IV | Treasury Portfolio

Fund Summary

Fund/Class:
Treasury Portfolio/IV

Investment Objective

The 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.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

Shareholder fees
(fees paid directly from your investment)

Shareholder Fees (USD $)	IV Treasury Portfolio Class IV
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)

Annual Operating Expenses	IV Treasury Portfolio Class IV
Management fee	0.14%
Distribution and/or Service (12b-1) fees	0.50%
Other expenses	0.07%
Total annual operating expenses	0.71%

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 your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the 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:

Expense Example (USD $)	IV Treasury Portfolio Class IV
1 year	73
3 years	227
5 years	395
10 years	883

Principal Investment Strategies

• Normally investing at least 80% of assets in U.S. Treasury securities and repurchase agreements for those securities.
• Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.

Principal Investment Risks

• Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.
• Issuer-Specific Changes. A decline in the credit quality of an issuer 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.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government 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.

Performance

The following information is intended to help you understand the risks of investing in the fund. 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.

Visit www.advisor.fidelity.com for updated return information.

Year-by-Year Returns
Calendar Years

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	0.51%	March 31, 2008
Lowest Quarter Return	0.00%	March 31, 2013
Year-to-Date Return	0.00%	March 31, 2014

Average Annual Returns
For the periods ended
December 31, 2013

Average Annual Total Returns	Past 1 year	Past 5 years	Life of class		Inception Date
IV Treasury Portfolio Class IV	0.01%	0.01%	0.24%	[1]	Dec. 12, 2007

[1] From December 12, 2007.