FIDELITY MONEY MARKET TRUST
RETIREMENT MONEY MARKET PORTFOLIO
SEMIANNUAL REPORT
FEBRUARY 28, 1994
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
DRAFT
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February 28, 1994 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $83,104,000)
(Notes 1 and 2) - $ 2,188,058,654
See accompanying schedule
Cash 7,840,110
Interest receivable 5,641,314
TOTAL ASSETS 2,201,540,078
LIABILITIES
Payable for investments $ 72,422,556
purchased
Dividends payable 94,578
Accrued management fee 695,864
TOTAL LIABILITIES 73,212,998
NET ASSETS $ 2,128,327,080
Net Assets consist of:
Paid in capital $ 2,128,367,396
Accumulated net realized gain (loss) on investments (40,316)
NET ASSETS, for 2,128,367,396 shares outstanding $ 2,128,327,080
NET ASSET VALUE, offering price and redemption price per share ($2,128,327,080 (divided by) 2,128,367,396 $1.00
shares)
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Statement of Operations
DRAFT
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Six Months Ended February 28, 1994 (Unaudited)
INTEREST INCOME $ 32,046,344
EXPENSES
Management fee (Note 3) $ 3,984,275
Non-interested trustees' compensation 5,846
TOTAL EXPENSES 3,990,121
NET INTEREST INCOME 28,056,223
NET REALIZED GAIN (LOSS) ON (89,557)
INVESTMENTS (NOTE 1)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 27,966,666
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Statement of Changes in Net Assets
DRAFT
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SIX MONTHS YEAR
ENDED ENDED
FEBRUARY 28, 199 AUGUST 31,
4 1993
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 28,056,223 $ 50,729,790
Net interest income
Net realized gain (loss) on investments (89,557) (22,769)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 27,966,666 50,707,021
Dividends to shareholders from net interest income (28,056,223) (50,729,790)
Share transactions at net asset value of $1.00 per share 1,144,854,957 1,812,862,984
Proceeds from sales of shares
Reinvestment of dividends from net interest income 27,952,780 50,425,170
Cost of shares redeemed (750,357,556) (1,673,644,665)
Net increase (decrease) in net assets and shares resulting from share transactions 422,450,181 189,643,489
TOTAL INCREASE (DECREASE) IN NET ASSETS 422,360,624 189,620,720
NET ASSETS
Beginning of period 1,705,966,456 1,516,345,736
End of period $ 2,128,327,080 $ 1,705,966,456
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FIDELITY MONEY MARKET TRUST: RETIREMENT MONEY MARKET PORTFOLIO
INVESTMENTS/FEBRUARY 28, 1994 (UNAUDITED)
(Showing Percentage of Total Value of Investments)
ANNUALIZED ANNUALIZED
YIELD AT YIELD AT
DUE TIME OF PRINCIPAL VALUE DUE TIME OF PRINCIPAL VALUE
DATE PURCHASE AMOUNT (NOTE 1) DATE PURCHASE AMOUNT (NOTE 1)
Certificates of Deposit - 29.0%
DOMESTIC CERTIFICATES OF DEPOSIT - 1.4%
Trust Company Bank
1/31/95 3.75% $ 30,000,000 $ 29,911,126 8982769H
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 22.3%
Bank of Tokyo
3/7/94 3.24 22,000,000 22,000,000 0659933B
4/6/94 3.30 25,000,000 25,000,000 0659933A
Credit Lyonnais
3/15/94 3.26 20,000,000 20,000,298 227993NQ
5/16/94 3.48 25,000,000 24,997,302 227993NJ
Fuji Bank, Ltd.
3/7/94 3.25 15,000,000 15,000,000 35999DHM
3/15/94 3.31 10,000,000 9,999,939 35999DHH
3/17/94 3.50 10,000,000 9,998,881 35999CEH
Kingdom of Sweden (a)
3/23/94 3.08 (b) 75,000,000 75,000,000 998999AV
Mitsubishi Bank, Ltd.
4/4/94 3.25 10,000,000 10,000,000 610998UX
6/22/94 3.45 25,000,000 24,999,671 610998UK
7/7/94 3.45 55,000,000 55,000,000 610998UM
National Bank of Canada
4/6/94 3.30 15,000,000 15,000,000 633990DS
5/5/94 3.30 5,000,000 5,000,000 633990DU
Sakura Bank, Ltd.
