0001364924-13-000006.txt : 20130118
0001364924-13-000006.hdr.sgml : 20130118
20130118121213
ACCESSION NUMBER: 0001364924-13-000006
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 7
FILED AS OF DATE: 20130118
DATE AS OF CHANGE: 20130118
EFFECTIVENESS DATE: 20130118
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Fidelity Newbury Street Trust
CENTRAL INDEX KEY: 0000704207
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 002-78458
FILM NUMBER: 13536660
BUSINESS ADDRESS:
STREET 1: 82 DEVONSHIRE STREET
CITY: BOSTON
STATE: MA
ZIP: 02109
BUSINESS PHONE: 617-563-7000
MAIL ADDRESS:
STREET 1: 82 DEVONSHIRE STREET
CITY: BOSTON
STATE: MA
ZIP: 02109
FORMER COMPANY:
FORMER CONFORMED NAME: NEWBURY STREET TRUST
DATE OF NAME CHANGE: 20000630
FORMER COMPANY:
FORMER CONFORMED NAME: FIDELITY NEWBURY STREET TRUST
DATE OF NAME CHANGE: 19970529
FORMER COMPANY:
FORMER CONFORMED NAME: DAILY TAX EXEMPT MONEY FUND /DE/
DATE OF NAME CHANGE: 19920703
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Fidelity Newbury Street Trust
CENTRAL INDEX KEY: 0000704207
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-03518
FILM NUMBER: 13536661
BUSINESS ADDRESS:
STREET 1: 82 DEVONSHIRE STREET
CITY: BOSTON
STATE: MA
ZIP: 02109
BUSINESS PHONE: 617-563-7000
MAIL ADDRESS:
STREET 1: 82 DEVONSHIRE STREET
CITY: BOSTON
STATE: MA
ZIP: 02109
FORMER COMPANY:
FORMER CONFORMED NAME: NEWBURY STREET TRUST
DATE OF NAME CHANGE: 20000630
FORMER COMPANY:
FORMER CONFORMED NAME: FIDELITY NEWBURY STREET TRUST
DATE OF NAME CHANGE: 19970529
FORMER COMPANY:
FORMER CONFORMED NAME: DAILY TAX EXEMPT MONEY FUND /DE/
DATE OF NAME CHANGE: 19920703
0000704207
S000007503
Prime Fund
C000020477
Capital Reserves Class
FPRXX
C000020478
Daily Money Class
FDAXX
0000704207
S000007504
Tax-Exempt Fund
C000020479
Capital Reserves Class
FERXX
C000020480
Daily Money Class
FDEXX
C000020481
Fidelity Tax-Free Money Market Fund
FMOXX
0000704207
S000007505
Treasury Fund
C000020482
Advisor B Class
FDBXX
C000020483
Advisor C Class
FDCXX
C000020484
Capital Reserves Class
FSRXX
C000020485
Daily Money Class
FDUXX
485BPOS
1
main.htm
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT (No. 002-78458)
UNDER THE SECURITIES ACT OF 1933
[X]
Pre-Effective Amendment No. ____
[ ]
Post-Effective Amendment No. 57
[X]
and
REGISTRATION STATEMENT (No. 811-03518)
UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No. 57
[X]
Fidelity Newbury Street Trust
(Exact Name of Registrant as Specified in Charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address Of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number: 617-563-7000
Scott C. Goebel, Secretary
82 Devonshire Street
Boston, Massachusetts 02109
(Name and Address of Agent for Service)
It is proposed that this filing will become effective
(X)
immediately upon filing pursuant to paragraph (b).
( )
on ( ) pursuant to paragraph (b) at 5:30 p.m. Eastern Time.
( )
60 days after filing pursuant to paragraph (a)(1) at 5:30 p.m. Eastern Time.
( )
on ( ) pursuant to paragraph (a)(1) of Rule 485 at 5:30 p.m. Eastern Time.
( )
75 days after filing pursuant to paragraph (a)(2) at 5:30 p.m. Eastern Time.
( )
on ( ) pursuant to paragraph (a)(2) of Rule 485 at 5:30 p.m. Eastern Time.
If appropriate, check the following box:
( )
this post-effective amendment designates a new effective date for a previously filed
post-effective amendment.
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it
meets all of the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933
and has duly caused this Post-Effective Amendment No. 57 to the Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Boston, and Commonwealth of Massachusetts, on the 18th day of January 2013.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons
in the capacities and on the dates indicated.
(Signature)
(Title)
(Date)
/s/John R. Hebble
President and Treasurer
January 18, 2013
John R. Hebble
(Principal Executive Officer)
/s/Christine Reynolds
Chief Financial Officer
January 18, 2013
Christine Reynolds
(Principal Financial Officer)
/s/Abigail P. Johnson
Trustee
January 18, 2013
Abigail P. Johnson
/s/James C. Curvey
*
Trustee
January 18, 2013
James C. Curvey
/s/Albert R. Gamper, Jr.
*
Trustee
January 18, 2013
Albert R. Gamper, Jr.
/s/Robert F. Gartland
*
Trustee
January 18, 2013
Robert F. Gartland
/s/Arthur E. Johnson
*
Trustee
January 18, 2013
Arthur E. Johnson
/s/Michael E. Kenneally
*
Trustee
January 18, 2013
Michael E. Kenneally
/s/James H. Keyes
*
Trustee
January 18, 2013
James H. Keyes
/s/Marie L. Knowles
*
Trustee
January 18, 2013
Marie L. Knowles
/s/Kenneth L. Wolfe
*
Trustee
January 18, 2013
Kenneth L. Wolfe
*
By:
/s/Joseph R. Fleming
Joseph R. Fleming,pursuant to a power of attorney dated February 1, 2011and filed herewith.
