FIDELITY MONEY MARKET TRUST
ANNUAL REPORT
AUGUST 31, 1994
FIDELITY MONEY MARKET TRUST: U.S. TREASURY PORTFOLIO
INVESTMENTS/AUGUST 31,1994
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
ANNUALIZED
YIELD AT
DUE TIME OF PRINCIPAL VALUE MATURITY VALUE
DATE PURCHASE AMOUNT (NOTE 1) AMOUNT (NOTE 1)
U.S. Treasury Obligations - 32.4%
U.S. TREASURY BILLS - 31.6%
9/29/94 3.93% $ 14,000,000 $ 13,958,086
10/13/94 4.04 5,000,000 4,976,900
10/20/94 3.36 5,000,000 4,977,678
12/15/94 4.60 9,000,000 8,882,006
1/5/95 4.87 5,000,000 4,916,875
1/19/95 4.96 5,000,000 4,905,889
1/26/95 4.96 4,000,000 3,920,947
2/16/95 5.12 4,000,000 3,906,853
3/2/95 5.06 9,000,000 8,775,720
59,220,954
U.S. TREASURY NOTES - 0.8%
1/31/95 3.63 1,500,000 1,503,433
TOTAL U.S. TREASURY OBLIGATIONS 60,724,387
MATURITY
AMOUNT
Repurchase Agreements - 67.6%
With BT Securities Corp.:
At 4.80%, dated 8/31/94 due 9/1/94:
U.S. Treasury Obligations
(principal amount $9,020,000)
4.375%, 11/15/96 $ 8,501,133 8,500,000
With Barclays De Zoete Wedd GSI:
At 4.85%, dated 8/31/94 due 9/1/94:
U.S. Treasury Obligations
(principal amount $7,480,000)
9.25%, 8/15/98 8,001,078 8,000,000
With Daiwa Securities Co. Ltd.:
At 4.82%, dated 8/31/94 due 9/1/94:
U.S. Treasury Obligations
(principal amount $8,390,000)
7%, 4/15/99 8,501,138 8,500,000
With Donaldson, Lufkin & Jenrette Securities Corp.:
At 4.85%, dated 8/31/94 due 9/1/94:
U.S. Treasury Obligations
(principal amount $7,640,000)
8.75%, 2/15/19 8,501,145 8,500,000
With First Boston Corporation:
At 4.80%, dated 8/31/94 due 9/1/94:
U.S. Treasury Obligations
(principal amount $41,040,000)
8.75%, 10/15/97 $ 44,005,867 $ 44,000,000
With J.P. Morgan Securities, Inc.:
At 4.83%, dated 8/31/94 due 9/1/94:
U.S. Treasury Obligations
(principal amount $12,762,000)
12.75%, 11/15/10 18,002,415 18,000,000
With Swiss Bank Corporation
Government Securities, Inc.:
At 4.85%, dated 8/31/94 due 9/1/94:
U.S. Treasury Obligations
(principal amount $7,950,000)
8.75%, 8/15/00 8,501,145 8,500,000
In a joint trading account
(U.S. Treasury Obligations)
dated 8/31/94, due 9/1/94
(Note 2)
At 4.85% 22,860,079 22,857,000
TOTAL REPURCHASE AGREEMENTS 126,857,000
TOTAL INVESTMENTS - 100% $ 187,581,387
Total Cost for Income Tax Purposes - $187,581,387
INCOME TAX INFORMATION:
At August 31, 1994, the fund had a capital loss carryforward of
approximately $74,000 of which $53,000, $1,000 and $20,000 will expire on
August 31, 1996, 2001 and 2002, respectively.
