UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-7139

Fidelity Hereford Street Trust
(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	April 30

Date of reporting period:	October 31, 2014

Item 1. Reports to Stockholders

Fidelity®

Treasury Money Market
Fund

Semiannual Report

October 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes/Performance	(Click Here)	A summary of major shifts in the fund's investments over the past six months and one year.
Investments	(Click Here)	A complete list of the fund's investments.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2014 to October 31, 2014).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period* May 1, 2014 to October 31, 2014
Actual	.07%	$ 1,000.00	$ 1,000.10	$ .35
Hypothetical^A		$ 1,000.00	$ 1,024.85	$ .36

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes/Performance (Unaudited)

Effective Maturity Diversification
Days	% of fund's investments 10/31/14	% of fund's investments 4/30/14	% of fund's investments 10/31/13
1 - 7	74.7	69.9	81.1
8 - 30	2.6	6.9	0.7
31 - 60	0.8	3.8	0.5
61 - 90	6.6	4.1	2.2
91 - 180	7.5	10.4	5.4
> 180	7.8	4.9	10.1

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Weighted Average Maturity
	10/31/14	4/30/14	10/31/13
Fidelity Treasury Money Market Fund	37 Days	32 Days	32 Days
Treasury Retail Money Market Funds Average*	53 Days	52 Days	55 Days

This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM.

Weighted Average Life
	10/31/14	4/30/14	10/31/13
Fidelity Treasury Money Market Fund	53 Days	45 Days	32 Days

Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security.

* Source: iMoneyNet, Inc.

Semiannual Report

Investment Changes/Performance (Unaudited) - continued

Asset Allocation (% of fund's net assets)
As of October 31, 2014		As of April 30, 2014
	Treasury Debt 25.1%		Treasury Debt 32.2%
	Repurchase Agreements 74.5%		Repurchase Agreements 68.2%
	Net Other Assets (Liabilities) 0.4%		Net Other Assets (Liabilities)** (0.4)%

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** Net Other Assets (Liabilities) are not included in the pie chart.

Current and Historical Seven-Day Yields

	10/31/14	7/31/14	4/30/14	1/31/14	10/31/13

Fidelity Treasury Money Market Fund	0.01%	0.01%	0.01%	0.01%	0.01%

Yield refers to income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending October 31, 2014, the most recent period shown in the table, would have been -0.33%.

Semiannual Report

Investments October 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Treasury Debt - 25.1%
		Yield (a)	Principal Amount	Value
U.S. Treasury Obligations - 25.1%
U.S. Treasury Bills
	2/19/15 to 8/20/15	0.06 to 0.13%	$ 2,170,000	$ 2,168,907
U.S. Treasury Notes
	11/15/14 to 7/31/16	0.05 to 0.18 (b)	28,517,000	28,609,111
TOTAL TREASURY DEBT (Cost $30,778,018)				30,778,018

Treasury Repurchase Agreement - 74.5%
	Maturity Amount
In a joint trading account at 0.1% dated 10/31/14 due 11/3/14 (Collateralized by U.S. Treasury Obligations) #	$ 75,162,626		75,162,000
With:
Barclays Capital, Inc. at 0.07%, dated 10/17/14 due 11/7/14 (Collateralized by U.S. Treasury Obligations valued at $8,160,331, 0.25% - 2%, 9/30/15 - 02/15/22)	8,000,949		8,000,000
BNP Paribas Securities Corp. at 0.06%, dated 9/10/14 due 11/7/14 (Collateralized by U.S. Treasury Obligations valued at $3,060,371, 0% - 8%, 12/26/14 - 8/15/25)	3,000,290		3,000,000
Merrill Lynch, Pierce, Fenner & Smith at 0.08%, dated 10/30/14 due 11/6/14 (Collateralized by U.S. Treasury Obligations valued at $1,020,049, 3.13%, 5/15/21)	1,000,016		1,000,000
Wells Fargo Securities, LLC at 0.1%, dated:
9/11/14 due 2/9/15 (Collateralized by U.S. Treasury Obligations valued at $1,020,823, 0.75% - 1.75%, 7/31/15 - 12/31/18)	1,000,419		1,000,000
10/27/14 due 1/27/15 (Collateralized by U.S. Treasury Obligations valued at $3,060,635, 0.75% - 1.75%, 7/31/15 - 12/31/18)	3,000,767		3,000,000
TOTAL TREASURY REPURCHASE AGREEMENT (Cost $91,162,000)		91,162,000
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $121,940,018)			121,940,018
NET OTHER ASSETS (LIABILITIES) - 0.4%			448,669
NET ASSETS - 100%		$ 122,388,687

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$75,162,000 due 11/03/14 at 0.10%
Mizuho Securities USA, Inc.	$ 75,162,000

Other Information

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including repurchase agreements of $91,162,000) - See accompanying schedule: Unaffiliated issuers (cost $121,940,018)		$ 121,940,018
Receivable for fund shares sold		1,865,827
Interest receivable		76,235
Total assets		123,882,080

Liabilities
Payable to custodian bank	$ 427
Payable for fund shares redeemed	1,486,159
Distributions payable	127
Accrued management fee	6,680
Total liabilities		1,493,393

Net Assets		$ 122,388,687
Net Assets consist of:
Paid in capital		$ 122,388,454
Undistributed net investment income		1
Accumulated undistributed net realized gain (loss) on investments		232
Net Assets, for 122,388,427 shares outstanding		$ 122,388,687
Net Asset Value, offering price and redemption price per share ($122,388,687 ÷ 122,388,427 shares)		$ 1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Operations

Six months ended October 31, 2014 (Unaudited)

Investment Income
Interest		$ 36,667

Expenses
Management fee	$ 193,691
Independent trustees' compensation	187
Total expenses before reductions	193,878
Expense reductions	(161,872)	32,006
Net investment income (loss)		4,661
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		200
Net increase in net assets resulting from operations		$ 4,861

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Changes in Net Assets

	Six months ended October 31, 2014 (Unaudited)	For the period July 2, 2013 (commencement of operations) to April 30, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 4,661	$ 2,615
Net realized gain (loss)	200	56
Net increase in net assets resulting from operations	4,861	2,671
Distributions to shareholders from net investment income	(4,660)	(2,612)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	193,825,538	157,468,607
Reinvestment of distributions	3,992	2,183
Cost of shares redeemed	(142,758,600)	(86,153,293)
Net increase (decrease) in net assets and shares resulting from share transactions	51,070,930	71,317,497
Total increase (decrease) in net assets	51,071,131	71,317,556

Net Assets
Beginning of period	71,317,556	-
End of period (including undistributed net investment income of $1 and undistributed net investment income of $0, respectively)	$ 122,388,687	$ 71,317,556

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended October 31, 2014	Year ended April 30,
	(Unaudited)	2014 ^D
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income (loss) ^F	-	-
Distributions from net investment income ^F	-	-
Net asset value, end of period	$ 1.00	$ 1.00
Total Return^{B, C}	.01%	.01%
Ratios to Average Net Assets^E
Expenses before reductions	.42% ^A	.42% ^A
Expenses net of fee waivers, if any	.07% ^A	.06% ^A
Expenses net of all reductions	.07% ^A	.06% ^A
Net investment income (loss)	.01% ^A	.01% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 122,389	$ 71,318

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D For the year ended July 2, 2013 (commencement of operations) to April 30, 2014.

^E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^F Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended October 31, 2014 (Unaudited)

1. Organization.

Fidelity® Treasury Money Market Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. The principal amount on inflation-indexed securities is periodically adjusted to the rate of

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Significant Accounting Policies - continued

Investment Transactions and Income - continued

inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ -
Gross unrealized depreciation	-
Net unrealized appreciation (depreciation) on securities	$ -

Tax cost	$ 121,940,018

Semiannual Report

2. Significant Accounting Policies - continued

Repurchase Agreements - continued

cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

New Rule Issuance. In July 2014, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Fund's financial statements and related disclosures.

3. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .42% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to the investment adviser by the Fund is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Expense Reductions.

The investment adviser or its affiliates voluntarily agreed to waive certain fees in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $161,867.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $5.

5. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Treasury Money Market Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) - Operations, Audit, Fair Valuation, and Governance and Nominating - each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its September 2014 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale exist and would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. In connection with separate internal corporate reorganizations involving Fidelity Management & Research (U.K.) Inc. (FMR U.K.) and Fidelity Management & Research (Japan) Inc. (FMR Japan), the Board approved certain non-material amendments to the fund's sub-advisory agreements with FMR U.K. and FMR Japan to reflect that, after these reorganizations, FMR Investment Management (UK) Limited and Fidelity Management & Research (Japan) Limited will carry on the business of FMR U.K. and FMR Japan, respectively. The Board noted that no changes to the portfolio managers or to the foreign research or investment advisory services provided to the fund were expected in connection with either reorganization and that the same personnel and resources would continue to be available to the fund at the new entities.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, and compliance capabilities and resources, which are integral parts of the investment management process.

Semiannual Report

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by FMR, the sub-advisers (together with FMR, the Investment Advisers), and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) persisting in efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs for income-oriented solutions; (iv) reducing fund expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching sector-based exchange-traded funds and establishing a new Fidelity adviser, Fidelity SelectCo, LLC, to manage sector-based funds and products; (viii) continuing to develop, acquire, and implement systems and technology to improve security and services to the funds and to increase efficiency; (ix) modifying the eligibility criteria for certain share classes to increase their marketability to a portion of the defined contribution plan market; (x) waiving redemption fees for certain qualified fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in money market fund offerings.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Management Fee. The Board considered two proprietary management fee comparisons for the period of the fund's operations shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG % is in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and fees paid to non-affiliated custodians) from the fund's all-inclusive fee. In this regard, the Board considered that net management fees can vary from year to year because of differences in non-management expenses, and that non-management expenses may exceed the fund's all-inclusive fee and result in a negative net management fee.

Semiannual Report

Fidelity Treasury Money Market Fund

ang259312

The Board noted that the fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the period. Although the fund's hypothetical net management fee was negative, the Board noted that it is truly a hypothetical number derived for purposes of providing a more meaningful competitive comparison and is not intended to suggest that Fidelity pays the fund to manage the fund's assets.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's hypothetical net management fee as well as the fund's all-inclusive fee. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board noted that the fund's total expense ratio ranked below its competitive median for the period. The Board considered that Fidelity has been voluntarily waiving part or all of the management fees to maintain a minimum yield, and also noted that Fidelity retains the ability to be repaid in certain circumstances.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationship with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

Semiannual Report

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) Fidelity's compensation structure for portfolio managers, research analysts, and other key personnel, including its effects on fund profitability, the rationale for the compensation structure, and the extent to which current market conditions have affected retention and recruitment; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds; (v) Fidelity's fee structures, including the group fee structure and definition of group assets, and the rationale for recommending different fees among different categories of funds and classes; (vi) Fidelity's voluntary waiver of its fees to maintain minimum yields for certain money market funds and classes as well as contractual waivers in place for certain funds; (vii) the methodology with respect to competitive fund data and peer group classifications; (viii) Fidelity's transfer agent fee, expense, and service structures for different funds and classes, and the impact of the increased use of omnibus accounts; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons, and actions that might be taken by Fidelity to reduce total expense ratios for certain funds and classes or to achieve further economies of scale.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Semiannual Report

Investment Adviser

Fidelity Management & Research
Company
Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Bank of New York Mellon

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) ang259314
1-800-544-5555

Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

FTM-USAN-1214
1.964320.101

Fidelity®

Treasury Only Money Market
Fund

Semiannual Report

October 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes/Performance	(Click Here)	A summary of major shifts in the fund's investments over the past six months and one year.
Investments	(Click Here)	A complete list of the fund's investments.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2014 to October 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio^B	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period* May 1, 2014 to October 31, 2014
Actual	.04%	$ 1,000.00	$ 1,000.05	$ .20
Hypothetical^A		$ 1,000.00	$ 1,025.00	$ .20

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes/Performance (Unaudited)

Effective Maturity Diversification
Days	% of fund's investments 10/31/14	% of fund's investments 4/30/14	% of fund's investments 10/31/13
1 - 7	9.7	2.5	5.5
8 - 30	22.4	29.0	36.8
31 - 60	22.0	21.9	15.7
61 - 90	15.3	22.3	24.5
91 - 180	30.6	24.3	15.0
> 180	0.0	0.0	2.5

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Weighted Average Maturity
	10/31/14	4/30/14	10/31/13
Fidelity Treasury Only Money Market Fund	58 Days	56 Days	56 Days
Treasury Retail Money Market Funds Average*	53 Days	52 Days	55 Days

Weighted Average Life
	10/31/14	4/30/14	10/31/13
Fidelity Treasury Only Money Market Fund	93 Days	72 Days	56 Days

* Source: iMoneyNet, Inc.

Semiannual Report

Investment Changes (Unaudited) - continued

Asset Allocation (% of fund's net assets)
As of October 31, 2014		As of April 30, 2014
	Treasury Debt 99.7%		Treasury Debt 100.5%
	Net Other Assets (Liabilities) 0.3%		Net Other Assets (Liabilities)** (0.5)%

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** Net Other Assets (Liabilities) are not included in the pie chart.

Current and Historical Seven-Day Yields

	10/31/14	7/31/14	4/30/14	1/31/14	10/31/13
Fidelity® Treasury Only Money Market Fund	0.01%	0.01%	0.01%	0.01%	0.01%

Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending October 31, 2014, the most recent period shown in the table, would have been -0.37%.

Semiannual Report

Investments October 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Treasury Debt - 99.7%
		Yield (a)	Principal Amount (000s)	Value (000s)
U.S. Treasury Obligations - 99.7%
U.S. Treasury Bills
	11/6/14 to 1/29/15	0.01 to 0.03%	$ 1,309,361	$ 1,309,333
U.S. Treasury Notes
	11/15/14 to 4/30/16	0.01 to 0.09 (b)	3,594,018	3,604,373

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $4,913,706)

4,913,706

NET OTHER ASSETS (LIABILITIES) - 0.3%

14,632

NET ASSETS - 100%

$ 4,928,338

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Other Information

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	October 31, 2014 (Unaudited)

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $4,913,706)		$ 4,913,706
Cash		67
Receivable for fund shares sold		9,180
Interest receivable		16,782
Total assets		4,939,735

Liabilities
Payable for fund shares redeemed	$ 11,251
Distributions payable	3
Accrued management fee	142
Other affiliated payables	1
Total liabilities		11,397

Net Assets		$ 4,928,338
Net Assets consist of:
Paid in capital		$ 4,928,224
Distributions in excess of net investment income		(1)
Accumulated undistributed net realized gain (loss) on investments		115
Net Assets, for 4,927,541 shares outstanding		$ 4,928,338
Net Asset Value, offering price and redemption price per share ($4,928,338 ÷ 4,927,541 shares)		$ 1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands Six months ended October 31, 2014 (Unaudited)

Investment Income
Interest		$ 1,324

Expenses
Management fee	$ 10,428
Independent trustees' compensation	13
Total expenses before reductions	10,441
Expense reductions	(9,368)	1,073
Net investment income (loss)		251
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		25
Net increase in net assets resulting from operations		$ 276