POWER OF ATTORNEY
We, the undersigned Directors or Trustees, as the case may be, of the following investment companies:
Fidelity Aberdeen Street Trust
Fidelity Advisor Series II
Fidelity Advisor Series IV
Fidelity Boylston Street Trust
Fidelity California Municipal Trust
Fidelity California Municipal Trust II
Fidelity Central Investment Portfolios II LLC
Fidelity Charles Street Trust
Fidelity Colchester Street Trust
Fidelity Court Street Trust
Fidelity Court Street Trust II
Fidelity Fixed-Income Trust
Fidelity Garrison Street Trust
Fidelity Hereford Street Trust
Fidelity Income Fund
Fidelity Massachusetts Municipal Trust
Fidelity Money Market Trust
Fidelity Municipal Trust
Fidelity Municipal Trust II
Fidelity Newbury Street Trust
Fidelity New York Municipal Trust
Fidelity New York Municipal Trust II
Fidelity Oxford Street Trust
Fidelity Phillips Street Trust
Fidelity Revere Street Trust
Fidelity School Street Trust
Fidelity Union Street Trust
Fidelity Union Street Trust II
Variable Insurance Products Fund V
in addition to any other investment company for which Fidelity Management & Research Company ("FMR") or an affiliate acts as investment adviser and for which the undersigned individuals serve as Directors or Trustees (collectively, the "Funds"), hereby revoke all previous powers of attorney we have given to sign and otherwise act in our names and behalf in matters involving any investment company
for which FMR or an affiliate acts as investment adviser and hereby constitute and appoint Thomas C. Bogle, Joseph R. Fleming, John V.
O'Hanlon, Robert W. Helm and Anthony H. Zacharski, each of them singly, our true and lawful attorneys-in-fact, with full power of substitution, and with full power to each of them, to sign for us and in our names in the appropriate capacities, all Registration Statements of
the Funds on Form N-1A, or any successors thereto, any and all subsequent Amendments, Pre-Effective Amendments, or Post-Effective
Amendments to said Registration Statements or any successors thereto, and any supplements or other instruments in connection therewith,
and generally to do all such things in our names and behalf in connection therewith as said attorneys-in-fact deem necessary or appropriate, to comply with the provisions of the Securities Act of 1933 and the Investment Company Act of 1940, and all related requirements of
the Securities and Exchange Commission. We hereby ratify and confirm all that said attorneys-in-fact or their substitutes may do or cause
to be done by virtue hereof. This power of attorney is effective for all documents filed on or after February 1, 2011.
WITNESS our hands on this first day of February 1, 2011.
/s/James C. Curvey
/s/Michael E. Kenneally
James C. Curvey
Michael E. Kenneally
/s/Albert R. Gamper, Jr.
/s/James H. Keyes
Albert R. Gamper, Jr.
James H. Keyes
/s/Robert F. Gartland
/s/Marie L. Knowles
Robert F. Gartland
Marie L. Knowles
/s/Arthur E. Johnson
/s/Kenneth L. Wolfe
Arthur E. Johnson
Kenneth L. Wolfe
EX-101.PRE
3
fnst-20121227_pre.xml
EX-101.INS
4
fnst-20121227.xml
00007042072011-12-302012-12-290000704207fnst:S000007505Memberfnst:DailyMoneyMember2011-12-302012-12-290000704207fnst:S000007504Memberfnst:DailyMoneyMember2011-12-302012-12-290000704207fnst:S000007505Memberfnst:DailyMoneyMemberfnst:C000020485Member2011-12-302012-12-290000704207fnst:S000007503Memberfnst:DailyMoneyMember2011-12-302012-12-290000704207fnst:S000007504Memberfnst:DailyMoneyMemberfnst:C000020480Member2011-12-302012-12-290000704207fnst:S000007503Memberfnst:DailyMoneyMemberfnst:C000020478Member2011-12-302012-12-290000704207fnst:S000007503Memberfnst:CapReservesMember2011-12-302012-12-290000704207fnst:S000007503Memberfnst:CapReservesMemberfnst:C000020477Member2011-12-302012-12-290000704207fnst:S000007505Memberfnst:CapReservesMember2011-12-302012-12-290000704207fnst:S000007505Memberfnst:CapReservesMemberfnst:C000020484Member2011-12-302012-12-290000704207fnst:S000007505Memberfnst:AdvBAdvCMember2011-12-302012-12-290000704207fnst:S000007504Memberfnst:CapReservesMember2011-12-302012-12-290000704207fnst:S000007504Memberfnst:CapReservesMemberfnst:C000020479Member2011-12-302012-12-290000704207fnst:S000007505Memberfnst:AdvBAdvCMemberfnst:C000020483Member2011-12-302012-12-290000704207fnst:S000007505Memberfnst:AdvBAdvCMemberfnst:C000020482Member2011-12-302012-12-290000704207fnst:S000007504Memberfnst:RetailMemberfnst:C000020481Member2011-12-302012-12-290000704207fnst:S000007504Memberfnst:RetailMember2011-12-302012-12-29pureiso4217:USD485BPOS2012-10-31Fidelity Newbury Street Trust0000704207false2012-12-272012-12-292012-12-29<font style="FONT-FAMILY: Times New Roman" size="5"><b>Fund Summary</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3"><b>Fund</b>/Class:<br/><b>Treasury Fund</b></font><font style="FONT-FAMILY: Times New Roman" size="3">/Daily Money</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Investment Objective</b></font><font style="FONT-FAMILY: Times New Roman" size="3">The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity.</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Fee Table</b></font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder fees</b></font><br/><font size="-2"><b>(fees paid directly from your investment)</b></font><font style="FONT-FAMILY: Times New Roman" size="3"> The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund.</font><font style="FONT-FAMILY: Times New Roman" size="5"><b>Fund Summary</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3"><b>Fund</b>/Class:<br/><b>Tax-Exempt Fund</b></font><font style="FONT-FAMILY: Times New Roman" size="3">/Daily Money</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Investment Objective</b></font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual class operating expenses</b></font><br/><font size="-2"><b>(expenses that you pay each year as a % of the value of your investment)</b></font>0<font style="FONT-FAMILY: Times New Roman" size="3">The fund seeks to provide as high a level of current income, exempt from federal income taxes, as is consistent with liquidity and stability of principal.</font>0.00250.0025<font style="FONT-FAMILY: Times New Roman" size="5"><b>Fund Summary</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3"><b>Fund</b>/Class:<br/><b>Prime Fund</b></font><font style="FONT-FAMILY: Times New Roman" size="3">/Daily Money</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Fee Table</b></font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Investment Objective</b></font>0.0023<font style="FONT-FAMILY: Times New Roman" size="3">The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.