2014 list of best Fidelity money market mutual funds with top ratings. Highest performing, recommended funds for IRA/brokerage account investors in the last 10 years: SPRXX, SPRXX, FTEXX, FDRXX, FSLXX

Best Fidelity Money Market Funds 2014

Fidelity money market funds are type of fixed income mutual funds that invest in debt securities that are characterized by their short maturities and minimal credit risk.

Features: 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.

What to keep in mind:

• No loads;
• Daily liquidity;
• Potential tax advantages from municipal funds.

Fidelity Money Market Fund (SPRXX)

Objective

Seeks as high a level of current income as is consistent with preservation of capital and liquidity.

Strategy

Investing in U.S. dollar-denominated money market securities of domestic and foreign issuers and repurchase agreements. Investing more than 25% of total assets in the financial services industries. Potentially entering into reverse repurchase agreements.

The fund has returned 0.01% over the past year, 0.01% over the past three years, 0.35% over the past five years, and 1.76% over the past decade.

Purchase info: minimum initial investment is $25,000; an expense ratio is 0.42%.

Fidelity California Municipal Money Market Fund (SPRXX)

Objective

Seeks as high a level of current income, exempt from federal and California state personal income tax, as is consistent with preservation of capital.

Strategy

Normally investing in municipal money market securities. Normally investing at least 80% of total assets in municipal securities whose interest is exempt from federal and California personal income taxes. Potentially investing up to 20% of assets in municipal securities whose interest is subject to California personal income tax.

Performance

The fund has returned 0.01% over the past year, 0.01% over the past three years, 0.14% over the past five years, and 1.08% over the past decade.

Purchase info: minimum initial investment is $5,000; an expense ratio is 0.51%.

Fidelity Municipal Money Market Fund (FTEXX)

Objective

Seeks as high a level of interest income exempt from federal income tax as is consistent with liquidity and stability of principal.

Strategy

Normally investing in municipal money market securities. Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax.

The fund has returned 0.01% over the past year, 0.01% over the past three years, 0.19% over the past five years, and 1.17% over the past decade.

Purchase info: minimum initial investment is $5,000; an expense ratio is 0.42%.

Fidelity Cash Reserves (FDRXX)

Objective

Seeks as high a level of current income as is consistent with the preservation of capital and liquidity.

Strategy

Investing in U.S. dollar-denominated money market securities of domestic and foreign issuers and repurchase agreements. Investing more than 25% of total assets in the financial services industries. Potentially entering into reverse repurchase agreements.

The fund has returned 0.01% over the past year, 0.02% over the past three years, 0.35% over the past five years, and 1.75% over the past decade.

Purchase info: minimum initial investment is $2,500; an expense ratio is 0.38%.

Select Money Market Portfolio (FSLXX)

Objective

Seeks to provide high current income, consistent with preservation of capital and liquidity.

Strategy

Invests in U.S. dollar-denominated money market securities of domestic and foreign issuers and repurchase agreements, and also may enter into reverse repurchase agreements for the fund. Invests more than 25% of total assets in the financial services industries. Investing in compliance with industry-standard requirements for money market funds for the quality, maturity, and diversification of investments.