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended October 31, 2014 (Unaudited)	Year ended April 30, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 251	$ 572
Net realized gain (loss)	25	23
Net increase in net assets resulting from operations	276	595
Distributions to shareholders from net investment income	(252)	(573)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	705,726	2,011,451
Reinvestment of distributions	234	531
Cost of shares redeemed	(832,837)	(2,624,764)
Net increase (decrease) in net assets and shares resulting from share transactions	(126,877)	(612,782)
Total increase (decrease) in net assets	(126,853)	(612,760)

Net Assets
Beginning of period	5,055,191	5,667,951
End of period (including distributions in excess of net investment income of $1 and $0, respectively)	$ 4,928,338	$ 5,055,191

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended October 31, 2014	Years ended April 30,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income (loss) ^E	-	-	-	-	-	-
Net realized and unrealized gain (loss) ^E	-	-	-	-	-	-
Total from investment operations ^E	-	-	-	-	-	-
Distributions from net investment income ^E	-	-	-	-	-	-
Distributions from net realized gain	-	-	-	-	-	- ^E
Total distributions ^E	-	-	-	-	-	-
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return^{B, C}	.01%	.01%	.01%	.01%	.01%	.02%
Ratios to Average Net Assets ^D
Expenses before reductions	.42% ^A	.42%	.42%	.42%	.42%	.42%
Expenses net of fee waivers, if any	.04% ^A	.06%	.10%	.05%	.17%	.27%
Expenses net of all reductions	.04% ^A	.06%	.10%	.05%	.17%	.27%
Net investment income (loss)	.01% ^A	.01%	.01%	.01%	.01%	.01%
Supplemental Data
Net assets, end of period (in millions)	$ 4,928	$ 5,055	$ 5,668	$ 6,044	$ 4,722	$ 5,196

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^E Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended October 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity® Treasury Only Money Market Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

2. Significant Accounting Policies.

Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Semiannual Report

2. Significant Accounting Policies - continued

Book-tax differences are primarily due to deferred trustees compensation and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ -
Gross unrealized depreciation	-
Net unrealized appreciation (depreciation) on securities	$ -

Tax cost	$ 4,913,706

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Reverse Repurchase Agreements - continued

agreement. The cash proceeds received by the Fund may be invested in other securities. To the extent cash proceeds received from the counterparty exceed the value of the securities sold, the counterparty may request additional collateral from the Fund. If the counterparty defaults on its obligation, because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities sold. Information regarding securities sold under a reverse repurchase agreement, if any, is included at the end of the Fund's Schedule of Investments and the cash proceeds are recorded as a liability in the accompanying Statement of Assets and Liabilities. The Fund continues to receive interest and dividend payments on the securities sold during the term of the reverse repurchase agreement. At period end, there were no reverse repurchase agreements outstanding.

3. Fees and Other Transactions with Affiliates.

Semiannual Report

4. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's management fee. During the period, these credits reduced the Fund's management fee by $5.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $1.

5. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Treasury Only Money Market Fund

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in money market fund offerings.

The Board took into account discussions with the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board periodically considers annualized return information for the fund for different time periods, measured against a peer group of funds with similar objectives ("peer group"). In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds for specific time periods and the Investment Advisers' explanations for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to appropriate peer groups, over appropriate time periods that may include full market cycles, taking into account relevant factors including the following: general market conditions; expectations for interest rate levels and credit conditions; issuer-specific information including credit quality; tactical opportunities for investment; the fund's market value NAV over time and its resilience under various stressed conditions; and fund cash flows and other factors.

The Board recognizes that in interest rate environments where many competitors waive fees to maintain a minimum yield, relative money market fund performance on a net basis (after fees and expenses) may not be particularly meaningful due to miniscule performance differences among competitor funds. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its peer group for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate peer group for the most recent one-, three-, and five-year periods.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and fees paid to non-affiliated custodians) from the fund's all-inclusive fee. In this regard, the Board considered that net management fees can vary from year to year because of differences in non-management expenses.

Semiannual Report

Fidelity Treasury Only Money Market Fund

ang259330

The Board noted that the fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and above the median of its ASPG for 2013.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's hypothetical net management fee as well as the fund's all-inclusive fee. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expense ratio ranked below its competitive median for 2013. The Board considered that Fidelity has been voluntarily waiving part or all of the management fees to maintain a minimum yield, and also noted that Fidelity retains the ability to be repaid in certain circumstances.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Investment Adviser

Fidelity Management & Research
Company
Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

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for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

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Telephone (FAST®) ang259314
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(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

TMM-USAN-1214
1.784870.111

Fidelity®

Money Market

Fund

Semiannual Report

October 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes/ Performance	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2014 to October 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio^B	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period* May 1, 2014 to October 31, 2014
Actual	.24%	$ 1,000.00	$ 1,000.10	$ 1.21
Hypothetical ^A		$ 1,000.00	$ 1,024.00	$ 1.22

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes/Performance (Unaudited)

Effective Maturity Diversification
Days	% of fund's investments 10/31/14	% of fund's investments 4/30/14	% of fund's investments 10/31/13
1 - 7	36.1	28.0	24.1
8 - 30	25.0	26.6	31.0
31 - 60	11.1	13.3	14.1
61 - 90	6.6	12.6	9.4
91 - 180	16.0	19.5	16.3
> 180	5.2	0.0	5.1

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Weighted Average Maturity
	10/31/14	4/30/14	10/31/13
Fidelity Money Market Fund	50 Days	46 Days	55 Days
All Taxable Money Market Funds Average*	47 Days	45 Days	49 Days

Weighted Average Life
	10/31/14	4/30/14	10/31/13
Fidelity Money Market Fund	84 Days	79 Days	112 Days

* Source: iMoneyNet, Inc.

Semiannual Report

Investment Changes (Unaudited) - continued

Asset Allocation (% of fund's net assets)
As of October 31, 2014		As of April 30, 2014
	Certificates of Deposit 59.3%		Certificates of Deposit 59.8%
	Commercial Paper 10.8%		Commercial Paper 13.5%
	Variable Rate Demand Notes (VRDNs) 0.5%		Variable Rate Demand Notes (VRDNs) 0.4%
	Other Notes 1.7%		Other Notes 1.3%
	Treasury Debt^† 0.0%		Treasury Debt 7.3%
	Government Agency Debt 2.8%		Government Agency Debt 2.3%
	Other Municipal Debt 0.0%		Other Municipal Debt 0.5%
	Other Instruments 0.4%		Other Instruments 0.3%
	Repurchase Agreements 23.9%		Repurchase Agreements 14.6%
	Net Other Assets (Liabilities) 0.6%		Net Other Assets (Liabilities)** 0.0%

