Retail | Tax-Exempt Fund

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

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)

Shareholder Fees (USD $)	Retail Tax-Exempt Fund Tax-Free Money Market Fund
Shareholder fees (fees paid directly from your investment)	none

Annual class operating expenses (expenses that you pay each year as a % of the value of your investment)

Annual Class Operating Expenses	Retail Tax-Exempt Fund Tax-Free Money Market Fund
Management fee	0.25%
Distribution and/or Service (12b-1) fees	none
Other expenses	0.22%
Total annual operating expenses	0.47%

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:

Expense Example (USD $)	Retail Tax-Exempt Fund Tax-Free Money Market Fund
1 year	48
3 years	151
5 years	263
10 years	591

Principal Investment Strategies

• 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%	March 31, 2010
Year-to-Date Return	0.01%	September 30, 2011

Average Annual Returns

For the periods ended

December 31, 2010

Average Annual Total Returns	Past 1 year	Past 5 years	Life of class		Inception Date
Retail Tax-Exempt Fund Tax-Free Money Market Fund	0.01%	1.63%	1.46%	[1]	Jun. 19, 2001

[1] From June 19, 2001.