Money Market Funds

A money market fund is a type of fixed income mutual fund that invests in debt securities that are characterized by their short maturities and minimal credit risk.

For money market funds, income can be either taxable or tax exempt, depending on the types of securities in which the fund invests. These may include short-term U.S. Treasury securities, federal agency notes, Eurodollar deposits, repurchase agreements, certificates of deposit, corporate commercial paper; or obligations of states, cities, or other types of municipal agencies.

How Fidelity Manages Money Market Funds

Types of money market funds

U.S. Treasury and government money market

Invest in U.S. Treasury and other taxable U.S. government securities.

Two funds are available for use as the non-core or core position in a retirement or non-retirement account:

Fidelity® Government Money Market Fund (SPAXX)

Fidelity® Treasury Fund (FZFXX)

Note: minimum investment requirements do not apply to core positions.

Daily pricing/yields for all Fidelity U.S. Treasury and government money market funds

General purpose (prime) money market

Invest in high‐quality, U.S. dollar‐denominated, short‐term taxable money market securities from government and private issuers, including corporations.

Fidelity offers two funds for use by institutional investors:

FIMM: Prime – Class I (FIDXX)

FIMM: Prime – IL Class (FIPXX)

Note: minimum initial investment is $1 million+

Daily pricing/yields for all Fidelity general purpose (prime) money market funds

National municipal money market

Invest in high-quality, short-term municipal money market securities that are typically exempt from federal income taxes, and in some cases the alternative minimum tax.

Daily pricing/yields for Fidelity national municipal money market funds

State municipal money market

Invest in high-quality, short-term municipal money market securities that are typically exempt from federal income taxes and may be exempt from state income taxes depending on your state of residence.

Daily pricing/yields for Fidelity state municipal money market funds