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)
William C. Coffey, 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 |
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Date of reporting period: | April 30, 2019 |
Item 1.
Reports to Stockholders
Fidelity® Treasury Only Money Market Fund Annual Report April 30, 2019 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Account Type | Website | Phone Number |
Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
Days | % of fund's investments 4/30/19 |
1 - 7 | 20.9 |
8 - 30 | 34.0 |
31 - 60 | 23.9 |
61 - 90 | 6.8 |
91 - 180 | 14.4 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
As of April 30, 2019 | ||
U.S. Treasury Debt | 103.9% | |
Net Other Assets (Liabilities)* | (3.9)% |
* Net Other Assets (Liabilities) are not included in the pie chart
Current 7-Day Yields
4/30/19 | |
Fidelity® Treasury Only Money Market Fund | 2.03% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Schedule of Investments April 30, 2019
Showing Percentage of Net Assets
U.S. Treasury Debt - 103.9% | ||||
Yield(a) | Principal Amount (000s) | Value (000s) | ||
U.S. Treasury Obligations - 103.9% | ||||
U.S. Treasury Bills | ||||
5/7/19 to 10/17/19 | 2.39 to 2.50% | $2,193,913 | $2,187,499 | |
U.S. Treasury Notes | ||||
5/15/19 to 7/31/20 | 2.41 to 2.47 (b) | 745,000 | 744,643 | |
TOTAL U.S. TREASURY DEBT | ||||
(Cost $2,932,142) | 2,932,142 | |||
TOTAL INVESTMENT IN SECURITIES - 103.9% | ||||
(Cost $2,932,142) | 2,932,142 | |||
NET OTHER ASSETS (LIABILITIES) - (3.9)% | (108,754) | |||
NET ASSETS - 100% | $2,823,388 |
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.
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.
Investment Valuation
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 Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amount) | April 30, 2019 | |
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $2,932,142) | $2,932,142 | |
Cash | 3,795 | |
Receivable for investments sold | 65,037 | |
Receivable for fund shares sold | 3,242 | |
Interest receivable | 1,415 | |
Total assets | 3,005,631 | |
Liabilities | ||
Payable for investments purchased | $174,405 | |
Payable for fund shares redeemed | 6,491 | |
Distributions payable | 350 | |
Accrued management fee | 997 | |
Total liabilities | 182,243 | |
Net Assets | $2,823,388 | |
Net Assets consist of: | ||
Paid in capital | $2,823,342 | |
Total distributable earnings (loss) | 46 | |
Net Assets, for 2,822,516 shares outstanding | $2,823,388 | |
Net Asset Value, offering price and redemption price per share ($2,823,388 ÷ 2,822,516 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Year ended April 30, 2019 | |
Investment Income | ||
Interest | $65,320 | |
Expenses | ||
Management fee | $12,545 | |
Independent trustees' fees and expenses | 15 | |
Total expenses before reductions | 12,560 | |
Expense reductions | (6) | |
Total expenses after reductions | 12,554 | |
Net investment income (loss) | 52,766 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 9 | |
Total net realized gain (loss) | 9 | |
Net increase in net assets resulting from operations | $52,775 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended April 30, 2019 | Year ended April 30, 2018 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $52,766 | $25,797 |
Net realized gain (loss) | 9 | 3 |
Net increase in net assets resulting from operations | 52,775 | 25,800 |
Distributions to shareholders | (52,762) | – |
Distributions to shareholders from net investment income | – | (25,797) |
Total distributions | (52,762) | (25,797) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 1,262,282 | 1,045,226 |
Reinvestment of distributions | 49,093 | 24,071 |
Cost of shares redeemed | (1,660,961) | (1,616,768) |
Net increase (decrease) in net assets and shares resulting from share transactions | (349,586) | (547,471) |
Total increase (decrease) in net assets | (349,573) | (547,468) |
Net Assets | ||
Beginning of period | 3,172,961 | 3,720,429 |
End of period | $2,823,388 | $3,172,961 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Treasury Only Money Market Fund
Years ended April 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | |||||
Net investment income (loss) | .018 | .008 | –A | –A | –A |
Net realized and unrealized gain (loss)A | – | – | – | – | – |
Total from investment operations | .018 | .008 | –A | –A | –A |
Distributions from net investment income | (.018) | (.008) | –A | –A | –A |
Total distributions | (.018) | (.008) | –A | –A | –A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB | 1.79% | .77% | .07% | .01% | .01% |
Ratios to Average Net AssetsC | |||||
Expenses before reductions | .42% | .42% | .42% | .42% | .42% |
Expenses net of fee waivers, if any | .42% | .42% | .38% | .16% | .05% |
Expenses net of all reductions | .42% | .42% | .38% | .16% | .04% |
Net investment income (loss) | 1.76% | .76% | .06% | .01% | .01% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $2,823 | $3,173 | $3,720 | $4,437 | $4,597 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C 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.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2019
(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 affiliated 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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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:
Investment 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.
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. As of April 30, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.
Distributions 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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.
Book-tax differences are primarily due to losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
Gross unrealized appreciation | $– |
Gross unrealized depreciation | – |
Net unrealized appreciation (depreciation) | $– |
Tax Cost | $2,932,142 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $46 |
The tax character of distributions paid was as follows:
April 30, 2019 | April 30, 2018 | |
Ordinary Income | $52,762 | $ 25,797 |
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
Financial Statement | Current Line-Item Presentation (As Applicable) | Prior Line-Item Presentation (As Applicable) |
Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss) Accumulated/Undistributed net realized gain (loss) Net unrealized appreciation (depreciation) |
Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
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 is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
4. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's management fee. During the period, these credits reduced the Fund's management fee by $6.
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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hereford Street Trust and Shareholders of Fidelity Treasury Only Money Market Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Treasury Only Money Market Fund (one of the funds constituting Fidelity Hereford Street Trust, referred to hereafter as the "Fund") as of April 30, 2019, the related statement of operations for the year ended April 30, 2019, the statement of changes in net assets for each of the two years in the period ended April 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2019 and the financial highlights for each of the five years in the period ended April 30, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
June 11, 2019
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 264 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a Member of the Advisory Board of certain Fidelity® funds (2018), a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as interim president of Michigan State University (2018-2019), a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
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 (November 1, 2018 to April 30, 2019).
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.
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.
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.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2018 | Ending Account Value April 30, 2019 | Expenses Paid During Period-B November 1, 2018 to April 30, 2019 | |
Actual | .42% | $1,000.00 | $1,009.80 | $2.09 |
Hypothetical-C | $1,000.00 | $1,022.71 | $2.11 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2019, $592, or, if subsequently determined to be different, the net capital gain of such year.
A total of 100% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $19,089,115 of distributions paid during the period January 1, 2019 to April 30, 2019 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
TMM-ANN-0619
1.703531.121
Fidelity® Money Market Fund Annual Report April 30, 2019 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Account Type | Website | Phone Number |
Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
Days | % of fund's investments 4/30/19 |
1 - 7 | 41.0 |
8 - 30 | 27.5 |
31 - 60 | 16.4 |
61 - 90 | 8.6 |
91 - 180 | 6.5 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
As of April 30, 2019 | ||
Certificates of Deposit | 34.4% | |
Commercial Paper | 36.7% | |
Variable Rate Demand Notes (VRDNs) | 0.1% | |
U.S. Treasury Debt | 3.9% | |
U.S. Government Agency Debt | 1.7% | |
Non-Negotiable Time Deposit | 7.9% | |
Other Instruments | 0.8% | |
Repurchase Agreements | 15.5% | |
Net Other Assets (Liabilities)* | (1.0)% |
* Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Current 7-Day Yields
4/30/19 | |
Fidelity® Money Market Fund | 2.23% |
Premium Class | 2.35% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. 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 April 30, 2019, the most recent period shown in the table, would have been 2.27% for Premium Class.
Schedule of Investments April 30, 2019
Showing Percentage of Net Assets
Certificate of Deposit - 34.4% | ||||
Yield(a) | Principal Amount (000s) | Value (000s) | ||
Domestic Certificates Of Deposit - 0.4% | ||||
State Street Bank & Trust Co. | ||||
9/20/19 | 2.59 (b)(c)% | $183,000 | $183,000 | |
London Branch, Eurodollar, Foreign Banks - 6.5% | ||||
CIC London Branch | ||||
6/3/19 | 2.78 | 504,000 | 502,731 | |
ING Bank NV | ||||
5/16/19 to 5/22/19 | 2.79 | 502,000 | 502,000 | |
KBC Bank NV London | ||||
5/31/19 to 8/12/19 | 2.59 to 2.70 | 773,000 | 769,423 | |
Mitsubishi UFJ Trust & Banking Corp. | ||||
5/8/19 to 7/11/19 | 2.65 to 2.67 | 456,000 | 455,564 | |
Mizuho Bank Ltd. London Branch | ||||
5/7/19 to 6/17/19 | 2.69 to 2.70 | 159,000 | 158,829 | |
Sumitomo Mitsui Trust Bank Ltd. London Branch | ||||
5/13/19 to 9/3/19 | 2.64 to 2.90 | 343,500 | 343,500 | |
2,732,047 | ||||
New York Branch, Yankee Dollar, Foreign Banks - 27.5% | ||||
Bank of Montreal Chicago CD Program | ||||
5/7/19 to 11/25/19 | 2.61 to 2.87 (b)(c) | 865,000 | 865,000 | |
Bank of Nova Scotia | ||||
5/16/19 to 11/20/19 | 2.60 to 2.91 (b)(c) | 1,511,000 | 1,511,000 | |
Bank of Tokyo-Mitsubishi UFJ Ltd. | ||||
5/22/19 to 5/29/19 | 2.71 to 2.75 | 350,000 | 350,000 | |
DnB NOR Bank ASA | ||||
9/9/19 to 9/23/19 | 2.57 to 2.59 (b)(c) | 747,000 | 747,000 | |
Landesbank Baden-Wuerttemberg New York Branch | ||||
5/1/19 to 5/7/19 | 2.52 | 2,085,795 | 2,085,794 | |
Mitsubishi UFJ Trust & Banking Corp. | ||||
5/21/19 to 7/12/19 | 2.59 to 2.60 | 577,000 | 577,000 | |
Mizuho Corporate Bank Ltd. | ||||
5/14/19 to 7/30/19 | 2.59 to 2.80 (b) | 1,618,000 | 1,618,000 | |
Sumitomo Mitsui Banking Corp. | ||||
5/10/19 to 8/13/19 | 2.58 to 2.80 (b) | 1,751,000 | 1,750,996 | |
Sumitomo Mitsui Trust Bank Ltd. | ||||
6/11/19 to 8/14/19 | 2.57 to 2.66 (b) | 844,000 | 844,000 | |
Svenska Handelsbanken AB | ||||
7/3/19 to 8/22/19 | 2.60 to 2.65 (b)(c) | 1,087,750 | 1,087,750 | |
Svenska Handelsbanken, Inc. | ||||
9/25/19 | 2.61 | 155,700 | 155,700 | |
11,592,240 | ||||
TOTAL CERTIFICATE OF DEPOSIT | ||||
(Cost $14,507,287) | 14,507,287 | |||
Financial Company Commercial Paper - 34.3% | ||||
Amphenol Corp. | ||||
5/3/19 | 2.60 | 35,000 | 34,995 | |
Bank of Nova Scotia | ||||
5/2/19 to 11/20/19 | 2.66 to 2.74 (b)(c) | 309,000 | 309,000 | |
Bayerische Landesbank | ||||
5/1/19 to 5/6/19 | 2.49 | 934,398 | 934,230 | |
BPCE SA | ||||
5/3/19 to 6/10/19 | 2.65 to 2.86 | 1,532,000 | 1,529,112 | |
Canadian Imperial Bank of Commerce | ||||
8/5/19 to 11/18/19 | 2.58 to 2.81 (b) | 1,118,000 | 1,116,172 | |
Citigroup Global Markets, Inc. | ||||
8/15/19 to 8/19/19 | 2.60 | 100,000 | 99,234 | |
Commonwealth Bank of Australia | ||||
6/6/19 to 9/18/19 | 2.58 to 2.76 (b)(c) | 368,000 | 368,000 | |
Credit Agricole CIB | ||||
6/3/19 | 2.68 | 520,000 | 518,732 | |
Credit Suisse AG | ||||
5/1/19 to 9/3/19 | 2.59 to 2.87 (b) | 2,060,700 | 2,053,140 | |
DNB Bank ASA | ||||
8/22/19 to 10/3/19 | 2.60 to 2.63 (b)(c) | 532,000 | 532,000 | |
J.P. Morgan Securities, LLC | ||||
5/1/19 to 11/25/19 | 2.61 to 2.98 (b) | 1,483,000 | 1,477,892 | |
Mitsubishi UFJ Trust & Banking Corp. | ||||
6/19/19 to 9/5/19 | 2.60 to 2.61 | 688,000 | 684,001 | |
Natexis Banques Populaires New York Branch | ||||
5/3/19 to 5/7/19 | 2.86 | 309,000 | 308,911 | |
National Australia Bank Ltd. | ||||
9/30/19 to 11/12/19 | 2.58 to 2.59 (b)(c) | 449,000 | 449,000 | |
National Bank of Canada | ||||
5/3/19 to 9/27/19 | 2.59 to 2.76 (b)(c) | 559,000 | 559,000 | |
Royal Bank of Canada | ||||
11/22/19 to 11/25/19 | 2.67 (b)(c) | 428,000 | 428,000 | |
Sumitomo Mitsui Trust Bank Ltd. | ||||
5/15/19 to 7/22/19 | 2.60 to 2.80 | 712,900 | 710,792 | |
Swedbank AB | ||||
5/28/19 to 6/5/19 | 2.65 | 440,000 | 438,983 | |
The Toronto-Dominion Bank | ||||
5/13/19 to 11/25/19 | 2.58 to 2.66 (b) | 1,624,000 | 1,617,397 | |
Toyota Motor Credit Corp. | ||||
8/1/19 to 8/2/19 | 2.64 (b)(c) | 164,000 | 164,000 | |
UBS AG London Branch | ||||
5/7/19 | 2.87 (b)(c) | 149,000 | 149,000 | |
TOTAL FINANCIAL COMPANY COMMERCIAL PAPER | ||||
(Cost $14,481,591) | 14,481,591 | |||
Asset Backed Commercial Paper - 1.0% | ||||
Atlantic Asset Securitization Corp. (Liquidity Facility Credit Agricole CIB) | ||||
6/17/19 | 2.60 | 41,000 | 40,862 | |
6/18/19 | 2.59 | 18,000 | 17,938 | |
6/25/19 | 2.59 | 19,000 | 18,925 | |
6/26/19 | 2.59 | 18,000 | 17,928 | |
6/27/19 | 2.59 | 18,000 | 17,927 | |
6/28/19 | 2.59 | 27,000 | 26,888 | |
6/28/19 | 2.59 | 21,000 | 20,913 | |
Gotham Funding Corp. (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.) | ||||
6/17/19 | 2.59 | 118,000 | 117,604 | |
6/19/19 | 2.59 | 23,000 | 22,920 | |
7/2/19 | 2.60 | 44,000 | 43,804 | |
Manhattan Asset Funding Co. LLC (Liquidity Facility Sumitomo Mitsui Banking Corp.) | ||||
7/1/19 | 2.59 | 58,000 | 57,747 | |
TOTAL ASSET BACKED COMMERCIAL PAPER | ||||
(Cost $403,456) | 403,456 | |||
Non-Financial Company Commercial Paper - 1.4% | ||||
American Electric Power Co., Inc. | ||||
5/15/19 to 5/23/19 | 2.73 to 2.76 | 94,750 | 94,628 | |
Bell Canada | ||||
6/3/19 | 2.77 | 42,000 | 41,894 | |
Dominion Resources, Inc. | ||||
5/6/19 | 2.76 | 48,000 | 47,982 | |
Duke Energy Corp. | ||||
5/1/19 to 5/6/19 | 2.60 | 37,250 | 37,244 | |
ERP Operating LP | ||||
5/2/19 to 5/3/19 | 2.62 to 2.72 | 30,997 | 30,993 | |
Florida Power & Light Co. | ||||
5/2/19 to 5/15/19 | 2.64 to 2.66 | 108,500 | 108,436 | |
Rogers Communications, Inc. | ||||
5/14/19 | 2.71 | 41,000 | 40,960 | |
5/7/19 | 2.71 | 18,000 | 17,992 | |
Sempra Global | ||||
5/13/19 | 2.74 | 14,000 | 13,987 | |
5/8/19 | 2.82 | 9,000 | 8,995 | |
Suncor Energy, Inc. | ||||
5/9/19 to 5/24/19 | 2.81 | 30,050 | 30,013 | |
