FIDELITY MONEY MARKET TRUST
SEMIANNUAL REPORT
FEBRUARY 28, 1994
FIDELITY MONEY MARKET TRUST: U.S. TREASURY PORTFOLIO
INVESTMENTS/FEBRUARY 28, 1994 (UNAUDITED)
(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 - 27.6%
U.S. TREASURY BILLS - 17.9%
4/7/94 3.35% $ 3,500,000 $ 3,488,345
5/5/94 3.27 2,000,000 1,988,553
5/5/94 3.30 6,000,000 5,964,972
5/26/94 3.30 1,000,000 992,236
5/26/94 3.35 3,000,000 2,976,352
6/2/94 3.36 1,000,000 991,475
6/30/94 3.30 5,000,000 4,946,222
10/20/94 3.36 5,000,000 4,893,856
26,242,011
U.S. TREASURY NOTES - 9.7%
3/31/94 3.24 2,000,000 2,003,984
4/30/94 3.23 2,000,000 2,006,559
7/31/94 3.15 3,000,000 3,012,391
7/31/94 3.20 1,000,000 1,003,899
8/15/94 3.08 4,500,000 4,690,456
1/31/95 3.63 1,500,000 1,507,590
14,224,879
TOTAL U.S. TREASURY OBLIGATIONS 40,466,890
MATURITY
AMOUNT
Repurchase Agreements - 72.4%
With Daiwa Securities Company, Ltd.:
At 3.45%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $1,710,000)
8.75%, 11/15/08 $ 2,000,192 2,000,000
With Deutsche Bank Government Securities, Inc.:
At 3.45%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $26,080,000)
10.375%, 11/15/12 35,003,354 35,000,000
With Harris Government Securities, Inc.:
At 3.45%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $35,535,000)
6.25% to 6.375%,
8/15/02 to 8/15/23 35,003,354 35,000,000
With Kidder Peabody & Co., Inc:
At 3.45%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $4,340,000)
8.125%, 5/15/21 $ 5,000,479 $ 5,000,000
With Morgan Stanley & Co., Inc.:
At 3.43%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $6,745,000)
7.875%, 2/15/21 7,000,667 7,000,000
With Prudential-Bache Securities, Inc.:
At 3.45%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $4,700,000)
14.25%, 2/15/02 7,000,671 7,000,000
With Swiss Bank Corporation
Government Securities, Inc.:
At 3.45%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $7,047,000)
4.625%, 12/31/94 7,000,671 7,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 2/28/94, due 3/1/94
(Note 2)
At 3.48% 7,910,765 7,910,000
TOTAL REPURCHASE AGREEMENTS 105,910,000
TOTAL INVESTMENTS-100% $ 146,376,890
Total Cost for Income Tax Purposes - $146,376,890
INCOME TAX INFORMATION:
At August 31, 1993, the fund had a capital loss carryforward of
approximately $54,000 of which $53,000 and $1,000 will expire on August 31,
1996 and 2001, respectively.
