The Fidelity Hereford Street Trust – Fidelity Government Money Market Fund (NASDAQ: SPAXX) is a government-focused money market fund designed to provide investors with principal stability and liquidity. Organized as part of the Fidelity Hereford Street Trust, this fund seeks to maintain a stable net asset value of $1.00 per share while delivering income through investments primarily in U.S. government securities and repurchase agreements collateralized by those same instruments.
SPAXX pursues its objective by allocating its portfolio to high-quality, short-term obligations issued or guaranteed by the U.S. government and its agencies. These holdings may include Treasury bills, notes, and bonds, as well as repurchase agreements with counterparties that hold government securities as collateral. The fund’s management team actively monitors credit quality, interest rate risk, and maturity profiles to preserve capital and offer daily liquidity.
The fund is available to individual and institutional investors seeking a low-risk option for cash management, emergency reserves, or a temporary parking place for cash within retirement and brokerage accounts. Shareholders benefit from daily liquidity and the convenience of automatic sweep features that can move uninvested cash into the fund from brokerage accounts.
Fidelity Government Money Market Fund is managed by Fidelity Management & Research Company LLC, the principal investment adviser, and distributed by Fidelity Distributors Company LLC. As part of the broader Fidelity Investments organization—which traces its roots back to 1946 and is led by CEO Abigail P. Johnson—this fund leverages Fidelity’s global operations, research capabilities, and compliance framework to support its government money market strategy.
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