XFT Government Stablecoin Fund

XFT is a digital asset management firm and investment bank. Our mission is to use blockchains to build resilient internet capital markets, starting with custom stablecoins for corporations.

Investment Objective

The Fund seeks to provide current income while maintaining liquidity and a stable share price of $1.

Fees and Expenses

The following tables describe the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.

Shareholder Fees

(Fees paid directly from your investment)

Sales Charge (Load) Imposed on Purchases	None
Purchase Fee	None
Sales Charge (Load) Imposed on Reinvested Dividends	None
Redemption Fee	None
Yield Distribution Fee	20%

Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.00%
12b-1 Distribution Fee	None
Other Expenses	0.01%
Total Annual Fund Operating Expenses	0.01%

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

1 Year	3 Years	5 Years	10 Years
$9	$29	$51	$115

Principal Investment Strategies

• Normally investing at least 99.5% of total assets in cash and U.S. Treasury securities.

• Normally investing in securities whose interest is exempt from state and local income taxes.

• Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, liquidity, and diversification of investments.

In addition, the fund normally invests at least 80% of its assets in U.S. Treasury securities.

Treasury securities are high-quality securities issued or guaranteed by the U.S. Treasury. Treasury securities are backed by the full faith and credit of the U.S. Treasury. Treasury securities usually pay a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security.

Use of Blockchain

The fund’s transfer agent maintains the official record of share ownership of the Dollar class in book-entry form. Ownership of the Dollar class will also be recorded – or digitized – on a public blockchain. Although the secondary recording of the Dollar class on a blockchain will not represent the official record of ownership, the transfer agent will reconcile the secondary blockchain transactions with the official records of the Dollar class on at least a daily basis during business days under normal conditions. Reconciliation involves maintaining a matching book-entry record and blockchain record of the total number of shares in circulation and the ownership of the shares at any given time.

A blockchain is an open, distributed ledger that digitally records transactions in a verifiable and immutable (i.e., permanent) way using cryptography. A distributed ledger is a database in which data is stored in a decentralized manner. Cryptography is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it. A blockchain stores transaction data in “blocks” that are linked together to form a “chain”, hence the name blockchain.

The secondary recording of Dollar class shares on a blockchain will not affect the fund’s investments or its investment strategies. The fund will invest, consistent with Rule 2a-7 under the Investment Company Act of 1940 (1940 Act), at least 99.5% of total assets in cash and U.S. Treasury securities. The fund will not invest in any crypto assets.

For more information regarding the use of blockchain technology for the Dollar class, see “Use of Blockchain” in the Fund Basics section of this prospectus. More detailed information about blockchain technology and the public blockchain network(s) used by the fund’s transfer agent, including the regulatory, operational and technological risks associated with distributed ledger technology, as well as detailed information about the fund and its policies and risks, can be found in the fund’s Statement of Additional Information (SAI).

Principal Investment Risks

• Interest Rate Changes.

Interest rate increases can cause the price of a money market security to decrease.

• Income Risk.

A low or negative interest rate environment can adversely affect the fund’s yield.

• Issuer-Specific Changes.

A decline in the credit quality of an issuer can cause the price of a money market security to decrease.

• U.S. Treasury Obligations.

U.S. Treasury obligations are high-quality securities issued or guaranteed by the U.S. Treasury providing minimal risk of loss of principal if held to maturity. Fluctuations in interest rates may cause the market value of such securities to vary.

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fidelity Investments and its affiliates, the fund’s sponsor, is not required to reimburse the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including during periods of market stress.

The fund will not impose a fee upon the sale of your shares.

Performance

Performance history will be available for the fund after the fund has been in operation for one calendar year.

Investment Advisor

The XFT Group, Inc. (XFT)

Portfolio Managers

To be determined.

Purchase and Sale of Shares

Shares are offered to certain institutional investors who complete an application with the fund.

To open a new account to purchase Dollar class shares, please contact XFT at [email protected].

Prior to opening your account, the fund will collect certain information from you in accordance with its anti-money laundering and know-your-customer policies and procedures.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form. At this time, the transaction fees associated with validating transactions on the Ethereum or any other blockchain network will be borne by the Adviser or its affiliates. In the future, investors may be responsible for these fees, for some or all of their transactions involving fund shares.

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.

You may purchase or redeem Dollar class shares of the fund at any time, although purchases and redemptions of shares will only be processed during normal business hours on business days.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

Even if the NYSE is closed, the fund will be open for business on those days on which the Federal Reserve Bank of New York (New York Fed) is open, the primary trading markets for the fund’s portfolio instruments are open, and the fund’s management believes there is an adequate market to meet purchase and redemption requests.

Fund class shares have a minimum initial investment of $1,000,000. The fund may waive or lower purchase minimums.

Initial Investment	$0.00
Additional Investment	$0.00
Initial Group Retirement Investment	$0.00
Additional Group Retirement Investment	$0.00
Required Balance	$0.00
Direct Deposit	$0.00
Initial Investment	$0.00
Additional Investment	$0.00

Tax Information

The Fund’s distributions may be taxable as ordinary income or capital gains. If you are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement or savings plan, special tax rules apply. You should consult your own tax advisor with respect to any particular U.S. or non-U.S. tax consequences of your investment in the Fund.

Payments to Financial Intermediaries

The Fund and its investment advisor do not pay financial intermediaries for sales of Fund shares.

Fund Distribution

The fund is composed of multiple classes of shares. All classes of the fund have a common investment objective and investment portfolio.

Legal Structure

The Fund is a Delaware Series Trust, registered as a non-diversified, closed-end management company under the 1940 Act. The Board of Trustees may authorize multiple series or classes of shares. The Fund does not intend to hold annual shareholder meetings.

The fund intends to be a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940 (1940 Act).