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
February 28, 1994 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $105,910,000) (Notes 1 and 2) - $ 146,376,890
See accompanying schedule
Interest receivable 147,781
TOTAL ASSETS 146,524,671
LIABILITIES
Payable to custodian bank $ 149
Dividends payable 104,585
Accrued management fee 50,700
TOTAL LIABILITIES 155,434
NET ASSETS $ 146,369,237
Net Assets consist of:
Paid in capital $ 146,395,802
Accumulated net realized gain (loss) on investments (26,565)
NET ASSETS, for 146,395,802 shares outstanding $ 146,369,237
NET ASSET VALUE, offering price and redemption price per share ($146,369,237 (divided by) 146,395,802 shares) $1.00
</TABLE>
Statement of Operations
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months Ended February 28, 1994 (Unaudited)
INTEREST INCOME $ 2,637,869
EXPENSES
Management fee (Note 3) $ 347,704
Non-interested trustees' compensation 548
TOTAL EXPENSES 348,252
NET INTEREST INCOME 2,289,617
NET REALIZED GAIN (LOSS) ON (8,283)
INVESTMENTS (NOTE 1)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,281,334
</TABLE>
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
FEBRUARY 28, 199 AUGUST 31,
4 1993
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 2,289,617 $ 5,187,658
Net interest income
Net realized gain (loss) on investments (8,283) (1,377)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 2,281,334 5,186,281
Dividends to shareholders from net interest income (2,289,617) (5,187,658)
Share transactions at net asset value of $1.00 per share 442,959,808 891,841,648
Proceeds from sales of shares
Reinvestment of dividends from net interest income 1,606,536 3,566,725
Cost of shares redeemed (483,642,273) (901,937,708)
Net increase (decrease) in net assets and shares resulting from share transactions (39,075,929) (6,529,335)
TOTAL INCREASE (DECREASE) IN NET ASSETS (39,084,212) (6,530,712)
NET ASSETS
Beginning of period 185,453,449 191,984,161
End of period $ 146,369,237 $ 185,453,449
</TABLE>
FINANCIAL HIGHLIGHTS
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
<C> <C>
SIX MONTHS YEAR TEN MONTHS YEARS ENDED OCTOBER 31,
ENDED ENDED ENDED
FEBRUARY 28, AUGUST 31, AUGUST 31,
1994
(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 .033 .061 .079 .088
Net interest income
Less Distributions
(.014) (.029) (.033) (.061) (.079) (.088)
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)
1.38% 2.89% 3.37% 6.24% 8.19% 9.16%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 146,369 $ 185,453 $ 191,984 $ 215,610 $ 253,705 $ 347,662
Ratio of expenses to average net assets
.42%* .42% .42%* .42% .42% .42%
Ratio of net interest income to average
2.76%* 2.86% 4.00%* 6.12% 7.91% 8.80%
net assets
</TABLE>
* ANNUALIZED
(dagger) TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
FIDELITY MONEY MARKET TRUST: U.S. GOVERNMENT PORTFOLIO
INVESTMENTS/FEBRUARY 28, 1994 (UNAUDITED)
(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)
Federal Agencies - 26.2%
EXPORT IMPORT BANK, U.S. - AGENCY COUPONS - 1.2%
3/15/94 3.69% (a) $ 2,000,000 $ 2,000,000
FEDERAL FARM CREDIT BANK - AGENCY COUPONS - 5.5%
3/1/94 3.20 5,000,000 5,000,000
3/1/94 3.26 2,650,000 2,650,000
10/3/94 3.36 2,000,000 2,000,275
9,650,275
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 1.1%
6/16/94 3.37 2,000,000 1,999,530
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 6.3%
3/1/94 3.60 (a) 6,000,000 6,000,000
6/30/94 3.29 5,000,000 5,001,929
11,001,929
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 7.0%
6/27/94 3.34 1,000,000 989,249
9/8/94 3.30 3,000,000 2,948,589
9/22/94 3.33 4,000,000 3,925,744
10/25/94 3.40 4,500,000 4,401,528
12,265,110
STUDENT LOAN MARKETING ASSOCIATION - AGENCY COUPONS - 5.1%
3/1/94 3.73 (a) 5,000,000 5,000,000
6/30/94 3.16 4,000,000 4,002,008
9,002,008
TOTAL FEDERAL AGENCIES 45,918,852
U.S. Treasury Obligations - 13.0%
U.S. TREASURY BILLS
4/7/94 3.35 6,000,000 5,980,020
5/5/94 3.35 7,000,000 6,959,050
6/2/94 3.36 1,000,000 991,475
6/2/94 3.47 6,000,000 5,948,075
10/20/94 3.36 3,000,000 2,936,313
TOTAL U.S. TREASURY OBLIGATIONS 22,814,933
Repurchase Agreements - 60.8%
With Harris Government Securities, Inc.:
At 3.45%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $40,100,000)
7.875% to 9.50%,
10/15/94 to 8/15/01 $ 43,004,121 $ 43,000,000
With Kidder Peabody & Co., Inc.