</font><font style="FONT-FAMILY: Times New Roman" size="3">The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity. </font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder fees</b></font><br/><font size="-2"><b>(fees paid directly from your investment)</b></font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Fee Table</b></font>0.0073<font style="FONT-FAMILY: Times New Roman" size="3">The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. </font>0<font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder fees</b></font><br/><font size="-2"><b>(fees paid directly from your investment) </b></font>0<font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual class operating expenses</b></font><br/><font size="-2"><b>(expenses that you pay each year as a % of the value of your investment)</b></font><font style="FONT-FAMILY: Times New Roman" size="5"><b>Fund Summary</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3"><b>Fund</b>/Class:<br/><b>Prime Fund</b></font><font style="FONT-FAMILY: Times New Roman" size="3">/Capital Reserves</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Investment Objective</b></font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Fee Table</b></font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder fees</b></font><br/><font size="-2"><b>(fees paid directly from your investment)</b></font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual class operating expenses</b></font><br/><font size="-2"><b>(expenses that you pay each year as a % of the value of your investment)</b></font><font style="FONT-FAMILY: Times New Roman" size="3"> This <b>example</b> helps compare the cost of investing in the fund with the cost of investing in other mutual funds.<br/><br/>Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:</font><table border="1" width="95%"><tr><td><div align="left"><i><font size="-1">During the periods shown in the chart:</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Returns</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Quarter ended</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Highest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">1.14%</font></i> </div></td><td><div align="left"><i><font size="-1">September 30, 2007</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Lowest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.00%</font></i> </div></td><td><div align="left"><i><font size="-1">February 28, 2010</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Year-to-Date Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.01%</font></i> </div></td><td><div align="left"><i><font size="-1">September 30, 2012</font></i></div></td></tr></table><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Strategies</b></font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Risks</b></font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual class operating expenses</b></font><br/><font size="-2"><b>(expenses that you pay each year as a % of the value of your investment)</b></font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Strategies</b></font>0.00250.0025<font style="FONT-FAMILY: Times New Roman" size="4"><b>Year-by-Year Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">Calendar Years</font>0.00220.0072<ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Normally investing at least 80% of assets in U.S. Treasury securities and repurchase agreements for those securities.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</font></li></ul>0.00250.00250.00230.0073<font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Risks</b></font><font style="FONT-FAMILY: Times New Roman" size="3">This <b>example</b> helps compare the cost of investing in the fund with the cost of investing in other mutual funds. <br/><br/>Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:</font><font style="FONT-FAMILY: Times New Roman" size="3"> The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity.</font>75233<font style="FONT-FAMILY: Times New Roman" size="3"> The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.</font>406906<font style="FONT-FAMILY: Times New Roman" size="3"> This <b>example</b> helps compare the cost of investing in the fund with the cost of investing in other mutual funds.<br/><br/> Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:</font><font style="FONT-FAMILY: Times New Roman" size="3">This <b>example</b> helps compare the cost of investing in the fund with the cost of investing in other mutual funds.<br/><br/>Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:</font><font style="FONT-FAMILY: Times New Roman" size="3"> The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Visit www.advisor.fidelity.com for updated return information.</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Strategies</b></font>7423075401<font style="FONT-FAMILY: Times New Roman" size="4"><b>Performance</b></font>233894406906<ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in U.S. dollar-denominated money market securities of domestic and foreign issuers rated in the highest category by at least two nationally recognized rating services, U.S. Government securities, and repurchase agreements.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Potentially entering into reverse repurchase agreements.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing more than 25% of total assets in the financial services industries.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"> Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Risks</b></font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Strategies</b></font><ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Interest Rate Changes.</i> Interest rate increases can cause the price of a money market security to decrease.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Issuer-Specific Changes.</i> A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font><font style="FONT-FAMILY: Times New Roman" size="3">Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Performance</b></font><font style="FONT-FAMILY: Times New Roman" size="3">The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.<br/><br/>Visit www.advisor.fidelity.com for updated return information.</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Year-by-Year Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">Calendar Years</font><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Normally investing in municipal money market securities.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Risks</b></font><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in U.S. dollar-denominated money market securities of domestic and foreign issuers rated in the highest category by at least two nationally recognized rating services, U.S. Government securities, and repurchase agreements.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Potentially entering into reverse repurchase agreements.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing more than 25% of total assets in the financial services industries.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</font></li></ul><ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Interest Rate Changes.</i> Interest rate increases can cause the price of a money market security to decrease.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Foreign Exposure.</i> Entities located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Financial Services Exposure.</i> Changes in government regulation and interest rates and economic downturns can have a significant negative effect on issuers in the financial services sector, including the price of their securities or their ability to meet their payment obligations.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Issuer-Specific Changes.</i> A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font>0.01130.00480.00660.02520.04380.04340.0124<ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Interest Rate Changes.</i> Interest rate increases can cause the price of a money market security to decrease.