,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - continued
Philadelphia Auth. for Indl. Dev. Arpt. Rev. Participating VRDN: - continued
Series PA 882, 1.78% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)	$ 2,200,000		$ 2,200,000
Series Putters 217, 1.74% (Liquidity Facility JPMorgan Chase Bank) (a)(b)(c)	2,000,000		2,000,000
Philadelphia Auth. for Indl. Dev. Revs.:
(Saint Josephs Preparatory School Proj.) 1.72%, LOC Allied Irish Banks PLC, VRDN (a)	4,500,000		4,500,000
(Settlement Music School of Philadelphia Proj.) 1.72%, LOC Allied Irish Banks PLC, VRDN (a)	1,800,000		1,800,000
Philadelphia Auth. Indl. Dev. Lease Rev. Participating VRDN Series PA 1222, 1.71% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(c)	4,275,000		4,275,000
Philadelphia Gas Works Rev.:
Participating VRDN Series 1998 104, 1.73% (Liquidity Facility Morgan Stanley) (a)(c)	2,195,000		2,195,000
Series 2002 D:
1.6% 10/1/04, LOC JPMorgan Chase Bank, CP	3,100,000		3,100,000
1.7% 10/1/04, LOC JPMorgan Chase Bank, CP	3,100,000		3,100,000
Philadelphia Gen. Oblig. TRAN 3% 6/30/05	5,000,000		5,048,075
Philadelphia School District TRAN 3% 6/30/05	6,000,000		6,061,154
Philadelphia Wtr. & Wastewtr. Rev. Bonds Series MS 773, 1.1%, tender 3/31/05 (Liquidity Facility Morgan Stanley) (a)(c)(d)	2,000,000		2,000,000
Pittsburgh Urban Redev. Auth. Single Family Mortgage Rev. Participating VRDN Series PT 996, 1.76% (Liquidity Facility Merrill Lynch & Co., Inc.) (a)(b)(c)	3,100,000		3,100,000
Schuylkill County Indl. Dev. Auth. Resource Recovery Rev. (Northeastern Pwr. Co. Proj.) Series 1997 B, 1.82%, LOC Dexia Cr. Local de France, VRDN (a)(b)	6,975,000		6,975,000
Schuylkill County Indl. Dev. Auth. Rev. (Metal Sales Manufacturing Corp.) Series 1995, 1.88%, LOC U.S. Bank NA, Minnesota, VRDN (a)(b)	150,000		150,000
Municipal Securities - continued
	Principal Amount		Value
Pennsylvania - continued
Scranton-Lackawanna Health & Welfare Auth. Rev. Participating VRDN Series Merlots 02 A18, 1.74% (Liquidity Facility Wachovia Bank NA) (a)(c)	$ 2,875,000		$ 2,875,000
Upper Dauphin Indl. Dev. Auth. Rev. (United Church Christ Homes Proj.) Series 2001, 1.79%, LOC First Tennessee Bank NA, Memphis, VRDN (a)	2,500,000		2,500,000
			306,041,873
TOTAL INVESTMENT PORTFOLIO - 98.5%		309,241,873
NET OTHER ASSETS - 1.5%			4,726,297
NET ASSETS - 100%		$ 313,968,170

Total Cost for Federal Income Tax Purposes $ 309,241,873

Security Type Abbreviations

CP - COMMERCIAL PAPER

TRAN - TAX AND 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) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,000,000 or 2.5% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost
Pennsylvania Pub. School Bldg. Auth. School Rev. Bonds Series Merlots 03 A42, 1.8%, tender 7/28/05 (Liquidity Facility Wachovia Bank NA)	9/18/03	$ 2,900,000
Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series AAB 04 9, 1.35%, tender 10/13/04 (Liquidity Facility ABN-AMRO Bank NV)	8/18/04	$ 3,100,000
Philadelphia Wtr. & Wastewtr. Rev. Bonds Series MS 773, 1.1%, tender 3/31/05 (Liquidity Facility Morgan Stanley)	4/2/03	$ 2,000,000

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	November 22, 2004

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	November 22, 2004

By:	/s/Timothy F. Hayes
	Timothy F. Hayes
	Chief Financial Officer

Date:	November 22, 2004

Fidelity ® Michigan Municipal Money Market Fund

Investments September 30, 2004 (Unaudited)

Fidelity ® Ohio Municipal Money Market Fund

Investments September 30, 2004 (Unaudited)

Fidelity ® Pennsylvania Municipal Money Market Fund

Investments September 30, 2004 (Unaudited)

Fidelity ® Michigan Municipal
Money Market Fund

Fidelity ® Ohio Municipal
Money Market Fund

Fidelity ® Pennsylvania Municipal
Money Market Fund