This
example
helps compare the cost of investing in the fund with the cost of investing in
other funds.
Let's say, hypothetically, that the annual return for shares
of the fund is 5% and that the 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:
|
1
year |
$ |
97 |
|
3
years |
$ |
306 |
|
5
years |
$ |
534 |
|
10
years |
$ |
1,187 |
Principal
Investment Strategies
- Normally
investing at least 99.5% of total assets in cash, U.S. Treasury securities
and/or repurchase agreements for those securities.
- Investing
in compliance with industry-standard regulatory requirements for money market
funds for the quality, maturity, liquidity, and diversification of
investments.
In
addition, the fund normally invests at least 80% of its assets in U.S. Treasury
securities and repurchase agreements for those securities.
Principal
Investment Risks
Interest
rate increases can cause the price of a money market security to
decrease.
A
low or negative interest rate environment can adversely affect the fund's
yield.
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.
You
could lose money by investing in the fund. Although
the fund seeks to preserve the value of your investment at $1.00 per share, it
cannot guarantee it will do so. An
investment in the fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency.
Fidelity
Investments and its affiliates, the fund's sponsor, have no legal obligation to
provide financial support to the fund, and you should not expect that the
sponsor will provide financial support to the fund at any
time.
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
institutional.fidelity.com for
more recent performance information.
Year-by-Year
Returns
|
|
2013 |
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
|
|
0.01%
|
0.01%
|
0.01%
|
0.01%
|
0.09%
|
0.94%
|
1.31%
|
0.14%
|
0.01%
|
1.00%
|
|
During
the periods shown in the chart: |
Returns |
Quarter
ended |
|
Highest
Quarter Return |
0.68% |
December
31, 2022 |
|
Lowest
Quarter Return |
0.00% |
March
31, 2022 |
|
Year-to-Date
Return |
3.06% |
September
30, 2023 |
Average
Annual Returns
|
For
the periods ended December 31, 2022 |
Past
1
year
|
Past
5
years
|
Past
10
years
|
|
Capital
Reserves Class |
1.00% |
0.68% |
0.35% |
|
|
|
|
|
Investment
Adviser
Fidelity
Management & Research Company LLC (FMR) (the Adviser) is the fund's manager.
Other investment advisers serve as sub-advisers for the fund.
Purchase
and Sale of Shares
You
may buy or sell shares through a retirement account or through an investment
professional.
You
may buy or sell shares in various ways:
Internet
institutional.fidelity.com
Phone
To
reach a Fidelity representative 1-877-208-0098
Mail
|
Fidelity
Investments
P.O.
Box 770002
Cincinnati,
OH 45277-0081 |
Overnight
Express:
Fidelity
Investments
100
Crosby Parkway
Covington,
KY 41015 |
The
price to buy one share is its net asset value per share (NAV). Shares will be
bought at the NAV next calculated after an order is received in proper
form.
The
price to sell one share is its NAV. Shares will be sold at the NAV next
calculated after an order is received in proper form.
The
fund is open for business each day the New York Stock Exchange (NYSE) is
open.
Even
if the NYSE is closed, the fund will be open for business on those days on which
the Federal Reserve Bank of New York (New York Fed) is open, the primary trading
markets for the fund's portfolio instruments are open, and the fund's management
believes there is an adequate market to meet purchase and redemption
requests.
There
is no purchase minimum for fund shares.
Tax
Information
Distributions
you receive from the fund are subject to federal income tax and generally will
be taxed as ordinary income or capital gains, and may also be subject to state
or local taxes, unless you are investing through a tax-advantaged retirement
account (in which case you may be taxed later, upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
The
fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their
affiliates may pay intermediaries, which may include banks, broker-dealers,
retirement plan sponsors, administrators, or service-providers (who may be
affiliated with the Adviser or FDC), for the sale of fund shares and related
services. These payments may create a conflict of interest by influencing your
intermediary and your investment professional to recommend the fund over another
investment. Ask your investment professional or visit your intermediary's web
site for more information.
Fund
Basics
Investment
Objective
Fidelity®
Tax-Exempt Money Market 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.
Principal
Investment Strategies
The
Adviser normally invests the fund's assets in municipal money market
securities.
The
Adviser normally invests at least 80% of the fund's assets in municipal
securities whose interest is exempt from federal income tax. The Adviser does
not currently intend to invest the fund's assets in municipal securities whose
interest is subject to the federal alternative minimum tax.
The
supply of and demand for municipal money market securities can vary from time to
time. When the Adviser believes that suitable municipal money market securities
are not available, or during other unusual market conditions, the Adviser may
leave a significant portion of the fund's assets uninvested, or may invest up to
20% of the fund's assets in securities subject to state and/or federal income
tax.
The
Adviser may invest more than 25% of the fund's total assets in municipal
securities that finance similar projects, such as those relating to education,
health care, transportation, and utilities.