ang259369

** Net Other Assets (Liabilities) are not included in the pie chart.

^† Amount represents less than 0.1%

Current and Historical Seven-Day Yields

	10/31/14	7/31/14	4/30/14	1/31/13	10/31/12

Fidelity Money Market Fund	0.01%	0.01%	0.01%	0.01%	0.01%

Semiannual Report

Investments October 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Certificate of Deposit - 59.3%
		Yield (a)	Principal Amount (000s)	Value (000s)
Domestic Certificates Of Deposit - 6.3%
BMO Harris Bank NA
	2/17/15 to 2/18/15	0.25%	$ 45,000	$ 45,000
Citibank NA
	12/16/14 to 3/6/15	0.23	53,000	53,000
RBS Citizens NA
	12/2/14	0.30	12,000	12,000
State Street Bank & Trust Co.
	6/8/15	0.23 (c)	10,000	10,000
Wells Fargo Bank NA
	11/4/14 to 3/2/15	0.20 to 0.21 (c)	36,000	36,000
				156,000
London Branch, Eurodollar, Foreign Banks - 2.0%
Commonwealth Bank of Australia
	12/22/14	0.22	5,000	5,000
National Australia Bank Ltd.
	1/5/15 to 3/10/15	0.21 to 0.25 (c)	46,000	46,000
				51,000
New York Branch, Yankee Dollar, Foreign Banks - 51.0%
Bank of Montreal
	7/14/15 to 7/21/15	0.23 to 0.24 (c)	18,000	18,000
Bank of Montreal Chicago CD Program
	7/14/15	0.24 (c)	22,000	22,000
Bank of Nova Scotia
	3/31/15 to 7/20/15	0.21 to 0.31 (c)	104,000	104,000
Bank of Tokyo-Mitsubishi UFJ Ltd.
	11/21/14 to 3/27/15	0.25	108,000	108,000
Canadian Imperial Bank of Commerce
	4/1/15 to 7/13/15	0.22 to 0.31 (c)	57,000	57,000
Credit Agricole CIB
	12/29/14 to 1/5/15	0.24 to 0.25	30,000	30,000
Credit Industriel et Commercial
	11/5/14 to 11/6/14	0.13	47,000	47,000
Credit Suisse AG
	11/10/14 to 2/6/15	0.25 to 0.29	58,000	58,000
Landesbank Baden-Wuerttemberg New York Branch
	11/4/14 to 12/2/14	0.15 to 0.25	77,000	77,000
Certificate of Deposit - continued
		Yield (a)	Principal Amount (000s)	Value (000s)
New York Branch, Yankee Dollar, Foreign Banks - continued
Mitsubishi UFJ Trust & Banking Corp.
	4/14/15	0.28%	$ 3,000	$ 3,000
Mizuho Corporate Bank Ltd.
	11/10/14 to 2/25/15	0.25	104,000	104,000
Natexis Banques Populaires New York Branch
	12/1/14 to 2/2/15	0.25 to 0.26 (c)	123,000	123,000
National Bank of Canada
	1/8/15 to 4/17/15	0.32 to 0.37 (c)	78,000	77,997
Royal Bank of Canada
	4/9/15 to 7/23/15	0.22 to 0.23 (c)	31,000	31,000
Sumitomo Mitsui Banking Corp.
	11/10/14 to 4/15/15	0.23 to 0.33 (c)	125,000	124,998
Sumitomo Mitsui Trust Banking Ltd.
	11/14/14 to 3/10/15	0.24	104,000	104,000
Swedbank AB
	12/8/14	0.25	25,000	25,000
Toronto-Dominion Bank
	6/8/15 to 10/6/15	0.22 to 0.31 (c)	75,000	75,000
UBS AG
	12/23/14 to 3/5/15	0.26 (c)	71,000	71,000
				1,259,995
TOTAL CERTIFICATE OF DEPOSIT (Cost $1,466,995)				1,466,995
Financial Company Commercial Paper - 9.3%

Barclays Bank PLC/Barclays U.S. CCP Funding LLC
	12/18/14	0.26	4,000	3,999
Barclays U.S. Funding Corp.
	12/15/14	0.25	6,000	5,998
BAT International Finance PLC
	11/7/14	0.29	1,000	1,000
Credit Agricole CIB
	11/3/14	0.09	74,000	74,000
DNB Bank ASA
	3/18/15	0.25	5,000	4,995
Financial Company Commercial Paper - continued
		Yield (a)	Principal Amount (000s)	Value (000s)
JPMorgan Securities LLC
	4/22/15 to 4/27/15	0.25 to 0.26% (c)	$ 36,000	$ 36,000
Landesbank Baden-Wurttemberg
	11/6/14 to 11/7/14	0.15	46,000	45,999
Lloyds Bank PLC
	11/5/14	0.10	23,000	23,000
Swedbank AB
	1/12/15 to 1/28/15	0.25	20,000	19,989
Toronto Dominion Holdings (U.S.A.)
	2/3/15	0.24	6,000	5,996
Toyota Motor Credit Corp.
	3/25/15	0.25	8,000	7,992
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER (Cost $228,968)				228,968
Other Commercial Paper - 1.5%

AT&T, Inc.
	11/14/14 to 11/17/14	0.26	4,000	4,000
Dominion Resources, Inc.
	11/3/14 to 12/1/14	0.27	2,000	2,000
NBCUniversal Enterprise, Inc.
	11/14/14	0.26	1,000	1,000
Northeast Utilities
	11/4/14 to 11/14/14	0.26	9,000	9,000
Sempra Global
	12/1/14 to 12/3/14	0.32	5,000	4,999
Viacom, Inc.
	11/4/14 to 11/19/14	0.30	11,000	10,999
Virginia Electric & Power Co.
	11/3/14	0.26	1,000	1,000
Xerox Corp.
	11/17/14	0.29	5,000	4,999
TOTAL OTHER COMMERCIAL PAPER (Cost $37,997)				37,997

Treasury Debt - 0.0%
		Yield (a)	Principal Amount (000s)	Value (000s)
U.S. Treasury Obligations - 0.0%
U.S. Treasury Notes
(Cost $1,002)	11/30/14	0.08%	$ 1,000	$ 1,002

Other Note - 1.4%

Medium-Term Notes - 1.4%
Dominion Resources, Inc.
	11/21/14	0.36 (b)(c)	8,000	8,000
Svenska Handelsbanken AB
	4/15/15 to 4/27/15	0.28 to 0.30 (b)(c)	26,000	26,000
TOTAL OTHER NOTE (Cost $34,000)				34,000

Variable Rate Demand Note - 0.5%

Delaware - 0.5%
LP Pinewood SPV LLC Taxable, LOC Wells Fargo Bank NA, VRDN
(Cost $11,700)	11/7/14	0.15 (c)	11,700	11,700
Government Agency Debt - 2.8%

Federal Agencies - 2.8%
Federal Home Loan Bank
(Cost $67,999)	8/21/15 to 10/2/15	0.19 to 0.25	68,000	67,999

Other Instrument - 0.7%

Corporate Bonds - 0.3%
International Bank Reconstruction & Development
	10/28/15	0.30	9,000	9,000
Time Deposits - 0.4%
ING Bank NV
	11/4/14	0.11	9,000	9,000
TOTAL OTHER INSTRUMENT (Cost $18,000)				18,000

Government Agency Repurchase Agreement - 14.3%
	Maturity Amount (000s)		Value (000s)
In a joint trading account at 0.12% dated 10/31/14 due 11/3/14 (Collateralized by U.S. Government Obligations) #	$ 332,181		$ 332,178
With:
Mitsubishi UFJ Securities (U.S.A.), Inc. at 0.09%, dated:
9/26/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $7,140,678, 2.33% - 5%, 7/1/25 - 4/20/44)	7,001		7,000
10/1/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $6,120,505, 2.33% - 5.5%, 2/1/29 - 2/1/44)	6,001		6,000
Mizuho Securities U.S.A., Inc. at 0.15%, dated 9/17/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $8,162,390, 0.67%, 10/6/16)	8,004		8,000
TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENT (Cost $353,178)		353,178
Other Repurchase Agreement - 9.6%

