UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07139
Fidelity Hereford Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Cynthia Lo Bessette, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | April 30 |
Date of reporting period: | April 30, 2021 |
Item 1.
Reports to Stockholders
Fidelity® Treasury Only Money Market Fund
April 30, 2021
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification as of April 30, 2021
| Days | % of fund's investments 4/30/21 |
| 1 - 7 | 25.9 |
| 8 - 30 | 34.4 |
| 31 - 60 | 18.9 |
| 61 - 90 | 12.0 |
| 91 - 180 | 8.5 |
| >180 | 0.3 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
| As of April 30, 2021 | ||
| U.S. Treasury Debt | 107.3% | |
| Net Other Assets (Liabilities)* | (7.3)% | |
* Net Other Assets (Liabilities) are not included in the pie chart
Current 7-Day Yields
| 4/30/21 | |
| Fidelity® Treasury Only Money Market Fund | 0.01% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending April 30, 2021, the most recent period shown in the table, would have been (.35)%.
Schedule of Investments April 30, 2021
Showing Percentage of Net Assets
| U.S. Treasury Debt - 107.3% | ||||
| Yield(a) | Principal Amount (000s) | Value (000s) | ||
| U.S. Treasury Obligations - 107.3% | ||||
| U.S. Treasury Bills | ||||
| 5/4/21 to 10/28/21 | 0.01 to 0.11% | $3,248,730 | $3,248,554 | |
| U.S. Treasury Bonds | ||||
| 5/15/21 | 0.10 | 7,000 | 7,022 | |
| U.S. Treasury Notes | ||||
| 5/15/21 to 4/30/23 | 0.01 to 0.32 (b) | 826,908 | 827,081 | |
| TOTAL U.S. TREASURY DEBT | ||||
| (Cost $4,082,657) | 4,082,657 | |||
| TOTAL INVESTMENT IN SECURITIES - 107.3% | ||||
| (Cost $4,082,657) | 4,082,657 | |||
| NET OTHER ASSETS (LIABILITIES) - (7.3)% | (278,361) | |||
| NET ASSETS - 100% | $3,804,296 |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
Legend
(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
Investment Valuation
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amount) | April 30, 2021 | |
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $4,082,657) | $4,082,657 | |
| Receivable for fund shares sold | 5,169 | |
| Interest receivable | 1,116 | |
| Total assets | 4,088,942 | |
| Liabilities | ||
| Payable to custodian bank | $1 | |
| Payable for investments purchased | $270,005 | |
| Payable for fund shares redeemed | 14,435 | |
| Distributions payable | 3 | |
| Accrued management fee | 202 | |
| Total liabilities | 284,646 | |
| Net Assets | $3,804,296 | |
| Net Assets consist of: | ||
| Paid in capital | $3,804,232 | |
| Total accumulated earnings (loss) | 64 | |
| Net Assets | $3,804,296 | |
| Net Asset Value, offering price and redemption price per share ($3,804,296 ÷ 3,803,419 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | Year ended April 30, 2021 | |
| Investment Income | ||
| Interest | $6,951 | |
| Expenses | ||
| Management fee | $18,209 | |
| Independent trustees' fees and expenses | 14 | |
| Total expenses before reductions | 18,223 | |
| Expense reductions | (11,706) | |
| Total expenses after reductions | 6,517 | |
| Net investment income (loss) | 434 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 4 | |
| Total net realized gain (loss) | 4 | |
| Net increase in net assets resulting from operations | $438 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Year ended April 30, 2021 | Year ended April 30, 2020 |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $434 | $40,343 |
| Net realized gain (loss) | 4 | 5 |
| Net increase in net assets resulting from operations | 438 | 40,348 |
| Distributions to shareholders | (434) | (40,347) |
| Share transactions | ||
| Proceeds from sales of shares | 1,481,386 | 4,322,438 |
| Reinvestment of distributions | 394 | 37,205 |
| Cost of shares redeemed | (2,722,827) | (2,137,693) |
| Net increase (decrease) in net assets and shares resulting from share transactions | (1,241,047) | 2,221,950 |
| Total increase (decrease) in net assets | (1,241,043) | 2,221,951 |
| Net Assets | ||
| Beginning of period | 5,045,339 | 2,823,388 |
| End of period | $3,804,296 | $5,045,339 |
| Other Information | ||
| Shares | ||
| Sold | 1,481,386 | 4,322,438 |
| Issued in reinvestment of distributions | 394 | 37,205 |
| Redeemed | (2,722,827) | (2,137,693) |
| Net increase (decrease) | (1,241,047) | 2,221,950 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Treasury Only Money Market Fund
| Years ended April 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .014 | .018 | .008 | –A |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from investment operations | –A | .014 | .018 | .008 | –A |
| Distributions from net investment income | –A | (.014) | (.018) | (.008) | –A |
| Total distributions | –A | (.014) | (.018) | (.008) | –A |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .01% | 1.39% | 1.79% | .77% | .07% |
| Ratios to Average Net AssetsC,D | |||||
| Expenses before reductions | .42% | .42% | .42% | .42% | .42% |
| Expenses net of fee waivers, if any | .15% | .42% | .42% | .42% | .38% |
| Expenses net of all reductions | .15% | .42% | .42% | .42% | .38% |
| Net investment income (loss) | .01% | 1.27% | 1.76% | .76% | .06% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $3,804 | $5,045 | $2,823 | $3,173 | $3,720 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses.
D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2021
(Amounts in thousands except percentages)
1. Organization.
Fidelity Treasury Only Money Market Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
| Gross unrealized appreciation | $– |
| Gross unrealized depreciation | – |
| Net unrealized appreciation (depreciation) | $– |
| Tax Cost | $4,082,657 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $72 |
The tax character of distributions paid was as follows:
| April 30, 2021 | April 30, 2020 | |
| Ordinary Income | $434 | $ 40,347 |
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .42% of the Fund's average net assets. Under the management contract, the investment adviser pays all other expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
4. Expense Reductions.
The investment adviser or its affiliates voluntarily agreed to waive certain fees in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver was $11,671.
In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $35.
5. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
6. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hereford Street Trust and Shareholders of Fidelity Treasury Only Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Treasury Only Money Market Fund (one of the funds constituting Fidelity Hereford Street Trust, referred to hereafter as the “Fund”) as of April 30, 2021, the related statement of operations for the year ended April 30, 2021, the statement of changes in net assets for each of the two years in the period ended April 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2021 and the financial highlights for each of the five years in the period ended April 30, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
June 14, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 283 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management and as Executive Vice President and Chief Investment Officer for Bank of America Corporation, where he was responsible for the bank’s money-management products. Previously at Bank of America, Mr. Kenneally managed the principal investment research functions and also spent more than a decade as portfolio manager for various equity and fixed-income funds and institutional accounts. He began his career as a research analyst in 1983 and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2020 to April 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized Expense Ratio-A | Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During Period-B November 1, 2020 to April 30, 2021 |
|
| Fidelity Treasury Only Money Market Fund | .10% | |||
| Actual | $1,000.00 | $1,000.00 | $.50** | |
| Hypothetical-C | $1,000.00 | $1,024.30 | $.50** |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
** If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio would have been .42% and the expenses paid in the actual and hypothetical examples above would have been $2.08 and $2.11, respectively.
Distributions (Unaudited)
A total of 100% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $7,997,980 of distributions paid in the calendar year 2020 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund designates $8,035,988 of distributions paid in the calendar year 2020 as qualifying to be taxed as section 163(j) interest dividends.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
TMM-ANN-0621
1.703531.123
Fidelity® Money Market Fund
April 30, 2021
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
| Days | % of fund's investments 4/30/21 |
| 1 - 7 | 40.2 |
| 8 - 30 | 14.6 |
| 31 - 60 | 29.2 |
| 61 - 90 | 5.9 |
| 91 - 180 | 10.1 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
| As of April 30, 2021 | ||
| Certificates of Deposit | 12.7% | |
| Commercial Paper | 41.2% | |
| Variable Rate Demand Notes (VRDNs) | 0.1% | |
| U.S. Treasury Debt | 5.1% | |
| Non-Negotiable Time Deposit | 7.8% | |
| Other Instruments | 0.5% | |
| Other Municipal Security | 0.1% | |
| Repurchase Agreements | 32.6% | |
| Net Other Assets (Liabilities)* | (0.1)% | |
* Net Other Assets (Liabilities) are not included in the pie chart.
Current 7-Day Yields
| 4/30/21 | |
| Fidelity® Money Market Fund | 0.01% |
| Premium Class | 0.01% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending April 30, 2021, the most recent period shown in the table, would have been (.25)% for Fidelity MoneyMarket Fund Class and (.19)% for Premium Class.
Schedule of Investments April 30, 2021
Showing Percentage of Net Assets
| Certificate of Deposit - 12.7% | ||||
| Yield(a) | Principal Amount (000s) | Value (000s) | ||
| Domestic Certificates Of Deposit - 0.3% | ||||
| Bank of America NA | ||||
| 10/19/21 | 0.19% | $128,000 | $128,000 | |
| New York Branch, Yankee Dollar, Foreign Banks - 12.4% | ||||
| Bank of Montreal | ||||
| 5/3/21 to 9/13/21 | 0.20 to 0.25 | 743,000 | 743,000 | |
| Bank of Nova Scotia | ||||
| 6/10/21 to 6/21/21 | 0.25 | 863,000 | 863,000 | |
| Bayerische Landesbank | ||||
| 5/4/21 to 6/4/21 | 0.16 | 423,000 | 423,000 | |
| Credit Agricole CIB | ||||
| 6/16/21 to 9/2/21 | 0.15 to 0.16 | 846,000 | 846,000 | |
| DZ BANK AG | ||||
| 6/15/21 to 6/30/21 | 0.15 | 254,000 | 254,000 | |
| Landesbank Baden-Wuerttemberg New York Branch | ||||
| 5/10/21 to 5/17/21 | 0.15 | 526,000 | 526,000 | |
| Mizuho Corporate Bank Ltd. | ||||
| 6/10/21 | 0.17 | 417,000 | 417,000 | |
| Sumitomo Mitsui Banking Corp. | ||||
| 8/2/21 | 0.17 | 213,000 | 213,000 | |
| Sumitomo Mitsui Trust Bank Ltd. | ||||
| 6/8/21 to 7/13/21 | 0.16 to 0.17 | 505,000 | 505,000 | |
| Toronto-Dominion Bank | ||||
| 6/8/21 | 0.25 | 100,000 | 100,000 | |
| 4,890,000 | ||||
| TOTAL CERTIFICATE OF DEPOSIT | ||||
| (Cost $5,018,000) | 5,018,000 | |||
| Financial Company Commercial Paper - 39.9% | ||||
| Bank of Nova Scotia | ||||
| 6/8/21 to 6/28/21 | 0.25 to 0.26 | 857,000 | 856,710 | |
| Barclays Bank PLC/Barclays U.S. CCP Funding LLC | ||||
| 5/11/21 to 6/4/21 | 0.22 (b) | 413,000 | 412,944 | |
| Bayerische Landesbank | ||||
| 5/28/21 | 0.16 | 215,000 | 214,974 | |
| BNP Paribas Fortis | ||||
| 6/15/21 | 0.15 | 103,000 | 102,981 | |
| BNP Paribas SA | ||||
| 5/12/21 to 7/12/21 | 0.15 to 0.16 | 1,103,000 | 1,102,834 | |
| BofA Securities, Inc. | ||||
| 6/14/21 to 6/28/21 | 0.15 to 0.16 | 415,000 | 414,907 | |
| BPCE SA | ||||
| 5/12/21 to 6/3/21 | 0.15 to 0.16 | 1,242,000 | 1,241,922 | |
| Caisse d'Amort de la Dette Sociale | ||||
| 7/6/21 to 7/29/21 | 0.16(b) | 1,071,000 | 1,070,661 | |
| Canadian Imperial Bank of Commerce | ||||
| 6/9/21 to 10/20/21 | 0.19 to 0.25 | 849,000 | 848,499 | |
| Citigroup Global Markets, Inc. | ||||
| 7/30/21 | 0.19 | 216,000 | 215,897 | |
| Credit Suisse AG | ||||
| 5/24/21 to 6/25/21 | 0.17 to 0.18 | 1,411,000 | 1,410,689 | |
| Federation des caisses Desjardin | ||||
| 6/9/21 | 0.15 | 51,000 | 50,992 | |
| ING U.S. Funding LLC | ||||
| 6/3/21 | 0.15 | 55,000 | 54,992 | |
| 8/10/21 | 0.15 | 274,000 | 273,885 | |
| J.P. Morgan Securities, LLC | ||||