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Foreign Exposure. </i>Entities located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Financial Services Exposure. </i>Changes in government regulation and interest rates and economic downturns can have a significant negative effect on issuers in the financial services sector, including the price of their securities or their ability to meet their payment obligations.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"> <i>Issuer-Specific Changes.</i> A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. </font>0.00010.00010.0001<ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing more than 25% of total assets in the financial services industries.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </font><font style="FONT-FAMILY: Times New Roman" size="3">Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. </font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Performance</b></font><table border="1" width="95%"><tr><td><div align="left"><i><font size="-1">During the periods shown in the chart:</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Returns</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Quarter ended</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Highest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">1.17%</font></i> </div></td><td><div align="left"><i><font size="-1">December 31, 2006</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Lowest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.00%</font></i> </div></td><td><div align="left"><i><font size="-1">February 28, 2010</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Year-to-Date Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.01%</font></i> </div></td><td><div align="left"><i><font size="-1">September 30, 2012</font></i></div></td></tr></table><font style="FONT-FAMILY: Times New Roman" size="3">The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Visit www.advisor.fidelity.com for updated return information. </font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">For the periods ended<br>December 31, 2011</font><ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Municipal Market Volatility.</i> The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. </font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Interest Rate Changes.</i> Interest rate increases can cause the price of a money market security to decrease.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Foreign Exposure.</i> Entities providing credit support or a maturity-shortening structure that are located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Issuer-Specific Changes. </i> A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font>0.0001<font style="FONT-FAMILY: Times New Roman" size="3">The information illustrates the changes in the performance of the fund's shares from year to year. </font>0.0111<font style="FONT-FAMILY: Times New Roman" size="3"> Past performance is not an indication of future performance.</font>0.0147<font style="FONT-FAMILY: Times New Roman" size="3">www.advisor.fidelity.com</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Performance</b></font><font style="FONT-FAMILY: Times New Roman" size="3">The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.<br/><br/>Visit www.advisor.fidelity.com for updated return information.</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Year-by-Year Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">Calendar Years</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Year-by-Year Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">Calendar Years</font><font style="FONT-FAMILY: Times New Roman" ><b>Daily Money Class </b></font>0.01250.00930.00450.00560.00570.00760.01810.02830.02650.03040.04490.01450.04780.00010.02510.00010.00010.00280.00010.0001<table border="1" width="95%"><tr><td><div align="left"><i><font size="-1">During the periods shown in the chart:</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Returns</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Quarter ended</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Highest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.78%</font></i> </div></td><td><div align="left"><i><font size="-1">June 30, 2007</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Lowest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.00%</font></i> </div></td><td><div align="left"><i><font size="-1">March 31, 2010</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Year-to-Date Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.01%</font></i> </div></td><td><div align="left"><i><font size="-1">September 30, 2012</font></i></div></td></tr></table><table border="1" width="95%"><tr><td><div align="left"><i><font size="-1">During the periods shown in the chart:</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Returns</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Quarter ended</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Highest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">1.21%</font></i> </div></td><td><div align="left"><i><font size="-1">September 30, 2007</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Lowest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.00%</font></i> </div></td><td><div align="left"><i><font size="-1">February 28, 2010</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Year-to-Date Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.01%</font></i> </div></td><td><div align="left"><i><font size="-1">September 30, 2012</font></i></div></td></tr></table><font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">For the periods ended</font><br/><font style="FONT-FAMILY: Times New Roman" size="2">December 31, 2011</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">For the periods ended<br/>December 31, 2011 </font>0.00010.0150.0172<font style="FONT-FAMILY: Times New Roman" ><i>Year-to-Date Return</i></font>2012-09-300.0001<font style="FONT-FAMILY: Times New Roman" ><i>Highest Quarter Return</i></font>2007-06-300.0078<font style="FONT-FAMILY: Times New Roman" ><i>Lowest Quarter Return</i></font>2010-03-310<div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesTreasuryFund column period compact * ~</div>
00.00010.0090.01110.00250.0050.00230.0098<div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleTreasuryFund column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" ><i>Year-to-Date Return</i></font>2012-09-300.0001<font style="FONT-FAMILY: Times New Roman" ><i>Highest Quarter Return</i></font>2007-09-300.0121<font style="FONT-FAMILY: Times New Roman" ><i>Lowest Quarter Return</i></font>1002010-02-28312054212010.010.00310.00510.0240.04230.04520.02250.00160.00010.0001<div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsTreasuryFundBarChart column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font><font style="FONT-FAMILY: Times New Roman" size="3">Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font><font style="FONT-FAMILY: Times New Roman" size="3">The information illustrates the changes in the performance of the fund's shares from year to year.</font><font style="FONT-FAMILY: Times New Roman" size="3">Past performance is not an indication of future performance.</font><div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedTreasuryFund column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="3">www.advisor.fidelity.com</font>0.00010.01370.0153<div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesPrimeFund column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesPrimeFundCapitalReservesClass column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="3">The information illustrates the changes in the performance of the fund's shares from year to year.</font><font style="FONT-FAMILY: Times New Roman" size="3"> Past performance is not an indication of future performance.</font><font style="FONT-FAMILY: Times New Roman" size="3"> www.advisor.fidelity.com </font><div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesPrimeFund column period compact * ~</div>
<ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing more than 25% of total assets in the financial services industries.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font><font style="FONT-FAMILY: Times New Roman" size="3">Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font><div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExamplePrimeFund column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="3">www.advisor.fidelity.com</font><font style="FONT-FAMILY: Times New Roman" size="3"> The information illustrates the changes in the performance of the fund's shares from year to year.</font><div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsPrimeFundBarChart column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="3"> Past performance is not an indication of future performance.</font><div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedPrimeFund column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExamplePrimeFundCapitalReservesClass column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsPrimeFundCapitalReservesClassBarChart column period compact * ~</div>
2007-09-300.0114<font style="FONT-FAMILY: Times New Roman" ><i>Highest Quarter Return</i></font><font style="FONT-FAMILY: Times New Roman" ><i>Lowest Quarter Return</i></font>2010-02-280<div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedPrimeFundCapitalReservesClass column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" ><i>Year-to-Date Return</i></font>2012-09-300.0001<font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">For the periods ended</font><br/><font style="FONT-FAMILY: Times New Roman" size="2">December 31, 2011</font><div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesPrimeFundCapitalReservesClass column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" ><b>Capital Reserves Class</b></font><div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesTreasuryFund column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="4"><b>Investment Objective</b></font><font style="FONT-FAMILY: Times New Roman" size="5"><b>Fund Summary</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3"><b>Fund</b>/Class:<br/><b>Treasury Fund</b></font><font style="FONT-FAMILY: Times New Roman" size="3">/Capital Reserves </font><font style="FONT-FAMILY: Times New Roman" size="3">The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity.</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Fee Table</b></font><font style="FONT-FAMILY: Times New Roman" size="3">The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund.</font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder fees</b></font><br/><font size="-2"><b>(fees paid directly from your investment)</b></font>0<font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual class operating expenses</b></font><br/><font size="-2"><b>(expenses that you pay each year as a % of the value of your investment)</b></font>0.00250.0050.00230.0098<font style="FONT-FAMILY: Times New Roman" size="5"><b>Fund Summary</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3"><b>Fund</b>/Class:<br/><b>Treasury Fund</b></font><font style="FONT-FAMILY: Times New Roman" size="3">/Advisor B (Class B), Advisor C (Class C)</font><font style="FONT-FAMILY: Times New Roman" size="5"><b>Fund Summary</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3"><b>Fund</b>/Class:<br/><b>Tax-Exempt Fund</b></font><font style="FONT-FAMILY: Times New Roman" size="3">/Capital Reserves</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Investment Objective</b></font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Fee Table</b></font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder fees</b></font><br/><font size="-2"><b>(fees paid directly from your investment)</b></font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual class operating expenses</b></font><br/><font size="-2"><b>(expenses that you pay each year as a % of the value of your investment)</b></font><font style="FONT-FAMILY: Times New Roman" size="3">This <b>example</b> helps compare the cost of investing in the fund with the cost of investing in other mutual funds.<br/><br/>Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Strategies</b></font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Risks</b></font>100312542<font style="FONT-FAMILY: Times New Roman" size="4"><b>Performance</b></font>1201<font style="FONT-FAMILY: Times New Roman" size="4"><b>Year-by-Year Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">Calendar Years</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">For the periods ended<br/>December 31, 2011</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Strategies</b></font><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Normally investing at least 80% of assets in U.S. Treasury securities and repurchase agreements for those securities.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Risks</b></font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Investment Objective</b></font><font style="FONT-FAMILY: Times New Roman" size="3">The fund seeks to provide as high a level of current income, exempt from federal income taxes, as is consistent with liquidity and stability of principal.</font><font style="FONT-FAMILY: Times New Roman" size="3">The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity.</font><font style="FONT-FAMILY: Times New Roman" size="3">The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.</font><ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Interest Rate Changes.</i> Interest rate increases can cause the price of a money market security to decrease.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Issuer-Specific Changes.</i> A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Fee Table</b></font><font style="FONT-FAMILY: Times New Roman" size="3">Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font><font style="FONT-FAMILY: Times New Roman" size="3">The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. </font><font style="FONT-FAMILY: Times New Roman" size="3">This <b>example</b> helps compare the cost of investing in the fund with the cost of investing in other mutual funds. <br/><br/>Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Performance</b></font>0<font style="FONT-FAMILY: Times New Roman" size="3">The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.<br/><br/>Visit www.advisor.fidelity.com for updated return information.</font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder fees</b></font><br/><font size="-2"><b>(fees paid directly from your investment) </b></font>0.00250.0050.0022<font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font>0.0097<font style="FONT-FAMILY: Times New Roman" size="3">Past performance is not an indication of future performance.