U.S. TREASURY PORTFOLIO
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
August 31, 1994
ASSETS
Investment in securities, at value (including repurchase agreements of $126,857,000) - See accompanying $ 187,581,387
schedule
Interest receivable 22,544
TOTAL ASSETS 187,603,931
LIABILITIES
Payable to custodian bank $ 321
Payable for investments 8,775,720
purchased
Dividends payable 169,067
Accrued management fee 63,176
TOTAL LIABILITIES 9,008,284
NET ASSETS $ 178,595,647
Net Assets consist of:
Paid in capital $ 178,633,520
Accumulated net realized gain (loss) on investments (37,873)
NET ASSETS, for 178,633,520 shares outstanding $ 178,595,647
NET ASSET VALUE, offering price and redemption price per share ($178,595,647 (divided by) $1.00
shares)
</TABLE>
Statement of Operations
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
Year Ended August 31, 1994
INTEREST INCOME $ 5,901,071
EXPENSES
Management fee $ 693,283
Non-interested trustees' compensation 1,022
TOTAL EXPENSES 694,305
NET INTEREST INCOME 5,206,766
NET REALIZED GAIN (LOSS) ON (19,591)
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 5,187,175
</TABLE>
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED AUGUST 31,
1994 1993
INCREASE (DECREASE) IN NET ASSETS
Operations $ 5,206,766 $ 5,187,658
Net interest income
Net realized gain (loss) (19,591) (1,377)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 5,187,175 5,186,281
Dividends to shareholders from net interest income (5,206,766) (5,187,658)
Share transactions at net asset value of $1.00 per share 901,345,282 891,841,648
Proceeds from sales of shares
Reinvestment of dividends from net interest income 3,627,764 3,566,725
Cost of shares redeemed (911,811,257) (901,937,708)
Net increase (decrease) in net assets and shares resulting
from share transactions (6,838,211) (6,529,335)
TOTAL INCREASE (DECREASE) IN NET ASSETS (6,857,802) (6,530,712)
NET ASSETS
Beginning of period 185,453,449 191,984,161
End of period $ 178,595,647 $ 185,453,449
</TABLE>
FINANCIAL HIGHLIGHTS
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED AUGUST 31, TEN MONTHS YEARS ENDED OCTOBER 31,
ENDED
AUGUST 31,
1994 1993 1992 1991 1990
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations .032 .029 .033 .061 .079
Net interest income
Less Distributions (.032) (.029) (.033) (.061) (.079)
From net interest income
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 3.21% 2.89% 3.37% 6.24% 8.19%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)$ 178,596 $ 185,453 $ 191,984 $ 215,610 $ 253,705
Ratio of expenses to average net assets.42% .42% .42%A .42% .42%
Ratio of net interest income to average
net assets 3.15% 2.86% 4.00%A 6.12% 7.91%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIDELITY MONEY MARKET TRUST: U.S. GOVERNMENT PORTFOLIO
INVESTMENTS/AUGUST 31, 1994
(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 - 56.2%
EXPORT IMPORT BANK, U.S. - AGENCY COUPONS - 1.1%
9/15/94 4.81% (a) $ 1,881,882 $ 1,881,882
FEDERAL FARM CREDIT BANK - AGENCY COUPONS - 2.9%
9/1/94 4.53 1,000,000 1,000,000
10/3/94 3.36 2,000,000 2,000,041
10/3/94 4.13 2,000,000 1,999,780
4,999,821
FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 0.7%
9/6/94 3.98 1,250,000 1,249,323
FEDERAL HOME LOAN BANK - AGENCY COUPONS - 1.1%
9/1/94 5.33 (a) 2,000,000 1,996,812
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 5.0%
10/21/94 4.48 4,000,000 3,975,667
10/25/94 4.60 1,275,000 1,266,317
11/28/94 4.18 3,500,000 3,465,350
8,707,334
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 3.4%
9/1/94 5.35 (a) 6,000,000 6,000,000
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 39.1%
9/7/94 4.48 1,000,000 999,772
9/7/94 4.50 7,000,000 6,994,797
9/29/94 4.04 5,000,000 4,984,639
10/4/94 4.27 5,000,000 4,980,842
10/6/94 4.19 4,000,000 3,984,017
10/19/94 4.05 4,450,000 4,426,563
10/21/94 4.59 2,000,000 1,987,389
10/25/94 3.40 4,500,000 4,477,658
11/29/94 4.87 5,000,000 4,941,285
12/1/94 4.85 6,000,000 5,928,262
12/29/94 4.99 7,000,000 6,887,082
1/3/95 5.04 5,000,000 4,915,267
1/6/95 5.05 5,000,000 4,913,217
1/17/95 5.03 1,000,000 981,217
1/18/95 5.03 2,000,000 1,962,161
3/1/95 5.12 3,000,000 2,924,733
3/6/95 5.10 2,000,000 1,948,642
68,237,543
