Fidelity Premium Money Market Private Pool

Fidelity Premium Money Market Private Pool

Semi-Annual Management Report of Fund Performance

December 31, 2020

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, 2020 Fidelity Premium Money Market Private Pool

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 Premium Money Market Private Pool (Fund), Series B, returned 0.03%, after fees and expenses, for the six-month period ended December 31, 2020. 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: Over the review period, Canadian investment-grade bond prices edged higher and yields declined. The spread of COVID-19 and concern about its impact on the global economy resulted in demand for safe-haven assets to protect against the risk of faltering Canadian and global economic growth. Economic activity in Canada was supported by government programs that replaced incomes and subsidized wages. Household spending, goods consumption and housing market activity rebounded, largely reflecting pent-up demand. Exports, business confidence and investment continued to improve over the period, but remain below levels seen before the COVID-19 outbreak in March 2020. Toward the end of the review period, renewed social restrictions intended to slow a resurgence in new COVID-19 infections contributed to market uncertainty. Factors affecting performance: During the review period, in response to the exceptionally low market interest rates available on the short-term fixed-income investments in which the Fund invests, Fidelity waived a portion of the management fees it normally would charge to ensure 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: At the end of the review period, exposure to commercial paper accounted for 12.9% of the Fund's holdings, bankers acceptances for 40.4%, Canadian provincial bonds for 2.1%, and reverse repurchase agreements for 44.2%. Portfolio manager Michael Widrig focused on what he believes are higher-quality issuers, while aiming to maintain a higher degree of liquidity in the Fund. Mr. Widrig also aimed to maintain flexibility in the portfolio amid market volatility by continuing to be diversified among different securities and issuers. Recent Developments As the trajectory of global rates of COVID-19 infection remains uncertain, and the timeframe and speed of governmental easing of social distancing measures and travel restrictions unclear, it is not possible to predict the further impact of the COVID-19 pandemic on global capital markets. The prospectus has been updated to include additional risk factor disclosure regarding the possible risks arising from the COVID-19 pandemic. Fidelity Premium Money Market Private Pool maintained its $10.00 security price during the review period. Portfolio manager Michael Widrig continues to seek high-quality issuers, and remains focused on maintaining a high degree of liquidity in the Fund. The money market portfolio management team is closely monitoring the credit market situation in both Canada and the U.S., with the intention of keeping the portfolio stable and secure. 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 provides investment advice with respect to the Fund's investment portfolio and arranges for the 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 $43,000 for the period ended December 31, 2020.

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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 Premium Money Market Private Pool Series B

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 Management expense ratio before waivers or absorptions E Trading expense ratioF Portfolio turnover rateG Net asset value per security, end of period

Six-months ended December 31, 2020

$10.00

.01 (.01)

? ? ?

? ? ? ? ? $10.00

$27,233 2,758,036

.25% .77% --% 73.63% $10.0000

2020

$10.00

.14 (.06)

? ? .08

(.08) ? ? ?

(.08) $10.00

$28,245 2,787,879

.64% .74% --% 140.54% $10.0000

Periods ended June 30,

2019

2018

2017

$10.00

$10.00

$10.00

.19

.12

.07

(.06)

(.06)

(.06)

?

?

?

?

?

?

.13

.06

.01

(.12) ? ? ?

(.12) $10.00

(.06) ? ? ?

(.06) $10.00

(.01) ? ? ?

(.01) $10.00

$12,132 1,212,994

.70% .73% --% 173.64% $10.0000

$12,201 1,214,002

.68% .73% --% 139.45% $10.0000

$9,814 979,595

.67% .68% --% 132.89% $10.0000

2016

$10.00

.07 (.06)

? ? .02

(.01) ? ? ?

(.01) $10.00

$10,696 1,069,585

.63% .69% --% 167.83% $10.0000

Fidelity Premium Money Market Private Pool Series D

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 Management expense ratio before waivers or absorptions E Trading expense ratioF Portfolio turnover rateG Net asset value per security, end of period

Six-months ended December 31, 2020

$10.00

.02 (.01)

? ? .01

(.01) ? ? ?

(.01) $10.00

$2 218 .13% .76% --%

73.63% $10.0000

2020

$10.00

.14 (.06)

? ? .08

(.08) ? ? ?

(.08) $10.00

$2 218 .60% .70% --%

140.54% $10.0000

Periods ended June 30,

2019

2018

2017

$10.00

$10.00

$10.00

.19

.13

.08

(.07)

(.08)

(.06)

?

?

?

?

?

?

.12

.05

.02

(.11) ? ? ?

(.11) $10.00

(.05) ? ? ?

(.05) $10.00

(.02) ? ? ?

(.02) $10.00

$2 216 .76% .77% --%

173.64% $10.0000

$2 214 .77% .77% --%

139.45% $10.0000

$2 213 .56% .78% --%

132.89% $10.0000

2016

$10.00

.07 (.06)

? ? .01

(.02) ? ? ?

(.02) $10.00

$2 212 .60% .70% --%

167.83% $10.0000

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Fidelity Premium Money Market Private Pool Series F

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 Management expense ratio before waivers or absorptions E Trading expense ratioF Portfolio turnover rateG Net asset value per security, end of period

Six-months ended December 31, 2020

$10.00

.02 (.01)

? ? .01

? ? ? ? ? $10.00

$20,147 1,990,103

.24% .51% --% 73.63% $10.0000

2020

$10.00

.14 (.04)

? ? .10

(.10) ? ? ?

(.10) $10.00

$11,886 1,188,804

.45% .49% --% 140.54% $10.0000

Periods ended June 30,

2019

2018

2017

$10.00

$10.00

$10.00

.19

.13

.08

(.04)

(.04)

(.04)

?

?

?

?

?

?

.15

.09

.04

(.15) ? ? ?

(.15) $10.00

(.08) ? ? ?

(.08) $10.00

(.03) ? ? ?

(.03) $10.00

$12,185 1,201,153

.46% .48% --% 173.64% $10.0000

$3,832 385,547

.45% .49% --% 139.45% $10.0000

$6,518 647,844

.45% .45% --% 132.89% $10.0000

2016

$10.00

.08 (.04)

? ? .04

(.03) ? ? ?

(.03) $10.00

$12,601 1,260,059

.45% .45% --% 167.83% $10.0000

Fidelity Premium Money Market Private Pool Series I

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 Management expense ratio before waivers or absorptions E Trading expense ratioF Portfolio turnover rateG Net asset value per security, end of period

Six-months ended December 31, 2020

$10.00

.02 (.01)

? ? .01

? ? ? ? ? $10.00

$6,746 660,897

.25% .79% --% 73.63% $10.0000

2020

$10.00

.14 (.06)

? ? .08

(.08) ? ? ?

(.08) $10.00

$7,386 672,530

.66% .80% --% 140.54% $10.0000

Periods ended June 30,

2019

2018

2017

$10.00

$10.00

$10.00

.19

.13

.08

(.05)

(.06)

(.04)

?

?

?

?

?

?

.14

.07

.04

(.12) ? ? ?

(.12) $10.00

(.05) ? ? ?

(.05) $10.00

(.01) ? ? ?

(.01) $10.00

$4,487 436,340

.72% .86% --% 173.64% $10.0000

$8,150 815,746

.78% .88% --% 139.45% $10.0000

$1,891 190,166

.67% .96% --% 132.89% $10.0000

2016

$10.00

.07 (.03)

? ? .05

(.01) ? ? ?

(.01) $10.00

$2,263 226,303

.63% .94% --% 167.83% $10.0000

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