| 6/22/21 | 0.26 | 43,000 | 42,984 | |
| KfW | ||||
| 6/18/21 to 6/21/21 | 0.15 | 332,000 | 331,932 | |
| Landesbank Baden-Wurttemberg | ||||
| 5/3/21 | 0.07 | 206,000 | 205,999 | |
| Lloyds Bank PLC | ||||
| 5/18/21 to 7/26/21 | 0.15 to 0.17 | 1,144,000 | 1,143,727 | |
| Mitsubishi UFJ Trust & Banking Corp. | ||||
| 6/30/21 to 8/25/21 | 0.18 to 0.20 | 567,000 | 566,733 | |
| Mizuho Bank Ltd. Singapore Branch | ||||
| 5/18/21 to 7/30/21 | 0.18 to 0.19 | 749,000 | 748,836 | |
| Natexis Banques Populaires New York Branch | ||||
| 5/26/21 | 0.15 | 292,000 | 291,970 | |
| National Bank of Canada | ||||
| 5/10/21 to 10/4/21 | 0.15 to 0.25 | 820,425 | 820,135 | |
| Royal Bank of Canada | ||||
| 6/9/21 to 9/13/21 | 0.20 to 0.25 | 1,060,000 | 1,059,506 | |
| Skandinaviska Enskilda Banken AB | ||||
| 6/21/21 to 6/23/21 | 0.15 | 833,000 | 832,820 | |
| Sumitomo Mitsui Trust Bank Ltd. | ||||
| 6/14/21 to 6/25/21 | 0.17 to 0.19 | 851,000 | 850,795 | |
| The Toronto-Dominion Bank | ||||
| 6/8/21 to 9/16/21 | 0.20 to 0.25 | 184,000 | 183,899 | |
| UBS AG London Branch | ||||
| 9/1/21 to 9/16/21 | 0.20 to 0.21 | 394,000 | 393,693 | |
| TOTAL FINANCIAL COMPANY COMMERCIAL PAPER | ||||
| (Cost $15,745,916) | 15,745,916 | |||
| Asset Backed Commercial Paper - 1.3% | ||||
| Atlantic Asset Securitization Corp. (Liquidity Facility Credit Agricole CIB) | ||||
| 6/8/21 | 0.15 | 33,000 | 32,995 | |
| 7/21/21 | 0.17 | 19,000 | 18,993 | |
| 7/7/21 | 0.16 | 43,000 | 42,987 | |
| Gotham Funding Corp. (Liquidity Facility Bank of Tokyo-Mitsubishi UFJ Ltd.) | ||||
| 6/22/21 | 0.16 | 20,000 | 19,995 | |
| 6/23/21 | 0.16 | 24,000 | 23,994 | |
| Manhattan Asset Funding Co. LLC (Liquidity Facility Sumitomo Mitsui Banking Corp.) | ||||
| 5/10/21 | 0.15 | 12,000 | 12,000 | |
| 6/17/21 | 0.16 | 63,000 | 62,987 | |
| 6/3/21 | 0.15 | 57,000 | 56,992 | |
| 6/7/21 | 0.15 | 61,000 | 60,991 | |
| 6/7/21 | 0.15 | 15,000 | 14,998 | |
| Sheffield Receivables Corp. (Liquidity Facility Barclays Bank PLC) | ||||
| 5/18/21 | 0.15 | 20,000 | 19,999 | |
| 5/21/21 | 0.15 | 20,000 | 19,998 | |
| 6/14/21 | 0.16 | 39,660 | 39,652 | |
| 6/16/21 | 0.16 | 45,600 | 45,591 | |
| 6/21/21 | 0.16 | 31,000 | 30,993 | |
| 6/3/21 | 0.15 | 31,000 | 30,996 | |
| TOTAL ASSET BACKED COMMERCIAL PAPER | ||||
| (Cost $534,161) | 534,161 | |||
| U.S. Treasury Debt - 5.1% | ||||
| U.S. Treasury Obligations - 5.1% | ||||
| U.S. Treasury Bills | ||||
| 5/4/21 to 8/5/21 | 0.07 to 0.11 | 1,936,700 | 1,936,629 | |
| U.S. Treasury Notes | ||||
| 10/31/21 | 0.32 (c)(d) | 84,000 | 84,008 | |
| TOTAL U.S. TREASURY DEBT | ||||
| (Cost $2,020,637) | 2,020,637 | |||
| Other Instrument - 0.5% | ||||
| Master Notes - 0.5% | ||||
| Toyota Motor Credit Corp. | ||||
| 5/7/21 | ||||
| (Cost $194,000) | 0.34 (c)(d)(e) | 194,000 | 194,000 | |
| Variable Rate Demand Note - 0.1% | ||||
| Florida - 0.1% | ||||
| Florida Timber Fin. III LLC Taxable Series 2008, LOC Wells Fargo Bank NA, VRDN | ||||
| 5/7/21 | ||||
| (Cost $40,000) | 0.11 (c) | 40,000 | 40,000 | |
| Non-Negotiable Time Deposit - 7.8% | ||||
| Time Deposits - 7.8% | ||||
| Barclays Bank PLC | ||||
| 5/3/21 | 0.15 | 1,567,000 | 1,567,000 | |
| Landesbank Hessen-Thuringen London Branch | ||||
| 5/4/21 to 5/7/21 | 0.12 | 1,014,000 | 1,014,000 | |
| Mizuho Bank Ltd. | ||||
| 5/3/21 | 0.05 | 297,000 | 297,000 | |
| Mizuho Bank Ltd. Canada Branch | ||||
| 5/3/21 | 0.05 | 200,000 | 200,000 | |
| TOTAL NON-NEGOTIABLE TIME DEPOSIT | ||||
| (Cost $3,078,000) | 3,078,000 |
| Interfund Loans – 0.0% | |||
| Principal Amount (000s) | Value (000s) | ||
| With: | |||
| Fidelity Small Cap Growth Fund K6, at 0.29% due 5/3/21(f) | |||
| (Cost $5,853) | $5,853 | $5,853 | |
| Other Municipal Security - 0.1% | |||
| Other Municipal Security - 0.1% | |||
| Massachusetts Gen. Oblig. RAN Series C, 0.2473% 6/17/21 | |||
| (Cost $43,825) | $43,825 | $43,825 | |
| Maturity Amount (000s) | Value (000s) | ||
| U.S. Government Agency Repurchase Agreement - 10.5% | |||
| In a joint trading account at 0.01% dated 4/30/21 due 5/3/21 (Collateralized by U.S. Government Obligations) # | 3,645,426 | 3,645,423 | |
| With: | |||
| ABN AMRO Bank NV at 0.02%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $135,660,310, 0.13% - 3.13%, 1/31/23 - 5/15/29) | 133,000 | 133,000 | |
| Barclays Bank PLC at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Government Obligations valued at $30,600,026, 2.00%, 4/1/41) | 30,000 | 30,000 | |
| Goldman Sachs & Co. at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Government Obligations valued at $75,480,063, 1.78% - 6.00%, 11/20/23 - 4/15/61) | 74,000 | 74,000 | |
| Morgan Stanley & Co., LLC at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Government Obligations valued at $90,780,076, 2.00% - 4.50%, 1/1/36 - 5/1/51) | 89,000 | 89,000 | |
| TD Securities (U.S.A.) at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $180,540,244, 1.13% - 2.25%, 4/30/22 - 2/15/31) | 177,000 | 177,000 | |
| TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT | |||
| (Cost $4,148,423) | 4,148,423 | ||
| U.S. Treasury Repurchase Agreement - 12.8% | |||
| With: | |||
| ABN AMRO Bank NV at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $107,100,171, 1.50%, 8/15/26) | 105,000 | 105,000 | |
| Barclays Bank PLC at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $395,760,394, 0.75%, 4/30/26) | 388,000 | 388,000 | |
| Commerz Markets LLC at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $333,540,356, 0.00% - 2.88%, 10/7/21 - 2/15/31) | 327,000 | 327,000 | |
| Federal Reserve Bank of New York at 0%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $2,837,000, 1.63% - 2.75%, 9/30/26) | 2,837,000 | 2,837,000 | |
| Fixed Income Clearing Corp. - BNYM at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $84,660,081, 1.25%, 3/31/28) | 83,000 | 83,000 | |
| Fixed Income Clearing Corp. - SSB at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $169,356,582, 1.25%, 4/30/28) | 166,000 | 166,000 | |
| ING Financial Markets LLC at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $221,372,351, 1.38% - 2.88%, 4/30/22 - 12/31/26) | 217,000 | 217,000 | |
| Natixis SA at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $140,796,431, 0.17% - 2.88%, 1/31/22 - 5/15/50) | 138,000 | 138,000 | |
| SMBC Nikko Securities America, Inc. at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $785,266,582, 0.13% - 3.13%, 1/31/23 - 11/15/28) | 770,001 | 770,000 | |
| TD Securities (U.S.A.) at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $27,810,090, 2.88% - 3.00%, 5/15/43 - 2/15/47) | 27,000 | 27,000 | |
| TOTAL U.S. TREASURY REPURCHASE AGREEMENT | |||
| (Cost $5,058,000) | 5,058,000 | ||
| Other Repurchase Agreement - 9.3% | |||
| Other Repurchase Agreement - 9.3% | |||
| With: | |||
| BMO Capital Markets Corp. at: | |||
| 0.19%, dated 4/30/21 due 5/3/21 (Collateralized by Corporate Obligations valued at $91,351,854, 1.85% - 5.75%, 11/1/23 - 4/22/42) | 87,001 | 87,000 | |
| 0.26%, dated 4/30/21 due 5/3/21 (Collateralized by Equity Securities valued at $93,962,056) | 87,002 | 87,000 | |
| 0.29%, dated 4/30/21 due 5/3/21 (Collateralized by Corporate Obligations valued at $93,721,143, 2.65% - 8.50%, 4/21/23 - 3/22/51) | 87,002 | 87,000 | |
| BNP Paribas Prime Brokerage, Inc. at: | |||
| 0.35%, dated 4/30/21 due 5/3/21 (Collateralized by Equity Securities valued at $413,652,067) | 383,011 | 383,000 | |
| 0.44%, dated 4/30/21 due 5/3/21 (Collateralized by Equity Securities valued at $182,526,694) | 169,006 | 169,000 | |
| 0.57%, dated 4/20/21 due 6/4/21 (Collateralized by Equity Securities valued at $230,087,926)(c)(d)(g) | 213,209 | 213,000 | |
| BofA Securities, Inc. at: | |||
| 0.73%, dated 4/26/21 due 8/3/21 (Collateralized by Equity Securities valued at $114,496,253) | 106,271 | 106,000 | |
| 0.78%, dated 4/23/21 due 8/3/21 (Collateralized by Equity Securities valued at $114,504,810) | 106,413 | 106,000 | |
| Citigroup Global Markets, Inc. at: | |||
| 0.69%, dated 1/22/21 due 5/21/21 (Collateralized by Corporate Obligations valued at $88,491,072, 0.00% - 14.05%, 5/5/21 - 8/1/19) | 85,194 | 85,000 | |
| 0.7%, dated 2/2/21 due 6/21/21 (Collateralized by Corporate Obligations valued at $68,156,803, 0.18% - 5.93%, 3/29/29 - 6/25/47) | 63,170 | 63,000 | |
| ING Financial Markets LLC at 0.3%, dated 4/30/21 due 5/3/21 (Collateralized by Equity Securities valued at $45,361,135) | 42,001 | 42,000 | |
| J.P. Morgan Securities, LLC at: | |||
| 0.35%, dated 4/26/21 due 6/4/21 (Collateralized by Equity Securities valued at $172,811,905)(c)(d)(g) | 160,093 | 160,000 | |
| 0.4%, dated: | |||
| 4/12/21 due 6/4/21 (Collateralized by Equity Securities valued at $216,051,421)(c)(d)(g) | 200,133 | 200,000 | |
| 4/26/21 due 6/4/21 (Collateralized by Corporate Obligations valued at $254,900,046, 0.00% - 6.13%, 8/15/23 - 5/1/26)(c)(d)(g) | 236,157 | 236,000 | |
| Mitsubishi UFJ Securities (U.S.A.), Inc. at: | |||
| 0.3%, dated 4/30/21 due 5/3/21 (Collateralized by Equity Securities valued at $114,482,862) | 106,003 | 106,000 | |
| 0.33%, dated: | |||
| 4/28/21 due 5/5/21 (Collateralized by Equity Securities valued at $10,800,503) | 10,001 | 10,000 | |
| 4/29/21 due 5/6/21 (Collateralized by Equity Securities valued at $32,401,193) | 30,002 | 30,000 | |
| 0.57%, dated 4/30/21 due 5/3/21 (Collateralized by Corporate Obligations valued at $8,459,396, 0.00% - 3.25%, 3/1/25 - 5/1/27) | 8,000 | 8,000 | |
| Mizuho Securities U.S.A., Inc. at: | |||
| 0.39%, dated 4/30/21 due 5/3/21 (Collateralized by Equity Securities valued at $114,483,738) | 106,003 | 106,000 | |
| 0.65%, dated 2/12/21 due 5/24/21 (Collateralized by Corporate Obligations valued at $45,216,279, 0.41% - 8.10%, 8/15/21 - 6/15/51) | 43,078 | 43,000 | |
| Morgan Stanley & Co., Inc. at 0.42%, dated 4/13/21 due 6/14/21 (Collateralized by Equity Securities valued at $106,507,050) | 100,072 | 100,000 | |
| RBS Securities, Inc. at 0.32%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $108,573,964, 0.00% - 6.12%, 5/24/21 - 8/15/49) | 106,003 | 106,000 | |
| Societe Generale at: | |||
| 0.26%, dated 4/30/21 due 5/3/21 (Collateralized by Corporate Obligations valued at $228,785,412, 2.25% - 13.00%, 6/1/21 - 2/1/61) | 212,005 | 212,000 | |
| 0.31%, dated 4/27/21 due 5/4/21 (Collateralized by Corporate Obligations valued at $137,094,011, 2.25% - 12.50%, 9/15/21 - 10/15/93) | 127,008 | 127,000 | |
| 0.37%, dated 4/30/21 due 5/3/21 (Collateralized by Corporate Obligations valued at $91,698,210, 0.00% - 13.00%, 9/15/21 - 10/22/90) | 85,003 | 85,000 | |
| 0.41%, dated 4/27/21 due 5/4/21 (Collateralized by Corporate Obligations valued at $45,323,565, 0.00% - 11.50%, 6/1/21 - 6/13/50) | 42,003 | 42,000 | |
| Wells Fargo Securities, LLC at: | |||
| 0.45%, dated 4/30/21 due 5/3/21 (Collateralized by Corporate Obligations valued at $22,681,682, 0.00%, 1/15/25 - 3/15/28) | 21,001 | 21,000 | |
| 0.48%, dated 4/29/21 due 5/6/21 (Collateralized by Corporate Obligations valued at $45,363,844, 0.00% - 1.00%, 12/1/24 - 2/1/26) | 42,004 | 42,000 | |
| 0.75%, dated 3/19/21 due 6/15/21 (Collateralized by Corporate Obligations valued at $138,370,082, 0.50% - 6.50%, 5/15/23 - 5/15/25) | 128,235 | 128,000 | |
| 0.78%, dated 3/9/21 due 6/7/21 (Collateralized by Corporate Obligations valued at $254,102,445, 0.38% - 4.25%, 1/15/23 - 6/15/27) | 235,458 | 235,000 | |
| 0.8%, dated: | |||
| 2/8/21 due 5/7/21 (Collateralized by Corporate Obligations valued at $138,498,971, 0.13% - 1.13%, 5/15/23 - 3/1/25) | 128,250 | 128,000 | |
| 2/10/21 due 5/11/21 (Collateralized by Corporate Obligations valued at $115,771,572, 0.00% - 4.25%, 6/1/24 - 3/1/37) | 107,214 | 107,000 | |
| (Cost $3,660,000) | 3,660,000 | ||
| TOTAL INVESTMENT IN SECURITIES - 100.1% | |||
| (Cost $39,546,815) | 39,546,815 | ||
| NET OTHER ASSETS (LIABILITIES) - (0.1)% | (56,687) | ||
| NET ASSETS - 100% | $39,490,128 |
Security Type Abbreviations
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
Legend
(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,483,605,000 or 3.8% of net assets.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $194,000,000 or 0.5% of net assets.
(f) Loan is with an affiliated fund.
(g) The maturity amount is based on the rate at period end.