UnitedHealth Group, Inc. | ||||
5/20/19 | 2.61 | 78,000 | 77,893 | |
Ventas Realty LP | ||||
5/15/19 | 2.70 | 16,350 | 16,333 | |
Verizon Communications, Inc. | ||||
5/14/19 | 2.70 | 26,000 | 25,975 | |
TOTAL NON-FINANCIAL COMPANY COMMERCIAL PAPER | ||||
(Cost $593,325) | 593,325 | |||
U.S. Treasury Debt - 3.9% | ||||
U.S. Treasury Obligations - 3.9% | ||||
U.S. Treasury Bills | ||||
5/21/19 to 8/1/19(d) | 2.40 to 2.44 | 1,567,000 | 1,561,986 | |
U.S. Treasury Notes | ||||
7/31/19 | 2.45 | 75,000 | 74,796 | |
TOTAL U.S. TREASURY DEBT | ||||
(Cost $1,636,782) | 1,636,782 | |||
Other Instrument - 0.8% | ||||
Master Notes - 0.8% | ||||
Toyota Motor Credit Corp. | ||||
5/7/19 | ||||
(Cost $348,000) | 2.77 (b)(c) | 348,000 | 348,000 | |
Variable Rate Demand Note - 0.1% | ||||
Florida - 0.1% | ||||
Florida Timber Fin. III LLC Taxable, LOC Wells Fargo Bank NA, VRDN | ||||
5/7/19 | ||||
(Cost $40,000) | 2.48 (b) | 40,000 | 40,000 | |
U.S. Government Agency Debt - 1.7% | ||||
Federal Agencies - 1.7% | ||||
Federal Home Loan Bank | ||||
5/3/19 to 5/22/19 | ||||
(Cost $699,394) | 2.42 to 2.45 | 700,000 | 699,394 | |
Non-Negotiable Time Deposit - 7.9% | ||||
Time Deposits - 7.9% | ||||
Barclays Bank PLC | ||||
5/1/19 | 2.77 | 2,030,744 | 2,030,744 | |
Credit Agricole CIB | ||||
5/1/19 to 5/7/19 | 2.48 | 1,034,925 | 1,034,925 | |
Landesbank Hessen-Thuringen London Branch | ||||
5/1/19 to 5/2/19 | 2.48 | 261,000 | 261,000 | |
TOTAL NON-NEGOTIABLE TIME DEPOSIT | ||||
(Cost $3,326,669) | 3,326,669 |
U.S. Government Agency Repurchase Agreement - 7.3% | |||
Maturity Amount (000s) | Value (000s) | ||
In a joint trading account at 2.77% dated 4/30/19 due 5/1/19 (Collateralized by U.S. Government Obligations) # | $1,758,933 | $1,758,798 | |
With: | |||
Barclays Bank PLC at: | |||
2.44%, dated 4/24/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $96,945,974, 4.00%, 9/20/48) | 95,045 | 95,000 | |
2.77%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $240,738,523, 4.00%, 9/20/48 - 2/20/49) | 236,018 | 236,000 | |
Citibank NA at: | |||
2.51%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $21,421,567, 1.63% - 3.00%, 3/31/20 - 3/31/26) | 21,010 | 21,000 | |
2.52%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $128,630,347, 0.00% - 10.00%, 5/30/19 - 4/1/49) | 126,062 | 126,000 | |
Deutsche Bank Securities, Inc. at 2.79%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $56,654,390, 3.25%, 3/15/50) | 55,004 | 55,000 | |
ING Financial Markets LLC at: | |||
2.46%, dated 4/24/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $33,676,101, 4.00%, 3/1/49) | 33,016 | 33,000 | |
2.51%, dated 4/29/19 due 5/6/19 (Collateralized by U.S. Government Obligations valued at $29,584,125, 4.00%, 3/1/49 - 4/1/49) | 29,014 | 29,000 | |
J.P. Morgan Securities, LLC at: | |||
2.46%, dated 4/25/19 due 5/2/19 (Collateralized by U.S. Government Obligations valued at $274,492,496, 2.50% - 6.00%, 12/1/26 - 3/1/49) | 269,129 | 269,000 | |
2.52%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $85,685,998, 2.50% - 7.00%, 11/1/22 - 2/1/57) | 84,041 | 84,000 | |
Morgan Stanley & Co., LLC at 2.76%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $174,433,454, 0.00% - 3.00%, 7/18/19 - 2/15/29) | 171,013 | 171,000 | |
Nomura Securities International, Inc. at 2.51%, dated 4/29/19 due 5/6/19 (Collateralized by U.S. Government Obligations valued at $123,442,160, 0.00% - 9.00%, 8/15/20 - 5/1/49) | 121,059 | 121,000 | |
TD Securities (U.S.A.) at 2.77%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $68,345,259, 3.00%, 12/1/46) | 67,005 | 67,000 | |
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT | |||
(Cost $3,065,798) | 3,065,798 | ||
U.S. Treasury Repurchase Agreement - 6.3% | |||
With: | |||
Commerz Markets LLC at: | |||
2.48%, dated: | |||
4/24/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $107,151,692, 1.75% - 3.13%, 10/31/20 - 11/15/28) | 105,051 | 105,000 | |
4/25/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $107,145,024, 1.50% - 3.13%, 10/31/20 - 5/15/48) | 105,051 | 105,000 | |
2.77%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $635,062,951, 1.38% - 4.63%, 4/30/20 - 5/15/48) | 622,048 | 622,000 | |
Credit AG at 2.45%, dated 4/24/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $118,376,372, 2.13%, 11/30/23) | 116,055 | 116,000 | |
Deutsche Bank AG, New York at 2.78%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $237,678,394, 2.88%, 5/31/25) | 233,018 | 233,000 | |
Deutsche Bank Securities, Inc. at 2.47%, dated: | |||
4/24/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $107,151,504, 1.38% - 1.63%, 5/31/21 - 8/31/22) | 105,050 | 105,000 | |
4/25/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $214,288,230, 2.25% - 5.25%, 7/31/20 - 11/15/28) | 210,101 | 210,000 | |
HSBC Securities, Inc. at 2.76%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $59,165,396, 2.88%, 10/31/23) | 58,004 | 58,000 | |
ING Financial Markets LLC at 2.76%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $8,169,923, 1.38%, 1/15/20) | 8,001 | 8,000 | |
J.P. Morgan Securities, LLC at 2.75%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $52,023,989, 0.00% - 3.00%, 5/23/19 - 10/31/25) | 51,004 | 51,000 | |
Mizuho Securities U.S.A., Inc. at 2.74%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $510,000,485, 2.75% - 3.63%, 8/15/19 - 9/30/20) | 500,038 | 500,000 | |
RBC Dominion Securities at 2.46%, dated 3/20/19 due 5/7/19: | |||
(Collateralized by U.S. Treasury Obligations valued at $37,962,717, 1.13% - 4.50%, 2/28/21 - 8/15/48) | 37,154 | 37,000 | |
(Collateralized by U.S. Treasury Obligations valued at $37,848,979, 1.13% - 4.50%, 9/30/19 - 2/15/48) | 37,147 | 37,000 | |
RBS Securities, Inc. at 2.46%, dated 4/25/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $215,536,350, 2.63% - 3.13%, 2/28/23 - 8/15/44) | 210,100 | 210,000 | |
SMBC Nikko Securities America, Inc. at 2.75%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $285,530,278, 2.25% - 2.50%, 2/15/22 - 11/15/24) | 280,021 | 280,000 | |
TOTAL U.S. TREASURY REPURCHASE AGREEMENT | |||
(Cost $2,677,000) | 2,677,000 | ||
Other Repurchase Agreement - 1.9% | |||
Other Repurchase Agreement - 1.9% | |||
With: | |||
Citigroup Global Markets, Inc. at: | |||
3.02%, dated 2/26/19 due 5/28/19 (Collateralized by U.S. Treasury Obligations valued at $72,487,170, 0.63% - 3.00%, 4/15/23 - 11/15/44) | 70,534 | 70,000 | |
3.07%, dated 2/14/19 due 5/15/19 (Collateralized by Corporate Obligations valued at $35,937,992, 2.61% - 5.57%, 4/14/25 - 11/25/58) | 34,261 | 34,000 | |
J.P. Morgan Securities, LLC at: | |||
2.62%, dated 4/25/19 due 5/2/19 (Collateralized by Commercial Paper valued at $183,420,058, 5/1/19 - 5/7/19) | 178,091 | 178,000 | |
2.68%, dated 4/26/19 due 5/7/19 (Collateralized by Equity Securities valued at $192,311,610)(b)(c)(e) | 178,146 | 178,000 | |
Mizuho Securities U.S.A., Inc. at: | |||
2.65%, dated: | |||
4/26/19 due 5/7/19 (Collateralized by Equity Securities valued at $38,894,345) | 36,037 | 36,000 | |
4/30/19 due: | |||
5/1/19 (Collateralized by Equity Securities valued at $24,841,845) | 23,002 | 23,000 | |
5/7/19 (Collateralized by Equity Securities valued at $60,484,457) | 56,058 | 56,000 | |
2.66%, dated 4/18/19 due 5/2/19 (Collateralized by Equity Securities valued at $57,295,003) | 53,055 | 53,000 | |
2.78%, dated 4/22/19 due 5/6/19 (Collateralized by U.S. Government Obligations valued at $19,583,602, 4.39% - 8.44%, 9/25/20 - 2/25/42) | 19,021 | 19,000 | |
Societe Generale at 2.8%, dated 4/30/19 due 6/3/19 (Collateralized by Corporate Obligations valued at $114,078,990, 2.65% - 11.13%, 11/15/19 - 11/15/95) | 106,280 | 106,000 | |
Wells Fargo Securities, LLC at 2.62%, dated 4/26/19 due 5/3/19 (Collateralized by Equity Securities valued at $58,341,270) | 54,028 | 54,000 | |
TOTAL OTHER REPURCHASE AGREEMENT | |||
(Cost $807,000) | 807,000 | ||
TOTAL INVESTMENT IN SECURITIES - 101.0% | |||
(Cost $42,586,302) | 42,586,302 | ||
NET OTHER ASSETS (LIABILITIES) - (1.0)% | (408,884) | ||
NET ASSETS - 100% | $42,177,418 |
Security Type Abbreviations
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
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.
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.
(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(d) Security or a portion of the security was sold in a reverse repurchase transaction and pledged for the benefit of the counterparty, J.P. Morgan Securities, LLC as collateral to secure the future obligations of the Fund to repurchase the securities at an agreed-upon date and price within 7 days of period end. At period end, the value of securities pledged by the Fund for reverse repurchase transactions was $50,853,000 and the principal amount of obligations of the Fund with respect to reverse repurchase transactions was $51,000,000.
(e) The maturity amount is based on the rate at period end.
Investment Valuation
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 Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
# Additional information on each counterparty to the repurchase agreement is as follows:
Repurchase Agreement / Counterparty | Value |
$1,758,798,000 due 5/01/19 at 2.77% | |
BNP Paribas, S.A. | $31,898 |
BNY Mellon Capital Markets LLC | 108,191 |
Bank of America NA | 245,435 |
Citibank NA | 63,795 |
HSBC Securities (USA), Inc. | 43,940 |
ING Financial Markets LLC | 35,087 |
J.P. Morgan Securities, Inc. | 237,811 |
Mizuho Securities USA, Inc. | 76,193 |
Nomura Securities Internationa | 124,004 |
Societe Generale | 31,898 |
Societe Generale (PARIS) | 95,693 |
Sumitomo Mitsu Bk Corp Ny (DI) | 175,436 |
Wells Fargo Securities LLC | 489,417 |
$1,758,798 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
Amounts in thousands (except per-share amounts) | April 30, 2019 | |
Assets | ||
Investment in securities, at value (including repurchase agreements of $6,549,798) — See accompanying schedule: Unaffiliated issuers (cost $42,586,302) | $42,586,302 | |
Cash | 1 | |
Receivable for investments sold | 66,260 | |
Receivable for fund shares sold | 175,514 | |
Interest receivable | 47,890 | |
Prepaid expenses | 10 | |
Receivable from investment adviser for expense reductions | 1,995 | |
Other receivables | 180 | |
Total assets | 42,878,152 | |
Liabilities | ||
Payable for investments purchased | $467,194 | |
Payable for fund shares redeemed | 160,415 | |
Distributions payable | 6,577 | |
Accrued management fee | 8,665 | |
Payable for reverse repurchase agreement | 51,000 | |
Other affiliated payables | 3,838 | |
Other payables and accrued expenses | 3,045 | |
Total liabilities | 700,734 | |
Net Assets | $42,177,418 | |
Net Assets consist of: | ||
Paid in capital | $42,177,285 | |
Total distributable earnings (loss) | 133 | |
Net Assets | $42,177,418 | |
Net Asset Value and Maximum Offering Price | ||
Fidelity Money Market Fund: | ||
Net Asset Value, offering price and redemption price per share ($5,196,145 ÷ 5,195,860 shares) | $1.00 | |
Premium Class: | ||
Net Asset Value, offering price and redemption price per share ($36,981,273 ÷ 36,978,633 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Amounts in thousands | Year ended April 30, 2019 | |
Investment Income | ||
Interest (including $169 from affiliated interfund lending) | $741,479 | |
Expenses | ||
Management fee | $74,883 | |
Transfer agent fees | 32,011 | |
Accounting fees and expenses | 1,507 | |
Custodian fees and expenses | 273 | |
Independent trustees' fees and expenses | 123 | |
Registration fees | 3,991 | |
Audit | 48 | |
Legal | 31 | |
Interest | 141 | |
Miscellaneous | 71 | |
Total expenses before reductions | 113,079 | |
Expense reductions | (18,237) | |
Total expenses after reductions | 94,842 | |
Net investment income (loss) | 646,637 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 115 | |
Total net realized gain (loss) | 115 | |
Net increase in net assets resulting from operations | $646,752 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Amounts in thousands | Year ended April 30, 2019 | Year ended April 30, 2018 |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $646,637 | $168,185 |
Net realized gain (loss) | 115 | 21 |
Net increase in net assets resulting from operations | 646,752 | 168,206 |
Distributions to shareholders | (646,632) | – |
Distributions to shareholders from net investment income | – | (168,187) |
Total distributions | (646,632) | (168,187) |
Share transactions - net increase (decrease) | 23,471,138 | 9,088,029 |
Total increase (decrease) in net assets | 23,471,258 | 9,088,048 |
Net Assets | ||
Beginning of period | 18,706,160 | 9,618,112 |
End of period | $42,177,418 | $18,706,160 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Money Market Fund
Years ended April 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | |||||
Net investment income (loss) | .020 | .011 | .005 | .001 | –A |
Net realized and unrealized gain (loss)A | – | – | – | – | – |
Total from investment operations | .020 | .011 | .005 | .001 | –A |
Distributions from net investment income | (.020) | (.011) | (.005) | (.001) | –A |
Total distributions | (.020) | (.011) | (.005) | (.001) | –A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB | 2.03% | 1.11% | .52% | .09% | .01% |
Ratios to Average Net AssetsC | |||||
Expenses before reductions | .42% | .42% | .42% | .42% | .42% |
Expenses net of fee waivers, if any | .42% | .42% | .42% | .36% | .26% |
Expenses net of all reductions | .42% | .42% | .42% | .36% | .26% |
Net investment income (loss) | 2.06% | 1.15% | .55% | .15% | .01% |
Supplemental Data | |||||
Net assets, end of period (in millions) | $5,196 | $3,209 | $2,301 | $2,126 | $2,316 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. 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 class 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 class.
See accompanying notes which are an integral part of the financial statements.
Fidelity Money Market Fund Premium Class
Years ended April 30, | 2019 | 2018 | 2017 | 2016 | 2015 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | |||||
Net investment income (loss) | .021 | .012 | .006 | .002 | –B |
Net realized and unrealized gain (loss)B | – | – | – | – | – |
Total from investment operations | .021 | .012 | .006 | .002 | –B |
Distributions from net investment income | (.021) | (.012) | (.006) | (.002) | –B |
Total distributions | (.021) | (.012) | (.006) | (.002) | –B |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnC,D | 2.16% | 1.23% | .64% | .15% | -% |
Ratios to Average Net AssetsE | |||||
Expenses before reductions | .37% | .37% | .37% | .37% | .37%F |
Expenses net of fee waivers, if any | .30% | .30% | .30% | .30% | .28%F |
Expenses net of all reductions | .30% | .30% | .30% | .30% | .28%F |
Net investment income (loss) | 2.18% | 1.27% | .67% | .20% | .01%F |
Supplemental Data | |||||
Net assets, end of period (in millions) | $36,981 | $15,497 | $7,317 | $3,706 | $1 |
A For the period April 6, 2015 (commencement of sale of shares) to April 30, 2015.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. 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 class 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 class.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2019
(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. 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. The Fund offers Fidelity Money Market Fund and Premium Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Shares of the Fund are only available for purchase by retail shareholders.