</font><font style="FONT-FAMILY: Times New Roman" size="3"> The information illustrates the changes in the performance of the fund's shares from year to year.</font><font style="FONT-FAMILY: Times New Roman" size="3">www.advisor.fidelity.com</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Year-by-Year Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">Calendar Years</font>9930953611900.00880.00230.00410.02270.04110.04080.01040.00010.00010.0001<font style="FONT-FAMILY: Times New Roman" ><b>Daily Money Class</b></font>0.010.05<font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">For the periods ended<br/>December 31, 2011</font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual class operating expenses</b></font><br/><font size="-2"><b>(expenses that you pay each year as a % of the value of your investment)</b></font>0.00010.01020.0129<font style="FONT-FAMILY: Times New Roman" ><b>Capital Reserves Class </b></font><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Normally investing in municipal money market securities.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">This <b>example</b> helps compare the cost of investing in the fund with the cost of investing in other mutual funds. <br/><br/>Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Strategies</b></font><div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesTreasuryFundCapitalReservesClass column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesTreasuryFundCapitalReservesClass column period compact * ~</div>
<ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Municipal Market Volatility.</i> The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Interest Rate Changes.</i> Interest rate increases can cause the price of a money market security to decrease.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Foreign Exposure.</i> Entities providing credit support or a maturity-shortening structure that are located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Issuer-Specific Changes.</i> A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Normally investing at least 80% of assets in U.S. Treasury securities and repurchase agreements for those securities. </font></li><li><font style="FONT-FAMILY: Times New Roman" size="3">Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Risks</b></font><div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleTreasuryFundCapitalReservesClass column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="3">The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.<br/><br/>Visit www.advisor.fidelity.com for updated return information.</font><div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsTreasuryFundCapitalReservesClassBarChart column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font><div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedTreasuryFundCapitalReservesClass column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="3">Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font><ul><li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Interest Rate Changes.</i> Interest rate increases can cause the price of a money market security to decrease.</font></li><li><font style="FONT-FAMILY: Times New Roman" size="3"> <i>Issuer-Specific Changes.</i> A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. </font><font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. </font><font style="FONT-FAMILY: Times New Roman" size="3">The information illustrates the changes in the performance of the fund's shares from year to year. </font><font style="FONT-FAMILY: Times New Roman" size="3">Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. </font><font style="FONT-FAMILY: Times New Roman" size="3">Past performance is not an indication of future performance.</font><font style="FONT-FAMILY: Times New Roman" size="3">www.advisor.fidelity.com</font><table border="1" width="95%"><tr><td><div align="left"><i><font size="-1">During the periods shown in the chart:</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Returns</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Quarter ended</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Highest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">1.11%</font></i> </div></td><td><div align="left"><i><font size="-1">December 31, 2006</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Lowest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.00%</font></i> </div></td><td><div align="left"><i><font size="-1">March 31, 2009</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Year-to-Date Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.01%</font></i> </div></td><td><div align="left"><i><font size="-1">September 30, 2012</font></i></div></td></tr></table><font style="FONT-FAMILY: Times New Roman" size="4"><b>Performance</b></font><font style="FONT-FAMILY: Times New Roman" size="3">The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.<br/><br/>Visit www.advisor.fidelity.com for updated return information. </font><font style="FONT-FAMILY: Times New Roman" ><i>Year-to-Date Return</i></font>2012-09-300.0001<font style="FONT-FAMILY: Times New Roman" ><i>Highest Quarter Return</i></font><table border="1" width="95%"><tr><td><div align="left"><i><font size="-1">During the periods shown in the chart:</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Returns</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Quarter ended</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Highest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.72%</font></i> </div></td><td><div align="left"><i><font size="-1">June 30, 2007</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Lowest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.00%</font></i> </div></td><td><div align="left"><i><font size="-1">February 28, 2010</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Year-to-Date Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.01%</font></i> </div></td><td><div align="left"><i><font size="-1">September 30, 2012</font></i></div></td></tr></table>2006-12-310.0117<font style="FONT-FAMILY: Times New Roman" ><i>Lowest Quarter Return</i></font>2010-02-280<font style="FONT-FAMILY: Times New Roman" size="3">The information illustrates the changes in the performance of the fund's shares from year to year. </font><font style="FONT-FAMILY: Times New Roman" size="3">www.advisor.fidelity.com</font><font style="FONT-FAMILY: Times New Roman" size="3"> Past performance is not an indication of future performance.