Other Repurchase Agreement - 9.6%
With:
BNP Paribas Securities Corp. at:
0.23%, dated 10/14/14 due 11/7/14 (Collateralized by Corporate Obligations valued at $2,100,269, 0.66% - 7%, 8/1/15 - 9/15/43)	2,000		2,000
0.41%, dated 10/10/14 due 11/7/14 (Collateralized by Corporate Obligations valued at $1,081,497, 2.63% - 6.75%, 3/2/15 - 6/2/41)	1,000		1,000
Citigroup Global Markets, Inc. at 1%, dated 8/15/14 due 3/5/15 (Collateralized by Corporate Obligations valued at $6,494,400, 0.47% - 6.03%, 4/15/21 - 9/15/57)	6,035		6,000
Credit Suisse Securities (U.S.A.) LLC at:
0.18%, dated 10/28/14 due 11/4/14 (Collateralized by U.S. Government Obligations valued at $1,030,515, 3%, 6/15/42)	1,000		1,000
0.4%, dated 10/30/14 due 11/6/14 (Collateralized by U.S. Government Obligations valued at $4,120,166, 2.4%, 10/16/45)	4,000		4,000
0.41%, dated 10/29/14 due 11/5/14 (Collateralized by U.S. Government Obligations valued at $5,150,903, 2.9% - 5%, 6/16/44 - 9/16/46)	5,000		5,000
Other Repurchase Agreement - continued
	Maturity Amount (000s)		Value (000s)
Other Repurchase Agreement - continued
With: - continued
Credit Suisse Securities (U.S.A.) LLC at:
0.65%, dated:
8/5/14 due 11/3/14 (Collateralized by U.S. Government Obligations valued at $2,064,312, 2.1%, 5/16/45)	$ 2,003		$ 2,000
8/7/14 due 11/5/14 (Collateralized by U.S. Government Obligations valued at $8,254,601, 0.2% - 4.5%, 7/16/29 - 5/20/60)	8,013		8,000
0.7%, dated 9/25/14 due 11/4/14 (Collateralized by U.S. Government Obligations valued at $2,064,929, 4.5%, 7/16/44)	2,002		2,000
0.75%, dated 10/31/14 due 4/2/15 (Collateralized by U.S. Government Obligations valued at $5,151,834, 2.1% - 2.31%, 10/16/48 - 11/16/51)	5,016		5,000
ING Financial Markets LLC at 0.28%, dated 10/31/14 due 11/3/14 (Collateralized by Corporate Obligations valued at $24,151,703, 1.1% - 6.63%, 2/15/17 - 11/15/34)	23,001		23,000
J.P. Morgan Clearing Corp. at 0.73%, dated 10/28/14 due 1/29/15 (Collateralized by Corporate Obligations valued at $8,696,813, 1%, 7/1/18)	8,033		8,000
J.P. Morgan Securities, Inc. at:
0.2%, dated 10/29/14 due 11/5/14 (Collateralized by U.S. Government Obligations valued at $5,152,451, 2.33% - 4%, 12/16/39 - 4/16/47)	5,000		5,000
0.59%, dated 6/4/14 due 12/19/14 (Collateralized by Corporate Obligations valued at $1,054,769, 0.54% - 5.64%, 10/14/16 - 11/6/42)	1,003		1,000
0.62%, dated 7/10/14 due 11/7/14 (Collateralized by Mortgage Loan Obligations valued at $6,495,077, 5.14% - 5.52%, 6/25/36 - 1/15/49)	6,012		6,000
0.63%, dated:
6/18/14 due 1/29/15 (Collateralized by Mortgage Loan Obligations valued at $12,990,648, 0.15% - 5.75%, 8/25/34 - 1/15/49)	12,050		12,000
7/16/14 due 1/29/15 (Collateralized by Mortgage Loan Obligations valued at $2,164,486, 5.72%, 4/15/49)	2,007		2,000
0.73%, dated:
10/24/14 due 1/29/15 (Collateralized by Mortgage Loan Obligations valued at $9,721,893, 2.51% - 6.25%, 12/25/35 - 11/25/36)	9,035		9,000
10/28/14 due 1/29/15 (Collateralized by Corporate Obligations valued at $7,369,111, 5.85%, 3/15/17)	7,028		7,000
Other Repurchase Agreement - continued
	Maturity Amount (000s)		Value (000s)
Other Repurchase Agreement - continued
With: - continued
Merrill Lynch, Pierce, Fenner & Smith at:
0.22%, dated 10/30/14 due 11/6/14 (Collateralized by U.S. Government Obligations valued at $12,360,302, 3.5%, 3/25/44)	$ 12,001		$ 12,000
0.55%, dated 10/31/14 due 11/3/14 (Collateralized by Commercial Paper valued at $12,600,578, 11/3/14 - 11/13/14)	12,001		12,000
0.78%, dated:
9/4/14 due 12/3/14 (Collateralized by Corporate Obligations valued at $6,489,462, 3.25%, 3/15/16)	6,012		6,000
9/10/14 due 12/9/14 (Collateralized by Corporate Obligations valued at $8,650,850, 3.25%, 3/15/16)	8,016		8,000
9/11/14 due 12/9/14 (Collateralized by Corporate Obligations valued at $5,406,738, 4.6%, 12/31/39)	5,010		5,000
0.85%, dated 10/3/14 due 12/9/14 (Collateralized by Corporate Obligations valued at $15,131,067, 0.3% - 6%, 12/1/23 - 7/25/37)	14,022		14,000
0.95%, dated:
10/6/14 due 2/6/15 (Collateralized by Mortgage Loan Obligations valued at $8,646,384, 0.37% - 6%, 8/25/32 - 9/21/45)	8,026		8,000
10/8/14 due 2/9/15 (Collateralized by Corporate Obligations valued at $3,242,223, 0.34% - 0.61%, 6/25/35 - 11/25/36)	3,010		3,000
Mitsubishi UFJ Securities (U.S.A.), Inc. at 0.26%, dated:
10/6/14 due 11/6/14 (Collateralized by Equity Securities valued at $2,160,442)	2,000		2,000
10/10/14 due 11/7/14 (Collateralized by Equity Securities valued at $2,160,432)	2,000		2,000
10/21/14 due 11/7/14 (Collateralized by Equity Securities valued at $2,160,203)	2,000		2,000
10/22/14 due 11/7/14 (Collateralized by Equity Securities valued at $5,400,504)	5,001		5,000
Other Repurchase Agreement - continued
	Maturity Amount (000s)		Value (000s)
Other Repurchase Agreement - continued
With: - continued
Mizuho Securities U.S.A., Inc. at:
0.3%, dated:
10/21/14 due 11/4/14 (Collateralized by Equity Securities valued at $2,160,289)	$ 2,000		$ 2,000
10/29/14 due 11/7/14 (Collateralized by Equity Securities valued at $3,240,145)	3,000		3,000
0.91%, dated:
8/4/14 due 11/3/14 (Collateralized by U.S. Government Obligations valued at $3,097,108, 5.85% - 6.55%, 8/15/39 - 8/16/39)	3,007		3,000
8/7/14 due 11/5/14 (Collateralized by U.S. Government Obligations valued at $2,064,552, 3.5% - 6.5%, 4/20/39 - 12/20/42)	2,005		2,000
9/2/14 due 12/1/14 (Collateralized by U.S. Government Obligations valued at $3,094,820, 3.5% - 6.39%, 10/15/39 - 12/20/42)	3,007		3,000
10/17/14 due 1/15/15 (Collateralized by U.S. Government Obligations valued at $2,060,885, 6.5%, 7/25/39)	2,005		2,000
10/21/14 due 1/20/15 (Collateralized by U.S. Government Obligations valued at $2,060,651, 3.5% - 6.5%, 6/20/39 - 12/20/42)	2,005		2,000
1.03%, dated 9/5/14 due 1/5/15 (Collateralized by U.S. Government Obligations valued at $2,063,431, 3.5% - 6.45%, 6/16/39 - 12/20/42)	2,007		2,000
RBC Capital Markets Co. at:
0.24%, dated 10/28/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $3,093,753, 0% - 14.42%, 12/15/31 - 9/25/44)	3,000		3,000
0.29%, dated 9/23/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $3,089,856, 0% - 14.42%, 12/15/31 - 9/25/44)	3,002		3,000
0.38%, dated 10/28/14 due 11/7/14 (Collateralized by Corporate Obligations valued at $3,240,206, 3.38% - 14%, 4/15/15 - 2/15/67)	3,000		3,000
0.4%, dated 10/21/14 due 11/4/14 (Collateralized by Mortgage Loan Obligations valued at $1,079,239, 0.28% - 6.25%, 11/18/30 - 2/15/51)	1,000		1,000
SG Americas Securities, LLC at:
0.33%, dated 10/28/14 due 11/4/14 (Collateralized by Equity Securities valued at $4,320,249)	4,000		4,000
Other Repurchase Agreement - continued
	Maturity Amount (000s)		Value (000s)
Other Repurchase Agreement - continued
With: - continued
SG Americas Securities, LLC at:
0.42%, dated 10/29/14 due 11/5/14 (Collateralized by Corporate Obligations valued at $8,549,511, 0% - 9.7%, 1/15/15 - 8/1/43)	$ 8,001		$ 8,000
Wells Fargo Securities, LLC at:
0.35%, dated 10/27/14 due 11/3/14 (Collateralized by Equity Securities valued at $1,081,940)	1,000		1,000
0.4%, dated:
10/30/14 due 11/6/14 (Collateralized by Corporate Obligations valued at $2,100,094, 3.38%, 2/15/23)	2,000		2,000
10/31/14 due 11/7/14 (Collateralized by Corporate Obligations valued at $2,160,073, 8.88%, 12/15/17)	2,000		2,000
0.75%, dated 10/29/14 due 1/28/15 (Collateralized by Corporate Obligations valued at $3,241,183, 2.75%, 11/15/35)	3,006		3,000
TOTAL OTHER REPURCHASE AGREEMENT (Cost $237,000)		237,000
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $2,456,839)			2,456,839
NET OTHER ASSETS (LIABILITIES) - 0.6%			15,419
NET ASSETS - 100%		$ 2,472,258

