FIDELITY HEREFORD STREET TRUST
N-30D, 2001-01-10

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Spartan®

U.S. Government
Money Market

Fund

Semiannual Report

October 31, 2000

(2_fidelity_logos)(Registered_Trademark)

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.
Financial Statements	12	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	16	Notes to the financial statements.

To reduce expenses, only one copy of most financial reports and prospectuses may be mailed to households, even if more than one person in the household has an account in the fund. Call Fidelity at 1-800-544-8544 if you need additional copies of financial reports or prospectuses. If you do not want the mailing of these documents to be combined with those for other members of your household, contact Fidelity in writing at P.O. Box 5000, Cincinnati, OH 45273-8692.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

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, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

A sixth-straight year of double-digit positive returns for the Dow Jones Industrial Average, NASDAQ and S&P 500® could be in jeopardy unless the U.S. stock market shows marked improvement in the final two months of 2000. Through October, all three indexes had negative year-to-date returns. On the other hand, most fixed-income sectors were solidly in the black. Treasuries and other long-term government securities led the way, returning nearly 14%.

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

First, investors are encouraged to take a long-term view of their portfolios. If you can afford to leave your money invested through the inevitable up and down cycles of the financial markets, you will greatly reduce your vulnerability to any single decline. We know from experience, for example, that stock prices have gone up over longer periods of time, have significantly outperformed other types of investments and have stayed ahead of inflation.

Second, you can further manage your investing risk through diversification. A stock mutual fund, for instance, is already diversified, because it invests in many different companies. You can increase your diversification further by investing in a number of different stock funds, or in such other investment categories as bonds. You should also keep money you'll need in the near future in a more stable investment.

Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy.

If you have questions, please call us at 1-800-544-6666, or visit our web site at www.fidelity.com. We are available 24 hours a day, seven days a week to provide you the information you need to make the investments that are right for you.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Performance: The Bottom Line

To evaluate a money market fund's historical performance, you can look at either total return or yield. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income. 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, the past 10 year total return would have been lower.

Cumulative Total Returns

Periods ended October 31, 2000	Past 6 months	Past 1 year	Past 5 years	Past 10 years
Spartan US Government Money Market	3.10%	5.89%	29.47%	61.56%
Government Retail Money Market Funds Average	2.90%	5.47%	27.12%	55.76%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had 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 government retail money market funds average, which reflects the performance of government retail money market funds with similar objectives tracked by iMoneyNet, Inc. The past six months average represents a peer group of 211 money market funds.

Average Annual Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Spartan US Government Money Market	5.89%	5.30%	4.91%
Government Retail Money Market Funds Average	5.47%	4.91%	4.53%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

Semiannual Report

Performance - continued

Yields

	10/31/00	8/1/00	5/2/00	2/1/00	11/2/99
Spartan U.S. Government Money Market Fund	6.20%	6.19%	5.61%	5.28%	5.04%
Government Retail Money Market Funds Average	5.83%	5.76%	5.25%	4.90%	4.57%
	11/1/00	8/2/00	5/3/00	2/2/00	11/3/99
MMDA	2.11%	2.12%	2.03%	2.07%	2.07%

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 table above shows the fund's current seven-day yield at quarterly intervals over the past year. You can compare these yields to the government retail money market funds average and the bank money market deposit account (MMDA) average. Figures for the government retail money market funds average are from iMoneyNet, Inc. The MMDA average is supplied by BANK RATE MONITOR(TM).

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.

A money market fund's total returns and yields will vary, and reflect past results rather than predict future performance.

Semiannual Report

Fund Talk: The Manager's Overview

An interview with Robert Litterst, Portfolio Manager of Spartan U.S. Government Money Market Fund

Q. Bob, what was the investment environment like during the six months that ended October 31, 2000?

A. Market expectations shifted dramatically from the beginning of the period. In May, the Federal Reserve Board raised the rates banks charge each other for overnight loans - known as the fed funds target rate - continuing a rate-hike policy that had started in mid-1999. Sentiment in the market reflected the belief that the Fed would continue hiking short-term rates at least through the end of 2000. However, economic indicators emerged showing that the Fed's rate hikes were beginning to take effect, and the torrid pace of economic growth that prevailed over the past year was moderating. In addition to the Fed's rate hikes, rising energy prices and a struggling stock market had a dampening effect on the economy. The slowdown did not develop into something worse primarily because consumer spending - which represents about two-thirds of gross domestic product - remained solid. Consumer activity was underpinned by a strong job market, solid income gains and high levels of consumer confidence. Despite higher energy prices, inflation remained under control, helped by intense competition that limited pricing power and surging productivity growth that offset higher wages and benefits. As market participants realized that the Fed would not have to raise rates as much as previously expected, market rates began to fall. By the end of the period, market rates looking out to 2001 priced in the likelihood that the next Fed move would actually be a rate cut. The Fed publicly maintained a cautious stance, indicating a continued bias toward raising rates in the future, saying that the risks of higher inflation outweighed those of a faltering economy. (Portfolio Manager photograph)

Q. Were there any developments of note within the government money market?

A. Yes, there were. Government agencies such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Bank (Freddie Mac) - which enjoy the implicit backing of the federal government - came under scrutiny by Congress. Specifically, some in Congress raised concerns that the agencies were involved in activities that fell outside their mission and that were perhaps too risky, and that they had grown too far too fast during the past few years. These concerns hurt agency debt in longer maturities, but short-term agency debt was unaffected. In October, the heads of the agencies reassured members of Congress that they would increase capital, liquidity and disclosure, and would work more closely with Congressional leaders to strengthen regulatory oversight. This announcement significantly reduced the political risk associated with the agencies. Still, we will continue to closely monitor this situation going forward.

Semiannual Report

Fund Talk: The Manager's Overview - continued

Q. What was your strategy with the fund?

A. During the period, the fund's average maturity fluctuated from the mid 40-day range to the low 70-day range, depending on where I could find value. Midway through the period, it became clear that the Fed would hold short-term interest rates steady for the time being. As a result, my approach - and the fund's average maturity - was not a reflection of a stance calling for aggressive Fed action one way or the other. Instead, I tried to keep the fund's average maturity within about 10 to 15 days of its peer group, buying securities in the one- to six-month range that offered particular value at specific points in time. In addition, I reduced the fund's variable-rate holdings and increased its stake in repurchase agreements, because the former group became expensive and the latter group tends to become cheap and offer attractive yields late in each calendar year.

Q. How did the fund perform?

A. The fund's seven-day yield on October 31, 2000, was 6.20%, compared to 5.61% six months ago. For the six months that ended October 31, 2000, the fund had a total return of 3.10%, compared to 2.90% for the government retail money market funds average, according to iMoneyNet, Inc.

Q. What is your outlook?

A. The Fed appears to have achieved its goal of a soft landing, where economic growth slows to a sustainable, non-inflationary pace, but not so much that the economy enters a recession. In this environment, the Fed is likely to maintain a stable monetary policy. However, if growth slows sharply or if fragile financial conditions in certain parts of the world deteriorate into crises, the Fed does have the flexibility to lower rates to restore confidence and liquidity. I plan to continue to pursue opportunities that offer favorable risk and reward trade-offs for shareholders. Also, I expect to maintain an average maturity moderately longer than my peers.

The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Fund Facts

Goal: seeks as high a level of current income as is consistent with preservation of capital and liquidity by investing in U.S. Government securities and repurchase agreements, and entering into reverse repurchase agreements.

Fund number: 458

Trading symbol: SPAXX

Start date: February 5, 1990

Size: as of October 31, 2000, more than $758 million

Manager: Robert Litterst, since 1997; manager, several Fidelity and Spartan taxable money market funds; joined Fidelity in 1991

Semiannual Report

Investment Changes

Maturity Diversification
Days	% of fund's investments 10/31/00	% of fund's investments 4/30/00	% of fund's investments 10/31/99
0 - 30	57.6	41.8	49.3
31 - 90	9.9	40.7	17.9
91 - 180	25.7	9.3	18.4
181 - 397	6.8	8.2	14.4
Weighted Average Maturity
	10/31/00	4/30/00	10/31/99
Spartan U.S. Government Money Market Fund	61 Days	61 Days	72 Days
Government Retail Money Market Funds Average *	45 Days	43 Days	54 Days

Asset Allocation (% of fund's net assets)
As of October 31, 2000		As of April 30, 2000
	Federal Agency Issues 63.6%		Federal Agency Issues 74.0%
	U.S. Treasury Obligations 3.7%		U.S. Treasury Obligations 0.0%
	Repurchase Agreements and Net Other Assets 32.7%		Repurchase Agreements and Net Other Assets 26.0%

Semiannual Report

Investments October 31, 2000

(Unaudited)