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS - 2.9%
9/6/94 5.05 (a) 5,000,000 5,000,000
TOTAL FEDERAL AGENCIES 98,072,715
U.S. Treasury Obligations - 1.7%
U.S. TREASURY BILLS
10/20/94 3.36% $ 3,000,000 $ 2,986,607
MATURITY
AMOUNT
Repurchase Agreements - 42.1%
With Goldman, Sachs & Co.:
At 4.70%, dated 8/24/94 due 9/7/94:
U.S. Government Obligations
(principal amount $10,300,000)
4% to 8%,
7/1/01 to 9/1/23 $ 10,018,278 10,000,000
With Nomura Securities Intl. Inc.:
At 4.75%, dated 8/23/94 due 9/6/94:
U.S. Government Obligations
(principal amount $6,016,012)
9%, 10/15/27 6,011,083 6,000,000
In a joint trading account
dated 8/31/94, due 9/1/94
(Notes 2 and 3)
(U.S. Treasury Obligations)
At 4.86% 25,515,445 25,512,000
(U.S. Government Obligations)
At 4.89% 32,004,349 32,000,000
TOTAL REPURCHASE AGREEMENTS 73,512,000
TOTAL COST OF INVESTMENTS - 100% $ 174,571,322
Total Cost of Investments for Income Tax Purposes - $174,571,322
LEGEND:
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or when applicable,
the final maturity date.
INCOME TAX INFORMATION:
At August 31, 1994, the fund had a capital loss carryforward of
approximately $60,600 of which $19,400, $200, $13,000 and $28,000 will
expire on August 31, 1996, 1997, 2001 and 2002, respectively.
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
August 31, 1994
ASSETS
Investment in securities, at value (including repurchase agreements of $73,512,000) - See accompanying $ 174,571,322
schedule
Interest receivable 206,179
TOTAL ASSETS 174,777,501
LIABILITIES
Payable for investments $ 1,948,643
purchased
Share transactions in process 228,221
Dividends payable 164,180
Accrued management fee 58,482
TOTAL LIABILITIES 2,399,526
NET ASSETS $ 172,377,975
Net Assets consist of:
Paid in capital $ 172,342,035
Accumulated net realized gain (loss) on investments 35,940
NET ASSETS, for 172,342,035 shares outstanding $ 172,377,975
NET ASSET VALUE, offering price and redemption price per share ($172,377,975 $1.00
shares)
</TABLE>
Statement of Operations
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
Year Ended August 31, 1994
INTEREST INCOME $ 6,321,764
EXPENSES
Management fee $ 726,413
Non-interested trustees' compensation 1,092
TOTAL EXPENSES 727,505
NET INTEREST INCOME 5,594,259
NET REALIZED GAIN (LOSS) ON (27,868)
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 5,566,391
</TABLE>
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED AUGUST 31,
1994 1993
INCREASE (DECREASE) IN NET ASSETS
Operations $ 5,594,259 $ 8,688,945
Net interest income
Net realized gain (loss) (27,868) (12,575)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS 5,566,391 8,676,370
Dividends to shareholders from net interest income (5,594,259) (8,688,945)
Share transactions at net asset value of $1.00 per share 754,973,945 1,043,375,925
Proceeds from sales of shares
Reinvestment of dividends from net interest income 3,543,173 5,660,644
Cost of shares redeemed (792,649,688) (1,199,183,702)
Net increase (decrease) in net assets and shares resulting
from share transactions (34,132,570) (150,147,133)
TOTAL INCREASE (DECREASE) IN NET ASSETS (34,160,438) (150,159,708)
NET ASSETS
Beginning of period 206,538,413 356,698,121
End of period $ 172,377,975 $ 206,538,413
</TABLE>
FINANCIAL HIGHLIGHTS
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED AUGUST 31, TEN MONTHS YEARS ENDED OCTOBER 31,
ENDED
AUGUST 31,
1994 1993 1992 1991 1990
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations .032 .029 .035 .062 .079
Net interest income
Less Distributions (.032) (.029) (.035) (.062) (.079)
From net interest income
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 3.29% 2.95% 3.53% 6.41% 8.20%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 172,378 $ 206,538 $ 356,698 $ 400,699 $ 473,450
Ratio of expenses to average net assets .42% .42% .42%A .42% .42%
Ratio of net interest income to average net
assets 3.23% 2.92% 4.18%A 6.27% 7.91%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIDELITY MONEY MARKET TRUST: DOMESTIC MONEY MARKET PORTFOLIO
INVESTMENTS/AUGUST 31, 1994
(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)
Bankers' Acceptances - 3.7%
Chase Manhattan Bank
10/25/94 4.82% $ 3,614,828 $ 3,588,909
CoreStates Bank of Delaware, N.A.
