FIDELITY HEREFORD STREET TRUST, N-30D, 1995-06-02

FIDELITY HEREFORD STREET TRUST
N-30D, 1995-06-02

Previous: KEYSTONE AMERICA STATE TAX FREE FUND SERIES II, 497, 1995-06-02

Next: AFD EXCHANGE RESERVES, N-30D, 1995-06-02

SPARTAN

(registered trademark)
(registered trademark)
U.S. TREASURY
MONEY MARKET
FUND
ANNUAL REPORT
APRIL 30, 1995
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 6 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 8 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 9 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 11 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 15 Notes to the financial statements.

REPORT OF INDEPENDENT
ACCOUNTANTS 17 The auditors' opinion.

PROXY VOTING RESULTS 18 Shareholder proxy vote results.

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. MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED BY, ANY
DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE FEDERAL
RESERVE BOARD OR
ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE
POSSIBLE LOSS OF
PRINCIPAL. NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A
BANK. FOR MORE
INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES, CALL
1-800-544-8888

FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
Although there have been some positive market indications so far in 1995,
no one can predict what lies ahead for investors. Last year, stocks posted
below-average returns and bonds had one of the worst years in history. This
downturn followed a period in which the investing environment was almost
ideal.
These market ups and downs are a normal part of investing, and there are
some basic principles that can help investors in every type of market.
First, take a long-term approach when investing. If you can afford to leave
your money invested through the inevitable ups and downs of financial
markets, you will greatly reduce your vulnerability to any single decline.
Over time, for example, stock prices have gone up - and have significantly
outperformed other types of investments and stayed ahead of inflation.
Second, you can further manage risk by diversifying your investments. A
stock mutual fund is already diversified, because it invests in many
different companies. You can increase your diversification by investing in
a number of different stock funds, or in different investment categories,
such as bonds. You should also keep money you'll need in the near future in
a more stable investment.
Finally, it makes good sense to follow a regular investment plan, investing
a set amount of money at the same time each month or quarter. That way, you
can avoid getting caught up in the excitement of a rapidly-rising market -
and won't end up buying all your shares at market highs. This strategy
won't assure a profit or protect you from a loss in a declining market, but
it should help you lower the average cost of your purchases. For this to be
effective, you must continue to buy shares in both up and down markets.
If you have questions, please call us at 1-800-544-8888. We would be happy
to send you a Fidelity FundMatch kit, which can help you determine the mix
of investments that is right for you. You might also find it convenient to
set up a regular investment plan using the Fidelity Automatic Account
Builder.SM
We look forward to hearing from you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE

To measure a money market fund's performance, you can look at either total
return or yield. Total return reflects the change in a fund's share price
over a given period, reinvestment of its dividends (or income), and the
effect of a $5 account closeout fee. Yield measures the income paid by a
fund. Since a money market fund tries to maintain a $1 share price, yield
is an important measure of performance. If Fidelity had not reimbursed
certain fund expenses during the periods shown, the total returns would
have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED APRIL 30, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan U.S. Treasury Money Market 4.58% 25.66% 48.97%

Average 100% U.S. Treasury
Money Market Fund 4.37% 23.98% n/a

Consumer Price Index 3.05% 17.84% 31.63%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, one year, five years, or since the fund
started on January 5, 1988. For example, if you invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment would
be $1,050. To measure how the fund's performance stacked up against its
peers, you can compare it to the average 100% U.S. Treasury money market
fund, which reflects the performance of 35 100% U.S. Treasury money market
funds with similar objectives tracked by IBC/Donoghue over the past 12
months. Comparing the fund's performance to the consumer price index (CPI)
helps show how your fund did compared to inflation. (The periods covered by
the CPI and IBC/Donoghue numbers are the closest available match to those
covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED APRIL 30, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan U.S. Treasury Money Market 4.58% 4.67% 5.59%

Average 100% U.S. Treasury
Money Market Fund 4.37% 4.39% n/a

Consumer Price Index 3.05% 3.34% 3.82%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
YIELDS
4/26/94 7/26/94 11/1/94 1/31/95 4/25/95

Spartan U.S. Treasury 3.02% 3.87% 4.42% 5.18% 5.55%
Money Market

If Fidelity had not reimburs 2.92% 3.77% 4.32% 5.08% 5.45%
ed
certain fund expenses

Average 100% U.S. Treasu 2.93% 3.57% 4.20% 4.91% 5.25%
ry
Money Market Fund

4/27/94 7/27/94 10/26/94 2/1/95 4/26/95

2.33% 2.42% 2.57% 2.82% 2.88%
MMDA

Row: 1, Col: 1, Value: 3.02
Row: 1, Col: 2, Value: 2.93
Row: 1, Col: 3, Value: 2.33
Row: 2, Col: 1, Value: 3.87
Row: 2, Col: 2, Value: 3.57
Row: 2, Col: 3, Value: 2.42
Row: 3, Col: 1, Value: 4.42
Row: 3, Col: 2, Value: 4.2
Row: 3, Col: 3, Value: 2.57
Row: 4, Col: 1, Value: 5.18
Row: 4, Col: 2, Value: 4.91
Row: 4, Col: 3, Value: 2.82
Row: 5, Col: 1, Value: 5.55
Row: 5, Col: 2, Value: 5.25
Row: 5, Col: 3, Value: 2.88
Spartan
U.S. Treasury
Money Market
Average 100% U.S.
Treasury Money
Market Fund
MMDA
6% -
5% -
4% -
3% -
2% -
1% -
0%
YIELD refers to the income paid by the fund over a given period. Yields for
money market funds are usually for seven-day periods, expressed as annual
percentage rates. A yield that assumes income earned is reinvested or
compounded is called an effective yield. The chart above shows the fund's
current seven-day yield at quarterly intervals over the past year. If the
adviser had not reimbursed certain fund expenses during the periods shown,
the yields would have been lower. You can compare these yields to the
average 100% U.S. Treasury money market fund and the average bank money
market deposit account (MMDA). Figures for the average 100% U.S. Treasury
money market are from IBC/Donoghue. The MMDA average is supplied by BANK
RATE MONITOR(Trademark).
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT PAST
RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.

COMPARING
PERFORMANCE
There are some important
differences between a bank
money market deposit
account (MMDA) and a
money market fund. First, the
U.S. government neither
insures nor guarantees a
money market fund. In fact,
there is no assurance that a
money market fund will
maintain a $1 share price.
Second, a money market
fund returns to its
shareholders income earned
by the fund's investments
after expenses. This is in
contrast to banks, which set
their MMDA rates periodically
based on current interest
rates, competitors' rates, and
internal criteria.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

An interview with Leland Barron, Portfolio Manager of Spartan U.S. Treasury
Money Market Fund
Q. LELAND, WHAT KIND OF INTEREST RATE ENVIRONMENT HAVE YOU BEEN OPERATING
IN FOR THE PAST YEAR?
A. Rates have risen; that's been the central fact. From last May through
February of this year, the Federal Reserve raised the federal funds rate -
the rate banks charge each other for overnight loans - four times, totaling
two and one-quarter percentage points. But I think it's more useful for our
purposes if we divide the period into two parts. Through December, nearly
all the indicators - including employment, consumer spending and capital
spending - pointed toward growing strength in the economy. The Fed's aim
throughout was to temper that strength and ward off inflation, first with a
monetary policy aiming for neutrality; and later, after August, with one
that was, frankly, restrictive. Then in January, we began to see numbers
that suggested a slowdown in the economy. Those signs were confirmed with
the release of the initial estimate of first-quarter growth in the gross
domestic product, which turned out to be even lower than expected - only
2.8%, compared to more than 5% in the fourth quarter of 1994.
Q. HOW HAS THE MARKET RESPONDED TO THE SLOWDOWN IN THE ECONOMY?
A. Despite the Fed's increase in February, short-term rates have fallen an
average of more than half a percentage point since December, depending on
the type of security. That reflects a dramatic shift in market psychology.
Whereas before the feeling was that rates would continue rising, now
there's a growing consensus among economists that the Fed's hoped-for soft
landing may have been achieved, perhaps eliminating the need for further
rate increases in the months ahead.
Q. WHAT STRATEGIC CHANGES DID YOU MAKE DURING THE COURSE OF THE YEAR?
A. Last spring, the fund's average maturity was within its neutral range,
or between 50 and 55 days. That gave me the flexibility I needed to keep
pace with rising rates. Later in the period, as rates stabilized and began
heading down, I chose to extend the fund's average maturity slightly beyond
60 days. I might have gone longer, but for a technical factor. Foreign
central banks have been making large purchases of Treasury securities with
funds accumulated in support of the dollar, and that has pushed short-term
rates to artificially low levels.
Q. HOW DID THE FUND PERFORM?
A. Better than most of its competitors. On April 30, 1995, the fund's
seven-day yield was 5.46%, compared to 3.05% 12 months earlier. The fund's
total return for the year was 4.58%. That beat the average total return of
4.37% for the average 100% U.S. Treasury money market fund during the same
period, according to IBC/Donoghue.
Q. WHAT'S THE OUTLOOK FOR THE NEXT SEVERAL MONTHS?
A. Most economists now believe that the Fed is in no hurry to raise rates
again, and I currently agree with that view. But given the underlying
strength of the U.S. economy - and the fact that in the current climate
there's so little extra yield to be gained by having a much longer maturity
- - I'll likely keep the fund within its neutral range, probably between 60
and 65 days.

