Fidelity U.S. Money Market Fund

Fidelity U.S. Money Market Fund

Semi-Annual Management Report of Fund Performance

December 31, 2019

Caution Regarding Forward-looking Statements

Certain portions of this report, including, but not limited to, "Results of Operations" and "Recent Developments", may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" and similar forward-looking expressions or negative versions thereof.

In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date.

Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events.

It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

Semi-Annual Management Report of Fund Performance as at December 31, 2019 Fidelity U.S. Money Market Fund

This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual financial statements for the investment fund. You can get a copy of the semi-annual financial statements at your request, and at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at fidelity.ca or SEDAR at . Securityholders may also contact us using one of these methods to request a copy of the investment fund's proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund Performance Results of Operations:

Fidelity U.S. Money Market Fund (Fund), Series B, returned 0.74%, in U.S. dollar terms, after fees and expenses, for the six-month period ending December 31, 2019. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures. Market overview: U.S. fixed-income markets registered positive returns for the review period, with global growth concerns continuing to support demand for assets with a lower risk profile, such as U.S. Treasury bonds. Risk aversion and the demand for U.S. Treasury bonds grew sharply in August, when the difference between the yield (income from bonds) on a two-year Treasury note exceeded the yield on the ten-year Treasury note, an event known as yield curve inversion, which is historically viewed as a recessionary signal. Long-term yields rose for the remainder of 2019. This reflected an accommodative monetary policy stance from the U.S. Federal Reserve (Fed) as it cut interest rates in July, September and October to encourage economic expansion. Growing expectations that the Fed would continue to maintain its accommodative monetary policy stance supported investor confidence. The outlook for interest rate cuts remains uncertain, with the U.S. economy maintaining a steady pace of expansion and unemployment touching historical lows. Factors affecting performance: During the period, in response to the exceptionally low market interest rates available on short-term fixed-income investments of the kind in which the Fund invests, Fidelity waived a portion of the management fees it normally would charge for the management of the Fund, to ensure that the Fund's investors continued to receive a positive yield. Fidelity expects the need for these fee waivers to be temporary and, depending on market conditions, may cease these waivers at any time without notice. Portfolio changes: Portfolio manager Michael Widrig focused on high-quality issuers in support of the Fund's primary objective of preserving principal and maintaining liquidity, and secondarily achieving yields consistent with the Fund's investment constraints. At the end of the period, certificates of deposit accounted for the Fund's largest holding, at 69.0% of net assets, followed by commercial paper, at 31.0%. Recent Developments Portfolio manager Michael Widrig continues to seek high-quality issuers and remains focused on the most stable and liquid issuers. The money market portfolio management team monitors the credit markets in both Canada and the U.S. closely to support portfolio safety, liquidity and stability. Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection of companies collectively known as Fidelity Investments. Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day?to?day operations, bookkeeping, record?keeping and other administrative services for the Fund. Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including Fidelity Investments Money Management, Inc., to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $147,000 for the period ended December 31, 2019.

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Financial Highlights

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the period end of the years shown. This information is derived from the Fund's audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund's annual or semi-annual financial statements.

Fidelity U.S. Money Market Fund Series A

U.S. Dollars The Series' Net Assets per Security A

Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses)

Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains

Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,F Management expense ratio before waivers or absorptions E,F Trading expense ratio Net asset value per security, end of period

Six-months ended

December 31,

Periods ended June 30,

2019

2019

2018

2017

2016

2015

$10.00

.11 (.05)

? ? .06

(.06) ? ? ?

(.06) $10.00

$3,477 348,206

1.04% 1.04% --% $10.0000

$10.00

.25 (.10)

? ? .15

(.15) ? ? ?

(.15) $10.00

$3,683 366,886

1.04% 1.04% --% $10.0000

$10.00

.16 (.10)

? ? .06

(.06) ? ? ?

(.06) $10.00

$2,991 290,019

1.04% 1.04% --% $10.0000

$10.00

.09 (.08)

? ? .01

(.01) ? ? ?

(.01) $10.00

$5,619 562,268

.81% 1.04% --% $10.0000

$10.00

.05 (.04)

? ? .01

(.01) ? ? ?

(.01) $10.00

$6,795 679,928

.38% 1.04% --% $10.0000

$10.00

.02 (.01)

? ? .01

(.01) ? ? ?

(.01) $10.00

$4,417 360,650

.12% 1.05% --% $10.0000

Fidelity U.S. Money Market Fund Series B

U.S. Dollars The Series' Net Assets per Security A

Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,F Management expense ratio before waivers or absorptions E,F Trading expense ratio Net asset value per security, end of period

Six-months ended

December 31,

Periods ended June 30,

2019

2019

2018

2017

2016

2015

$10.00

.11 (.03)

? ? .08

(.08) ? ? ?

(.08) $10.00

$17,080 1,712,831

.75% .85% --% $10.0000

$10.00

.24 (.06)

? ? .18

(.18) ? ? ?

(.18) $10.00

$15,426 1,546,919

.74% .83% --% $10.0000

$10.00

.16 (.07)

? ? .09

(.09) ? ? ?

(.09) $10.00

$15,942 1,597,344

.73% .79% --% $10.0000

$10.00

.09 (.06)

? ? .03

(.03) ? ? ?

(.03) $10.00

$14,898 1,491,644

.67% .73% --% $10.0000

$10.00

.04 (.03)

? ? .01

(.01) ? ? ?

(.01) $10.00

$30,145 3,016,767

.33% .72% --% $10.0000

$10.00

.02 (.01)

? ? .01

(.01) ? ? ?

(.01) $10.00

$62,120 4,990,237

.12% .72% --% $10.0000

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Fidelity U.S. Money Market Fund Series F

U.S. Dollars The Series' Net Assets per Security A

Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,H Management expense ratio before waivers or absorptions E,H Trading expense ratio Net asset value per security, end of period

Fidelity U.S. Money Market Fund Series E1

U.S. Dollars The Series' Net Assets per Security A

Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio Management expense ratio before waivers or absorptions Trading expense ratio Net asset value per security, end of period

Six-months ended December 31, 2019

Periods ended June 30,

2019

2018G

$10.00

.11 (.02)

? ? .09

(.09) ? ? ?

(.09) $10.00

$731 73,130 .51% .53% --%

$10.0000

$10.00

.25 (.05)

? ? .20

(.20) ? ? ?

(.20) $10.00

$389 38,915 .51% .51% --%

$10.0000

$10.00

.04 (.01)

? ? .03

(.03) ? ? ?

(.03) $10.00

$664 66,452 .53% .53% --%

$10.0000

Six-months ended

December 31,

2019

2019

Periods ended June 30,

2018

2017

2016I

$10.00

.11 (.03)

? ? .08

(.08) ? ? ?

(.08) $10.00

$11,452 1,154,397

.69% .69% --% $10.0000

$10.00

.26 (.07)

? ? .19

(.19) ? ? ?

(.19) $10.00

$9,543 927,534

.69% .69% --% $10.0000

$10.00

.17 (.07)

? ? .10

(.10) ? ? ?

(.10) $10.00

$10,411 1,040,547

.70% .70% --% $10.0000

$10.00

.10 (.07)

? ? .03

(.03) ? ? ?

(.03) $10.00

$6,819 681,853

.68% .72% --% $10.0000

$10.00

.03 (.02)

? ? ?

? ? ? ? ? $10.00

$6,807 680,713

.53% .74% --% $10.0000

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