FDLXX yield: 3.61% as filed, and what it keeps after tax

What the filings say about FDLXX

Fidelity Treasury Only Money Market Fund is the Fidelity fund whose dividends a state-tax payer can count on almost entirely: the schedule of holdings for October 31, 2026 lists only Treasury securities, no repurchase agreements at all. That is a stricter policy than the Treasury fund FZFXX, which keeps 40% in Treasury repo. The cost of that purity shows in two places. The 7-day yield as filed was 3.61%, and the weighted average maturity 45 days, longer than most government funds, since without overnight repo the fund has to hold bills to maturity. And the expense drag computed from gross and net yields was about 0.41%. In a state like California, New York or Connecticut, the full exemption usually outweighs a few hundredths of yield; in Texas or Florida it is worth nothing, and the comparison is yield against yield.

FDLXX 7-day yield as filed, June 1, 2026 to October 29, 2026

A fund reports these yields once a month, within five business days of month end. Between two reports the figure here ages: by the time the October 2026 report is replaced, it is up to five weeks old. The fund’s own site shows today’s figure.

What FDLXX held on October 31, 2026

Share of the portfolio in U.S. government debt whose interest states cannot tax: 100.0%. This is the figure the calculator above uses as the state-tax-free part of the dividend. It is an estimate from the holdings on one day; the fund’s year-end tax statement gives the share of the year’s dividends, which is the figure for a tax return.

FDLXX and the 50% quarter-end test

In California, Connecticut and New York, the part of a dividend earned on U.S. government debt is state-tax-free only if the fund kept at least half its money in that debt at every quarter end. These quarter-end figures only decide pass or fail; the 100% above is the part the calculator treats as tax-free. FDLXX held at least half its assets in U.S. government debt at every quarter end in the data, so it passes. The law looks at the close of each quarter of the fund’s own tax year, which is not always the calendar quarter; calendar quarter-end reports are a close proxy, and the fund’s year-end letter says whether it qualified. How the rule works.

FDLXX at a glance

Where FDLXX ranks after tax

Among the 283 share classes in the data, for a single filer with $120,000 of taxable income and $50,000 in the fund:

The rank compares FDLXX with every other fund for a resident of that state. In a state with no income tax, such as Texas, funds whose dividends are taxed by states catch up, so the rank can be lower even though you keep more. In California, the fund ranked first kept $144 a year more than FDLXX on $50,000.

A rank of past yields, not a recommendation, and this site does not say which fund to hold. Moving cash to another fund can involve a minimum or a fee set by your brokerage. Rank every fund for your situation.

What to watch in FDLXX

The quarter-end Treasury share was 100.0% at June 30 and 100.0% at September 30. Over the months on file the yield ranged from 3.27% on June 8, 2026 to 3.61% on October 26, 2026.