FUND FACTS
GOAL: income while
maintaining a stable $1 share
price by investing in money
market securities issued by the
U.S. Treasury and backed by
the full faith and credit of the
U.S. government
START DATE: January 5, 1988
SIZE: as of April 30,1995,
more than $1.6 billion
MANAGER: Leland Barron,
since 1991; also manages
Fidelity U.S. Government
Reserves, since 1991; and
Spartan U.S. Government
Money Market Fund, since
1991; joined Fidelity in 1981
(checkmark)

WORDS TO KNOW
AVERAGE MATURITY: The
average maturity of debt
securities in a fund, weighted
by dollar amount. When the
average maturity is short, the
fund manager believes
interest rates will rise. When
the average maturity is long,
the fund manager is expecting
rates to fall. When the
average maturity is neutral,
the fund manager wants to
have the flexibility to respond
to rising rates, while still
capturing a portion of the
higher yields available from
issues with longer maturities.
DISCOUNT RATE: The interest
rate the Federal Reserve
charges member banks for
loans.
FEDERAL FUNDS RATE: The
interest rate banks charge
each other for overnight
loans.
FEDERAL RESERVE: The
system designed to regulate
the U.S. monetary and
banking system. If the Fed
tightens the money supply, it
decreases the amount of
money available to the
banking system, which
generally causes interest
rates to rise.
MATURITY: The amount of time
remaining until a debt security
is scheduled to be redeemed.
TREASURY OBLIGATION: Debt
security issued directly by the
U.S. government. Payment of
principal and interest is
guaranteed.
INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
4/30/95 10/31/94 4/30/94

0 - 30 24 36 32

31 - 90 51 44 45

91 - 180 25 20 23

181 - 397 0 0 0

WEIGHTED AVERAGE MATURITY
4/30/95 10/31/94 4/30/94

Spartan U.S. Treasury
Money Market Fund 64 days 52 days 51 days

Average 100%
U.S. Treasury
Money Market Fund* 50 days 51 days 47 days

ASSET ALLOCATION
AS OF APRIL 30, 1995 AS OF OCTOBER 31, 1994

Row: 1, Col: 1, Value: 37.0
Row: 1, Col: 2, Value: 63.0
Row: 1, Col: 1, Value: 48.0
Row: 1, Col: 2, Value: 52.0
U.S. Treasury
bills 37%
U.S. Treasury
notes 63%
U.S. Treasury
bills 48%
U.S. Treasury
notes 52%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS APRIL 30, 1995

Showing Percentage of Total Value of Investments

U.S. TREASURY OBLIGATIONS - 100.0%
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
U.S. TREASURY BILLS - 37.4%
5/4/95 5.87% $ 2,016 $ 2,015
5/4/95 6.10 20,625 20,615
5/18/95 5.97 4,635 4,622
5/18/95 6.00 7,899 7,877
5/25/95 5.78 8,279 8,248
5/25/95 6.05 25,000 24,901
6/1/95 5.83 75,000 74,628
6/8/95 5.77 1,653 1,643
6/8/95 5.82 53,056 52,733
6/8/95 5.83 30,000 29,818
6/22/95 5.78 54,057 53,612
6/22/95 5.86 50,000 49,583
7/6/95 5.74 80,608 79,772
7/20/95 5.68 26,502 26,172
7/20/95 5.70 60,000 59,251
7/27/95 5.72 45,000 44,388
7/27/95 5.77 11,176 11,022
8/17/95 6.04 3,631 3,567
9/7/95 6.12 4,819 4,716
9/14/95 5.97 3,412 3,337
9/21/95 5.94 1,171 1,144
10/19/95 6.08 12,727 12,371
576,035
U.S. TREASURY NOTES - 62.6%
5/15/95 5.75 4,824 4,824
5/15/95 5.82 75,000 74,998
5/15/95 5.94 46,837 46,879
5/15/95 6.09 14,688 14,701
5/15/95 6.11 30,000 29,996
5/15/95 6.33 45,000 45,035
5/15/95 6.38 3,016 3,018
5/31/95 5.81 286 286
5/31/95 5.89 53,959 53,876
5/31/95 6.13 72,467 72,343
5/31/95 6.17 15,000 14,974
6/30/95 5.78 75,000 74,787
6/30/95 6.07 366 365
7/15/95 5.93 1,587 1,596
7/15/95 5.96 83,478 83,939
7/15/95 5.97 8,377 8,423
7/15/95 5.98 36,534 36,732
7/31/95 5.99 3,094 3,080
7/31/95 6.12 4,322 4,302
7/31/95 6.26 60,000 59,698
7/31/95 6.29 41,951 41,726
U.S. TREASURY OBLIGATIONS - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
U.S. TREASURY NOTES - CONTINUED
8/15/95 5.80% $ 2,542 $ 2,533
8/15/95 5.90 25,435 25,607
8/15/95 5.92 1,219 1,214
8/15/95 5.94 17,960 18,080
8/15/95 6.00 370 368
8/15/95 6.11 76,043 75,707
8/15/95 6.15 35,000 34,842
8/31/95 5.97 4,410 4,378
9/30/95 5.81 35,904 35,596
9/30/95 5.82 35,000 34,700
9/30/95 5.94 2,940 2,913
9/30/95 5.95 51,407 50,940
962,456
TOTAL INVESTMENTS - 100% $ 1,538,491
Total Cost for Income Tax Purposes $ 1,538,491

INCOME TAX INFORMATION
At April 30, 1995 the fund had a capital loss carryforward of approximately
$219,000 which will expire on April 30, 2002.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNT) APRIL 30, 1995

1.ASSETS 2. 3.

4.Investment in securities, at value - See accompanying 5. $ 1,538,491
schedule

6.Cash 7. 20,074

8.Receivable for investments sold 9. 100,459

10.Interest receivable 11. 19,522

12. 13.TOTAL ASSETS 14. 1,678,546

15.LIABILITIES 16. 17.

18.Distributions payable $ 218 19.

20.Accrued management fee 633 21.

22. 23.TOTAL LIABILITIES 24. 851

25.26.NET ASSETS 27. $ 1,677,695

28.Net Assets consist of: 29. 30.

31.Paid in capital 32. $ 1,677,783

33.Accumulated net realized gain (loss) on investments 34. (88)

35.36.NET ASSETS, for 1,677,783 shares outstanding 37. $ 1,677,695

38.39.NET ASSET VALUE, offering price and redemption 40. $1.00
price per share ($1,677,695 (divided by) 1,677,783 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS NINE MONTH PERIOD ENDED APRIL 30, 1995

41.42.INTEREST INCOME 43. $ 64,381

44.EXPENSES 45. 46.

47.Management fee $ 6,681 48.

49.Non-interested trustees' compensation 6 50.

51. Total expenses before reductions 6,687 52.

53. Expense reductions (1,216) 5,471

54.55.NET INTEREST INCOME 56. 58,910

57.58.NET REALIZED GAIN (LOSS) ON INVESTMENTS 59. 94

60.61.NET INCREASE IN NET ASSETS RESULTING FROM 62. $ 59,004
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS NINE MONTH PERIO YEAR
D ENDED
ENDED JULY 31,
APRIL 30, 1994
1995

63.INCREASE (DECREASE) IN NET ASSETS

64.Operations $ 58,910 $ 47,134
Net interest income

65. Net realized gain (loss) 94 (286)

66. 67.NET INCREASE (DECREASE) IN NET ASSETS 59,004 46,848
RESULTING FROM OPERATIONS

68.Dividends to shareholders from net interest income (58,910) (47,134)

69.Share transactions at net asset value of $1.00 per 1,417,465 1,347,224
share
Proceeds from sales of shares

70. Reinvestment of dividends from net interest income 56,002 44,987

71. Cost of shares redeemed (1,352,267) (1,584,846)

72.73. 121,200 (192,635)
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES
RESULTING FROM SHARE TRANSACTIONS

74. 75.TOTAL INCREASE (DECREASE) IN NET ASSETS 121,294 (192,921)

76.NET ASSETS 77. 78.

79. Beginning of period 1,556,401 1,749,322

80. End of period $ 1,677,695 $ 1,556,401

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
NINE MONT YEARS ENDED JULY 31,
H
PERIOD
ENDED
APRIL 30,

1995 1994 1993 1992 1991

81.SELECTED PER-SHARE DATA

82.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of period

83.Income from Investment .036 .030 .028 .046 .069
Operations
Net interest income

84.Less Distributions (.036) (.030) (.028) (.046) (.069)
From net interest income

85.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
end of period

86.TOTAL RETURN B 3.66% 2.99 2.87 4.70 7.12
% % % %

87.RATIOS AND SUPPLEMENTAL DATA

88.Net assets, end of period $ 1,678 $ 1,556 $ 1,749 $ 2,475 $ 2,696
(in millions)

89.Ratio of expenses to average .45% .45 .42 .25 .06
net assets A % % % %

90.Ratio of expenses to average .55% .55 .55 .55 .56
net assets before expense A % % % %
reductions

91.Ratio of net interest income 4.85% 2.94 2.85 4.61 6.60
to average net assets A % % % %

</TABLE>

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN. SEE
NOTE 3 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 1995

1. SIGNIFICANT ACCOUNTING
POLICIES.
Spartan U.S. Treasury Money Market Fund (the fund) is authorized to issue
an unlimited number of shares. The fund is registered under the Investment
Company Act of 1940, as amended (the 1940 Act), as an open-end management
investment company. At a special meeting of the shareholders of the fund
held on April 19, 1995, shareholders approved an Agreement and Plan of
Conversion and Termination (the Plan of Conversion), providing for the
conversion of the fund from a Massachusetts business trust, to a separate
series of a Delaware business trust, effective June 16, 1995. The
individual investment objective, policies and limitations of the fund will
remain the same. On March 17, 1994, the Board of Trustees approved a change
in the fiscal year-end of the fund from July 31 to April 30. Accordingly,
the financial statements are presented as of and for the nine-month period
ended April 30, 1995. The following summarizes the significant accounting
policies of the fund:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, Fidelity Management &
Research Company (FMR) pays all expenses, except the compensation of the
non-interested Trustees and certain exceptions such as interest, taxes,
brokerage commissions and extraordinary expenses. FMR receives a fee that
is computed daily at an annual rate of .45% of the fund's average net
assets.
On April 19, 1995, the shareholders voted and approved a proposal to amend
the management contract to reduce the management fee from .55% to .45% of
the fund's average net assets.
FMR also bears the cost of providing shareholder services to the fund. To
offset the cost of providing these services, FMR or its affiliates collect
certain transaction fees from the fund's shareholders which amounted to
$38,000 for the period.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
SUB-ADVISER FEE. As the fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fee is paid prior to any voluntary
expense reimbursements which may be in effect, and after reducing the fee
for any payments by FMR pursuant to the fund's Distribution and Service
Plan.
In connection with the Plan of Conversion, a new Management Contract, new
Sub-Advisory Agreement and new Distribution and Service Plan identical to
those previously in effect will become effective on June 16, 1995.
3. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the fund's operating expenses
(excluding interest, taxes, brokerage commissions and extraordinary
expenses) above an annual rate of .45% of average net assets. For the
period, the reimbursement reduced the expenses by $1,216,000.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees and the Shareholders
of Spartan U.S. Treasury Money
Market Fund:
In our opinion, the accompanying statement of assets and liabilities,
including the schedules of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of Spartan
U.S. Treasury Money Market Fund, at April 30, 1995, the results of its
operations for the nine months then ended, the changes in its net assets
and the financial highlights for the periods indicated in conformity with
generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are
the responsibility of the Spartan U.S. Treasury Money Market Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe
that our audits, which included confirmation of securities owned at April
30, 1995 by correspondence with the custodian, provide a reasonable basis
for the opinion expressed above.
PRICE WATERHOUSE LLP
Dallas, Texas
May 26, 1995
PROXY VOTING RESULTS