Security Type Abbreviations
VRDN	-	VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $34,000,000 or 1.4% of net assets.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (000s)
$332,178,000 due 11/03/14 at 0.12%
BNY Mellon Capital Markets LLC	$ 48,036
Bank of America NA	97,354
Citibank NA	23,881
J.P. Morgan Securities, Inc.	62,859
Mizuho Securities USA, Inc.	64,963
Wells Fargo Securities LLC	35,085
	$ 332,178

Other Information

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	October 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including repurchase agreements of $590,178) - See accompanying schedule: Unaffiliated issuers (cost $2,456,839)		$ 2,456,839
Receivable for investments sold		18,000
Receivable for fund shares sold		4,057
Interest receivable		648
Other receivables		170
Total assets		2,479,714

Liabilities
Payable for fund shares redeemed	$ 6,760
Distributions payable	1
Accrued management fee	518
Other affiliated payables	7
Other payables and accrued expenses	170
Total liabilities		7,456

Net Assets		$ 2,472,258
Net Assets consist of:
Paid in capital		$ 2,472,307
Distributions in excess of net investment income		(117)
Accumulated undistributed net realized gain (loss) on investments		68
Net Assets, for 2,471,276 shares outstanding		$ 2,472,258
Net Asset Value, offering price and redemption price per share ($2,472,258 ÷ 2,471,276 shares)		$ 1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands Six months ended October 31, 2014 (Unaudited)

Investment Income
Interest		$ 3,234

Expenses
Management fee	$ 5,349
Independent trustees' compensation	6
Total expenses before reductions	5,355
Expense reductions	(2,251)	3,104
Net investment income (loss)		130
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		38
Net increase in net assets resulting from operations		$ 168

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended October 31, 2014 (Unaudited)	Year ended April 30, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 130	$ 305
Net realized gain (loss)	38	75
Net increase in net assets resulting from operations	168	380
Distributions to shareholders from net investment income	(131)	(311)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	479,354	1,241,131
Reinvestment of distributions	124	295
Cost of shares redeemed	(608,508)	(1,536,261)
Net increase (decrease) in net assets and shares resulting from share transactions	(129,030)	(294,835)
Total increase (decrease) in net assets	(128,993)	(294,766)

Net Assets
Beginning of period	2,601,251	2,896,017
End of period (including distributions in excess of net investment income of $117 and distributions in excess of net investment income of $116, respectively)	$ 2,472,258	$ 2,601,251

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended October 31,2014	Years ended April 30,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income (loss)	- ^E	- ^E	- ^E	- ^E	- ^E	.002
Net realized and unrealized gain (loss) ^E	-	-	-	-	-	-
Total from investment operations	- ^E	- ^E	- ^E	- ^E	- ^E	.002
Distributions from net investment income	- ^E	- ^E	- ^E	- ^E	- ^E	(.002)
Distributions from net realized gain	-	-	-	-	- ^E	- ^E
Total distributions	- ^E	- ^E	- ^E	- ^E	- ^E	(.002)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return^{B, C}	.01%	.01%	.01%	.01%	.03%	.24%
Ratios to Average Net Assets^D
Expenses before reductions	.42% ^A	.42%	.42%	.42%	.42%	.43%
Expenses net of fee waivers, if any	.24% ^A	.25%	.36%	.37%	.41%	.43%
Expenses net of all reductions	.24% ^A	.25%	.36%	.37%	.41%	.43%
Net investment income (loss)	.01% ^A	.01%	.01%	.01%	.03%	.26%
Supplemental Data
Net assets, end of period (in millions)	$ 2,472	$ 2,601	$ 2,896	$ 3,388	$ 4,197	$ 6,457

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amount represents less than $.001 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended October 31, 2014 (Unaudited)

(Amounts in thousands except percentages)

1. Organization.

Fidelity Money Market Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

2. Significant Accounting Policies.

Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Book-tax differences are primarily due to deferred trustees compensation and capital loss carryforwards.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ -
Gross unrealized depreciation	-
Net unrealized appreciation (depreciation) on securities	$ -

Tax cost	$ 2,456,839

Semiannual Report

2. Significant Accounting Policies - continued

Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR), or other affiliated entities of FMR, are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Reverse Repurchase Agreements. To enhance its yield, the Fund may enter into reverse repurchase transactions under master repurchase agreements whereby the Fund sells securities to a counterparty in return for cash and agrees to repurchase those securities at a future date and agreed upon price. During the period that reverse repurchase transactions are outstanding, the Fund identifies the securities as pledged in its records with an initial value at least equal to its principal obligation under the agreement. The cash proceeds received by the Fund may be invested in other securities. To the extent cash proceeds received from the counterparty exceed the value of the securities sold, the counterparty may request additional collateral from the Fund. If the counterparty defaults on its obligation, because of insolvency or other reasons, the Fund could experience delays and costs in recovering the securities sold. Information regarding securities sold under a reverse repurchase agreement, if any, is included at the end of the Fund's Schedule of Investments and the cash proceeds are recorded as a liability in the accompanying Statement of Assets and Liabilities. The Fund continues to receive interest and dividend payments on the securities sold during the term of the reverse repurchase agreement. At period end, there were no reverse repurchase agreements outstanding.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except percentages)

2. Significant Accounting Policies - continued

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

New Rule Issuance. In July 2014, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF, which amends the rules governing money market funds. The final amendments impose different implementation dates for the changes that certain money market funds will need to make. Management is currently evaluating the implication of these amendments and their impact of the Final Rule to the Fund's financial statements and related disclosures.