Showing Percentage of Net Assets

Federal Agencies - 63.6%
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value (Note 1)
Fannie Mae - 31.8%
Agency Coupons - 9.2%
11/1/00	6.48% (a)	$ 10,000,000		$ 9,994,764
11/1/00	6.49 (a)	16,000,000		15,992,077
11/7/00	6.53 (a)	11,000,000		10,997,800
11/13/00	6.46 (a)	18,000,000		17,999,500
3/1/01	6.55	6,000,000		5,999,783
3/20/01	6.49	9,000,000		8,998,941
				69,982,865
Discount Notes - 22.6%
11/2/00	6.68	7,000,000		6,998,744
11/9/00	6.84	8,000,000		7,988,253
11/22/00	6.90	7,000,000		6,972,723
11/30/00	6.85	7,164,000		7,125,796
11/30/00	6.89	33,690,000		33,509,256
12/1/00	6.56	7,000,000		6,962,375
2/1/01	6.64	10,000,000		9,835,678
2/1/01	6.67	10,000,000		9,835,167
2/22/01	6.63	10,000,000		9,798,797
3/19/01	6.54	30,000,000		29,269,750
3/28/01	6.55	30,000,000		29,223,767
5/10/01	7.20	14,000,000		13,503,467
				171,023,773
				241,006,638
Federal Home Loan Bank - 14.3%
Agency Coupons - 11.0%
11/3/00	6.00	8,000,000		7,999,978
11/3/00	6.02	3,000,000		2,999,989
11/7/00	6.74 (a)	20,000,000		19,998,471
12/1/00	6.03	6,500,000		6,499,151
1/12/01	6.58 (a)	15,000,000		14,990,323
1/19/01	6.55 (a)	20,000,000		19,986,836
2/7/01	6.48	11,000,000		10,993,376
				83,468,124
Discount Notes - 3.3%
2/23/01	6.57	25,000,000		24,495,708
				107,963,832
Federal Agencies - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount		Value (Note 1)
Freddie Mac - 17.4%
Agency Coupons - 7.1%
11/1/00	6.47% (a)	$ 10,000,000		$ 9,991,770
11/7/00	6.80 (a)	15,000,000		14,992,020
1/10/01	6.59 (a)	15,000,000		14,997,275
1/16/01	6.43	9,000,000		8,884,661
1/16/01	6.63	5,000,000		4,931,354
				53,797,080
Discount Notes - 10.3%
11/9/00	6.85	6,000,000		5,991,180
2/7/01	6.50	10,000,000		9,833,944
3/1/01	6.60	25,000,000		24,467,500
3/29/01	6.54	27,186,000		26,477,412
5/24/01	7.22	7,000,000		6,733,043
10/11/01	6.51	5,000,000		4,707,122
				78,210,201
				132,007,281
Private Export Funding Corp. - 0.1%
Agency Coupons - 0.1%
1/31/01	6.88	1,000,000		1,002,637
TOTAL FEDERAL AGENCIES			481,980,388
U.S. Treasury Obligations - 3.7%

U.S. Treasury Notes - Principal Strips - 3.7%
8/15/01	6.37	20,000,000		19,034,825
9/30/01	6.53	10,000,000		9,429,189
TOTAL U.S. TREASURY OBLIGATIONS			28,464,014

Repurchase Agreements - 35.6%
	Maturity Amount
In a joint trading account (U.S. Government Obligations) dated:
9/5/00 due 11/3/00 At 6.56%	$ 30,322,533		30,000,000
9/7/00 due 11/6/00 At 6.54%	15,163,500		15,000,000
9/18/00 due:
11/14/00 At 6.54%	60,621,300		60,000,000
11/22/00 At 6.53%	20,235,806		20,000,000
Repurchase Agreements - continued
	Maturity Amount		Value (Note 1)
In a joint trading account (U.S. Government Obligations) dated: - continued
10/11/00 due 11/8/00 At 6.52%	$ 25,126,778		$ 25,000,000
10/17/00 due 11/20/00 At 6.53%	20,123,344		20,000,000
10/31/00 due 11/1/00 At 6.62%	100,080,398		100,062,000
TOTAL REPURCHASE AGREEMENTS		270,062,000
TOTAL INVESTMENT PORTFOLIO - 102.9%		780,506,402
NET OTHER ASSETS - (2.9)%		(22,196,412)
NET ASSETS - 100%		$ 758,309,990

Total Cost for Income Tax Purposes $ 780,506,402

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.

Income Tax Information

At April 30, 2000, the fund had a capital loss carryforward of approximately $123,000 of which $33,000, $53,000 and $37,000 will expire on April 30, 2002, 2003 and 2004, respectively.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2000 (Unaudited)
Assets
Investment in securities, at value (including repurchase agreements of $270,062,000) - See accompanying schedule		$ 780,506,402
Cash		357
Receivable for investments sold		19,454,433
Receivable for fund shares sold		1,363,369
Interest receivable		3,418,023
Total assets		804,742,584
Liabilities
Payable for investments purchased	$ 44,928,689
Payable for fund shares redeemed	1,077,836
Distributions payable	123,083
Accrued management fee	293,095
Other payables and accrued expenses	9,891
Total liabilities		46,432,594
Net Assets		$ 758,309,990
Net Assets consist of:
Paid in capital		$ 758,435,898
Accumulated net realized gain (loss) on investments		(125,908)
Net Assets, for 758,435,898 shares outstanding		$ 758,309,990
Net Asset Value, offering price and redemption price per share ($758,309,990 ÷ 758,435,898 shares)		$1.00

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

Semiannual Report

Financial Statements - continued

Statement of Operations

	Six months ended October 31, 2000 (Unaudited)
Investment Income Interest		$ 25,935,049
Expenses
Management fee	$ 1,787,761
Non-interested trustees' compensation	1,562
Total expenses before reductions	1,789,323
Expense reductions	(17,094)	1,772,229
Net investment income		24,162,820
Net Realized Gain (Loss) on Investments		(2,511)
Net increase in net assets resulting from operations		$ 24,160,309

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Six months ended October 31, 2000 (Unaudited)	Year ended April 30, 2000
Increase (Decrease) in Net Assets
Operations Net investment income	$ 24,162,820	$ 41,854,574
Net realized gain (loss)	(2,511)	13,792
Net increase (decrease) in net assets resulting from operations	24,160,309	41,868,366
Distributions to shareholders from net investment income	(24,162,820)	(41,854,574)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	205,375,084	637,554,338
Reinvestment of distributions from net investment income	22,958,490	39,748,091
Cost of shares redeemed	(285,680,005)	(708,990,552)
Net increase (decrease) in net assets and shares resulting from share transactions	(57,346,431)	(31,688,123)
Total increase (decrease) in net assets	(57,348,942)	(31,674,331)
Net Assets
Beginning of period	815,658,932	847,333,263
End of period	$ 758,309,990	$ 815,658,932

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

Semiannual Report

Financial Highlights

	Six months ended October 31, 2000	Years ended April 30,
	(Unaudited)	2000	1999	1998	1997	1996
Selected Per-Share Data
Net asset value, beginning of period	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000
Income from Investment Operations Net investment income	.031	.050	.049	.052	.050	.054
Less Distributions
From net investment income	(.031)	(.050)	(.049)	(.052)	(.050)	(.054)
Net asset value, end of period	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000
Total Return ^{B, C}	3.10%	5.17%	5.02%	5.37%	5.16%	5.52%
Ratios and Supplemental Data
Net assets, end of period (000 omitted)	$ 758,310	$ 815,659	$ 847,333	$ 773,172	$ 815,751	$ 761,475
Ratio of expenses to average net assets	.45% ^A	.45%	.45%	.45%	.45%	.45%
Ratio of expenses to average net assets after expense reductions	.45% ^A	.45%	.44% ^D	.45%	.45%	.41% ^D
Ratio of net investment income to average net assets	6.08% ^A	5.03%	4.90%	5.24%	5.02%	5.42%

^A Annualized

^B The total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Total returns do not include the account closeout fee and for periods of less than one year are not annualized.

^D FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

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

Semiannual Report

Notes to Financial Statements

For the period ended October 31, 2000 (Unaudited)

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 organized as a Delaware business trust. The financial statements have been prepared in conformity with generally accepted accounting principles which require management to make certain estimates and assumptions at the date of the financial statements. 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 substantially all of its taxable income for its fiscal year. The schedule of investments includes information regarding income taxes under the caption "Income Tax Information."

Investment Income. Interest income, which includes amortization of premium and accretion of 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 among the funds in the trust.

Distributions to Shareholders. Dividends are declared daily and paid monthly from net investment 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 for U.S. Treasury or Federal Agency obligations.

Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the fund, or to the Joint Trading Account, at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 investments in repurchase agreements through the joint trading account are summarized as follows:

Summary of Joint Trading

Dated September 5, 2000, due November 3, 2000 6.56%

Number of dealers or banks	1
Maximum amount with one dealer or bank	100%
Aggregate principal amount of agreements	$500,000,000
Aggregate maturity amount of agreements	$505,375,556
Aggregate market value of transferred assets	$510,002,933
Coupon rates of transferred assets	6.09% to 6.63%
Maturity dates of transferred assets	2/22/01 to 5/14/09

Dated September 7, 2000, due November 6, 2000 6.54%

Number of dealers or banks	1
Maximum amount with one dealer or bank	100%
Aggregate principal amount of agreements	$250,000,000
Aggregate maturity amount of agreements	$252,725,000
Aggregate market value of transferred assets	$255,003,594
Coupon rates of transferred assets	5.13% to 6.63%
Maturity dates of transferred assets	4/10/01 to 10/15/08

Dated September 18, 2000, due November 14, 2000 6.54%

Number of dealers or banks	1
Maximum amount with one dealer or bank	100%
Aggregate principal amount of agreements	$500,000,000
Aggregate maturity amount of agreements	$505,177,500
Aggregate market value of transferred assets	$514,083,573
Coupon rates of transferred assets	5.50% to 11.50%
Maturity dates of transferred assets	11/1/00 to 11/1/30

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Joint Trading Account - continued

Summary of Joint Trading - continued

Dated September 18, 2000, due November 22, 2000 6.53%

Number of dealers or banks	1
Maximum amount with one dealer or bank	100%
Aggregate principal amount of agreements	$500,000,000
Aggregate maturity amount of agreements	$505,895,139
Aggregate market value of transferred assets	$510,000,001
Coupon rates of transferred assets	5.00% to 9.00%
Maturity dates of transferred assets	3/1/05 to 10/1/30

Dated October 11, 2000, due November 8, 2000 6.52%

Number of dealers or banks	1
Maximum amount with one dealer or bank	100%
Aggregate principal amount of agreements	$200,000,000
Aggregate maturity amount of agreements	$201,014,222
Aggregate market value of transferred assets	$204,739,703
Coupon rates of transferred assets	0.00% to 8.50%
Maturity dates of transferred assets	11/24/00 to 11/1/30

Dated October 17, 2000, due November 20, 2000 6.53%

Number of dealers or banks	1
Maximum amount with one dealer or bank	100%
Aggregate principal amount of agreements	$200,000,000
Aggregate maturity amount of agreements	$201,233,444
Aggregate market value of transferred assets	$204,613,305
Coupon rates of transferred assets	6.00% to 11.00%
Maturity dates of transferred assets	11/1/00 to 11/1/30

Dated October 31, 2000, due November 1, 2000 6.62%

Number of dealers or banks	17
Maximum amount with one dealer or bank	18.7%
Aggregate principal amount of agreements	$20,005,000,000
Aggregate maturity amount of agreements	$20,008,678,234
Aggregate market value of transferred assets	$20,456,856,001
Coupon rates of transferred assets	0.00% to 16.00%
Maturity dates of transferred assets	11/01/00 to 6/1/40

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates.

Management Fee. As the fund's investment adviser, FMR receives a fee that is computed daily at an annual rate of .45% of the fund's average net assets. FMR pays all other expenses, except the compensation of the non-interested Trustees and certain exceptions such as interest, taxes, brokerage commissions and extraordinary expenses. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the fund to the non-interested Trustees.

FMR also bears the cost of providing shareholder services to the fund. To offset the cost of providing these services, FMR or its affiliates collected certain transaction fees from shareholders which amounted to $5,081.

Sub-Adviser Fee. As the fund's investment sub-adviser, Fidelity Investments Money Management, 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.

Money Market Insurance. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other money market funds advised by FMR or its affiliates, has entered into insurance agreements with FIDFUNDS Mutual Limited (FIDFUNDS), an affiliated mutual insurance company. FIDFUNDS provides limited coverage for certain loss events including issuer default as to payment of principal or interest and bankruptcy or insolvency of a credit enhancement provider. The insurance does not cover losses resulting from changes in interest rates, ratings downgrades or other market conditions. The fund may be subject to a special assessment of up to approximately 2.5 times the fund's annual gross premium if covered losses exceed certain levels. During the period, FMR has borne the cost of the fund's premium payable to FIDFUNDS.

5. Expense Reductions.

Through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce a portion of the fund's expenses. During the period, the fund's expenses were reduced by $17,094 under these arrangements.

Semiannual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

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

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

*0 To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)Fidelity's Web Site
www.fidelity.com

If you are not currently on the Internet, call EarthLink Sprint at 1-800-288-2967, and be sure to ask for registration number SMD004 to receive a special Fidelity package that includes 30 days of free Internet access. EarthLink is North America's #1 independent Internet access provider.

(computer_graphic)
Fidelity On-line Xpress+®

Fidelity On-line Xpress+ software for Windows combines comprehensive portfolio management capabilities, securities trading and access to research and analysis tools . . . all on your desktop. Call Fidelity at 1-800-544-0240 or visit our web site for more information on how to manage your investments via your PC.

* 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.

Semiannual Report

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)Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
2300 Litton Lane - KH1A
Hebron, KY 41048

Selling shares

Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602

Overnight Express
Fidelity Investments
Attn: Redemptions - CP6I

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(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

Overnight Express
Fidelity Investments
Attn: Redemptions - CP6R

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7373 N. Scottsdale Road
Scottsdale, AZ

California

815 East Birch Street
Brea, CA

851 East Hamilton Avenue
Campbell, CA

527 North Brand Boulevard
Glendale, CA

19200 Von Karman Avenue
Irvine, CA

10100 Santa Monica Blvd.
Los Angeles, CA

251 University Avenue
Palo Alto, CA

1760 Challenge Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

8 Montgomery Street
San Francisco, CA

950 Northgate Drive
San Rafael, CA

1400 Civic Drive
Walnut Creek, CA

6300 Canoga Avenue
Woodland Hills, CA

Colorado

1625 Broadway
Denver, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, 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

1907 West State Road 434
Longwood, FL

8880 Tamiami Trail, North
Naples, FL

2401 PGA Boulevard
Palm Beach Gardens, FL

8065 Beneva Road
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

Georgia

3445 Peachtree Road, N.E.
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North Franklin Street
Chicago, IL

1415 West 22nd Street
Oak Brook, IL

1700 East Golf Road
Schaumburg, IL

3232 Lake Avenue
Wilmette, IL

Indiana

4729 East 82nd Street
Indianapolis, IN

Maine

Three Canal Plaza
Portland, ME

Maryland

7401 Wisconsin Avenue
Bethesda, MD

One W. Pennsylvania Ave.
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

25 State Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

416 Belmont Street
Worcester, MA

Semiannual Report

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

700 West 47th Street
Kansas City, MO

8885 Ladue Road
Ladue, MO

New Jersey

150 Essex Street
Millburn, NJ

56 South Street
Morristown, NJ

501 Route 17, South
Paramus, NJ

New York

1055 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

North Carolina

4611 Sharon Road
Charlotte, NC

Ohio

600 Vine Street
Cincinnati, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

16850 SW 72nd Avenue
Tigard, OR

Pennsylvania

1735 Market Street
Philadelphia, PA

439 Fifth Avenue
Pittsburgh, PA

Rhode Island

47 Providence Place
Providence, RI

Tennessee

6150 Poplar Avenue
Memphis, TN

Texas

10000 Research Boulevard
Austin, TX

4017 Northwest Parkway
Dallas, TX

1155 Dairy Ashford Street
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

511 Pine Street
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Adviser

Fidelity Investments
Money Management, Inc.

Officers

Edward C. Johnson 3d, President

Robert C. Pozen, Senior Vice President

Dwight D. Churchill, Vice President

Boyce I. Greer, Vice President

Robert A. Litterst, Vice President

Eric D. Roiter, Secretary

Robert A. Dwight, Treasurer

Maria F. Dwyer, Deputy Treasurer

Stanley N. Griffith, Assistant Vice President

John H. Costello, Assistant Treasurer

Thomas J. Simpson, Assistant Treasurer

Board of Trustees

Ralph F. Cox *

Phyllis Burke Davis *

Robert M. Gates *

Edward C. Johnson 3d

Donald J. Kirk *

Ned C. Lautenbach*

Peter S. Lynch

Marvin L. Mann *

William O. McCoy *

Gerald C. McDonough *

Robert C. Pozen

Thomas R. Williams *

Advisory Board

J. Michael Cook

Abigail P. Johnson

Marie L. Knowles

* Independent trustees

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.

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

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

Product Information 1-800-544-6666

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

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

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

(automated graphic) Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

SPU-SANN-1200 119007
1.538283.103

Spartan®

U.S. Treasury
Money Market

Fund

Semiannual Report

October 31, 2000

(2_fidelity_logos)(Registered_Trademark)

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.
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.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2000	Past 6 months	Past 1 year	Past 5 years	Past 10 years
Spartan US Treasury Money Market	2.92%	5.53%	27.57%	58.29%
Treasury Retail Money Market Funds Average	2.77%	5.23%	26.14%	55.26%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had 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 treasury retail money market funds average, which reflects the performance of treasury retail money market funds with similar objectives tracked by iMoneyNet, Inc. The past six months average represents a peer group of 36 money market funds.

Average Annual Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Spartan US Treasury Money Market	5.53%	4.99%	4.70%
Treasury Retail Money Market Funds Average	5.23%	4.75%	4.49%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

Semiannual Report

Performance - continued

Yields

	10/31/00	8/1/00	5/2/00	2/1/00	11/2/99
Spartan U.S. Treasury Money Market Fund	5.90%	5.77%	5.40%	4.97%	4.56%
Treasury Retail Money Market Funds Average	5.58%	5.38%	5.12%	4.68%	4.29%
	11/1/00	8/2/00	5/3/00	2/2/00	11/3/99
MMDA	2.11%	2.12%	2.03%	2.07%	2.07%

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 table above shows the fund's current seven-day yield at quarterly intervals over the past year. You can compare these yields to the treasury retail money market funds average and the bank money market deposit account (MMDA) average. Figures for the treasury retail money market funds average are from iMoneyNet, Inc. The MMDA average is supplied by BANK RATE MONITOR(TM).