A special meeting of the fund's shareholders was held on April 19, 1995.
The results of votes taken among shareholders on proposals before them are
listed below.
PROPOSAL 1
To adopt a new fundamental investment policy for the fund that would permit
it to invest all of its assets in another open-end investment company
managed by FMR or an affiliate with substantially the same investment
objective and policies.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 649,417,304.472 69.646

Against 209,855,690.445 22.506

Abstain 73,178,303.288 7.848

TOTAL 932,451,298.205 100.000

PROPOSAL 2
To approve a reorganization of the fund from a Massachusetts business trust
to a separate fund of a Delaware business trust.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 713,256,834.572 76.493

Against 140,812,596.241 15.101

Abstain 78,381,867.392 8.406

TOTAL 932,451,298.205 100.000

PROPOSAL 3
To amend the the fund's management contract to reduce the management fee
from .55% to .45% of the fund's average net assets.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 762,439,894.052 81.767

Against 98,576,911.431 10.572

Abstain 71,434,492.722 7.661

TOTAL 932,451,298.205 100.000

PROPOSAL 4
To amend the fund's fundamental investment limitation concerning borrowing
to allow the fund to engage in reverse repurchase agreements for any
purpose.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 630,635,175.147 67.632

Against 225,014,207.190 24.131

Abstain 76,801,915.868 8.237

TOTAL 932,451,298.205 100.000

PROPOSAL 5
To amend the fund's fundamental investment limitation concerning the
issuance of senior securities to clarify that the fund may issue senior
securities to the extent permitted under the 1940 Act.
# OF % OF
SHARES VOTED SHARES VOTED
Affirmative 645,270,360.532 69.202

Against 200,219,338.505 21.472

Abstain 86,961,599.168 9.326

TOTAL 932,451,298.205 100.000

TO WRITE FIDELITY

If more than one address is listed, please locate the address that is
closest to you. We'll give your correspondence immediate attention and send
you written confirmation upon completion of your request.
(LETTER_GRAPHIC)(LETTER_GRAPHIC)(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(LETTER_GRAPHIC)(LETTER_GRAPHIC)(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
OVERNIGHT EXPRESS
Fidelity Investments
100 Crosby Parkway - KP2C
Covington, KY 41015-4399
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30281
Salt Lake City, UT 84130-0281
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions
World Trade Center
164 Northern Avenue
Boston, MA 02210
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
(LETTER_GRAPHIC)(LETTER_GRAPHIC)(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
TO VISIT FIDELITY

For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 East Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19100 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
811 Wilshire Boulevard
Los Angeles, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
455 Market Street
San Francisco, CA
1400 Civic Drive
Walnut Creek, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
185 Asylum Street
Hartford, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
90 Alhambra Plaza
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
Naples, FL
1907 West State Road 434
Orlando, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
2000 66th Street, North
St. Petersburg, FL
GEORGIA
3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
Deerfield, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
7600 France Avenue South
Edina, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
1271 Avenue of the
Americas
New York, NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
4611 Sharon Road
Charlotte, NC
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
1903 East Ninth Street
Cleveland, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
2701 Drexel Drive
Houston, TX
1010 Lamar Street
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
215 South State Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI

TO CALL FIDELITY

FOR FUND INFORMATION AND QUOTES
The Fidelity Telephone Connection offers you special automated telephone
services for quotes and balances. The services are easy to use,
confidential and quick. All you need is a Touch Tone telephone.
YOUR PERSONAL IDENTIFICATION NUMBER
(PIN)
The first time you call one of our automated telephone services, we'll ask
you
to set up your Personal Identification
Number (PIN). The PIN assures that
only you have automated telephone
access to your account information.
Please have your Customer Number
(T-account #) handy when you call -
you'll need it to establish your PIN. If
you would ever like to change your PIN, just choose the "Change your
Personal
Identification Number" option when
you call. If you forget your PIN, please
call a Fidelity representative at 1-800-
544-6666 for assistance.

(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC
(PHONE_GRAPHIC)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
For quotes on funds you own.
1.
For an individual fund quote.
2.
For the ten most frequently
requested Fidelity fund quotes.
3.
For quotes on Fidelity Select
Portfolios(registered trademark).
4.
To change your Personal
Identification Number (PIN).
5.
To speak with a Fidelity
representative.
6.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC
(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
For balances on funds you own.
1.
For your most recent fund activity
(purchases, redemptions, and
dividends).
2.
To change your Personal
Identification Number (PIN).
3.
To speak with a Fidelity
representative.
4.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD AND
RETURN WILL
VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS
MEANS THAT
YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO
ASSURANCE THAT
MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN
INVESTMENT IN
A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT.
TOTAL
RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE, REINVESTMENT OF
DIVIDENDS
AND CAPITAL GAINS, AND THE EFFECTS OF ANY SALES CHARGES.

Page 23 = BLANK
Do NOT strip-in this type
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Fred L. Henning, Jr., Vice President
Leland C. Barron, Vice President
Arthur S. Loring, Secretary
Stephen P. Jonas, Treasurer
Thomas D. Maher, Assistant Vice President
Michael D. Conway, Assistant Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
Morgan Guaranty Trust Co. of New York
New York, NY
FIDELITY'S TAXABLE
MONEY MARKET FUNDS
Fidelity Cash Reserves
Fidelity Daily Income Trust
Fidelity U.S. Government Reserves
Spartan Money Market Fund
Spartan U.S. Government
Money Market Fund
Spartan U.S. Treasury
Money Market Fund
THE FIDELITY
TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE

SPARTAN(registered trademark)

(registered trademark)
MONEY MARKET
FUND

ANNUAL REPORT
APRIL 30, 1995
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 6 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 8 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 9 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 20 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 24 Notes to the financial statements.

REPORT OF INDEPENDENT
ACCOUNTANTS 26 The auditors' opinion.

FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

To measure a money market fund's performance, you can look at either total
return or yield. Total return reflects the change in a fund's share price
over a given period, reinvestment of its dividends (or income) and the
effect of the fund's $5 account closeout fee. Yield measures the income
paid by a fund. Since a money market fund tries to maintain a $1 share
price, yield is an important measure of performance. If Fidelity had not
reimbursed certain fund expenses during the periods shown, the total
returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED APRIL 30, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan Money Market 4.97% 27.42% 42.85%

Average All Taxable
Money Market Fund 4.63% 24.59% 38.19%

Consumer Price Index 3.05% 17.84% 25.43%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, one year, five years or since the fund
started on January 23, 1989. For example, if you invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment would
be $1,050. To measure how the fund's performance stacked up against its
peers, you can compare it to the average all taxable money market fund,
which reflects the performance of 736 taxable money market funds with
similar objectives tracked by IBC/Donoghue over the past 12 months.
Comparing the fund's performance to the consumer price index (CPI) helps
show how your fund did compared to inflation. (The periods covered by the
CPI and IBC/Donoghue numbers are the closest available match to those
covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED APRIL 30, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan Money Market 4.97% 4.97% 5.85%

Average All Taxable
Money Market Fund 4.63% 4.49% 5.31%

Consumer Price Index 3.05% 3.34% 3.69%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
YIELDS
5/3/94 8/2/94 11/1/94 1/31/95 4/25/95

3.59% 4.18% 4.75% 5.51% 5.80%
Spartan Money Market

Average All Taxable 3.15% 3.83% 4.40% 5.23% 5.51%
Money Market Fund

4/27/94 7/27/94 10/26/94 2/1/95 4/26/95

2.33% 2.42% 2.57% 2.82% 2.88%
MMDA

Row: 1, Col: 1, Value: 3.59
Row: 1, Col: 2, Value: 3.15
Row: 1, Col: 3, Value: 2.33
Row: 2, Col: 1, Value: 4.18
Row: 2, Col: 2, Value: 3.83
Row: 2, Col: 3, Value: 2.42
Row: 3, Col: 1, Value: 4.75
Row: 3, Col: 2, Value: 4.4
Row: 3, Col: 3, Value: 2.57
Row: 4, Col: 1, Value: 5.51
Row: 4, Col: 2, Value: 5.23
Row: 4, Col: 3, Value: 2.82
Row: 5, Col: 1, Value: 5.8
Row: 5, Col: 2, Value: 5.51
Row: 5, Col: 3, Value: 2.88
6% -
5% -
4% -
3% -
2% -
1% -
0%
Spartan
Money Market
Average All Taxable
Money Market Fund
MMDA
YIELD refers to the income paid by the fund over a given period. Yields for
money market funds are usually for seven-day periods, expressed as annual
percentage rates. A yield that assumes income earned is reinvested or
compounded is called an effective yield. The chart above shows the fund's
current seven-day yield at quarterly intervals over the past year. If
Fidelity had not reimbursed certain fund expenses, the 7-day yield would
have been 3.51% for the period ended May 3, 1994. You can compare these
yields to the average all taxable money market fund and the average bank
money market deposit account (MMDA). Figures for the average all taxable
money market fund are from IBC/Donoghue. The MMDA average is supplied by
BANK RATE MONITOR.(Trademark)
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT PAST
RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.