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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:
Investment 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 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected 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 of $180 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
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. As of April 30, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.
Distributions 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 declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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.
Book-tax differences are primarily due to deferred trustees compensation.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
Gross unrealized appreciation | $– |
Gross unrealized depreciation | – |
Net unrealized appreciation (depreciation) | $– |
Tax Cost | $42,586,302 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $314 |
The tax character of distributions paid was as follows:
April 30, 2019 | April 30, 2018 | |
Ordinary Income | $646,632 | $ 168,187 |
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 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. During the period, the average principal balance of reverse repurchase transactions was $51,507 and the weighted average interest rate was 2.19% with payments included in the Statement of Operations as a component of interest expense.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
Financial Statement | Current Line-Item Presentation (As Applicable) | Prior Line-Item Presentation (As Applicable) |
Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss) Accumulated/Undistributed net realized gain (loss) Net unrealized appreciation (depreciation) |
Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
Distributions to Shareholders Note to Financial Statements | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
3. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. 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 .25% of the Fund's average net assets. Under the expense contract, total expenses of Fidelity Money Market Fund are limited to an annual rate of .42% of the class' average net assets, with certain exceptions.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Premium Class pays a transfer agent fee equal to an annual rate of .10% of class-level average net assets.
Under the expense contract, Fidelity Money Market Fund will pay a portion of the transfer agent fee at an annual rate of up to .17% of class-level average net assets.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Fidelity Money Market Fund | $6,224 | .15 |
Premium Class | 25,787 | .10 |
$32,011 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annual rate of .01%.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. The Fund's activity in this program during the period for which loans were outstanding was as follows:
Average Loan Balance | Weighted Average Interest Rate | |
Lender | $16,608 | 2.46% |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
4. Expense Reductions.
The investment adviser contractually agreed to reimburse Premium Class to the extent annual operating expenses exceeded .30% of the average net assets. This reimbursement will remain in place through August 31, 2020. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Premium Class' expenses by $18,227.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5. During the period, credits reduced each class' transfer agent expense as noted in the table below.
Transfer Agent expense reduction | |
Fidelity Money Market Fund | $5 |
5. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended April 30, 2019 | Year ended April 30, 2018 | |
Distributions to shareholders | ||
Fidelity Money Market Fund | 85,070 | – |
Premium Class | 561,562 | – |
Total | $646,632 | $– |
From net investment income | ||
Fidelity Money Market Fund | – | 30,628 |
Premium Class | – | 137,559 |
Total | $– | $168,187 |
6. Share Transactions.
Share transactions for each class of shares at a $1.00 per share were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Year ended April 30, 2019 | Year ended April 30, 2018 | |
Fidelity Money Market Fund | ||
Shares sold | 6,378,152 | 3,190,147 |
Reinvestment of distributions | 77,567 | 28,266 |
Shares redeemed | (4,468,699) | (2,309,543) |
Net increase (decrease) | 1,987,020 | 908,870 |
Premium Class | ||
Shares sold | 45,986,467 | 18,546,933 |
Reinvestment of distributions | 514,820 | 125,771 |
Shares redeemed | (25,017,169) | (10,493,545) |
Net increase (decrease) | 21,484,118 | 8,179,159 |
7. 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.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hereford Street Trust and Shareholders of Fidelity Money Market Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Money Market Fund (one of the funds constituting Fidelity Hereford Street Trust, referred to hereafter as the "Fund") as of April 30, 2019, the related statement of operations for the year ended April 30, 2019, the statement of changes in net assets for each of the two years in the period ended April 30, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
June 14, 2019
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 264 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a Member of the Advisory Board of certain Fidelity® funds (2018), a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as interim president of Michigan State University (2018-2019), a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
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 (November 1, 2018 to April 30, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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.
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.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2018 | Ending Account Value April 30, 2019 | Expenses Paid During Period-B November 1, 2018 to April 30, 2019 | |
Fidelity Money Market Fund | .42% | |||
Actual | $1,000.00 | $1,011.00 | $2.09 | |
Hypothetical-C | $1,000.00 | $1,022.71 | $2.11 | |
Premium Class | .30% | |||
Actual | $1,000.00 | $1,011.60 | $1.50 | |
Hypothetical-C | $1,000.00 | $1,023.31 | $1.51 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
A total of 1.66% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $196,604,573 of distributions paid during the period January 1, 2019 to April 30, 2019 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
SPM-ANN-0619
1.703534.121
Fidelity® Government Money Market Fund Annual Report April 30, 2019 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Account Type | Website | Phone Number |
Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
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 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one 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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
Days | % of fund's investments 4/30/19 |
1 - 7 | 54.9 |
8 - 30 | 23.7 |
31 - 60 | 6.6 |
61 - 90 | 4.6 |
91 - 180 | 9.7 |
> 180 | 0.5 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
As of April 30, 2019 | ||
U.S. Treasury Debt | 7.5% | |
U.S. Government Agency Debt | 44.8% | |
Repurchase Agreements | 48.2% | |
Net Other Assets (Liabilities)* | (0.5)% |
* Net Other Assets (Liabilities) are not included in the pie chart
Current 7-Day Yields
4/30/19 | |
Capital Reserves Class | 1.54% |
Daily Money Class | 1.79% |
Advisor M Class | 1.88% |
Fidelity Government Money Market Fund | 2.07% |
Premium Class | 2.17% |
Class K6 | 2.24% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. 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 April 30, 2019, the most recent period shown in the table, would have been 1.52% for Capital Reserves Class, 1.78% for Daily Money Class, 1.86% for Advisor M Class; 2.13% for Premium Class and 2.22% for Class K6.
Schedule of Investments April 30, 2019
Showing Percentage of Net Assets
U.S. Treasury Debt - 7.5% | ||||
Yield(a) | Principal Amount | Value | ||
U.S. Treasury Obligations - 7.5% | ||||
U.S. Treasury Bills | ||||
5/16/19 to 10/17/19(b) | 2.41 to 2.49 % | $8,017,559,500 | $7,960,947,021 | |
U.S. Treasury Notes | ||||
5/15/19 to 4/30/20 | 2.41 to 2.53 (c) | 1,208,000,000 | 1,209,188,078 | |
TOTAL U.S. TREASURY DEBT | ||||
(Cost $9,170,135,099) | 9,170,135,099 | |||
U.S. Government Agency Debt - 44.8% | ||||
Federal Agencies - 44.8% | ||||
Fannie Mae | ||||
7/30/19 to 10/30/20 | 2.48 to 2.64 (c) | 1,206,800,000 | 1,206,786,858 | |
Federal Farm Credit Bank | ||||
5/6/19 to 4/29/20 | 2.35 to 2.64 (c)(d) | 377,990,000 | 378,001,752 | |
Federal Home Loan Bank | ||||
5/1/19 to 3/12/21 | 2.35 to 2.60 (c) | 51,951,630,000 | 51,871,648,957 | |
Freddie Mac | ||||
5/7/19 to 5/6/20 | 2.37 to 2.51 (c) | 1,203,664,000 | 1,203,657,361 | |
TOTAL U.S. GOVERNMENT AGENCY DEBT | ||||
(Cost $54,660,094,928) | 54,660,094,928 |
U.S. Government Agency Repurchase Agreement - 19.1% | |||
Maturity Amount | Value | ||
In a joint trading account at: | |||
2.76% dated 4/30/19 due 5/1/19 (Collateralized by U.S. Government Obligations) # | $58,750,499 | $58,746,000 | |
2.77% dated 4/30/19 due 5/1/19 (Collateralized by U.S. Government Obligations) # | 7,164,816,770 | 7,164,265,000 | |
With: | |||
Barclays Bank PLC at: | |||
2.44%, dated 4/24/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $282,163,808, 3.50% - 4.00%, 10/20/48 - 1/20/49) | 276,631,184 | 276,500,000 | |
2.77%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $694,673,448, 4.00% - 5.00%, 7/1/48 - 11/1/48) | 681,052,399 | 681,000,000 | |
BMO Capital Markets Corp. at 2.44%, dated: | |||
4/18/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $164,262,606, 3.00% - 7.00%, 12/1/19 - 2/20/69) | 161,292,596 | 160,900,000 | |
4/24/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $163,277,429, 1.50% - 7.00%, 6/22/20 - 1/20/69) | 160,314,489 | 160,000,000 | |
BMO Harris Bank NA at: | |||
2.43%, dated 4/18/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $164,365,381, 2.18% - 5.50%, 4/1/21 - 10/20/68) | 161,391,230 | 161,000,000 | |
2.44%, dated 4/18/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $164,264,889, 3.00% - 7.45%, 2/3/20 - 1/1/49) | 161,292,596 | 160,900,000 | |
2.45%, dated 4/29/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $162,206,574, 1.50% - 8.00%, 10/24/19 - 12/20/68) | 159,324,625 | 159,000,000 | |
BNP Paribas, SA at: | |||
2.46%, dated: | |||
3/13/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $319,189,045, 0.00% - 8.50%, 5/23/19 - 4/20/49) | 312,466,365 | 311,000,000 | |
3/15/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $319,468,191, 0.00% - 6.63%, 5/23/19 - 4/1/49) | 312,466,365 | 311,000,000 | |
4/18/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $32,845,390, 0.00% - 6.63%, 5/23/19 - 2/15/49) | 32,201,173 | 32,000,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $309,053,196, 0.00% - 8.00%, 5/15/19 - 12/20/48) | 303,877,937 | 302,000,000 | |
2.47%, dated 2/12/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $323,210,992, 0.00% - 6.63%, 5/23/19 - 3/1/49) | 316,003,582 | 314,000,000 | |
2.48%, dated: | |||
2/4/19 due: | |||
5/3/19 (Collateralized by U.S. Treasury Obligations valued at $320,121,495, 0.00% - 6.63%, 6/12/19 - 3/20/49) | 311,879,289 | 310,000,000 | |
5/6/19 (Collateralized by U.S. Government Obligations valued at $208,493,828, 0.00% - 7.00%, 8/15/19 - 3/20/49) | 204,171,958 | 202,900,000 | |
2/5/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $321,896,795, 0.00% - 7.50%, 8/15/19 - 4/20/49), | 313,855,266 | 311,900,000 | |
CIBC Bank U.S.A. at: | |||
2.42%, dated 4/16/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $106,186,974, 2.75% - 5.00%, 8/31/23 - 9/20/48) | 104,209,733 | 104,000,000 | |
2.43%, dated: | |||
4/11/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $65,369,026, 2.38% - 5.00%, 2/29/24 - 11/1/48) | 64,410,400 | 64,000,000 | |
4/12/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $114,386,547, 2.75% - 5.00%, 8/31/23 - 4/1/49) | 112,710,640 | 112,000,000 | |
4/16/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $188,891,079, 3.38% - 5.00%, 1/20/45 - 1/1/49) | 186,123,875 | 185,000,000 | |
4/23/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $164,308,757, 2.00% - 4.50%, 4/30/24 - 4/1/49) | 161,315,158 | 161,000,000 | |
Citibank NA at: | |||
2.51%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $61,215,707, 0.00% - 8.13%, 5/30/19 - 4/1/49) | 60,029,283 | 60,000,000 | |
2.52%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $370,483,961, 0.00% - 7.63%, 6/28/19 - 4/1/49) | 363,177,870 | 363,000,000 | |
Deutsche Bank Securities, Inc. at 2.79%, dated 4/30/19 due 5/1/19 (Collateralized by Mortgage Loan Obligations valued at $162,752,613, 3.00%, 1/15/56) | 158,012,245 | 158,000,000 | |
HSBC Securities, Inc. at 2.45%, dated 4/25/19 due 5/2/19 (Collateralized by U.S. Government Obligations valued at $531,636,997, 3.50% - 5.00%, 4/1/34 - 7/1/56) | 521,248,199 | 521,000,000 | |
ING Financial Markets LLC at: | |||
2.46%, dated 4/24/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $98,987,326, 4.00%, 4/1/49) | 97,046,398 | 97,000,000 | |
2.48%, dated 3/8/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $159,711,927, 3.00% - 4.00%, 3/1/34 - 3/1/49) | 156,644,800 | 156,000,000 | |
2.49%, dated: | |||
4/10/19 due 7/9/19 (Collateralized by U.S. Government Obligations valued at $49,031,115, 4.00%, 9/1/44 - 8/1/48) | 48,298,800 | 48,000,000 | |
4/15/19 due 7/22/19 (Collateralized by U.S. Government Obligations valued at $49,014,183, 4.00% - 4.50%, 7/1/48) | 48,325,360 | 48,000,000 | |
4/18/19 due 7/22/19 (Collateralized by U.S. Government Obligations valued at $212,350,768, 3.50% - 4.50%, 11/1/45 - 11/1/48) | 209,366,733 | 208,000,000 | |
2.5%, dated: | |||
2/7/19 due 5/10/19 (Collateralized by U.S. Government Obligations valued at $80,018,575, 3.00% - 4.50%, 11/1/26 - 1/1/49) | 78,498,333 | 78,000,000 | |
2/12/19 due 5/17/19 (Collateralized by U.S. Government Obligations valued at $161,007,426, 3.00% - 4.50%, 9/1/42 - 9/1/48) | 158,024,861 | 157,000,000 | |
2/22/19 due 5/31/19 (Collateralized by U.S. Government Obligations valued at $159,871,400, 3.50% - 4.50%, 9/1/46 - 7/1/56) | 157,061,667 | 156,000,000 | |
2.51%, dated: | |||
3/20/19 due 6/18/19 | |||
(Collateralized by U.S. Government Obligations valued at $161,631,930, 4.00% - 4.50%, 1/1/34 - 9/1/48) | 158,991,450 | 158,000,000 | |
(Collateralized by U.S. Government Obligations valued at $161,631,930, 3.50% - 4.00%, 10/1/42 - 2/1/49) | 158,991,450 | 158,000,000 | |
(Collateralized by U.S. Government Obligations valued at $112,528,560, 3.50% - 4.00%, 2/1/49 - 5/1/58) | 110,690,250 | 110,000,000 | |
3/21/19 due 6/19/19 (Collateralized by U.S. Government Obligations valued at $162,643,610, 3.50% - 4.50%, 1/1/31 - 7/1/52) | 159,997,725 | 159,000,000 | |
3/22/19 due 6/20/19 (Collateralized by U.S. Government Obligations valued at $129,901,273, 4.00% - 5.00%, 11/1/33 - 3/1/49) | 127,796,925 | 127,000,000 | |
4/29/19 due 5/6/19 (Collateralized by U.S. Government Obligations valued at $86,712,090, 2.50% - 7.50%, 1/1/26 - 3/1/49) | 85,041,485 | 85,000,000 | |
J.P. Morgan Securities, LLC at: | |||
2.46%, dated 4/25/19 due 5/2/19 (Collateralized by U.S. Government Obligations valued at $798,987,451, 2.50% - 7.50%, 6/1/24 - 5/1/49) | 783,374,535 | 783,000,000 | |
2.52%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $246,857,279, 3.50% - 5.00%, 8/1/21 - 3/1/49) | 242,118,580 | 242,000,000 | |