At 3.50%, dated 2/28/94 due 3/1/94:
U.S. Government Obligations
(principal amount $42,437,956)
6.394%, 3/1/23 43,004,181 43,000,000
With Morgan Stanley & Co., Inc.:
At 3.43%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $6,305,000)
9.125%, 5/15/18 8,000,762 8,000,000
With Swiss Bank Corporation
Government Securities, Inc.:
At 3.45%, dated 2/28/94 due 3/1/94:
U.S. Treasury Obligations
(principal amount $5,428,000)
9.375%, 4/15/96 6,000,575 6,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 2/28/94, due 3/1/94
(Note 2)
At 3.50% 6,356,619 6,356,000
TOTAL REPURCHASE AGREEMENTS 106,356,000
TOTAL INVESTMENTS-100% $ 175,089,785
Total Cost for Income Tax Purposes - $175,089,785
LEGEND:
(a) 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 $32,600 of which $19,400, $200 and $13,000 will expire on
August 31, 1996, 1997 and 2001, respectively.
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
February 28, 1994 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $106,356,000) (Notes 1 and 2) - $ 175,089,785
See accompanying schedule
Interest receivable 365,071
TOTAL ASSETS 175,454,856
LIABILITIES
Payable to custodian bank $ 248
Payable for investments 2,000,000
purchased
Share transactions in process 13,546
Dividends payable 110,951
Accrued management fee 54,450
TOTAL LIABILITIES 2,179,195
NET ASSETS $ 173,275,661
Net Assets consist of:
Paid in capital $ 173,217,702
Accumulated net realized gain (loss) on investments 57,959
NET ASSETS, for 173,217,702 shares outstanding $ 173,275,661
NET ASSET VALUE, offering price and redemption price per share ($173,275,661 (divided by) 173,217,702 shares) $1.00
</TABLE>
Statement of Operations
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months Ended February 28, 1994 (Unaudited)
INTEREST INCOME $ 2,873,088
EXPENSES
Management fee (Note 3) $ 369,795
Non-interested trustees' compensation 584
TOTAL EXPENSES 370,379
NET INTEREST INCOME 2,502,709
NET REALIZED GAIN (LOSS) ON (5,849)
INVESTMENTS (NOTE 1)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,496,860
</TABLE>
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
FEBRUARY 28, 199 AUGUST 31,
4 1993
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 2,502,709 $ 8,688,945
Net interest income
Net realized gain (loss) on investments (5,849) (12,575)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 2,496,860 8,676,370
Dividends to shareholders from net interest income (2,502,709) (8,688,945)
Share transactions at net asset value of $1.00 per share 394,904,478 1,043,375,925
Proceeds from sales of shares
Reinvestment of dividends from net interest income 1,530,799 5,660,644
Cost of shares redeemed (429,692,180) (1,199,183,702)
Net increase (decrease) in net assets and shares resulting from share transactions (33,256,903) (150,147,133)
TOTAL INCREASE (DECREASE) IN NET ASSETS (33,262,752) (150,159,708)
NET ASSETS
Beginning of period 206,538,413 356,698,121
End of period $ 173,275,661 $ 206,538,413
</TABLE>
FINANCIAL HIGHLIGHTS
DRAFT
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C>
SIX MONTHS YEAR TEN MONTHS YEARS ENDED OCTOBER 31,
ENDED ENDED ENDED