3/7/94 3.15 20,000,000 20,000,000 793999KG
3/7/94 3.27 15,000,000 15,000,000 793999KB
Sanwa Bank, Ltd.
6/30/94 3.41 25,000,000 24,999,920 804999LX
Societe Generale
3/1/94 3.35 10,000,000 10,000,000 833991SS
4/18/94 3.41 10,000,000 9,999,542 833991SR
4/25/94 3.43 65,000,000 65,000,000 833991SK
Sumitomo Bank, Ltd.
6/7/94 3.43 12,000,000 11,998,385 86699ECL
Swedish National Housing Finance Corp. (a)
5/23/94 3.65 (b) 18,000,000 18,000,000 956995AM
486,993,938
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 5.3%
Dai-Ichi Kangyo Bank, Ltd.
4/11/94 3.50 12,000,000 11,999,288 2379984M
Mitsubishi Bank, Ltd.
6/23/94 3.45 15,000,000 14,996,998 610998UL
Sanwa Bank, Ltd.
4/14/94 3.49% $ 15,000,000 $ 14,999,435 804999MJ
4/14/94 3.53 25,000,000 24,997,779 804999ML
Sumitomo Bank, Ltd.
3/1/94 3.30 15,000,000 15,000,000 86699EBC
3/7/94 3.35 5,000,000 4,999,940 86699EBA
4/27/94 3.50 10,000,000 9,998,220 86699EBJ
7/11/94 3.49 20,000,000 20,000,721 86699EBU
116,992,381
TOTAL CERTIFICATES OF DEPOSIT 633,897,445
Commercial Paper (c)- 40.2%
AVCO Financial Services, Inc.
4/11/94 3.45 10,000,000 9,960,936 053992QM
Alliance & Leicester Building Society
5/31/94 3.64 14,000,000 13,872,600 010995AH
Associates Corporation of North America
3/28/94 3.43 15,000,000 14,961,525 045992UN
Bear Stearns Companies Inc.
3/9/94 3.35 15,000,000 14,988,933 073999WQ
3/21/94 3.27 17,000,000 16,969,306 073999XQ
4/26/94 3.62 11,000,000 10,938,400 0739993P
BellAtlantic Financial Services
3/16/94 3.45 10,000,000 9,985,667 077994AS
Beneficial Corporation
3/14/94 3.41 45,000,000 44,944,750 0819908D
Bradford & Bingley Building Society
5/3/94 3.58 10,000,000 9,937,875 107993BR
CIT Group Holdings, Inc.
3/24/94 3.38 15,000,000 14,967,896 172990QG
3/30/94 3.59 20,000,000 19,943,611 172990PJ
9/6/94 3.53 5,000,000 4,909,438 172990QN
Commercial Credit Company
3/16/94 3.45 10,000,000 9,985,667 2019905N
Corporate Asset Funding Company, Inc.
4/18/94 3.48 2,000,000 1,990,773 1769923A
Dean Witter, Discover & Co.
3/21/94 3.46 10,000,000 9,980,833 24299AAX
Den Danske Corporation, Inc.
3/4/94 3.43 17,000,000 16,995,183 250998DY
Dresdner U.S. Finance Inc.
5/19/94 3.43 20,000,000 19,852,094 261998AC
Electronic Data Systems Corporation
3/1/94 3.45 10,000,000 10,000,000 285998DT
4/12/94 3.52 5,000,000 4,979,583 285998EG
ANNUALIZED ANNUALIZED
YIELD AT YIELD AT
DUE TIME OF PRINCIPAL VALUE DUE TIME OF PRINCIPAL VALUE
DATE PURCHASE AMOUNT (NOTE 1) DATE PURCHASE AMOUNT (NOTE 1)
Commercial Paper (c) - CONTINUED
Ford Motor Credit Corporation
5/19/94 3.50% $ 15,000,000 $ 14,885,779 34599BPU
General Electric Capital Corporation
3/10/94 3.37 (b) 15,000,000 15,000,000 369998LE
3/25/94 3.46 12,450,000 12,421,365 369998MC
3/28/94 3.39 30,000,000 29,924,625 369998LB
9/8/94 3.51 30,000,000 29,454,058 369998LK
10/5/94 3.43 10,000,000 9,797,139 369998LT
10/6/94 3.43 10,000,000 9,796,208 369998LU
General Electric Capital Services Inc.
