Chairman's Message | June 30, 2021

Abigail P. Johnson

Dear Shareholder:

U.S. money markets produced a nearly breakeven result for the 12 months ending June 30, 2021, a period marked by very low market yields and a resolute U.S. Federal Reserve intent on maintaining easy access to capital during the COVID-19 pandemic via historically low policy interest rates.

The period began as the broader market was recovering from mounting credit concern early in 2020related to the economic effects of the pandemic. In response to liquidity issues in some short-term debt markets, the Federal Open Market Committee kept the fed funds rate at a range of 0.00% to 0.25% and continued to make additional liquidity available via its open-market operations. In addition, the U.S. Federal Reserve boosted its holdings of U.S. Treasuries and agency mortgage-backed securities and introduced several loan and credit facilities.

Notably, at its September 2020 meeting, the Fed updated its inflation target. Rather than target 2% inflation, the long-held goal, the central bank said it would seek a rate of inflation that averages 2% over time, meaning that it might allow inflation to overshoot the 2% target without feeling the need to raise rates. Yields then rose modestly in October, ahead of the U.S. presidential election in November, and amid expectations for additional economic stimulus.

Short-term bond yields trended lower from November through the end of January, then fell more dramatically in February amid signs of increased inflation. By March, inflation had arrived in earnest,driven by a combination of supply-side issues in many consumer markets and concerns over federalspending on pandemic relief efforts. Late in April, the U.S. government sold four-week bills with a yield of 0%, the first time it had auctioned securities with no yield since March 2020. Technical factors impacted short-term Treasuries, especially early in the quarter. The Treasury department began releasing funds into the economy that it had previously raised in the market. This increased liquidity in the system and put downward pressure on Treasury bill yields. The Fed ultimately responded by increasing the interest rates paid on banks' reserve balances in June to 0.15%, and the interest rate offered for overnight reverse repurchase agreements to 0.05%, up from 0.10% and 0.00%, respectively.

In testimony before Congress in June, Fed Chair Jerome Powell acknowledged that re-opening segments of the economy are driving more inflation than expected, but said he expects this higher inflation to be transitory. Powell suggested it's too early to put a timeline on the tapering of pandemic-era stimulus, and the subsequent, worse-than-anticipated rise of the COVID-19 delta variant has since injected a degree of uncertainty into the state of the economic recovery.

At Fidelity, we take a very conservative approach to managing our money market funds. All our money market funds have ample liquid assets, and their liquidity profiles are published on our websites. We will continue to manage all our money market funds as we always have – with the goalof providing safety and liquidity for shareholders' investments.

For more information on current market developments, please visit us online.

Sincerely,

Abigail P. JohnsonChairman of the Board of TrusteesFidelity Fixed Income and Asset Allocation Funds

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