9/22/94 4.61 2,500,000 2,493,379
Mellon Bank, N.A.
9/6/94 4.73 5,000,000 4,996,736
11/1/94 4.90 2,000,000 1,983,564
Republic New York Corp.
9/30/94 4.46 2,000,000 1,992,911
TOTAL BANKERS' ACCEPTANCES 15,055,499
Certificates of Deposit - 4.9%
NBD Bank, N.A.
9/16/94 4.75 10,000,000 9,999,450
9/22/94 4.63 5,000,000 5,000,173
Old Kent Bank & Trust Co.
10/5/94 4.83 5,000,000 5,000,000
TOTAL CERTIFICATES OF DEPOSIT 19,999,623
Commercial Paper - 44.2%
AT&T Capital Corp.
9/29/94 4.75 5,000,000 4,981,722
Associates Corp. of North America
9/23/94 4.53 5,000,000 4,986,250
10/31/94 4.84 10,000,000 9,920,000
Banc One Diversified Services Corp.
9/7/94 4.68 1,250,000 1,249,031
Commercial Credit Co.
9/7/94 4.45 5,000,000 4,996,333
Corporate Asset Funding Co., Inc.
9/8/94 4.66 10,000,000 9,991,007
11/17/94 4.96 9,000,000 8,905,675
Dayton Hudson Corp.
9/16/94 4.76 6,500,000 6,487,135
Electronic Data Systems Corp.
9/14/94 4.77 4,000,000 3,993,139
Exxon Asset Management Co.
9/19/94 4.53 10,000,000 9,977,500
Exxon Credit Corp.
10/14/94 4.80 10,000,000 9,943,025
Ford Motor Credit Corp.
9/7/94 4.42 7,000,000 6,994,867
GTE Corp.
9/2/94 4.80 1,960,000 1,959,739
General Electric Capital Corp.
10/12/94 4.76% $ 5,000,000 $ 4,973,236
General Motors Acceptance Corp.
10/24/94 4.89 5,000,000 4,964,299
10/27/94 4.81 5,000,000 4,963,056
Goldman Sachs Group, L.P. (The)
9/6/94 4.71 5,000,000 4,996,757
ITT Corp.
9/16/94 4.58 5,000,000 4,990,521
ITT Hartford Group, Inc.
9/2/94 4.42 8,500,000 8,498,961
10/4/94 4.83 5,000,000 4,978,000
Merrill Lynch & Co., Inc.
10/17/94 4.82 5,000,000 4,969,333
11/18/94 4.91 4,400,000 4,353,763
MetLife Funding, Inc.
11/14/94 4.81 7,620,000 7,545,599
NationsBank Corp.
11/16/94 4.90 10,000,000 9,897,822
11/22/94 4.91 5,000,000 4,944,764
PHH Corp.
9/8/94 4.50 5,000,000 4,995,644
Sears Roebuck Acceptance Corp.
10/18/94 4.92 4,000,000 3,974,516
Smith Barney, Inc.
10/17/94 4.88 5,000,000 4,969,078
Texaco, Inc.
11/15/94 4.94 9,000,000 8,908,594
Textron, Inc.
9/1/94 4.59 1,000,000 1,000,000
Transamerica Finance Corp.