FEBRUARY 28, AUGUST 31, AUGUST 31,
1994
(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 .035 .062 .079 .088
Net interest income
Less Distributions
(.014) (.029) (.035) (.062) (.079) (.088)
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)
1.42% 2.95% 3.53% 6.41% 8.20% 9.11%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 173,276 $ 206,538 $ 356,698 $ 400,699 $ 473,450 $ 536,219
Ratio of expenses to average net assets
.42%* .42% .42%* .42% .42% .42%
Ratio of net interest income to average
2.84%* 2.92% 4.18%* 6.27% 7.91% 8.72%
net assets
</TABLE>
* ANNUALIZED
(dagger) TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
FIDELITY MONEY MARKET TRUST: DOMESTIC 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)
Bankers' Acceptances - 4.7%
Bank of New York
4/25/94 3.46% $ 1,000,000 $ 994,744
4/27/94 3.44 5,000,000 4,972,925
Chemical Bank
6/1/94 3.28 2,392,064 2,372,197
6/13/94 3.29 1,500,000 1,485,917
6/27/94 3.29 1,050,000 1,038,815
Trust Company Bank
4/11/94 3.13 5,120,205 5,102,070
4/20/94 3.12 1,700,000 1,692,681
TOTAL BANKERS ACCEPTANCES 17,659,349
Certificates of Deposit - 1.3%
Old Kent Bank - Southwest
7/25/94 3.28 5,000,000 5,000,000
Commercial Paper (a) - 45.2%
Associates Corporation of North America
3/11/94 3.12 5,000,000 4,995,694
Bear Stearns Companies Inc.
3/2/94 3.23 5,000,000 4,999,554
4/21/94 3.16 5,000,000 4,977,758
Beneficial Corporation
3/30/94 3.46 5,000,000 4,986,104
CIT Group Holdings, Inc.
3/1/94 3.37 5,000,000 5,000,000
Cooper Industries, Inc.
3/28/94 3.51 3,820,000 3,809,973
CoreStates Capital Corp.
3/15/94 3.46 (b) 5,000,000 5,000,000
Dean Witter, Discover & Co.
3/17/94 3.13 5,000,000 4,993,089
3/23/94 3.46 2,000,000 1,995,783
Electronic Data Systems Corporation
4/15/94 3.52 3,330,000 3,315,431
Ford Motor Credit Corporation
3/10/94 3.26 5,000,000 4,995,975
3/23/94 3.24 10,000,000 9,980,444
4/4/94 3.22 5,000,000 4,984,889
GTE Corporation
3/15/94 3.51 5,000,000 4,993,175
General Electric Capital Corporation
7/22/94 3.30% $ 5,000,000 $ 4,935,451
General Electric Capital Services Inc.
4/26/94 3.57 5,000,000 4,972,389
General Motors Acceptance Corporation
3/1/94 3.45 10,000,000 10,000,000
3/28/94 3.51 4,000,000 3,989,500
Goldman Sachs Group, L.P. (The)
3/16/94 3.13 5,000,000 4,993,521
3/24/94 3.41 5,000,000 4,989,139
Hewlett-Packard Company
4/13/94 3.46 5,000,000 4,979,396
Household Finance Corporation
3/22/94 3.23 5,000,000 4,990,667
IBM Credit Corporation
3/8/94 3.43 2,000,000 1,998,670
3/29/94 3.46 5,000,000 4,986,583
ITT Corporation
4/14/94 3.49 5,000,000 4,978,794
4/15/94 3.49 3,000,000 2,986,988
MCI Communications Corp.
3/2/94 3.44 5,000,000 4,999,524
3/8/94 3.51 2,500,000 2,498,299
Merck & Company, Inc.
5/27/94 3.40 5,000,000 4,959,521
Merrill Lynch & Co., Inc.
3/28/94 3.44 2,000,000 1,994,855
New Center Asset Trust
3/7/94 3.41 5,000,000 4,997,183
4/29/94 3.62 5,000,000 4,970,500
PHH Corporation
3/30/94 3.41 1,570,000 1,565,700
3/31/94 3.41 3,202,000 3,192,928
Preferred Receivables Funding Corporation
3/31/94 3.49 5,000,000 4,985,500
Sears Roebuck Acceptance Corp.
3/9/94 3.51 3,000,000 2,997,667
Texaco Inc.
