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Fidelity Cash Reserves
Fund Summary
Fund:
Fidelity® Cash Reserves
Investment Objective
The fund seeks 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)
Shareholder Fees (USD $)
Fidelity Cash Reserves
Class: Fidelity Cash Reserves
Wire redemption fee 5.00
Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment)
Annual Fund Operating Expenses
Fidelity Cash Reserves
Class: Fidelity Cash Reserves
Management fee 0.17%
Distribution and/or Service (12b-1) fees none
Other expenses 0.20%
Total annual fund operating expenses 0.37%

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 $)
Fidelity Cash Reserves
Class: Fidelity Cash Reserves
1 year 38
3 years 119
5 years 208
10 years 468
Principal Investment Strategies
  • Investing in U.S. dollar-denominated money market securities of domestic and foreign issuers and repurchase agreements.
  • Potentially entering into reverse repurchase agreements.
  • Investing more than 25% of total assets in the financial services industries.
  • Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.
Principal Investment Risks
  • Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.
  • Foreign Exposure. Entities located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.
  • 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.
  • 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
Bar Chart
During the periods shown in the chart:
Returns
Quarter ended
Highest Quarter Return1.27%September 30, 2007
Lowest Quarter Return0.00%June 30, 2011
Average Annual Returns
For the periods ended
December 31, 2011
Average Annual Total Returns
Past 1 year
Past 5 years
Past 10 years
Fidelity Cash Reserves Class: Fidelity Cash Reserves
 0.01% 1.71% 1.97%
Fidelity U.S. Government Reserves
Fund Summary
Fund:
Fidelity® U.S. Government Reserves
Investment Objective
The fund seeks as high a level of current income as is consistent with the security of principal 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)
Shareholder Fees (USD $)
Fidelity U.S. Government Reserves
Class: Fidelity U.S. Government Reserves
Wire redemption fee 5.00
Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment)
Annual Fund Operating Expenses
Fidelity U.S. Government Reserves
Class: Fidelity U.S. Government Reserves
Management fee 0.17%
Distribution and/or Service (12b-1) fees none
Other expenses 0.16%
Total annual fund operating expenses 0.33%

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 $)
Fidelity U.S. Government Reserves
Class: Fidelity U.S. Government Reserves
1 year 34
3 years 106
5 years 185
10 years 418
Principal Investment Strategies
  • Normally investing at least 80% of assets in U.S. Government securities and repurchase agreements for those securities.
  • Investing in U.S. Government securities issued by entities that are chartered or sponsored by Congress but whose securities are neither issued nor guaranteed by the U.S. Treasury.
  • Potentially entering into reverse repurchase agreements.
  • Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.
Principal Investment Risks
  • Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.
  • Issuer-Specific Changes. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Performance

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.

Visit www.fidelity.com for updated return information.

Year-by-Year Returns

Calendar Years
Bar Chart
During the periods shown in the chart:
Returns
Quarter ended
Highest Quarter Return1.26%December 31, 2006
Lowest Quarter Return0.00%March 31, 2010
Average Annual Returns
For the periods ended
December 31, 2011
Average Annual Total Returns
Past 1 year
Past 5 years
Past 10 years
Fidelity U.S. Government Reserves Class: Fidelity U.S. Government Reserves
 0.01% 1.55% 1.90%