An interview with John Todd, Portfolio
Manager of Spartan Money Market Fund
Q. JOHN, WHAT KIND OF INVESTMENT CLIMATE HAVE YOU BEEN OPERATING IN?
A. The Federal Reserve began raising the federal funds rate - the rate
banks charge each other for overnight loans - last February, three months
before the fund's fiscal year began. With the final Fed increase in
February 1995, there had been a total of seven increases resulting in a
doubling of the federal funds rate from 3% to 6%. The Fed's aim throughout
was to temper the strength of the economy and ward off inflation before it
became a problem. Early evidence of the success of the Fed's policy began
to show up in certain key economic indicators around January. By April,
when the initial estimate of first-quarter growth in the gross domestic
product came out at 2.8%, the market had already switched gears and rates
had started to come back down.
Q. WHAT WAS YOUR STRATEGY DURING THE YEAR?
A. Early in the period, the fund was in its defensive mode, with an average
maturity of around 50 days. The reason for having a relatively short
average maturity in a rising rate environment is that it can afford the
fund greater flexibility, and helps the yield keep pace with prevailing
rates. Another way to achieve the same goal, but in a slightly different
way, is with variable-rate securities. Those are securities whose rates
reset in line with prevailing rates at fixed intervals. The fund has been
investing in variable rate securities since 1992, but last year I made two
changes. First, I bought more of them, increasing the fund's stake to a
high of more than 25% of total assets last September. And second, when
possible I chose variable-rate securities with shorter reset intervals -
daily or weekly, as opposed to monthly or quarterly.
Q. NOW THAT RATES HAVE STOPPED RISING, WHAT CHANGES HAVE YOU MADE IN YOUR
STRATEGY?
A. I've held off so far extending the fund's average maturity, for reasons
I'll explain when we talk about the outlook for the fund. But as the fund's
variable-rate securities mature, I've been replacing them with fixed-rate
securities. By the end of the period, the percentage of the fund's total
assets invested in variable-rate securities was down around 17%.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on April 30, 1995 was 5.82%, up from 3.58% a
year ago. Through April 30, 1995, the one-year total return was 4.97%,
compared to 4.63% for the average taxable money market fund, according to
IBC/Donoghue.
Q. WHAT'S YOUR OUTLOOK?
A. There's no question the economy has slowed down since the end of last
year. Lately, some economists have been looking at that fact and predicting
that the cycle of interest-rate increases is over. Some think the Fed may
even lower rates again before long. I disagree. It's not unusual for the
economy to go through occasional stages of slower growth within the context
of a longer growth cycle. However, it's also not unusual to see several
interest-rate cycles within a business cycle, and I think that may be
what's happening now. The point is, conditions remain unsettled, but given
the dramatic slowing in economic activity over the past four months, I'll
probably move the fund's average maturity out to around 60 days until such
time as the rate outlook becomes clearer. Meanwhile, I'll continue to let
the fund's stake in variable-rate securities roll down, probably to around
10%.

FUND FACTS
GOAL: seeks high current
income with share price
stability by investing in high
quality, short-term securities of
all types
START DATE: January 23, 1989
SIZE: as of April 30, 1995,
more than $7.6 billion
MANAGER: John Todd, since
1989; manager, Select Money
Market Portfolio, since 1991;
Daily Money Fund: Money
Market Portfolio and Fidelity
Institutional Cash Portfolios:
Money Market Portfolio, since
1992; joined Fidelity in 1981
(checkmark)

WORDS TO KNOW
BANKERS' ACCEPTANCE (BA): A
short-term note whose
payment is guaranteed by a
bank.
CERTIFICATE OF DEPOSIT (CD): An
interest-bearing deposit with a
specific maturity. Large
denomination CDs, like the
fund buys, have negotiable
interest rates and can be sold
in the secondary market.
COMMERCIAL PAPER: A
short-term note from a bank or
corporation.
FEDERAL FUNDS RATE: The interest
rate banks charge each other
for overnight loans.
MATURITY: The time remaining
before an issuer is scheduled
to repay the principal amount
on a debt security. When the
fund's average maturity,
weighted by dollar amount, is
short, the fund manager is
expecting rates to rise. When
the average maturity is
neutral, the manager wants
the flexibility to respond to
rising rates, while still
capturing a portion of the
higher yields available from
issues with longer maturities.
TIME DEPOSIT (TD): An
interest-bearing deposit with a
specific maturity. Large
denomination TDs, like the
fund buys, differ from CDs in
that they can't be sold in the
secondary market.
INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
4/30/95 10/31/94 4/30/94

0 - 30 50 47 52

31 - 90 28 30 22

91 - 180 19 23 23

181 - 397 3 0 3

WEIGHTED AVERAGE MATURITY
4/30/95 10/31/94 4/30/94

Spartan Money Market
Fund 52 days 53 days 58 days

Average All Taxable
Money Market Fund* 46 days 42 days 45 days

ASSET ALLOCATION
AS OF APRIL 30, 1995 AS OF OCTOBER 31, 1994

Row: 1, Col: 1, Value: 48.0
Row: 1, Col: 2, Value: 44.0
Row: 1, Col: 3, Value: 8.0
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 1, Value: 56.0
Row: 1, Col: 2, Value: 35.0
Row: 1, Col: 3, Value: 8.0
Row: 1, Col: 4, Value: 2.0
Bank CDs,
BAs, TDs,
and notes 48%
Commercial
paper 44%
Government
securities 8%
Other 0%
Bank CDs,
BAs, TDs,
and notes 56%
Commercial
paper 35%
Government
securities 8%
Other 1%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS APRIL 30, 1995

Showing Percentage of Total Value of Investments

BANKERS' ACCEPTANCES - 0.9%
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
DOMESTIC BANKERS' ACCEPTANCES - 0.4%
Bank of America National Trust & Savings Assoc.
7/13/95 6.21% $ 16,000 $ 15,803
7/14/95 6.21 7,000 6,913
7/25/95 6.25 4,000 3,942
7/27/95 6.26 6,000 5,912
32,570
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.5%
Bank of Tokyo
7/11/95 6.41 24,050 23,754
7/17/95 6.44 5,000 4,933
Sanwa Bank, Ltd.
8/25/95 6.38 5,000 4,900
33,587
TOTAL BANKERS' ACCEPTANCES 66,157
CERTIFICATES OF DEPOSIT - 23.7%

DOMESTIC CERTIFICATES OF DEPOSIT - 1.8%
Chemical Bank
6/26/95 6.15 125,000 125,000
Household Bank, N.A.
7/24/95 6.18 13,000 13,000
138,000
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 18.5%
ABN-AMRO Bank
8/16/95 6.18 30,000 30,001
Australia & New Zealand Banking
7/21/95 6.21 25,000 25,000
Bank of Nova Scotia
5/8/95 6.13 20,000 20,000
Banque Nationale de Paris
6/5/95 6.13 40,000 40,000
6/22/95 6.15 25,000 25,000
Caisse Nationale de Credit Agricole
6/1/95 6.25 50,000 50,000
8/21/95 6.42 50,000 50,000
Commerzbank, Germany
8/7/95 6.41 25,000 25,001
10/17/95 6.25 25,000 25,000
12/4/95 6.30 25,000 25,009
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - CONTINUED
Dresdner Bank, A.G.
10/12/95 6.27% $ 15,000 $ 15,000
12/29/95 6.35 25,000 25,123
Fuji Bank, Ltd.
5/3/95 6.13 50,000 50,000
5/23/95 6.10 48,000 48,000
6/8/95 6.24 25,000 25,000
6/26/95 6.19 25,000 25,000
6/27/95 6.19 55,000 55,000
7/18/95 6.18 75,000 75,000
Industrial Bank of Japan, Ltd.
5/24/95 6.06 45,000 45,000
6/28/95 6.10 25,000 25,000
7/31/95 6.30 25,000 25,000
Mitsubishi Bank, Ltd.
6/27/95 6.17 45,000 45,000
7/3/95 6.25 10,000 10,000
8/21/95 6.36 5,000 4,987
National Bank of Canada
8/7/95 6.50 25,000 25,000
Sakura Bank, Ltd.
5/17/95 6.10 25,000 25,000
5/18/95 6.10 40,000 40,000
Sanwa Bank, Ltd.
5/19/95 6.06 100,000 100,000
5/22/95 6.06 55,000 55,000
8/7/95 6.40 10,000 10,001
9/25/95 6.38 10,000 10,000
Societe Generale
5/8/95 6.05 5,000 5,000
5/22/95 6.10 75,000 75,000
Sumitomo Bank, Ltd.
5/19/95 6.06 50,000 50,000
6/5/95 6.18 20,000 20,000
6/13/95 6.17 17,000 17,001
6/26/95 6.20 50,000 50,000
6/27/95 6.18 80,000 80,000
6/28/95 6.18 25,000 25,000
Westdeutsche Landesbank
6/20/95 6.06 25,000 25,000
12/13/95 6.34 25,000 25,143
1,425,266
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 3.4%
ABN-AMRO Bank
5/15/95 6.39% $ 25,000 $ 24,997
Bank of Tokyo
7/5/95 6.23 25,000 25,001
Barclays Bank, PLC
6/9/95 6.22 25,000 25,001
Dai-Ichi Kangyo Bank, Ltd.
5/31/95 6.17 50,000 50,000
7/5/95 6.23 20,000 20,001
Mitsubishi Bank, Ltd.
8/21/95 6.45 35,000 35,000
National Westminster Bank, PLC
10/6/95 6.29 30,000 30,002
12/4/95 6.31 25,000 25,009
Sumitomo Bank, Ltd.
6/19/95 6.12 26,000 26,000
261,011
TOTAL CERTIFICATES OF DEPOSIT 1,824,277
COMMERCIAL PAPER - 44.1%