In
buying and selling securities for the fund, the Adviser complies with
industry-standard regulatory requirements for money market funds regarding the
quality, maturity, liquidity, and diversification of the fund's investments. The
Adviser may invest the fund's assets in municipal money market securities by
investing in other funds. The Adviser stresses maintaining a stable $1.00 share
price, liquidity, and income.
Investment
Objective
Fidelity®
Treasury Money Market Fund seeks to obtain as high a level of current income as
is consistent with the preservation of capital and liquidity.
Principal
Investment Strategies
The
Adviser normally invests at least 99.5% of the fund's total assets in cash, U.S.
Treasury securities, and/or repurchase agreements for those
securities.
In
buying and selling securities for the fund, the Adviser complies with
industry-standard regulatory requirements for money market funds regarding the
quality, maturity, liquidity, and diversification of the fund's investments. The
Adviser stresses maintaining a stable $1.00 share price, liquidity, and
income.
In
addition, the Adviser normally invests at least 80% of the fund's assets in U.S.
Treasury securities and repurchase agreements for those securities.
Description
of Principal Security Types
Money
market securities
are high-quality, short-term securities that pay a fixed, variable, or floating
interest rate. Securities are often specifically structured so that they are
eligible investments for a money market fund. For example, in order to satisfy
the maturity restrictions for a money market fund, some money market securities
have demand or put features, which have the effect of shortening the security's
maturity. Taxable money market securities include bank certificates of
deposit, bankers' acceptances, bank time deposits, notes, commercial paper and
U.S. Government securities. Municipal money market securities include
variable rate demand notes, commercial paper, and municipal notes.
U.S.
Government securities
are high-quality securities issued or guaranteed by the U.S. Treasury or by an
agency or instrumentality of the U.S. Government. U.S. Government securities may
be backed by the full faith and credit of the U.S. Treasury, the right to borrow
from the U.S. Treasury, or the agency or instrumentality issuing or guaranteeing
the security.
Municipal
securities
are issued to raise money for a variety of public and private purposes,
including general financing for state and local governments, or financing for a
specific project or public facility. Municipal securities may be fully or
partially backed by the local government, by the credit of a private issuer, by
the current or anticipated revenues from a specific project or specific assets,
or by domestic or foreign entities providing credit support such as letters of
credit, guarantees, or insurance.
A
repurchase agreement
is an agreement to buy a security at one price and a simultaneous agreement to
sell it back at an agreed-upon price. A repurchase agreement entered into by the
fund may be collateralized by U.S. Treasury securities or cash.
Principal
Investment Risks
Many
factors affect each fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. A fund's yield will change daily based
on changes in interest rates and other market conditions. Although each fund is
managed to maintain a stable $1.00 share price, there is no guarantee that the
fund will be able to do so. For example, a major increase in interest rates or a
decrease in the credit quality of the issuer of one of a fund's investments
could cause the fund's share price to decrease. It is important to note that
neither share price nor yield is guaranteed by the U.S. Government.
The
following factors can significantly affect a fund's performance:
Municipal
Market Volatility. Municipal
securities can be significantly affected by political changes as well as
uncertainties in the municipal market related to taxation, legislative changes,
or the rights of municipal security holders. Because many municipal securities
are issued to finance similar projects, especially those relating to education,
health care, transportation, and utilities, conditions in those sectors can
affect the overall municipal market. Budgetary constraints of local, state, and
federal governments upon which the issuers may be relying for funding may also
impact municipal securities. In addition, changes in the financial condition of
an individual municipal insurer can affect the overall municipal market, and
market conditions may directly impact the liquidity and valuation of municipal
securities.
Interest
Rate Changes. Money
market securities have varying levels of sensitivity to changes in interest
rates. In general, the price of a money market security can fall when interest
rates rise and can rise when interest rates fall. Certain types of securities,
such as securities with longer maturities, can be more sensitive to interest
rate changes. Short-term securities tend to react to changes in short-term
interest rates. In market environments where interest rates are rising, issuers
may be less willing or able to make principal and/or interest payments on
securities when due. Although the transition process away from certain benchmark
rates, including London Interbank Offered Rate (LIBOR) (an indicative measure of
the average interest rate at which major global banks could borrow from one
another), has become increasingly well-defined, any potential effects of the
transition away from LIBOR
and other benchmark rates on financial markets, a fund or the financial
instruments in which a fund invests can be difficult to ascertain and may
adversely impact a fund's performance.
Income
Risk. The
fund's income, or yield, is based on short-term interest rates, which can
fluctuate significantly over short periods. A low or negative interest rate
environment can adversely affect the fund's yield and, depending on its duration
and severity, could prevent the fund from providing a positive yield and/or
maintaining a stable $1.00 share price. In addition, the fund's yield will vary
as the short-term securities in its portfolio mature and the proceeds are
reinvested in securities with different interest rates. From time to time, the
Adviser may reimburse expenses or waive fees for a class of a fund in order to
avoid a negative yield, but there is no guarantee that the class or fund will be
able to avoid a negative yield.
Foreign
Exposure.