3. Fees and Other Transactions with Affiliates.

4. Expense Reductions.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $1.

Semiannual Report

5. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Money Market Fund

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

(xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in money market fund offerings.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and fees paid to non-affiliated custodians) from the fund's all-inclusive fee. In this regard, the Board considered that net management fees can vary from year to year because of differences in non-management expenses.

Semiannual Report

Fidelity Money Market Fund

ang259371

The Board noted that the fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's hypothetical net management fee as well as the fund's all-inclusive fee. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expense ratio ranked above its competitive median for 2013. The Board considered that, in general, various factors can affect total expense ratios. The Board considered that Fidelity has been voluntarily waiving part or all of the management fees to maintain a minimum yield, and also noted that Fidelity retains the ability to be repaid in certain circumstances. The fund's total expense ratio ranked above the median for 2013, as it did for 2012, because the advisors of many competitor funds waived fees or reimbursed expenses to a greater extent than Fidelity in order to maintain a minimum yield, which caused the expense medians of such competitor funds to be lower than they would otherwise be, and that excluding fee waivers the fund ranked below the median.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable, although above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered.

Semiannual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

Fidelity Management & Research
(U.K.) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) ang259314
1-800-544-5555

Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

SPM-USAN-1214
1.784868.111

Fidelity® Government
Money Market
Fund

Semiannual Report

October 31, 2014

(Fidelity Cover Art)

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes/Performance	(Click Here)	A summary of major shifts in the fund's investments over the past six months and one year.
Investments	(Click Here)	A complete list of the fund's investments.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2014 to October 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio ^B	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period* May 1, 2014 to October 31, 2014
Actual	.10%	$ 1,000.00	$ 1,000.10	$ .50
Hypothetical ^A		$ 1,000.00	$ 1,024.70	$ .51

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes/Performance (Unaudited)

Effective Maturity Diversification
Days	% of fund's investments 10/31/14	% of fund's investments 4/30/14	% of fund's investments 10/31/13
1 - 7	55.7	42.5	44.5
8 - 30	17.9	20.3	20.8
31 - 60	7.0	14.0	5.4
61 - 90	2.5	5.0	5.1
91 - 180	3.8	11.4	16.8
> 180	13.1	6.8	7.4

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Weighted Average Maturity
	10/31/14	4/30/14	10/31/13
Fidelity Government Money Market Fund	52 Days	45 Days	51 Days
Government Retail Money Market Funds Average*	51 Days	49 Days	52 Days

Weighted Average Life
	10/31/14	4/30/14	10/31/13
Fidelity Government Money Market Fund	103 Days	107 Days	102 Days

* Source: iMoneyNet, Inc.

Semiannual Report

Investment Changes/Performance (Unaudited) - continued

Asset Allocation (% of fund's net assets)
As of October 31, 2014		As of April 30, 2014
	Treasury Debt 0.4%		Treasury Debt 5.1%
	Government Agency Debt 43.7%		Government Agency Debt 51.2%
	Repurchase Agreements 55.8%		Repurchase Agreements 43.8%
	Net Other Assets (Liabilities) 0.1%		Net Other Assets (Liabilities)** (0.1)%

** Net Other Assets (Liabilities) are not included in the pie chart.

ang259390

Current and Historical Seven-Day Yields

	10/31/14	7/31/14	4/30/14	1/31/13	10/31/13
Fidelity Government Money Market Fund	0.01%	0.01%	0.01%	0.01%	0.01%

Semiannual Report

Investments October 31, 2014 (Unaudited)

Showing Percentage of Net Assets

Treasury Debt - 0.4%
		Yield (a)	Principal Amount	Value
U.S. Treasury Obligations - 0.4%
U.S. Treasury Notes
	2/28/15 (Cost $58,924,345)	0.15%	$ 58,500,000	$ 58,924,345
Government Agency Debt - 43.7%

Federal Agencies - 43.7%
Fannie Mae
	12/19/14 to 10/21/15	0.12 to 0.15 (b)	311,000,000	310,984,315
Federal Farm Credit Bank
	1/2/15 to 10/3/16	0.12 to 0.20 (b)	377,425,000	377,452,943
Federal Home Loan Bank
	11/10/14 to 12/11/15	0.09 to 0.25 (b)	5,718,815,000	5,719,214,365
Freddie Mac
	11/25/14 to 7/17/15	0.13 to 0.16 (b)	376,000,000	375,998,683
TOTAL GOVERNMENT AGENCY DEBT (Cost $6,783,650,306)				6,783,650,306

Government Agency Repurchase Agreement - 55.8%
	Maturity Amount
In a joint trading account at 0.12% dated 10/31/14 due 11/3/14 (Collateralized by U.S. Government Obligations) #	$ 3,496,594,918		3,496,560,000
With:
BNP Paribas Securities Corp. at 0.07%, dated:
10/9/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $266,767,258, 0.13% - 6.63%, 10/30/15 - 10/20/44)	261,324,724		261,279,000
10/20/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $341,523,657, 0.63% - 6.5%, 12/28/16 - 10/1/44)	334,877,895		334,818,000
10/21/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $343,431,462, 1.63% - 7%, 9/1/15 - 10/1/44)	336,749,230		336,689,000
Citibank NA at 0.09%, dated 10/28/14 due 11/4/14 (Collateralized by U.S. Government Obligations valued at $502,107,737, 0% - 8%, 2/15/15 - 11/1/44)	492,235,614		492,227,000
Government Agency Repurchase Agreement - continued
	Maturity Amount		Value
With: - continued
ING Financial Markets LLC at 0.08%, dated:
9/26/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $255,874,845, 0% - 6%, 6/14/19 - 7/1/44)	$ 250,810,437		$ 250,777,000
10/6/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $202,440,953, 0.88% - 5%, 3/15/16 - 10/2/19)	198,485,461		198,459,000
10/10/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $167,240,673, 0% - 5%, 3/15/16 - 5/15/31)	163,510,162		163,488,000
10/20/14 due 11/7/14 (Collateralized by U.S. Treasury Obligations valued at $103,461,625, 0%, 2/15/16 - 5/15/35)	100,458,393		100,445,000
Merrill Lynch, Pierce, Fenner & Smith at:
0.08%, dated:
9/15/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $560,040,976, 1.88% - 4.5%, 11/1/23 - 11/1/44)	549,073,200		549,000,000
10/20/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $170,762,493, 3.5% - 4%, 9/20/44 - 10/20/44)	167,441,738		167,409,000
0.09%, dated 10/30/14 due 11/6/14 (Collateralized by U.S. Government Obligations valued at $187,111,692, 4% - 5.13%, 4/19/17 - 9/20/44)	183,444,210		183,441,000
Mitsubishi UFJ Securities (U.S.A.), Inc. at:
0.09%, dated:
9/26/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $44,884,264, 2.11% - 6.5%, 7/1/24 - 2/1/44)	44,006,600		44,000,000
10/1/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $39,783,282, 2.46% - 5.5%, 4/1/27 - 2/1/44)	39,005,948		39,000,000
0.1%, dated 9/10/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $49,987,497, 2.11% - 5.5%, 7/1/24 - 4/1/44)	49,007,894		49,000,000
0.13%, dated 10/1/14 due 12/1/14 (Collateralized by U.S. Treasury Obligations valued at $299,915,736, 1.92% - 6.5%, 8/1/15 - 8/1/44)	294,064,762		294,000,000
Government Agency Repurchase Agreement - continued
	Maturity Amount		Value
With: - continued
Mizuho Securities U.S.A., Inc. at 0.15%, dated 9/17/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $49,046,700, 2.5% - 6.5%, 12/1/23 - 9/15/33)	$ 48,024,000		$ 48,000,000
RBC Capital Markets Corp. at:
0.08%, dated 10/16/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $131,617,692, 1.32% - 6.5%, 4/1/27 - 11/1/44)	129,057,093		129,031,000
0.1%, dated:
9/5/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $331,289,508, 1.32% - 7%, 1/1/19 - 11/1/44)	324,748,167		324,667,000
9/15/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $252,833,301, 0.4% - 8.5%, 6/1/23 - 2/15/54)	247,847,635		247,785,000
Wells Fargo Securities, LLC at:
0.09%, dated 10/29/14 due 11/5/14 (Collateralized by U.S. Government Obligations valued at $396,362,797, .45% - 5%, 4/1/21 - 11/1/44)	387,282,777		387,276,000
0.1%, dated 10/31/14 due 11/7/14 (Collateralized by U.S. Government Obligations valued at $167,725,633, 3.5% - 4%, 10/1/34 - 10/1/44)	163,701,183		163,698,000
0.13%, dated 8/6/14 due:
11/6/14 (Collateralized by U.S. Government Obligations valued at $194,674,007, 1.94% - 4.5%, 9/15/24 - 10/1/44)	190,270,504		190,208,000
11/7/14 (Collateralized by U.S. Government Obligations valued at $219,425,824, 2.5% - 3.5%, 12/15/19 - 10/1/44)	214,055,090		213,984,000
TOTAL GOVERNMENT AGENCY REPURCHASE AGREEMENT (Cost $8,665,241,000)		8,665,241,000
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $15,507,815,651)		15,507,815,651
NET OTHER ASSETS (LIABILITIES) - 0.1%			8,683,974
NET ASSETS - 100%		$ 15,516,499,625