</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Year-by-Year Returns</b></font>0.00010.0080.0093<table border="1" width="95%"><tr><td><div align="left"><i><font size="-1">During the periods shown in the chart for Class B:</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Returns</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Quarter ended</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Highest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.98%</font></i> </div></td><td><div align="left"><i><font size="-1">December 31, 2006</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Lowest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.00%</font></i> </div></td><td><div align="left"><i><font size="-1">March 31, 2009</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Year-to-Date Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.01%</font></i> </div></td><td><div align="left"><i><font size="-1">September 30, 2012</font></i></div></td></tr></table><font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Returns</b></font><font style="FONT-FAMILY: Times New Roman" ><i>Year-to-Date Return</i></font>2012-09-300.0001<font style="FONT-FAMILY: Times New Roman" ><i>Highest Quarter Return</i></font>2007-06-300.0072<font style="FONT-FAMILY: Times New Roman" ><i>Lowest Quarter Return</i></font>2010-02-28<font style="FONT-FAMILY: Times New Roman" ><i>Year-to-Date Return</i></font>02012-09-300.0001<font style="FONT-FAMILY: Times New Roman" ><i>Highest Quarter Return</i></font>2006-12-310.0098<font style="FONT-FAMILY: Times New Roman" ><i>Lowest Quarter Return</i></font>2009-03-3100.00660.00230.00330.01550.02570.02780.0120.00010.00010.0001<font style="FONT-FAMILY: Times New Roman" ><b>Capital Reserves Class </b></font><font style="FONT-FAMILY: Times New Roman" ><i>Year-to-Date Return</i></font>2012-09-300.0001<font style="FONT-FAMILY: Times New Roman" ><i>Highest Quarter Return</i></font>2006-12-310.0111<font style="FONT-FAMILY: Times New Roman" ><i>Lowest Quarter Return</i></font>2009-03-310<div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesTax-ExemptFundCapitalReservesClass column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="3">The returns in the bar chart do not reflect any applicable sales charges; if sales charges were reflected, returns would be lower than those shown.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">Calendar Years</font><div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesTaxExemptFundCapitalReservesClass column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleTaxExemptFundCapitalReservesClass column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="3">Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">For the periods ended<br/>December 31, 2011 </font><font style="FONT-FAMILY: Times New Roman" size="3">Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges.</font><div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedTax-ExemptFundCapitalReservesClass column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsTax-ExemptFundCapitalReservesClassBarChart column period compact * ~</div>
-0.00990.00460.00850.01020.0102-0.0499<font style="FONT-FAMILY: Times New Roman" ><b>Class B</b></font><font style="FONT-FAMILY: Times New Roman" ><b>Class C </b></font>0.00390.00110.00190.01760.03590.03560.00680.00010.00010.00010.00250.00250.010.010.00240.00240.01490.014965225277147110138131180177900.002500.00220.004715215248471471151813813118017792635910.00010.01010.0129<font style="FONT-FAMILY: Times New Roman" size="5"><b>Fund Summary</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3"><b>Fund</b>/Class:<br/> <b>Tax-Exempt Fund</b></font><font style="FONT-FAMILY: Times New Roman" size="3">/Fidelity<sup>®</sup> Tax-Free Money Market Fund</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Investment Objective</b></font><font style="FONT-FAMILY: Times New Roman" size="3">The fund seeks to provide as high a level of current income, exempt from federal income taxes, as is consistent with liquidity and stability of principal.</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Fee Table</b></font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder fees</b></font><br/><font size="-2"><b>(fees paid directly from your investment)</b></font><font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual class operating expenses</b></font><br/><font size="-2"><b>(expenses that you pay each year as a % of the value of your investment)</b></font><font style="FONT-FAMILY: Times New Roman" size="3">This <b>example</b> helps compare the cost of investing in the fund with the cost of investing in other mutual funds.<br/><br/>Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Strategies</b></font><ul><li><font style="FONT-FAMILY: Times New Roman" size="3">Normally investing in municipal money market securities. </font></li> <li><font style="FONT-FAMILY: Times New Roman" size="3"> Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax. </font></li> <li><font style="FONT-FAMILY: Times New Roman" size="3"> Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax. </font></li> <li><font style="FONT-FAMILY: Times New Roman" size="3"> Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects. </font></li> <li><font style="FONT-FAMILY: Times New Roman" size="3"> Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal Investment Risks</b></font><ul><li><font style="FONT-FAMILY: Times New Roman" size="3"> <i>Municipal Market Volatility.</i> The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. </font></li> <li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Interest Rate Changes.</i> Interest rate increases can cause the price of a money market security to decrease.</font></li> <li><font style="FONT-FAMILY: Times New Roman" size="3"> <i>Foreign Exposure.</i> Entities providing credit support or a maturity-shortening structure that are located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.</font></li> <li><font style="FONT-FAMILY: Times New Roman" size="3"><i>Issuer-Specific Changes.</i> A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.</font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="3">An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Performance</b></font><font style="FONT-FAMILY: Times New Roman" size="3">The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.<br/><br/>Visit www.fidelity.com for updated return information.</font><font style="FONT-FAMILY: Times New Roman" size="4"><b>Year-by-Year Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">Calendar Years</font><table border="1" width="95%"><tr><td><div align="left"><i><font size="-1">During the periods shown in the chart:</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Returns</font></i> </div></td><td valign="bottom" align="center"><div align="center"><i><font size="-2">Quarter ended</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Highest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.84%</font></i> </div></td><td><div align="left"><i><font size="-1">June 30, 2007</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Lowest Quarter Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.00%</font></i> </div></td><td><div align="left"><i><font size="-1">February 28, 2010</font></i></div></td></tr><tr><td><div align="left"><i><font size="-1">Year-to-Date Return</font></i> </div></td><td><div align="right"><i><font size="-1">0.01%</font></i> </div></td><td><div align="left"><i><font size="-1">September 30, 2012</font></i></div></td></tr></table>0.01160.00710.00820.02060.03080.0330.0170.00090.00010.0001<font style="FONT-FAMILY: Times New Roman" size="3">Sell All Shares</font><font style="FONT-FAMILY: Times New Roman" size="3">Hold Shares</font><font style="FONT-FAMILY: Times New Roman" ><i>Highest Quarter Return</i></font>2007-06-300.0084<font style="FONT-FAMILY: Times New Roman" ><i>Lowest Quarter Return</i></font>2010-02-280<font style="FONT-FAMILY: Times New Roman" ><i>Year-to-Date Return</i></font>2012-09-300.0001<font style="FONT-FAMILY: Times New Roman" size="3"> The information illustrates the changes in the performance of the fund's shares from year to year.</font><font style="FONT-FAMILY: Times New Roman" size="3">Past performance is not an indication of future performance.