Entities providing credit support or a maturity-shortening structure that are
located in foreign countries can involve increased risks. Extensive public
information about the provider may not be available and unfavorable political,
economic, or governmental developments could affect the value of the
security.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact providers in a different country or region.
Issuer-Specific
Changes.
Changes in the financial condition of an issuer or counterparty, changes in
specific economic or political conditions that affect a particular type of
issuer, and changes in general economic or political conditions can increase the
risk of default by an issuer or counterparty, which can affect a security's or
instrument's credit quality or value. Entities providing credit support or a
maturity-shortening structure also can be affected by these types of changes,
and if the structure of a security fails to function as intended, the security
could decline in value. Municipal securities backed by current or anticipated
revenues from a specific project or specific assets can be negatively affected
by the discontinuance of the taxation supporting the project or assets or the
inability to collect revenues for the project or from the assets. If the
Internal Revenue Service (IRS) determines an issuer of a municipal security has
not complied with applicable tax requirements, interest from the security could
become taxable and the security could decline significantly in
value.
Generally,
Fidelity®
Tax-Exempt Money Market Fund purchases municipal securities whose interest, in
the opinion of bond counsel, is free from federal income tax and from the
federal alternative minimum tax. Neither the Adviser nor the fund guarantees
that this opinion is correct, and there is no assurance that the IRS will agree
with bond counsel's opinion. Issuers or other parties generally enter into
covenants requiring continuing compliance with federal tax requirements to
preserve the tax-free status of interest payments over the life of the security.
If at any time the covenants are not complied with, or if the IRS otherwise
determines that the issuer did not comply with relevant tax requirements,
interest payments from a security could become federally taxable, possibly
retroactively to the date the security was issued. For certain types of
structured securities, the tax status of the pass-through of tax-free income may
also be based on the federal tax treatment of the structure.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy (including leaving a significant
portion of the fund's assets uninvested) for defensive purposes. Uninvested
assets do not earn income for a fund, which may have a significant negative
impact on the fund's yield and may prevent the fund from achieving its
investment objective. In addition, different factors could affect a fund's
performance, and Fidelity®
Tax-Exempt Money Market Fund could distribute income subject to federal income
tax.
Fundamental
Investment Policies
The
following is fundamental, that is, subject to change only by shareholder
approval:
Fidelity®
Tax-Exempt Money Market 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 normally invests at least 80% of its assets in municipal
securities whose interest is exempt from federal income tax.
Fidelity®
Treasury Money Market Fund seeks to obtain as high a level of current income as
is consistent with the preservation of capital and liquidity.
Shareholder
Notice
The
following is subject to change only upon 60 days' prior notice to
shareholders:
Fidelity®
Treasury Money Market Fund normally invests at least 99.5% of its total assets
in cash, U.S. Treasury securities and/or repurchase agreements for those
securities and at least 80% of its assets in U.S. Treasury securities and
repurchase agreements for those securities.
Each
fund is open for business each day the NYSE is open.
Even
if the NYSE is closed, a money market fund will be open for business on those
days on which the New York Fed is open, the primary trading markets for the
money market fund's portfolio instruments are open, and the money market fund's
management believes there is an adequate market to meet purchase and redemption
requests.
The
NAV is the value of a single share. Fidelity normally calculates NAV each
business day as of the times noted in the table below. Each fund's assets
normally are valued as of this time for the purpose of computing NAV. Fidelity
calculates NAV separately for each class of shares of a multiple class
fund.
|
Fund |
NAV
Calculation Times
(Eastern
Time) |
|
Fidelity®
Tax-Exempt Money Market Fund |
4:00
p.m. |
|
Fidelity®
Treasury Money Market Fund |
4:00
p.m. |
NAV
is not calculated and a fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the Securities and Exchange Commission
(SEC).
To
the extent that a fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of a fund's assets may not occur on
days when the fund is open for business.
Each
fund's assets are valued on the basis of amortized cost.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
Fidelity®
Tax-Exempt Money Market Fund is a retail money market fund. Shares of Fidelity®
Tax-Exempt Money Market Fund are available only to accounts beneficially owned
by natural persons.
Fidelity®
Tax-Exempt Money Market Fund will involuntarily redeem accounts that are not
beneficially owned by natural persons, as determined by the fund, in order to
implement Fidelity® Tax-Exempt Money Market Fund's eligibility requirements as a
retail money market fund. Shares held by these accounts will be sold at their
net asset value per share calculated on the day that the fund closes the account
position.
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Ways
to Invest
You
may buy or sell shares through a retirement account or an investment
professional. When you invest through a retirement account or an investment
professional, the procedures for buying, selling, and exchanging shares and the
account features, policies, and fees may differ. Additional fees may apply
to your investment in shares, including a transaction fee if you buy or sell
shares through a broker or other investment professional.