Merrill Lynch, Pierce, Fenner & Smith at 2.42%, dated 4/3/19 due 5/3/19 (Collateralized by U.S. Government Obligations valued at $651,882,684, 2.59% - 5.00%, 2/1/26 - 3/1/49) | 639,186,432 | 637,900,000 | |
Mitsubishi UFJ Securities (U.S.A.), Inc. at: | |||
2.45%, dated: | |||
4/8/19 due 6/7/19 (Collateralized by U.S. Government Obligations valued at $181,844,192, 0.00% - 6.49%, 11/1/25 - 5/1/49) | 178,726,833 | 178,000,000 | |
4/9/19 due: | |||
6/10/19 (Collateralized by U.S. Government Obligations valued at $81,722,173, 3.00% - 5.00%, 2/1/24 - 4/1/49) | 80,337,556 | 80,000,000 | |
6/11/19 (Collateralized by U.S. Government Obligations valued at $278,876,917, 0.00% - 4.95%, 6/1/24 - 5/1/49) | 274,170,488 | 273,000,000 | |
4/11/19 due 6/12/19 (Collateralized by U.S. Government Obligations valued at $229,812,375, 2.45% - 5.00%, 11/1/23 - 4/1/49) | 225,949,375 | 225,000,000 | |
2.46%, dated: | |||
4/17/19 due: | |||
6/17/19 (Collateralized by U.S. Government Obligations valued at $81,678,064, 2.19% - 4.70%, 12/1/23 - 7/1/48) | 80,333,467 | 80,000,000 | |
6/18/19 (Collateralized by U.S. Government Obligations valued at $164,377,104, 2.83% - 5.61%, 5/1/21 - 12/1/48) | 161,682,103 | 161,000,000 | |
4/18/19 due 6/19/19 (Collateralized by U.S. Government Obligations valued at $212,348,469, 2.17% - 5.45%, 11/1/24 - 3/1/49) | 208,881,227 | 208,000,000 | |
4/22/19 due 6/21/19 (Collateralized by U.S. Government Obligations valued at $164,320,995, 2.50% - 5.72%, 1/1/24 - 4/1/49) | 161,660,100 | 161,000,000 | |
2.47%, dated 4/30/19 due 6/28/19 (Collateralized by U.S. Government Obligations valued at $211,154,487, 2.35% - 4.55%, 3/1/29 - 8/1/56) | 207,837,948 | 207,000,000 | |
Morgan Stanley & Co., LLC at 2.76%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $503,918,637, 0.00% - 6.38%, 7/18/19 - 2/15/39) | 494,037,873 | 494,000,000 | |
MUFG Securities (Canada), Ltd. at 2.75%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $78,546,009, 2.63% - 2.88%, 11/30/23 - 12/31/23) | 77,005,882 | 77,000,000 | |
Nomura Securities International, Inc. at 2.51%, dated 4/29/19 due 5/6/19 (Collateralized by U.S. Government Obligations valued at $357,266,860, 0.00% - 9.00%, 1/17/20 - 4/20/49) | 350,170,819 | 350,000,000 | |
RBC Capital Markets Corp. at 2.46%, dated 3/13/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $804,941,724, 0.00% - 8.50%, 6/3/19 - 10/20/68) | 784,155,052 | 780,900,000 | |
RBC Dominion Securities at: | |||
2.44%, dated: | |||
4/17/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $246,185,528, 0.13% - 4.50%, 7/15/19 - 2/15/48) | 240,488,000 | 240,000,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $494,056,755, 0.00% - 4.50%, 6/20/19 - 1/20/49) | 484,783,727 | 483,800,000 | |
4/24/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $326,643,008, 0.00% - 5.50%, 9/30/19 - 10/20/48) | 320,737,422 | 320,000,000 | |
4/25/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $156,123,758, 0.63% - 5.00%, 1/31/21 - 4/1/49) | 153,352,580 | 153,000,000 | |
2.45%, dated 4/26/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $312,124,729, 0.00% - 5.50%, 5/16/19 - 11/1/48) | 306,607,819 | 305,900,000 | |
RBC Financial Group at: | |||
2.44%, dated: | |||
4/15/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $205,158,414, 2.50% - 7.00%, 12/1/26 - 6/1/51) | 202,098,257 | 200,900,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $942,952,851, 3.00% - 5.00%, 9/1/46 - 2/1/49) | 927,657,193 | 923,900,000 | |
4/24/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $147,048,762, 2.17% - 6.00%, 12/1/26 - 6/1/51) | 144,595,360 | 144,000,000 | |
2.45%, dated 4/29/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $312,313,117, 2.49% - 6.97%, 7/1/23 - 6/1/51) | 306,624,750 | 306,000,000 | |
2.46%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $310,232,386, 2.32% - 6.50%, 4/1/21 - 6/1/51) | 304,623,200 | 304,000,000 | |
Sumitomo Mitsui Trust Bank Ltd. at 2.52%, dated: | |||
4/16/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $146,241,214, 2.00% - 3.50%, 1/15/21 - 1/1/48) | 143,280,280 | 143,000,000 | |
4/23/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $105,270,270, 2.00% - 3.50%, 1/15/21 - 2/1/47) | 103,201,880 | 103,000,000 | |
TD Securities (U.S.A.) at 2.77%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $197,895,227, 4.00% - 5.00%, 5/1/47 - 9/1/48) | 194,014,927 | 194,000,000 | |
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT | |||
(Cost $23,309,411,000) | 23,309,411,000 | ||
U.S. Treasury Repurchase Agreement - 29.1% | |||
With: | |||
Barclays Bank PLC at: | |||
2.41%, dated: | |||
4/12/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $296,074,140, 1.38% - 2.00%, 4/30/21 - 6/30/24) | 290,501,623 | 289,900,000 | |
4/15/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $148,058,434, 2.00% - 2.50%, 3/31/23 - 8/15/25) | 145,291,208 | 145,000,000 | |
2.75%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $3,577,268,211, 0.00% - 8.13%, 5/2/19 - 8/15/45) | 3,500,267,361 | 3,500,000,000 | |
BMO Harris Bank NA at: | |||
2.42%, dated 4/24/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $73,753,926, 0.00%, 7/12/19) | 72,275,880 | 72,000,000 | |
2.43%, dated: | |||
4/16/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $148,056,228, 1.13% - 2.88%, 6/30/20 - 11/15/46) | 145,711,802 | 144,900,000 | |
4/18/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $238,968,190, 2.88% - 3.88%, 8/15/40 - 5/15/48) | 232,620,050 | 231,900,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $149,057,887, 2.63%, 8/15/20) | 146,226,665 | 146,000,000 | |
2.44%, dated: | |||
4/22/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $89,629,019, 2.50% - 3.00%, 2/15/46 - 2/15/47) | 87,495,320 | 87,000,000 | |
4/29/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $294,791,211, 2.13% - 2.63%, 8/15/20 - 2/29/24) | 288,448,960 | 288,000,000 | |
BNP Paribas, SA at: | |||
2.43%, dated: | |||
4/16/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $295,078,503, 0.00% - 2.63%, 8/29/19 - 2/15/45) | 290,209,465 | 289,000,000 | |
4/17/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $443,098,404, 1.13% - 5.25%, 9/30/19 - 11/15/28) | 435,816,290 | 434,000,000 | |
4/18/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $221,670,835, 0.00% - 8.75%, 5/23/19 - 8/15/45) | 217,908,145 | 217,000,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $325,577,670, 1.13% - 2.50%, 7/31/19 - 11/15/26) | 320,291,950 | 319,000,000 | |
2.44%, dated: | |||
4/15/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $591,247,786, 0.00% - 7.25%, 5/23/19 - 2/15/46) | 582,571,143 | 579,000,000 | |
4/16/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $295,095,486, 1.44% - 7.63%, 1/31/20 - 8/15/40) | 290,782,488 | 289,000,000 | |
4/17/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $488,639,987, 0.00% - 7.13%, 5/23/19 - 2/15/47) | 480,948,198 | 478,000,000 | |
4/18/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $221,759,642, 1.13% - 7.25%, 7/31/20 - 2/15/45) | 218,338,408 | 217,000,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $344,160,733, 1.38% - 6.75%, 7/31/20 - 5/15/48) | 337,971,757 | 335,900,000 | |
4/26/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $293,859,586, 1.13% - 2.63%, 4/30/20 - 9/30/21) | 289,171,200 | 288,000,000 | |
4/29/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $146,904,346, 1.13% - 3.00%, 7/31/19 - 11/15/45) | 144,585,600 | 144,000,000 | |
2.45%, dated: | |||
3/4/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $186,688,729, 0.00% - 6.00%, 5/23/19 - 11/15/48) | 182,730,781 | 182,000,000 | |
3/5/19 due 5/6/19 (Collateralized by U.S. Treasury Obligations valued at $234,018,360, 1.38% - 7.13%, 12/15/19 - 5/15/47) | 228,861,611 | 227,900,000 | |
3/11/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $492,470,797, 1.18% - 7.63%, 10/31/19 - 11/15/48) | 482,088,211 | 479,900,000 | |
3/12/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $288,752,564, 1.38% - 6.00%, 12/31/19 - 11/15/48) | 283,324,225 | 282,000,000 | |
3/14/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $172,943,203, 0.00% - 7.63%, 5/23/19 - 2/15/45) | 169,793,596 | 169,000,000 | |
3/15/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $288,726,547, 1.25% - 6.75%, 7/31/20 - 11/15/48) | 282,319,529 | 281,000,000 | |
3/18/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $288,577,158, 0.00% - 7.63%, 8/29/19 - 2/15/48) | 283,285,842 | 282,000,000 | |
4/25/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $220,916,344, 0.88% - 6.25%, 9/15/19 - 2/15/46) | 217,323,000 | 216,000,000 | |
4/26/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $439,911,795, 0.00% - 6.00%, 5/23/19 - 2/15/46) | 433,639,875 | 431,000,000 | |
4/29/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $146,900,071, 0.00% - 2.75%, 5/23/19 - 2/15/45) | 144,891,800 | 144,000,000 | |
2.46%, dated: | |||
2/6/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $291,342,879, 1.38% - 6.00%, 7/31/20 - 8/15/47) | 285,804,820 | 284,000,000 | |
2/7/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $524,426,084, 0.00% - 7.63%, 5/23/19 - 8/15/46) | 514,216,593 | 510,900,000 | |
2/8/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $496,399,157, 1.18% - 7.63%, 10/31/19 - 11/15/48) | 485,128,983 | 482,000,000 | |
2/11/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $292,000,083, 0.00% - 4.38%, 5/23/19 - 2/15/48) | 285,804,820 | 284,000,000 | |
2.47%, dated: | |||
2/1/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $288,211,925, 1.13% - 7.63%, 10/31/19 - 2/15/45) | 281,709,789 | 280,000,000 | |
2/5/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $217,831,809, 1.50% - 7.13%, 2/29/20 - 2/15/45) | 213,338,191 | 212,000,000 | |
2/6/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $291,549,409, 1.13% - 6.75%, 10/31/19 - 2/15/46) | 285,792,671 | 284,000,000 | |
CIBC Bank U.S.A. at: | |||
2.42%, dated: | |||
4/12/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $59,813,762, 2.50% - 6.25%, 8/31/23 - 5/15/48) | 58,347,001 | 58,000,000 | |
4/15/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $148,271,665, 2.13% - 4.25%, 12/31/22 - 11/15/46) | 145,857,756 | 145,000,000 | |
2.43%, dated: | |||
4/10/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $208,543,308, 2.00% - 3.13%, 1/15/22 - 2/15/48) | 204,246,928 | 203,000,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $267,492,324, 2.00% - 3.38%, 5/15/21 - 8/15/48) | 262,530,550 | 262,000,000 | |
2.44%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $146,826,340, 2.00% - 3.38%, 12/31/20 - 11/15/48) | 144,660,751 | 143,900,000 | |
Commerz Markets LLC at: | |||
2.48%, dated: | |||
4/24/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $311,539,714, 1.25% - 3.13%, 4/30/20 - 2/15/48) | 305,147,078 | 305,000,000 | |
4/25/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $311,503,619, 1.25% - 3.00%, 4/30/20 - 8/15/46) | 305,147,078 | 305,000,000 | |
2.77%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $1,832,227,113, 1.38% - 4.63%, 4/30/20 - 11/15/48) | 1,794,138,038 | 1,794,000,000 | |
Credit AG at: | |||
2.44%, dated 4/26/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $143,868,753, 2.13%, 6/30/21) | 141,305,813 | 141,000,000 | |
2.45%, dated 4/24/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $345,944,816, 0.00% - 2.63%, 9/5/19 - 1/31/23) | 339,161,496 | 339,000,000 | |
2.48%, dated: | |||
4/29/19 due 5/6/19 (Collateralized by U.S. Treasury Obligations valued at $146,900,274, 2.25%, 8/15/27) | 144,069,440 | 144,000,000 | |
4/30/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $145,870,119, 2.13% - 2.25%, 6/30/21 - 8/15/27) | 143,068,958 | 143,000,000 | |
Deutsche Bank AG, New York at 2.78%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $689,902,216, 2.25% - 3.00%, 1/31/24 - 5/15/47) | 673,051,971 | 673,000,000 | |
Deutsche Bank Securities, Inc. at 2.47%, dated: | |||
4/24/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $311,249,442, 0.00% - 3.00%, 5/23/19 - 10/31/25) | 305,146,485 | 305,000,000 | |
4/25/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $622,931,574, 0.00% - 3.13%, 6/25/19 - 11/15/41) | 610,292,969 | 610,000,000 | |
Fixed Income Clearing Corp. - BNYM at 2.75%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $3,205,860,081, 1.63% - 2.88%, 5/31/20 - 2/15/28) | 3,143,240,090 | 3,143,000,000 | |
HSBC Securities, Inc. at: | |||
2.44%, dated 4/25/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $435,717,189, 1.13% - 3.63%, 6/30/19 - 11/30/24) | 427,202,588 | 427,000,000 | |
2.76%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $169,333,607, 2.88%, 10/31/23) | 166,012,727 | 166,000,000 | |
ING Financial Markets LLC at: | |||
2.74%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $268,487,342, 1.50% - 2.25%, 12/31/23 - 8/15/26) | 263,020,017 | 263,000,000 | |
2.76%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $24,499,805, 1.38%, 1/15/20) | 24,001,840 | 24,000,000 | |
J.P. Morgan Securities, LLC at 2.75%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $99,967,715, 0.00% - 2.88%, 5/23/19 - 10/15/21) | 98,007,486 | 98,000,000 | |
Lloyds Bank PLC at: | |||
2.45%, dated: | |||
4/10/19 due 5/10/19 (Collateralized by U.S. Treasury Obligations valued at $59,247,372, 6.13% - 6.75%, 8/15/26 - 11/15/27) | 58,118,417 | 58,000,000 | |
4/24/19 due 5/24/19 (Collateralized by U.S. Treasury Obligations valued at $73,467,335, 6.00%, 2/15/26) | 72,147,000 | 72,000,000 | |
2.46%, dated 4/24/19 due 6/24/19 (Collateralized by U.S. Treasury Obligations valued at $147,917,794, 3.00%, 9/30/25) | 145,604,408 | 145,000,000 | |
2.51%, dated 3/7/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $213,995,887, 1.88% - 2.50%, 12/15/20 - 5/15/24) | 209,888,889 | 209,000,000 | |
Mizuho Securities U.S.A., Inc. at 2.74%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $1,468,821,435, 2.25%, 3/31/21) | 1,440,109,600 | 1,440,000,000 | |
MUFG Securities (Canada), Ltd. at: | |||
2.43%, dated 4/3/19 due 5/31/19 (Collateralized by U.S. Treasury Obligations valued at $104,236,661, 2.25% - 2.63%, 7/31/21 - 6/30/23) | 102,399,330 | 102,000,000 | |
2.44%, dated 4/25/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $176,531,797, 2.63% - 2.88%, 9/30/23 - 12/31/23) | 173,082,079 | 173,000,000 | |
2.48%, dated: | |||
4/29/19 due 5/6/19 (Collateralized by U.S. Treasury Obligations valued at $220,350,420, 2.25% - 2.88%, 7/31/21 - 11/30/23) | 216,104,160 | 216,000,000 | |
4/30/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $145,870,133, 1.75% - 2.88%, 12/31/20 - 8/15/28) | 143,068,958 | 143,000,000 | |
MUFG Securities EMEA PLC at: | |||
2.42%, dated: | |||
4/16/19 due 5/7/19 | |||
(Collateralized by U.S. Treasury Obligations valued at $214,337,028, 2.75%, 2/15/24) | 210,409,383 | 210,000,000 | |
(Collateralized by U.S. Treasury Obligations valued at $109,209,439, 1.38% - 2.13%, 6/30/23 - 2/15/26) | 107,251,747 | 107,000,000 | |
4/17/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $77,554,004, 1.63% - 2.75%, 12/31/23 - 2/15/26) | 76,153,267 | 76,000,000 | |
2.43%, dated: | |||
4/12/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $148,035,126, 2.75%, 2/15/24) | 145,322,988 | 145,000,000 | |
4/24/19 due 5/7/19 | |||
(Collateralized by U.S. Treasury Obligations valued at $76,511,011, 1.63%, 8/15/22 - 2/15/26) | 75,217,688 | 75,000,000 | |
(Collateralized by U.S. Treasury Obligations valued at $97,929,831, 1.50% - 2.88%, 8/31/24 - 8/15/26) | 96,149,040 | 96,000,000 | |
4/26/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $62,219,396, 1.63%, 11/15/22) | 61,098,820 | 61,000,000 | |
