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Insights into Portfolio Management


									                                                                                                                             SEPTEMBER 2008

       Management &
       Research Company                          Insights into Portfolio Management

                          Fidelity’s Approach to Managing
                          Money Market Funds
                          Fidelity is proud to manage in excess of $500 billion1               market shareholders may redeem shares of any
                          in money market assets for millions of customers. As                 fund on a daily basis.
                          a leader in money market fund management for over
                          30 years, Fidelity can today state unequivocally that          3 Historically Competitive Yields
                          our money market funds continue to provide safety                  In addition, Fidelity aims to provide competitive
                          and security for our client’s cash investments. Fidelity’s         and consistent yields. The firm is focused on help-
                          money market funds invest in money market securities               ing investors achieve their financial goals while
                          of the highest quality and provide clients daily liquid-           taking a conservative approach towards manag-
                          ity. Our three investment priorities for money market              ing risk.
                          funds, in order of importance, are:
                                                                                         Independent Credit Research
                          1 Stability                                                    Issuer selection within Fidelity’s money market funds
                              Fidelity’s prudent approach to money market fund           is driven by bottom-up issuer and security specific
                              management has been, and will continue to be,              research of Fidelity’s analysts. Fidelity’s team-oriented
                              proactive in keeping money market funds safe               approach incorporates a systematic review of every
                              and protecting the $1.00 net asset value per share         security. Fidelity performs its own credit assessment
                              ( NAV). This has always has been the #1 objective          and evaluation and does not rely on the rating agen-
                              when it comes to managing money market funds.              cies to determine credit quality.
                              Each money market fund is a diversified port-
                              folio of high-quality, short-term money market             Experienced Team
                              securities in full compliance with SEC Rule 2a-7.          Fidelity has built one of the largest, most sophis-
                              That rule outlines the Securities and Exchange             ticated fixed-income organizations in the mutual
                              Commission’s investment regulations for money              fund industry. A dedicated and experienced team of
                              market funds and is intended to help protect               research analysts and associates, traders and portfo-
                              shareholders’ investments in money market funds            lio managers is backed by Fidelity’s industry-leading
                              as well as the funds’ $1.00 NAV.                           technology. Fidelity’s robust and dedicated invest-
                                                                                         ment staff have distinguished it in the industry, making
                          2 Liquidity                                                    its money market funds a smart choice for cash invest-
                              Fidelity also focuses on the preservation of li-           ments.
                              quidity for existing shareholders. Fidelity’s money

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other gov-
ernment 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.

The views expressed in this piece are made only as of the date above and are subject to change at any time based on market or other conditions.
Fidelity disclaims any responsibility to update these views. These views may not be relied on as investment advice or as an indication of the future
investment strategy of any Fidelity fund.
    8/31/2008, includes General Purpose, Government, and Municipal Funds (FMR).        Fidelity Distributors Corporation, 82 Devonshire Street, Boston, MA 02109

                                 Before investing, consider the fund’s investment objectives, risks, charges, and expenses. Contact
                                 Fidelity for a prospectus containing this information. Read it carefully.

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