Information
on Placing Orders
You
should include the following information with any order:
- Your
name
- Your
account number
- Type
of transaction requested
- Name(s)
of fund(s) and class(es)
- Dollar
amount or number of shares
Certain
methods of contacting Fidelity may be unavailable or delayed (for example,
during periods of unusual market activity). In addition, the level and type of
service available may be restricted.
Frequent
Purchases and Redemptions
A
fund may reject for any reason, or cancel as permitted or required by law, any
purchase or exchange, including transactions deemed to represent excessive
trading, at any time.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to a fund (such as
spreads paid to dealers who sell money market instruments to a fund) and
disrupting portfolio management strategies.
The
Adviser anticipates that shares of Fidelity® Tax-Exempt Money Market Fund and
Fidelity® Treasury Money Market Fund will be purchased and sold frequently
because a money market fund is designed to offer a liquid cash option.
Accordingly, the Board of Trustees has not adopted policies and procedures
designed to discourage excessive trading of fund shares and Fidelity® Tax-Exempt
Money Market Fund and Fidelity® Treasury Money Market Fund accommodate frequent
trading.
Fidelity®
Tax-Exempt Money Market Fund and Fidelity® Treasury Money Market Fund each have
no limit on purchase or exchange transactions but may in its discretion
restrict, reject, or cancel any purchases that, in the Adviser's opinion, may be
disruptive to the management of the fund or otherwise not be in the fund's
interests.
Each
fund reserves the right at any time to restrict purchases or exchanges or impose
conditions that are more restrictive on excessive trading than those stated in
this prospectus.
Buying
Shares
Eligibility
Shares
are generally available only to investors residing in the United
States.
Shares
of Fidelity® Tax-Exempt Money Market Fund, which is a retail money market fund,
are available only to accounts beneficially owned by natural
persons.
Investors
may be required to demonstrate eligibility to buy shares of the fund before an
investment is accepted.
There
is no minimum balance or purchase minimum for fund shares offered through this
prospectus.
Price
to Buy
The
price to buy one share is its NAV.
Shares
will be bought at the NAV next calculated after an order is received in proper
form.
It
is the responsibility of your investment professional to transmit your order to
buy shares to Fidelity before the close of business on the day you place your
order.
Each
fund has authorized certain intermediaries to accept orders to buy shares on its
behalf. When authorized intermediaries receive an order in proper form, the
order is considered as being placed with the fund, and shares will be bought at
the NAV next calculated after the order is received by the authorized
intermediary. If applicable, orders by funds of funds for which Fidelity serves
as investment manager will be treated as received by the fund at the same time
that the corresponding orders are received in proper form by the funds of
funds.
Each
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently, including, if applicable, periods
when redemptions are suspended.
If
your payment is not received and collected, your purchase may be canceled and
you could be liable for any losses or fees a fund or Fidelity has
incurred.
If,
when you place your wire purchase order, you indicate that Fidelity will receive
your wire that day, your wire must be received in proper form by Fidelity at the
applicable fund's designated wire bank before the close of the Federal Reserve
Wire System on the day of purchase.
Shares
can be bought or sold through investment professionals using an automated order
placement and settlement system that guarantees payment for orders on a
specified date.
Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be
withheld.
Selling
Shares
The
price to sell one share is its NAV.
Shares
will be sold at the NAV next calculated after an order is received in proper
form.
Normally,
Fidelity will process wire redemptions on the same business day, provided your
redemption wire request is received in proper form by Fidelity before the NAV is
calculated on that day. All other redemptions will normally be processed by the
next business day. However, Fidelity may take up to seven days to pay the
redemption proceeds if making immediate payment would adversely affect a
fund.
It
is the responsibility of your investment professional to transmit your order to
sell shares to Fidelity before the close of business on the day you place your
order.
Each
fund has authorized certain intermediaries to accept orders to sell shares on
its behalf. When authorized intermediaries receive an order in proper form, the
order is considered as being placed with the fund, and shares will be sold at
the NAV next calculated after the order is received by the authorized
intermediary. If applicable, orders by funds of funds for which Fidelity serves
as investment manager will be treated as received by the fund at the same time
that the corresponding orders are received in proper form by the funds of
funds.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
A
signature guarantee is designed to protect you and Fidelity from fraud. Fidelity
may require that your request be made in writing and include a signature
guarantee in certain circumstances, such as:
- When
you wish to sell more than $100,000 worth of shares.
- When
the address on your account (record address) has changed within the last 15
days or you are requesting that a check be mailed to an address different than
the record address.
- When
you are requesting that redemption proceeds be paid to someone other than the
account owner.
- In
certain situations when the redemption proceeds are being transferred to a
Fidelity®
brokerage or mutual fund account with a different registration.
You
should be able to obtain a signature guarantee from a bank, broker-dealer,
credit union (if authorized under state law), securities exchange or
association, clearing agency, or savings association. A notary public cannot
provide a signature guarantee.
When
you place an order to sell shares, note the following:
- You
are advised to place your trades as early in the day as possible and to
provide Fidelity with advance notice of large redemptions.