Natixis SA at: | |||
2.42%, dated: | |||
4/2/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $529,603,122, 0.00% - 6.13%, 6/6/19 - 2/15/48) | 520,158,909 | 518,000,000 | |
4/9/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $355,542,480, 0.00% - 8.50%, 6/6/19 - 5/15/48) | 349,380,207 | 348,000,000 | |
4/11/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $296,265,594, 0.00% - 8.75%, 8/15/19 - 5/15/46) | 291,169,667 | 290,000,000 | |
2.43%, dated 4/25/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $441,737,046, 0.00% - 7.63%, 6/20/19 - 5/15/47) | 435,062,336 | 432,900,000 | |
2.44%, dated 4/22/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $149,016,244, 0.00% - 6.50%, 6/6/19 - 2/15/46) | 146,900,496 | 146,000,000 | |
2.45%, dated 4/29/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $146,916,180, 0.00% - 6.13%, 6/20/19 - 8/15/47) | 144,343,000 | 144,000,000 | |
Nomura Securities International, Inc. at 2.49%, dated 4/29/19 due 5/6/19 (Collateralized by U.S. Treasury Obligations valued at $2,352,991,013, 0.00% - 8.75%, 5/9/19 - 2/15/49) | 2,304,115,036 | 2,303,000,000 | |
Norinchukin Bank at: | |||
2.5%, dated: | |||
4/16/19 due 7/17/19 (Collateralized by U.S. Treasury Obligations valued at $59,224,339, 1.50%, 8/15/26) | 58,370,556 | 58,000,000 | |
4/17/19 due 7/19/19 (Collateralized by U.S. Treasury Obligations valued at $148,046,157, 2.00%, 11/15/26) | 145,936,458 | 145,000,000 | |
2.54%, dated: | |||
2/14/19 due 5/17/19 (Collateralized by U.S. Treasury Obligations valued at $76,913,931, 1.50%, 8/15/26) | 75,486,833 | 75,000,000 | |
2/19/19 due 5/20/19 (Collateralized by U.S. Treasury Obligations valued at $159,917,482, 2.00%, 11/15/26) | 156,990,600 | 156,000,000 | |
2/28/19 due 6/4/19 (Collateralized by U.S. Treasury Obligations valued at $226,409,299, 3.63%, 2/15/20) | 222,496,907 | 221,000,000 | |
3/4/19 due 6/5/19 (Collateralized by U.S. Treasury Obligations valued at $145,434,374, 1.50% - 2.00%, 8/15/26 - 11/15/26) | 142,931,757 | 142,000,000 | |
3/18/19 due 6/18/19 (Collateralized by U.S. Treasury Obligations valued at $72,642,595, 1.50%, 8/15/26) | 71,460,869 | 71,000,000 | |
3/19/19 due 6/19/19 (Collateralized by U.S. Treasury Obligations valued at $72,637,893, 1.50%, 8/15/26) | 71,460,869 | 71,000,000 | |
3/22/19 due 6/24/19 (Collateralized by U.S. Treasury Obligations valued at $146,272,562, 2.00%, 11/15/26) | 143,948,408 | 143,000,000 | |
RBC Dominion Securities at: | |||
2.43%, dated: | |||
4/9/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $163,501,477, 0.00% - 4.50%, 6/20/19 - 2/15/48) | 160,248,400 | 160,000,000 | |
4/18/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $399,260,272, 1.13% - 3.00%, 11/30/19 - 2/15/49) | 391,844,560 | 391,000,000 | |
4/23/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $295,018,407, 1.38% - 4.50%, 3/31/20 - 2/15/49) | 289,585,225 | 289,000,000 | |
4/24/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $220,472,818, 0.00% - 4.50%, 10/10/19 - 11/15/48) | 216,437,400 | 216,000,000 | |
2.46%, dated 3/20/19 due 5/7/19 | |||
(Collateralized by U.S. Treasury Obligations valued at $114,568,697, 0.00% - 4.50%, 8/29/19 - 2/15/49) | 112,466,853 | 112,000,000 | |
(Collateralized by U.S. Treasury Obligations valued at $114,568,193, 1.13% - 3.00%, 1/31/21 - 5/15/46) | 112,443,893 | 112,000,000 | |
RBC Financial Group at 2.43%, dated: | |||
4/12/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $149,120,756, 3.38% - 8.50%, 2/15/20 - 11/15/48) | 145,880,875 | 145,000,000 | |
4/16/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $148,049,814, 2.00% - 3.38%, 11/15/19 - 6/30/24) | 145,880,875 | 145,000,000 | |
RBS Securities, Inc. at 2.46%, dated 4/25/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $627,654,469, 2.00% - 4.25%, 8/31/20 - 11/15/43) | 612,893,027 | 612,600,000 | |
SMBC Nikko Securities America, Inc. at 2.75%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $285,517,311, 1.13% - 2.88%, 10/31/20 - 6/30/24) | 280,021,389 | 280,000,000 | |
Societe Generale at: | |||
2.44%, dated 4/3/19 due 5/3/19 (Collateralized by U.S. Treasury Obligations valued at $402,831,198, 0.00% - 8.75%, 5/31/19 - 8/15/47) | 392,797,067 | 392,000,000 | |
2.47%, dated: | |||
3/8/19 due 5/8/19 (Collateralized by U.S. Treasury Obligations valued at $283,677,567, 1.38% - 8.13%, 8/15/19 - 8/15/44) | 278,159,322 | 277,000,000 | |
3/11/19 due 5/10/19 (Collateralized by U.S. Treasury Obligations valued at $142,626,456, 0.00% - 7.50%, 5/15/19 - 8/15/45) | 139,572,217 | 139,000,000 | |
3/12/19 due 5/13/19 (Collateralized by U.S. Treasury Obligations valued at $433,763,275, 0.00% - 7.50%, 6/11/19 - 5/15/47) | 423,795,141 | 422,000,000 | |
TOTAL U.S. TREASURY REPURCHASE AGREEMENT | |||
(Cost $35,502,700,000) | 35,502,700,000 | ||
TOTAL INVESTMENT IN SECURITIES - 100.5% | |||
(Cost $122,642,341,027) | 122,642,341,027 | ||
NET OTHER ASSETS (LIABILITIES) - (0.5)% | (568,100,522) | ||
NET ASSETS - 100% | $122,074,240,505 |
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 or a portion of the security was sold in a reverse repurchase transaction and pledged for the benefit of the counterparty, J.P. Morgan Securities, LLC, as collateral to secure the future obligations of the Fund to repurchase the securities at an agreed-upon date and price within 7 days of period end. At period end, the value of securities pledged by the Fund for reverse repurchase transactions was $97,718,276 and the principal amount of obligations of the Fund with respect to reverse repurchase transactions was $98,000,000.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
Investment Valuation
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 Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
# Additional information on each counterparty to the repurchase agreement is as follows:
Repurchase Agreement / Counterparty | Value |
$58,746,000 due 5/01/19 at 2.76% | |
J.P. Morgan Securities, Inc. | $522,037 |
Mizuho Securities USA, Inc. | 48,277,652 |
Wells Fargo Securities LLC | 9,946,311 |
$58,746,000 | |
$7,164,265,000 due 5/01/19 at 2.77% | |
BNP Paribas, S.A. | 129,930,875 |
BNY Mellon Capital Markets LLC | 440,704,506 |
Bank of America NA | 999,751,393 |
Citibank NA | 259,861,751 |
HSBC Securities (USA), Inc. | 178,982,982 |
ING Financial Markets LLC | 142,924,200 |
J.P. Morgan Securities, Inc. | 968,701,387 |
Mizuho Securities USA, Inc. | 310,364,792 |
Nomura Securities Internationa | 505,115,164 |
Societe Generale | 129,930,875 |
Societe Generale (PARIS) | 389,792,626 |
Sumitomo Mitsu Bk Corp Ny (DI) | 714,619,984 |
Wells Fargo Securities LLC | 1,993,584,465 |
$7,164,265,000 |
Financial Statements
Statement of Assets and Liabilities
April 30, 2019 | ||
Assets | ||
Investment in securities, at value (including repurchase agreements of $58,812,111,000) — See accompanying schedule: Unaffiliated issuers (cost $122,642,341,027) | $122,642,341,027 | |
Cash | 1,437,793 | |
Receivable for fund shares sold | 2,455,950,837 | |
Interest receivable | 129,031,269 | |
Prepaid expenses | 50,728 | |
Receivable from investment adviser for expense reductions | 342,842 | |
Other receivables | 569,097 | |
Total assets | 125,229,723,593 | |
Liabilities | ||
Payable for investments purchased | $1,302,007,670 | |
Payable for fund shares redeemed | 1,683,539,930 | |
Distributions payable | 22,622,844 | |
Accrued management fee | 25,649,884 | |
Distribution and service plan fees payable | 4,031,938 | |
Payable for reverse repurchase agreement | 98,000,000 | |
Other affiliated payables | 16,578,502 | |
Other payables and accrued expenses | 3,052,320 | |
Total liabilities | 3,155,483,088 | |
Net Assets | $122,074,240,505 | |
Net Assets consist of: | ||
Paid in capital | $122,074,240,505 | |
Net Assets | $122,074,240,505 | |
Net Asset Value and Maximum Offering Price | ||
Capital Reserves Class: | ||
Net Asset Value, offering price and redemption price per share ($6,491,628,999 ÷ 6,489,635,498 shares) | $1.00 | |
Daily Money Class: | ||
Net Asset Value, offering price and redemption price per share ($6,038,319,841 ÷ 6,036,675,954 shares) | $1.00 | |
Advisor M Class: | ||
Net Asset Value, offering price and redemption price per share ($50,629,893 ÷ 50,629,884 shares) | $1.00 | |
Fidelity Government Money Market Fund: | ||
Net Asset Value, offering price and redemption price per share ($104,973,597,900 ÷ 104,970,245,948 shares) | $1.00 | |
Premium Class: | ||
Net Asset Value, offering price and redemption price per share ($4,115,468,423 ÷ 4,114,380,577 shares) | $1.00 | |
Class K6: | ||
Net Asset Value, offering price and redemption price per share ($404,595,449 ÷ 404,589,104 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended April 30, 2019 | ||
Investment Income | ||
Interest | $2,504,921,571 | |
Expenses | ||
Management fee | $282,811,826 | |
Transfer agent fees | 182,234,608 | |
Distribution and service plan fees�� | 53,462,551 | |
Accounting fees and expenses | 3,108,456 | |
Custodian fees and expenses | 514,100 | |
Independent trustees' fees and expenses | 502,937 | |
Registration fees | 9,077,816 | |
Audit | 57,672 | |
Legal | 148,010 | |
Interest | 1,610,432 | |
Miscellaneous | 408,126 | |
Total expenses before reductions | 533,936,534 | |
Expense reductions | (3,189,653) | |
Total expenses after reductions | 530,746,881 | |
Net investment income (loss) | 1,974,174,690 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 397,770 | |
Total net realized gain (loss) | 397,770 | |
Net increase in net assets resulting from operations | $1,974,572,460 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended April 30, 2019 | Year ended April 30, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,974,174,690 | $705,024,922 |
Net realized gain (loss) | 397,770 | 102,888 |
Net increase in net assets resulting from operations | 1,974,572,460 | 705,127,810 |
Distributions to shareholders | (1,974,138,272) | – |
Distributions to shareholders from net investment income | – | (705,043,329) |
Total distributions | (1,974,138,272) | (705,043,329) |
Share transactions - net increase (decrease) | 17,585,365,642 | 19,989,963,825 |
Total increase (decrease) in net assets | 17,585,799,830 | 19,990,048,306 |
Net Assets | ||
Beginning of period | 104,488,440,675 | 84,498,392,369 |
End of period | $122,074,240,505 | $104,488,440,675 |
Other Information | ||
Distributions in excess of net investment income end of period | $(54,825) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Government Money Market Fund Capital Reserves Class
Years ended April 30, | 2019 | 2018 | 2017 | 2016 | 2015 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | |||||
Net investment income (loss) | .012 | .003 | –B | –B | –B |
Net realized and unrealized gain (loss)B | – | – | – | – | – |
Total from investment operations | .012 | .003 | –B | –B | –B |
Distributions from net investment income | (.012) | (.003) | –B | –B | –B |
Total distributions | (.012) | (.003) | –B | –B | –B |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnC,D | 1.26% | .27% | .01% | .01% | -% |
Ratios to Average Net AssetsE | |||||
Expenses before reductions | .96% | .96% | .97% | .99% | .99%F |
Expenses net of fee waivers, if any | .95% | .93% | .53% | .32% | .13%F |
Expenses net of all reductions | .95% | .93% | .53% | .32% | .13%F |
Net investment income (loss) | 1.26% | .26% | .02% | .01% | .01%F |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $6,491,629 | $8,466,153 | $10,328,334 | $10,396,942 | $15,827 |
A For the period April 6, 2015 (commencement of sale of shares) to April 30, 2015.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements, waivers or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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 class.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Government Money Market Fund Daily Money Class
Years ended April 30, | 2019 | 2018 | 2017 | 2016 | 2015 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | |||||
Net investment income (loss) | .015 | .005 | –B | –B | –B |
Net realized and unrealized gain (loss)B | – | – | – | – | – |
Total from investment operations | .015 | .005 | –B | –B | –B |
Distributions from net investment income | (.015) | (.005) | –B | –B | –B |
Total distributions | (.015) | (.005) | –B | –B | –B |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnC,D | 1.51% | .50% | .02% | .01% | -% |
Ratios to Average Net AssetsE | |||||
Expenses before reductions | .71% | .71% | .72% | .74% | .74%F |
Expenses net of fee waivers, if any | .70% | .70% | .52% | .32% | .13%F |
Expenses net of all reductions | .70% | .70% | .52% | .32% | .13%F |
Net investment income (loss) | 1.51% | .49% | .03% | .01% | .01%F |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $6,038,320 | $6,913,180 | $8,145,306 | $8,838,747 | $8,449 |
A For the period April 6, 2015 (commencement of sale of shares) to April 30, 2015.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements, waivers or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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 class.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Government Money Market Fund Advisor M Class
Years ended April 30, | 2019 | 2018 A |
Selected Per–Share Data | ||
Net asset value, beginning of period | $1.00 | $1.00 |
Income from Investment Operations | ||
Net investment income (loss) | .015 | .005 |
Net realized and unrealized gain (loss) B | – | – |
Total from investment operations | .015 | .005 |
Distributions from net investment income | (.015) | (.005) |
Total distributions | (.015) | (.005) |
Net asset value, end of period | $1.00 | $1.00 |
Total ReturnC,D | 1.52% | .48% |
Ratios to Average Net AssetsE | ||
Expenses before reductions | .71% | .72%F |
Expenses net of fee waivers, if any | .70% | .70%F |
Expenses net of all reductions | .69% | .69%F |
Net investment income (loss) | 1.53% | .71%F |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $50,630 | $29,889 |
A For the period July 6, 2017 (commencement of sale of shares) to April 30, 2018.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements, waivers or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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 class.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Government Money Market Fund
Years ended April 30, | 2019 | 2018 | 2017 | 2016 | 2015 |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | |||||
Net investment income (loss) | .018 | .008 | .001 | –A | –A |
Net realized and unrealized gain (loss)A | – | – | – | – | – |
Total from investment operations | .018 | .008 | .001 | –A | –A |
Distributions from net investment income | (.018) | (.008) | (.001) | –A | –A |
Total distributions | (.018) | (.008) | (.001) | –A | –A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB | 1.79% | .78% | .12% | .01% | .01% |
Ratios to Average Net AssetsC | |||||
Expenses before reductions | .42% | .42% | .42% | .42% | .42% |
Expenses net of fee waivers, if any | .42% | .42% | .42% | .26% | .11% |
Expenses net of all reductions | .42% | .42% | .42% | .26% | .11% |
Net investment income (loss) | 1.79% | .81% | .14% | .01% | .01% |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $104,973,598 | $86,131,220 | $63,580,065 | $31,943,681 | $16,461,419 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. 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 class 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 class.
See accompanying notes which are an integral part of the financial statements.