Additional information on each restricted holding is as follows:
| Security | Acquisition Date | Cost |
| Toyota Motor Credit Corp. 0.34%, 5/7/21 | 11/30/20 | $194,000,000 |
Investment Valuation
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
# Additional information on each counterparty to the repurchase agreement is as follows:
| Repurchase Agreement / Counterparty | Value (000s) |
| $3,645,423,000 due 5/03/21 at 0.01% | |
| BNY Mellon Capital Markets LLC | $222,380 |
| Bank Of America, N.A. | 213,608 |
| Bofa Secs Inc | 265,042 |
| Citibank NA | 59,344 |
| Citigroup Global Markets, Inc. | 89,015 |
| Credit Agricole CIB New York Branch | 285,691 |
| HSBC Securities (USA), Inc. | 20,770 |
| ING Financial Markets LLC | 16,601 |
| Mitsubishi Ufj Secs Hldgs Ltd | 151,287 |
| Mizuho Securities USA, Inc. | 14,836 |
| Nomura Securities Internationa | 404,870 |
| RBC Dominion Securities, Inc. | 551,852 |
| Societe Generale | 114,681 |
| Sumitomo Mitsu Bk Corp Ny (DI) | 751,116 |
| Sumitomo Mitsui Bk Corp (REPO) | 468,813 |
| Wells Fargo Securities LLC | 15,517 |
| $3,645,423 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| Amounts in thousands (except per-share amounts) | April 30, 2021 | |
| Assets | ||
| Investment in securities, at value (including repurchase agreements of $12,866,423) — See accompanying schedule: Unaffiliated issuers (cost $39,540,962) | $39,540,962 | |
| Affiliated issuers (cost $5,853) | 5,853 | |
| Total Investment in Securities (cost $39,546,815) | $39,546,815 | |
| Receivable for fund shares sold | 24,412 | |
| Interest receivable | 3,621 | |
| Prepaid expenses | 20 | |
| Receivable from investment adviser for expense reductions | 1,788 | |
| Other receivables | 313 | |
| Total assets | 39,576,969 | |
| Liabilities | ||
| Payable to custodian bank | $14 | |
| Payable for fund shares redeemed | 79,107 | |
| Distributions payable | 25 | |
| Accrued management fee | 7,079 | |
| Other affiliated payables | 143 | |
| Other payables and accrued expenses | 473 | |
| Total liabilities | 86,841 | |
| Net Assets | $39,490,128 | |
| Net Assets consist of: | ||
| Paid in capital | $39,490,002 | |
| Total accumulated earnings (loss) | 126 | |
| Net Assets | $39,490,128 | |
| Net Asset Value and Maximum Offering Price | ||
| Fidelity Money Market Fund: | ||
| Net Asset Value, offering price and redemption price per share ($4,430,334 ÷ 4,430,079 shares) | $1.00 | |
| Premium Class: | ||
| Net Asset Value, offering price and redemption price per share ($35,059,794 ÷ 35,057,038 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Amounts in thousands | Year ended April 30, 2021 | |
| Investment Income | ||
| Interest (including $115 from affiliated interfund lending) | $134,927 | |
| Expenses | ||
| Management fee | $121,155 | |
| Transfer agent fees | 51,818 | |
| Accounting fees and expenses | 1,880 | |
| Custodian fees and expenses | 420 | |
| Independent trustees' fees and expenses | 155 | |
| Registration fees | 547 | |
| Audit | 45 | |
| Legal | 69 | |
| Miscellaneous | 159 | |
| Total expenses before reductions | 176,248 | |
| Expense reductions | (64,323) | |
| Total expenses after reductions | 111,925 | |
| Net investment income (loss) | 23,002 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 8 | |
| Total net realized gain (loss) | 8 | |
| Net increase in net assets resulting from operations | $23,010 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Amounts in thousands | Year ended April 30, 2021 | Year ended April 30, 2020 |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $23,002 | $834,183 |
| Net realized gain (loss) | 8 | 79 |
| Net increase in net assets resulting from operations | 23,010 | 834,262 |
| Distributions to shareholders | (23,003) | (834,183) |
| Share transactions - net increase (decrease) | (15,172,893) | 12,485,517 |
| Total increase (decrease) in net assets | (15,172,886) | 12,485,596 |
| Net Assets | ||
| Beginning of period | 54,663,014 | 42,177,418 |
| End of period | $39,490,128 | $54,663,014 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Money Market Fund
| Years ended April 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .016 | .020 | .011 | .005 |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from investment operations | – | .016 | .020 | .011 | .005 |
| Distributions from net investment income | –A | (.016) | (.020) | (.011) | (.005) |
| Total distributions | –A | (.016) | (.020) | (.011) | (.005) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .02% | 1.61% | 2.03% | 1.11% | .52% |
| Ratios to Average Net AssetsC | |||||
| Expenses before reductions | .42% | .42% | .42% | .42% | .42% |
| Expenses net of fee waivers, if any | .25% | .42% | .42% | .42% | .42% |
| Expenses net of all reductions | .25% | .42% | .42% | .42% | .42% |
| Net investment income (loss) | .03% | 1.56% | 2.06% | 1.15% | .55% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $4,430 | $6,093 | $5,196 | $3,209 | $2,301 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
See accompanying notes which are an integral part of the financial statements.
Fidelity Money Market Fund Premium Class
| Years ended April 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .017 | .021 | .012 | .006 |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from investment operations | –A | .017 | .021 | .012 | .006 |
| Distributions from net investment income | –A | (.017) | (.021) | (.012) | (.006) |
| Total distributions | –A | (.017) | (.021) | (.012) | (.006) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .05% | 1.73% | 2.16% | 1.23% | .64% |
| Ratios to Average Net AssetsC | |||||
| Expenses before reductions | .36% | .36% | .37% | .37% | .37% |
| Expenses net of fee waivers, if any | .23% | .30% | .30% | .30% | .30% |
| Expenses net of all reductions | .23% | .30% | .30% | .30% | .30% |
| Net investment income (loss) | .05% | 1.68% | 2.18% | 1.27% | .67% |
| Supplemental Data | |||||
| Net assets, end of period (in millions) | $35,060 | $48,570 | $36,981 | $15,497 | $7,317 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2021
(Amounts in thousands except percentages)
1. Organization.
Fidelity Money Market Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund offers Fidelity Money Market Fund and Premium Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Shares of the Fund are only available for purchase by retail shareholders
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Money Market Fund | $313 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustees compensation.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
| Gross unrealized appreciation | $– |
| Gross unrealized depreciation | – |
| Net unrealized appreciation (depreciation) | $– |
| Tax Cost | $39,546,815 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $126 |
The tax character of distributions paid was as follows:
| April 30, 2021 | April 30, 2020 | |
| Ordinary Income | $23,003 | $ 834,183 |
Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The collateral balance is monitored on a daily basis to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
3. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .25% of the Fund's average net assets. Under the expense contract, total expenses of Fidelity Money Market Fund are limited to an annual rate of .42% of the class' average net assets, with certain exceptions.
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Premium Class pays a transfer agent fee equal to an annual rate of .10% of class-level average net assets.
Under the expense contract, Fidelity Money Market Fund will pay a portion of the transfer agent fee at an annual rate of up to .17% of class-level average net assets.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets | |
| Fidelity Money Market Fund | $8,612 | .16 |
| Premium Class | 43,206 | .10 |
| $51,818 |
During the period, the investment adviser or its affiliates waived a portion of these fees.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Money Market Fund | –(a) |
(a) The fees were equivalent to less than .005%.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of 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 affiliated funds. Any open loans at period end are presented under the caption "Interfund Loans" in the Schedule of Investments with accrued interest included in Other affiliated receivables on the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
| Average Loan Balance | Weighted Average Interest Rate | ||
| Fidelity Money Market Fund | Lender | 22,911 | .32% |
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
4. Expense Reductions.
The investment adviser contractually agreed to reimburse Premium Class to the extent annual operating expenses exceeded .30% of the average net assets. This reimbursement will remain in place through August 31, 2022. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Premium Class' expenses by $24,263.
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $78.
Additionally, the investment adviser or its affiliates voluntarily agreed to waive certain fees in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver for each class was as follows:
| Fidelity Money Market Fund | $8,833 |
| Premium Class | 31,149 |
5. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended April 30, 2021 | Year ended April 30, 2020 |
|
| Distributions to shareholders | ||
| Fidelity Money Market Fund | $1,355 | $89,701 |
| Premium Class | 21,648 | 744,482 |
| Total | $23,003 | $834,183 |
6. Share Transactions.
Share transactions for each class of shares at a $1.00 per share were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars | |
| Year ended April 30, 2021 | Year ended April 30, 2020 | Year ended April 30, 2021 | Year ended April 30, 2020 | |
| Fidelity Money Market Fund | ||||
| Shares sold | 2,481,773 | 7,092,098 | $2,481,773 | $7,092,098 |
| Reinvestment of distributions | 1,248 | 81,987 | 1,248 | 81,987 |
| Shares redeemed | (4,145,540) | (6,277,347) | (4,145,540) | (6,277,347) |
| Net increase (decrease) | (1,662,519) | 896,738 | $(1,662,519) | $896,738 |
| Premium Class | ||||
| Shares sold | 17,649,816 | 54,365,984 | $17,649,816 | $54,365,984 |
| Reinvestment of distributions | 19,925 | 684,700 | 19,925 | 684,700 |
| Shares redeemed | (31,180,115) | (43,461,905) | (31,180,115) | (43,461,905) |
| Net increase (decrease) | (13,510,374) | 11,588,779 | $(13,510,374) | $11,588,779 |
7. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
8. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hereford Street Trust and Shareholders of Fidelity Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Money Market Fund (one of the funds constituting Fidelity Hereford Street Trust, referred to hereafter as the “Fund”) as of April 30, 2021, the related statement of operations for the year ended April 30, 2021, the statement of changes in net assets for each of the two years in the period ended April 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended April 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2021 and the financial highlights for each of the five years in the period ended April 30, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2021 by correspondence with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
June 14, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 283 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management and as Executive Vice President and Chief Investment Officer for Bank of America Corporation, where he was responsible for the bank’s money-management products. Previously at Bank of America, Mr. Kenneally managed the principal investment research functions and also spent more than a decade as portfolio manager for various equity and fixed-income funds and institutional accounts. He began his career as a research analyst in 1983 and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2020 to April 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized Expense Ratio-A | Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During Period-B November 1, 2020 to April 30, 2021 |
|
| Fidelity Money Market Fund | ||||
| Fidelity Money Market Fund | .19% | |||
| Actual | $1,000.00 | $1,000.00 | $.94** | |
| Hypothetical-C | $1,000.00 | $1,023.85 | $.95** | |
| Premium Class | .19% | |||
| Actual | $1,000.00 | $1,000.00 | $.94** | |
| Hypothetical-C | $1,000.00 | $1,023.85 | $.95** |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
** If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| Annualized Expense Ratio-(a)
| Expenses Paid |
|
| Fidelity Money Market Fund | ||
| Fidelity Money Market Fund | .42% | |
| Actual | $2.08 | |
| Hypothetical-(b) | $2.11 | |
| Premium Class | .30% | |
| Actual | $1.49 | |
| Hypothetical-(b) | $1.51 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Distributions (Unaudited)
A total of 14.55% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $108,674,986 of distributions paid in the calendar year 2020 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund designates $228,249,965 of distributions paid in the calendar year 2020 as qualifying to be taxed as section 163(j) interest dividends.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
SPM-ANN-0621
1.703534.123
Fidelity® Government Money Market Fund
April 30, 2021
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
| Days | % of fund's investments 4/30/21 |
| 1 - 7 | 52.9 |
| 8 - 30 | 12.7 |
| 31 - 60 | 12.0 |
| 61 - 90 | 7.4 |
| 91 - 180 | 12.8 |
| > 180 | 2.2 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
| As of April 30, 2021 | ||
| U.S. Treasury Debt | 43.8% | |
| U.S. Government Agency Debt | 19.5% | |
| Repurchase Agreements | 37.6% | |
| Variable Rate Demand Notes (VRDNs) | 0.1% | |
| Net Other Assets (Liabilities)* | (1.0)% | |
* Net Other Assets (Liabilities) are not included in the pie chart
Current 7-Day Yields
| 4/30/21 | |
| Capital Reserves Class | 0.01% |
| Daily Money Class | 0.01% |
| Advisor M Class | 0.01% |
| Fidelity Government Money Market Fund | 0.01% |
| Premium Class | 0.01% |
| Class K6 | 0.01% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending April 30, 2021, the most recent period shown in the table, would have been (0.90)% for Capital Reserves Class, (0.64)% for Daily Money Class, (0.64)% for Advisor Class M, (0.35)% for Fidelity Government Money Market, (0.29)% for Premium Class and 0.00% for Class K6.
Schedule of Investments April 30, 2021
Showing Percentage of Net Assets
| U.S. Treasury Debt - 43.8% | ||||
| Yield(a) | Principal Amount | Value | ||
| U.S. Treasury Obligations - 43.8% | ||||
| U.S. Treasury Bills | ||||
| 5/4/21 to 12/2/21 | 0.01 to 0.13% | $78,648,519,700 | $78,640,773,373 | |
| U.S. Treasury Bonds | ||||
| 5/15/21 to 11/15/21 | 0.04 to 0.12 | 372,800,000 | 380,597,757 | |
| U.S. Treasury Notes | ||||
| 5/15/21 to 1/31/23 | 0.01 to 0.32 (b) | 17,982,187,700 | 18,072,893,452 | |
| TOTAL U.S. TREASURY DEBT | ||||
| (Cost $97,094,264,582) | 97,094,264,582 | |||
| Variable Rate Demand Note - 0.1% | ||||
| California - 0.0% | ||||
| FHLMC California Statewide Cmntys. Dev. Auth. Multi-family Hsg. Rev. (Heritage Park Apts. Proj.) Series 2008 C, 0.05% 5/7/21, LOC Freddie Mac, VRDN | ||||
| 5/7/21 | 0.05 (b)(c) | 9,700,000 | 9,700,000 | |
| FHLMC Los Angeles Cmnty. Redev. Agcy. Multi-family Hsg. Rev. (Grand Promenade Proj.) Series 2002, 0.08% 5/7/21, LOC Freddie Mac, VRDN | ||||
| 5/7/21 | 0.08 (b) | 41,100,000 | 41,100,000 | |
| 50,800,000 | ||||
| New York - 0.1% | ||||
| FHLMC New York Hsg. Fin. Agcy. Rev. (Clinton Green North Hsg. Proj.) Series 2005 A, 0.06% 5/7/21, LOC Freddie Mac, VRDN | ||||
| 5/7/21 | 0.06 (b)(c) | 35,445,000 | 35,445,000 | |
| FHLMC New York Hsg. Fin. Agcy. Rev. (Clinton Green South Hsg. Proj.) Series 2005 A, 0.06% 5/7/21, LOC Freddie Mac, VRDN | ||||
| 5/7/21 | 0.06 (b)(c) | 16,900,000 | 16,900,000 | |
| FHLMC New York Hsg. Fin. Agcy. Rev. (Theatre Row Tower Hsg. Proj.) Series 2000 A, 0.06% 5/7/21, LOC Freddie Mac, VRDN | ||||
| 5/7/21 | 0.06 (b)(c) | 17,500,000 | 17,500,000 | |
| FNMA New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (155 West 21st Street Dev. Proj.) Series 2007 A, 0.06% 5/7/21, LOC Fannie Mae, VRDN | ||||
| 5/7/21 | 0.06 (b)(c) | 13,100,000 | 13,100,000 | |
| FNMA New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (255 West 9th Street Proj.) Series 2001 A, 0.05% 5/7/21, LOC Fannie Mae, VRDN | ||||
| 5/7/21 | 0.05 (b)(c) | 24,800,000 | 24,800,000 | |
| FNMA New York Hsg. Fin. Agcy. Rev. (250 West 50th Street Hsg. Proj.) Series 1997 A, 0.05% 5/7/21, LOC Fannie Mae, VRDN | ||||
| 5/7/21 | 0.05 (b)(c) | 23,600,000 | 23,600,000 | |
| FNMA New York Hsg. Fin. Agcy. Rev. (316 Eleventh Ave. Hsg. Proj.) Series 2007 A, 0.06% 5/7/21, LOC Fannie Mae, VRDN | ||||
| 5/7/21 | 0.06 (b)(c) | 16,100,000 | 16,100,000 | |
| FNMA New York Hsg. Fin. Agcy. Rev. (600 West and 42nd St. Hsg. Proj.) Series 2007 A, 0.08% 5/7/21, LOC Fannie Mae, VRDN | ||||
| 5/7/21 | 0.08 (b)(c) | 48,350,000 | 48,350,000 | |
| FNMA New York Hsg. Fin. Agcy. Rev. (Tribeca Park Proj.) Series 1997 A, 0.06% 5/7/21, LOC Fannie Mae, VRDN | ||||
| 5/7/21 | 0.06 (b)(c) | 11,400,000 | 11,400,000 | |
| FNMA New York Hsg. Fin. Agcy. Rev. (West 23rd Street Hsg. Proj.) Series 2001 A, 0.05% 5/7/21, LOC Fannie Mae, VRDN | ||||
| 5/7/21 | 0.05 (b)(c) | 6,500,000 | 6,500,000 | |
| FNMA New York Hsg. Fin. Agcy. Rev. Series 1997 A, 0.06% 5/7/21, LOC Fannie Mae, VRDN | ||||
| 5/7/21 | 0.06 (b)(c) | 10,800,000 | 10,800,000 | |
| FNMA New York Hsg. Fin. Agcy. Rev. Series 2008 A, 0.08% 5/7/21, LOC Fannie Mae, VRDN | ||||
| 5/7/21 | 0.08 (b)(c) | 15,200,000 | 15,200,000 | |
| 239,695,000 | ||||
| TOTAL VARIABLE RATE DEMAND NOTE | ||||
| (Cost $290,495,000) | 290,495,000 | |||
| U.S. Government Agency Debt - 19.5% | ||||
| Federal Agencies - 19.5% | ||||
| Fannie Mae | ||||
| 6/4/21 to 7/29/22 | 0.09 to 0.36 (b)(d) | 9,966,015,000 | 9,966,079,343 | |
| Federal Farm Credit Bank | ||||
| 5/3/21 to 3/25/22 | 0.01 to 0.20 (b) | 1,357,250,000 | 1,357,128,340 | |
| Federal Home Loan Bank | ||||
| 5/3/21 to 12/15/22 | 0.01 to 0.25 (b) | 26,051,954,000 | 26,053,728,761 | |
| Freddie Mac | ||||
| 6/24/21 to 9/9/22 | 0.10 to 0.33 (b) | 5,797,800,000 | 5,797,832,742 | |
| TOTAL U.S. GOVERNMENT AGENCY DEBT | ||||
| (Cost $43,174,769,186) | 43,174,769,186 |
| U.S. Government Agency Repurchase Agreement - 15.3% | |||
| Maturity Amount | Value | ||
| In a joint trading account at: | |||
| 0.01% dated 4/30/21 due 5/3/21 (Collateralized by U.S. Government Obligations) # | $20,274,479,497 | $20,274,463,000 | |
| 0.01% dated 4/30/21 due 5/3/21 (Collateralized by U.S. Government Obligations) # | 47,783,040 | 47,783,000 | |
| With: | |||
| ABN AMRO Bank NV at 0.02%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $758,726,904, 0.38% - 5.50%, 8/31/23 - 4/20/51) | 743,001,238 | 743,000,000 | |
| Barclays Bank PLC at 0.01%, dated: | |||
| 4/26/21 due 5/3/21 (Collateralized by U.S. Government Obligations valued at $450,840,877, 3.00% - 4.00%, 10/20/43 - 5/20/49) | 442,000,859 | 442,000,000 | |
| 4/27/21 due 5/4/21 (Collateralized by U.S. Government Obligations valued at $393,720,656, 3.00% - 4.50%, 10/20/46 - 10/20/49) | 386,000,751 | 386,000,000 | |
| 4/28/21 due 5/5/21 (Collateralized by U.S. Government Obligations valued at $156,060,218, 2.50%, 3/20/51) | 153,000,298 | 153,000,000 | |
| 4/30/21 due 5/3/21 (Collateralized by U.S. Government Obligations valued at $169,320,142, 2.50%, 3/20/51) | 166,000,138 | 166,000,000 | |
| BMO Harris Bank NA at: | |||
| 0.03%, dated 4/1/21 due 5/3/21 (Collateralized by U.S. Government Obligations valued at $195,845,223, 1.50% - 6.50%, 10/20/33 - 5/15/59) | 192,005,120 | 192,000,000 | |
| 0.05%, dated 4/12/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $97,922,856, 1.50% - 3.00%, 4/1/36 - 4/20/51) | 96,012,133 | 96,000,000 | |
| 0.07%, dated 2/5/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $76,512,942, 2.50% - 3.50%, 8/20/50 - 2/20/51) | 75,013,271 | 75,000,000 | |
| CIBC Bank U.S.A. at 0.08%, dated 4/29/21 due 7/28/21 (Collateralized by U.S. Government Obligations valued at $78,549,453, 0.13% - 6.99%, 4/30/22 - 5/1/51) | 77,015,400 | 77,000,000 | |
| Citibank NA at: | |||
| 0.01%, dated 4/27/21 due 5/4/21 (Collateralized by U.S. Government Obligations valued at $98,213,191, 0.00% - 9.00%, 5/6/21 - 9/15/65) | 96,000,187 | 96,000,000 | |
| 0.02%, dated 4/27/21 due 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $590,584,208, 0.00% - 10.50%, 8/15/21 - 3/1/51) | 579,002,252 | 579,000,000 | |
| Citigroup Global Capital Markets, Inc. at 0.02%, dated 4/27/21 due 5/4/21 (Collateralized by U.S. Government Obligations valued at $393,721,389, 1.50% - 7.00%, 5/1/36 - 2/15/41) | 386,001,501 | 386,000,000 | |
| Deutsche Bank AG, New York at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Government Obligations valued at $201,880,085, 3.25% - 3.80%, 5/15/43 - 11/15/46) | 196,000,082 | 196,000,000 | |
| Deutsche Bank Securities, Inc. at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Government Obligations valued at $603,838,917, 2.00% - 6.00%, 8/1/29 - 1/15/56) | 588,000,245 | 588,000,000 | |
| Goldman Sachs & Co. at 0.01%, dated: | |||
| 4/29/21 due 5/6/21 (Collateralized by U.S. Government Obligations valued at $1,568,761,743, 1.50% - 6.50%, 12/20/24 - 9/15/59) | 1,538,002,991 | 1,538,000,000 | |
| 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $422,280,352, 1.25% - 6.00%, 5/20/27 - 12/15/55) | 414,000,345 | 414,000,000 | |
| Mitsubishi UFJ Securities (U.S.A.), Inc. at: | |||
| 0.04%, dated: | |||
| 4/14/21 due 6/14/21 (Collateralized by U.S. Government Obligations valued at $196,864,156, 2.00% - 5.50%, 6/1/22 - 4/1/51) | 193,013,081 | 193,000,000 | |
| 4/19/21 due 6/18/21 (Collateralized by U.S. Government Obligations valued at $255,003,967, 1.74% - 6.00%, 9/1/21 - 5/1/51) | 250,016,667 | 250,000,000 | |
| 4/21/21 due 6/21/21 (Collateralized by U.S. Government Obligations valued at $294,783,931, 2.00% - 5.00%, 1/1/24 - 4/1/51) | 289,019,588 | 289,000,000 | |
| 0.06%, dated 4/6/21 due 6/7/21 (Collateralized by U.S. Government Obligations valued at $392,717,672, 1.46% - 5.54%, 1/1/24 - 5/1/51) | 385,039,783 | 385,000,000 | |
| Morgan Stanley & Co., LLC at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Government Obligations valued at $505,920,800, 0.10% - 5.50%, 8/3/21 - 2/1/57) | 496,000,413 | 496,000,000 | |
| Nomura Securities International, Inc. at 0.01%, dated 4/28/21 due 5/5/21 (Collateralized by U.S. Government Obligations valued at $510,000,709, 1.50% - 4.53%, 9/1/35 - 3/20/69) | 500,000,972 | 500,000,000 | |
| RBC Dominion Securities at 0.06%, dated 3/22/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $393,548,398, 0.00% - 6.25%, 6/30/23 - 4/20/51) | 385,119,350 | 385,000,000 | |
| RBC Financial Group at: | |||
| 0.03%, dated: | |||
| 3/18/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $980,257,575, 1.50% - 7.00%, 12/15/23 - 4/1/59) | 961,073,677 | 961,000,000 | |
| 3/19/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $981,276,797, 1.71% - 4.50%, 8/1/33 - 5/1/51) | 962,076,158 | 962,000,000 | |
| 3/22/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $1,002,702,670, 1.50% - 6.50%, 4/1/23 - 4/1/59) | 983,075,363 | 983,000,000 | |
| 3/23/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $211,147,215, 1.50% - 8.00%, 8/1/22 - 5/1/51) | 207,015,870 | 207,000,000 | |
| 0.08%, dated 2/9/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $194,348,420, 1.50% - 7.59%, 1/15/29 - 7/1/56) | 189,074,760 | 189,000,000 | |
| Sumitomo Mitsui Trust Bank Ltd. at: | |||
| 0.11%, dated 4/1/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $27,622,040, 0.38% - 3.50%, 3/31/22 - 1/20/42) | 27,007,260 | 27,000,000 | |
| 0.12%, dated: | |||
| 3/16/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $120,537,188, 0.38% - 3.50%, 3/31/22 - 9/1/47) | 118,042,087 | 118,000,000 | |
| 3/22/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $189,991,258, 0.38% - 4.00%, 3/31/22 - 6/1/48) | 186,071,300 | 186,000,000 | |
| 3/29/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $199,973,061, 0.38% - 4.00%, 3/31/22 - 8/1/49) | 196,082,320 | 196,000,000 | |
| TD Securities (U.S.A.) at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Government Obligations valued at $1,012,860,844, 2.00% - 3.50%, 4/1/36 - 2/1/51) | 993,000,828 | 993,000,000 | |
| TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT | |||
| (Cost $33,769,246,000) | 33,769,246,000 | ||
| U.S. Treasury Repurchase Agreement - 22.3% | |||
| With: | |||
| ABN AMRO Bank NV at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $599,236,908, 0.13% - 5.50%, 1/31/23 - 8/15/45) | 586,000,488 | 586,000,000 | |
| Barclays Bank PLC at 0.01%, dated: | |||
| 4/27/21 due 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $93,523,107, 0.25% - 2.50%, 8/31/25 - 5/15/46) | 91,000,177 | 91,000,000 | |
| 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $2,220,456,251, 0.13% - 8.00%, 11/15/21 - 2/15/46) | 2,168,001,807 | 2,168,000,000 | |
| BNP Paribas, SA at: | |||
| 0.02%, dated: | |||
| 4/12/21 due 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $534,388,450, 0.00% - 6.75%, 7/15/21 - 8/15/50) | 523,006,392 | 523,000,000 | |
| 4/19/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $1,460,683,780, 0.00% - 7.25%, 5/20/21 - 5/15/50) | 1,432,022,276 | 1,432,000,000 | |
| 0.03%, dated: | |||
| 4/5/21 due 5/5/21 (Collateralized by U.S. Treasury Obligations valued at $838,052,555, 0.00% - 8.00%, 5/6/21 - 5/15/50) | 821,020,525 | 821,000,000 | |
| 4/6/21 due 5/6/21 (Collateralized by U.S. Treasury Obligations valued at $1,856,235,307, 0.00% - 6.75%, 5/20/21 - 8/15/50) | 1,817,045,425 | 1,817,000,000 | |
| 4/8/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $1,846,343,993, 0.00% - 8.00%, 5/20/21 - 5/15/50) | 1,808,048,213 | 1,808,000,000 | |
| 4/9/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $982,527,703, 0.00% - 8.13%, 5/15/21 - 5/15/50) | 961,025,627 | 961,000,000 | |
| 0.05%, dated 3/2/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $2,181,818,316, 0.00% - 6.75%, 5/20/21 - 5/15/50) | 2,135,183,847 | 2,135,000,000 | |
| CIBC Bank U.S.A. at 0.02%, dated: | |||
| 4/13/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $356,257,946, 0.00% - 4.63%, 9/30/21 - 8/15/45) | 349,006,786 | 349,000,000 | |
| 4/20/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $355,985,340, 0.13% - 4.63%, 8/31/22 - 5/15/45) | 349,006,786 | 349,000,000 | |
| 4/22/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $248,918,629, 0.13% - 4.63%, 6/30/22 - 8/15/46) | 244,004,744 | 244,000,000 | |
| Citigroup Global Capital Markets, Inc. at 0.03%, dated 4/22/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $539,647,121, 0.13% - 3.00%, 8/15/23 - 11/15/47) | 524,013,973 | 524,000,000 | |
| Commerz Markets LLC at 0.01%, dated: | |||
| 4/27/21 due 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $947,747,820, 0.13% - 6.75%, 7/15/22 - 11/15/50) | 929,001,806 | 929,000,000 | |
| 4/28/21 due 5/5/21 (Collateralized by U.S. Treasury Obligations valued at $711,982,268, 0.13% - 6.75%, 7/15/22 - 11/15/50) | 698,001,357 | 698,000,000 | |
| 4/29/21 due 5/6/21 (Collateralized by U.S. Treasury Obligations valued at $355,997,153, 0.00% - 2.25%, 10/7/21 - 11/15/50) | 349,000,679 | 349,000,000 | |
| 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $1,865,619,110, 0.13% - 6.75%, 10/31/21 - 2/15/50) | 1,828,001,523 | 1,828,000,000 | |
| Credit AG at: | |||
| 0.01%, dated: | |||
| 4/26/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $942,481,852, 0.25% - 2.13%, 1/31/22 - 5/15/25) | 924,001,797 | 924,000,000 | |
| 4/28/21 due 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $125,660,218, 2.25% - 3.63%, 8/15/43 - 8/15/49) | 122,000,203 | 122,000,000 | |
| 5/3/21 due 5/7/21(e) | 697,000,774 | 697,000,000 | |
| 0.02%, dated: | |||
| 4/8/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $1,424,959,793, 0.50% - 2.38%, 8/31/24 - 8/15/30) | 1,397,019,403 | 1,397,000,000 | |
| 4/16/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $180,251,751, 3.38%, 5/15/44) | 175,002,722 | 175,000,000 | |
| 4/28/21 due 5/7/21 | |||
| (Collateralized by U.S. Treasury Obligations valued at $357,735,908, 1.13% - 2.25%, 5/15/40 - 8/15/46) | 349,005,623 | 349,000,000 | |
| (Collateralized by U.S. Treasury Obligations valued at $536,211,473, 2.75% - 4.50%, 8/15/39 - 2/15/48) | 522,008,120 | 522,000,000 | |
| Deutsche Bank AG, New York at 0.01%, dated 4/30/21 due 5/3/21 | |||
| (Collateralized by U.S. Treasury Obligations valued at $726,792,188, 0.13% - 4.50%, 5/15/21 - 11/15/46) | 710,000,296 | 710,000,000 | |
| (Collateralized by U.S. Treasury Obligations valued at $909,791,160, 1.25% - 8.13%, 8/15/21 - 5/15/50) | 887,000,370 | 887,000,000 | |
| DNB Bank ASA at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $542,640,562, 0.25% - 2.88%, 5/15/24 - 5/15/29) | 532,000,443 | 532,000,000 | |
| Federal Reserve Bank of New York at 0%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $9,011,000,062, 2.50% - 2.63%, 8/15/23 - 2/15/29) | 9,011,000,000 | 9,011,000,000 | |
| Fixed Income Clearing Corp. - BNYM at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $474,300,280, 0.13%, 4/30/23) | 465,000,388 | 465,000,000 | |
| Fixed Income Clearing Corp. - SSB at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $947,784,688, 1.25%, 4/30/28) | 929,000,774 | 929,000,000 | |
| ING Financial Markets LLC at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $1,240,841,140, 1.25% - 2.88%, 4/30/22 - 5/15/29) | 1,216,001,013 | 1,216,000,000 | |
| J.P. Morgan Securities, LLC at 0.01%, dated: | |||
| 4/26/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $889,441,743, 0.00% - 3.00%, 8/19/21 - 1/31/26) | 872,001,696 | 872,000,000 | |
| 4/30/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $349,860,364, 2.50% - 2.88%, 8/15/21 - 5/15/24) | 343,000,667 | 343,000,000 | |
| Lloyds Bank Corp. Markets PLC at: | |||
| 0.05%, dated 3/26/21 due 6/28/21 (Collateralized by U.S. Treasury Obligations valued at $177,434,489, 0.63% - 0.75%, 12/31/27 - 1/31/28) | 174,022,717 | 174,000,000 | |
| 0.06%, dated 4/12/21 due 7/12/21 (Collateralized by U.S. Treasury Obligations valued at $177,493,356, 0.13% - 2.25%, 7/31/22 - 11/15/27) | 174,026,390 | 174,000,000 | |
| 0.09%, dated: | |||
| 3/3/21 due 6/3/21 (Collateralized by U.S. Treasury Obligations valued at $139,806,149, 0.25% - 2.25%, 11/15/23 - 11/15/27) | 137,031,510 | 137,000,000 | |
| 3/10/21 due 6/10/21 (Collateralized by U.S. Treasury Obligations valued at $88,703,662, 2.25% - 2.88%, 10/31/23 - 11/15/27) | 87,020,010 | 87,000,000 | |
| 3/11/21 due 6/11/21 (Collateralized by U.S. Treasury Obligations valued at $141,759,646, 2.75%, 8/31/25) | 139,031,970 | 139,000,000 | |
| Lloyds Bank PLC at: | |||
| 0.05%, dated: | |||
| 4/19/21 due 7/19/21 (Collateralized by U.S. Treasury Obligations valued at $178,418,455, 1.50% - 2.00%, 4/30/24 - 11/30/24) | 175,022,118 | 175,000,000 | |
| 4/26/21 due: | |||
| 7/26/21 (Collateralized by U.S. Treasury Obligations valued at $177,503,283, 1.50% - 2.75%, 11/15/23 - 11/30/24) | 174,021,992 | 174,000,000 | |
| 7/27/21 (Collateralized by U.S. Treasury Obligations valued at $107,098,223, 1.50% - 1.63%, 11/15/22 - 11/30/24) | 105,013,417 | 105,000,000 | |
| 4/28/21 due 7/28/21 (Collateralized by U.S. Treasury Obligations valued at $177,456,414, 1.50% - 6.00%, 11/30/24 - 2/15/26) | 174,021,992 | 174,000,000 | |
| 0.06%, dated: | |||
| 3/30/21 due 6/29/21 (Collateralized by U.S. Treasury Obligations valued at $177,494,598, 1.50% - 1.88%, 2/28/22 - 11/30/24) | 174,026,390 | 174,000,000 | |
| 3/31/21 due: | |||
| 7/1/21 (Collateralized by U.S. Treasury Obligations valued at $123,398,146, 1.50% - 2.00%, 11/30/22 - 11/30/24) | 121,018,553 | 121,000,000 | |
| 7/2/21 (Collateralized by U.S. Treasury Obligations valued at $123,417,535, 6.00%, 2/15/26) | 121,018,755 | 121,000,000 | |
| 0.09%, dated: | |||
| 2/16/21 due 5/17/21 (Collateralized by U.S. Treasury Obligations valued at $69,340,020, 1.50% - 2.00%, 4/30/24 - 11/30/24) | 68,015,300 | 68,000,000 | |
| 2/17/21 due 5/17/21 (Collateralized by U.S. Treasury Obligations valued at $105,029,563, 1.50% - 2.00%, 7/15/22 - 12/31/24) | 103,022,918 | 103,000,000 | |
| 2/19/21 due 5/19/21 (Collateralized by U.S. Treasury Obligations valued at $333,586,703, 1.50% - 2.75%, 3/15/22 - 2/28/25) | 327,072,758 | 327,000,000 | |
| 2/23/21 due 5/24/21 (Collateralized by U.S. Treasury Obligations valued at $139,721,579, 1.50% - 1.63%, 11/30/24 - 9/30/26) | 137,030,825 | 137,000,000 | |
| 0.1%, dated: | |||
| 2/9/21 due 5/10/21 (Collateralized by U.S. Treasury Obligations valued at $192,781,994, 1.50% - 2.63%, 5/15/21 - 11/30/24) | 189,047,250 | 189,000,000 | |
| 2/10/21 due 5/11/21 (Collateralized by U.S. Treasury Obligations valued at $174,406,626, 1.50% - 2.63%, 5/15/21 - 11/30/24) | 171,042,750 | 171,000,000 | |
| Mizuho Bank, Ltd. at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $533,331,018, 2.38%, 5/15/29) | 522,000,435 | 522,000,000 | |
| MUFG Securities EMEA PLC at: | |||
| 0.01%, dated: | |||
| 4/27/21 due: | |||
| 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $181,503,394, 2.00% - 3.13%, 10/31/22 - 8/15/44) | 178,000,297 | 178,000,000 | |
| 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $316,109,531, 0.13% - 3.13%, 10/31/22 - 8/15/44) | 310,000,603 | 310,000,000 | |
| 4/28/21 due 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $927,845,337, 0.63% - 3.13%, 4/30/24 - 8/15/44) | 910,001,517 | 910,000,000 | |
| 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $2,467,337,351, 0.13% - 2.25%, 4/30/23 - 2/15/41) | 2,419,002,016 | 2,419,000,000 | |
| 5/3/21 due 5/7/21(e) | 404,000,786 | 404,000,000 | |
| 0.02%, dated 4/26/21 due 5/5/21 (Collateralized by U.S. Treasury Obligations valued at $763,733,247, 1.13% - 3.13%, 8/31/21 - 5/15/48) | 749,003,745 | 749,000,000 | |
| Natixis SA at: | |||
| 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $786,420,722, 0.07% - 2.63%, 7/15/21 - 8/15/30) | 771,000,643 | 771,000,000 | |
| 0.02%, dated 4/16/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $712,038,466, 0.00% - 7.63%, 5/11/21 - 2/15/51) | 698,014,736 | 698,000,000 | |
| Norinchukin Bank at: | |||
| 0.06%, dated: | |||
| 4/9/21 due 7/9/21 (Collateralized by U.S. Treasury Obligations valued at $294,790,415, 2.38%, 5/15/27) | 289,043,832 | 289,000,000 | |
| 4/12/21 due 7/12/21 (Collateralized by U.S. Treasury Obligations valued at $213,186,500, 2.00%, 11/15/26) | 209,031,698 | 209,000,000 | |
| 4/13/21 due 7/13/21 (Collateralized by U.S. Treasury Obligations valued at $177,485,143, 2.00%, 11/15/26) | 174,026,390 | 174,000,000 | |
| 0.09%, dated: | |||
| 2/12/21 due 5/12/21 (Collateralized by U.S. Treasury Obligations valued at $175,473,864, 2.00%, 11/15/26) | 172,038,270 | 172,000,000 | |
| 2/18/21 due 5/18/21 (Collateralized by U.S. Treasury Obligations valued at $175,471,173, 1.50% - 2.38%, 8/15/26 - 5/15/27) | 172,038,270 | 172,000,000 | |
| 2/19/21 due 5/19/21 (Collateralized by U.S. Treasury Obligations valued at $139,764,534, 2.00%, 11/15/26) | 137,030,483 | 137,000,000 | |
| 2/22/21 due 5/21/21 (Collateralized by U.S. Treasury Obligations valued at $254,022,631, 2.00%, 11/15/26) | 249,054,780 | 249,000,000 | |
| 2/24/21 due 5/24/21 (Collateralized by U.S. Treasury Obligations valued at $175,468,548, 2.75%, 6/30/25) | 172,038,270 | 172,000,000 | |
| 3/3/21 due 6/3/21 (Collateralized by U.S. Treasury Obligations valued at $87,732,798, 1.50% - 2.38%, 8/15/26 - 5/15/27) | 86,019,780 | 86,000,000 | |
| SMBC Nikko Securities America, Inc. at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $785,248,103, 2.13% - 2.75%, 12/31/22 - 11/15/23) | 770,000,642 | 770,000,000 | |
| Societe Generale at 0.01%, dated 4/29/21 due 5/6/21 | |||
| (Collateralized by U.S. Treasury Obligations valued at $177,561,466, 0.00% - 6.25%, 5/31/21 - 11/15/48) | 174,000,338 | 174,000,000 | |
| (Collateralized by U.S. Treasury Obligations valued at $177,481,561, 0.00% - 6.75%, 5/13/21 - 11/15/48) | 174,000,338 | 174,000,000 | |
| TD Securities (U.S.A.) at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $157,080,195, 0.13% - 2.25%, 5/31/22 - 8/15/30) | 154,000,128 | 154,000,000 | |
| TOTAL U.S. TREASURY REPURCHASE AGREEMENT | |||
| (Cost $49,406,000,000) | 49,406,000,000 | ||
| TOTAL INVESTMENT IN SECURITIES - 101.0% | |||
| (Cost $223,734,774,768) | 223,734,774,768 | ||
| NET OTHER ASSETS (LIABILITIES) - (1.0)% | (2,224,980,319) | ||
| NET ASSETS - 100% | $221,509,794,449 |
Security Type Abbreviations
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
Legend
(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(e) Represents a forward settling transaction and therefore no collateral securities had been allocated as of period end. The agreement contemplated the delivery of U.S. Treasury Obligations as collateral on settlement date.
Investment Valuation
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
# Additional information on each counterparty to the repurchase agreement is as follows:
| Repurchase Agreement / Counterparty | Value |
| $20,274,463,000 due 5/03/21 at 0.01% | |
| BNY Mellon Capital Markets LLC | $1,244,316,000 |
| Bank Of America, N.A. | 1,195,232,000 |
| Bank of America Securities, Inc. | 1,483,032,000 |
| Citibank N.A. | 332,054,000 |
| Citigroup Global Markets, Inc. | 498,080,000 |
| Credit Agricole CIB New York Branch | 1,598,571,000 |
| HSBC Securities (USA), Inc. | 116,219,000 |
| ING Financial Markets LLC | 92,890,000 |
| Mitsubishi UFJ Securities Holdings Ltd. | 846,525,000 |
| Mizuho Securities USA, Inc. | 83,013,000 |
| Nomura Securities International | 2,265,429,000 |
| RBC Dominion Securities, Inc. | 2,964,529,000 |
| Societe Generale (PARIS) | 641,687,000 |
| Sumitomo Mitsu Banking Corp. NY | 4,202,837,000 |
| Sumitomo Mitsui Banking Corp. | 2,623,223,000 |
| Wells Fargo Securities LLC | 86,826,000 |
| $20,274,463,000 | |
| $47,783,000 due 5/03/21 at 0.01% | |
| Wells Fargo Securities LLC | 47,783,000 |
| $47,783,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| April 30, 2021 | ||
| Assets | ||
| Investment in securities, at value (including repurchase agreements of $83,175,246,000) — See accompanying schedule: Unaffiliated issuers (cost $223,734,774,768) | $223,734,774,768 | |
| Receivable for investments sold | 129,261,401 | |
| Receivable for fund shares sold | 1,125,568,366 | |
| Interest receivable | 92,834,830 | |
| Prepaid expenses | 68,936 | |
| Receivable from investment adviser for expense reductions | 401,102 | |
| Other receivables | 1,116,659 | |
| Total assets | 225,084,026,062 | |
| Liabilities | ||
| Payable to custodian bank | $63,339 | |
| Payable for investments purchased | 2,629,356,772 | |
| Payable for fund shares redeemed | 929,804,087 | |
| Distributions payable | 186,484 | |
| Accrued management fee | 10,730,633 | |
| Other affiliated payables | 432,562 | |
| Other payables and accrued expenses | 3,657,736 | |
| Total liabilities | 3,574,231,613 | |
| Net Assets | $221,509,794,449 | |
| Net Assets consist of: | ||
| Paid in capital | $221,509,640,282 | |
| Total accumulated earnings (loss) | 154,167 | |
| Net Assets | $221,509,794,449 | |
| Net Asset Value and Maximum Offering Price | ||
| Capital Reserves Class: | ||
| Net Asset Value, offering price and redemption price per share ($7,539,252,314 ÷ 7,537,080,107 shares) | $1.00 | |
| Daily Money Class: | ||
| Net Asset Value, offering price and redemption price per share ($7,356,205,656 ÷ 7,354,285,207 shares) | $1.00 | |
| Advisor M Class: | ||
| Net Asset Value, offering price and redemption price per share ($124,205,328 ÷ 124,207,931 shares) | $1.00 | |
| Fidelity Government Money Market Fund: | ||
| Net Asset Value, offering price and redemption price per share ($200,115,905,422 ÷ 200,111,622,135 shares) | $1.00 | |
| Premium Class: | ||
| Net Asset Value, offering price and redemption price per share ($4,713,643,499 ÷ 4,712,462,786 shares) | $1.00 | |
| Class K6: | ||
| Net Asset Value, offering price and redemption price per share ($1,660,582,230 ÷ 1,660,603,231 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended April 30, 2021 | ||
| Investment Income | ||
| Interest | $327,721,531 | |
| Expenses | ||
| Management fee | $520,527,175 | |
| Transfer agent fees | 335,825,450 | |
| Distribution and service plan fees | 58,795,272 | |
| Accounting fees and expenses | 4,915,007 | |
| Custodian fees and expenses | 1,543,413 | |
| Independent trustees' fees and expenses | 623,472 | |
| Registration fees | 10,400,003 | |
| Audit | 48,745 | |
| Legal | 247,479 | |
| Miscellaneous | 518,469 | |
| Total expenses before reductions | 933,444,485 | |
| Expense reductions | (626,607,431) | |
| Total expenses after reductions | 306,837,054 | |
| Net investment income (loss) | 20,884,477 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 229,324 | |
| Total net realized gain (loss) | 229,324 | |
| Net increase in net assets resulting from operations | $21,113,801 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended April 30, 2021 | Year ended April 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $20,884,477 | $1,894,583,334 |
| Net realized gain (loss) | 229,324 | 1,249,552 |
| Net increase in net assets resulting from operations | 21,113,801 | 1,895,832,886 |
| Distributions to shareholders | (20,874,874) | (1,894,622,301) |
| Share transactions - net increase (decrease) | 33,214,705,842 | 66,219,398,590 |
| Total increase (decrease) in net assets | 33,214,944,769 | 66,220,609,175 |
| Net Assets | ||
| Beginning of period | 188,294,849,680 | 122,074,240,505 |
| End of period | $221,509,794,449 | $188,294,849,680 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Government Money Market Fund Capital Reserves Class
| Years ended April 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .009 | .012 | .003 | –A |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from investment operations | –A | .009 | .012 | .003 | –A |
| Distributions from net investment income | –A | (.009) | (.012) | (.003) | –A |
| Total distributions | –A | (.009) | (.012) | (.003) | –A |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .01% | .94% | 1.26% | .27% | .01% |
| Ratios to Average Net AssetsC | |||||
| Expenses before reductions | .96% | .97% | .96% | .96% | .97% |
| Expenses net of fee waivers, if any | .15% | .89% | .95% | .93% | .53% |
| Expenses net of all reductions | .15% | .89% | .95% | .93% | .53% |
| Net investment income (loss) | .01% | .87% | 1.26% | .26% | .02% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $7,539,252 | $7,470,316 | $6,491,629 | $8,466,153 | $10,328,334 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
See accompanying notes which are an integral part of the financial statements.
Fidelity Government Money Market Fund Daily Money Class
| Years ended April 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .012 | .015 | .005 | –A |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from investment operations | –A | .012 | .015 | .005 | –A |
| Distributions from net investment income | –A | (.012) | (.015) | (.005) | –A |
| Total distributions | –A | (.012) | (.015) | (.005) | –A |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .01% | 1.16% | 1.51% | .50% | .02% |
| Ratios to Average Net AssetsC | |||||
| Expenses before reductions | .71% | .72% | .71% | .71% | .72% |
| Expenses net of fee waivers, if any | .15% | .67% | .70% | .70% | .52% |
| Expenses net of all reductions | .15% | .67% | .70% | .70% | .52% |
| Net investment income (loss) | .01% | 1.08% | 1.51% | .49% | .03% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $7,356,206 | $7,835,091 | $6,038,320 | $6,913,180 | $8,145,306 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
See accompanying notes which are an integral part of the financial statements.