- Redemption
proceeds (other than exchanges) may be delayed until money from prior
purchases sufficient to cover your redemption has been received and
collected.
- Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other
than weekends or holidays), when trading on the NYSE is restricted, or as
permitted by the SEC.
- Redemption
proceeds may be paid in securities or other property rather than in cash if
the Adviser determines it is in the best interests of a fund.
- If
you sell shares of Fidelity® Tax-Exempt Money Market Fund or Fidelity®
Treasury Money Market Fund by writing a check, if available, and the amount of
the check is greater than the value of your fund position, your check will be
returned to you and you may be subject to additional charges.
- You
will not receive interest on amounts represented by uncashed redemption
checks.
- Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
Policies
Concerning the Redemption of Fund Shares
Regardless
of whether your account is held directly with a fund or through an
intermediary,
a fund typically expects to pay redemption proceeds on the next business day (or
earlier to the extent a fund offers a same day settlement feature) following
receipt of a redemption order in proper form. Proceeds from the periodic and
automatic sale of shares of a Fidelity®
money
market fund that are used to buy shares of another Fidelity®
fund
are settled simultaneously. To the extent your account is held through an
intermediary, it is the responsibility of your investment professional to
transmit your order to sell shares to Fidelity before the close of business on
the day you place your order.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements (if authorized). These methods may be used during
both normal and stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a
fund.
An
exchange involves the redemption of all or a portion of the shares of one fund
and the purchase of shares of another fund.
As
a Capital Reserves Class shareholder, you have the privilege of exchanging
Capital Reserves Class shares of a fund for Capital Reserves Class shares of
another fund and for shares of other Fidelity®
funds.
However,
you should note the following policies and restrictions governing
exchanges:
- Each
fund may refuse any exchange purchase for any reason. For example, each fund
may refuse exchange purchases by any person or group if, in the Adviser's
judgment, the fund would be unable to invest the money effectively in
accordance with its investment objective and policies, or would otherwise
potentially be adversely affected.
- Before
any exchange, read the prospectus for the shares you are purchasing, including
any purchase and sale requirements.
- The
shares you are acquiring by exchange must be available for sale in your
state.
- Exchanges
may have tax consequences for you.
- If
you are exchanging between accounts that are not registered in the same name,
address, and taxpayer identification number (TIN), there may be additional
requirements.
- Under
applicable anti-money laundering rules and other regulations, exchange
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
The
funds may terminate or modify exchange privileges in the future.
Other
funds may have different exchange restrictions and minimums. Check each fund's
prospectus for details.
Account
Features and Policies
Features
The
following features may be available to buy and sell shares of a fund. Visit
institutional.fidelity.com or contact your investment professional for more
information.
|
Electronic
Funds Transfer (Fidelity Money Line®):
electronic money movement through the Automated Clearing
House
- To
transfer money between a bank account and your fund
account.
- You
can use electronic funds transfer to:
- Make
periodic (automatic) purchases of shares.
- Make
periodic (automatic) redemptions of shares.
|
|
Wire:
electronic money movement through the Federal Reserve wire
system
- To
transfer money between a bank account and your fund
account.
|
|
Checkwriting |
- To
sell shares from your account.
|
Policies
The
following apply to you as a shareholder.
Statements
that Fidelity sends to you, if applicable, include the following:
- Confirmation
statements (after transactions affecting your fund balance except, to the
extent applicable, reinvestment of distributions in the fund or another fund
and certain transactions through automatic investment or withdrawal
programs).
- Monthly
or quarterly account statements (detailing fund balances and all transactions
completed during the prior month or quarter).
Current
regulations allow Fidelity to send a single copy of shareholder documents for
Fidelity®
funds, such as prospectuses, annual and semi-annual reports, and proxy
materials, to certain mutual fund customers whom we believe are members of the
same family who share the same address. For certain types of accounts, we will
not send multiple copies of these documents to you and members of your family
who share the same address. Instead, we will send only a single copy of these
documents. This will continue for as long as you are a shareholder, unless you
notify us otherwise. If at any time you choose to receive individual copies of
any documents, please call 1-877-208-0098. We will begin sending individual
copies to you within 30 days of receiving your call.
You
may initiate many transactions
by telephone or electronically.
Fidelity will not be responsible for any loss, cost, expense, or other liability
resulting from unauthorized transactions if it follows reasonable security
procedures designed to verify the identity of the investor. Fidelity will
request personalized security codes or other information, and may also record
calls. For transactions conducted through the Internet, Fidelity recommends the
use of an Internet browser with 128-bit encryption. You should verify the
accuracy of your confirmation statements upon receipt and notify Fidelity
immediately of any discrepancies in your account activity. If you do not want
the ability to sell and exchange by telephone, call Fidelity for instructions.
Additional documentation may be required from corporations, associations, and
certain fiduciaries.