Comparing
Performance

A money market fund's total returns and yields will vary, and reflect past results rather than predict future performance.

Semiannual Report

Fund Talk: The Manager's Overview

An interview with Robert Litterst, Portfolio Manager of Spartan U.S. Treasury Money Market Fund

Q. Bob, what was the investment environment like during the six months that ended October 31, 2000?

Q. Were there any developments of note within the Treasury market itself?

A. Yes, there were. The federal government is currently generating a large budget surplus. As a result, the Treasury's financing needs have declined sharply, and the Treasury is buying back Treasury securities with longer maturities while reducing issuance overall. One maturity in particular where issuance was reduced was the one-year Treasury bill. At the same time, the Treasury increased issuance of three- and six-month Treasury securities in order to maintain liquidity in the market for that maturity range, where demand is stronger. Since the fund must maintain an average maturity of 90 days or less, this three- to six-month maturity area receives much more of my focus than the one-year area. The additional supply created a significant number of opportunities for me to buy three- and six-month Treasuries at very attractive yields.

Semiannual Report

Fund Talk: The Manager's Overview - continued

Q. What was your strategy during the period?

A. During the past six months, the fund's average maturity fluctuated from the low 50-day range to the low 80-day range. The fund's average maturity was more the result of a number of individual purchases of securities offering attractive values than an explicit attempt to target a specific average maturity. In this context, I tried to keep the fund's average maturity within about 10 to 15 days of its peer group, buying securities generally in the one- to six-month maturity range.

Q. How did the fund perform?

A. The fund's seven-day yield on October 31, 2000, was 5.90%, compared to 5.41% six months ago. For the six months that ended October 31, 2000, the fund had a total return of 2.92%, compared to 2.77% for the Treasury retail money market funds average, according to iMoneyNet, Inc.

Q. What is your outlook?

A. The Federal Reserve appears to have achieved its goal of a soft landing, where economic growth slows to a sustainable, non-inflationary pace, but not so much that the economy enters a recession. In this environment, the Fed is likely to maintain a stable monetary policy. However, if growth slows sharply or if fragile financial conditions in certain parts of the world deteriorate into crises, the Fed does have the flexibility to lower rates to restore confidence and liquidity. I plan to continue to pursue opportunities that offer favorable risk and reward trade-offs for shareholders. Also, I expect to maintain an average maturity moderately longer than my peers.

Fund Facts

Goal: to maintain as high a level of income as is consistent with security of principal and liquidity by investing in U.S. Treasury money market securities whose interest is free from state and local taxes, repurchase agreements, and reverse repurchase agreements

Fund number: 415

Trading symbol: FDLXX

Start date: January 5, 1988

Size: as of October 31, 2000, more than $1.9 billion

Manager: Robert Litterst, since 1997; manager, several Fidelity and Spartan taxable money market funds; joined Fidelity in 1991

Semiannual Report

Investment Changes

Maturity Diversification
Days	% of fund's investments 10/31/00	% of fund's investments 4/30/00	% of fund's investments 10/31/99
0 - 30	26.0	11.7	33.5
31 - 90	25.9	61.1	11.7
91 - 180	43.4	24.4	50.8
181 - 397	4.7	2.8	4.0
Weighted Average Maturity
	10/31/00	4/30/00	10/31/99
Spartan U.S. Treasury Money Market Fund	80 Days	54 Days	72 Days
Treasury Retail Money Market Funds Average *	62 Days	51 Days	66 Days

Asset Allocation (% of fund's net assets)
As of October 31, 2000		As of April 30, 2000
	U.S. Treasury Bills 63.9%		U.S. Treasury Bills 45.8%
	U.S. Treasury Notes and Net Other Assets 36.1%		U.S. Treasury Notes and Net Other Assets 54.2%

*Source: iMoneyNet, Inc.^®

Semiannual Report

Investments October 31, 2000

(Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Obligations - 110.6%
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)	Value (Note 1) (000s)
U.S. Treasury Bills - 63.9%
11/2/00	6.17%	$ 37,348	$ 37,342
11/2/00	6.20	50,358	50,349
11/9/00	6.01	40,000	39,947
11/16/00	6.18	115,639	115,346
11/16/00	6.20	53,864	53,727
12/21/00	6.44	250,000	247,785
1/4/01	6.17	65,381	64,675
1/4/01	6.19	60,000	59,350
1/11/01	6.17	10,769	10,640
1/11/01	6.20	60,000	59,278
1/25/01	6.27	75,000	73,907
1/25/01	6.28	25,000	24,635
2/1/01	6.29	130,000	127,966
2/1/01	6.32	45,000	44,296
2/8/01	6.25	20,000	19,667
2/22/01	6.27	60,000	58,855
2/22/01	6.29	15,000	14,713
3/1/01	6.28	30,000	29,391
3/29/01	6.17	115,000	112,161
			1,244,030
U.S. Treasury Notes - 18.0%
11/15/00	6.39	50,000	49,985
11/15/00	6.48	20,000	19,994
11/15/00	6.52	11,496	11,492
11/30/00	6.14	11,888	11,872
11/30/00	6.16	30,000	29,959
11/30/00	6.30	25,000	24,963
12/31/00	6.36	17,261	17,200
1/31/01	6.29	35,000	34,831
2/28/01	6.18	125,000	124,707
2/28/01	6.29	25,000	24,939
			349,942
U.S. Treasury Notes - Principal Strips - 28.7%
11/15/00	6.17	30,000	29,926
11/15/00	6.21	35,000	34,916
11/15/00	6.31	50,000	49,879
2/15/01	6.18	44,000	43,219
2/15/01	6.23	25,000	24,552
2/15/01	6.24	20,000	19,640
2/15/01	6.26	10,000	9,820
2/15/01	6.27	25,000	24,548
U.S. Treasury Obligations - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)	Value (Note 1) (000s)
U.S. Treasury Notes - Principal Strips - continued
2/15/01	6.30%	$ 100,000	$ 98,180
2/15/01	6.31	30,000	29,453
2/15/01	6.33	30,000	29,452
2/15/01	6.35	25,000	24,541
2/15/01	6.71	40,000	39,244
5/15/01	6.31	20,000	19,343
5/15/01	6.47	15,000	14,500
5/15/01	6.86	20,000	19,304
7/31/01	6.53	25,000	23,825
8/15/01	6.37	25,000	23,794
			558,136


TOTAL INVESTMENT PORTFOLIO - 110.6%		2,152,108

NET OTHER ASSETS - (10.6)%		(206,698)
NET ASSETS - 100%	$ 1,945,410

Total Cost for Income Tax Purposes $ 2,152,108

Income Tax Information

At April 30, 2000, the fund had a capital loss carryforward of approximately $52,000 of which $32,000 and $20,000 will expire on April 30, 2004 and 2008, respectively.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per share amount)	October 31, 2000 (Unaudited)
Assets
Investment in securities, at value - See accompanying schedule		$ 2,152,108
Receivable for investments sold		244,910
Receivable for fund shares sold		5,128
Interest receivable		5,583
Total assets		2,407,729
Liabilities
Payable to custodian bank	$ 1
Payable for investments purchased	375,751
Payable for fund shares purchased	277
Distributions payable	547
Accrued management fee	729
Payable for reverse repurchase agreements	84,994
Other payables and accrued expenses	20
Total liabilities		462,319
Net Assets		$ 1,945,410
Net Assets consist of:
Paid in capital		$ 1,945,298
Accumulated net realized gain (loss) on investments		112
Net Assets, for 1,945,167 shares outstanding		$ 1,945,410
Net Asset Value, offering price and redemption price per share ($1,945,410 ÷ 1,945,167 shares)		$1.00

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended October 31, 2000 (Unaudited)
Investment Income Interest		$ 60,015
Expenses
Management fee	$ 4,375
Non-interested trustees' compensation	6
Interest	76
Total expenses before reductions	4,457
Expense reductions	(20)	4,437
Net investment income		55,578
Net Realized Gain (Loss) on Investments		226
Net increase in net assets resulting from operations		$ 55,804

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended October 31, 2000 (Unaudited)	Year ended April 30, 2000
Increase (Decrease) in Net Assets
Operations Net investment income	$ 55,578	$ 96,864
Net realized gain (loss)	226	(19)
Net increase (decrease) in net assets resulting from operations	55,804	96,845
Distributions to shareholders from net investment income	(55,578)	(96,864)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	520,520	1,802,762
Reinvestment of distributions from net investment income	51,987	90,125
Cost of shares redeemed	(627,087)	(1,982,838)
Net increase (decrease) in net assets and shares resulting from share transactions	(54,580)	(89,951)
Total increase (decrease) in net assets	(54,354)	(89,970)
Net Assets
Beginning of period	1,999,764	2,089,734
End of period	$ 1,945,410	$ 1,999,764

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

Semiannual Report

Financial Highlights

	Six months ended October 31, 2000	Years ended April 30,
	(Unaudited)	2000	1999	1998	1997	1996
Selected Per-Share Data
Net asset value, beginning of period	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000
Income from Investment Operations Net investment income	.029	.047	.046	.050	.048	.051
Less Distributions
From net investment income	(.029)	(.047)	(.046)	(.050)	(.048)	(.051)
Net asset value, end of period	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000
Total Return^{B, C}	2.92%	4.81%	4.67%	5.08%	4.92%	5.25%
Ratios and Supplemental Data
Net assets, end of period (in millions)	$ 1,945	$ 2,000	$ 2,090	$ 1,913	$ 1,911	$ 1,795
Ratio of expenses to average net assets	.46%^A	.45%	.47%	.46%	.45%	.45%
Ratio of expenses to average net assets after expense reductions	.46%^A	.45%	.46%^D	.46%	.45%	.43%^D
Ratio of net investment income to average net assets	5.71%^A	4.70%	4.57%	4.96%	4.82%	5.14%

^A Annualized

^B The total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Total returns do not include the account closeout fee and for periods of less than one year are not annualized.