3/16/94 3.41 15,000,000 14,978,750 36999BBG
4/25/94 3.49 10,000,000 9,946,986 36999BBF
General Motors Acceptance Corporation
3/10/94 3.45 28,000,000 27,976,200 638998NA
3/22/94 3.51 8,000,000 7,983,667 638998PQ
3/28/94 3.51 38,000,000 37,900,250 638998PH
5/31/94 3.75 12,000,000 11,887,160 638998PR
Generale Bank
6/22/94 3.40 22,000,000 21,768,664 371995BY
Goldman Sachs Group, L.P. (The)
3/11/94 3.40 15,000,000 14,985,979 696992KA
Grand Metropolitan Finance PLC
5/24/94 3.39 15,000,000 14,882,750 386993AG
HYPO U.S. Finance
5/6/94 3.55 10,000,000 9,935,375 07299DAD
Hanson Finance (UK) PLC
3/7/94 3.38 12,000,000 11,993,300 41199AAK
Household Finance Corporation
3/16/94 3.41 10,000,000 9,985,833 44199DJA
4/27/94 3.62 10,000,000 9,943,000 44199DJJ
IBM Corporation
3/30/94 3.46 10,000,000 9,972,208 45499EAP
IBM Credit Corporation
3/9/94 3.43 10,000,000 9,992,400 449991AN
ITT Financial
3/23/94 3.44 17,000,000 16,964,366 450990KC
MCI Communications Corp.
3/1/94 3.45 14,500,000 14,500,000 5526739V
3/9/94 3.49 9,000,000 8,993,040 5526739Y
Merrill Lynch & Co., Inc.
3/28/94 3.44 15,000,000 14,961,413 59099A9Q
National & Provincial Building Society
4/5/94 3.47 5,700,000 5,680,826 905998CY
Nationwide Building Society
3/3/94 3.45% $ 11,000,000 $ 10,997,910 638993HB
New Center Asset Trust
3/7/94 3.41 20,000,000 19,988,733 643995AS
3/8/94 3.41 20,000,000 19,986,856 643995AV
New South Wales Treasury Corp.
3/8/94 3.39 13,000,000 12,991,507 648992AL
8/30/94 3.91 25,000,000 24,515,931 648992AQ
Norwest Corporation
3/28/94 3.39 15,000,000 14,962,313 66899CBQ
Norwest Financial
3/2/94 3.38 10,000,000 9,999,069 6693839J
PNC Financial/PNC Funding
3/29/94 3.49 10,000,000 9,972,933 6934769H
4/19/94 3.47 15,000,000 14,929,563 6934769G
Principal Mutual Life Insurance Company
3/2/94 3.37 9,000,000 8,999,158 742992KA
3/10/94 3.50 13,000,000 12,988,625 742992KC
Prospect Street Senior Portfolio LP
3/30/94 3.40 6,056,000 6,039,560 745998HL
Prudential Home Mortgage Company
4/12/94 3.50 10,000,000 9,959,400 74499FAE
Sears Credit Corp. A
3/29/94 3.46 15,000,000 14,959,750 81299FAU
Sears Roebuck Acceptance Corp.
3/14/94 3.51 1,000,000 998,736 81299ECJ
Texaco Inc.