When
you sign your account
application,
you will be asked to certify that your social security or taxpayer
identification number (TIN) is correct and that you are not subject to backup
withholding for failing to report income to the IRS. If you violate IRS
regulations, the IRS can require a fund to withhold an amount subject to the
applicable backup withholding rate from your taxable distributions and
redemptions.
You
may be asked to provide additional information in order for Fidelity to verify
your identity in accordance with requirements under anti-money laundering
regulations. Accounts may be restricted and/or closed, and the monies withheld,
pending verification of this information or as otherwise required under these
and other federal regulations. In addition, each fund reserves the right to
involuntarily redeem an account in the case of: (i) actual or suspected
threatening conduct or actual or suspected fraudulent, illegal or suspicious
activity by the account owner or any other individual associated with the
account; or (ii) the failure of the account owner to provide information to the
funds related to opening the accounts. Your shares will be sold at the NAV,
minus any applicable shareholder fees, calculated on the day Fidelity closes
your fund position.
Fidelity
may charge a fee
for certain services,
such as providing historical account documents.
Dividends
and Capital Gain Distributions
Each
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. Each fund
may also realize capital gains from its investments, and distributes these gains
(less losses), if any, to shareholders as capital gain
distributions.
Distributions
from a money market fund consist primarily of dividends. A money market fund
normally declares dividends daily and pays them monthly.
You
may request to have dividends redeemed from an account closed during the month
paid when the account is closed. A fund reserves the right to limit this
service.
Earning
Dividends
A
fund processes purchase and redemption requests only on days it is open for
business.
Shares
purchased by a wire order prior to 12:00 noon Eastern time for
Fidelity®
Tax-Exempt Money Market Fund or prior to 4:00 p.m. Eastern time for
Fidelity®
Treasury Money Market Fund, with receipt of the wire in proper form before the
close of the Federal Reserve Wire System on that day, generally begin to earn
dividends on the day of purchase.
Shares
purchased by all other orders generally begin to earn dividends on the first
business day following the day of purchase.
Shares
redeemed by a wire order prior to 12:00 noon Eastern time for
Fidelity®
Tax-Exempt Money Market Fund or prior to 4:00 p.m. Eastern time for
Fidelity®
Treasury Money Market Fund generally earn dividends through the day prior to the
day of redemption.
Shares
redeemed by all other orders generally earn dividends until, but not including,
the next business day following the day of redemption.
Exchange
requests will be processed only when both funds are open for
business.
Money
market funds that allow wire purchases reserve the right to change the time of
day by which wire purchase and redemption orders for shares must be placed for
purposes of earning dividends.
Distribution
Options
When
you open an account, specify how you want to receive your distributions. The
following distribution options are available:
Any
dividends and capital gain distributions will be automatically reinvested in
additional shares. If you do not indicate a choice, you will be assigned this
option.
Any
dividends and capital gain distributions will be paid in
cash.
Not
all distribution options may be available for every account and certain
restrictions may apply. If the option you prefer is not listed on your account
application, or if you want to change your current option, contact Fidelity or
your investment professional directly.
If
you elect to receive distributions paid in cash by check and the U.S. Postal
Service does not deliver your checks, your distribution option may be converted
to the Reinvestment Option. You will not receive interest on amounts represented
by uncashed distribution checks.
As
with any investment, your investment in a fund could have tax consequences for
you (for non-retirement accounts).
Distributions
you receive from Fidelity®
Treasury Money Market Fund are subject to federal income tax, and may also be
subject to state or local taxes. A portion of Fidelity®
Treasury Money Market Fund's dividends may be exempt from state and local
taxation to the extent that they are derived from certain U.S. Government
securities and meet certain requirements.
The
municipal fund seeks to earn income and pay dividends exempt from federal income
tax.
Income
exempt from federal income tax may be subject to state or local tax. A portion
of the dividends you receive from the municipal fund may be subject to federal
and state income taxes. You may also receive taxable distributions attributable
to the municipal fund's sale of municipal bonds.
For
federal tax purposes, certain of each fund's distributions, including
Fidelity®
Treasury Money Market Fund's dividends and each fund's distributions of
short-term capital gains and gains on the sale of bonds characterized as market
discount, are taxable to you as ordinary income. Because the taxable fund's
income is primarily derived from interest, dividends from the taxable fund
generally will not qualify for the long-term capital gains tax rates available
to individuals. Each fund's distributions of long-term capital gains, if any,
are taxable to you generally as capital gains for federal tax
purposes.
Any
taxable distributions you receive from a fund will normally be taxable to you
when you receive them, regardless of your distribution option.
For
each fund, if you elect to receive distributions in cash, you will receive
certain December distributions in January, but those distributions will be
taxable as if you received them on December 31.
Fund
Services
Each
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
Adviser
FMR.
The
Adviser is each fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $3.1 trillion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing each fund's
investments and handling its business affairs.
Sub-Adviser(s)
FMR
Investment Management (UK) Limited (FMR UK),
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, serves as a
sub-adviser for each fund. As of December 31, 2022, FMR UK had approximately
$14.7 billion in discretionary assets under management. FMR UK is an affiliate
of the Adviser.