9/13/94 4.71 500,000 499,217
TOTAL COMMERCIAL PAPER 178,808,583
Federal Agencies - 10.6%
FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 1.2%
11/14/94 4.81 5,000,000 4,951,181
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 4.2%
9/14/94 4.50 5,000,000 4,991,911
9/26/94 4.46 1,947,000 1,941,010
9/28/94 4.46 2,250,000 2,242,524
1/19/95 5.06 8,000,000 7,846,000
17,021,445
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 - CONTINUED
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 2.7%
9/23/94 4.52% $ 235,000 $ 234,361
9/29/94 4.52 265,000 264,083
9/30/94 4.52 145,000 144,480
10/3/94 4.58 500,000 498,000
10/13/94 4.58 1,530,000 1,521,968
1/4/95 5.04 5,000,000 4,914,583
2/6/95 5.01 3,490,000 3,414,946
10,992,421
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS - 2.5%
9/6/94 4.92 (a) 10,000,000 10,000,000
TOTAL FEDERAL AGENCIES 42,965,047
Bank Notes - 8.2%
Bank One - Milwaukee
9/1/94 4.49 (a) 5,000,000 4,997,493
Bank of New York (Delaware)
9/6/94 4.57 (a) 10,000,000 10,000,000
First National Bank of Boston
9/27/94 4.60 5,000,000 5,000,000
10/18/94 4.90 5,000,000 4,999,871
Fleet Bank of Massachusetts
9/6/94 4.75 3,000,000 2,999,992
PNC Bank, N.A.
9/7/94 4.90 (a) 5,000,000 4,993,150
TOTAL BANK NOTES 32,990,506
Master Notes (a) - 5.9%
J.P. Morgan Securities
9/1/94 5.11 9,000,000 9,000,000
Morgan Stanley Group, Inc. (c)
9/1/94 5.08 5,000,000 5,000,000
Norwest Corp.
9/1/94 4.82 10,000,000 10,000,000
TOTAL MASTER NOTES 24,000,000
Medium-Term Notes (a) - 3.5%
General Motors Acceptance Corp.
11/7/94 4.86 4,000,000 4,000,000
Goldman Sachs Group, L.P. (The) (b)
9/1/94 4.48 5,000,000 5,000,000
PepsiCo.
9/1/94 4.97 5,000,000 5,000,000
TOTAL MEDIUM-TERM NOTES 14,000,000
Short-Term Notes (a) - 6.7%
CSA Funding - A (c)
9/8/94 4.94% $ 6,000,000 $ 6,000,000
Capital One Funding Corp.
9/8/94 4.85 5,000,000 5,000,000
SMM Trust Company (1994-A) (c)
9/18/94 4.57 11,000,000 10,999,490
SMM Trust Company (1994-E) (c)
10/13/94 4.64 5,000,000 4,999,495
TOTAL SHORT-TERM NOTES 26,998,985
MATURITY
AMOUNT
Repurchase Agreements - 12.3%
With Goldman, Sachs & Co.:
At 4.75%, dated 8/30/94 due 9/20/94:
U.S. Government Obligations
(principal amount $10,300,001)
8%, 7/1/01 $ 10,027,708 10,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 8/31/94, due 9/1/94
(Note 2)
At 4.86% 39,548,339 39,543,000
TOTAL REPURCHASE AGREEMENTS 49,543,000
TOTAL INVESTMENTS - 100% $ 404,361,243
Total Cost for Income Tax Purposes - $404,361,243
LEGEND:
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or when applicable,
the final maturity date.
(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 period
end, the value of these securities amounted to $5,000,000 or 1.3% of net
assets.
(c) 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
CSA Funding - A 10/28/93 $ 6,000,000
Morgan Stanley Group, Inc. 2/1/94 $ 5,000,000
SMM Trust Company:
(1994-A) 3/18/94 $ 11,000,000
(1994-E) 4/18/94 $ 5,000,000
INCOME TAX INFORMATION:
At August 31, 1994, the fund had a capital loss carryforward of
approximately $117,000 of which $43,000, $40,000, $32,000 and $2,000 will
expire on August 31, 1995, 1996, 1997 and 1998, respectively.
