0000704207 2011-12-30 2012-12-29 0000704207 fnst:S000007505Member fnst:DailyMoneyMember 2011-12-30 2012-12-29 0000704207 fnst:S000007504Member fnst:DailyMoneyMember 2011-12-30 2012-12-29 0000704207 fnst:S000007505Member fnst:DailyMoneyMember fnst:C000020485Member 2011-12-30 2012-12-29 0000704207 fnst:S000007503Member fnst:DailyMoneyMember 2011-12-30 2012-12-29 0000704207 fnst:S000007504Member fnst:DailyMoneyMember fnst:C000020480Member 2011-12-30 2012-12-29 0000704207 fnst:S000007503Member fnst:DailyMoneyMember fnst:C000020478Member 2011-12-30 2012-12-29 0000704207 fnst:S000007503Member fnst:CapReservesMember 2011-12-30 2012-12-29 0000704207 fnst:S000007503Member fnst:CapReservesMember fnst:C000020477Member 2011-12-30 2012-12-29 0000704207 fnst:S000007505Member fnst:CapReservesMember 2011-12-30 2012-12-29 0000704207 fnst:S000007505Member fnst:CapReservesMember fnst:C000020484Member 2011-12-30 2012-12-29 0000704207 fnst:S000007505Member fnst:AdvBAdvCMember 2011-12-30 2012-12-29 0000704207 fnst:S000007504Member fnst:CapReservesMember 2011-12-30 2012-12-29 0000704207 fnst:S000007504Member fnst:CapReservesMember fnst:C000020479Member 2011-12-30 2012-12-29 0000704207 fnst:S000007505Member fnst:AdvBAdvCMember fnst:C000020483Member 2011-12-30 2012-12-29 0000704207 fnst:S000007505Member fnst:AdvBAdvCMember fnst:C000020482Member 2011-12-30 2012-12-29 0000704207 fnst:S000007504Member fnst:RetailMember fnst:C000020481Member 2011-12-30 2012-12-29 0000704207 fnst:S000007504Member fnst:RetailMember 2011-12-30 2012-12-29 pure iso4217:USD 485BPOS 2012-10-31 Fidelity Newbury Street Trust 0000704207 false 2012-12-27 2012-12-29 2012-12-29 Fund Summary Fund/Class: Treasury Fund/Daily Money Investment Objective The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity. Fee Table Shareholder fees (fees paid directly from your investment) The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Fund Summary Fund/Class: Tax-Exempt Fund/Daily Money Investment Objective Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 0 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. 0.0025 0.0025 Fund Summary Fund/Class: Prime Fund/Daily Money Fee Table Investment Objective 0.0023 The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity. Shareholder fees (fees paid directly from your investment) Fee Table 0.0073 The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 0 Shareholder fees (fees paid directly from your investment) 0 Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Fund Summary Fund/Class: Prime Fund/Capital Reserves Investment Objective Fee Table Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of 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: <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">1.14% </div></td><td><div align="left">September 30, 2007</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">0.00% </div></td><td><div align="left">February 28, 2010</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">0.01% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Principal Investment Strategies Principal Investment Risks Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) Principal Investment Strategies 0.0025 0.0025 Year-by-Year Returns Calendar Years 0.0022 0.0072 <ul><li>Normally investing at least 80% of assets in U.S. Treasury securities and repurchase agreements for those securities.</li><li>Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</li></ul> 0.0025 0.0025 0.0023 0.0073 Principal Investment Risks 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: The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity. 75 233 The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 406 906 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: 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: 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. Principal Investment Strategies 74 230 75 401 Performance 233 894 406 906 <ul><li>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.</li><li>Potentially entering into reverse repurchase agreements.</li><li>Investing more than 25% of total assets in the financial services industries.</li><li> Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</li></ul> Principal Investment Risks Principal Investment Strategies <ul><li>Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.</li><li>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.</li></ul>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. 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 <ul><li>Normally investing in municipal money market securities.</li><li>Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax.</li><li>Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax.</li><li>Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.</li><li>Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</li></ul> Principal Investment Risks <ul><li>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.</li><li>Potentially entering into reverse repurchase agreements.</li><li>Investing more than 25% of total assets in the financial services industries.</li><li>Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</li></ul> <ul><li>Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.</li><li>Foreign Exposure. Entities located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.</li><li>Financial Services Exposure. 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.</li><li>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.</li></ul>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. 0.0113 0.0048 0.0066 0.0252 0.0438 0.0434 0.0124 <ul><li>Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.</li><li>Foreign Exposure. Entities located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.</li><li>Financial Services Exposure. 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.</li><li> 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.</li></ul>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. 0.0001 0.0001 0.0001 <ul><li>Investing more than 25% of total assets in the financial services industries.</li></ul> 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 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">1.17% </div></td><td><div align="left">December 31, 2006</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">0.00% </div></td><td><div align="left">February 28, 2010</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">0.01% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> 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. Average Annual Returns For the periods ended December 31, 2011 <ul><li>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. </li><li>Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.