SEPTEMBER 2008 Fidelity 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. 488544 1 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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