3/24/94 3.48 10,000,000 9,977,831 920998MM
3/31/94 3.43 10,000,000 9,971,500 920998MD
TOTAL COMMERCIAL PAPER 878,915,786
Federal Agencies - 2.2%
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 0.9%
10/17/94 3.39 5,000 4,894 9931286L
11/25/94 3.50 20,000,000 19,491,889 9931287S
19,496,783
INTERNATIONAL BANK OF RECONSTRUCTION AND DEVELOPMENT - DISCOUNT NOTES -
1.3%
12/30/94 3.57 20,000,000 19,417,333 4590519A
12/27/94 3.54 10,000,000 9,714,050 46399AAC
29,131,383
TOTAL FEDERAL AGENCIES 48,628,166
ANNUALIZED ANNUALIZED
YIELD AT YIELD AT
DUE TIME OF PRINCIPAL VALUE DUE TIME OF PRINCIPAL VALUE
DATE PURCHASE AMOUNT (NOTE 1) DATE PURCHASE AMOUNT (NOTE 1)
U.S. Treasury Obligations - 3.1%
U.S. TREASURY BILLS
12/15/94 3.47% $ 20,000,000 $ 19,459,731
1/12/95 3.52 20,000,000 19,400,342 993134FV
1/12/95 3.55 20,000,000 19,395,939 993134HV
1/12/95 3.59 10,000,000 9,694,44 993134PU5
TOTAL U.S. TREASURY OBLIGATIONS 67,950,457
Bank Notes - 1.1%
Bank of New York
3/6/94 3.47 (b) 15,000,000 15,000,000 06499AAJ
PNC Bank
1/20/95 3.69 10,000,000 9,987,800 69399EAE
TOTAL BANK NOTES 24,987,800
Medium-Term Notes (b) - 8.4%
Abbey National PLC, UK (a)
6/24/94 3.49 11,000,000 11,000,000 007994GK
Abbey National Treasury Service
9/30/94 3.36 74,000,000 74,000,000 010998AJ
BankOne
3/3/95 3.46 25,000,000 24,975,000 065996AN
General Motors Acceptance Corporation
5/7/94 3.49 20,000,000 20,000,000 638998PF
Goldman Sachs Group, L.P. (The) (a)
6/16/94 3.47 15,000,000 15,000,000 696992KE
9/1/94 3.47 17,000,000 17,000,000 696992KB
Norwest Corporation
3/15/94 3.37 22,000,000 22,000,000 66899CBK
TOTAL MEDIUM-TERM NOTES 183,975,000
Short-Term Notes (b) - 8.0%
CSA Funding (A)
3/7/94 3.65 6,000,000 6,000,000 129993AC
CSA Funding (C)
3/7/94 3.65 5,000,000 5,000,000 129993AE
J.P. Morgan Securities
3/1/94 3.75 33,000,000 33,000,000 616998EC
3/1/94 3.77 21,000,000 21,000,000 616998AW
Morgan Stanley Group, Inc.
3/1/94 3.70 15,000,000 15,000,000 61799EJQ
Norwest Corporation
3/1/94 3.51 14,000,000 14,000,000 66899CBL
SMM Trust Company (1993-A) (d)
3/18/94 3.36 50,000,000 50,000,000 7845689Y
SMM Trust Company (1993-D) (d)
4/28/94 3.30 15,000,000 15,000,000 83199GAC
SMM Trust Company (1993-E) (d)
4/13/94 3.30% $ 10,000,000 $ 10,000,000 83199GAA
SMM Trust Company (1993-F) (d)
5/15/94 3.61 5,000,000 5,000,000 7845689T
TOTAL SHORT-TERM NOTES 174,000,000
Time Deposits - 2.0%
Dai-Ichi Kangyo Bank, Ltd.
3/11/94 3.44 15,000,000 15,000,000 2379984K
3/28/94 3.44 10,000,000 10,000,000 2379984X
Sakura Bank, Ltd.
3/28/94 3.44 20,000,000 20,000,000 793999KQ
TOTAL TIME DEPOSITS 45,000,000
Municipal SECURITIES - 2.2%
Fontana California Certificates of Participation
3/7/94 5.00 (b) 7,600,000 7,600,000 34461F9A
Harris County Texas Health Facilities Authority
3/28/94 3.56 25,000,000 25,000,000 41415P9J
Illinois Student Assistance
3/7/94 3.64 (b) 15,000,000 15,000,000 452281DD
TOTAL MUNICIPAL BONDS 47,600,000
MATURITY
AMOUNT
Repurchase Agreements - 3.8%
With Goldman, Sachs & Co.:
At 3.375%, dated 2/23/94 due 3/15/94:
U.S. Government Obligations
(principal amount $31,386,342)
6% to 8%, 1/1/9 to 2/1/24 $ 25,046,875 25,000,000
38199LDTAt 3.375%, dated 2/23/94 due 3/16/94:
U.S. Government Obligations
(principal amount $31,386,341)
6% to 8%, 1/1/9 to 2/1/24 25,049,219 25,000,000
38199LDUIn a joint trading account
(U.S. Treasury Obligations)
dated 2/28/94, due 3/1/94
(Note 2)
At 3.47% 21,002 21,000
99799MXKAt 3.51% 33,086,225 33,083,000 99799MXJ
TOTAL REPURCHASE AGREEMENTS 83,104,000
TOTAL INVESTMENTS-100% $ 2,188,058,654
Total Cost for Income Tax Purposes - $2,188,058,654
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 $136,000,000 or 6.4% of net
assets.