</li><li>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.</li><li>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.</li></ul>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. 0.0001 The information illustrates the changes in the performance of the fund's shares from year to year. 0.0111 Past performance is not an indication of future performance. 0.0147 www.advisor.fidelity.com 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 Year-by-Year Returns Calendar Years Daily Money Class 0.0125 0.0093 0.0045 0.0056 0.0057 0.0076 0.0181 0.0283 0.0265 0.0304 0.0449 0.0145 0.0478 0.0001 0.0251 0.0001 0.0001 0.0028 0.0001 0.0001 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">0.78% </div></td><td><div align="left">June 30, 2007</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">0.00% </div></td><td><div align="left">March 31, 2010</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">0.01% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">1.21% </div></td><td><div align="left">September 30, 2007</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">0.00% </div></td><td><div align="left">February 28, 2010</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">0.01% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns For the periods ended December 31, 2011 Average Annual Returns For the periods ended December 31, 2011 0.0001 0.015 0.0172 Year-to-Date Return 2012-09-30 0.0001 Highest Quarter Return 2007-06-30 0.0078 Lowest Quarter Return 2010-03-31 0 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesTreasuryFund column period compact * ~</div> 0 0.0001 0.009 0.0111 0.0025 0.005 0.0023 0.0098 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleTreasuryFund column period compact * ~</div> Year-to-Date Return 2012-09-30 0.0001 Highest Quarter Return 2007-09-30 0.0121 Lowest Quarter Return 100 2010-02-28 312 0 542 1201 0.01 0.0031 0.0051 0.024 0.0423 0.0452 0.0225 0.0016 0.0001 0.0001 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsTreasuryFundBarChart column period compact * ~</div> 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. 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedTreasuryFund column period compact * ~</div> www.advisor.fidelity.com 0.0001 0.0137 0.0153 <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> 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. www.advisor.fidelity.com <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesPrimeFund column period compact * ~</div> <ul><li>Investing more than 25% of total assets in the financial services industries.</li></ul> 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExamplePrimeFund column period compact * ~</div> www.advisor.fidelity.com The information illustrates the changes in the performance of the fund's shares from year to year. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsPrimeFundBarChart column period compact * ~</div> Past performance is not an indication of future performance. <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> 2007-09-30 0.0114 Highest Quarter Return Lowest Quarter Return 2010-02-28 0 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedPrimeFundCapitalReservesClass column period compact * ~</div> Year-to-Date Return 2012-09-30 0.0001 Average Annual Returns For the periods ended December 31, 2011 <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesPrimeFundCapitalReservesClass column period compact * ~</div> Capital Reserves Class <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualClassOperatingExpensesTreasuryFund column period compact * ~</div> Investment Objective Fund Summary Fund/Class: Treasury Fund/Capital Reserves The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity. Fee Table The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. Shareholder fees (fees paid directly from your investment) 0 Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 0.0025 0.005 0.0023 0.0098 Fund Summary Fund/Class: Treasury Fund/Advisor B (Class B), Advisor C (Class C) Fund Summary Fund/Class: Tax-Exempt Fund/Capital Reserves Investment Objective Fee Table Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of 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: Principal Investment Strategies Principal Investment Risks 100 312 542 Performance 1201 Year-by-Year Returns Calendar Years Average Annual Returns For the periods ended December 31, 2011 Principal Investment Strategies <ul><li>Normally investing at least 80% of assets in U.S. Treasury securities and repurchase agreements for those securities.</li><li>Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</li></ul> Principal Investment Risks 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. The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. <ul><li>Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.</li><li>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.</li></ul>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. Fee Table 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. The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. 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: Performance 0 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. Shareholder fees (fees paid directly from your investment) 0.0025 0.005 0.0022 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. 0.0097 Past performance is not an indication of future performance. The information illustrates the changes in the performance of the fund's shares from year to year. www.advisor.fidelity.com Year-by-Year Returns Calendar Years 99 309 536 1190 0.0088 0.0023 0.0041 0.0227 0.0411 0.0408 0.0104 0.0001 0.0001 0.0001 Daily Money Class 0.01 0.05 Average Annual Returns For the periods ended December 31, 2011 Annual class operating expenses (expenses that you pay each year as a % of the value of your investment) 0.0001 0.0102 0.0129 Capital Reserves Class <ul><li>Normally investing in municipal money market securities.</li><li>Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax.</li><li>Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax.</li><li>Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.</li><li>Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</li></ul> 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 and if you hold your shares: Principal Investment Strategies <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>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.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.</li><li>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.</li><li>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.