A.H. Robins Company, Incorporated
5/8/95 6.15 14,000 13,983
5/15/95 6.02 13,000 12,970
5/16/95 6.03 6,359 6,343
AVCO Financial Services, Inc.
5/8/95 6.11 10,000 9,988
5/10/95 6.03 35,000 34,948
Abbey National, North America
6/13/95 6.31 20,000 19,852
Alliance & Leicester Building Society
5/15/95 6.11 12,000 11,972
American Express Credit Corp.
5/8/95 6.11 35,000 34,959
8/9/95 6.21 25,000 24,578
8/14/95 6.20 20,000 19,646
8/14/95 6.21 75,000 73,670
American Home Food Products, Inc.
5/12/95 6.11 26,250 26,201
7/10/95 6.17 16,000 15,811
American Home Products
5/8/95 6.15 15,000 14,982
5/15/95 6.12 25,000 24,941
5/19/95 6.03 2,253 2,246
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Associates Corp. of North America
5/1/95 6.11% $ 15,000 $ 15,000
5/8/95 6.11 20,000 19,976
5/16/95 6.19 25,000 24,936
6/5/95 6.11 25,000 24,853
Australian Wheat Board
8/14/95 6.26 25,000 24,555
BFCE US Finance Corp.
5/10/95 6.18 25,000 24,962
Bank of New York Company, Inc.
5/10/95 6.03 25,000 24,963
Bear Stearns Cos., Inc.
5/30/95 6.18 32,000 31,843
CIT Group Holdings, Inc.
5/8/95 6.11 50,000 49,941
6/28/95 6.19 10,000 9,902
9/21/95 6.20 10,000 9,760
9/29/95 6.25 20,000 19,490
Canadian Imperial Bank of Commerce
9/12/95 6.67 21,200 20,693
Canadian Wheat Board
5/9/95 6.05 50,000 49,935
8/14/95 6.40 30,000 29,458
Chrysler Financial Corporation
5/24/95 6.08 40,000 39,845
5/31/95 6.10 30,000 29,848
6/12/95 6.19 14,000 13,900
6/13/95 6.19 10,000 9,927
Commercial Credit Co.
5/10/95 6.03 30,000 29,955
Commerzbank U.S. Finance, Inc.
9/18/95 6.33 30,000 29,285
Cooper Industries, Inc.
5/17/95 6.07 14,000 13,962
5/25/95 6.08 25,000 24,899
5/26/95 6.08 6,000 5,975
Credit Agricole USA, Inc.
6/30/95 6.15 50,000 49,496
Dean Witter, Discover & Co.
5/1/95 6.11 40,000 40,000
Den Danske Corp., Inc.
5/5/95 6.19 25,000 24,983
Electronic Data Systems Corp.
5/10/95 6.17 4,000 3,994
5/15/95 6.18 4,000 3,990
5/15/95 6.27 9,000 8,978
6/15/95 6.25 16,000 15,877
Enterprise Funding Corp.
5/2/95 6.13 22,000 21,996
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Ford Motor Credit, PLC
5/22/95 6.07% $ 26,300 $ 26,208
Ford Motor Credit Corp.
5/16/95 6.19 55,000 54,860
5/23/95 6.14 50,000 49,815
7/21/95 6.23 25,000 24,657
7/24/95 6.23 33,000 32,530
8/28/95 6.25 110,000 107,782
9/11/95 6.25 25,000 24,438
GTE Corp.
5/10/95 6.02 5,375 5,367
General Electric Capital Corp.
5/8/95 6.11 25,000 24,971
5/9/95 6.12 50,000 49,933
10/10/95 6.29 50,000 48,628
10/23/95 6.77 50,000 48,432
10/31/95 6.68 24,000 23,222
General Motors Acceptance Corp.
5/1/95 5.95 35,000 35,000
5/8/95 6.36 50,000 49,939
5/15/95 6.35 25,000 24,939
5/15/95 6.37 30,000 29,927
5/16/95 6.35 52,000 51,865
6/5/95 6.29 60,000 59,637
Generale Bank
6/28/95 6.18 20,000 19,804
Goldman Sachs Group, L.P. (The)
5/24/95 6.18 38,000 37,852
7/5/95 6.42 65,000 64,266
Government of Canada
8/8/95 6.22 50,000 49,168
10/5/95 6.20 50,000 48,687
Hanson Finance (UK), PLC
6/15/95 6.18 5,000 4,962
7/17/95 6.12 40,000 39,484
Household Finance Corp.
5/8/95 6.13 20,000 19,976
5/16/95 6.09 20,000 19,950
6/12/95 6.20 23,000 22,836
ITT Corp.
5/1/95 6.08 100,000 100,000
5/15/95 6.07 10,000 9,976
5/17/95 6.09 45,000 44,879
ITT Hartford Group, Inc.
5/2/95 6.02 12,000 11,998
5/8/95 6.08 28,297 28,264
International Nederlanden U.S. Funding Corp.
8/28/95 6.35 40,000 39,187
8/29/95 6.35 30,000 29,385
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Leeds Permanent Building Society
5/22/95 6.21% $ 50,000 $ 49,824
Merrill Lynch & Co., Inc.
5/15/95 6.19 40,000 39,907
5/16/95 6.19 35,000 34,913
Morgan Stanley Group, Inc.
5/24/95 6.13 50,000 49,806
5/25/95 6.11 30,000 29,879
5/30/95 6.15 20,000 19,902
Nationwide Building Society
5/8/95 6.17 10,000 9,988
New Center Asset Trust
5/10/95 6.05 20,000 19,970
7/12/95 6.16 35,000 34,575
7/17/95 6.15 35,000 34,546
New South Wales Treasury Corp.
8/16/95 6.40 25,000 24,539
8/17/95 6.43 25,000 24,533
Norwest Financial
5/16/95 6.19 10,000 9,975
PHH Corp.
5/10/95 6.03 30,000 29,955
Pepsico
6/1/95 6.33 10,000 9,947
Philip Morris Cos., Inc.
7/12/95 6.15 6,000 5,927
Preferred Receivables Funding Corp.
5/9/95 6.03 11,100 11,085
Rockwell International Corporation
6/5/95 6.87 50,000 49,677
Royal Bank of Canada
8/31/95 6.18 25,000 24,488
Seagram & Sons, Joseph E. (Inc.)
5/31/95 6.17 20,000 19,899
6/5/95 6.32 25,000 24,849
Sears Roebuck Acceptance Corp.
5/9/95 6.15 18,000 17,976
5/11/95 6.15 20,000 19,966
5/22/95 6.11 29,000 28,898
5/26/95 6.05 20,000 19,916
6/6/95 6.17 15,000 14,909
Sherwood Medical Company
7/10/95 6.17 9,000 8,894
Textron, Inc.
5/1/95 6.23 4,000 4,000
5/3/95 6.20 2,000 1,999
5/4/95 6.18 4,000 3,998
5/10/95 6.18 5,000 4,992
5/17/95 6.13 5,000 4,986
5/22/95 6.13 2,000 1,993
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Toronto Dominion Holdings USA, Inc.
10/10/95 6.39% $ 30,000 $ 29,168
Union Pacific Corp.
5/3/95 6.18 4,000 3,999
Unocal Corp.
5/1/95 6.20 6,000 6,000
5/2/95 6.21 2,000 2,000
WCP Funding, Inc.
5/15/95 6.04 10,000 9,977
Westdeutsche Landesbank
5/10/95 6.03 70,000 69,895
5/11/95 6.03 100,000 99,833
Westpac Capital Corp.
8/15/95 6.23 25,000 24,551
TOTAL COMMERCIAL PAPER 3,393,225
FEDERAL AGENCIES - 8.2%

FEDERAL FARM CREDIT BANK - AGENCY COUPONS (A) - 0.7%
5/1/95 6.17 56,000 55,961
FEDERAL HOME LOAN BANK - AGENCY COUPONS - 0.3%
12/26/95 6.37 25,000 25,450
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 0.2%
7/24/95 6.15 6,800 6,705
8/15/95 6.39 9,400 9,229
15,934
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 2.3%
6/2/95 6.09 36,890 36,693
6/6/95 6.09 45,000 44,730
6/13/95 6.11 50,000 49,641
7/10/95 6.13 25,000 24,708
8/2/95 6.23 20,000 19,686
175,458
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 4.7%
5/26/95 6.14 15,000 14,937
6/7/95 6.10 80,000 79,506
6/15/95 6.20 35,000 34,734
7/24/95 6.26 8,185 8,069
7/27/95 6.26 5,000 4,926
8/14/95 6.40 87,000 85,427
10/3/95 6.40 75,000 73,008
FEDERAL AGENCIES - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - CONTINUED
10/4/95 6.37% $ 25,000 $ 24,335
12/18/95 6.52 40,000 38,409
363,351
TOTAL FEDERAL AGENCIES 636,154
BANK NOTES - 6.6%

Bank of New York - Delaware (a)
5/1/95 6.21 80,000 79,994
Boatmen's First National Bank of Kansas City (a)
5/1/95 6.16 25,000 25,000
Boatmen's National Bank of St. Louis (a)
5/15/95 6.09 40,000 39,991
First Bank N.A. - Minnesota (a)
5/15/95 6.11 42,000 41,994
First of America Bank - Illinois
6/19/95 6.20 15,000 15,000
Huntington National Bank (a)
5/1/95 6.23 40,000 39,993
Mellon Bank, N.A.
8/15/95 6.42 25,000 25,000
10/16/95 6.29 10,000 10,000
NationsBank of Texas
9/27/95 6.38 75,000 75,000
PNC Bank, N.A. (a)
5/2/95 6.29 50,000 49,986
5/3/95 6.24 75,000 74,971
Society National Bank (a)
5/1/95 6.20 28,000 27,996
TOTAL BANK NOTES 504,925
MASTER NOTES (A) - 2.1%

J.P. Morgan Securities
5/1/95 6.20 88,000 88,000
Morgan Stanley Group, Inc.
5/1/95 6.20 35,000 35,000
Norwest Corp.
5/1/95 6.09 35,000 35,000
TOTAL MASTER NOTES 158,000
MEDIUM-TERM NOTES (A) - 8.4%
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Abbey National Treasury Services (c)
6/30/95 6.27% $ 107,000 $ 107,000
Beneficial Corp.
5/15/95 6.07 20,000 19,996
5/15/95 6.08 90,000 89,996
Corporate Asset Funding Co., Inc. (c)
5/15/95 6.09 20,000 19,996
General Electric Capital Corp.
5/1/95 6.24 75,000 74,982
General Motors Acceptance Corp.
5/7/95 6.28 43,000 43,000
Goldman Sachs Group, L.P. (The) (c)
5/5/95 6.24 25,000 25,000
5/16/95 6.23 42,500 42,500
6/1/95 6.18 40,000 40,000
IBM Credit Corp.
5/1/95 6.22 20,000 20,003
Merrill Lynch & Co., Inc.
5/1/95 6.21 37,000 37,000
Norwest Corp.
9/15/95 6.27 48,000 48,000
PHH Corp.
5/17/95 6.07 41,000 40,995
Society National Bank
5/1/95 6.19 37,000 36,996
TOTAL-MEDIUM TERM NOTES 645,464
SHORT-TERM NOTES (A) - 1.1%