^D FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

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

Semiannual Report

Notes to Financial Statements

For the period ended October 31, 2000 (Unaudited)

1. Significant Accounting Policies.

Spartan U.S. Treasury Money Market Fund (the fund) is a fund of Fidelity Hereford Street Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware business trust. The financial statements have been prepared in conformity with generally accepted accounting principles which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Investment Income. Interest income, which includes amortization of premium and accretion of 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 among the funds in the trust.

Distributions to Shareholders. Dividends are declared daily and paid monthly from net investment 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.

Reverse Repurchase Agreements. At all times that a reverse repurchase agreement is outstanding, the fund identifies cash and liquid securities as segregated in its custodian records with a value at least equal to its obligation under the agreement. On October 31, 2000, the fund had a reverse repurchase agreement amounting to $84,983,000 at 4.75% outstanding. The agreement, which matured November 1, 2000, was collateralized by $84,994,000 of U.S. Treasury Bills due November 2, 2000. The average daily balance during the period for which the reverse repurchase agreements were outstanding amounted to $82,324,000. The weighted average interest rate was 4.73%.

3. Fees and Other Transactions with Affiliates.

Management Fee. As the fund's investment adviser, Fidelity Management & Research Company (FMR) receives a fee that is computed daily at an annual rate of .45% of the fund's average net assets. FMR pays all other expenses, except the compensation of the non-interested Trustees and certain exceptions such as interest,

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

taxes, brokerage commissions and extraordinary expenses. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the fund to the non-interested Trustees.

4. Expense Reductions.

Through an arrangement with the fund's transfer agent, credits realized as a result of uninvested cash balances were used to reduce a portion of the fund's expenses. During the period, the fund's expenses were reduced by $20,000 under this arrangement.

Semiannual Report

Managing Your Investments

By Phone

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Press

1 For mutual fund and brokerage trading.

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By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

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Semiannual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7373 N. Scottsdale Road
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California

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10100 Santa Monica Blvd.
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251 University Avenue
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Maine

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Boston, MA

25 State Street
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300 Granite Street
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44 Mall Road
Burlington, MA

416 Belmont Street
Worcester, MA

Semiannual Report

Michigan

280 Old N. Woodward Ave.
Birmingham, MI

29155 Northwestern Hwy.
Southfield, MI

Minnesota

7600 France Avenue South
Edina, MN

Missouri

700 West 47th Street
Kansas City, MO

8885 Ladue Road
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New Jersey

150 Essex Street
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56 South Street
Morristown, NJ

501 Route 17, South
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New York

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999 Walt Whitman Road
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1271 Avenue of the Americas
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16850 SW 72nd Avenue
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439 Fifth Avenue
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Rhode Island

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Houston, TX

2701 Drexel Drive
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400 East Las Colinas Blvd.
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14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

511 Pine Street
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

To Write Fidelity

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To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
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(letter_graphic)For Non-Retirement
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Buying shares

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Hebron, KY 41048

Selling shares

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P.O. Box 660602
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Fidelity Investments
Attn: Redemptions - CP6I

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)For Retirement
Accounts

Buying shares

Fidelity Investments
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Selling shares

Fidelity Investments
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Dallas, TX 75266-0602

Overnight Express
Fidelity Investments
Attn: Redemptions - CP6R

400 East Las Colinas Blvd.
Irving, TX 75039-5587

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Semiannual Report

Investment Adviser

Fidelity Management & Research
Company
Boston, MA

Investment Sub-Adviser

Fidelity Investments
Money Management, Inc.

Officers

Edward C. Johnson 3d, President

Robert C. Pozen, Senior Vice President

Dwight D. Churchill, Vice President

Boyce I. Greer, Vice President

Robert A. Litterst, Vice President

Eric D. Roiter, Secretary

Robert A. Dwight, Treasurer

Maria F. Dwyer, Deputy Treasurer

Stanley N. Griffith, Assistant Vice President

John H. Costello, Assistant Treasurer

Thomas J. Simpson, Assistant Treasurer

Board of Trustees

Ralph F. Cox *

Phyllis Burke Davis *

Robert M. Gates *

Edward C. Johnson 3d

Donald J. Kirk *

Ned C. Lautenbach *

Peter S. Lynch

Marvin L. Mann *

William O. McCoy *

Gerald C. McDonough *

Robert C. Pozen

Thomas R. Williams *

Advisory Board

J. Michael Cook

Abigail P. Johnson

Marie L. Knowles

* Independent trustees

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.

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

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and Account Assistance 1-800-544-6666

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TMM-SANN-1200 118928
1.538317.103

Spartan®

Money Market

Fund

Semiannual Report

October 31, 2000

(2_fidelity_logos)(Registered_Trademark)

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.
Financial Statements	19	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	23	Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic) This report is printed on recycled paper using soy-based inks.

Neither the fund nor Fidelity Distributors Corporation is a bank.

For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

President's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Performance: The Bottom Line

Cumulative Total Returns

Periods ended October 31, 2000	Past 6 months	Past 1 year	Past 5 years	Past 10 years
Spartan Money Market	3.16%	6.03%	30.01%	63.68%
All Taxable Money Market Funds Average	3.02%	5.71%	28.37%	58.27%

Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had 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 all taxable money market funds average, which reflects the performance of taxable money market funds with similar objectives tracked by iMoneyNet, Inc. The past six months average represents a peer group of 959 money market funds.

Average Annual Total Returns

Periods ended October 31, 2000	Past 1 year	Past 5 years	Past 10 years
Spartan Money Market	6.03%	5.39%	5.05%
All Taxable Money Market Funds Average	5.71%	5.11%	4.69%

Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.

Semiannual Report

Performance - continued

Yields

	10/31/00	8/1/00	5/2/00	2/1/00	11/2/99
Spartan Money Market Fund	6.25%	6.27%	5.74%	5.46%	5.19%
All Taxable Money Market Funds Average	6.01%	5.98%	5.45%	5.14%	4.83%
	11/1/00	8/2/00	5/3/00	2/2/00	11/3/99
MMDA	2.11%	2.12%	2.03%	2.07%	2.07%

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 table above shows the fund's current seven-day yield at quarterly intervals over the past year. You can compare these yields to the all taxable money market funds average and the bank money market deposit account (MMDA) average. Figures for the all taxable money market funds average are from iMoneyNet, Inc. The MMDA average is supplied by BANK RATE MONITOR(TM).

Comparing
Performance

A money market fund's total returns and yields will vary, and reflect past results rather than predict future performance.

Semiannual Report

Fund Talk: The Manager's Overview

An interview with John Todd, Portfolio Manager of Spartan Money Market Fund

Q. John, what was the investment environment like during the six months that ended October 31, 2000?

A. In May, the Federal Reserve Board raised the rate banks charge each other for overnight loans - known as the fed funds target rate - by 0.50 percentage points, after having already hiked the fed funds rate by 1.25% since mid-1999 in five separate moves. So, as we started the period market observers expected that the Fed would continue this rate-hike program at least through the end of 2000. This view proved to be unfounded, however, as the Fed decided it was willing to tolerate faster economic growth, thanks in part to accelerating productivity which helped contain inflationary pressures. Consequently, the Fed decided to pause and assess the effects of its actions during the summer and remained on the sidelines as the fall's election season approached. When the Fed decided to keep rates unchanged in August, it reaffirmed the market's new-found belief - reflected in market interest rates - that the Fed would keep rates steady for the balance of the year. Data continued to confirm that economic growth was moderating from the rapid pace we had seen in the first half of 2000. Several reasons were cited for this slowdown. First, there were the Fed rate increases, which raised the cost of borrowing money. Second, rising energy prices served as a kind of tax on the consumers, because the higher prices reduced disposable income. Finally, raw materials costs increased for corporations, hurting their earnings and their stock market performance, because competitive pressures prevented companies from passing on these higher costs in the form of higher prices for their products. Equity prices declined as the market adjusted to new expectations for slower revenue and earnings growth. Declining financial asset prices and their negative impact on disposable income were expected to further dampen economic growth. In spite of the slowdown, though, economic growth remained solid. However, inflation remained benign despite rising energy prices and a strong labor market as evidenced by the lowest unemployment rate in 30 years. Strong productivity growth was credited for muting the inflationary effects typically sparked by low unemployment and rising wages and benefits. While the Fed held off implementing any further monetary policy moves, it announced it had maintained a bias toward raising rates in the future, suggesting that there was more of a risk of higher inflation than of a harmful economic slowdown. (Portfolio Manager photograph)

Q. What was your strategy with the fund?

A. At the beginning of the period, the money market yield curve - a representation of the difference between short- and long-term money market rates - was fairly steep. That is, investors were rewarded with higher yields for investing in longer-term securities. At that time, I extended the average maturity of the fund by buying six-month and one-year securities that I felt adequately compensated the fund given my interest-rate outlook. I balanced those longer-term investments with securities in the one- and two-month range. Once market sentiment shifted, the yield curve flattened, meaning investors were not rewarded for taking on the added risk of investing in longer-term money market securities. Because I did not feel the Fed would cut rates - a belief that would have caused me to purchase longer-term paper to lock in higher rates - I allowed the fund's average maturity to shorten to 45 days at the end of the October. I'd also mention that many corporations issuing bonds have had to pay increasingly higher interest rates relative to U.S. Treasury debt, because the markets perceived that credit risks were rising. Thus far, these concerns have not affected short-term markets to any great extent, but instead have been limited to the long-term credit markets.