</font><font style="FONT-FAMILY: Times New Roman" size="3"> www.fidelity.com</font><font style="FONT-FAMILY: Times New Roman" size="3"> An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</font><font style="FONT-FAMILY: Times New Roman" size="3">Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</font><font style="FONT-FAMILY: Times New Roman" ><b>Daily Money Class</b></font><div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesTaxExemptFund column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleTaxExemptFund column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsTax-ExemptFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesTreasuryFundAdvisorClassesBC column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleTreasuryFundAdvisorClassesBC column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleNoRedemptionTreasuryFundAdvisorClassesBC column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsTreasuryFundAdvisorClassesBCBarChart column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedTreasuryFundAdvisorClassesBC column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" ><b>Fidelity<sup>®</sup> Tax-Free Money Market Fund</b></font><div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesTax-ExemptFundTax-FreeMoneyMarket column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesTax-ExemptFund column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesTreasuryFundAdvisorClassesBC column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesTaxExemptFundTaxFreeMoneyMarket column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedTax-ExemptFund column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsTax-ExemptFundTax-FreeMoneyMarketBarChart column period compact * ~</div>
<div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedTax-ExemptFundTax-FreeMoneyMarket column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Returns</b></font><br/><font style="FONT-FAMILY: Times New Roman" size="2">For the periods ended<br/>December 31, 2011</font><div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleTaxExemptFundTaxFreeMoneyMarket column period compact * ~</div>
<font style="FONT-FAMILY: Times New Roman" size="3">The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.</font><font style="FONT-FAMILY: Times New Roman" size="2"><i>Maximum contingent deferred sales charge (CDSC) declines over 6 years from 5.00% to 0%.</i></font><font style="FONT-FAMILY: Times New Roman" size="2"><i>On Class C shares redeemed less than one year after purchase.</i></font>Maximum contingent deferred sales charge (CDSC) declines over 6 years from 5.00% to 0%.On Class C shares redeemed less than one year after purchase.EX-101.SCH
5
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fnst-20121227_def.xml
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This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:
Normally investing at least 80% of assets in U.S. Treasury securities and repurchase agreements for those securities.
Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.
Principal Investment Risks
Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.
Issuer-Specific Changes. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.
Visit www.advisor.fidelity.com for updated return information.
Year-by-Year Returns Calendar Years
During the periods shown in the chart:
Returns
Quarter ended
Highest Quarter Return
1.11%
December 31, 2006
Lowest Quarter Return
0.00%
March 31, 2009
Year-to-Date Return
0.01%
September 30, 2012
Average Annual Returns For the periods ended December 31, 2011
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Fund/Class: Tax-Exempt Fund/Fidelity® Tax-Free Money Market Fund
Investment Objective
The fund seeks to provide as high a level of current income, exempt from federal income taxes, as is consistent with liquidity and stability of principal.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
Shareholder fees (fees paid directly from your investment)
This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:
Normally investing in municipal money market securities.
Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax.
Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax.
Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.
Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.
Principal Investment Risks
Municipal Market Volatility. The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.
Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.
Foreign Exposure. Entities providing credit support or a maturity-shortening structure that are located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.
Issuer-Specific Changes. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.
Visit www.fidelity.com for updated return information.
Year-by-Year Returns Calendar Years
During the periods shown in the chart:
Returns
Quarter ended
Highest Quarter Return
0.84%
June 30, 2007
Lowest Quarter Return
0.00%
February 28, 2010
Year-to-Date Return
0.01%
September 30, 2012
Average Annual Returns For the periods ended December 31, 2011
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
The fund seeks to provide as high a level of current income, exempt from federal income taxes, as is consistent with liquidity and stability of principal.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
Shareholder fees (fees paid directly from your investment)
This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:
Normally investing in municipal money market securities.
Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax.
Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax.
Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.
Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.
Principal Investment Risks
Municipal Market Volatility. The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.
Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.
Foreign Exposure. Entities providing credit support or a maturity-shortening structure that are located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.
Issuer-Specific Changes. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Performance
The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.
Visit www.advisor.fidelity.com for updated return information.
Year-by-Year Returns Calendar Years
During the periods shown in the chart:
Returns
Quarter ended
Highest Quarter Return
0.78%
June 30, 2007
Lowest Quarter Return
0.00%
March 31, 2010
Year-to-Date Return
0.01%
September 30, 2012
Average Annual Returns For the periods ended December 31, 2011
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart. When a Multiple Class Fund offers more than one Class in the prospectus, provide annual total returns in the bar chart for only one of those Classes. The Fund can select which Class to include (e.g., the oldest Class, the Class with the greatest net assets).
If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.
Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.
Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.
This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.
Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."
Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).
"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.
This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.
Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.
Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.
Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.