Fidelity Government Money Market Fund Premium Class
Years ended April 30, | 2019 | 2018 | 2017 | 2016 | 2015 A |
Selected Per–Share Data | |||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | |||||
Net investment income (loss) | .019 | .009 | .002 | –B | –B |
Net realized and unrealized gain (loss)B | – | – | – | – | – |
Total from investment operations | .019 | .009 | .002 | –B | –B |
Distributions from net investment income | (.019) | (.009) | (.002) | –B | –B |
Total distributions | (.019) | (.009) | (.002) | –B | –B |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnC,D | 1.90% | .89% | .22% | .03% | -% |
Ratios to Average Net AssetsE | |||||
Expenses before reductions | .36% | .36% | .37% | .38% | .37%F |
Expenses net of fee waivers, if any | .32% | .32% | .32% | .29% | .14%F |
Expenses net of all reductions | .32% | .32% | .32% | .29% | .14%F |
Net investment income (loss) | 1.89% | .89% | .24% | .07% | .02%F |
Supplemental Data | |||||
Net assets, end of period (000 omitted) | $4,115,468 | $2,901,645 | $2,444,687 | $2,031,894 | $486 |
A For the period April 6, 2015 (commencement of sale of shares) to April 30, 2015.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements, waivers or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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 class.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Government Money Market Fund Class K6
Years ended April 30, | 2019 | 2018 A |
Selected Per–Share Data | ||
Net asset value, beginning of period | $1.00 | $1.00 |
Income from Investment Operations | ||
Net investment income (loss) | .019 | .003 |
Net realized and unrealized gain (loss)B | – | – |
Total from investment operations | .019 | .003 |
Distributions from net investment income | (.019) | (.003) |
Total distributions | (.019) | (.003) |
Net asset value, end of period | $1.00 | $1.00 |
Total ReturnC,D | 1.97% | .34% |
Ratios to Average Net AssetsE | ||
Expenses before reductions | .27% | .27%F |
Expenses net of fee waivers, if any | .25% | .25%F |
Expenses net of all reductions | .25% | .25%F |
Net investment income (loss) | 1.96% | 1.47%F |
Supplemental Data | ||
Net assets, end of period (000 omitted) | $404,595 | $46,354 |
A For the period January 24, 2018 (commencement of sale of shares) to April 30, 2018.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements, waivers or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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 class.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2019
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. 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. The Fund offers Capital Reserves Class, Daily Money Class, Advisor M Class, Fidelity Government Money Market Fund, Premium Class and Class K6 shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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:
Investment 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 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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for the Fund, certain independent Trustees have elected 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 of $569,097 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.
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. As of April 30, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.
Distributions 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 declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
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.
Book-tax differences are primarily due to deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
Gross unrealized appreciation | $– |
Gross unrealized depreciation | – |
Net unrealized appreciation (depreciation) | $– |
Tax Cost | $122,642,341,027 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $570,017 |
The tax character of distributions paid was as follows:
April 30, 2019 | April 30, 2018 | |
Ordinary Income | $1,974,138,272 | $ 705,043,329 |
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 cash or 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 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. During the period, the average principal balance of reverse repurchase transactions was $121,899,013 and the weighted average interest rate was 1.99% with payments included in the Statement of Operations as a component of interest expense.
New Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
Financial Statement | Current Line-Item Presentation (As Applicable) | Prior Line-Item Presentation (As Applicable) |
Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss) Accumulated/Undistributed net realized gain (loss) Net unrealized appreciation (depreciation) |
Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
Distributions to Shareholders Note to Financial Statements | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
3. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. 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 .25% of the Fund's average net assets. Under the expense contract, total expenses of Fidelity Government Money Market Fund are limited to an annual rate of .42% of the class' average net assets, with certain exceptions.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
Capital Reserves Class | .25% | .25% | $37,083,666 | $4,173,669 |
Daily Money Class | -% | .25% | 16,279,153 | 1,465,021 |
Advisor M Class | -% | .25% | 99,732 | 2,161 |
$53,462,551 | $5,640,851 |
Sales Load. Fidelity Distributors Corporation (FDC) receives the proceeds of contingent deferred sales charges deferred sales charges for Daily Money Class shares purchased by exchange from Class A or Class M shares of a Fidelity fund that were subject to these charges. In addition, FDC receives deferred sales charges for Advisor M Class shares purchased by exchange from Class M shares of a Fidelity fund that were subject to these charges.
For the period, sales charge amounts retained by FDC were as follows:
Retained by FDC | |
Daily Money Class | $10,995 |
Advisor M Class | $160 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Each class pays a transfer agent fee equal to an annual rate of .20% of class-level average net assets, with the exception of Premium Class and Class K6 which pays .10% and .01% of class-level average net assets, respectively.
Under the expense contract, Fidelity Government Money Market Fund will pay a portion of the transfer agent fee at an annual rate of up to .17% of class-level average net assets.
For the period, transfer agent fees for each class were as follows:
Amount | % of Class-Level Average Net Assets | |
Capital Reserves Class | $14,833,466 | .20 |
Daily Money Class | 13,023,322 | .20 |
Advisor M Class | 79,786 | .20 |
Fidelity Government Money Market Fund | 150,800,562 | .16 |
Premium Class | 3,477,815 | .10 |
Class K6 | 19,657 | .01 |
$182,234,608 |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to an annual rate of .00%.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
4. Expense Reductions.
The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2020. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
Expense Limitations | Reimbursement | |
Capital Reserves Class | .95% | $853,959 |
Daily Money Class | .70% | 763,115 |
Advisor M Class | .70% | 5,047 |
Premium Class | .32% | 1,462,098 |
Class K6 | .25% | 43,878 |
$3,128,097 |
In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $47,442. During the period, credits reduced each class' transfer agent expense as noted in the table below.
Transfer Agent expense reduction | |
Daily Money Class | 7,723 |
Advisor M Class | 6,381 |
Class K6 | 10 |
$14,114 |
5. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Year ended April 30, 2019 | Year ended April 30, 2018(a) | |
Distributions to shareholders | ||
Capital Reserves Class | $91,874,265 | $– |
Daily Money Class | 97,398,383 | – |
Advisor M Class | 626,030 | – |
Fidelity Government Money Market Fund | 1,713,973,458 | – |
Premium Class | 66,197,174 | – |
Class K6 | 4,068,962 | – |
Total | $1,974,138,272 | $– |
From net investment income | ||
Capital Reserves Class | $– | $24,366,458 |
Daily Money Class | – | 37,205,910 |
Advisor M Class | – | 83,680 |
Fidelity Government Money Market Fund | – | 619,436,340 |
Premium Class | – | 23,910,090 |
Class K6 | – | 40,851 |
Total | $– | $705,043,329 |
(a) Amounts for Advisor M Class are for the period July 6, 2017 (commencement of sale of shares) to April 30, 2018 and for Class K6 are for the period January 24, 2018 (commencement of sale of shares) to April 30, 2018.
6. Share Transactions.
Share transactions for each class of shares at a $1.00 per share were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Year ended April 30, 2019 | Year ended April 30, 2018(a) | |
Capital Reserves Class | ||
Shares sold | 34,036,473,998 | 36,580,270,205 |
Reinvestment of distributions | 56,430,056 | 15,484,114 |
Shares redeemed | (36,066,803,771) | (38,457,527,148) |
Net increase (decrease) | (1,973,899,717) | (1,861,772,829) |
Daily Money Class | ||
Shares sold | 24,000,323,722 | 26,262,228,228 |
Reinvestment of distributions | 69,418,267 | 26,284,669 |
Shares redeemed | (24,944,431,256) | (27,520,561,309) |
Net increase (decrease) | (874,689,267) | (1,232,048,412) |
Advisor M Class | ||
Shares sold | 108,369,251 | 83,767,381 |
Reinvestment of distributions | 599,065 | 77,974 |
Shares redeemed | (88,227,180) | (53,956,607) |
Net increase (decrease) | 20,741,136 | 29,888,748 |
Fidelity Government Money Market Fund | ||
Shares sold | 365,712,133,762 | 284,785,710,724 |
Issued in exchange for the shares of Retirement Government Money Market Portfolio | – | 2,486,763,160 |
Issued in exchange for the shares of Retirement Government Money Market II Portfolio | – | 8,623,538,894 |
Reinvestment of distributions | 1,557,490,330 | 566,170,653 |
Shares redeemed | (348,428,129,546) | (273,911,398,077) |
Net increase (decrease) | 18,841,494,546 | 22,550,785,354 |
Premium Class | ||
Shares sold | 3,529,451,047 | 2,170,687,512 |
Reinvestment of distributions | 63,438,128 | 23,320,887 |
Shares redeemed | (2,379,405,678) | (1,737,251,092) |
Net increase (decrease) | 1,213,483,497 | 456,757,307 |
Class K6 | ||
Shares sold | 473,757,227 | 50,660,509 |
Reinvestment of distributions | 4,067,608 | 40,812 |
Shares redeemed | (119,589,388) | (4,347,664) |
Net increase (decrease) | 358,235,447 | 46,353,657 |
(a) Share transactions for Advisor M Class are for the period July 6, 2017 (commencement of sale of shares) to April 30, 2018 and for Class K6 are for the period January 24, 2018 (commencement of sale of shares) to April 30, 2018.
7. 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.
8. Prior Fiscal Year Merger Information.
On September 22, 2017, the Fund acquired all of the assets and assumed all of the liabilities of Retirement Government Money Market Portfolio and Retirement Government Money Market II Portfolio ("Target Funds") pursuant to Agreements and Plans of Reorganization approved by the Board of Trustees ("The Board"). The acquisitions were accomplished by an exchange of 2,486,763,160 shares of Retirement Government Money Market Portfolio and 8,623,538,894 shares of Retirement Government Money Market II Portfolio (valued at $1.00 per share, respectively) for shares of the Fidelity Government Money Market Fund class of the Fund on the acquisition date. The reorganization provides shareholders of the Target Funds access to a larger portfolio with a similar investment objective. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. Retirement Government Money Market Portfolio's net assets of $2,487,291,470 including securities of $2,487,829,410 and Retirement Government Money Market II Portfolio's net assets of $8,624,995,036 including securities of $8,625,662,170 were combined with the Fund's net assets of $88,607,499,007 for total net assets after the acquisition of $99,719,785,513.
Pro forma results of operations of the combined entity for the entire period ended April 30, 2018, as though the acquisitions had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
Net Investment income (loss) | $702,155,990 |
Total net realized gain (loss) | 97,038 |
Total change in net unrealized appreciation (depreciation) | - |
Net increase (decrease) in net assets resulting from operations | $702,253,028 |
Because the combined investment portfolios have been managed as a single portfolio since the acquisitions were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that has been included in the Fund's accompanying Statement of Operations since September 22, 2017.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hereford Street Trust and Shareholders of Fidelity Government Money Market Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Government Money Market Fund (one of the funds constituting Fidelity Hereford Street Trust, referred to hereafter as the "Fund") as of April 30, 2019, the related statement of operations for the year ended April 30, 2019, the statement of changes in net assets for each of the two years in the period ended April 30, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
June 14, 2019
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 264 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a Member of the Advisory Board of certain Fidelity® funds (2018), a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as interim president of Michigan State University (2018-2019), a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
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, distribution and/or service (12b-1) 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 (November 1, 2018 to April 30, 2019).
Actual Expenses
The first line of the accompanying table for each class of the Fund 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 for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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.
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.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2018 | Ending Account Value April 30, 2019 | Expenses Paid During Period-B November 1, 2018 to April 30, 2019 | |
Capital Reserves Class | .95% | |||
Actual | $1,000.00 | $1,007.30 | $4.73 | |
Hypothetical-C | $1,000.00 | $1,020.08 | $4.76 | |
Daily Money Class | .70% | |||
Actual | $1,000.00 | $1,008.60 | $3.49 | |
Hypothetical-C | $1,000.00 | $1,021.32 | $3.51 | |
Advisor M Class | .70% | |||
Actual | $1,000.00 | $1,008.60 | $3.49 | |
Hypothetical-C | $1,000.00 | $1,021.32 | $3.51 | |
Fidelity Government Money Market Fund | .42% | |||
Actual | $1,000.00 | $1,009.90 | $2.09 | |
Hypothetical-C | $1,000.00 | $1,022.71 | $2.11 | |
Premium Class | .32% | |||
Actual | $1,000.00 | $1,010.50 | $1.60 | |
Hypothetical-C | $1,000.00 | $1,023.21 | $1.61 | |
Class K6 | .25% | |||
Actual | $1,000.00 | $1,010.80 | $1.25 | |
Hypothetical-C | $1,000.00 | $1,023.55 | $1.25 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Distributions (Unaudited)
A total of 52.52% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $687,084,747 of distributions paid during the period January 1, 2019 to April 30, 2019 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
SPU-ANN-0619
1.703529.121
Fidelity Flex℠ Funds Fidelity Flex℠ Government Money Market Fund Annual Report April 30, 2019 |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.
You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.
Account Type | Website | Phone Number |
Brokerage, Mutual Fund, or Annuity Contracts: | fidelity.com/mailpreferences | 1-800-343-3548 |
Employer Provided Retirement Accounts: | netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) | 1-800-343-0860 |
Advisor Sold Accounts Serviced Through Your Financial Intermediary: | Contact Your Financial Intermediary | Your Financial Intermediary's phone number |
Advisor Sold Accounts Serviced by Fidelity: | institutional.fidelity.com | 1-877-208-0098 |
Contents
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 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) 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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification as of April 30, 2019
Days | % of fund's investments 4/30/19 |
1 - 7 | 89.6 |
8 - 30 | 4.5 |
61 - 90 | 1.4 |
91 - 180 | 4.5 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
As of April 30, 2019 | ||
U.S. Treasury Debt | 4.0% | |
U.S. Government Agency Debt | 9.5% | |
Repurchase Agreements | 86.4% | |
Net Other Assets (Liabilities) | 0.1% |
Current 7-Day Yields
4/30/19 | |
Fidelity Flex℠ Government Money Market Fund | 2.50% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Schedule of Investments April 30, 2019
Showing Percentage of Net Assets
U.S. Treasury Debt - 4.0% | ||||
Yield(a) | Principal Amount | Value | ||
U.S. Treasury Obligations - 4.0% | ||||
U.S. Treasury Bills | ||||
7/18/19 to 10/17/19 | 2.40 to 2.43 % | $600,000 | $594,364 | |
U.S. Treasury Notes | ||||
5/15/19 to 9/30/19 | 2.45 to 2.53 | 300,000 | 299,091 | |
TOTAL U.S. TREASURY DEBT | ||||
(Cost $893,455) | 893,455 | |||
U.S. Government Agency Debt - 9.5% | ||||
Federal Agencies - 9.5% | ||||
Fannie Mae | ||||
7/30/19 | 2.60 (b)(c) | 180,000 | 180,018 | |
Federal Farm Credit Bank | ||||
5/6/19 | 2.38 (b)(c) | 10,000 | 10,000 | |
Federal Home Loan Bank | ||||
5/20/19 to 2/21/20 | 2.43 to 2.57 (b) | 1,600,000 | 1,597,870 | |
Freddie Mac | ||||
10/2/19 | 2.50 | 300,000 | 298,388 | |
TOTAL U.S. GOVERNMENT AGENCY DEBT | ||||
(Cost $2,086,276) | 2,086,276 |
U.S. Government Agency Repurchase Agreement - 56.9% | |||
Maturity Amount | Value | ||
In a joint trading account at 2.77% dated 4/30/19 due 5/1/19 (Collateralized by U.S. Government Obligations) # | $734,057 | $734,000 | |
With: | |||
Barclays Bank PLC at: | |||
2.44%, dated 4/24/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $510,242, 4.00%, 10/20/48) | 500,237 | 500,000 | |
2.77%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $1,020,079, 4.00%, 10/20/48) | 1,000,077 | 1,000,000 | |
BMO Capital Markets Corp. at 2.44%, dated: | |||
4/18/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,090, 3.00% - 5.50%, 2/1/27 - 4/1/49) | 100,244 | 100,000 | |
4/24/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,049, 3.00% - 4.66%, 2/1/29 - 4/1/49) | 100,197 | 100,000 | |
BMO Harris Bank NA at: | |||
2.44%, dated 4/18/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $110,865, 3.00% - 4.48%, 3/1/27 - 7/1/47) | 100,244 | 100,000 | |