(b) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(c) A substantial portion of the fund's investments are in commercial paper
of banks, finance companies and companies in the securities industry.
(d) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (See Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
SMM Trust Company:
(1993-A) 3/18/93 $ 50,000,000
(1993-D) 1/26/94 $ 15,000,000
(1993-E) 1/12/94 $ 10,000,000
(1993-F) 11/12/93 $ 5,000,000
INCOME TAX INFORMATION:
At August 31, 1993, the fund had a capital loss carryforward of
approximately $23,000 which will expire on August 31, 2001.
FINANCIAL HIGHLIGHTS
DRAFT
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SIX MONTHS YEAR TEN MONTHS YEARS ENDED OCTOBER 31, DECEMBER 2, 1988
ENDED ENDED ENDED (COMMENCEMENT
FEBRUARY 28, AUGUST 31, AUGUST 31, OF OPERATIONS) TO
1994 OCTOBER 31,
(UNAUDITED) 1993 1992 1991 1990 1989
SELECTED PER-SHARE DATA
Net asset value, beginning of period
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
.015 .030 .035 .063 .080 .079
Net interest income
Less Distributions
(.015) (.030) (.035) (.063) (.080) (.079)
From net interest income
Net asset value, end of period
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN (dagger)
1.47% 3.09% 3.50% 6.52% 8.27% 8.14%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 2,128,327 $ 1,705,966 $ 1,516,346 $ 1,287,650 $ 622,774 $ 117,497
Ratio of expenses to average net assets
.42%* .42% .42%* .42% .42% .42%*
Ratio of net interest income to average
2.95%* 3.05% 4.12%* 6.19% 7.95% 9.00%*
net assets
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* ANNUALIZED
(dagger) TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED FEBRUARY 28, 1994 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES.
Retirement Money Market Portfolio (the fund) is a fund of Fidelity Money
Market 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 Massachusetts business trust. The following summarizes the
significant accounting policies of the fund:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. The fund's investment
adviser, Fidelity Management & Research Company (FMR), is responsible
for determining that the value of these underlying securities remains at
least equal to the resale price.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other registered
investment companies having management contracts with FMR, may transfer
uninvested cash balances into a joint trading account. These balances are
invested in one or more repurchase agreements that are collateralized by
U.S. Treasury or Federal Agency obligations.
RESTRICTED SECURITIES. The fund is permitted to invest in privately placed
restricted securities. These securities may be resold in transactions
exempt from registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations and
expense, and prompt sale at an acceptable price may be difficult. At the
end of the period, restricted securities (excluding 144A issues) amounted
to $80,000,000 or 3.8% of net assets for the fund.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR pays all expenses
except the compensation of the non-interested Trustees and certain
exceptions such as interest, taxes, brokerage commissions and extraordinary
expenses. FMR receives a fee that is computed daily at an annual rate of
.42% of the fund's average net assets.
SUB-ADVISER FEE. As the fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fee is paid prior to any voluntary
expense reimbursements which may be in effect, and after reducing the fee
for any payments by FMR pursuant to the fund's Distribution and Service
Plan.
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. NEITHER THE FUND NOR
FIDELITY DISTRIBUTORS CORPORATION IS A
BANK AND FUND SHARES ARE NOT BACKED OR GUARANTEED BY ANY BANK OR INSURED BY
THE FDIC.