3/14/94 3.41 5,000,000 4,993,861
TOTAL COMMERCIAL PAPER 169,984,505
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 - 11.1%
FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 2.6%
4/5/94 3.12% $ 5,000,000 $ 4,984,931
7/18/94 3.22 5,000,000 4,938,801
9,923,732
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 1.6%
4/7/94 3.24 1,000,000 996,701
6/16/94 3.37 5,000,000 4,998,824
5,995,525
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 2.5%
5/5/94 3.40 5,000,000 4,969,531
5/9/94 3.41 4,600,000 4,570,112
9,539,643
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 1.7%
4/12/94 3.21 6,270,000 6,246,885
STUDENT LOAN MARKETING ASSOCIATION - AGENCY COUPONS - 2.7%
3/1/94 3.65 (b) 10,000,000 10,000,000
TOTAL FEDERAL AGENCIES 41,705,785
Bank Notes - 5.3%
Bank of New York
3/6/94 3.47 (b) 10,000,000 10,000,000
Old Kent Bank - Southwest
4/19/94 3.50 10,000,000 9,997,523
TOTAL BANK NOTES 19,997,523
Medium-Term Notes (b) - 6.4%
BankOne
3/3/95 3.46 5,000,000 4,995,000
Beneficial Corporation
3/11/94 3.55 10,000,000 10,000,000
General Motors Acceptance Corporation
5/7/94 3.49 4,000,000 4,000,000
Goldman Sachs Group, L.P. (The) (c)
9/1/94 3.47 5,000,000 5,000,000
TOTAL MEDIUM-TERM NOTES 23,995,000
Short-Term Notes (b) - 16.7%
CSA Funding (A)
3/7/94 3.65% $ 6,000,000 $ 6,000,000
J.P. Morgan Securities
3/1/94 3.75 12,000,000 12,000,000
3/1/94 3.77 7,000,000 7,000,000
Morgan Stanley Group, Inc.
3/1/94 3.70 5,000,000 5,000,000
Norwest Corporation
3/1/94 3.51 10,000,000 10,000,000
SMM Trust Company (1993-A) (d)
3/18/94 3.36 18,000,000 18,000,000
SMM Trust Company (1993-E) (d)
4/13/94 3.30 5,000,000 5,000,000
TOTAL SHORT-TERM NOTES 63,000,000
MATURITY
AMOUNT
Repurchase Agreements - 9.3%
In a joint trading account
(U.S. Treasury Obligations)
dated 2/28/94, due 3/1/94
(Note 2)
At 3.47% $ 6,001 6,000
At 3.50% 24,891,422 24,889,000
At 3.51% 9,994,974 9,994,000
TOTAL REPURCHASE AGREEMENTS 34,889,000
TOTAL INVESTMENTS-100% $ 376,231,162
Total Cost for Income Tax Purposes - $376,231,162
LEGEND:
(a) A substantial portion of the fund's investments are in commercial paper
of banks, finance companies and companies in the securities industry.
(b) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(c) 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 1.4% of net
assets.
(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 $ 18,000,000
(1993-E) 4/6/93 $ 5,000,000
INCOME TAX INFORMATION:
At August 31, 1993, the fund had a capital loss carryforward of
approximately $143,000 of which $23,000, $47,000, $40,000, $32,000 and
$1,000 will expire on August 31, 1993, 1995, 1996, 1997 and 1998,
respectively.