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
August 31, 1994
ASSETS
Investment in securities, at value (including repurchase agreements of $49,543,000) - See accompanying $ 404,361,243
schedule
Interest receivable 749,929
TOTAL ASSETS 405,111,172
LIABILITIES
Payable for investments $ 4,969,333
purchased
Share transactions in process 223,360
Dividends payable 442,036
Accrued management fee 143,650
TOTAL LIABILITIES 5,778,379
NET ASSETS $ 399,332,793
Net Assets consist of:
Paid in capital $ 399,403,765
Accumulated net realized gain (loss) on investments (70,972)
NET ASSETS, for 399,403,765 shares outstanding $ 399,332,793
NET ASSET VALUE, offering price and redemption price per share ($399,332,793 (divided by) $1.00
shares)
</TABLE>
Statement of Operations
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
Year Ended August 31, 1994
INTEREST INCOME $ 15,548,661
EXPENSES
Management fee $ 1,781,535
Non-interested trustees compensation 2,790
TOTAL EXPENSES 1,784,325
NET INTEREST INCOME 13,764,336
NET REALIZED GAIN (LOSS) ON 2,518
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 13,766,854
</TABLE>
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
YEARS ENDED AUGUST 31,
1994 1993
INCREASE (DECREASE) IN NET ASSETS
Operations $ 13,764,336 $ 19,965,907
Net interest income
Net realized gain (loss) 2,518 1,625
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS 13,766,854 19,967,532
Dividends to shareholders from net interest income (13,764,336) (19,965,907)
Share transactions at net asset value of $1.00 per share 3,064,984,625 4,090,854,898
Proceeds from sales of shares
Reinvestment of dividends from net interest income 8,647,981 9,923,630
Cost of shares redeemed (3,285,712,520) (4,255,090,661)
Net increase (decrease) in net assets and shares resulting
from share transactions (212,079,914) (154,312,133)
TOTAL INCREASE (DECREASE) IN NET ASSETS (212,077,396) (154,310,508)
NET ASSETS
Beginning of period 611,410,189 765,720,697
End of period $ 399,332,793 $ 611,410,189
</TABLE>
FINANCIAL HIGHLIGHTS
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED AUGUST 31, TEN MONTHS YEARS ENDED OCTOBER 31,
ENDED
AUGUST 31,
1994 1993 1992 1991 1990
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations .033 .029 .034 .063 .080
Net interest income
Less Distributions (.033) (.029) (.034) (.063) (.080)
From net interest income
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 3.34% 2.93% 3.44% 6.44% 8.27%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 399,333 $ 611,410 $ 765,721 $ 851,872 $ 944,782
Ratio of expenses to average net assets .42% .42% .42%A .42% .42%
Ratio of net interest income to average
net assets 3.24% 2.89% 4.04%A 6.38% 8.01%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED AUGUST 31, 1994
1. SIGNIFICANT ACCOUNTING POLICIES.
U.S. Treasury Portfolio, U.S. Government Portfolio and Domestic Money
Market Portfolio (the funds) are funds of Fidelity Money Market Trust (the
trust). 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. Each fund is authorized to
issue an unlimited number of shares. The following summarizes the
significant accounting policies of the funds:
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, each fund is not subject to income taxes to
the extent that it distributes all of its taxable income for the fiscal
year. The schedules of investments include 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 funds, through their custodian, receive 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 funds' 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 affiliated
entities of FMR, may transfer uninvested cash balances into one or more
joint trading accounts. These balances are invested in one or more
repurchase agreements that mature in 60 days or less from the date of
purchase, and are collateralized by U.S. Treasury or Federal Agency
obligations.
RESTRICTED SECURITIES. The Domestic Money Market 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 $26,998,985 or 6.8% of net assets for
Domestic Money Market fund.
