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Fractional strings in the spectrum of states of open strings attached to amultiply wound D-brane is explained. We first describe the fractional stringstates in the low-energy effective theory where the topology of multiplewinding is encoded in the gauge holonomy. The holonomy induces twisted boundaryconditions responsible for the fractional moding of these states. We alsodescribe fractional strings in world sheet formulation and compute simplescattering amplitudes for Hawking emission/absorption. Generalization tofractional DN-strings in a 1-brane 5-brane bound state is described. When a1-brane and a 5-brane wraps $Q_1$ and $Q_5$ times respectively around a circle,the momentum of DN-strings is quantized in units of $2 \pi/L Q_1 Q_5$. Thesefractional states appear naturally in the perturbative spectrum of the theory.Comment: 14 pages, LaTeX, 3 figure

PERTURBATIVE DYNAMICS OF FRACTIONAL STRINGS ON MULTIPLY WOUND D-STRINGS