DOMESTIC MONEY MARKET PORTFOLIO
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
February 28, 1994 (Unaudited)
ASSETS
Investment in securities, at value $ 376,231,162
(including repurchase
agreements of $34,889,000)
(Notes 1 and 2) -
See accompanying schedule
Interest receivable 647,103
TOTAL ASSETS 376,878,265
LIABILITIES
Payable for investments $ 8,804,973
purchased
Share transactions in process 124,598
Dividends payable 318,432
Accrued management fee 118,314
TOTAL LIABILITIES 9,366,317
NET ASSETS $ 367,511,948
Net Assets consist of:
Paid in capital $ 367,564,257
Accumulated net realized gain (52,309)
(loss) on investments
NET ASSETS, for 367,564,257 $ 367,511,948
shares outstanding
NET ASSET VALUE, offering price $1.00
and redemption price per share
($367,511,948(divided by)367,564,257
shares)
</TABLE>
Statement of Operations
DRAFT
Six Months Ended February 28, 1994 (Unaudited)
INTEREST INCOME $ 7,888,481
EXPENSES
Management fee (Note 3) $ 1,007,608
Non-interested trustees' 1,700
compensation
TOTAL EXPENSES 1,009,308
NET INTEREST INCOME 6,879,173
NET REALIZED GAIN (LOSS) ON 21,181
INVESTMENTS (NOTE 1)
NET INCREASE IN NET ASSETS $ 6,900,354
RESULTING FROM OPERATIONS
Statement of Changes in Net Assets
DRAFT
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SIX MONTHS YEAR
ENDED ENDED
FEBRUARY 28, 1994 AUGUST 31,
(UNAUDITED) 1993
INCREASE (DECREASE) IN NET ASSETS
Operations $ 6,879,173 $ 19,965,907
Net interest income
Net realized gain (loss) on investments 21,181 1,625
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 6,900,354 19,967,532
Dividends to shareholders from net interest income (6,879,173) (19,965,907)
Share transactions at net asset value of $1.00 per share 1,682,515,031 4,090,854,898
Proceeds from sales of shares
Reinvestment of dividends from net interest income 3,901,340 9,923,630
Cost of shares redeemed (1,930,335,793) (4,255,090,661)
Net increase (decrease) in net assets and shares resulting from share transactions (243,919,422) (154,312,133)
TOTAL INCREASE (DECREASE) IN NET ASSETS (243,898,241) (154,310,508)
NET ASSETS
Beginning of period 611,410,189 765,720,697
End of period $ 367,511,948 $ 611,410,189
</TABLE>
FINANCIAL HIGHLIGHTS
DRAFT
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SIX MONTHS YEAR TEN MONTHS YEARS ENDED OCTOBER 31,
ENDED ENDED ENDED
FEBRUARY 28, AUGUST 31, AUGUST 31,
1994
(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 .063 .080 .089
Net interest income
Less Distributions
(.014) (.029) (.034) (.063) (.080) (.089)
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)
1.43% 2.93% 3.44% 6.44% 8.27% 9.26%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 367,512 $ 611,410 $ 765,721 $ 851,872 $ 944,782 $ 1,273,745
Ratio of expenses to average net assets
.42%* .42% .42%* .42% .42% .42%
Ratio of net interest income to average
2.86%* 2.89% 4.04%* 6.38% 8.01% 8.91%
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.
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 funds, 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 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 $23,000,000 or 6.3% of net assets for
the Domestic Money Market fund.
3. 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.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
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.
4. BENEFICIAL INTEREST.
At the end of the period, certain shareholders were record owners of
approximately 10% of the total outstanding shares of the following funds:
FUND NUMBER OF SHAREHOLDERS % OWNERSHIP
U.S. Government Fund 2 35
Domestic Money Market Fund 2 21
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL INFORMATION OF THE
SHAREHOLDERS OF THE FUNDS. THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION
TO PROSPECTIVE INVESTORS IN THE FUNDS UNLESS
PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS. NEITHER THE FUNDS NOR
FIDELITY DISTRIBUTORS CORPORATION IS A
BANK AND FUND SHARES ARE NOT BACKED OR GUARANTEED BY ANY BANK OR INSURED BY
THE FDIC.
Page 19 = BLANK
Do NOT strip-in this type
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
OFFICERS
Edward C. Johnson 3d, PRESIDENT
J. Gary Burkhead, SENIOR 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
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-4-94S