Semiannual Report

Fund Talk: The Manager's Overview - continued

Q. How did the fund perform?

A. The fund's seven-day yield on October 31, 2000, was 6.25%, compared to 5.73% six months ago. For the six months that ended October 31, 2000, the fund had a total return of 3.16%, compared to 3.02% for the all taxable money market funds average, according to iMoneyNet, Inc.

Q. What is your outlook, John?

A. At this point in time, I'm waiting to see what kind of fiscal policies the new president and the new Congress implement. Presently, even though core inflation has started to creep up a bit, inflation is generally under control. The economy remains strong, but is slowing. The big question at this point is just how much the economy will slow down, because it is still operating at a fairly high level. The magnitude of the slowdown, as well as credit market behavior over the next few months, will play a big role in determining the future course of Fed policy.

Fund Facts

Goal: seeks high current income as is consistent with preservation of capital and liquidity, by investing in short-term money market securities, repurchase agreements and reverse repurchase agreements

Fund number: 454

Trading symbol: SPRXX

Start date: January 23, 1989

Size: as of October 31, 2000, more than $9.6 billion

Manager: John Todd, since 1989; manager, various Fidelity and Spartan money market funds; joined Fidelity in 1981

Semiannual Report

Investment Changes

Maturity Diversification
Days	% of fund's investments 10/31/00	% of fund's investments 4/30/00	% of fund's investments 10/31/99
0 - 30	61.9	63.4	44.8
31 - 90	15.4	19.0	15.1
91 - 180	18.4	5.4	34.2
181 - 397	4.3	12.2	5.9
Weighted Average Maturity
	10/31/00	4/30/00	10/31/99
Spartan Money Market Fund	45 Days	59 Days	69 Days
All Taxable Money Market Funds Average*	50 Days	47 Days	57 Days

Asset Allocation (% of fund's net assets)
As of October 31, 2000		As of April 30, 2000
	Commercial Paper 36.4%		Commercial Paper 37.2%
	Bank CDs, BAs, TDs, and Notes 53.1%		Bank CDs, BAs, TDs, and Notes 62.2%
	Government Securities 6.3%		Government Securities 1.1%
	Other Investments ** 6.2%		Other Investments ** 2.0%

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

* Source: iMoneyNet, Inc.

Semiannual Report

Investments October 31, 2000

(Unaudited)

Showing Percentage of Net Assets

Certificates of Deposit - 35.0%
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (Note 1) (000s)
Domestic Certificates Of Deposit - 2.3%
Citibank NA, New York
11/3/00	6.78%	$ 40,000		$ 40,000
First Union National Bank, North Carolina
11/21/00	6.48	70,000		70,000
5/15/01	7.35	25,000		25,000
Fleet National Bank
11/9/00	6.54	50,000		50,000
U.S. Bank NA, Minnesota
11/1/00	6.72 (b)	35,000		35,000
				220,000
London Branch, Eurodollar, Foreign Banks - 18.7%
Abbey National Treasury Services PLC
11/9/00	6.50	75,000		75,000
11/27/00	6.60	100,000		100,000
3/12/01	6.70	50,000		50,000
Alliance & Leicester PLC
2/26/01	6.75	50,000		50,000
3/12/01	6.70	50,000		50,000
Banque Bruxelles Lambert SA (BBL)
3/5/01	6.70	100,000		100,004
Barclays Bank PLC
11/6/00	6.58	100,000		100,000
11/21/00	6.55	55,000		55,000
12/27/00	6.55	100,000		100,000
Bayerische Hypo-und Vereinsbank AG
11/1/00	6.70	65,000		65,000
12/11/00	6.50	75,000		75,000
2/26/01	6.74	100,000		100,000
3/13/01	6.67	60,000		60,000
Den Danske Bank Group AS
11/22/00	6.60	100,000		100,001
Halifax PLC
12/7/00	6.43	75,000		75,000
ING Bank NV
11/8/00	6.51	50,000		50,000
11/24/00	6.60	75,000		75,000
Landesbank Hessen-Thuringen
11/20/00	7.00	50,000		50,000
Nationwide Building Society
2/14/01	6.70	25,000		25,000
Certificates of Deposit - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (Note 1) (000s)
London Branch, Eurodollar, Foreign Banks - continued
Northern Rock PLC
11/24/00	6.62%	$ 75,000		$ 75,000
RaboBank Nederland Coop. Central
11/6/00	6.75	125,000		125,000
11/6/00	6.83	75,000		75,000
12/18/00	6.52	35,000		35,000
Societe Generale
12/1/00	6.57	50,000		50,000
12/18/00	6.54	50,000		50,000
Westdeutsche Landesbank Girozentrale
2/28/01	6.75	30,000		30,000
				1,795,005
New York Branch, Yankee Dollar, Foreign Banks - 14.0%
Bank of Scotland Treasury Services PLC
11/30/00	6.55 (b)	45,000		44,984
Canadian Imperial Bank of Commerce
11/1/00	6.62 (b)	65,000		64,976
11/20/00	7.01	30,000		30,000
11/27/00	7.01	2,000		2,000
Commerzbank AG
3/23/01	6.75	75,000		75,000
Deutsche Bank AG
11/10/00	6.55 (b)	50,000		49,996
11/16/00	7.01	50,000		50,000
2/5/01	6.75	100,000		99,986
2/22/01	6.82	50,000		49,993
Dresdner Bank AG
12/29/00	7.05	75,000		75,000
Merita Bank PLC
11/20/00	6.55	50,000		50,000
National Westminster Bank PLC
12/4/00	6.55	50,000		50,000
Norddeutsche Landesbank Girozentrale
2/8/01	6.75	25,000		24,997
RaboBank Nederland Coop. Central
5/8/01	7.15	50,000		49,993
Royal Bank of Canada
11/1/00	6.62 (b)	150,000		149,953
11/13/00	6.55 (b)	70,000		69,993
5/2/01	7.00	25,000		24,998
Certificates of Deposit - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (Note 1) (000s)
New York Branch, Yankee Dollar, Foreign Banks - continued
Royal Bank of Canada - continued
5/3/01	7.10%	$ 75,000		$ 74,989
Societe Generale
11/6/00	6.56 (b)	75,000		74,970
11/9/00	6.60 (b)	70,000		69,999
Svenska Handelsbanken AB
5/2/01	7.00	35,000		34,997
UBS AG
12/7/00	6.45	25,000		24,992
5/1/01	7.00	105,000		104,990
				1,346,806
TOTAL CERTIFICATES OF DEPOSIT			3,361,811
Commercial Paper - 36.4%