FMR
UK may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Fidelity®
Tax-Exempt Money Market Fund and Fidelity® Treasury Money Market
Fund.
Fidelity
Management & Research (Hong Kong) Limited (FMR H.K.),
at Floor 19, 41 Connaught Road Central, Hong Kong, serves as a sub-adviser for
each fund. As of December 31, 2022, FMR H.K. had approximately $21.4 billion in
discretionary assets under management. FMR H.K. is an affiliate of the
Adviser.
FMR
H.K. may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Fidelity®
Tax-Exempt Money Market Fund and Fidelity® Treasury Money Market
Fund.
Fidelity
Management & Research (Japan) Limited (FMR Japan),
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
serves as a sub-adviser for each fund. As of March 31, 2023, FMR Japan had
approximately $2.9 billion in discretionary assets under management. FMR Japan
is an affiliate of the Adviser.
FMR
Japan may provide investment research and advice on issuers based outside the
United States and may also provide investment advisory services for Fidelity®
Tax-Exempt Money Market Fund and Fidelity® Treasury Money Market
Fund.
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such views are subject to change
at any time based upon market or other conditions and Fidelity disclaims any
responsibility to update such views. These views may not be relied on as
investment advice and, because investment decisions for a fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
Each
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
The
annual management fee rate, as a percentage of each fund's average net assets,
is shown in the following table:
|
Fund |
Management
Fee Rate |
|
Fidelity®
Tax-Exempt Money Market Fund |
0.25% |
|
Fidelity®
Treasury Money Market Fund |
0.25% |
The
Adviser pays FMR Investment Management (UK) Limited, Fidelity Management &
Research (Hong Kong) Limited, and Fidelity Management & Research (Japan)
Limited for providing sub-advisory services.
The
basis for the Board of Trustees approving the management contract and
sub-advisory agreements for each fund is available in each fund's annual report
for the fiscal period ended October 31, 2023.
From
time to time, the Adviser or its affiliates may agree to reimburse or waive
certain fund expenses while retaining the ability to be repaid if expenses fall
below the specified limit prior to the end of the fiscal year.
Reimbursement
or waiver arrangements can decrease expenses and boost performance.
Each
fund is composed of multiple classes of shares. All classes of a fund have a
common investment objective and investment portfolio.
FDC distributes
Capital Reserves Class shares.
Intermediaries
may receive from the Adviser, FDC, and/or their affiliates compensation for
their services intended to result in the sale of Capital Reserves Class
shares.
This
compensation may take the form of:
- Distribution
and/or service (12b-1) fees.
- Payments
for additional distribution-related activities and/or shareholder
services.
- Payments
for educational seminars and training, including seminars sponsored by
Fidelity, or by an intermediary.
These
payments are described in more detail in this section and in the Statement of
Additional Information (SAI).
Distribution
and Service Plan(s)
Capital
Reserves Class of each fund has adopted a Distribution and Service Plan pursuant
to Rule 12b-1 under the Investment Company Act of 1940 (1940 Act). Under the
plan, Capital Reserves Class of each fund is authorized to pay FDC a monthly
12b-1 (distribution) fee as compensation for providing services intended to
result in the sale of Capital Reserves Class shares. Capital Reserves Class of
each fund currently pays FDC a monthly 12b-1 (distribution) fee at an annual
rate of 0.25% of its average net assets throughout the month.
In
addition, pursuant to each Capital Reserves Class plan of each fund, Capital
Reserves Class pays FDC a monthly 12b-1 (service) fee at an annual rate
of 0.25% of Capital Reserves Class's average net assets throughout the
month for providing shareholder support services.
FDC
may reallow to intermediaries, including its affiliates, up to an annual rate of
0.25% of average net assets they maintain, for providing services intended to
result in the sale of Capital Reserves Class shares and, up to an annual rate of
0.25% of average net assets they maintain, for providing shareholder support
services.
Any
fees paid out of Capital Reserves Class's assets on an ongoing basis pursuant to
a Distribution and Service Plan will increase the cost of your investment and
may cost you more than paying other types of sales charges.