Capital One Funding Corp.
5/5/95 6.08 8,000 8,000
Commonwealth Life Insurance Co.
5/1/95 6.29 35,000 35,000
SMM Trust Company (1994-D) (b)
7/28/95 6.23 39,000 39,000
TOTAL SHORT-TERM NOTES 82,000
TIME DEPOSITS - 4.8%
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Bank of Tokyo
5/1/95 6.00% $ 90,000 $ 90,000
Dai-Ichi Kangyo Bank, Ltd.
5/3/95 6.13 50,000 50,000
5/8/95 6.13 15,000 15,000
5/19/95 6.09 40,000 40,000
6/1/95 6.06 40,000 40,000
Mitsubishi Bank, Ltd.
5/1/95 6.06 135,000 135,000
TOTAL TIME DEPOSITS 370,000
MUNICIPAL SECURITIES (A) - 0.1%

New York General Obligation
5/23/95 6.27 7,000 6,999
REPURCHASE AGREEMENTS - 0.0%
MATURITY AMOUNT
(000S)
In a joint trading account
(U.S. Treasury Obligations)
dated 4/28/95 due 5/1/95
At 5.93% $ 754 754
TOTAL INVESTMENTS - 100% $ 7,687,955
Total Cost for Income Tax Purposes $ 7,687,955

LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due dates on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
(b) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
SMM Trust Company:
(1994-D) 10/28/94 $ 39,000,000
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $234,496,000 or 3.1% of net
assets.
INCOME TAX INFORMATION
At April 30, 1995, the fund had a capital loss carryforward of
approximately $2,670,000 of which $301,000, $1,892,000 and $477,000 will
expire on April 30, 2001, 2002 and 2003, respectively.
For the period ended April 30, 1995, approximately 1% of the fund's
dividends to shareholders was derived from interest on U.S. Government
obligations.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNT) APRIL 30, 1995

4.ASSETS 5. 6.

7.Investment in securities, at value (including 8. $ 7,687,955
repurchase agreements of $754) - See accompanying
schedule

9.Interest receivable 10. 23,028

11. 12.TOTAL ASSETS 13. 7,710,983

14.LIABILITIES 15. 16.

17.Payable for investments purchased $ 69,848 18.

19.Share transactions in process 2,254 20.

21.Distributions payable 715 22.

23.Accrued management fee 2,815 24.

25. 26.TOTAL LIABILITIES 27. 75,632

28.29.NET ASSETS 30. $ 7,635,351

31.Net Assets consist of: 32. 33.

34.Paid in capital 35. $ 7,638,021

36.Accumulated net realized gain (loss) on investments 37. (2,670)

38.39.NET ASSETS, for 7,637,510 shares outstanding 40. $ 7,635,351

41.42.NET ASSET VALUE, offering price and redemption 43. $1.00
price per share ($7,635,351 (divided by) 7,637,510 shares)

</TABLE>

STATEMENT OF OPERATIONS
AMOUNTS IN THOUSANDS YEAR ENDED APRIL 30, 1995

44.45.INTEREST INCOME 46. $ 391,484

47.EXPENSES 48. 49.

50.Management fee $ 32,968 51.

52.Non-interested trustees' compensation 37 53.

54. Total expenses before reductions 33,005 55.

56. Expense reductions (500) 32,505

57.58.NET INTEREST INCOME 59. 358,979

60.61.NET REALIZED GAIN (LOSS) ON INVESTMENTS 62. (477)

63.64.NET INCREASE IN NET ASSETS RESULTING FROM 65. $ 358,502
OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEARS ENDED APRIL 30,

1995 1994

66.INCREASE (DECREASE) IN NET ASSETS

67.Operations $ 358,979 $ 140,651
Net interest income

68. Net realized gain (loss) (477) (1,893)

69. 70.NET INCREASE (DECREASE) IN NET ASSETS 358,502 138,758
RESULTING FROM OPERATIONS

71.Dividends to shareholders from net interest income (358,979) (140,651)

72.Share transactions at net asset value of $1.00 per 11,531,847 7,813,321
share
Proceeds from sales of shares

73. Reinvestment of dividends from net interest income 343,973 135,945

74. Cost of shares redeemed (10,693,390) (6,035,840)

75.76. 1,182,430 1,913,426
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES
RESULTING FROM SHARE TRANSACTIONS

77. 78.TOTAL INCREASE (DECREASE) IN NET ASSETS 1,181,953 1,911,533

79.NET ASSETS 80. 81.

82. Beginning of period 6,453,398 4,541,865

83. End of period $ 7,635,351 $ 6,453,398

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED APRIL 30,

1995 1994 1993 1992 1991

84.SELECTED PER-SHARE DATA

85.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of period

86.Income from Investment .049 .031 .035 .053 .076
Operations
Net interest income

87.Less Distributions (.049) (.031) (.035) (.053) (.076)
From net interest income

88.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
end of period

89.TOTAL RETURN A 4.97% 3.14% 3.51% 5.41% 7.87%

90.RATIOS AND SUPPLEMENTAL DATA

91.Net assets, end of period $ 7,635 $ 6,453 $ 4,542 $ 5,371 $ 7,190
(in millions)

92.Ratio of expenses to average .44% .31% .30% .34% .28%
net assets

93.Ratio of expenses to average .45% .32% .30% .34% .47%
net assets before expense
reductions

94.Ratio of net interest income to 4.89% 3.12% 3.46% 5.32% 7.62%
average net assets

</TABLE>

A TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE. TOTAL RETURNS
WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE
PERIODS SHOWN. SEE NOTE 4 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 1995

1. SIGNIFICANT ACCOUNTING
POLICIES.
Spartan 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. At a
special meeting of the shareholders of the fund held on March 23, 1994,
shareholders approved an Agreement and Plan of Conversion and Termination
(the Plan of Conversion), providing for the conversion of the fund from a
separate series of a Massachusetts business trust, to a separate series of
a Delaware business trust, effective June 17, 1994. The individual
investment objective, policies and limitations of the fund remain the same.
The following summarizes the significant accounting policies of the fund:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with other
affiliated entities of Fidelity Management & Research Company (FMR), may
transfer uninvested cash balances into one or more joint trading accounts.
These balances are invested in one or more repurchase agreements that
mature in 60 days or less from the date of purchase, and are collateralized
by U.S. Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. FMR, the fund's
investment adviser, is responsible for determining that the value of these
underlying securities remains at least equal to the resale price.
2. OPERATING POLICIES -
CONTINUED
RESTRICTED SECURITIES. The fund is permitted to invest in privately placed
restricted securities. These securities may be resold in transactions
exempt from registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations and
expense, and prompt sale at an acceptable price may be difficult. At the
end of the period, restricted securities (excluding 144A issues) amounted
to $39,000,000 or 0.5% of net assets.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR pays all expenses,
except the compensation of the non-interested Trustees and certain
exceptions such as interest, taxes, brokerage commissions and extraordinary
expenses. FMR receives a fee that is computed daily at an annual rate of
.45% of the fund's average net assets.
FMR also bears the cost of providing shareholder services to the fund. To
offset the cost of providing these services, FMR or its affiliates collect
certain transaction fees from the fund's shareholders which amounted to
$281,000 for the period.
SUB-ADVISER FEE. As the fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fee is paid prior to any voluntary
expense reimbursements which may be in effect, and after reducing the fee
for any payments by FMR pursuant to the fund's Distribution and Service
Plan.
4. EXPENSE REDUCTIONS.
For the period May 1, 1994 to June 30, 1994, FMR voluntarily agreed to
reimburse the fund's operating expenses (excluding interest, taxes,
brokerage commissions and extraordinary expenses) above a specified
percentage of average net assets. During the period, this expense
limitation ranged from .39% to .42% of average net assets and the
reimbursement reduced expenses by $500,000.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Hereford Street Trust and the Shareholders of
Spartan Money Market Fund:
We have audited the accompanying statement of assets and liabilities of
Fidelity Hereford Street Trust: Spartan Money Market Fund, including the
schedule of portfolio investments, as of April 30, 1995, and the related
statement of operations for the year then ended, the statements of changes
in net assets for each of the two years in the period then ended and the
financial highlights for each of the five years in the period then ended.
These financial statements and financial highlights are the responsibility
of the fund's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of April 30, 1995 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Hereford Street Trust: Spartan Money Market Fund as of April
30, 1995, 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 then
ended, and the financial highlights for each of the five years in the
period then ended, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
May 19, 1995
TO WRITE FIDELITY

TO CALL FIDELITY

Page 31 = BLANK
Do NOT strip-in this type
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Fred L. Henning, Jr., Vice President
John Todd, Vice President
Arthur S. Loring, Secretary
Stephen P. Jonas, Treasurer
Thomas D. Maher, Assistant Vice President
Michael D. Conway, Assistant Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
The Bank of New York
New York, NY
FIDELITY'S TAXABLE
MONEY MARKET FUNDS
Fidelity Cash Reserves
Fidelity Daily Income Trust
Fidelity U.S. Government Reserves
Spartan Money Market Fund
Spartan U.S. Government
Money Market Fund
Spartan U.S. Treasury
Money Market Fund
THE FIDELITY
TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE

SPARTAN

(registered trademark)
(registered trademark)
U.S. GOVERNMENT
MONEY MARKET
FUND
ANNUAL REPORT
APRIL 30, 1995
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 6 The manager's review of fund
performance, strategy and outlook.

INVESTMENT CHANGES 8 A summary of major shifts in the
fund's investments over the past six
months
and one year.

INVESTMENTS 9 A complete list of the fund's
investments with their market value.

FINANCIAL STATEMENTS 12 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 16 Footnotes to the financial
statements.

REPORT OF INDEPENDENT
ACCOUNTANTS 18 The auditors' opinion.

FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

To measure a money market fund's performance, you can look at either total
return or yield. Total return reflects the change in a fund's share price
over a given period, reinvestment of its dividends (or income) and the
effect of the fund's $5 account closeout fee. Yield measures the income
paid by a fund. Since a money market fund tries to maintain a $1 share
price, yield is an important measure of performance. If Fidelity had not
reimbursed certain fund expenses during the periods shown, the total
returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED APRIL 30, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan U.S. Government
Money Market Fund 4.78% 26.42% 28.88%

Average Government
Money Market Fund 4.45% 23.74% 25.30%

Consumer Price Index 3.05% 17.84% 19.23%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a specific period - in this case, one year, five years, or since the
fund started on February 5, 1990. For example, if you invested $1,000 in a
fund that had a 5% return over the past year, the value of your investment
would be $1,050. To measure how the fund's performance stacked up against
its peers, you can compare it to the average government money market fund,
which reflects the performance of 224 government money market funds with
similar objectives tracked by IBC/Donoghue over the past 12 months.
Comparing the fund's performance to the consumer price index (CPI) helps
show how your fund did compared to inflation. (The periods covered by the
CPI and IBC/Donoghue numbers are the closest available match to those
covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED APRIL 30, 1995 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND

Spartan U.S. Government
Money Market Fund 4.78% 4.80% 4.96%

Average Government
Money Market Fund 4.45% 4.35% 4.47%

Consumer Price Index 3.05% 3.34% 3.41%

Spartan U.S. Government 3.33% 3.94% 4.59% 5.33% 5.64%
Money Market Fund

Average Government 2.99% 3.64% 4.21% 4.99% 5.32%
Money Market Fund

4/27/94 7/27/94 10/26/94 2/1/95 4/26/95

2.33% 2.42% 2.57% 2.82% 2.88%
MMDA

Row: 1, Col: 1, Value: 3.33
Row: 1, Col: 2, Value: 2.99
Row: 1, Col: 3, Value: 2.33
Row: 2, Col: 1, Value: 3.94
Row: 2, Col: 2, Value: 3.64
Row: 2, Col: 3, Value: 2.42
Row: 3, Col: 1, Value: 4.59
Row: 3, Col: 2, Value: 4.21
Row: 3, Col: 3, Value: 2.57
Row: 4, Col: 1, Value: 5.33
Row: 4, Col: 2, Value: 4.99
Row: 4, Col: 3, Value: 2.82
Row: 5, Col: 1, Value: 5.64
Row: 5, Col: 2, Value: 5.319999999999999
Row: 5, Col: 3, Value: 2.88
Spartan U.S.
Government
Money Market Fund
Average
Government
Money Market Fund
MMDA
6% -
5% -
4% -
3% -
2% -
1% -
0%
YIELD refers to the income paid by the fund over a given period. Yields for
money market funds are usually for seven-day periods, expressed as annual
percentage rates. A yield that assumes income earned is reinvested or
compounded is called an effective yield. The chart above shows the fund's
current seven-day yield at quarterly intervals over the past year. You can
compare these yields to the average government money market fund and the
average bank money market deposit account (MMDA). Figures for the average
government money market fund are from IBC/Donoghue. The MMDA average is
supplied by BANK RATE MONITOR.(Trademark)
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT PAST
RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.

COMPARING
PERFORMANCE
There are some important
differences between a bank
money market deposit account
(MMDA) and a money market
fund. First, the U.S. government
neither insures nor guarantees
a money market fund. In fact,
there is no assurance that a
money market fund will
maintain a $1 share price.
Second, a money market fund
returns to its shareholders
income earned by the fund's
investments after expenses.
This is in contrast to banks,
which set their MMDA rates
periodically based on current
interest rates, competitors'
rates, and internal criteria.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

An interview with Leland Barron,
Portfolio Manager of Spartan U.S. Government Money Market Fund
Q. LELAND, WHAT KIND OF INTEREST-RATE ENVIRONMENT HAVE YOU BEEN OPERATING
IN FOR THE PAST YEAR?
A. Rates have risen; that's been the central fact. From last May through
February of this year, the Federal Reserve raised the federal funds rate -
the rate banks charge each other for overnight loans - four times totaling
two and one-quarter percentage points. But I think it's more useful for our
purposes if we divide the period into two parts. During the first part,
from April through December, nearly all the indicators - including
employment, consumer spending, and capital spending - pointed toward
growing strength in the economy. The Fed's aim throughout was to temper
that strength and ward off inflation, first with a monetary policy aiming
for neutrality; and later, after August, with one that was frankly
restrictive. Then in January, we began to see numbers that suggested a
slowdown in the economy. Those signs were confirmed with the release of the
initial estimate of first-quarter growth in the gross domestic product,
which turned out to be even lower than expected - only 2.8%, compared to
more than 5% in the fourth quarter of 1995.
Q. HOW HAS THE MARKET RESPONDED TO THE SLOWDOWN IN THE ECONOMY?
A. Despite the Fed's increase in February, short-term rates have fallen an
average of more than half a percentage point since December, depending on
the type of security. That reflects a dramatic shift in market psychology.
Whereas before the feeling was that rates would continue rising, now
there's a growing consensus among economists that the Fed's hoped-for soft
landing may have been achieved, perhaps eliminating the need for further
rate increases in the months ahead.
Q. WHAT STRATEGIC CHANGES DID YOU MAKE DURING THE COURSE OF THE YEAR?
A. Early in the period, the fund's average maturity was well within its
neutral to defensive range, or between 40 and 50 days. That gave me the
flexibility I needed to keep pace with rising rates. I also increased the
fund's stake in variable-rate securities - from 10% a year ago to 25% at
the end of April. Variable-rate securities - which money market funds have
been using for years to help manage interest rate risk - offer yields that
adjust to market rates at daily, weekly or monthly intervals. Later in the
period, even as rates stabilized and began heading down, I chose not to
extend the fund's average maturity much beyond 40 days. That was because
short-term rates sank to artificially low levels, pushed down by foreign
central banks making large purchases of Treasury securities with funds
accumulated in support of the dollar.
Q. HOW DID THE FUND PERFORM?
A. Better than most of its competitors. On April 30, 1995, the fund's
seven-day yield was 5.69%, compared to 3.34% 12 months earlier. The fund's
total return for the year was 4.78%. That beat the average total return of
4.45% for all U.S. government money market funds during the same period,
according to IBC/Donoghue.
Q. WHAT'S THE OUTLOOK FOR THE NEXT SEVERAL MONTHS?
A. Most economists now believe that the Fed is in no hurry to raise rates
again, and I agree with that view. But given the underlying strength of the
U.S. economy - and the fact that in the current climate there's so little
extra yield to be gained by having a longer maturity - I'll likely keep the
fund within its neutral range, probably between 40 and 50 days.

WORDS TO KNOW
AGENCY ISSUE: Debt security
issued by a government
agency, such as the Federal
National Mortgage Association
(Fannie Mae). Although their
credit ratings are high, most
agency issues are not backed
by the full faith and credit of the
U.S. government.
AVERAGE MATURITY: The average
maturity of debt securities in a
fund, weighted by dollar
amount. When the average
maturity is short, the fund
manager believes interest
rates will rise. When the
average maturity is long, the
fund manager is expecting
rates to fall.
DISCOUNT RATE: The interest rate
the Federal Reserve charges
member banks for loans.
FEDERAL FUNDS RATE: The interest
rate banks charge each other
for overnight loans.
MATURITY: The amount of time
remaining before a debt
security is scheduled to be
redeemed.
REPURCHASE AGREEMENT:
Agreement between a seller
and a buyer in which the seller
promises to repurchase a block
of securities at a set price and
time. Also known as a "repo."
TREASURY OBLIGATION: Debt
security issued directly by the
U.S. government. Payment of
principal and interest are
guaranteed.
INVESTMENT CHANGES

MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
4/30/95 10/31/94 4/30/94

0 - 30 45 61 65

31 - 90 9 18 11

91 - 180 29 14 23

181 - 397 17 7 1

WEIGHTED AVERAGE MATURITY
4/30/95 10/31/94 4/30/94

Spartan U.S. Government
Money Market Fund 42 days 47 days 48 days

Average Government
Money Market Fund* 41 days 41 days 43 days

ASSET ALLOCATION
AS OF APRIL 30, 1995 AS OF OCTOBER 31, 1994

Row: 1, Col: 1, Value: 57.0
Row: 1, Col: 2, Value: 7.0
Row: 1, Col: 3, Value: 35.0
Row: 1, Col: 4, Value: 2.0
Row: 1, Col: 1, Value: 56.0
Row: 1, Col: 2, Value: 3.0
Row: 1, Col: 3, Value: 40.0
Row: 1, Col: 4, Value: 2.0
Federal agency
issues 57%
U.S. Treasury
obligations 7%
Repurchase
agreements 35%
Other 1%
Federal agency
issues 56%
U.S. Treasury
obligations 3%
Repurchase
agreements 40%
Other 1%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS APRIL 30, 1995