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$3,496,560,000 due 11/03/14 at 0.12%
BNY Mellon Capital Markets LLC	$ 505,637,935
Bank of America NA	1,024,759,549
Citibank NA	251,374,288
J.P. Morgan Securities, Inc.	661,663,355
Mizuho Securities USA, Inc.	683,815,112
Wells Fargo Securities LLC	369,309,761
	$ 3,496,560,000

Other Information

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2014 (Unaudited)

Assets
Investment in securities, at value (including repurchase agreements of $8,665,241,000) - See accompanying schedule: Unaffiliated issuers (cost $15,507,815,651)		$ 15,507,815,651
Cash		148
Receivable for fund shares sold		160,097,522
Interest receivable		2,694,787
Total assets		15,670,608,108

Liabilities
Payable for fund shares redeemed	$ 152,731,174
Distributions payable	6,108
Accrued management fee	1,370,216
Other affiliated payables	985
Total liabilities		154,108,483

Net Assets		$ 15,516,499,625
Net Assets consist of:
Paid in capital		$ 15,516,464,422
Distributions in excess of net investment income		(1,154)
Accumulated undistributed net realized gain (loss) on investments		36,357
Net Assets, for 15,516,252,797 shares outstanding		$ 15,516,499,625
Net Asset Value, offering price and redemption price per share ($15,516,499,625 ÷ 15,516,252,797 shares)		$ 1.00

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended October 31, 2014 (Unaudited)

Investment Income
Interest		$ 8,550,003

Expenses
Management fee	$ 32,211,855
Independent trustees' compensation	34,514
Total expenses before reductions	32,246,369
Expense reductions	(24,468,529)	7,777,840
Net investment income (loss)		772,163
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		17,473
Net increase in net assets resulting from operations		$ 789,636

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended October 31, 2014 (Unaudited)	Year ended April 30, 2014
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 772,163	$ 1,421,048
Net realized gain (loss)	17,473	65,747
Net increase in net assets resulting from operations	789,636	1,486,795
Distributions to shareholders from net investment income	(773,317)	(1,419,538)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	18,140,091,020	44,571,166,484
Reinvestment of distributions	744,154	1,370,129
Cost of shares redeemed	(17,910,724,157)	(40,205,298,109)
Net increase (decrease) in net assets and shares resulting from share transactions	230,111,017	4,367,238,504
Total increase (decrease) in net assets	230,127,336	4,367,305,761

Net Assets
Beginning of period	15,286,372,289	10,919,066,528
End of period (including distributions in excess of net investment income of $1,154 and $0, respectively)	$ 15,516,499,625	$ 15,286,372,289

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights

	Six months ended October 31, 2014	Years ended April 30,
	(Unaudited)	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income (loss)	- ^E	- ^E	- ^E	- ^E	- ^E	.001
Net realized and unrealized gain (loss)^E	-	-	-	-	-	-
Total from investment operations	- ^E	- ^E	- ^E	- ^E	- ^E	.001
Distributions from net investment income	- ^E	- ^E	- ^E	- ^E	- ^E	(.001)
Distributions from net realized gain	-	-	-	-	-^E	-^E
Total distributions	- ^E	- ^E	- ^E	- ^E	- ^E	(.001)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return^{B, C}	.01%	.01%	.01%	.01%	.01%	.09%
Ratios to Average Net Assets ^D
Expenses before reductions	.42% ^A	.42%	.42%	.42%	.42%	.42%
Expenses net of fee waivers, if any	.10% ^A	.11%	.19%	.16%	.26%	.35%
Expenses net of all reductions	.10% ^A	.11%	.19%	.16%	.26%	.35%
Net investment income (loss)	.01% ^A	.01%	.01%	.01%	.01%	.10%
Supplemental Data
Net assets, end of period (000 omitted)	$ 15,516,500	$ 15,286,372	$ 10,919,067	$ 2,826,285	$ 583,462	$ 700,145

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amount represents less than $.001 per share.

Semiannual Report

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended October 31, 2014 (Unaudited)

1. Organization.

Fidelity Government Money Market Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

2. Significant Accounting Policies.

Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Semiannual Report

2. Significant Accounting Policies - continued

Book-tax differences are primarily due to deferred trustees compensation.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ -
Gross unrealized depreciation	-
Net unrealized appreciation (depreciation) on securities	$ -

Tax cost	$ 15,507,815,651

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Significant Accounting Policies - continued

Repurchase Agreements - continued

securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

3. Fees and Other Transactions with Affiliates.

Semiannual Report

4. Expense Reductions.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $283.

5. Other.

Semiannual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Government Money Market Fund

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and considered by the Board. Because the vast majority of competitor funds' management fees do not cover non-management expenses, for a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and fees paid to non-affiliated custodians) from the fund's all-inclusive fee. In this regard, the Board considered that net management fees can vary from year to year because of differences in non-management expenses.

Semiannual Report

Fidelity Government Money Market Fund

ang259392

The Board noted that the fund's hypothetical net management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's hypothetical net management fee as well as the fund's all-inclusive fee. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted that Fidelity may agree to waive fees and expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Semiannual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) ang259314
1-800-544-5555

Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

SPU-USAN-1214
1.784869.111

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Hereford Street Trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Hereford Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	Not applicable.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Hereford Street Trust

By:	/s/Stephanie J. Dorsey
	Stephanie J. Dorsey
	President and Treasurer

Date:	December 24, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Stephanie J. Dorsey
	Stephanie J. Dorsey
	President and Treasurer

Date:	December 24, 2014

By:	/s/Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer

Date:	December 24, 2014

Fidelity Hereford Street Trust N-CSRSCertified semi-annual shareholder report (management investment company)

Contents

Shareholder Expense Example

Investment Changes/Performance (Unaudited)

Investments October 31, 2014 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Shareholder Expense Example

Investment Changes/Performance (Unaudited)

Investments October 31, 2014 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Shareholder Expense Example

Investment Changes/Performance (Unaudited)

Investments October 31, 2014 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Shareholder Expense Example

Investment Changes/Performance (Unaudited)

Investments October 31, 2014 (Unaudited)

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Board Approval of Investment Advisory Contracts and Management Fees