Fidelity Investments Money Market Government Portfolio Institutional Class

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Frequent Purchases And Redemptions

Money Market Funds: What You Need to Know

A fund may reject for any reason, or cancel as permitted or required by law, any purchase or exchange, including transactions deemed torepresent excessive trading, at any time.

Excessive trading of fund shares can harm shareholders in various ways, including reducing the returns to long-term shareholders by increasing costs to a fund and disrupting portfolio management strategies.

The Adviser anticipates that shares of each fund will be purchased and sold frequently because a money market fund is designed to offer aliquid cash option. Accordingly, the Board of Trustees has not adopted policies and procedures designed to discourage excessive trading offund shares and each fund accommodates frequent trading.

Each fund has no limit on purchase or exchange transactions but may in its discretion restrict, reject, or cancel any purchases that, in theAdviser’s opinion, may be disruptive to the management of the fund or otherwise not be in the fund’s interests.

Each fund reserves the right at any time to restrict purchases or exchanges or impose conditions that are more restrictive on excessivetrading than those stated in this prospectus.

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Purchase And Sale Of Shares

You may buy or sell shares through a retirement account or through an investment professional. You may buy or sell shares in various ways:

Internet

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The price to buy one share is its net asset value per share . Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange is open. Even if the NYSE is closed, the fund will be open forbusiness on those days on which the Federal Reserve Bank of New York is open, the primary trading markets for the fund’sportfolio instruments are open, and the fund’s management believes there is an adequate market to meet purchase and redemption requests.

Fidelity normally calculates NAV each business day as of 4:00 p.m. Eastern time and, when the New York Fed and principal bond marketsare open, as of 5:00 p.m. Eastern time. The fund’s assets normally are valued as of these times for the purpose of computing NAV.

Prospectus

Fund Summary – continued

Institutional Class has a minimum initial investment of $10 million, which may be waived if your aggregate balance in the Fidelity® Institutional Money Market Funds is greater than $25 million. The fund may waive or lower purchase minimums in other circumstances.

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Money Market Funds With Low Costs And High Returns

We noticed a few patterns when comparing the best money market mutual funds on our list.

First, when it comes to expense ratios, many of the funds with the highest fees also require very significant minimum deposits. The one exception: Fidelity Money Market Fund , which is the only one on this listing with no minimum deposit requirement.

The reality of the current low-rate environment is that money market fund yields are minimal. When it comes to the funds on our list, few offer a seven-day yield that much above zeroall but one yield less than 0.10%.

Theres just one money market fund that stands out in terms of cost, yield and minimum investment: Invesco Premier Portfolio Fund . If you can meet the $1,000 minimum investment size, IMRXX offers a combination of relatively high returns with low expenses.

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Modifications Amendments Or Terminations Relating To The Raymond James Trust Sweep Program

RJT may, in its sole discretion, terminate your use of the RJTSP as a cash sweep investment option by providing notice to you. RJT may modify, amend the terms of, or terminate the RJTSP at any time in its sole discretion. In the event the RJTSP is modified, amended, or terminated, RJT will provide timely notice of such action, and of any new or revised cash sweep option.

To learn more about Raymond James Trust, click here.

Money Market Fund Vs Savings Account

If this sounds similar to a high-yield savings account or a money market account, it is. The biggest difference is that yields on money market mutual funds respond much more rapidly to changes in market interest rates. As interest rates rise, the APYs on most money market accounts and savings accounts lag the market significantly while money market fund yields respond immediately.

This can make money market funds a great choice for earning a return on your cash. Thats particularly true when you know you have an upcoming big-ticket purchase and you need quick access to cash.

Lets say youve saved up a down payment for your first home, for example, and youre searching for the perfect property. Putting that money into stock investments would be too risky since you want to buy the house soon and market volatility could eat up some of your investment. But the balance is large enough that you dont want to miss out on earning interest by holding it in your checking account. In that case, a money market fund would offer you the liquidity and stability you want with the potential for a modest return.

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Best Money Market Funds Methodology

The best money market funds offer a combination of positive yield, low risk and a low expense ratio. To make our selection, we combed through the list of money market mutual funds at MutualFunds.com and identified nine with the highest yields, lowest expenses and a minimum investment balance of $1,000,000 or lower.

Note that the seven-day yield is an industry standard for side-by-side comparisons of money market funds. It takes into account fund distributions plus appreciation, minus average fees over a seven-day period, and assumes that this average continues over an entire year.

When you are selecting a money market fund, make sure you can meet the minimum investment balance. In addition, its important to understand the investments held by each fund. Carefully research your options before making a decision.

And keep in mind that when it comes to investing, past performance is no guarantee of future results.

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Your Relationship With Raymond James And Fidelity

Relationship with Raymond James RJT is acting as your fiduciary, custodian or agent in establishing an investor relationship with the Fidelity Fund, sweeping your funds into the Fidelity Fund, and withdrawing your funds from the Fidelity Fund, as appropriate. No separate evidence of ownership will be issued to you. Your RJT account statements will reflect the balance held in the Fidelity Fund on your behalf. You should retain your RJT account statements for your records. You may at any time obtain information about your sweep investment in the Fidelity Fund by contacting your financial advisor or trust officer.