Showing Percentage of Total Value of Investments

FEDERAL AGENCIES - 57.5%
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
FEDERAL FARM CREDIT BANK - AGENCY COUPONS - 5.7%
5/1/95 5.87% $ 10,000,000 $ 10,000,000
5/1/95 5.88 9,000,000 9,000,000
5/1/95 6.25 (a) 21,000,000 20,964,250
39,964,250
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 5.7%
5/1/95 6.08 22,000,000 21,996,305
5/1/95 6.58 9,000,000 8,989,508
6/8/95 6.01 9,000,000 8,985,986
39,971,799
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 1.4%
6/13/95 6.83 10,000,000 9,921,167
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 2.4%
5/16/95 6.03 8,000,000 7,980,200
5/22/95 6.03 9,000,000 8,968,815
16,949,015
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 10.4%
5/1/95 6.28 43,000,000 43,000,000
5/1/95 6.60 30,000,000 30,000,000
73,000,000
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 26.4%
5/11/95 5.98 10,000,000 9,983,889
5/16/95 6.03 5,000,000 4,987,625
5/17/95 6.14 20,000,000 19,947,022
6/2/95 6.51 10,000,000 9,944,000
6/28/95 6.40 19,000,000 18,809,293
7/11/95 6.73 10,000,000 9,871,608
8/7/95 6.38 20,000,000 19,663,533
8/8/95 6.38 6,000,000 5,898,030
8/17/95 6.35 8,000,000 7,852,400
9/14/95 6.28 27,000,000 26,379,840
10/10/95 6.17 14,000,000 13,623,260
10/20/95 6.08 19,000,000 18,464,411
11/2/95 6.12 20,000,000 19,390,527
184,815,438
FEDERAL AGENCIES - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 5.5%
5/2/95 6.16% $ 26,000,000 $ 26,000,000
6/30/95 5.48 12,400,000 12,400,000
38,400,000
TOTAL FEDERAL AGENCIES 403,021,669
U.S. TREASURY OBLIGATIONS - 7.1%
U.S. TREASURY BILLS
8/24/95 5.47 23,000,000 22,618,679
8/31/95 6.19 28,000,000 27,430,667
TOTAL U.S. TREASURY OBLIGATIONS 50,049,346
MEDIUM-TERM NOTES (A) - 0.8%
EXPORT-IMPORT BANK, U.S. (AS GUARANTOR FOR K.A. LEASING, LTD.) (C)
5/15/95 6.25 5,589,536 5,589,536
REPURCHASE AGREEMENTS - 34.6%
MATURITY
AMOUNT
With First Boston Corporation:
At 6.1875% (a), dated 4/17/95 due 5/17/95:
U.S. Treasury Obligations
(principal amount $49,804,784)
7.375% to 8.625%, 8/15/97 to 11/15/97 $ 48,247,500 (b) 48,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 4/28/95 due 5/1/95:
At 5.93% 7,200,554 7,197,000
(U.S. Government Obligations)
dated 4/28/95 due 5/1/95:
At 5.97% 186,929,935 186,837,000
TOTAL REPURCHASE AGREEMENTS 242,034,000
TOTAL INVESTMENTS - 100% $ 700,694,551
Total Cost for Income Tax Purposes $ 700,694,551

LEGEND
(d) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
(e) The maturity amount is calculated based on the rate at period end.
(f) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $5,589,536 or 0.8% of net
assets.
INCOME TAX INFORMATION
At April 30, 1995, the fund had a capital loss carryforward of
approximately $135,000 of which $20,000, $10,000, $52,000 and $53,000 will
expire on April 30, 1999, 2001, 2002 and 2003, respectively.
For the period ended April 30, 1995, approximately 20% of the fund's
dividends to shareholders was derived from interest on U.S. Government
obligations.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
APRIL 30, 1995

5.ASSETS 6. 7.

8.Investment in securities, at value (including 9. $ 700,694,551
repurchase agreements of $242,034,000) - See
accompanying schedule

10.Cash 11. 4,125,684

12.Interest receivable 13. 2,710,815

14. 15.TOTAL ASSETS 16. 707,531,050

17.LIABILITIES 18. 19.

20.Distributions payable $ 72,368 21.

22.Accrued management fee 264,590 23.

24. 25.TOTAL LIABILITIES 26. 336,958

27.28.NET ASSETS 29. $ 707,194,092

30.Net Assets consist of: 31. 32.

33.Paid in capital 34. $ 707,328,939

35.Accumulated net realized gain (loss) on investments 36. (134,847)

37.38.NET ASSETS, for 707,328,939 shares outstanding 39. $ 707,194,092

40.41.NET ASSET VALUE, offering price and redemption 42. $1.00
price per share ($707,194,092 (divided by) 707,328,939 shares)

</TABLE>

STATEMENT OF OPERATIONS
YEAR ENDED APRIL 30, 1995

43.44.INTEREST INCOME 45. $ 38,205,241

46.EXPENSES 47. 48.

49.Management fee $ 3,352,415 50.

51.Non-interested trustees' compensation 3,944 52.

53. 54.TOTAL EXPENSES 55. 3,356,359

56.57.NET INTEREST INCOME 58. 34,848,882

59.60.NET REALIZED GAIN (LOSS) ON INVESTMENTS 61. (53,461)

62.63.NET INCREASE IN NET ASSETS RESULTING FROM 64. $ 34,795,421
OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED APRIL 30,

1995 1994

65.INCREASE (DECREASE) IN NET ASSETS

66.Operations $ 34,848,882 $ 22,752,898
Net interest income

67. Net realized gain (loss) (53,461) (51,505)

68. 69.NET INCREASE (DECREASE) IN NET ASSETS 34,795,421 22,701,393
RESULTING FROM OPERATIONS

70.Dividends to shareholders from net interest income (34,848,882) (22,752,898)

71.Share transactions at net asset value of $1.00 per 710,652,493 665,902,289
share
Proceeds from sales of shares

72. Reinvestment of dividends from net interest income 33,477,624 21,953,462

73. Cost of shares redeemed (817,177,824) (805,300,969)

74.75. (73,047,707) (117,445,218)
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES
RESULTING FROM SHARE TRANSACTIONS

76. 77.TOTAL INCREASE (DECREASE) IN NET ASSETS (73,101,168) (117,496,723)

78.NET ASSETS 79. 80.

81. Beginning of period 780,295,260 897,791,983

82. End of period $ 707,194,092 $ 780,295,260

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED APRIL 30,

1995 1994 1993 1992 1991

83.SELECTED PER-SHARE DATA

84.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of
period

85.Income from .047 .029 .032 .052 .076
Investment
Operations
Net interest
income

86.Less (.047) (.029) (.032) (.052) (.076)
Distributions
From net interest
income

87.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
end of period

88.TOTAL RETURN A 4.79 2.89 3.24 5.33 7.84
% % % % %

89.RATIOS AND SUPPLEMENTAL
DATA

90.Net assets, $ 707,194 $ 780,295 $ 897,792 $ 1,411,348 $ 1,878,250
end of period
(000 omitted)

91.Ratio of .45 .45 .45 .40 .17
expenses % % % % %
to average net
assets

92.Ratio of .45 .54 .55 .55 .55
expenses % % % % %
to average net
assets before
expense
reductions

93.Ratio of net 4.67 2.85 3.25 5.29 7.34
interest income to % % % % %
average net
assets

</TABLE>

A TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND WOULD HAVE BEEN
LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN.
NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 1995

1. SIGNIFICANT ACCOUNTING
POLICIES.
Spartan U.S. 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. At a special meeting of the shareholders of the fund held on March
23, 1994, shareholders approved an Agreement and Plan of Conversion and
Termination (the Plan of Conversion), providing for the conversion of the
fund from a separate series of a Massachusetts business trust, to a
separate series of a Delaware business trust, effective June 17, 1994. The
individual investment objective, policies and limitations of the fund
remain the same. The following summarizes the significant accounting
policies of the fund:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with other
affiliated entities of Fidelity Management & Research Company (FMR), may
transfer uninvested cash balances into one or more joint trading accounts.
These balances are invested in one or more repurchase agreements that
mature in 60 days or less from the date of purchase, and are collateralized
by U.S. Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. FMR, the fund's
investment adviser, is responsible for determining that the value of these
underlying securities remains at least equal to
the resale price.
3. JOINT TRADING ACCOUNT.
At the end of the period, the fund had 20% or more of its total investments
in repurchase agreements through a joint trading account. These repurchase
agreements were with entities whose creditworthiness has been reviewed and
found satisfactory by FMR. The repurchase agreements were dated April 28,
1994 and due May 1, 1995. The maturity values of the joint trading account
investments were $7,200,554 at 5.93% and $186,929,935 at 5.97%. The
investments in repurchase agreements through the joint trading account are
summarized as follows:
SUMMARY OF JOINT TRADING
5.93%
Number of dealers or banks 20
Maximum amount with one dealer or bank 18.9%
Aggregate principal amount of agreements $15,961,400,000
Aggregate maturity amount of agreements $15,969,281,387
Aggregate market value of collateral $16,304,796,108
Coupon rates of collateral 0% to 15.75%
Maturity dates of collateral 4/30/95 to 2/15/25
5.97%
Number of dealers or banks 3
Maximum amount with one dealer or bank 63.2%
Aggregate principal amount of agreements $1,900,000,000
Aggregate maturity amount of agreements $1,900,945,083
Aggregate market value of collateral $1,954,771,383
Coupon rates of collateral 0% to 10.6%
Maturity dates of collateral 5/1/95 to 4/1/34

MANAGEMENT FEE. As the fund's investment adviser, FMR pays all expenses,
except the compensation of the non-interested Trustees and certain
exceptions such as interest, taxes, brokerage commissions and extraordinary
expenses. FMR receives a fee that is computed daily at an annual rate of
.45% of the fund's average net assets.
FMR also bears the cost of providing shareholder services to the fund. To
offset the cost of providing these services, FMR or its affiliates collect
certain transaction fees from the fund's shareholders which amounted to
$25,662 for the period.
SUB-ADVISER FEE. As the fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fee is paid prior to any voluntary
expense reimbursements which may be in effect, and after reducing the fee
for any payments by FMR pursuant to the fund's Distribution and Service
Plan.
REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Hereford Street Trust and the Shareholders of
Spartan U.S. Government Money Market Fund:
We have audited the accompanying statement of assets and liabilities of
Fidelity Hereford Street Trust: Spartan U.S. Government Money Market Fund,
including the schedule of portfolio investments, as of April 30, 1995, and
the related statement of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended
and the financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the
responsibility of the fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of April 30, 1995 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Hereford Street Trust: Spartan U.S. Government Money Market
Fund as of April 30, 1995, 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 then ended, and the financial highlights for each of the five years
in the period then ended, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
May 19, 1995
TO WRITE FIDELITY

TO CALL FIDELITY

Page 23 = BLANK
Do NOT strip-in this type
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Leland Barron, Vice President
Fred L. Henning, Jr., Vice President
Arthur S. Loring, Secretary
Stephen P. Jonas, Treasurer
Thomas D. Maher, Assistant Vice President
Michael D. Conway, Assistant Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
Morgan Guaranty Trust Co. of New York
New York, NY
FIDELITY'S TAXABLE
MONEY MARKET FUNDS
Fidelity Cash Reserves
Fidelity Daily Income Trust
Fidelity U.S. Government Reserves
Spartan Money Market Fund
Spartan U.S. Government
Money Market Fund
Spartan U.S. Treasury
Money Market Fund
THE FIDELITY
TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE