N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811- 7139

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

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(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:

January 31, 2005

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Spartan® U.S. Government
Money Market Fund

January 31, 2005

SPG-QTLY-0305

1.813060.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Federal Agencies - 52.7%

Due Date

Annualized Yield at Time of Purchase

Principal Amount

Value

Fannie Mae - 27.2%

Agency Coupons - 20.1%

2/7/05

2.29% (a)

$ 7,000,000

$ 6,995,497

2/18/05

1.45

2,000,000

1,999,905

2/22/05

2.23 (a)

5,000,000

4,995,922

2/22/05

2.39 (a)

10,000,000

9,995,674

3/6/05

2.31 (a)

13,000,000

12,995,246

3/24/05

2.46 (a)

30,000,000

29,999,576

4/3/05

2.43 (a)

16,350,000

16,342,557

4/28/05

1.33

6,000,000

6,000,000

5/3/05

1.40

3,000,000

3,000,000

5/4/05

1.54

5,000,000

5,000,000

5/13/05

1.59

6,000,000

6,000,000

103,324,377

Discount Notes - 7.1%

2/2/05

2.10

8,000,000

7,999,536

2/4/05

1.92

1,783,000

1,782,718

3/1/05

2.39

3,000,000

2,994,447

3/4/05

1.21

3,000,000

2,996,900

3/15/05

2.37

135,000

134,630

4/6/05

2.23

5,000,000

4,980,400

4/27/05

2.46

12,000,000

11,931,150

7/6/05

2.75

4,000,000

3,953,242

36,773,023

140,097,400

Federal Home Loan Bank - 19.7%

Agency Coupons - 19.7%

2/1/05

2.28 (a)

10,000,000

9,998,419

2/10/05

2.11 (a)

10,000,000

9,991,760

2/25/05

1.40

4,400,000

4,400,000

2/25/05

2.45 (a)

9,000,000

8,998,971

2/26/05

2.26 (a)

20,000,000

19,993,548

3/13/05

2.32 (a)

18,000,000

17,980,553

3/21/05

2.45 (a)

5,000,000

4,999,868

3/28/05

2.40

5,000,000

4,992,228

4/15/05

1.35

10,000,000

10,000,000

4/27/05

1.30

5,000,000

5,000,000

5/2/05

2.63 (a)

5,000,000

4,994,810

101,350,157

Federal Agencies - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount

Value

Freddie Mac - 5.8%

Agency Coupons - 1.0%

2/4/05

2.09% (a)

$ 5,000,000

$ 4,999,902

Discount Notes - 4.8%

3/1/05

1.92

4,000,000

3,994,089

3/15/05

2.01

10,000,000

9,976,783

3/15/05

2.02

1,000,000

997,667

3/22/05

2.02

5,000,000

4,986,389

4/26/05

2.19

5,000,000

4,974,742

24,929,670

29,929,572

TOTAL FEDERAL AGENCIES

271,377,129

Repurchase Agreements - 51.0%

Maturity Amount

In a joint trading account (Collateralized by U.S. Government Obligations dated 1/31/05 due 2/1/05 At 2.53%) (b)

$ 226,901,924

226,886,000

With:

Banc of America Securities LLC At 2.25%, dated 12/2/04 due 2/2/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $11,742,941, 3.27% - 5.5%, 4/1/19 - 10/1/34)

11,042,625

11,000,000

Barclays Capital, Inc. At 2.25%, dated 12/1/04 due 2/1/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $10,537,289, 5%, 9/1/34)

10,038,750

10,000,000

UBS Warburg LLC At 2.55%, dated 2/2/05 due 3/22/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $15,110,000, 5.5%, 11/1/34)

15,051,000

15,000,000

TOTAL REPURCHASE AGREEMENTS

262,886,000

TOTAL INVESTMENT PORTFOLIO - 103.7%

534,263,129

NET OTHER ASSETS - (3.7)%

(18,918,410)

NET ASSETS - 100%

$ 515,344,719

Total Cost for Federal Income Tax Purposes $ 534,263,129

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date.

(b) Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement/
Counterparty

Value

$226,886,000 due 2/1/05 at 2.53%

Banc of America Securities LLC.

$ 40,875,951

Bank of America, National Association

54,501,268

Barclays Capital Inc.

27,250,634

Bear Stearns & Co. Inc.

40,875,951

Deutsche Bank Securities Inc.

2,725,063

Greenwich Capital Markets, Inc.

13,625,317

J.P. Morgan Securities, Inc.

13,625,317

Morgan Stanley & Co. Incorporated.

33,406,499

$ 226,886,000

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Spartan ® U.S. Treasury Money
Market Fund

January 31, 2005

SPM-QTLY-0305

1.813057.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

U.S. Treasury Obligations - 104.7%

Due
Date

Annualized Yield at
Time of Purchase

Principal Amount
(000s)

Value
(000s)

U.S. Treasury Bills - 93.6%

2/3/05

1.93%

$ 69,402

$ 69,395

2/3/05

1.95

5,948

5,947

2/3/05

1.96

75,000

74,992

2/3/05

2.02

50,000

49,994

2/10/05

2.00

75,000

74,963

2/10/05

2.01

75,000

74,962

2/17/05

1.74

15,528

15,516

2/17/05

2.01

75,000

74,933

2/17/05

2.08

122,000

121,888

2/17/05

2.10

68,000

67,937

2/24/05

2.13

173,000

172,752

3/3/05

2.20

118,500

118,297

3/3/05

2.21

180,000

179,670

3/17/05

2.21

3,570

3,560

3/17/05

2.23

147,500

147,101

3/17/05

2.24

59,000

58,839

3/24/05

2.20

82,500

82,244

4/7/05

2.00

25,000

24,911

4/14/05

2.28

96

96

4/14/05

2.31

70,000

69,679

4/14/05

2.32

1,010

1,005

4/14/05

2.34

65,000

64,697

4/21/05

2.02

40,000

39,825

4/21/05

2.39

141,000

140,264

4/28/05

2.05

20,000

19,903

4/28/05

2.10

25,000

24,876

4/28/05

2.34

65,000

64,638

4/28/05

2.35

65,000

64,637

5/5/05

2.49

97,500

96,890

2,004,411

U.S. Treasury Bonds - 5.8%

2/15/05

2.20

124,435

124,878

U.S. Treasury Notes - 5.3%

2/28/05

2.00

64,900

64,870

U.S. Treasury Obligations - continued

Due
Date

Annualized Yield at
Time of Purchase

Principal Amount
(000s)

Value
(000s)

U.S. Treasury Notes - continued

3/31/05

1.50%

$ 8,000

$ 8,001

5/15/05

2.49

40,000

40,474

113,345

TOTAL INVESTMENT PORTFOLIO - 104.7%

2,242,634

NET OTHER ASSETS - (4.7)%

(101,476)

NET ASSETS - 100%

$ 2,141,158

Total Cost for Federal Income Tax Purposes $ 2,242,634

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Spartan ® Money Market Fund

January 31, 2005

SMI-QTLY-0305

1.813021.100

Investments January 31, 2005 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 0.1%

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

Deutsche Telekom International Finance BV

6/15/05

2.68%

$ 3,960

$ 4,038

6/15/05

2.70

535

546

6/15/05

2.71

770

785

6/15/05

2.83

140

143

6/15/05

2.84

410

418

6/15/05

2.85

370

377

6/15/05

2.88

915

933

6/15/05

2.94

775

790

TOTAL CORPORATE BONDS

8,030

Certificates of Deposit - 28.6%

Domestic Certificates Of Deposit - 4.0%

Washington Mutual Bank, California

4/18/05

2.47

100,000

100,000

5/3/05

2.69

25,000

25,000

5/5/05

2.46

75,000

75,000

6/13/05

2.70

25,000

25,000

225,000

London Branch, Eurodollar, Foreign Banks - 9.5%

Barclays Bank PLC

2/3/05

1.95

10,000

10,000

2/28/05

1.93

25,000

25,000

BNP Paribas SA

2/28/05

2.33

25,000

25,000

Calyon

2/22/05

1.90

50,000

50,000

4/15/05

2.52

55,000

55,000

4/18/05

2.53

50,000

50,000

HBOS Treasury Services PLC

3/7/05

2.00

50,000

50,000

3/17/05

2.46

50,000

50,000

3/22/05

2.50

35,000

35,000

Norddeutsche Landesbank Girozentrale

3/22/05

2.51

110,000

110,000

Certificates of Deposit - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

London Branch, Eurodollar, Foreign Banks - continued

Societe Generale

3/7/05

2.00%

$ 75,000

$ 75,000

535,000

New York Branch, Yankee Dollar, Foreign Banks - 15.1%

Banco Bilbao Vizcaya Argentaria SA

3/1/05

2.34 (b)

10,000

10,000

Bank of Tokyo-Mitsubishi Ltd.

2/22/05

2.49

30,000

30,000

BNP Paribas SA

2/22/05

2.44 (b)

55,000

54,989

7/1/05

2.80

80,000

80,000

7/1/05

2.83

25,000

25,000

Calyon

3/14/05

2.39 (b)

30,000

29,992

Canadian Imperial Bank of Commerce

2/15/05

2.53 (b)

60,000

60,000

2/28/05

2.52 (b)

25,000

24,998

Credit Agricole Indosuez

4/22/05

2.69 (b)

10,000

10,001

Deutsche Bank AG

3/3/05

2.38 (b)

40,000

40,000

Dresdner Bank AG

4/21/05

2.65

100,000

100,000

7/18/05

2.86

10,000

10,000

HBOS Treasury Services PLC

2/3/05

2.38 (b)

25,000

25,000

3/4/05

2.39 (b)

50,000

50,000

Landesbank Baden-Wuerttemberg

2/25/05

2.31 (b)

45,000

44,996

3/7/05

2.37 (b)

10,000

10,000

Royal Bank of Canada

3/15/05

2.41 (b)

25,000

24,994

Societe Generale

2/8/05

2.35 (b)

25,000

24,999

2/18/05

2.41 (b)

45,000

44,994

UBS AG

4/4/05

2.47 (b)

76,000

75,984

Unicredito Italiano Spa

2/14/05

2.21 (b)

20,000

19,997

Certificates of Deposit - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

New York Branch, Yankee Dollar, Foreign Banks - continued

Unicredito Italiano Spa - continued

4/14/05

2.57% (b)

$ 25,000

$ 24,996

4/27/05

2.63 (b)

25,000

24,996

845,936

TOTAL CERTIFICATES OF DEPOSIT

1,605,936

Commercial Paper - 21.5%

Alliance & Leicester PLC

4/18/05

2.54

5,000

4,973

Bank of America Corp.

3/16/05

2.06

79,000

78,808

Bradford & Bingley PLC

4/25/05

2.69

5,000

4,969

4/28/05

2.73

5,000

4,968

CC USA, Inc.

2/14/05

1.95 (a)

15,000

14,990

Citibank Credit Card Master Trust I (Dakota Certificate Program)

2/2/05

2.32

90,000

89,994

3/17/05

2.52

15,000

14,954

3/21/05

2.50

55,000

54,817

3/22/05

2.50

5,000

4,983

3/29/05

2.60

10,000

9,960

4/20/05

2.64

50,000

49,716

Comcast Corp.

2/8/05

2.68

5,000

4,997

DaimlerChrysler NA Holding Corp.

2/11/05

2.56

5,000

4,996

2/17/05

2.61

5,000

4,994

2/18/05

2.61

5,000

4,994

2/22/05

2.63

5,000

4,992

2/22/05

2.64

10,000

9,985

2/23/05

2.64

5,000

4,992

2/24/05

2.65

5,000

4,992

Dexia Delaware LLC

5/24/05

2.55

50,000

49,609

Dominion Resources, Inc.

2/7/05

2.48

1,000

1,000

Commercial Paper - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

Dorada Finance, Inc.

2/15/05

2.26%

$ 5,000

$ 4,996

3/10/05

2.04 (a)

20,000

19,958

4/18/05

2.64

66,250

65,884

Emerald (MBNA Credit Card Master Note Trust)

3/17/05

2.52

10,000

9,969

3/23/05

2.52

5,000

4,983

3/23/05

2.54

10,000

9,965

Fairway Finance Corp.

4/21/05

2.65

15,000

14,913

Ford Motor Credit Co.

2/2/05

2.56

1,000

1,000

2/7/05

2.54

5,000

4,998

2/14/05

2.59

30,000

29,972

2/24/05

2.69

19,000

18,967

Grampian Funding Ltd.

4/18/05

2.62

35,000

34,808

4/20/05

2.53

25,000

24,864

4/25/05

2.64

95,000

94,426

6/14/05

2.67

25,000

24,757

K2 (USA) LLC

2/28/05

1.95

15,500

15,478

Motown Notes Program

3/16/05

2.51

5,000

4,985

3/21/05

2.50

15,000

14,950

3/22/05

2.50

49,000

48,834

3/22/05

2.52

55,000

54,812

3/28/05

2.60

15,000

14,941

4/19/05

2.65

10,000

9,944

5/3/05

2.71

25,000

24,830

Newcastle (Discover Card Master Trust)

2/3/05

2.31

15,000

14,998

3/15/05

2.50

15,000

14,956

4/18/05

2.63

25,000

24,862

5/2/05

2.71

5,000

4,966

Paradigm Funding LLC

2/7/05

2.36 (b)

20,000

20,000

2/24/05

1.94

25,000

24,969

2/28/05

1.93

25,000

24,964

Park Granada LLC

2/1/05

2.42

15,000

15,000

2/8/05

2.25

35,000

34,985

Commercial Paper - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

Park Granada LLC - continued

3/21/05

2.53%

$ 20,000

$ 19,933

Westpac Capital Corp.

3/22/05

2.38

5,000

4,984

3/23/05

2.38

20,000

19,934

TOTAL COMMERCIAL PAPER

1,206,468

Federal Agencies - 7.0%

Fannie Mae - 2.7%

Agency Coupons - 2.7%

2/23/05

1.31

25,000

25,000

3/29/05

1.40

85,000

85,000

5/4/05

1.54

25,000

25,000

5/13/05

1.59

20,000

20,000

155,000

Federal Home Loan Bank - 4.3%

Agency Coupons - 4.3%

2/25/05

1.38

37,000

37,000

2/25/05

1.40

75,000

75,000

4/27/05

1.30

21,500

21,500

4/28/05

1.33

10,000

10,000

5/2/05

1.80

7,400

7,392

5/2/05

1.97

12,600

12,582

5/2/05

2.63 (b)

53,000

52,945

5/3/05

1.37

25,000

25,000

241,419

TOTAL FEDERAL AGENCIES

396,419

Master Notes - 4.4%

General Motors Acceptance Corp. Mortgage Credit

2/1/05

2.99 (d)

50,000

50,000

2/4/05

3.01 (d)

4,000

3,999

Goldman Sachs Group, Inc.

2/11/05

2.49 (b)(d)

17,000

17,000

2/14/05

2.13 (d)

60,000

60,000

Master Notes - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

Goldman Sachs Group, Inc. - continued

2/28/05

2.43% (b)(d)

$ 55,000

$ 55,000

4/12/05

2.12 (d)

60,000

60,000

TOTAL MASTER NOTES

245,999

Medium-Term Notes - 15.1%

Allstate Life Global Funding II

2/8/05

2.41 (a)(b)

5,000

5,000

2/15/05

2.47 (a)(b)

5,000

5,000

2/15/05

2.51 (a)(b)

10,000

10,000

American Express Credit Corp.

2/21/05

2.53 (a)(b)

20,000

19,996

ASIF Global Financing XXX

2/23/05

2.51 (a)(b)

25,000

25,000

Bayerische Landesbank Girozentrale

2/19/05

2.30 (b)

45,000

45,000

BellSouth Corp.

4/26/05

4.12 (b)

10,000

10,040

BellSouth Telecommunications

3/4/05

2.50 (b)

10,000

10,000

Citigroup Global Markets Holdings, Inc.

3/7/05

2.50 (b)

10,000

10,004

Descartes Funding Trust

2/15/05

2.48 (b)

10,000

10,000

First Tennessee Bank NA, Memphis

2/4/05

2.25 (b)

15,000

15,000

General Electric Capital Corp.

2/7/05

2.39 (b)

64,000

64,000

2/9/05

2.52 (b)

55,000

55,000

2/17/05

2.58 (b)

60,000

60,003

HBOS Treasury Services PLC

3/24/05

2.55 (b)

60,000

60,000

Household Finance Corp.

2/7/05

2.36 (b)

5,000

5,000

M&I Bank FSB NV, Las Vegas

4/25/05

2.67 (b)

15,000

15,000

Morgan Stanley

2/1/05

2.61 (b)

7,000

7,000

2/4/05

2.39 (b)

15,000

15,000

Medium-Term Notes - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount (000s)

Value
(000s)

Morgan Stanley - continued

2/15/05

2.48% (b)

$ 17,000

$ 17,000

2/15/05

2.60 (b)

15,000

15,012

2/28/05

2.59 (b)

31,000

31,000

Pacific Life Global Funding

2/4/05

2.38 (a)(b)

5,000

5,000

2/14/05

2.43 (b)

5,000

5,000

RACERS

2/22/05

2.52 (a)(b)

50,000

50,000

SBC Communications, Inc.

6/5/05

2.39 (a)

5,000

5,028

SLM Corp.

2/1/05

2.45 (a)(b)

35,000

35,000

Verizon Global Funding Corp.

3/15/05

2.60 (b)

145,000

145,003

Wells Fargo & Co.

2/2/05

2.44 (b)

30,000

30,000

2/15/05

2.45 (b)

52,500

52,500

Westpac Banking Corp.

3/11/05

2.45 (b)

10,000

10,000

TOTAL MEDIUM-TERM NOTES

846,586

Short-Term Notes - 4.3%

Jackson National Life Insurance Co.

4/1/05

2.70 (b)(d)

34,000

34,000

Metropolitan Life Insurance Co.

2/28/05

2.60 (a)(b)

10,000

10,000

4/1/05

2.75 (b)(d)

25,000

25,000

Monumental Life Insurance Co.

2/1/05

2.36 (b)(d)

35,000

35,000

2/1/05

2.56 (b)(d)

29,000

29,000

New York Life Insurance Co.

4/1/05

2.69 (b)(d)

60,000

60,000

Transamerica Occidental Life Insurance Co.

2/1/05

2.33 (b)(d)

50,000

50,000

TOTAL SHORT-TERM NOTES

243,000

Municipal Securities - 0.2%

Principal Amount (000s)

Value
(000s)

Brazos River Hbr. Navigation District of Brazoria County Rev. Bonds (Dow Chemical Co. Proj.) Series A, 2.42% tender 2/1/05, CP mode

$ 10,000

$ 10,000

Repurchase Agreements - 19.4%

Maturity Amount (000s)

In a joint trading account (Collateralized by U.S. Government Obligations) dated 1/31/05 due 2/1/05 At:

2.51%

$ 4,371

4,371

2.53%

802

802

With:

Banc of America Securities LLC At 2.56%, dated 1/31/05 due 2/1/05 (Collateralized by Commercial Paper Obligations with principal amounts of $144,130,913, 0% - 2.6%, 2/1/05 - 3/3/05)

141,010

141,000

Citigroup Global Markets, Inc. At 2.63%, dated 1/31/05 due 2/1/05 (Collateralized by Corporate Obligations with principal amounts of $87,962,111, 2.55% - 7.38%, 10/28/09 - 10/25/43)

86,006

86,000

Credit Suisse First Boston, Inc. At 2.6%, dated 1/31/05 due 2/1/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $208,150,000, 5.05%, 2/1/35)

200,014

200,000

Goldman Sachs & Co. At:

2.6%, dated 1/31/05 due 2/1/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $3,052,135, 4.13%, 7/10/42)

3,000

3,000

2.62%, dated 11/22/04 due 2/18/05 (Collateralized by Corporate Obligations with principal amounts of $88,280,336, 0%, 1/24/08) (b)(c)

84,538

84,000

J.P. Morgan Securities, Inc. At 2.38%, dated 12/15/04 due 2/3/05 (Collateralized by Corporate Obligations with principal amounts of $50,610,600, 4.13% - 7.95%, 8/1/05 - 7/1/13)

50,165

50,000

Merrill Lynch, Pierce, Fenner & Smith At 2.65%, dated 11/8/04 due 2/1/05 (Collateralized by Corporate Obligations with principal amounts of $81,925,000, 0% - 10.38%, 11/1/05 - 9/12/20) (b)(c)

82,513

82,000

Morgan Stanley & Co. At:

2.38%, dated 12/15/04 due 2/3/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $225,174,842, 0% - 7.53%, 9/15/10 - 2/19/38)

110,364

110,000

Repurchase Agreements - continued

Maturity Amount (000s)

Value
(000s)

With: - continued

2.58%, dated 1/31/05 due 2/1/05 (Collateralized by Corporate Obligations with principal amounts of $75,460,501, 6.25% - 10%, 8/1/05 - 8/1/30)

$ 80,006

$ 80,000

Wachovia Securities, Inc. At 2.57%, dated 1/31/05 due 2/1/05 (Collateralized by Mortgage Loan Obligations with principal amounts of $260,663,154, 1.52% - 5.9%, 7/2/08 - 11/15/37)

250,018

250,000

TOTAL REPURCHASE AGREEMENTS

1,091,173

TOTAL INVESTMENT PORTFOLIO - 100.6%

5,653,611

NET OTHER ASSETS - (0.6)%

(32,922)

NET ASSETS - 100%

$ 5,620,689

Total Cost for Federal Income Tax Purposes $ 5,653,611

Security Type Abbreviation

CP - COMMERCIAL PAPER

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $204,972,000 or 3.6% of net assets.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date.

(c) The maturity amount is based on the rate at period end.

(d) Restricted securities - 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 $478,999,000 or 8.5% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost
(000s)

General Motors Acceptance Corp. Mortgage Credit: 2.99%, 2/1/05

1/3/05

$ 50,000

3.01%, 2/4/05

1/3/05

$ 3,999

Goldman Sachs Group, Inc.: 2.12%, 4/12/05

9/14/04

$ 60,000

2.13%, 2/14/05

9/30/04

$ 60,000

2.43%, 2/28/05

8/26/04

$ 55,000

2.49%, 2/11/05

1/13/05

$ 17,000

Jackson National Life Insurance Co. 2.7%, 4/1/05

3/31/03

$ 34,000

Metropolitan Life Insurance Co. 2.75%, 4/1/05

3/26/02

$ 25,000

Monumental Life Insurance Co.: 2.36%, 2/1/05

2/1/00

$ 35,000

2.56%, 2/1/05

7/31/98 - 9/17/98

$ 29,000

New York Life Insurance Co. 2.69%, 4/1/05

2/28/02

$ 60,000

Transamerica Occidental Life Insurance Co. 2.33%, 2/1/05

4/28/00

$ 50,000

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp.

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

March 21, 2005

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/Christine Reynolds

Christine Reynolds

President and Treasurer

Date:

March 21, 2005

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

March 21, 2005