Fidelity Tax-Exempt Money Market Fund
FMOXX
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- Fidelity Tax-Exempt Money Market Fund (FMOXX), managed by Fidelity Investments of Boston, Massachusetts, seeks to provide as high a level of current income exempt from federal income taxes as is consistent with the preservation of capital and liquidity. The fund, part of Fidelity Newbury Street Trust and with inception dating to June 19, 2001, normally invests at least 80% of assets in short-term municipal securities whose interest is exempt from federal income tax, including variable rate demand notes, municipal notes, tax-exempt commercial paper, and short-term municipal bonds; it generally avoids securities subject to the federal alternative minimum tax and may allocate up to 20% to taxable securities or more than 25% to similar project-financing municipals. Top holdings typically feature U.S. municipal obligations such as Fidelity Revere Str Tr, New York N Y City Mun Wtr Fin Auth Wtr & Swr Sys Rev, Port Arthur Tex Nav Dist Indl Dev Corp Exempt Facs Rev, Connecticut St, and Clark Cnty Nev Arpt Rev, with operations centered on U.S. domestic issuers across various states. The fund maintains compliance with industry-standard money market regulations, targeting high-quality, short-duration municipal debt to ensure stability of principal at a stable $1.00 NAV, while providing daily liquidity through high proportions of daily and weekly liquid assets. It serves individual and institutional investors seeking tax-advantaged cash management, with a focus on the municipal money market category and ratings including AAAm from S&P and Aaa-mf from Moody's. In recent developments as of 2025, Fidelity Investments continues to adapt its money market offerings amid SEC reforms implemented in October 2024, which introduced mandatory redemption fees for certain prime institutional funds and prompted industry-wide shifts toward government money market funds; while not directly impacting FMOXX, these changes reflect broader portfolio strategy adjustments at Fidelity. Fidelity expanded its overall fixed income lineup in 2025 with launches including the Fidelity Municipal Bond Opportunities ETF and Fidelity Systematic Municipal Bond Index ETF, signaling strategic emphasis on municipal fixed income products, though no specific mergers, acquisitions, or funding rounds were reported for FMOXX itself within the last 1-2 years. The fund upholds a contractual expense cap, with net expense ratios supporting competitive 7-day yields amid stable municipal market conditions.