2.45%, dated 4/29/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,154, 0.00% - 4.50%, 2/27/20 - 10/1/48) | 100,204 | 100,000 | |
BNP Paribas, SA at: | |||
2.46%, dated: | |||
3/13/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,354, 0.00% - 6.50%, 5/23/19 - 2/15/49) | 100,472 | 100,000 | |
4/18/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,153, 0.00% - 6.63%, 5/2/19 - 3/20/49) | 100,629 | 100,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,145, 0.00% - 6.00%, 5/23/19 - 12/20/48) | 100,622 | 100,000 | |
2.47%, dated 2/12/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,954, 0.00% - 6.63%, 11/15/30 - 4/5/38) | 100,638 | 100,000 | |
2.48%, dated: | |||
2/4/19 due: | |||
5/3/19 (Collateralized by U.S. Government Obligations valued at $102,662, 0.00% - 8.50%, 6/12/19 - 3/1/49) | 100,606 | 100,000 | |
5/6/19 (Collateralized by U.S. Government Obligations valued at $102,619, 0.00% - 5.63%, 5/23/19 - 3/20/49) | 100,627 | 100,000 | |
2/5/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $103,527, 0.00% - 6.63%, 5/23/19 - 1/20/49) | 100,627 | 100,000 | |
CIBC Bank U.S.A. at 2.43%, dated: | |||
4/11/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,138, 4.00% - 5.00%, 4/1/48 - 1/1/49) | 100,641 | 100,000 | |
4/12/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,197, 2.50% - 5.00%, 8/31/23 - 8/1/48) | 100,635 | 100,000 | |
4/16/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,196, 0.75% - 5.00%, 2/28/26 - 4/1/49) | 100,608 | 100,000 | |
4/23/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,056, 4.00% - 4.50%, 7/1/47 - 11/1/48) | 100,196 | 100,000 | |
Citibank NA at: | |||
2.51%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $1,020,209, 0.00% - 5.63%, 7/30/19 - 4/1/49) | 1,000,488 | 1,000,000 | |
2.52%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $1,029,962, 0.00% - 5.13%, 8/15/19 - 4/1/49) | 1,000,490 | 1,000,000 | |
ING Financial Markets LLC at: | |||
2.46%, dated 4/24/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $1,020,488, 4.00%, 6/1/48) | 1,000,478 | 1,000,000 | |
2.51%, dated 4/29/19 due 5/6/19 (Collateralized by U.S. Government Obligations valued at $1,020,143, 4.00%, 6/1/48) | 1,000,488 | 1,000,000 | |
J.P. Morgan Securities, LLC at: | |||
2.46%, dated 4/25/19 due 5/2/19 (Collateralized by U.S. Government Obligations valued at $1,020,419, 2.50% - 4.50%, 8/1/31 - 7/1/47) | 1,000,478 | 1,000,000 | |
2.52%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $1,020,072, 2.91%, 3/1/22) | 1,000,490 | 1,000,000 | |
Merrill Lynch, Pierce, Fenner & Smith at 2.42%, dated 4/3/19 due 5/3/19 (Collateralized by U.S. Government Obligations valued at $102,192, 4.50%, 1/20/49) | 100,202 | 100,000 | |
Nomura Securities International, Inc. at 2.51%, dated 4/29/19 due 5/6/19 (Collateralized by U.S. Government Obligations valued at $1,020,175, 1.63% - 8.00%, 5/15/19 - 10/1/48) | 1,000,488 | 1,000,000 | |
RBC Capital Markets Corp. at 2.46%, dated 3/13/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $103,796, 2.90% - 3.59%, 8/1/23 - 8/20/65) | 100,417 | 100,000 | |
RBC Dominion Securities at: | |||
2.44%, dated: | |||
4/17/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,180, 1.13% - 3.00%, 9/30/21 - 11/15/44) | 100,203 | 100,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $204,192, 0.00% - 3.50%, 5/16/19 - 10/20/45) | 200,407 | 200,000 | |
4/24/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,060, 0.00% - 3.38%, 5/16/19 - 11/15/48) | 100,230 | 100,000 | |
4/25/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,125, 0.00% - 3.50%, 5/16/19 - 10/20/45) | 100,230 | 100,000 | |
2.45%, dated 4/26/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $103,038, 0.13% - 3.00%, 4/15/20 - 8/15/48) | 100,231 | 100,000 | |
RBC Financial Group at: | |||
2.44%, dated: | |||
4/15/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,574, 3.00% - 5.00%, 3/1/40 - 6/1/51) | 100,596 | 100,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,063, 4.50% - 5.00%, 12/1/48 - 1/20/49) | 100,407 | 100,000 | |
4/24/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,058, 1.50% - 5.00%, 11/1/32 - 6/1/51) | 100,413 | 100,000 | |
2.45%, dated 4/29/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,016, 3.00% - 6.50%, 7/15/28 - 6/1/51) | 100,204 | 100,000 | |
2.46%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Government Obligations valued at $102,823, 4.00% - 5.00%, 5/1/48 - 2/1/49) | 100,205 | 100,000 | |
TD Securities (U.S.A.) at 2.77%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Government Obligations valued at $510,040, 4.00%, 3/1/49) | 500,038 | 500,000 | |
TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT | |||
(Cost $12,534,000) | 12,534,000 | ||
U.S. Treasury Repurchase Agreement - 29.5% | |||
With: | |||
Barclays Bank PLC at 2.41%, dated 4/12/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,195, 2.50%, 1/31/25) | 100,208 | 100,000 | |
BMO Harris Bank NA at: | |||
2.42%, dated 4/24/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $104,693, 0.00%, 7/12/19) | 100,383 | 100,000 | |
2.43%, dated: | |||
4/16/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $110,139, 2.13%, 12/31/22) | 100,560 | 100,000 | |
4/18/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,875, 2.75%, 5/31/23) | 100,311 | 100,000 | |
2.44%, dated 4/29/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $107,494, 3.00%, 11/15/45) | 100,156 | 100,000 | |
BNP Paribas, SA at: | |||
2.44%, dated: | |||
4/15/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,130, 1.86% - 5.25%, 4/30/20 - 2/15/38) | 100,617 | 100,000 | |
4/16/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,168, 1.75% - 2.51%, 7/31/20 - 5/15/22) | 100,617 | 100,000 | |
4/17/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,193, 0.00% - 2.51%, 5/23/19 - 1/31/21) | 100,617 | 100,000 | |
4/18/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,155, 0.00% - 2.88%, 5/23/19 - 2/15/45) | 100,617 | 100,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,125, 0.00% - 6.00%, 5/23/19 - 2/15/45) | 100,617 | 100,000 | |
2.45%, dated: | |||
3/4/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $102,414, 0.00% - 8.75%, 7/31/19 - 1/31/21) | 100,402 | 100,000 | |
3/5/19 due 5/6/19 (Collateralized by U.S. Treasury Obligations valued at $102,455, 0.00% - 8.13%, 8/15/19 - 2/15/45) | 100,422 | 100,000 | |
3/11/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $103,064, 0.00% - 7.88%, 5/23/19 - 2/15/46) | 100,456 | 100,000 | |
3/12/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,369, 0.00% - 4.38%, 5/23/19 - 8/15/46) | 100,470 | 100,000 | |
4/25/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,100, 0.00% - 6.00%, 7/31/19 - 2/15/26) | 100,613 | 100,000 | |
4/26/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,038, 1.13% - 7.63%, 7/31/19 - 2/15/25) | 100,613 | 100,000 | |
4/29/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,890, 1.13% - 4.38%, 7/31/19 - 11/15/39) | 100,619 | 100,000 | |
2.46%, dated: | |||
2/7/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,629, 0.00% - 2.51%, 5/23/19 - 1/31/21) | 100,649 | 100,000 | |
2/8/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,609, 1.13% - 4.38%, 7/31/19 - 2/15/45) | 100,649 | 100,000 | |
2/11/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,604, 0.00% - 4.38%, 5/23/19 - 11/15/39) | 100,636 | 100,000 | |
2.47%, dated 2/5/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,618, 2.02% - 2.35%, 7/31/20 - 10/31/20) | 100,631 | 100,000 | |
CIBC Bank U.S.A. at: | |||
2.42%, dated: | |||
4/12/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $103,199, 2.75% - 2.88%, 8/31/23 - 11/15/46) | 100,598 | 100,000 | |
4/15/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,209, 2.13% - 4.25%, 7/31/23 - 11/15/40) | 100,592 | 100,000 | |
2.43%, dated: | |||
4/10/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,172, 1.75% - 4.50%, 5/15/23 - 8/15/39) | 100,614 | 100,000 | |
4/22/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,096, 2.13% - 2.63%, 12/31/22 - 2/28/26) | 100,203 | 100,000 | |
2.44%, dated 4/30/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,938, 2.13% - 4.25%, 1/15/22 - 2/15/45) | 100,529 | 100,000 | |
Commerz Markets LLC at 2.48%, dated 4/24/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $204,199, 1.25% - 4.63%, 10/31/20 - 2/15/40) | 200,096 | 200,000 | |
Credit AG at 2.44%, dated 4/26/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,108, 1.50%, 8/15/26) | 100,217 | 100,000 | |
Deutsche Bank Securities, Inc. at 2.47%, dated: | |||
4/24/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $103,103, 4.25%, 11/15/40) | 100,048 | 100,000 | |
4/25/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $309,185, 4.25%, 11/15/40) | 300,144 | 300,000 | |
Mizuho Securities U.S.A., Inc. at 2.74%, dated 4/30/19 due 5/1/19 (Collateralized by U.S. Treasury Obligations valued at $1,024,761, 3.63%, 2/15/21) | 1,000,076 | 1,000,000 | |
MUFG Securities EMEA PLC at: | |||
2.42%, dated 4/16/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $113,237, 2.75%, 6/30/25) | 100,235 | 100,000 | |
2.43%, dated: | |||
4/12/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,500, 2.75%, 9/30/20 - 2/15/24) | 100,223 | 100,000 | |
4/24/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $107,164, 1.63% - 2.75%, 9/30/20 - 4/30/23) | 100,290 | 100,000 | |
Natixis SA at: | |||
2.42%, dated: | |||
4/2/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $206,418, 0.00% - 3.00%, 8/15/19 - 8/15/45) | 200,834 | 200,000 | |
4/9/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,240, 2.63% - 3.13%, 7/15/21 - 11/15/28) | 100,397 | 100,000 | |
4/11/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $103,202, 2.50% - 3.13%, 7/15/21 - 2/15/46) | 100,403 | 100,000 | |
2.43%, dated 4/25/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,103, 0.00% - 3.13%, 8/15/19 - 11/15/42) | 100,500 | 100,000 | |
2.44%, dated 4/22/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,941, 0.00% - 3.00%, 8/15/19 - 5/15/47) | 100,617 | 100,000 | |
2.45%, dated 4/29/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,062, 0.00% - 2.63%, 8/15/19 - 3/31/23) | 100,238 | 100,000 | |
RBC Dominion Securities at 2.43%, dated: | |||
4/9/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $102,172, 2.13% - 6.25%, 12/31/22 - 5/15/30) | 100,155 | 100,000 | |
4/18/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $204,207, 0.00% - 3.00%, 10/10/19 - 2/15/49) | 200,432 | 200,000 | |
4/23/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $204,136, 1.25% - 4.50%, 10/31/21 - 11/15/48) | 200,405 | 200,000 | |
4/24/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,128, 1.25% - 3.00%, 10/31/21 - 8/15/48) | 100,203 | 100,000 | |
RBC Financial Group at 2.43%, dated: | |||
4/12/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,149, 2.75%, 8/15/21) | 100,608 | 100,000 | |
4/16/19 due 5/7/19 (Collateralized by U.S. Treasury Obligations valued at $102,149, 2.75%, 8/15/21) | 100,608 | 100,000 | |
RBS Securities, Inc. at 2.46%, dated 4/25/19 due 5/2/19 (Collateralized by U.S. Treasury Obligations valued at $408,221, 2.63%, 6/30/23) | 400,191 | 400,000 | |
TOTAL U.S. TREASURY REPURCHASE AGREEMENT | |||
(Cost $6,500,000) | 6,500,000 | ||
TOTAL INVESTMENT IN SECURITIES - 99.9% | |||
(Cost $22,013,731) | 22,013,731 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 30,319 | ||
NET ASSETS - 100% | $22,044,050 |
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.
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.
(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
Investment Valuation
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 Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
# Additional information on each counterparty to the repurchase agreement is as follows:
Repurchase Agreement / Counterparty | Value |
$734,000 due 5/01/19 at 2.77% | |
BNP Paribas, S.A. | $13,312 |
BNY Mellon Capital Markets LLC | 45,151 |
Bank of America NA | 102,427 |
Citibank NA | 26,624 |
HSBC Securities (USA), Inc. | 18,337 |
ING Financial Markets LLC | 14,643 |
J.P. Morgan Securities, Inc. | 99,246 |
Mizuho Securities USA, Inc. | 31,798 |
Nomura Securities Internationa | 51,751 |
Societe Generale | 13,312 |
Societe Generale (PARIS) | 39,935 |
Sumitomo Mitsu Bk Corp Ny (DI) | 73,215 |
Wells Fargo Securities LLC | 204,249 |
$734,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2019 | ||
Assets | ||
Investment in securities, at value (including repurchase agreements of $19,034,000) — See accompanying schedule: Unaffiliated issuers (cost $22,013,731) | $22,013,731 | |
Cash | 98 | |
Receivable for investments sold | 99,489 | |
Receivable for fund shares sold | 13,181 | |
Interest receivable | 17,053 | |
Total assets | 22,143,552 | |
Liabilities | ||
Payable for investments purchased | $99,391 | |
Payable for fund shares redeemed | 111 | |
Total liabilities | 99,502 | |
Net Assets | $22,044,050 | |
Net Assets consist of: | ||
Paid in capital | $22,044,011 | |
Total distributable earnings (loss) | 39 | |
Net Assets, for 22,044,010 shares outstanding | $22,044,050 | |
Net Asset Value, offering price and redemption price per share ($22,044,050 ÷ 22,044,010 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Year ended April 30, 2019 | ||
Investment Income | ||
Interest | $511,869 | |
Expenses | ||
Independent trustees' fees and expenses | $110 | |
Total expenses before reductions | 110 | |
Expense reductions | (55) | |
Total expenses after reductions | 55 | |
Net investment income (loss) | 511,814 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 35 | |
Total net realized gain (loss) | 35 | |
Net increase in net assets resulting from operations | $511,849 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Year ended April 30, 2019 | Year ended April 30, 2018 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $511,814 | $151,689 |
Net realized gain (loss) | 35 | 15 |
Net increase in net assets resulting from operations | 511,849 | 151,704 |
Distributions to shareholders | (511,814) | – |
Distributions to shareholders from net investment income | – | (151,766) |
Total distributions | (511,814) | (151,766) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 18,861,061 | 53,172,617 |
Reinvestment of distributions | 447,039 | 127,658 |
Cost of shares redeemed | (50,948,612) | (4,621,487) |
Net increase (decrease) in net assets and shares resulting from share transactions | (31,640,512) | 48,678,788 |
Total increase (decrease) in net assets | (31,640,477) | 48,678,726 |
Net Assets | ||
Beginning of period | 53,684,527 | 5,005,801 |
End of period | $22,044,050 | $53,684,527 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Government Money Market Fund
Years ended April 30, | 2019 | 2018 | 2017 A |
Selected Per–Share Data | |||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | |||
Net investment income (loss) | .022 | .012 | .001 |
Net realized and unrealized gain (loss) | –B | –B | – |
Total from investment operations | .022 | .012 | .001 |
Distributions from net investment income | (.022) | (.012) | (.001) |
Total distributions | (.022) | (.012) | (.001) |
Net asset value, end of period | $1.00 | $1.00 | $1.00 |
Total ReturnC,D | 2.22% | 1.23% | .12% |
Ratios to Average Net AssetsE | |||
Expenses before reductionsF | -% | -% | - %G |
Expenses net of fee waivers, if anyF | -% | -% | - %G |
Expenses net of all reductionsF | -% | -% | - %G |
Net investment income (loss) | 2.14% | 1.39% | .78%G |
Supplemental Data | |||
Net assets, end of period (000 omitted) | $22,044 | $53,685 | $5,006 |
A For the period March 8, 2017 (commencement of operations) to April 30, 2017.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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 .005%.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2019
1. Organization.
Fidelity Flex 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 affiliated 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. The Fund is available only to certain fee-based accounts offered by Fidelity.
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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:
Investment 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 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. As of April 30, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.
Distributions 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. There were no significant book-to-tax differences during the period.
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.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
Gross unrealized appreciation | $– |
Gross unrealized depreciation | – |
Net unrealized appreciation (depreciation) | $– |
Tax Cost | $22,013,731 |
The tax-based components of distributable earnings as of period end were as follows:
Undistributed ordinary income | $39 |
The tax character of distributions paid was as follows:
April 30, 2019 | April 30, 2018 | |
Ordinary Income | $511,814 | $ 151,766 |
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 cash or 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 Rule Issuance. During August 2018, the U.S. Securities and Exchange Commission issued Final Rule Release No. 33-10532, Disclosure Update and Simplification. This Final Rule includes amendments specific to registered investment companies that are intended to eliminate overlap in disclosure requirements between Regulation S-X and GAAP. In accordance with these amendments, certain line-items in the Fund's financial statements have been combined or removed for the current period as outlined in the table below.
Financial Statement | Current Line-Item Presentation (As Applicable) | Prior Line-Item Presentation (As Applicable) |
Statement of Assets and Liabilities | Total distributable earnings (loss) | Undistributed/Distributions in excess of/Accumulated net investment income (loss) Accumulated/Undistributed net realized gain (loss) Net unrealized appreciation (depreciation) |
Statement of Changes in Net Assets | N/A - removed | Undistributed/Distributions in excess of/Accumulated net investment income (loss) end of period |
Statement of Changes in Net Assets | Distributions to shareholders | Distributions to shareholders from net investment income Distributions to shareholders from net realized gain |
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 and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
4. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $55.
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.