Fidelity Government Money Market Fund Advisor M Class
| Years ended April 30, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | ||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | ||||
| Net investment income (loss) | –B | .012 | .015 | .005 |
| Net realized and unrealized gain (loss)B | – | – | – | – |
| Total from investment operations | –B | .012 | .015 | .005 |
| Distributions from net investment income | –B | (.012) | (.015) | (.005) |
| Total distributions | –B | (.012) | (.015) | (.005) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnC,D | .01% | 1.17% | 1.52% | .48% |
| Ratios to Average Net AssetsE | ||||
| Expenses before reductions | .71% | .72% | .71% | .72%F |
| Expenses net of fee waivers, if any | .15% | .65% | .70% | .70%F |
| Expenses net of all reductions | .15% | .64% | .69% | .69%F |
| Net investment income (loss) | .01% | 1.12% | 1.53% | .71%F |
| Supplemental Data | ||||
| Net assets, end of period (000 omitted) | $124,205 | $126,269 | $50,630 | $29,889 |
A For the period July 6, 2017 (commencement of sale of shares) to April 30, 2018.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity Government Money Market Fund
| Years ended April 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .014 | .018 | .008 | .001 |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from investment operations | –A | .014 | .018 | .008 | .001 |
| Distributions from net investment income | –A | (.014) | (.018) | (.008) | (.001) |
| Total distributions | –A | (.014) | (.018) | (.008) | (.001) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .01% | 1.42% | 1.79% | .78% | .12% |
| Ratios to Average Net AssetsC | |||||
| Expenses before reductions | .42% | .42% | .42% | .42% | .42% |
| Expenses net of fee waivers, if any | .15% | .42% | .42% | .42% | .42% |
| Expenses net of all reductions | .15% | .42% | .42% | .42% | .42% |
| Net investment income (loss) | .01% | 1.33% | 1.79% | .81% | .14% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $200,115,905 | $165,823,962 | $104,973,598 | $86,131,220 | $63,580,065 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
See accompanying notes which are an integral part of the financial statements.
Fidelity Government Money Market Fund Premium Class
| Years ended April 30, | 2021 | 2020 | 2019 | 2018 | 2017 |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | –A | .015 | .019 | .009 | .002 |
| Net realized and unrealized gain (loss)A | – | – | – | – | – |
| Total from investment operations | –A | .015 | .019 | .009 | .002 |
| Distributions from net investment income | –A | (.015) | (.019) | (.009) | (.002) |
| Total distributions | –A | (.015) | (.019) | (.009) | (.002) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnB | .01% | 1.52% | 1.90% | .89% | .22% |
| Ratios to Average Net AssetsC | |||||
| Expenses before reductions | .36% | .37% | .36% | .36% | .37% |
| Expenses net of fee waivers, if any | .15% | .32% | .32% | .32% | .32% |
| Expenses net of all reductions | .15% | .32% | .32% | .32% | .32% |
| Net investment income (loss) | - %D | 1.43% | 1.89% | .89% | .24% |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $4,713,643 | $5,726,124 | $4,115,468 | $2,901,645 | $2,444,687 |
A Amount represents less than $.0005 per share.
B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
D Amount represents less than .005%.
See accompanying notes which are an integral part of the financial statements.
Fidelity Government Money Market Fund Class K6
| Years ended April 30, | 2021 | 2020 | 2019 | 2018 A |
| Selected Per–Share Data | ||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | ||||
| Net investment income (loss) | –B | .016 | .019 | .003 |
| Net realized and unrealized gain (loss)B | – | – | – | – |
| Total from investment operations | –B | .016 | .019 | .003 |
| Distributions from net investment income | –B | (.016) | (.019) | (.003) |
| Total distributions | –B | (.016) | (.019) | (.003) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnC,D | .01% | 1.59% | 1.97% | .34% |
| Ratios to Average Net AssetsE | ||||
| Expenses before reductions | .27% | .28% | .27% | .27%F |
| Expenses net of fee waivers, if any | .14% | .25% | .25% | .25%F |
| Expenses net of all reductions | .14% | .25% | .25% | .25%F |
| Net investment income (loss) | .01% | 1.50% | 1.96% | 1.47%F |
| Supplemental Data | ||||
| Net assets, end of period (000 omitted) | $1,660,582 | $1,313,087 | $404,595 | $46,354 |
A For the period January 24, 2018 (commencement of sale of shares) to April 30, 2018.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2021
1. Organization.
Fidelity Government Money Market Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund offers Capital Reserves Class, Daily Money Class, Advisor M Class, Fidelity Government Money Market Fund, Premium Class and Class K6 shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
| Fidelity Government Money Market Fund | $1,116,659 |
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustees compensation and losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
| Gross unrealized appreciation | $– |
| Gross unrealized depreciation | – |
| Net unrealized appreciation (depreciation) | $– |
| Tax Cost | $223,734,774,768 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $154,427 |
The tax character of distributions paid was as follows:
| April 30, 2021 | April 30, 2020 | |
| Ordinary Income | $20,874,874 | $ 1,894,622,301 |
Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by cash or government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The collateral balance is monitored on a daily basis to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
3. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .25% of the Fund's average net assets. Under the expense contract, total expenses of Fidelity Government Money Market Fund are limited to an annual rate of .42% of the class' average net assets, with certain exceptions.
During the period, the investment adviser or its affiliates waived a portion of these fees.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
| Distribution Fee | Service Fee | Total Fees | Retained by FDC | |
| Capital Reserves Class | .25% | .25% | $39,432,206 | $36,265,900 |
| Daily Money Class | -% | .25% | 19,044,754 | 17,478,914 |
| Advisor M Class | -% | .25% | 318,312 | 291,999 |
| $58,795,272 | $54,036,813 |
During the period, the investment adviser or its affiliates waived a portion of these fees.
Sales Load. FDC receives the proceeds of contingent deferred sales charges for Daily Money Class shares purchased by exchange from Class A or Class M shares of a Fidelity fund that were subject to these charges. In addition, FDC receives deferred sales charges for Advisor M Class shares purchased by exchange from Class M shares of a Fidelity fund that were subject to these charges.
For the period, sales charge amounts retained by FDC were as follows:
| Retained by FDC | |
| Daily Money Class | $8,259 |
| Advisor M Class | $1,196 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Each class pays a transfer agent fee equal to an annual rate of .20% of class-level average net assets, with the exception of Premium Class and Class K6 which pays .10% and .01% of class-level average net assets, respectively.
Under the expense contract, Fidelity Government Money Market Fund will pay a portion of the transfer agent fee at an annual rate of up to .17% of class-level average net assets.
For the period, transfer agent fees for each class were as follows:
| Amount | % of Class-Level Average Net Assets | |
| Capital Reserves Class | $15,772,882 | .20 |
| Daily Money Class | 15,236,410 | .20 |
| Advisor M Class | 254,720 | .20 |
| Fidelity Government Money Market Fund | 299,020,898 | .16 |
| Premium Class | 5,382,472 | .10 |
| Class K6 | 158,068 | .01 |
| $335,825,450 |
During the period, the investment adviser or its affiliates waived a portion of these fees.
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:
| % of Average Net Assets | |
| Fidelity Government Money Market Fund | –%(a) |
(a) Amount represents less than .005%.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are noted in the table below.
| Purchases ($) | Sales ($) | |
| Fidelity Government Money Market Fund | 74,100,000 | – |
4. Expense Reductions.
The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through August 31, 2022. Some expenses, for example the compensation of the independent Trustees and certain other expenses such as interest expense, are excluded from this reimbursement.
The following classes were in reimbursement during the period:
| Expense Limitations | Reimbursement | |
| Capital Reserves Class | .95% | $707,616 |
| Daily Money Class | .70% | 671,010 |
| Advisor M Class | .70% | 11,449 |
| Premium Class | .32% | 2,077,645 |
| Class K6 | .25% | 295,351 |
| $3,763,071 |
Additionally, the investment adviser or its affiliates voluntarily agreed to waive certain fees in order to avoid a negative yield. Such arrangements may be discontinued by the investment adviser at any time. For the period, the amount of the waiver for each class was as follows:
| Capital Reserves Class | $63,097,939 |
| Daily Money Class | 41,751,124 |
| Advisor M Class | 699,987 |
| Fidelity Government Money Market Fund | 506,578,115 |
| Premium Class | 8,970,707 |
| Class K6 | 1,694,361 |
Through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $51,974. During the period, transfer agent credits reduced each class' expenses as noted in the table below.
| Expense reduction | |
| Fidelity Government Money Market Fund | 24 |
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $129.
5. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Year ended April 30, 2021 | Year ended April 30, 2020 |
|
| Fidelity Government Money Market Fund | ||
| Distributions to shareholders | ||
| Capital Reserves Class | $786,905 | $60,356,967 |
| Daily Money Class | 760,813 | 76,178,608 |
| Advisor M Class | 12,529 | 679,470 |
| Fidelity Government Money Market Fund | 18,527,218 | 1,678,425,378 |
| Premium Class | 574,686 | 68,936,329 |
| Class K6 | 212,723 | 10,045,549 |
| Total | $20,874,874 | $1,894,622,301 |
6. Share Transactions.
Share transactions for each class of shares at a $1.00 per share were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| Shares | Shares | Dollars | Dollars | |
| Year ended April 30, 2021 | Year ended April 30, 2020 | Year ended April 30, 2021 | Year ended April 30, 2020 | |
| Fidelity Government Money Market Fund | ||||
| Capital Reserves Class | ||||
| Shares sold | 32,661,536,522 | 31,933,001,084 | $32,661,536,522 | $31,933,001,084 |
| Reinvestment of distributions | 499,618 | 37,539,053 | 499,618 | 37,539,053 |
| Shares redeemed | (32,593,112,615) | (30,992,019,053) | (32,593,112,615) | (30,992,019,053) |
| Net increase (decrease) | 68,923,525 | 978,521,084 | $68,923,525 | $978,521,084 |
| Daily Money Class | ||||
| Shares sold | 24,900,123,722 | 28,776,861,260 | $24,900,123,722 | $28,776,861,260 |
| Reinvestment of distributions | 542,620 | 53,974,169 | 542,620 | 53,974,169 |
| Shares redeemed | (25,379,435,893) | (27,034,456,625) | (25,379,435,893) | (27,034,456,625) |
| Net increase (decrease) | (478,769,551) | 1,796,378,804 | $(478,769,551) | $1,796,378,804 |
| Advisor M Class | ||||
| Shares sold | 168,543,544 | 185,769,558 | $168,543,544 | $185,769,558 |
| Reinvestment of distributions | 12,309 | 655,877 | 12,309 | 655,877 |
| Shares redeemed | (170,619,521) | (110,783,720) | (170,619,521) | (110,783,720) |
| Net increase (decrease) | (2,063,668) | 75,641,715 | $(2,063,668) | $75,641,715 |
| Fidelity Government Money Market Fund | ||||
| Shares sold | 704,541,729,477 | 541,543,937,250 | $704,541,729,477 | $541,543,937,250 |
| Reinvestment of distributions | 17,041,021 | 1,535,792,307 | 17,041,021 | 1,535,792,307 |
| Shares redeemed | (670,267,422,261) | (482,229,701,607) | (670,267,422,261) | (482,229,701,607) |
| Net increase (decrease) | 34,291,348,237 | 60,850,027,950 | $34,291,348,237 | $60,850,027,950 |
| Premium Class | ||||
| Shares sold | 2,950,419,613 | 5,782,487,798 | $2,950,419,613 | $5,782,487,798 |
| Reinvestment of distributions | 545,983 | 64,936,594 | 545,983 | 64,936,594 |
| Shares redeemed | (3,963,201,241) | (4,237,106,538) | (3,963,201,241) | (4,237,106,538) |
| Net increase (decrease) | (1,012,235,645) | 1,610,317,854 | $(1,012,235,645) | $1,610,317,854 |
| Class K6 | ||||
| Shares sold | 1,666,993,981 | 1,582,341,872 | $1,666,993,981 | $1,582,341,872 |
| Reinvestment of distributions | 212,723 | 10,037,137 | 212,723 | 10,037,137 |
| Shares redeemed | (1,319,703,760) | (683,867,826) | (1,319,703,760) | (683,867,826) |
| Net increase (decrease) | 347,502,944 | 908,511,183 | $347,502,944 | $908,511,183 |
7. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
8. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hereford Street Trust and Shareholders of Fidelity Government Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Government Money Market Fund (one of the funds constituting Fidelity Hereford Street Trust, referred to hereafter as the “Fund”) as of April 30, 2021, the related statement of operations for the year ended April 30, 2021, the statement of changes in net assets for each of the two years in the period ended April 30, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2021 by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
June 14, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 283 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management and as Executive Vice President and Chief Investment Officer for Bank of America Corporation, where he was responsible for the bank’s money-management products. Previously at Bank of America, Mr. Kenneally managed the principal investment research functions and also spent more than a decade as portfolio manager for various equity and fixed-income funds and institutional accounts. He began his career as a research analyst in 1983 and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2020 to April 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized Expense Ratio-A | Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During Period-B November 1, 2020 to April 30, 2021 |
|
| Fidelity Government Money Market Fund | ||||
| Capital Reserves Class | .10% | |||
| Actual | $1,000.00 | $1,000.00 | $.50** | |
| Hypothetical-C | $1,000.00 | $1,024.30 | $.50** | |
| Daily Money Class | .10% | |||
| Actual | $1,000.00 | $1,000.00 | $.50** | |
| Hypothetical-C | $1,000.00 | $1,024.30 | $.50** | |
| Advisor M Class | .10% | |||
| Actual | $1,000.00 | $1,000.00 | $.50** | |
| Hypothetical-C | $1,000.00 | $1,024.30 | $.50** | |
| Fidelity Government Money Market Fund | .10% | |||
| Actual | $1,000.00 | $1,000.00 | $.50** | |
| Hypothetical-C | $1,000.00 | $1,024.30 | $.50** | |
| Premium Class | .10% | |||
| Actual | $1,000.00 | $1,000.00 | $.50** | |
| Hypothetical-C | $1,000.00 | $1,024.30 | $.50** | |
| Class K6 | .10% | |||
| Actual | $1,000.00 | $1,000.00 | $.50** | |
| Hypothetical-C | $1,000.00 | $1,024.30 | $.50** |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C 5% return per year before expenses
** If certain fees were not voluntarily waived by the investment adviser or its affiliates during the period, the annualized expense ratio and the expenses paid in the actual and hypothetical examples above would have been as shown in table below:
| Annualized Expense Ratio-(a)
| Expenses Paid |
|
| Fidelity Government Money Market Fund | ||
| Capital Reserves Class | .95% | |
| Actual | $4.70 | |
| Hypothetical-(b) | $4.76 | |
| Daily Money Class | .70% | |
| Actual | $3.47 | |
| Hypothetical-(b) | $3.51 | |
| Advisor M Class | .70% | |
| Actual | $3.47 | |
| Hypothetical-(b) | $3.51 | |
| Fidelity Government Money Market Fund | .42% | |
| Actual | $2.08 | |
| Hypothetical-(b) | $2.11 | |
| Premium Class | .32% | |
| Actual | $1.59 | |
| Hypothetical-(b) | $1.61 | |
| Class K6 | .25% | |
| Actual | $1.24 | |
| Hypothetical-(b) | $1.25 |
(a) Annualized expense ratio reflects expenses net of applicable fee waivers.