Amsterdam Funding Corp.
12/22/00	6.60	50,000		49,540
Asset Securitization Coop. Corp.
11/9/00	6.56	85,000		84,877
11/29/00	6.56 (b)	100,000		99,997
Associates Corp. of North America
2/15/01	6.70	40,000		39,231
Associates First Capital Corp.
11/6/00	6.56	25,000		24,977
AT&T Corp.
11/19/00	6.65 (b)	45,000		45,000
2/27/01	6.71	75,000		73,402
Bank of America Corp.
11/6/00	6.84	50,000		49,954
3/12/01	6.72	50,000		48,819
Centric Capital Corp.
12/14/00	6.58	10,000		9,923
CIESCO LP
11/9/00	6.62	50,000		49,928
Citibank Credit Card Master Trust I (Dakota Certificate Program)
11/2/00	6.54	30,000		29,995
11/6/00	6.65	30,000		29,973
11/9/00	6.64	25,000		24,964
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (Note 1) (000s)
ConAgra Foods, Inc.
11/15/00	6.71%	$ 15,500		$ 15,460
11/20/00	6.68	12,880		12,835
11/21/00	6.69	17,000		16,937
11/27/00	6.69	25,000		24,880
Conoco, Inc.
11/14/00	6.70	30,000		29,928
Corporate Asset Funding Co.
12/12/00	6.57	25,000		24,815
Corporate Receivables Corp.
11/16/00	6.61	50,000		49,865
11/22/00	6.61	80,000		79,697
12/8/00	6.57	30,000		29,800
CXC, Inc.
11/8/00	6.62	30,000		29,962
12/7/00	6.60	30,000		29,805
Daimler-Chrysler North America Holding Corp.
12/12/00	6.57	50,000		49,630
12/13/00	6.59	25,000		24,811
12/19/00	6.59	20,000		19,827
3/2/01	6.71	15,000		14,673
Delaware Funding Corp.
11/20/00	6.56	100,000		99,657
11/21/00	6.58	42,370		42,217
Dexia Funding North America
11/22/00	6.44	40,000		39,857
Dominion Resources, Inc.
11/21/00	6.72	25,000		24,907
11/21/00	6.73	20,000		19,926
Dresdner Bank AG
11/27/00	6.60	30,000		30,000
Edison Asset Securitization LLC
11/9/00	6.53	45,300		45,235
11/9/00	6.60	55,185		55,105
11/13/00	6.60	50,000		49,892
11/14/00	6.58	23,118		23,064
11/15/00	6.55	75,000		74,810
Enterprise Funding Corp.
11/21/00	6.61	50,292		50,110
12/15/00	6.67	14,000		13,888
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (Note 1) (000s)
Falcon Asset Securitization Corp.
11/1/00	6.56%	$ 40,000		$ 40,000
11/2/00	6.56	54,805		54,795
12/14/00	6.60	35,000		34,729
12/15/00	6.59	20,000		19,842
GE Capital International Funding, Inc.
2/8/01	6.67	25,000		24,554
General Electric Capital Corp.
11/7/00	6.88	105,000		104,884
12/18/00	6.57	45,000		44,620
2/27/01	6.72	25,000		24,467
3/13/01	6.64	35,000		34,171
General Motors Acceptance Corp.
3/2/01	6.72	25,000		24,454
Goldman Sachs Group, Inc.
11/13/00	6.60	25,000		24,946
Heller Financial, Inc.
11/15/00	6.65	20,000		19,949
11/29/00	6.67	10,000		9,948
ING America Insurance Holdings, Inc.
11/8/00	6.95	10,000		9,987
Jupiter Securitization Corp.
11/17/00	6.57	20,000		19,942
Kitty Hawk Funding Corp.
12/8/00	6.60	10,000		9,933
Lehman Brothers Holdings, Inc.
11/9/00	6.72 (b)	23,000		23,000
11/20/00	6.72 (b)	48,000		48,000
Lower Colorado River Auth. Rev.
11/2/00	6.61	40,000		40,000
New Center Asset Trust
11/9/00	6.57	45,000		44,935
11/22/00	6.61	65,000		64,754
Newport Funding Corp.
11/2/00	6.57	100,000		99,982
Phillips Petroleum Co.
11/15/00	6.80	20,000		19,948
11/16/00	6.75	6,000		5,983
Preferred Receivables Funding Corp.
11/7/00	6.59	35,000		34,962
11/17/00	6.57	50,000		49,855
Commercial Paper - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (Note 1) (000s)
Qwest Capital Funding, Inc.
11/21/00	6.76%	$ 5,000		$ 4,981
Salomon Smith Barney Holdings, Inc.
11/16/00	6.57	90,000		89,757
12/4/00	6.56	15,000		14,911
Sears Roebuck Acceptance Corp.
11/21/00	6.80	10,000		9,962
11/29/00	6.81	25,000		24,868
11/30/00	6.81	20,000		19,891
Societe Generale NA
12/26/00	6.69	25,000		24,757
2/28/01	6.72	50,000		48,927
Southern Co.
12/15/00	6.66	25,000		24,798
Triple-A One Funding Corp.
11/7/00	6.55	77,861		77,777
Tyco International Group SA
11/6/00	6.74	15,000		14,986
11/22/00	6.77	7,000		6,973
11/29/00	6.77	10,000		9,948
12/6/00	6.85	20,000		19,869
12/12/00	6.85	30,000		29,770
1/29/01	7.02	14,000		13,761
Unilever Capital Corp.
11/2/00	6.58	75,000		74,986
Variable Funding Capital Corp.
11/13/00	6.59 (b)	25,000		25,000
11/20/00	6.61	50,000		49,828
12/12/00	6.56	50,000		49,630
12/12/00	6.57	20,000		19,852
Ventures Business Trust
11/14/00	6.62	35,000		34,918
12/27/00	6.65	25,000		24,747
Verizon Global Funding Corp.
12/13/00	6.58	20,000		19,849
Windmill Funding Corp.
11/2/00	6.56	50,000		49,991
11/29/00	6.55	50,000		49,747
WorldCom, Inc.
11/1/00	6.75	50,000		50,000
TOTAL COMMERCIAL PAPER			3,499,297
Federal Agencies - 3.7%
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (Note 1) (000s)
Fannie Mae - 1.8%
Discount Notes - 1.8%
3/15/01	6.51%	$ 50,000		$ 48,822
3/29/01	6.52	66,760		65,023
4/19/01	6.52	60,000		58,223
				172,068
Federal Home Loan Bank - 1.4%
Discount Notes - 1.4%
2/1/01	6.50	60,000		59,065
3/28/01	6.52	75,000		73,061
				132,126
Freddie Mac - 0.5%
Discount Notes - 0.5%
2/7/01	6.50	50,000		49,170
TOTAL FEDERAL AGENCIES			353,364
U.S. Treasury Obligations - 2.6%

U.S. Treasury Bills - 2.6%
2/1/01	6.26	150,000		147,662
5/3/01	6.26	110,000		106,624
TOTAL U.S. TREASURY OBLIGATIONS			254,286
Bank Notes - 4.9%

American Express Centurion Bank
11/1/00	6.68 (b)	75,000		75,000
11/24/00	6.59 (b)	60,000		60,000
Bank of America NA
11/2/00	6.63	75,000		75,000
11/20/00	7.00	30,000		30,000
3/21/01	6.75	60,000		60,000
Bank One NA, Chicago
3/19/01	6.62	50,000		50,000
4/16/01	6.64	100,000		99,998
Comerica Bank, Detroit
11/1/00	6.64 (b)	25,000		24,998
TOTAL BANK NOTES			474,996
Master Notes - 1.8%
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (Note 1) (000s)
Goldman Sachs Group, Inc.
12/28/00	6.63% (c)	$ 55,000		$ 55,000
2/15/01	6.72 (c)	45,000		45,000
J.P. Morgan Securities, Inc.
11/7/00	6.61 (b)	70,000		70,000
TOTAL MASTER NOTES			170,000
Medium-Term Notes - 3.6%

Associates Corp. of North America
12/29/00	6.66 (b)	90,000		90,000
Bank of Scotland Treasury Services PLC
1/19/01	6.77 (b)	30,000		30,000
CIT Group, Inc.
11/1/00	6.61 (b)	45,000		44,985
General Motors Acceptance Corp.
11/28/00	6.56 (b)	45,000		44,989
12/14/00	6.57 (b)	35,000		34,996
General Motors Acceptance Corp. Mortgage Credit
11/1/00	6.67	55,000		55,000
Merrill Lynch & Co., Inc.
11/3/00	6.59 (b)	45,000		44,998
TOTAL MEDIUM-TERM NOTES			344,968
Short-Term Notes - 4.2%

Jackson National Life Insurance Co.
1/1/01	6.97 (b)(c)	34,000		34,000
Monumental Life Insurance Co.
11/1/00	6.76 (b)(c)	29,000		29,000
11/1/00	6.91 (b)(c)	35,000		35,000
New York Life Insurance Co.
12/1/00	6.81 (b)(c)	25,000		25,000
12/22/00	6.94 (b)(c)	26,000		26,000
1/1/01	6.95 (b)(c)	35,000		35,000
Pacific Life Insurance Co.
12/8/00	6.76 (b)(c)	10,000		10,000
RACERS Series 00 10MM,
11/22/00	6.64 (a)(b)	40,000		40,000
Short-Term Notes - continued
Due Date	Annualized Yield at Time of Purchase	Principal Amount (000s)		Value (Note 1) (000s)
Strategic Money Market Trust Series 2000 A,
11/13/00	6.64% (b)(c)	$ 91,000		$ 91,000
Strategic Money Market Trust Series 2000 B,
12/13/00	6.66 (a)(b)	30,000		30,000
Transamerica Occidental Life Insurance Co.
11/1/00	6.88 (b)(c)	50,000		50,000
TOTAL SHORT-TERM NOTES			405,000
Time Deposits - 3.6%

Firstar Bank NA
11/1/00	6.66	100,000		100,000
Norwest Bank NA, Minnesota
11/1/00	6.66	150,000		149,996
RaboBank Nederland Coop. Central
11/1/00	6.65	100,000		100,000
TOTAL TIME DEPOSITS			349,996

Repurchase Agreements - 6.2%
	Maturity Amount (000s)
In a joint trading account (U.S. Government Obligations) dated 10/31/00 due 11/1/00 At 6.62%	$ 36		36
With:
J.P. Morgan Securities At 6.68%, dated 10/31/00 due 11/1/00 (Commercial Paper Obligations) (principal amount $134,336,000) 0%, 11/30/00	131,024		131,000
Merrill Lynch Pierce Fenner & Smith At 6.71%, dated 10/31/00 due 11/1/00 (Commercial Paper Obligations) (principal amount $204,840,000) 0% - 6.57%, 11/1/00 - 3/1/01	200,037		200,000
Morgan Stanley & Co. At 6.69%, dated 10/31/00 due 11/1/00 (Commercial Paper Obligations) (principal amount $270,926,000) 0% - 6.8%, 11/1/00 - 12/19/00	264,049		264,000
TOTAL REPURCHASE AGREEMENTS		595,036
TOTAL INVESTMENT PORTFOLIO - 102.0%			9,808,754
NET OTHER ASSETS - (2.0)%			(189,382)
NET ASSETS - 100%		$ 9,619,372

Total Cost for Income Tax Purposes $ 9,808,754

Legend

(a) 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 $70,000,000 or 0.7% of net assets.

