FZFXX yield: 3.57% as filed, and what it keeps after tax

What the filings say about FZFXX

Fidelity Treasury Money Market Fund carries the word Treasury in its name, and its holdings live up to it in a narrow sense: Treasury bills and notes plus repurchase agreements backed by Treasuries, nothing else. The split is the point. At the end of the reported month the fund held 60% in Treasuries directly and 40% in Treasury repo, and repo interest is not exempt from state tax even when Treasuries are the collateral. So the state-exempt share of an FZFXX dividend is closer to the first figure than to 100%, which is what a reader expects from the name. At the quarter ends the direct share was 59.1% and 61.3%: over the 50% line for California, Connecticut and New York, by about ten points. Its 7-day yield as filed was 3.57%, with an expense drag near 0.42%.

FZFXX 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 FZFXX held on October 31, 2026

Share of the portfolio in U.S. government debt whose interest states cannot tax: 59.9%. 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.

FZFXX 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 60% above is the part the calculator treats as tax-free. FZFXX 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.

FZFXX at a glance

Where FZFXX 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 FZFXX 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 $226 a year more than FZFXX 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 FZFXX

Next to it, Fidelity’s Treasury Only fund FDLXX held 100% in Treasuries and yielded 3.61%; the difference in state-exempt share is worth comparing in the calculator for a high-tax state.