In
addition, each Capital Reserves Class plan specifically recognizes that the
Adviser may make payments from its management fee revenue, past profits, or
other resources to FDC for expenses incurred in connection with providing
services intended to result in the sale of Capital Reserves Class shares and/or
shareholder support services, including payments of significant amounts made to
intermediaries that provide those services. Currently, the Board of Trustees of
each fund has authorized such payments for Capital Reserves Class. Please speak
with your investment professional to learn more about any payments his or her
firm may receive from the Adviser, FDC, and/or their affiliates, as well as fees
and/or commissions the investment professional charges. You should also consult
disclosures made by your investment professional at the time of
purchase.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the funds or FDC. This
prospectus and the related SAI do not constitute an offer by the funds or by FDC
to sell shares of the funds to, or to buy shares of the funds from, any person
to whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by PricewaterhouseCoopers LLP,
independent registered public accounting firm, whose report, along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
|
Fidelity®
Tax-Exempt Money Market Fund Capital Reserves Class |
|
|
|
Years
ended October 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A |
|
.022
|
|
.003
|
|
-
B |
|
.002
|
|
.007
|
|
Net
realized and unrealized gain (loss) |
|
-
B |
|
-
B |
|
.001
|
|
.001
|
|
-
B |
|
Total
from investment operations |
|
.022
|
|
.003
|
|
.001
|
|
.003
|
|
.007
|
|
Distributions
from net investment income |
|
(.022)
|
|
(.003)
|
|
-
B |
|
(.002)
|
|
(.007)
|
|
Distributions
from net realized gain |
|
-
|
|
-
|
|
(.001)
|
|
(.001)
|
|
-
|
|
Total
distributions |
|
(.022)
|
|
(.003)
|
|
(.001)
|
|
(.003)
|
|
(.007)
|
|
Net
asset value, end of period |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
|
Total
Return C |
|
2.26%
|
|
.27%
|
|
.07%
|
|
.30%
|
|
.68%
|
|
Ratios
to Average Net Assets A,D,E |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.97%
|
|
.97%
|
|
.97%
|
|
.97%
|
|
.97%
|
|
Expenses
net of fee waivers, if any |
|
.95%
|
|
.56%
|
|
.13%
|
|
.63%
|
|
.95%
|
|
Expenses
net of all reductions |
|
.95%
|
|
.56%
|
|
.13%
|
|
.63%
|
|
.95%
|
|
Net
investment income (loss) |
|
2.24%
|
|
.28%
|
|
.01%
|
|
.25%
|
|
.68%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in millions) |
$ |
35
|
$ |
45
|
$ |
45
|
$ |
48
|
$ |
53
|
ANet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
BAmount
represents less than $.0005 per share.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual
report.
EExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
|
Fidelity®
Treasury Money Market Fund Capital Reserves Class |
|
|
|
Years
ended October 31, |
|
2023
|
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Selected
Per-Share Data |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) A |
|
.039
|
|
.005
|
|
-
B |
|
.003
|
|
.014
|
|
Net
realized and unrealized gain (loss) B |
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total
from investment operations |
|
.039
|
|
.005
|
|
-
B |
|
.003
|
|
.014
|
|
Distributions
from net investment income |
|
(.039)
|
|
(.005)
|
|
-
B |
|
(.003)
|
|
(.014)
|
|
Total
distributions |
|
(.039)
|
|
(.005)
|
|
-
B |
|
(.003)
|
|
(.014)
|
|
Net
asset value, end of period |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
$ |
1.00 |
|
Total
Return C |
|
3.96%
|
|
.50%
|
|
.01%
|
|
.27%
|
|
1.41%
|
|
Ratios
to Average Net Assets A,D,E |
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.97%
|
|
.96%
|
|
.97%
|
|
.97%
|
|
.97%
|
|
Expenses
net of fee waivers, if any |
|
.95%
|
|
.52%
|
|
.08%
|
|
.49%
|
|
.94%
|
|
Expenses
net of all reductions |
|
.95%
|
|
.52%
|
|
.08%
|
|
.49%
|
|
.94%
|
|
Net
investment income (loss) |
|
3.93%
|
|
.46%
|
|
.01%
|
|
.17%
|
|
1.40%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (in millions) |
$ |
1,844
|
$ |
1,487
|
$ |
1,486
|
$ |
1,320
|
$ |
1,407
|
ANet
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
BAmount
represents less than $.0005 per share.
CTotal
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
DFees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses.
EExpense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
|
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account.
For
individual investors opening an account: When
you open an account, you will be asked for your name, address, date of
birth, and other information that will allow Fidelity to identify you. You
may also be asked to provide documents that may help to establish your
identity, such as your driver's license.
For
investors other than individuals: When
you open an account, you will be asked for the name of the entity, its
principal place of business and taxpayer identification number (TIN). You
will be asked to provide information about the entity's control person and
beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the
entity. |
You
can obtain additional information about the funds. A description of each fund's
policies and procedures for disclosing its holdings is available in the funds'
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about each fund and its investments. The
SAI is incorporated herein by reference (legally forms a part
of the prospectus). Each fund's annual and semi-annual reports also include
additional information.
For
a free copy of any of these documents or to request other information or ask
questions about a fund, call Fidelity at 1-877-208-0098. In addition, you may
visit Fidelity's web site at institutional.fidelity.com for a free copy of a
prospectus, SAI, or annual or semi-annual report or to request other
information.
The
SAI, the funds' annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to [email protected] or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the funds, including the funds' SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-03518 |
Fidelity
Distributors Company LLC (FDC) is a member of the Securities Investor Protection
Corporation (SIPC). You may obtain information about SIPC, including the SIPC
brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2023 FMR LLC. All rights reserved.
|
1.538628.126 |
DMFR-PRO-1223 |
