Supplement to the
Fidelity® Tax-Exempt Money Market Fund and Fidelity® Treasury Money Market Fund
December 30, 2021
Prospectus
Effective August 1, 2022, the following information replaces similar information for Fidelity® Tax-Exempt Money Market Fund found in the “Fund Summary” section under the “Fee Table” heading.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
| Management fee | ||
| Distribution and/or Service (12b-1) fees | ||
| Other expenses | ||
| Total annual operating expenses | ||
| Fee waiver and/or expense reimbursement(a) | ||
| Total annual operating expenses after fee waiver and/or expense reimbursement(b) |
(a)Fidelity Management & Research Company LLC (FMR) has contractually agreed to reimburse the class of shares of the fund to
the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees,
extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary),
if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities
lending program, if applicable), as a percentage of its average net assets, exceed 0.42% (the Expense Cap). If at any time
during the current fiscal year expenses for the class of shares of the fund fall below the Expense Cap, FMR reserves the right
to recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not
in excess of, the Expense Cap. This arrangement will remain in effect through
(b)In order to avoid a negative yield, Fidelity Management & Research Company LLC (FMR) may reimburse expenses or waive fees of Fidelity® Tax-Exempt Money Market Fund. Any such waivers or expense reimbursement would be voluntary and could be discontinued at any time. There is no guarantee that Fidelity® Tax-Exempt Money Market Fund will be able to avoid a negative yield.
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 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:
| 1 year | $ |
| 3 years | $ |
| 5 years | $ |
| 10 years | $ |
| P11-TFM-22-01 1.9896747.103 |
July 15, 2022 |
Supplement to the
Fidelity® Tax-Exempt Money Market Fund
Premium Class
December 30, 2021
Prospectus
Effective August 1, 2022, the following information replaces similar information found in the “Fund Summary” section under the “Fee Table” heading.
Annual Operating Expenses
(expenses that you pay each year as a % of the value of your investment)
| Management fee | ||
| Distribution and/or Service (12b-1) fees | ||
| Other expenses | ||
| Total annual operating expenses | ||
| Fee waiver and/or expense reimbursement(a) | ||
| Total annual operating expenses after fee waiver and/or expense reimbursement(b) |
(a)Fidelity Management & Research Company LLC (FMR) has contractually agreed to reimburse Premium Class of the fund to the extent
that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, extraordinary
expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if
any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities
lending program, if applicable), as a percentage of its average net assets, exceed 0.30% (the Expense Cap). If at any time
during the current fiscal year expenses for Premium Class of the fund fall below the Expense Cap, FMR reserves the right to
recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not
in excess of, the Expense Cap. This arrangement will remain in effect through
(b)In order to avoid a negative yield, Fidelity Management & Research Company LLC (FMR) may reimburse expenses or waive fees of Premium Class of the fund. Any such waivers or expense reimbursement would be voluntary and could be discontinued at any time. There is no guarantee that Premium Class or the fund will be able to avoid a negative yield.
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 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:
| 1 year | $ |
| 3 years | $ |
| 5 years | $ |
| 10 years | $ |
Effective August 1, 2022, the following information replaces similar information found in the “Fund Summary” section under the “Purchase and Sale of Shares” heading.
Premium Class shares have a minimum initial investment of $25,000. The fund may waive or lower purchase minimums in other circumstances.
| P12-22-01 1.9867463.105 |
July 15, 2022 |