(b) 5% return per year before expenses
Distributions (Unaudited)
The fund hereby designates as a capital gain dividend with respect to the taxable year ended April 30, 2021, $168,918, or, if subsequently determined to be different, the net capital gain of such year.
A total of 67.77% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $329,507,486 of distributions paid in the calendar year 2020 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund designates $397,792,316 of distributions paid in the calendar year 2020 as qualifying to be taxed as section 163(j) interest dividends.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
SPU-ANN-0621
1.703529.123
Fidelity Flex® Funds
Fidelity Flex® Government Money Market Fund
April 30, 2021
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification as of April 30, 2021
| Days | % of fund's investments 4/30/21 |
| 1 - 7 | 41.1 |
| 8 - 30 | 14.7 |
| 31 - 60 | 13.6 |
| 61 - 90 | 9.9 |
| 91 - 180 | 18.2 |
| > 180 | 2.5 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
| As of April 30, 2021 * | ||
| U.S. Treasury Debt | 29.6% | |
| U.S. Government Agency Debt | 41.7% | |
| Repurchase Agreements | 25.4% | |
| Net Other Assets (Liabilities) | 3.3% | |
* Foreign investments - 13.2%
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Current 7-Day Yields
| 4/30/21 | |
| Fidelity Flex® Government Money Market Fund | 0.06% |
Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Schedule of Investments April 30, 2021
Showing Percentage of Net Assets
| U.S. Treasury Debt - 29.6% | ||||
| Yield(a) | Principal Amount | Value | ||
| U.S. Treasury Obligations - 29.6% | ||||
| U.S. Treasury Bills | ||||
| 5/6/21 to 12/2/21 | 0.01 to 0.13% | $24,950,000 | $24,946,949 | |
| U.S. Treasury Notes | ||||
| 7/31/21 to 7/31/22 | 0.03 to 0.32 (b) | 4,300,000 | 4,314,349 | |
| TOTAL U.S. TREASURY DEBT | ||||
| (Cost $29,261,298) | 29,261,298 | |||
| U.S. Government Agency Debt - 41.7% | ||||
| Federal Agencies - 41.7% | ||||
| Fannie Mae | ||||
| 5/6/21 to 7/29/22 | 0.04 to 0.24 (b) | 4,116,000 | 4,122,184 | |
| Federal Farm Credit Bank | ||||
| 5/26/21 to 3/8/22 | 0.03 to 0.17 (b) | 4,075,000 | 4,087,180 | |
| Federal Home Loan Bank | ||||
| 5/3/21 to 12/15/22 | 0.02 to 0.25 (b) | 31,440,000 | 31,463,296 | |
| Freddie Mac | ||||
| 8/12/21 to 8/18/22 | 0.10 to 0.17 (b) | 1,625,000 | 1,628,845 | |
| TOTAL U.S. GOVERNMENT AGENCY DEBT | ||||
| (Cost $41,301,505) | 41,301,505 |
| U.S. Government Agency Repurchase Agreement - 10.3% | |||
| Maturity Amount | Value | ||
| In a joint trading account at 0.01% dated 4/30/21 due 5/3/21 (Collateralized by (U.S. Government Obligations) # | $677,001 | $677,000 | |
| With: | |||
| ABN AMRO Bank NV at 0.02%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $1,027,617, 0.38% - 5.50%, 8/15/24 - 8/15/45) | 1,000,002 | 1,000,000 | |
| Barclays Bank PLC at 0.01%, dated: | |||
| 4/26/21 due 5/3/21 (Collateralized by U.S. Government Obligations valued at $1,020,002, 2.00%, 4/1/51) | 1,000,002 | 1,000,000 | |
| 4/27/21 due 5/4/21 (Collateralized by U.S. Government Obligations valued at $1,020,002, 2.00%, 4/1/51) | 1,000,002 | 1,000,000 | |
| 4/28/21 due 5/5/21 (Collateralized by U.S. Government Obligations valued at $1,020,002, 2.00%, 4/1/51) | 1,000,002 | 1,000,000 | |
| BMO Harris Bank NA at: | |||
| 0.05%, dated 4/12/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $1,020,030, 1.50% - 3.00%, 4/1/36 - 4/20/51) | 1,000,126 | 1,000,000 | |
| 0.07%, dated 2/5/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $510,086, 2.75% - 3.00%, 8/31/25 - 4/20/51) | 500,088 | 500,000 | |
| Citibank NA at: | |||
| 0.01%, dated 4/27/21 due 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $1,020,139, 0.25% - 5.00%, 2/28/22 - 8/15/44) | 1,000,002 | 1,000,000 | |
| 0.02%, dated 4/27/21 due 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $1,020,053, 0.13% - 0.63%, 4/30/23 - 5/15/30) | 1,000,004 | 1,000,000 | |
| Citigroup Global Capital Markets, Inc. at 0.02%, dated 4/27/21 due 5/4/21 (Collateralized by U.S. Government Obligations valued at $1,020,500, 2.50% - 4.50%, 9/1/49) | 1,000,004 | 1,000,000 | |
| RBC Financial Group at 0.03%, dated 3/23/21 due 5/7/21 (Collateralized by U.S. Government Obligations valued at $1,020,425, 2.00% - 4.00%, 8/1/33 - 10/1/50) | 1,000,077 | 1,000,000 | |
| TOTAL U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT | |||
| (Cost $10,177,000) | 10,177,000 | ||
| U.S. Treasury Repurchase Agreement - 15.1% | |||
| With: | |||
| BNP Paribas, SA at 0.02%, dated 4/12/21 due 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $1,020,048, 0.00% - 1.38%, 8/12/21 - 11/15/40) | 1,000,012 | 1,000,000 | |
| Commerz Markets LLC at 0.01%, dated: | |||
| 4/27/21 due 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $1,022,113, 2.00% - 2.88%, 5/15/28 - 2/15/50) | 1,000,002 | 1,000,000 | |
| 4/28/21 due 5/5/21 (Collateralized by U.S. Treasury Obligations valued at $1,020,106, 0.63% - 2.88%, 5/15/28 - 5/15/30) | 1,000,002 | 1,000,000 | |
| Credit AG at: | |||
| 0.01%, dated: | |||
| 4/26/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $1,020,017, 2.75%, 6/30/25) | 1,000,002 | 1,000,000 | |
| 4/28/21 due 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $1,020,017, 2.75%, 6/30/25) | 1,000,002 | 1,000,000 | |
| 5/3/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations)(c) | 1,000,001 | 1,000,000 | |
| 0.02%, dated 4/28/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $1,020,017, 2.75%, 6/30/25) | 1,000,016 | 1,000,000 | |
| ING Financial Markets LLC at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $1,029,871, 1.38%, 6/30/23) | 1,000,001 | 1,000,000 | |
| J.P. Morgan Securities, LLC at 0.01%, dated: | |||
| 4/26/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $1,020,002, 0.13% - 7.63%, 3/15/22 - 1/31/26) | 1,000,002 | 1,000,000 | |
| 4/30/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations valued at $1,020,001, 0.13% - 8.00%, 11/15/21 - 1/31/26) | 1,000,002 | 1,000,000 | |
| Mizuho Bank, Ltd. at 0.01%, dated 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $1,022,523, 2.38%, 5/15/29) | 1,000,001 | 1,000,000 | |
| MUFG Securities EMEA PLC at 0.01%, dated: | |||
| 4/27/21 due: | |||
| 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $1,021,809, 2.00% - 3.13%, 10/31/22 - 5/15/48) | 1,000,002 | 1,000,000 | |
| 5/4/21 (Collateralized by U.S. Treasury Obligations valued at $1,025,918, 1.50% - 3.13%, 2/15/30 - 5/15/48) | 1,000,002 | 1,000,000 | |
| 4/30/21 due 5/3/21 (Collateralized by U.S. Treasury Obligations valued at $1,019,717, 0.63%, 11/30/27) | 1,000,001 | 1,000,000 | |
| 5/3/21 due 5/7/21 (Collateralized by U.S. Treasury Obligations)(c) | 1,000,002 | 1,000,000 | |
| TOTAL U.S. TREASURY REPURCHASE AGREEMENT | |||
| (Cost $15,000,000) | 15,000,000 | ||
| TOTAL INVESTMENT IN SECURITIES - 96.7% | |||
| (Cost $95,739,803) | 95,739,803 | ||
| NET OTHER ASSETS (LIABILITIES) - 3.3% | 3,239,606 | ||
| NET ASSETS - 100% | $98,979,409 |
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
Legend
(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Represents a forward settling transaction and therefore no collateral securities had been allocated as of period end. The agreement contemplated the delivery of U.S. Treasury Obligations as collateral on settlement date.
Investment Valuation
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
# Additional information on each counterparty to the repurchase agreement is as follows:
| Repurchase Agreement / Counterparty | Value |
| $677,000 due 5/03/21 at 0.01% | |
| BNY Mellon Capital Markets LLC | $181,000 |
| Bank Of America, N.A. | 486,000 |
| Wells Fargo Securities LLC | 10,000 |
| $677,000 |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| April 30, 2021 | ||
| Assets | ||
| Investment in securities, at value (including repurchase agreements of $25,177,000) — See accompanying schedule: Unaffiliated issuers (cost $95,739,803) | $95,739,803 | |
| Cash | 185 | |
| Receivable for fund shares sold | 10,151,452 | |
| Interest receivable | 78,632 | |
| Total assets | 105,970,072 | |
| Liabilities | ||
| Payable for investments purchased | $4,907,689 | |
| Payable for fund shares redeemed | 2,081,555 | |
| Distributions payable | 1,419 | |
| Total liabilities | 6,990,663 | |
| Net Assets | $98,979,409 | |
| Net Assets consist of: | ||
| Paid in capital | $98,978,679 | |
| Total accumulated earnings (loss) | 730 | |
| Net Assets | $98,979,409 | |
| Net Asset Value, offering price and redemption price per share ($98,979,409 ÷ 98,977,277 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended April 30, 2021 | ||
| Investment Income | ||
| Interest | $103,995 | |
| Expenses | ||
| Independent trustees' fees and expenses | $212 | |
| Total expenses before reductions | 212 | |
| Expense reductions | (15) | |
| Total expenses after reductions | 197 | |
| Net investment income (loss) | 103,798 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 335 | |
| Total net realized gain (loss) | 335 | |
| Net increase in net assets resulting from operations | $104,133 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended April 30, 2021 | Year ended April 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $103,798 | $609,225 |
| Net realized gain (loss) | 335 | 1,084 |
| Net increase in net assets resulting from operations | 104,133 | 610,309 |
| Distributions to shareholders | (103,068) | (609,282) |
| Share transactions | ||
| Proceeds from sales of shares | 3,017,435,302 | 1,066,466,133 |
| Reinvestment of distributions | 79,006 | 481,328 |
| Cost of shares redeemed | (2,969,478,102) | (1,038,050,400) |
| Net increase (decrease) in net assets and shares resulting from share transactions | 48,036,206 | 28,897,061 |
| Total increase (decrease) in net assets | 48,037,271 | 28,898,088 |
| Net Assets | ||
| Beginning of period | 50,942,138 | 22,044,050 |
| End of period | $98,979,409 | $50,942,138 |
| Other Information | ||
| Shares | ||
| Sold | 3,017,435,302 | 1,066,466,133 |
| Issued in reinvestment of distributions | 79,006 | 481,328 |
| Redeemed | (2,969,478,102) | (1,038,050,400) |
| Net increase (decrease) | 48,036,206 | 28,897,061 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Government Money Market Fund
| Years ended April 30, | 2021 | 2020 | 2019 | 2018 | 2017 A |
| Selected Per–Share Data | |||||
| Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations | |||||
| Net investment income (loss) | .002 | .018 | .022 | .012 | .001 |
| Net realized and unrealized gain (loss) | (.001) | –B | –B | –B | – |
| Total from investment operations | .001 | .018 | .022 | .012 | .001 |
| Distributions from net investment income | (.001) | (.018) | (.022) | (.012) | (.001) |
| Total distributions | (.001) | (.018) | (.022) | (.012) | (.001) |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total ReturnC,D | .15% | 1.81% | 2.22% | 1.23% | .12% |
| Ratios to Average Net AssetsE | |||||
| Expenses before reductionsF | -% | -% | -% | -% | - %G |
| Expenses net of fee waivers, if anyF | -% | -% | -% | -% | - %G |
| Expenses net of all reductionsF | -% | -% | -% | -% | - %G |
| Net investment income (loss) | .14% | 1.64% | 2.14% | 1.39% | .78%G |
| Supplemental Data | |||||
| Net assets, end of period (000 omitted) | $98,979 | $50,942 | $22,044 | $53,685 | $5,006 |
A For the period March 8, 2017 (commencement of operations) to April 30, 2017.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
F Amount represents less than .005%.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2021
1. Organization.
Fidelity Flex Government Money Market Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.
2. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes. There were no significant book-to-tax differences during the period.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:
| Gross unrealized appreciation | $– |
| Gross unrealized depreciation | – |
| Net unrealized appreciation (depreciation) | $– |
| Tax Cost | $95,739,803 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $729 |
The tax character of distributions paid was as follows:
| April 30, 2021 | April 30, 2020 | |
| Ordinary Income | $103,068 | $ 609,282 |
Repurchase Agreements. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Repurchase agreements may be collateralized by cash or government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The collateral balance is monitored on a daily basis to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.
3. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
4. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $15
5. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
6. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hereford Street Trust and Shareholders of Fidelity Flex Government Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex Government Money Market Fund (one of the funds constituting Fidelity Hereford Street Trust, referred to hereafter as the “Fund”) as of April 30, 2021, the related statement of operations for the year ended April 30, 2021, the statement of changes in net assets for each of the two years in the period ended April 30, 2021, including the related notes, and the financial highlights for each of the four years in the period ended April 30, 2021 and for the period March 8, 2017 (commencement of operations) to April 30, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended April 30, 2021 and the financial highlights for each of the four years in the period ended April 30, 2021 and for the period March 8, 2017 (commencement of operations) to April 30, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of April 30, 2021 by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
June 14, 2021
We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 283 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. The Operations Committee also worked and continues to work with FMR to enhance the stress tests required under SEC regulations for money market funds. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management and as Executive Vice President and Chief Investment Officer for Bank of America Corporation, where he was responsible for the bank’s money-management products. Previously at Bank of America, Mr. Kenneally managed the principal investment research functions and also spent more than a decade as portfolio manager for various equity and fixed-income funds and institutional accounts. He began his career as a research analyst in 1983 and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2020 to April 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized Expense Ratio-A | Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During Period-B November 1, 2020 to April 30, 2021 |
|
| Fidelity Flex Government Money Market Fund | - %-C | |||
| Actual | $1,000.00 | $1,000.50 | $--D | |
| Hypothetical-E | $1,000.00 | $1,024.79 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C Amount represents less than $.005.
D Amount represents less than .005%.
E 5% return per year before expenses
Distributions (Unaudited)
A total of 70.50% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $210,231 of distributions paid during the period January 1, 2021 to April 30, 2021 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.
The fund designates $251,865 of distributions paid in the calendar year 2020 as qualifying to be taxed as section 163(j) interest dividends.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
ZGY-ANN-0621
1.9881599.104
Fidelity® Series Treasury Bill Index Fund
April 30, 2021
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Note to Shareholders:
Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.
In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.
The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.
Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended April 30, 2021 | Past 1 year | Life of fundA |
| Fidelity® Series Treasury Bill Index Fund | 0.13% | 1.51% |
A From August 17, 2018
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Fidelity® Series Treasury Bill Index Fund on August 17, 2018, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Bloomberg Barclays U.S. 3-6 Month Treasury Bill Index performed over the same period.
| Period Ending Values | ||
|
| $10,413 | Fidelity® Series Treasury Bill Index Fund |
|
| $10,421 | Bloomberg Barclays U.S. 3-6 Month Treasury Bill Index |
Management's Discussion of Fund Performance
Market Recap: U.S. taxable investment-grade bonds posted a modest loss for the 12 months ending April 30, 2021, hampered by rising long-term market rates amid faster economic expansion in a risk-on market environment. The Bloomberg Barclays U.S. Aggregate Bond Index returned -0.27% for the period. Aggressive intervention by the U.S. Federal Reserve boosted market liquidity and led to a broad rally for fixed-income assets from the start of the period through July 2020. Long-term yields reached a historic low in August, and spreads widened modestly amid healthy issuance of new corporate bonds. Spreads then narrowed through period end and yields rose before moderating in April. In February 2021, yields rose notably because a $1.9 trillion COVID-relief bill offered hopes for a broad economic recovery but led to rising inflation expectations, which persisted through the end of April. Within the Bloomberg Barclays index, corporate bonds rose 4.46% for the 12 months, significantly topping the -4.32% return of U.S. Treasuries. Securitized sectors, meanwhile, posted a slight gain that outpaced Treasuries and the broader market. Outside the index, U.S. corporate high-yield bonds added 19.67% and Treasury Inflation-Protected Securities (TIPS) rose 6.09%. Comments from Co-Portfolio Managers Brandon Bettencourt and Richard Munclinger: For the fiscal year, the Fidelity Series Treasury Bill Index Fund returned 0.13%. The fund’s result matched, net of fees, the return of the benchmark, the Bloomberg Barclays 3-6 Month Treasury Bill Index, and met our goal of producing monthly returns, before expenses, that closely match the benchmark’s returns. We use a method known as stratified sampling, which matches the index’s risk factors, but does not always hold all bonds in the exact proportions of the index. Early in the period, Treasury bills posted modest gains and yields fell as the U.S. Federal Reserve cut the federal funds rate and undertook massive quantitative easing to support the economy and the financial markets. Short-term yields declined more rapidly in February 2021 as the Fed maintained its program of asset purchases and continued to signal that it planned to keep the federal funds rate close to zero through the end of 2023. Yields ended the period near historic lows.The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to shareholders: On October 1, 2020, Richard Munclinger assumed co-management responsibilities for the fund, succeeding Jay Small.Investment Summary (Unaudited)
Asset Allocation (% of fund's net assets)
| As of April 30, 2021 | ||
| U.S. Government and U.S. Government Agency Obligations | 99.9% | |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1% | |
Schedule of Investments April 30, 2021
Showing Percentage of Net Assets
| U.S. Government and Government Agency Obligations - 99.9% | |||
| Principal Amount | Value | ||
| U.S. Treasury Obligations - 99.9% | |||
| U.S. Treasury Bills, yield at date of purchase 0.01% to 0.05% 8/5/21 to 10/28/21 | |||
| (Cost $3,442,203,101) | 3,442,533,000 | 3,442,274,747 | |
| TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS | |||
| (Cost $3,442,203,101) | 3,442,274,747 | ||
| Shares | Value | ||
| Money Market Funds - 0.1% | |||
| Fidelity Cash Central Fund 0.04% (a) | |||
| (Cost $5,080,731) | 5,079,716 | 5,080,731 | |
| TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
| (Cost $3,447,283,832) | 3,447,355,478 | ||
| NET OTHER ASSETS (LIABILITIES) - 0.0% | (1,077,923) | ||
| NET ASSETS - 100% | $3,446,277,555 |
Legend
(a) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
| Fund | Income earned |
| Fidelity Cash Central Fund | $4,539 |
| Total | $4,539 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.
Investment Valuation
The following is a summary of the inputs used, as of April 30, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
| Valuation Inputs at Reporting Date: | ||||
| Description | Total | Level 1 | Level 2 | Level 3 |
| Investments in Securities: | ||||
| U.S. Government and Government Agency Obligations | $3,442,274,747 | $-- | $3,442,274,747 | $-- |
| Money Market Funds | 5,080,731 | 5,080,731 | -- | -- |
| Total Investments in Securities: | $3,447,355,478 | $5,080,731 | $3,442,274,747 | $-- |
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
| April 30, 2021 | ||
| Assets | ||
| Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $3,442,203,101) | $3,442,274,747 | |
| Fidelity Central Funds (cost $5,080,731) | 5,080,731 | |
| Total Investment in Securities (cost $3,447,283,832) | $3,447,355,478 | |
| Receivable for investments sold | 1,020,568,185 | |
| Receivable for fund shares sold | 120,371,451 | |
| Distributions receivable from Fidelity Central Funds | 192 | |
| Total assets | 4,588,295,306 | |
| Liabilities | ||
| Payable for investments purchased | $1,141,984,613 | |
| Payable for fund shares redeemed | 25,508 | |
| Other payables and accrued expenses | 7,630 | |
| Total liabilities | 1,142,017,751 | |
| Net Assets | $3,446,277,555 | |
| Net Assets consist of: | ||
| Paid in capital | $3,446,062,935 | |
| Total accumulated earnings (loss) | 214,620 | |
| Net Assets | $3,446,277,555 | |
| Net Asset Value, offering price and redemption price per share ($3,446,277,555 ÷ 344,524,084 shares) | $10.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| Year ended April 30, 2021 | ||
| Investment Income | ||
| Interest | $3,036,365 | |
| Income from Fidelity Central Funds | 4,539 | |
| Total income | 3,040,904 | |
| Expenses | ||
| Custodian fees and expenses | $26,431 | |
| Independent trustees' fees and expenses | 7,921 | |
| Miscellaneous | 2,597 | |
| Total expenses before reductions | 36,949 | |
| Expense reductions | (119) | |
| Total expenses after reductions | 36,830 | |
| Net investment income (loss) | 3,004,074 | |
| Realized and Unrealized Gain (Loss) | ||
| Net realized gain (loss) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | 2,058,182 | |
| Fidelity Central Funds | (427) | |
| Total net realized gain (loss) | 2,057,755 | |
| Change in net unrealized appreciation (depreciation) on: | ||
| Investment securities: | ||
| Unaffiliated issuers | (1,661,785) | |
| Fidelity Central Funds | (119) | |
| Total change in net unrealized appreciation (depreciation) | (1,661,904) | |
| Net gain (loss) | 395,851 | |
| Net increase (decrease) in net assets resulting from operations | $3,399,925 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| Year ended April 30, 2021 | Year ended April 30, 2020 | |
| Increase (Decrease) in Net Assets | ||
| Operations | ||
| Net investment income (loss) | $3,004,074 | $26,958,717 |
| Net realized gain (loss) | 2,057,755 | 7,173,779 |
| Change in net unrealized appreciation (depreciation) | (1,661,904) | 1,718,982 |
| Net increase (decrease) in net assets resulting from operations | 3,399,925 | 35,851,478 |
| Distributions to shareholders | (10,443,729) | (27,218,002) |
| Share transactions | ||
| Proceeds from sales of shares | 1,648,546,820 | 1,706,513,777 |
| Reinvestment of distributions | 10,443,665 | 26,852,126 |
| Cost of shares redeemed | (417,570,198) | (457,528,974) |
| Net increase (decrease) in net assets resulting from share transactions | 1,241,420,287 | 1,275,836,929 |
| Total increase (decrease) in net assets | 1,234,376,483 | 1,284,470,405 |
| Net Assets | ||
| Beginning of period | 2,211,901,072 | 927,430,667 |
| End of period | $3,446,277,555 | $2,211,901,072 |
| Other Information | ||
| Shares | ||
| Sold | 164,748,562 | 170,579,768 |
| Issued in reinvestment of distributions | 1,044,006 | 2,683,799 |
| Redeemed | (41,733,039) | (45,695,532) |
| Net increase (decrease) | 124,059,529 | 127,568,035 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Treasury Bill Index Fund
| Years ended April 30, | 2021 | 2020 | 2019 A |
| Selected Per–Share Data | |||
| Net asset value, beginning of period | $10.03 | $9.98 | $10.00 |
| Income from Investment Operations | |||
| Net investment income (loss)B | .011 | .169 | .166 |
| Net realized and unrealized gain (loss) | .002 | .062 | (.005) |
| Total from investment operations | .013 | .231 | .161 |
| Distributions from net investment income | (.012) | (.175) | (.181) |
| Distributions from net realized gain | (.031) | (.006) | – |
| Total distributions | (.043) | (.181) | (.181) |
| Net asset value, end of period | $10.00 | $10.03 | $9.98 |
| Total ReturnC,D | .13% | 2.34% | 1.62% |
| Ratios to Average Net AssetsE,F | |||
| Expenses before reductionsG | -% | -% | - %H |
| Expenses net of fee waivers, if anyG | -% | -% | - %H |
| Expenses net of all reductionsG | -% | -% | - %H |
| Net investment income (loss) | .11% | 1.69% | 2.36%H |
| Supplemental Data | |||
| Net assets, end of period (000 omitted) | $3,446,278 | $2,211,901 | $927,431 |
A For the period August 17, 2018 (commencement of operations) to April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment advisor, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Amount represents less than .005%.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended April 30, 2021
1. Organization.
Fidelity Series Treasury Bill Index Fund (the Fund) is a fund of Fidelity Hereford Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
| Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense Ratio(a) |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% to .01 % |
(a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2021 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of April 30, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to losses deferred due to wash sales.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
| Gross unrealized appreciation | $75,491 |
| Gross unrealized depreciation | (3,845) |
| Net unrealized appreciation (depreciation) | $71,646 |
| Tax Cost | $3,447,283,832 |
The tax-based components of distributable earnings as of period end were as follows:
| Undistributed ordinary income | $142,974 |
| Net unrealized appreciation (depreciation) on securities and other investments | $71,646 |
The tax character of distributions paid was as follows:
| April 30, 2021 | April 30, 2020 | |
| Ordinary Income | $10,443,729 | $ 27,218,002 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
5. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. Effective during January 2021, commitment fees are borne by the investment advisor.
| Amount | |
| Fidelity Series Treasury Bill Index Fund | $2,597 |
During the period, there were no borrowings on this line of credit.
6. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $119.
7. Other.
Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
8. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Hereford Street Trust and Shareholders of Fidelity Series Treasury Bill Index Fund
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Fidelity Series Treasury Bill Index Fund (the "Fund"), a fund of Fidelity Hereford Street Trust, including the schedule of investments, as of April 30, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and for the period from August 17, 2018 (commencement of operations) through April 30, 2019, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from August 17, 2018 (commencement of operations) through April 30, 2019, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 14, 2021
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Each of the Trustees oversees 283 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Vice Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management and as Executive Vice President and Chief Investment Officer for Bank of America Corporation, where he was responsible for the bank’s money-management products. Previously at Bank of America, Mr. Kenneally managed the principal investment research functions and also spent more than a decade as portfolio manager for various equity and fixed-income funds and institutional accounts. He began his career as a research analyst in 1983 and was awarded the Chartered Financial Analyst (CFA) designation in 1991.
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as Assistant Treasurer of other funds. Mr. Brown is an employee of Fidelity Investments (2013-present).
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018).
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.
Marc L. Spector (1972)
Year of Election or Appointment: 2016
Deputy Treasurer
Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).
Jim Wegmann (1979)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Wegmann also serves as Assistant Treasurer of other funds. Mr. Wegmann is an employee of Fidelity Investments (2011-present).
Shareholder Expense Example
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2020 to April 30, 2021).
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized Expense Ratio-A | Beginning Account Value November 1, 2020 | Ending Account Value April 30, 2021 | Expenses Paid During Period-B November 1, 2020 to April 30, 2021 |
|
| Fidelity Series Treasury Bill Index Fund | - %-C | |||
| Actual | $1,000.00 | $1,000.00 | $--D | |
| Hypothetical-E | $1,000.00 | $1,024.79 | $--D |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
C Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of Fidelity Series Treasury Bill Index Fund voted to pay on June 7, 2021, to shareholders of record at the opening of business on June 4, 2021, a distribution of $0.001 per share derived from capital gains realized from sales of portfolio securities.
A total of 99.91% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.
The fund designates $11,686,598 of distributions paid in the calendar year 2020 as qualifying to be taxed as section 163(j) interest dividends.
The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.
Liquidity Risk Management Program
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.
In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
- Highly liquid investments – cash or convertible to cash within three business days or less
- Moderately liquid investments – convertible to cash in three to seven calendar days
- Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days
- Illiquid investments – cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.
XSB-ANN-0621
1.9891219.102
Item 2.
Code of Ethics
As of the end of the period, April 30, 2021, Fidelity Hereford Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Series Treasury Bill Index Fund (the “Fund”):
Services Billed by Deloitte Entities
April 30, 2021 FeesA
| | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| Fidelity Series Treasury Bill Index Fund | $35,400 | $- | $7,200 | $900 |
April 30, 2020 FeesA
| | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| Fidelity Series Treasury Bill Index Fund | $36,500 | $- | $9,000 | $800 |
A Amounts may reflect rounding.
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Flex Government Money Market Fund, Fidelity Government Money Market Fund, Fidelity Money Market Fund and Fidelity Treasury Only Money Market Fund (the “Funds”):
Services Billed by PwC
April 30, 2021 FeesA
| | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| Fidelity Flex Government Money Market Fund | $37,600 | $3,100 | $1,900 | $1,600 |
| Fidelity Government Money Market Fund | $40,000 | $3,200 | $1,900 | $1,600 |
| Fidelity Money Market Fund | $36,100 | $2,900 | $1,900 | $1,500 |
| Fidelity Treasury Only Money Market Fund | $34,800 | $2,800 | $1,900 | $1,400 |
April 30, 2020 FeesA
| | Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
| Fidelity Flex Government Money Market Fund | $38,500 | $3,200 | $2,500 | $1,700 |
| Fidelity Government Money Market Fund | $40,900 | $3,300 | $1,900 | $1,800 |
| Fidelity Money Market Fund | $37,000 | $3,000 | $1,900 | $1,700 |
| Fidelity Treasury Only Money Market Fund | $35,700 | $2,900 | $1,900 | $1,600 |
A Amounts may reflect rounding.
The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):
Services Billed by Deloitte Entities
| | April 30, 2021A | April 30, 2020A |
| Audit-Related Fees | $- | $- |
| Tax Fees | $- | $3,000 |
| All Other Fees | $- | $- |
A Amounts may reflect rounding.
Services Billed by PwC
| | April 30, 2021A | April 30, 2020A |
| Audit-Related Fees | $9,015,700 | $8,884,200 |
| Tax Fees | $14,300 | $17,700 |
| All Other Fees | $- | $- |
A Amounts may reflect rounding.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:
| Billed By | April 30, 2021A | April 30, 2020A |
| Deloitte Entities | $529,700 | $514,400 |
| PwC | $14,176,400 | $14,249,500 |
| | | |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in
its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable.
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
| (a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
| (a) | (2) | |
| (a) | (3) | Not applicable. |
| (b) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Hereford Street Trust
| By: | /s/Laura M. Del Prato |
| | Laura M. Del Prato |
| | President and Treasurer |
| | |
| Date: | June 22, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/Laura M. Del Prato |
| | Laura M. Del Prato |
| | President and Treasurer |
| | |
| Date: | June 22, 2021 |
| By: | /s/John J. Burke III |
| | John J. Burke III |
| | Chief Financial Officer |
| | |
| Date: | June 22, 2021 |