The new offering seeks to obtain a high level of current income consistent with preservation of capital by normally investing at least 80% of its assets in U.S. dollar‐denominated money market and high quality, investment‐grade debt securities of all types, and repurchase agreements for those securities. The fundʹs benchmark index is the Barclays Capital 3‐6 Month U.S. Treasury Bills Index and it will normally maintain a dollar‐weighted average maturity of 0.75 years or less. It offers two share classes – a retail class (FCONX) and an Institutional class (FCNVX).
Miller joined Fidelity in 1991 as a municipal bond credit analyst. He became a municipal bond trader in 1998, and later that year, accepted a position as a taxable credit analyst. From 2001 to 2003, Miller managed a number of Fidelity municipal money market funds. He managed VIP Money Market Portfolio from 2003 to 2011, and managed Fidelity Institutional Prime Money Market Portfolio from 2004 to 2010, and Fidelity Institutional Money Market Portfolio from 2003 to 2011. He will continue to manage institutional separate accounts and comingled pools, Fidelity said.