FIDELITY TAX-EXEMPT FUND

Cash Management Funds
Capital Reserve Class

Symbol: FERXX
Expenses: 0.95%
Trading Hours: 8:30 a.m. to 12:00 noon EST
Minimum Investment: $1,000
Fund Inception: November 22, 1983

Fund Objective

The fund normally invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax. The fund does not currently intend to invest assets in municipal securities whose interest is subject to federal income tax or in municipal securities whose interest is subject to the federal alternative minimum tax.^†

Fund Manager

Michael Widrig

Michael Widrig joined Fidelity in 1990. He currently manages a number of Fidelity municipal money market funds and was appointed to manage Tax-Exempt in January 2004.

^† Income exempt from federal income tax may be subject to state or local tax. A portion of the dividends you receive may be subject to federal and state income taxes. Any capital gains realized by the fund generally will be subject to taxation at each level.

For more complete information, including charges and expenses, call or write for a free prospectus. Read it carefully before you invest or send money.

Past performance is no guarantee of future results. Yield will vary and an investor's shares, when redeemed, may be worth more or less than their original cost.

S&P® is a registered service mark of The McGraw-Hill Companies, Inc., and has been licensed for use by Fidelity Distributors Corporation and its affiliates.

Back to Funds Summary