</li></ul>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. <ul><li>Normally investing at least 80% of assets in U.S. Treasury securities and repurchase agreements for those securities. </li><li>Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments. </li></ul> Principal Investment Risks <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleTreasuryFundCapitalReservesClass column period compact * ~</div> 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualTotalReturnsTreasuryFundCapitalReservesClassBarChart column period compact * ~</div> 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. <div style="display:none">~ http://www.fidelity.com/role/ScheduleAverageAnnualTotalReturnsTransposedTreasuryFundCapitalReservesClass column period compact * ~</div> 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. <ul><li>Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.</li><li> 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.</li></ul>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. 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. The information illustrates the changes in the performance of the fund's shares from year to year. 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. Past performance is not an indication of future performance. www.advisor.fidelity.com <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">1.11% </div></td><td><div align="left">December 31, 2006</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">0.00% </div></td><td><div align="left">March 31, 2009</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">0.01% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> 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-to-Date Return 2012-09-30 0.0001 Highest Quarter Return <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">0.72% </div></td><td><div align="left">June 30, 2007</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">0.00% </div></td><td><div align="left">February 28, 2010</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">0.01% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> 2006-12-31 0.0117 Lowest Quarter Return 2010-02-28 0 The information illustrates the changes in the performance of the fund's shares from year to year. www.advisor.fidelity.com Past performance is not an indication of future performance. Year-by-Year Returns 0.0001 0.008 0.0093 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart for Class B: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">0.98% </div></td><td><div align="left">December 31, 2006</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">0.00% </div></td><td><div align="left">March 31, 2009</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">0.01% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> Average Annual Returns Year-to-Date Return 2012-09-30 0.0001 Highest Quarter Return 2007-06-30 0.0072 Lowest Quarter Return 2010-02-28 Year-to-Date Return 0 2012-09-30 0.0001 Highest Quarter Return 2006-12-31 0.0098 Lowest Quarter Return 2009-03-31 0 0.0066 0.0023 0.0033 0.0155 0.0257 0.0278 0.012 0.0001 0.0001 0.0001 Capital Reserves Class Year-to-Date Return 2012-09-30 0.0001 Highest Quarter Return 2006-12-31 0.0111 Lowest Quarter Return 2009-03-31 0 <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesTax-ExemptFundCapitalReservesClass column period compact * ~</div> 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. Calendar Years <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> Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. For the periods ended December 31, 2011 Unlike the returns in the bar chart, the returns in the table reflect the maximum applicable sales charges. <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> -0.0099 0.0046 0.0085 0.0102 0.0102 -0.0499 Class B Class C 0.0039 0.0011 0.0019 0.0176 0.0359 0.0356 0.0068 0.0001 0.0001 0.0001 0.0025 0.0025 0.01 0.01 0.0024 0.0024 0.0149 0.0149 652 252 771 471 1013 813 1180 1779 0 0.0025 0 0.0022 0.0047 152 152 48 471 471 151 813 813 1180 1779 263 591 0.0001 0.0101 0.0129 Fund Summary 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 Shareholder fees (fees paid directly from your investment) Annual class operating expenses (expenses that you pay each year as a % of the value of 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: Principal Investment Strategies <ul><li>Normally investing in municipal money market securities. </li> <li> Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax. </li> <li> Normally not investing in municipal securities whose interest is subject to the federal alternative minimum tax. </li> <li> Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects. </li> <li> Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.</li></ul> Principal Investment Risks <ul><li> 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. </li> <li>Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.</li> <li> 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.</li> <li>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.</li></ul> 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 <table border="1" width="95%"><tr><td><div align="left">During the periods shown in the chart: </div></td><td valign="bottom" align="center"><div align="center">Returns </div></td><td valign="bottom" align="center"><div align="center">Quarter ended</div></td></tr><tr><td><div align="left">Highest Quarter Return </div></td><td><div align="right">0.84% </div></td><td><div align="left">June 30, 2007</div></td></tr><tr><td><div align="left">Lowest Quarter Return </div></td><td><div align="right">0.00% </div></td><td><div align="left">February 28, 2010</div></td></tr><tr><td><div align="left">Year-to-Date Return </div></td><td><div align="right">0.01% </div></td><td><div align="left">September 30, 2012</div></td></tr></table> 0.0116 0.0071 0.0082 0.0206 0.0308 0.033 0.017 0.0009 0.0001 0.0001 Sell All Shares Hold Shares Highest Quarter Return 2007-06-30 0.0084 Lowest Quarter Return 2010-02-28 0 Year-to-Date Return 2012-09-30 0.0001 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. www.fidelity.com 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. Daily Money Class <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> Fidelity® Tax-Free Money Market Fund <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> Average Annual Returns For the periods ended December 31, 2011 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleTaxExemptFundTaxFreeMoneyMarket column period compact * ~</div> The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 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. 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.