(b) 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.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost (000s)
Goldman Sachs Group, Inc.: 6.63%, 12/28/00	10/25/00	$ 55,000
6.72%, 2/15/01	10/19/00	$ 45,000
Jackson National Life Insurance Co. 6.97%, 1/1/01	7/6/99	$ 34,000
Monumental Life Insurance Co.: 6.76%, 11/1/00	7/31/98 - 9/17/98	$ 29,000
6.91%, 11/1/00	2/1/00	$ 35,000
New York Life Insurance Co.: 6.81%, 12/1/00	8/28/00	$ 25,000
6.94%, 12/22/00	12/20/99	$ 26,000
6.95%, 1/1/01	7/13/00	$ 35,000
Pacific Life Insurance Co 6.76%, 12/8/00	9/8/00	$ 10,000
Strategic Money Market Trust Series 2000 A, 6.64%, 11/13/00	9/7/00	$ 91,000
Transamerica Occidental Life Insurance Co. 6.88%, 11/1/00	4/28/00	$ 50,000

Income Tax Information

At April 30, 2000, the fund had a capital loss carryforward of approximately $2,521,000 of which $1,881,000, $476,000, $162,000 and $2,000 will expire on April 30, 2002, 2003, 2004 and 2008, respectively.

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

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	October 31, 2000 (Unaudited)
Assets
Investment in securities, at value (including repurchase agreements of $595,036) - See accompanying schedule		$ 9,808,754
Receivable for fund shares sold		22,778
Interest receivable		84,679
Other receivables		9
Total assets		9,916,220
Liabilities
Payable to custodian bank	$ 309
Payable for investments purchased	254,287
Payable for fund shares redeemed	35,158
Distributions payable	3,297
Accrued management fee	3,649
Other payables and accrued expenses	148
Total liabilities		296,848
Net Assets		$ 9,619,372
Net Assets consist of:
Paid in capital		$ 9,621,767
Accumulated net realized gain (loss) on investments		(2,395)
Net Assets, for 9,621,256 shares outstanding		$ 9,619,372
Net Asset Value, offering price and redemption price per share ($9,619,372 ÷ 9,621,256 shares)		$1.00

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

Semiannual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Six months ended October 31, 2000 (Unaudited)
Investment Income Interest		$ 315,052
Expenses
Management fee	$ 21,322
Non-interested trustees' compensation	20
Total expenses before reductions	21,342
Expense reductions	(145)	21,197
Net investment income		293,855
Net Realized Gain (Loss) on Investments		126
Net increase in net assets resulting from operations		$ 293,981

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

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended October 31, 2000 (Unaudited)	Year ended April 30, 2000
Increase (Decrease) in Net Assets
Operations Net investment income	$ 293,855	$ 493,063
Net realized gain (loss)	126	7
Net increase (decrease) in net assets resulting from operations	293,981	493,070
Distributions to shareholders from net investment income	(293,855)	(493,063)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	3,842,325	9,438,870
Reinvestment of distributions from net investment income	273,672	461,166
Cost of shares redeemed	(3,992,535)	(9,912,207)
Net increase (decrease) in net assets and shares resulting from share transactions	123,462	(12,171)
Total increase (decrease) in net assets	123,588	(12,164)
Net Assets
Beginning of period	9,495,784	9,507,948
End of period	$ 9,619,372	$ 9,495,784

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

Semiannual Report

Financial Highlights

	Six months ended October 31, 2000	Years ended April 30,
	(Unaudited)	2000	1999	1998	1997	1996
Selected Per-Share Data
Net asset value, beginning of period	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000
Income from Investment Operations Net investment income	.031	.052	.050	.053	.051	.054
Less Distributions
From net investment income	(.031)	(.052)	(.050)	(.053)	(.051)	(.054)
Net asset value, end of period	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000	$ 1.000
Total Return^{B, C}	3.16%	5.30%	5.12%	5.43%	5.21%	5.57%
Ratios and Supplemental Data
Net assets, end of period (in millions)	$ 9,619	$ 9,496	$ 9,508	$ 8,863	$ 9,300	$ 8,451
Ratio of expenses to average net assets	.45%^A	.45%	.45%	.45%	.45%	.45%
Ratio of expenses to average net assets after expense reductions	.45%^A	.45%	.45%	.45%	.45%	.42%^D
Ratio of net investment income to average net assets	6.20%^A	5.18%	5.00%	5.31%	5.09%	5.45%

^A Annualized

^B The total returns would have been lower had certain expenses not been reduced during the periods shown.

^C Total returns do not include the account closeout fee and for periods of less than one year are not annualized.

^D FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

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

Semiannual Report

Notes to Financial Statements

For the period ended October 31, 2000 (Unaudited)

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 organized as a Delaware business trust. The financial statements have been prepared in conformity with generally accepted accounting principles which require management to make certain estimates and assumptions at the date of the financial statements. The following summarizes the significant accounting policies of the fund:

Investment Income. Interest income, which includes amortization of premium and accretion of 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 among the funds in the trust.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity money market funds. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Distributions to Shareholders. Dividends are declared daily and paid monthly from net investment 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating funds.

Restricted Securities. The fund is permitted to invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. At the end of the period, restricted securities (excluding 144A issues) amounted to $435,000,000 or 4.5% of net assets.

3. Fees and Other Transactions with Affiliates.

Sub-Adviser Fee. As the fund's investment sub-adviser, Fidelity Investments Money Management, Inc.(FIMM), 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

3. Fees and Other Transactions with Affiliates - continued

Money Market Insurance - continued

bankruptcy or insolvency of a credit enhancement provider. The insurance does not cover losses resulting from changes in interest rates, ratings downgrades or other market conditions. The fund may be subject to a special assessment of up to approximately 2.5 times the fund's annual gross premium if covered losses exceed certain levels. During the period, FMR has borne the cost of the fund's premium payable to FIDFUNDS.

4. Interfund Lending Program.

The fund participated in the interfund lending program as a lender. The average daily loan balance during the period for which loans were outstanding amounted to $15,384,000. The weighted average interest rate was 6.66%. Interest earned from the interfund lending program amounted to $17,000 and is included in interest income on the Statement of Operations. At period end there were no interfund loans outstanding.

5. Expense Reductions.

Semiannual Report

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Semiannual Report

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Semiannual Report

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Arizona

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Semiannual Report

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4017 Northwest Parkway
Dallas, TX

1155 Dairy Ashford Street
Houston, TX

2701 Drexel Drive
Houston, TX

400 East Las Colinas Blvd.
Irving, TX

14100 San Pedro
San Antonio, TX

19740 IH 45 North
Spring, TX

Utah

215 South State Street
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

Washington

411 108th Avenue, N.E.
Bellevue, WA

511 Pine Street
Seattle, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

595 North Barker Road
Brookfield, WI

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Semiannual Report

Investment Adviser

Fidelity Management & Research
Company
Boston, MA

Investment Sub-Adviser

Fidelity Investments
Money Management, Inc.

Officers

Edward C. Johnson 3d, President

Robert C. Pozen, Senior Vice President

Dwight D. Churchill, Vice President

Boyce I. Greer, Vice President

John J. Todd, Vice President

Eric D. Roiter, Secretary

Robert A. Dwight, Treasurer

Maria F. Dwyer, Deputy Treasurer

Stanley N. Griffith, Assistant Vice President

John H. Costello, Assistant Treasurer

Thomas J. Simpson, Assistant Treasurer

Board of Trustees

Ralph Cox *

Phyllis Burke Davis *

Robert M. Gates *

Edward C. Johnson 3d

Donald J. Kirk *

Ned C. Lautenbach *

Peter S. Lynch

Marvin L. Mann *

William O. McCoy *

Gerald C. McDonough *

Robert C. Pozen

Thomas R. Williams *

Advisory Board

J. Michael Cook

Abigail P. Johnson

Marie L. Knowles

* Independent trustees

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.

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

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

Product Information 1-800-544-6666

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

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

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

(automated graphic) Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

SPM-SANN-1200 118923
1.538241.103

U.S. Government
Money Market

Contents

President's Message

Performance: The Bottom Line

Fund Talk: The Manager's Overview

Investment Changes

Investments October 31, 2000

Financial Statements

Notes to Financial Statements

Managing Your Investments

To Write Fidelity

To Visit Fidelity

U.S. Treasury
Money Market

Contents

President's Message

Performance: The Bottom Line

Fund Talk: The Manager's Overview

Investment Changes

Investments October 31, 2000

Financial Statements

Notes to Financial Statements

Managing Your Investments

To Visit Fidelity

To Write Fidelity

Money Market

Contents

President's Message

Performance: The Bottom Line

Fund Talk: The Manager's Overview

Investment Changes

Investments October 31, 2000

Financial Statements

Notes to Financial Statements

Managing Your Investments

To Write Fidelity

To Visit Fidelity