Fund/Ticker - Fidelity Investments

Fund/Ticker

Fidelity? Government Cash Reserves/FDRXX

Prospectus

January 29, 2024

Like securities of all mutual

funds, these securities have not

been approved or disapproved

by the Securities and Exchange

Commission, and the Securities

and Exchange Commission has

not determined if this prospectus is accurate or complete. Any

representation to the contrary is

a criminal offense.

245 Summer Street, Boston, MA 02210

Contents

Fund Summary

3

Fidelity? Government Cash Reserves

Fund Basics

7

Investment Details

9

Valuing Shares

10

Additional Information about the

Purchase and Sale of Shares

14

Exchanging Shares

15

Features and Policies

17

Dividends and Capital Gain Distributions

18

Tax Consequences

19

Fund Management

20

Fund Distribution

22

Financial Highlights

Shareholder Information

Fund Services

Appendix

Prospectus

2

Fund Summary

Fund:

Fidelity? Government Cash Reserves

and expenses that may be incurred

when you buy, hold, and sell shares of

the fund. In addition to the fees

and expenses described below,

your broker may also require you

to pay brokerage commissions

on purchases and sales of the

fund.

Investment Objective

Fidelity? Government Cash Reserves

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

Shareholder fees

(fees paid directly from your investment)

None

Annual Operating Expenses

(expenses that you pay each year as a % of the value of your investment)

Management fee

0.21%

Distribution and/or Service (12b-1) fees

None

Other expenses

0.20%

Total annual operating expenses

0.41%

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:

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

1 year

3 years

5 years

10 years

$ 42

$ 132

$ 230

$ 518

3

Prospectus

Fund Summary ¨C continued

suer 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.

Principal Investment

Strategies

l Normally investing at least 99.5% of

total assets in cash, U.S. Government

securities and/or repurchase agreements that are collateralized fully

(i.e., collateralized by cash or government securities).

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.

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.

l

l Investing in compliance with industry-standard regulatory requirements for money market funds for the

quality, maturity, liquidity, and diversification of investments.

Performance

The following information is intended

to help you understand the risks of investing in the fund.

In addition, the fund normally invests

at least 80% of its assets in U.S. Government securities and repurchase

agreements for those securities.

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.

Principal Investment

Risks

Interest Rate Changes.

Interest rate increases can cause the

price of a money market security to

decrease.

l

l

Prior to December 1, 2015, the fund

operated under certain different investment policies. The fund's historical performance may not represent its

current investment policies.

Income Risk.

Visit for more recent

performance information.

A low or negative interest rate environment can adversely affect the

fund's yield.

Issuer-Specific Changes.

A decline in the credit quality of an is-

l

Prospectus

4

Year-by-Year Returns

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

0.01%

0.01%

0.09%

0.56%

1.52%

1.90%

0.27%

0.01%

1.34%

4.79%

10%

0%

-10%

During the periods shown in the chart:

Returns

Quarter ended

Highest Quarter Return

1.27%

December 31, 2023

Lowest Quarter Return

0.00%

March 31, 2021

Average Annual Returns

For the periods ended December 31, 2023

Past 1

year

Past 5

years

Fidelity? Government Cash Reserves

4.79%

1.65%

Past 10

years

1.04%

count, or through an investment professional.

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.

You may buy or sell shares in various

ways:

Internet



Purchase and Sale of

Shares

Phone

Fidelity Automated Service Telephone (FAST?)

1-800-544-5555

You may buy or sell shares through a

Fidelity? brokerage or mutual fund

account, through a retirement ac-

To reach a Fidelity representative

1-800-544-6666

5

Prospectus

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