All transactions with respect to your funds invested in the Fidelity Fund must be directed by RJT and all information concerning such investment can only be obtained from RJT. Fidelity has no obligation to accept instructions from you with respect to your funds invested in the Fidelity Fund or to provide you information concerning such investment.

How The Raymond James Trust Sweep Program Works

Each business day, Raymond James Trust, N.A. , as your fiduciary, custodian or agent, sweeps the available, uninvested cash in your account to the Fidelity Investments Money Market Treasury Portfolio Institutional Class money market fund . Funds deposited in your account after a cutoff time, which will ordinarily be 11:00 a.m. Eastern Time, will be swept to the Fidelity Fund on the next business day. RJT may adjust the cutoff time in its sole discretion from time to time. The Fidelity Fund is a government money market mutual fund that invests primarily in U.S. Treasury securities and repurchase agreements for such securities.

Withdrawal Procedures RJT, as your fiduciary, may direct the withdrawal of funds from the Fidelity Fund to meet ongoing trust disbursement, investment, or other authorized needs. Funds will be withdrawn from the Fidelity Fund and transferred to your account as necessary to satisfy such demands. Withdrawals from the Fidelity Fund requested after the cutoff time will be processed the next business day.

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Dividendsand Capital Gain Distributions

Each fund earns interest, dividends, and other income from its investments, and distributes this income to shareholders asdividends. Each fund may also realize capital gains from its investments, and distributes these gains , if any, to shareholders ascapital gain distributions.

Distributions from a money market fund consist primarily of dividends. A money market fund normally declares dividends daily and paysthem monthly.

Dividends declared for each fund are based on estimates of income for the fund. Actual income may differ from estimates, and differences,if any, will be included in the calculation of subsequent dividends.

You may request to have dividends redeemed from an account closed during the month paid when the account is closed. A fund reserves theright to limit this service.

What Is A Money Market Fund

FMPXX

A money market mutual fundoften referred to as a money market fundis a low-risk investment vehicle that provides both a modest return on your money and a high degree of liquidity. That means you can easily and quickly move cash in and out of a money market fund without fees or penalties.

Money market mutual funds were first developed in the 1970s before bank money market accounts came on the scene, as an alternative to low-yielding savings accounts. As its name suggests, a money market fund is a type of mutual fund, which invests its shareholders money in short-term, high-quality debt. This makes a money market fund much less risky than mutual funds that buy stocks or even longer-term bonds.

Money market funds can be categorized into three groups: prime, government and tax-free.

  • Prime money market funds are typically invested in short-term corporate and bank debt securities.
  • Government money market funds invest at least 99.5% of their funds in government-backed securities, making them extremely safe investments.
  • Tax-free money market funds are invested primarily in municipal bonds or debt issued by other entities whose interest payments are exempt from federal income taxes.

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Money Market Funds In A Low

As the Covid-19 pandemic stretches on, interest rates and yields have continued to fall. Rates on everything from CDs to money market funds have fallen to nearly zero. Today, some money market funds earn a yield of 0.00% while the highest paying funds yield no more than about 0.10%. Low yields have presented challenges to investors looking to earn income from cash.

For those who have cash balances below FDIC insurance limits, online savings accounts and money market accounts pay the highest rates. For those with cash balances well above FDIC limits, a money market fund is a relatively safe option. While yields are at historic lows, money market funds should react quickly when they begin to rise again.

Fidelity Fund Background Information

The Fidelity Fund seeks to obtain as high a level of current income as is consistent with the preservation of principal and liquidity, within the limitations prescribed for the fund. The Fidelity Fund does seek to preserve the value of an investment at $1.00 per share, but the value of the investment is not guaranteed. An investor can lose money by investing in the Fidelity Fund.

Fees and Expenses Fidelity retains an expense ratio of 18 bps on cash invested in the Fidelity Fund, of which it reimburses 4 bps to the Institutional Class shareholders, for net expenses of 14 bps . By way of example, this means that on an investment of $10,000 left in the Fidelity Fund for 1 year, Fidelity would receive $14. If fund expenses fall below 14 bps , Fidelity may recoup amounts it previously paid to reimburse net expenses over that amount.

Fidelity represents that if the Fidelity Fund’s weekly liquid assets fall below 30% of its total assets because of market conditions or other factors, the Fidelity Fund will not impose a fee upon the sale of shares, nor temporarily suspend the ability to sell shares.

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Why Are Money Market Funds A Good Option

Money market funds can be a highly useful tool for holding the cash component of your investment portfolio. The key advantage of money market funds is the fact that they are highly liquid investments.

Take a real estate investment property, for example. Real estate may offer rich returns over the long term, but its a highly illiquid investment as it would require at least a couple of months to sell a property and get cash. A savings account, on the other hand, is highly liquidyou can just go to an ATM to get cash.

Money market funds offer higher liquidity than certificates of deposit and Treasury bills while also offering ultra-low risk. Unlike CDs, which you generally need to hold to maturity to cash out without penalty, money market funds dont have maturities and can be liquidated on demand. You can sell Treasury bills on the secondary market with ease, but its also possible to take a loss on the sale.

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