3. JOINT TRADING ACCOUNT.
At the end of the period, U.S. Government fund had 20% or more of its total
investments in repurchase agreements through a joint trading account. These
repurchase agreements were with entities whose creditworthiness has been
reviewed and found satisfactory by FMR. The repurchase agreements were
dated August 31,1994 and due September 1, 1994. The maturity values of the
joint trading account investments were $25,515,445 at 4.86% and $32,004,349
at 4.89% for the U.S. Government fund. The investments in repurchase
agreements through the joint trading account are summarized as follows:
3. JOINT TRADING ACCOUNT - CONTINUED
MAXIMUM
AMOUNT AGGREGATE AGGREGATE AGGREGATE
NO. OF WITH ONE PRINCIPAL MATURITY MARKET COUPON MATURITY
DEALERS DEALER AMOUNT OF AMOUNT OF VALUE OF RATES OF DATES OF
OR BANKS OR BANK AGREEMENTS AGREEMENTS COLLATERAL COLLATERAL COLLATERAL
At 4.86% 7 26.3% $ 760,045,000 $ 760,147,617 $ 776,767,241 3.875%-13.375%
9/22/94-8/15/23
At 4.89% 4 42.9 1,750,000,000 1,750,237,819 1,801,920,348 0%-13.5%
9/1/94-4/1/34
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each 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 each fund's average net assets.
SUB-ADVISER FEE. As each 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 fees are paid prior to any voluntary
expense reimbursements which may be in effect, and after reducing the fee
for any payments by FMR pursuant to each fund's Distribution and Service
Plan.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plans (the Plans), and in accordance with Rule 12b-1 of the 1940 Act, FMR
or the funds' distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of each fund's shares. Subject to
the approval of each Board of Trustees, the Plans also authorize payments
to third parties that assist in the sale of each fund's shares or render
shareholder support services. FMR or FDC has informed the funds that
payments made to third parties under the Plans amounted to $2,357 for the
U.S. Treasury fund for the period. No payments were made for the U.S.
Government and Domestic Money Market funds.
5. BENEFICIAL INTEREST
At the end of the period, certain shareholders were record owners of
approximately 10% or more of the total outstanding shares of the following
funds:
FUND NUMBER OF SHAREHOLDERS % OWNERSHIP
U.S. Government Portfolio 2 31
Domestic Market Portfolio 2 24
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL INFORMATION OF THE
SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUND UNLESS
PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS. MUTUAL FUND SHARES ARE
NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE
FDIC, THE FEDERAL RESERVE BOARD OR ANY
OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL. NEITHER THE FUND NOR
FIDELITY DISTRIBUTORS CORPORATION IS A BANK. FOR MORE INFORMATION ON ANY
FIDELITY FUND INCLUDING CHARGES AND
EXPENSES, CALL 1-800-544-0276 FOR A FREE PROSPECTUS. READ IT CAREFULLY
BEFORE YOU INVEST OR SEND MONEY.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Money Market Trust and the Shareholders of U.S.
Treasury Portfolio, U.S. Government Portfolio
and Domestic Money Market Portfolio:
We have audited the accompanying statements of assets and liabilities of
Fidelity Money Market Trust: U.S. Treasury Portfolio, U.S. Government
Portfolio and Domestic Money Market Portfolio including the schedule of
portfolio investments, as of August 31, 1994, and the related statements of
operations for the year then ended, the statements of changes in net assets
for each of the two years in the period then ended, and the financial
highlights for each of the two years in the period then ended, the ten
month period ended August 31, 1992, and for each of the two years in the
period ended October 31, 1991. These financial statements and financial
highlights are the responsibility of the fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of August 31, 1994 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Money Market Trust: U.S. Treasury Portfolio, U.S. Government
Portfolio and Domestic Money Market Portfolio as of August 31, 1994, the
results of their operations for the year then ended, the changes in their
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,
the ten month period ended August 31, 1992 and for each of the two years in
the period ended October 31, 1991, in conformity with generally accepted
accounting principles.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
September 26, 1994
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
TRUSTEES
J. Gary Burkhead
Ralph F. Cox
Phyllis Burke Davis
Richard J. Flynn
Edward C. Johnson 3d
E. Bradley Jones
Donald J. Kirk
Peter S. Lynch
Edward H. Malone
Marvin L. Mann
Gerald C. McDonough
Thomas R. Williams
OFFICERS
Edward C. Johnson 3d, PRESIDENT
J. Gary Burkhead, SENIOR VICE PRESIDENT
Fred L. Henning, Jr., VICE PRESIDENT
Leland Barron, VICE PRESIDENT
Burnell Stehman, VICE PRESIDENT
Thomas D. Maher, ASSISTANT VICE PRESIDENT
Gary L. French, TREASURER
John H. Costello, ASSISTANT TREASURER
Leonard M. Rush, 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
FMMT-10-94A