REGIONAL OFFICES
NEW ENGLAND REGION
82 Devonshire Street
Boston, MA 02109
MIDWESTERN REGION
11 South LaSalle Street
Suite 810
Chicago, IL 60603
First Center Office Plaza
26955 Northwestern Highway
Suite 175
Southfield, MI 48037
MID-ATLANTIC REGION
150 East 52nd Street
Suite 2400
New York, NY 10022
One Tower Bridge
100 Front Street
Suite 1050
West Conshohocken, PA 19428
WESTERN REGION
1800 Avenue of the Stars
Suite 130
Los Angeles, CA 90067
455 Market Street
Suite 1420
San Francisco, CA 94105
SOUTHEASTERN REGION
1960 Landings Boulevard
Landings Office Park
Suite D104
Sarasota, FL 34231
1 Atlantic Place
950 East Paces Ferry Road NE
Suite 2915
Atlanta, GA 30326
SOUTHWESTERN REGION
1010 Lamar
Suite 975
Houston, TX 77002
400 East Las Colinas Boulevard
Canal Plaza
Irving, TX 75039
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
TRUSTEES
J. Gary Burkhead
Ralph F. Cox
Richard J. Flynn
Edward C. Johnson 3d
E. Bradley Jones
Donald J. Kirk
Peter S. Lynch
Edward H. Malone
Gerald C. McDonough
Thomas R. Wiliams
OFFICERS
Edward C. Johnson 3d, PRESIDENT
J. Gary Burkhead, SENIOR VICE PRESIDENT
Thomas D. Maher, ASSISTANT VICE PRESIDENT
Gary L. French, TREASURER
John H. Costello, ASSISTANT TREASURER
Arthur S. Loring, SECRETARY
CUSTODIAN
Morgan Guaranty Trust Company of New York
New York, NY
TRANSFER AND
SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional
Operations Company
Boston, MA
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
RMM-4-94S
FIDELITY MONEY MARKET TRUST
RETIREMENT GOVERNMENT MONEY MARKET PORTFOLIO
SEMIANNUAL REPORT
FEBRUARY 28, 1994
FIDELITY MONEY MARKET TRUST: RETIREMENT GOVERNMENT MONEY MARKET PORTFOLIO
INVESTMENTS/FEBRUARY 28, 1994 (UNAUDITED)
(Showing Percentage of Total Value of Investments)
ANNUALIZED ANNUALIZED
YIELD AT YIELD AT
DUE TIME OF PRINCIPAL VALUE DUE TIME OF PRINCIPAL VALUE
DATE PURCHASE AMOUNT (NOTE 1) DATE PURCHASE AMOUNT (NOTE 1)
Federal Agencies - 31.4%
FEDERAL FARM CREDIT BANK - AGENCY COUPONS - 4.7%
3/1/94 3.20% $ 35,000,000 $ 35,000,000 313993LX
10/3/94 3.36 17,000,000 17,002,339 313993JQ
10/3/94 3.38 17,000,000 17,000,000 313993JR
69,002,339
FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 1.7%
4/4/94 3.19 25,000,000 24,999,245 313993MQ
FEDERAL HOME LOAN BANK - AGENCY COUPONS - 1.8%
4/25/94 3.33 16,270,000 16,416,224 567995AS
8/25/94 3.32 3,000,000 3,073,638 567995CG
8/26/94 3.36 7,000,000 7,015,929 567995CF
26,505,791
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 0.8%
6/16/94 3.37 12,000,000 11,997,178 567995GP
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 4.5%
3/1/94 3.60 (a) 59,000,000 59,000,000 9931287F
6/30/94 3.40 8,000,000 8,000,658 9931162G
67,000,658
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 13.6%
6/27/94 3.34 40,000,000 39,569,956 993128RW
8/1/94 3.20 25,000,000 24,665,313 9931287G
8/23/94 3.28 20,000,000 19,686,944 9931286G
9/8/94 3.30 30,000,000 29,485,892 9931287E
9/22/94 3.33 53,000,000 52,016,114 9931286H
10/25/94 3.40 36,000,000 35,212,220 9931286J
200,636,439
STUDENT LOAN MARKETING ASSOCIATION - AGENCY COUPONS (A) - 4.3%
3/1/94 3.73 35,000,000 35,000,000 863990PS
7/1/94 3.74 27,900,000 27,900,000 863990PT
62,900,000
TOTAL FEDERAL AGENCIES 463,041,650
U.S. Treasury Obligations - 9.1%
U.S. TREASURY BILLS - 7.4%
4/7/94 3.35 15,000,000 14,950,050 99399HLF
5/5/94 3.35 38,000,000 37,777,700 99399HPL
6/2/94 3.36 15,000,000 14,872,125 99399H5R
6/2/94 3.47 22,000,000 21,809,608 99399HRU
10/20/94 3.36 21,000,000 20,554,193 993134GV
109,963,676
U.S. TREASURY NOTES - 1.7%
8/15/94 3.27 25,000,000 25,394,124 993993DL
TOTAL U.S. TREASURY OBLIGATIONS 135,357,800
Repurchase Agreements - 59.5%
With Greenwich Capital:
At 3.43%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $45,610,000)
12.5%, 8/15/14 $ 70,006,669 $ 70,000,000
396993DUWith Harris Government Securities, Inc.:
At 3.45%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $69,425,000)
4.25% to 9.375%,
10/31/94 to 2/15/04 70,006,708 70,000,000
413993UXWith Kidder Peabody & Co., Inc.