At the end of the period, the investment adviser or its affiliates were the owners of record of 24% of the total outstanding shares of the Fund.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hereford Street Trust and Shareholders of Fidelity Flex Government Money Market Fund:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex Government Money Market Fund (one of the funds constituting Fidelity Hereford Street Trust, referred to hereafter as the "Fund") as of April 30, 2019, the related statement of operations for the year ended April 30, 2019, the statement of changes in net assets for each of the two years in the period ended April 30, 2019, including the related notes, and the financial highlights for each of the two years in the period ended April 30, 2019 and for the period March 8, 2017 (commencement of operations) through April 30, 2017 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2019, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2019 and the financial highlights for each of the two years in the period ended April 30, 2019 and for the period March 8, 2017 (commencement of operations) through April 30, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2019 by correspondence with the custodian, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
June 18, 2019
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 264 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a Member of the Advisory Board of certain Fidelity® funds (2018), a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as interim president of Michigan State University (2018-2019), a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including 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 (November 1, 2018 to April 30, 2019).
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.
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.
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.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2018 | Ending Account Value April 30, 2019 | Expenses Paid During Period-B November 1, 2018 to April 30, 2019 | |
Actual | - %-C | $1,000.00 | $1,012.10 | $--D |
Hypothetical-E | $1,000.00 | $1,024.79 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
A total of 25.69% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $128,738 of distributions paid during the period January 1, 2019 to April 30, 2019 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
ZGY-ANN-0619
1.9881599.102
Fidelity® Series Treasury Bill Index Fund Annual Report April 30, 2019 |
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Contents
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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2019 FMR LLC. All rights reserved.
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-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT 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.institutional.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.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average annual total returns for Fidelity® Series Treasury Bill Index Fund will be reported once the fund is a year old.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Series Treasury Bill Index Fund on August 17, 2018, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. 3-6 Month Treasury Bill Index performed over the same period.
Period Ending Values | ||
$10,162 | Fidelity® Series Treasury Bill Index Fund | |
$10,167 | Bloomberg Barclays U.S. 3-6 Month Treasury Bill Index |
Management's Discussion of Fund Performance
Market Recap: U.S. Treasury bills turned in solid gains from August 17, 2018 through April 30, 2019, as measured by the 1.67% advance of the Bloomberg Barclays 3-6 Month Treasury Index. T-bill yields rose and their prices fell early in the period, responding to positive economic data – particularly in the United States. The FOMC boosted the fed funds rate to a range of 2.0% to 2.25% in September, while signaling additional, gradual hikes into 2019. In October and November, equity markets faced a bout of volatility as the economy – particularly the housing sector – showed some signs of weakness. This sent many investors to the relative safety of short-term fixed-income investments. The FOMC increased the fed funds rate to a range of 2.25% to 2.50% in December, subsequently indicating that it planned to be “data dependent” when considering future rate increases. This, along with subsequent comments from Fed Chairman Jerome Powell that the central bank would be “patient” with rate policy going forward, began to drive short-term yields lower as market participants’ expectation for further Fed rate increases waned. This decline in yields continued through period end. As of April 30, many market participants expected the Fed to keep policy interest rates unchanged for the remainder of 2019.Comments from Co-Managers Brandon Bettencourt and Jay Small: The fund gained 1.62% from its inception on August 17, 2018 through April 30, 2019. This result was roughly in line, net of fees, with 1.67% advance of the Bloomberg Barclays 3-6 Month Treasury Index. The fund produced fairly steady gains for each month of the period, with the most modest advances coming in December, when broader market volatility began to curtail short-term bond yields. It took until early 2019 for the Fed to acknowledge market apprehension about higher rates, which led to improved monthly performance for Treasury bonds in January. For the full period, we met our goal of producing monthly returns, before expenses, that closely matched the return of the benchmark. For this fund, we generally held all bonds in the index, and in similar proportions. At period end, the fund held all securities contained in the index in similar proportions as the benchmark, and maintained essentially all fund assets in U.S. Treasuries.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Investment Summary (Unaudited)
Asset Allocation (% of fund's net assets)
As of April 30, 2019 | ||
U.S. Government and U.S. Government Agency Obligations | 100.0% |
Schedule of Investments April 30, 2019
Showing Percentage of Net Assets
U.S. Government and Government Agency Obligations - 100.0% | |||
Principal Amount | Value | ||
U.S. Treasury Obligations - 100.0% | |||
U.S. Treasury Bills, yield at date of purchase 2.37% to 2.48% 8/1/19 to 10/24/19 | |||
(Cost $926,751,734) | 934,826,000 | 926,766,298 | |
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS | |||
(Cost $926,751,734) | 926,766,298 | ||
Shares | Value | ||
Money Market Funds - 0.6% | |||
Fidelity Cash Central Fund, 2.49% (a) | |||
(Cost $5,826,884) | 5,825,722 | 5,826,888 | |
TOTAL INVESTMENT IN SECURITIES - 100.6% | |||
(Cost $932,578,618) | 932,593,186 | ||
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (5,162,519) | ||
NET ASSETS - 100% | $927,430,667 |
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $39,189 |
Total | $39,189 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2019, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities: | ||||
U.S. Government and Government Agency Obligations | $926,766,298 | $-- | $926,766,298 | $-- |
Money Market Funds | 5,826,888 | 5,826,888 | -- | -- |
Total Investments in Securities: | $932,593,186 | $5,826,888 | $926,766,298 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
April 30, 2019 | ||
Assets | ||
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $926,751,734) | $926,766,298 | |
Fidelity Central Funds (cost $5,826,884) | 5,826,888 | |
Total Investment in Securities (cost $932,578,618) | $932,593,186 | |
Receivable for investments sold | 297,330,080 | |
Receivable for fund shares sold | 14,302,669 | |
Distributions receivable from Fidelity Central Funds | 6,093 | |
Total assets | 1,244,232,028 | |
Liabilities | ||
Payable for investments purchased | $316,452,545 | |
Payable for fund shares redeemed | 345,514 | |
Other payables and accrued expenses | 3,302 | |
Total liabilities | 316,801,361 | |
Net Assets | $927,430,667 | |
Net Assets consist of: | ||
Paid in capital | $928,805,719 | |
Total distributable earnings (loss) | (1,375,052) | |
Net Assets, for 92,896,520 shares outstanding | $927,430,667 | |
Net Asset Value, offering price and redemption price per share ($927,430,667 ÷ 92,896,520 shares) | $9.98 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
For the period August 17, 2018 (commencement of operations) to April 30, 2019 | ||
Investment Income | ||
Interest | $12,383,288 | |
Income from Fidelity Central Funds | 39,189 | |
Total income | 12,422,477 | |
Expenses | ||
Custodian fees and expenses | $6,795 | |
Independent trustees' fees and expenses | 2,039 | |
Commitment fees | 165 | |
Total expenses before reductions | 8,999 | |
Expense reductions | (12) | |
Total expenses after reductions | 8,987 | |
Net investment income (loss) | 12,413,490 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (77,755) | |
Fidelity Central Funds | (4) | |
Total net realized gain (loss) | (77,759) | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 14,564 | |
Fidelity Central Funds | 4 | |
Total change in net unrealized appreciation (depreciation) | 14,568 | |
Net gain (loss) | (63,191) | |
Net increase (decrease) in net assets resulting from operations | $12,350,299 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
For the period August 17, 2018 (commencement of operations) to April 30, 2019 | |
Increase (Decrease) in Net Assets | |
Operations | |
Net investment income (loss) | $12,413,490 |
Net realized gain (loss) | (77,759) |
Change in net unrealized appreciation (depreciation) | 14,568 |
Net increase (decrease) in net assets resulting from operations | 12,350,299 |
Distributions to shareholders | (13,725,351) |
Total distributions | (13,725,351) |
Share transactions | |
Proceeds from sales of shares | 983,129,096 |
Reinvestment of distributions | 13,725,351 |
Cost of shares redeemed | (68,048,728) |
Net increase (decrease) in net assets resulting from share transactions | 928,805,719 |
Total increase (decrease) in net assets | 927,430,667 |
Net Assets | |
Beginning of period | – |
End of period | $927,430,667 |
Other Information | |
Shares | |
Sold | 98,330,645 |
Issued in reinvestment of distributions | 1,373,521 |
Redeemed | (6,807,646) |
Net increase (decrease) | 92,896,520 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Treasury Bill Index Fund
Year ended April 30, | 2019 A |
Selected Per–Share Data | |
Net asset value, beginning of period | $10.00 |
Income from Investment Operations | |
Net investment income (loss)B | .166 |
Net realized and unrealized gain (loss) | (.005) |
Total from investment operations | .161 |
Distributions from net investment income | (.181) |
Total distributions | (.181) |
Net asset value, end of period | $9.98 |
Total ReturnC,D | 1.62% |
Ratios to Average Net AssetsE,F | |
Expenses before reductions | - %G,H |
Expenses net of fee waivers, if any | - %G,H |
Expenses net of all reductions | - %G,H |
Net investment income (loss) | 2.36%G |
Supplemental Data | |
Net assets, end of period (000 omitted) | $927,431 |
A For the period August 17, 2018 (commencement of operations) to April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
H Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2019
1. Organization.
Fidelity Series Treasury Bill Index Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. 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. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. 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:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2019 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV 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 and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
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. As of April 30, 2019, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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.
Distributions 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.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $22,868 |
Gross unrealized depreciation | (8,300) |
Net unrealized appreciation (depreciation) | $14,568 |
Tax Cost | $932,578,618 |
The tax-based components of distributable earnings as of period end were as follows:
Capital loss carryforward | $(77,759) |
Net unrealized appreciation (depreciation) on securities and other investments | $14,568 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(77,759) |
The tax character of distributions paid was as follows:
April 30, 2019(a) | |
Ordinary Income | $13,725,351 |
(a) For the period August 17, 2018 (commencement of operations) to April 30, 2019.
4. 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 does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
5. Committed Line of Credit.
The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $165 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $12.
7. 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.
At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Hereford Street Trust and Shareholders of Fidelity Series Treasury Bill Index Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Treasury Bill Index Fund (the "Fund"), a fund of Fidelity Hereford Street Trust, including the schedule of investments, as of April 30, 2019, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from August 17, 2018 (commencement of operations) to April 30, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2019, and the results of its operations, the changes in its net assets and the financial highlights for the period from August 17, 2018 (commencement of operations) to April 30, 2019, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2019, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 18, 2019
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 264 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present) and Chairman and Director of FMR (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds. Ms. McAuliffe previously served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company). Earlier roles at FIL included Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo. Ms. McAuliffe also was the Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe is also a director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). She is the President of First to Four LLC (leadership and mentoring services, 2012-present). She also serves as a member of the Board of Directors and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor, and aerospace systems, 2013-present), Board of Directors and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and Board of Directors of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a Member of the Advisory Board of certain Fidelity® funds (2018), a member of the Board of Directors and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board of Directors, Chair of the Nomination and Governance Committee and member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Board of Directors of the Army Historical Foundation (2015-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present) and a member of the Board of Trustees of Florida Institute of Technology (2015-present) and ThanksUSA (military family education non-profit, 2014-present).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as interim president of Michigan State University (2018-2019), a Member of the Advisory Board of certain Fidelity® funds (2014-2016), president of the Business Roundtable (2011-2017), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007), and Chase Manhattan Bank (1975-1978).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds and on the Board of Directors of IKON Office Solutions, Inc. (1999-2008), AGL Resources, Inc. (holding company, 2002-2016), and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Mr. Murray is Vice Chairman (2013-present) of Meijer, Inc. (regional retail chain). Previously, Mr. Murray served as a Member of the Advisory Board of certain Fidelity® funds (2016) and as Co-Chief Executive Officer (2013-2016) and President (2006-2013) of Meijer, Inc. Mr. Murray serves as a member of the Board of Directors and Nuclear Review and Public Policy and Responsibility Committees of DTE Energy Company (diversified energy company, 2009-present). Mr. Murray also serves as a member of the Board of Directors of Spectrum Health (not-for-profit health system, 2015-present). Mr. Murray previously served as President of Grand Valley State University (2001-2006), Treasurer for the State of Michigan (1999-2001), Vice President of Finance and Administration for Michigan State University (1998-1999), and a member of the Board of Directors and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray is also a director or trustee of many community and professional organizations.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2017
Anti-Money Laundering (AML) Officer
Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
William C. Coffey (1969)
Year of Election or Appointment: 2018
Secretary and Chief Legal Officer (CLO)
Mr. Coffey also serves as Secretary and CLO of other funds. Mr. Coffey serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-present); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Assistant Secretary of certain funds (2009-2018) and as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity® funds (2013-2018). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity® funds (2016-2018).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John B. McGinty, Jr. (1962)
Year of Election or Appointment: 2016
Chief Compliance Officer
Mr. McGinty also serves as Chief Compliance Officer of other funds. Mr. McGinty is Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2016-present). Mr. McGinty previously served as Vice President, Senior Attorney at Eaton Vance Management (investment management firm, 2015-2016), and prior to Eaton Vance as global CCO for all firm operations and registered investment companies at GMO LLC (investment management firm, 2009-2015). Before joining GMO LLC, Mr. McGinty served as Senior Vice President, Deputy General Counsel for Fidelity Investments (2007-2009).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as President Fixed Income, High Income/Emerging Market Debt and Multi Asset Class Strategies of FIAM LLC (2018-present), President (2016-present) and Director (2014-present) of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm), President, Fixed Income (2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice Chairman of FIAM LLC (investment adviser firm, 2014-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), President Multi-Asset Class Strategies of FMR's Global Asset Allocation Division (2017-2018), Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of certain Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including 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 (November 1, 2018 to April 30, 2019).
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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
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. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
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.
Annualized Expense Ratio-A | Beginning Account Value November 1, 2018 | Ending Account Value April 30, 2019 | Expenses Paid During Period November 1, 2018 to April 30, 2019-B | |
Actual | - %- C | $1,000.00 | $1,011.80 | $--D |
Hypothetical-E | $1,000.00 | $1,024.79 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses.
Distributions (Unaudited)
A total of 99.78% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund will notify shareholders in January 2020 of amounts for use in preparing 2019 income tax returns.
XSB-ANN-0619
1.9891219.100
Item 2.
Code of Ethics
As of the end of the period, April 30, 2019, Fidelity Hereford Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Series Treasury Bill Index Fund (the “Fund”):
Services Billed by Deloitte Entities
April 30, 2019 FeesA,B
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Series Treasury Bill Index Fund | $32,000 | $- | $4,800 | $600 |
April 30, 2018 FeesB
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Series Treasury Bill Index Fund | $- | $- | $- | $- |
AAmounts may reflect rounding.
BFidelity Series Treasury Bill Index Fund commenced operations on August 17, 2018.
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Flex Government Money Market Fund, Fidelity Government Money Market Fund, Fidelity Money Market Fund and Fidelity Treasury Only Money Market Fund (the “Funds”):
Services Billed by PwC
April 30, 2019 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Flex Government Money Market Fund | $40,000 | $3,100 | $2,500 | $1,800 |
Fidelity Government Money Market Fund | $48,000 | $3,600 | $2,000 | $2,100 |
Fidelity Money Market Fund | $39,000 | $3,300 | $2,900 | $1,900 |
Fidelity Treasury Only Money Market Fund | $37,000 | $3,200 | $2,900 | $1,800 |
April 30, 2018 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Flex Government Money Market Fund | $36,000 | $3,100 | $2,500 | $1,700 |
Fidelity Government Money Market Fund | $50,000 | $3,600 | $2,000 | $1,900 |
Fidelity Money Market Fund | $40,000 | $3,400 | $2,000 | $1,800 |
Fidelity Treasury Only Money Market Fund | $39,000 | $3,300 | $2,000 | $1,800 |
AAmounts may reflect rounding.
The following table presents fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):
Services Billed by Deloitte Entities
| April 30, 2019A,B | April 30, 2018B |
Audit-Related Fees | $290,000 | $- |
Tax Fees | $5,000 | $- |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
BMay include amounts billed prior to the Fidelity Series Treasury Bill Index Fund’s commencement of operations.
Services Billed by PwC
| April 30, 2019A | April 30, 2018A |
Audit-Related Fees | $7,775,000 | $7,745,000 |
Tax Fees | $15,000 | $15,000 |
All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
Billed By | April 30, 2019A,B | April 30, 2018A,B |
Deloitte Entities | $710,000 | $- |
PwC | $10,185,000 | $10,925,000 |
A Amounts may reflect rounding.
BMay include amounts billed prior to the Fidelity Series Treasury Bill Index Fund’s commencement of operations.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in their audits of the Funds, taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding their independence from the Funds and their related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
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 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 trust’s 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 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.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(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/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
|
|
Date: | June 26, 2019 |
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/Laura M. Del Prato |
| Laura M. Del Prato |
| President and Treasurer |
|
|
Date: | June 26, 2019 |
By: | /s/John J. Burke III |
| John J. Burke III |
| Chief Financial Officer |
|
|
Date: | June 26, 2019 |