At 3.50%, dated 2/28/94 due 3/1/94:
U.S. Government Obligations
(principal amount $370,225,561)
5.682% to 9.461%,
12/1/22 to 8/1/31 365,035,486 365,000,000
49399D2PWith Morgan Stanley & Co., Inc.:
At 3.43%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $298,455,000)
7.25% to 12%,
5/15/05 to 8/15/22 365,034,776 365,000,000
61799MDGWith Swiss Bank Corporation
Government Securities, Inc.:
At 3.45%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $10,653,000)
4.625%, 12/31/94 10,584,014 10,583,000 82999A6S
TOTAL REPURCHASE AGREEMENTS 880,583,000
TOTAL INVESTMENTS-100% $ 1,478,982,450
Total Cost for Income Purposes - $1,478,982,450
LEGEND:
(e) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
INCOME TAX INFORMATION:
At August 31, 1993, the fund had a capital loss carryforward of
approximately $51,000 of which $4,000 and $47,000 will expire on August 31,
2000 and 2001, respectively.
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
DRAFT
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February 28, 1994 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $880,583,000) (Notes 1 and 2) - $ 1,478,982,450
See accompanying schedule
Cash 28,068
Interest receivable 2,276,940
TOTAL ASSETS 1,481,287,458
LIABILITIES
Accrued management fee 478,556
NET ASSETS $ 1,480,808,902
Net Assets consist of:
Paid in capital $ 1,480,802,491
Accumulated net realized gain (loss) on investments 6,411
NET ASSETS, for 1,480,802,491 shares outstanding $ 1,480,808,902
NET ASSET VALUE, offering price and redemption price per share ($1,480,808,902 (divided by) 1,480,802,491 $1.00
shares)
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Statement of Operations
DRAFT
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Six Months Ended February 28, 1994 (Unaudited)
INTEREST INCOME $ 22,984,608
EXPENSES
Management fee (Note 3) $ 2,954,262
Non-interested trustees' compensation 4,457
TOTAL EXPENSES 2,958,719
NET INTEREST INCOME 20,025,889
NET REALIZED GAIN (LOSS) ON (40,209)
INVESTMENTS (NOTE 1)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 19,985,680
</TABLE>
Statement of Changes in Net Assets
DRAFT
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SIX MONTHS YEAR
ENDED ENDED
FEBRUARY 28, 199 AUGUST 31,
4 1993
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 20,025,889 $ 38,836,205
Net interest income
Net realized gain (loss) on investments (40,209) (47,007)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 19,985,680 38,789,198
Dividends to shareholders from net interest income (20,025,889) (38,836,205)
Share transactions at net asset value of $1.00 per share 511,873,695 1,323,450,636
Proceeds from sales of shares
Reinvestment of dividends from net interest income 19,873,580 38,836,205
Cost of shares redeemed (444,481,629) (1,205,185,320)
Net increase (decrease) in net assets and shares resulting from share transactions 87,265,646 157,101,521
TOTAL INCREASE (DECREASE) IN NET ASSETS 87,225,437 157,054,514
NET ASSETS
Beginning of period 1,393,583,465 1,236,528,951
End of period $ 1,480,808,902 $ 1,393,583,465
</TABLE>
FINANCIAL HIGHLIGHTS
DRAFT
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SIX MONTHS YEAR TEN MONTHS YEARS ENDED OCTOBER 31, DECEMBER 16, 1988
ENDED ENDED ENDED (COMMENCEMENT
FEBRUARY 28, AUGUST 31, AUGUST 31, OF OPERATIONS) TO
1994 OCTOBER 31,
(UNAUDITED) 1993 1992 1991 1990 1989
SELECTED PER-SHARE DATA
Net asset value, beginning of period
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
.014 .029 .034 .061 .079 .077
Net interest income
Less Distributions
(.014) (.029) (.034) (.061) (.079) (.077)
From net interest income
Net asset value, end of period
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN (dagger)
1.41% 2.95% 3.47% 6.29% 8.16% 7.98%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 1,480,809 $ 1,393,583 $ 1,236,529 $ 936,869 $ 410,889 $ 60,496
Ratio of expenses to average net assets
.42%* .42% .42%* .42% .42% .42%*
Ratio of net interest income to average
2.84%* 2.90% 4.08%* 5.98% 7.85% 8.87%*
net assets
</TABLE>
* ANNUALIZED
(dagger) TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED FEBRUARY 28, 1994 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES.
Retirement Government Money Market Portfolio (the fund) is a fund of
Fidelity Money Market 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 Massachusetts business trust. The
following summarizes the significant accounting policies of the fund:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. The fund's investment
adviser, Fidelity Management & Research Company (FMR), is responsible
for determining that the value of these underlying securities remains at
least equal to the resale price.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR pays all expenses
except the compensation of the non-interested Trustees and certain
exceptions such as interest, taxes, brokerage commissions and extraordinary
expenses. FMR receives a fee that is computed daily at an annual rate of
.42% of the fund's average net assets.
SUB-ADVISER FEE. As the fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fee is paid prior to any voluntary
expense reimbursements which may be in effect, and after reducing the fee
for any payments by FMR pursuant to the fund's Distribution and Service
Plan.
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. NEITHER THE FUND NOR
FIDELITY DISTRIBUTORS CORPORATION IS A
BANK AND FUND SHARES ARE NOT BACKED OR GUARANTEED BY ANY BANK OR INSURED BY
THE FDIC.
REGIONAL OFFICES
NEW ENGLAND REGION
82 Devonshire Street
Boston, MA 02109
MIDWESTERN REGION
11 South LaSalle Street
Suite 810
Chicago, IL 60603
First Center Office Plaza
26955 Northwestern Highway
Suite 175
Southfield, MI 48037
MID-ATLANTIC REGION
150 East 52nd Street
Suite 2400
New York, NY 10022
One Tower Bridge
100 Front Street
Suite 1050
West Conshohocken, PA 19428
WESTERN REGION
1800 Avenue of the Stars
Suite 130
Los Angeles, CA 90067
455 Market Street
Suite 1420
San Francisco, CA 94105
SOUTHEASTERN REGION
1960 Landings Boulevard
Landings Office Park
Suite D104
Sarasota, FL 34231
1 Atlantic Place
950 East Paces Ferry Road NE
Suite 2915
Atlanta, GA 30326
SOUTHWESTERN REGION
1010 Lamar
Suite 975
Houston, TX 77002
400 East Las Colinas Boulevard
Canal Plaza
Irving, TX 75039
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
TRUSTEES
J. Gary Burkhead
Ralph F. Cox
Richard J. Flynn
Edward C. Johnson 3d
E. Bradley Jones
Donald J. Kirk
Peter S. Lynch
Edward H. Malone
Gerald C. McDonough
Thomas R. Wiliams
OFFICERS
Edward C. Johnson 3d, PRESIDENT
J. Gary Burkhead, SENIOR VICE PRESIDENT
Leland Barron, VICE PRESIDENT
Thomas D. Maher, ASSISTANT VICE PRESIDENT
Gary L. French, TREASURER
John H. Costello, ASSISTANT TREASURER
Arthur S. Loring, SECRETARY
CUSTODIAN
Morgan Guaranty Trust Company of New York
New York, NY
TRANSFER AND
SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional
Operations Company
Boston, MA
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
RGM-4-94S
