(registered trademark)
FIDELITY
MONEY MARKET
TRUST:
U.S. TREASURY
PORTFOLIO
U.S. GOVERNMENT
PORTFOLIO
ANNUAL REPORT
AUGUST 31, 1995
FMMT-ANN-1095
3883
CONTENTS
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SCHEDULES OF INVESTMENTS & FINANCIAL STATEMENTS
FIDELITY MONEY MARKET TRUST:
U.S. TREASURY PORTFOLIO:
INVESTMENTS 3 A complete list of the fund's
investments with their market
values.
FINANCIAL STATEMENTS 4 Statements of assets and
liabilities, operations, and
changes in net assets, as well
as financial highlights.
U.S. GOVERNMENT PORTFOLIO:
INVESTMENTS 8 A complete list of the fund's
investments with their market
values.
FINANCIAL STATEMENTS 10 Statements of assets and
liabilities, operations, and
changes in net assets, as well
as financial highlights.
NOTES 14 Notes to the financial
statements.
REPORT OF INDEPENDENT ACCOUNTANTS 17 The auditors' opinion.
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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.
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 FUNDS NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES,
CALL 1-800-544-8888 FOR A FREE PROSPECTUS. READ
IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
FIDELITY MONEY MARKET TRUST: U.S. TREASURY PORTFOLIO
INVESTMENTS AUGUST 31, 1995
Showing Percentage of Total Value of Investments
U.S. TREASURY OBLIGATIONS - 17.0%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY NOTES - 17.0%
1/31/96 5.71% $ 3,500,000 $ 3,473,489
2/15/96 6.18 2,000,000 1,985,064
2/15/96 6.21 2,000,000 1,985,066
2/29/96 5.52 1,000,000 994,941
2/29/96 5.60 3,000,000 2,983,341
4/15/96 5.51 1,000,000 1,021,757
4/30/96 5.58 2,000,000 2,023,527
4/30/96 5.63 3,000,000 2,994,328
4/30/96 5.65 4,000,000 3,992,139
TOTAL U.S. TREASURY OBLIGATIONS 21,453,652
REPURCHASE AGREEMENTS - 83.0%
MATURITY VALUE
AMOUNT (NOTE 1)
With First Boston Corporation:
At 5.75%, dated 8/29/95 due 9/5/95:
U.S. Treasury Obligations
(principal amount $6,440,000)
0%, 11/16/95 $ 6,006,708 $ 6,000,000
With Merrill Lynch Government Securities, Inc.:
At 5.8375% (a), dated 5/19/95 due 9/29/95:
U.S. Treasury Obligations
(principal amount $1,865,000)
8.125% to 11.25%,
2/15/15 to 8/15/19 2,043,133 (b) 2,000,000
In a joint trading account
(U.S. Treasury Obligations)
dated 8/31/95 due 9/1/95:
(Notes 2 and 3)
At 5.82% 90,014,549 90,000,000
At 5.83% 6,496,051 6,495,000
TOTAL REPURCHASE AGREEMENTS 104,495,000
TOTAL INVESTMENTS - 100% $ 125,948,652
Total Cost for Income Tax Purposes $ 125,948,652
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) For financial statement purposes, the maturity amount is calculated
based on the rate at period end.
INCOME TAX INFORMATION
At August 31, 1995 the fund had a capital loss carryforward of
approximately $84,000 of which $53,000, $1,000, $20,000 and $10,000 will
expire on August 31, 1996, 2001, 2002 and 2003, respectively.
For the period ended August 31, 1995, approximately 28% of the fund's
dividends to shareholders was derived from interest on U.S. Government
obligations.
FIDELITY MONEY MARKET TRUST: U.S. TREASURY PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
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AUGUST 31, 1995
1.ASSETS 2. 3.
4.Investment in securities, at value (including repurchase agreements of $104,495,000) - 5. $ 125,948,652
See accompanying schedule
6.Interest receivable 7. 289,793
8. 9.TOTAL ASSETS 10. 126,238,445
11.LIABILITIES 12. 13.
14.Share transactions in process $ 131,892 15.
16.Distributions payable 247,225 17.
18.Accrued management fee 47,720 19.
20. 21.TOTAL LIABILITIES 22. 426,837
23.24.NET ASSETS 25. $ 125,811,608
26.Net Assets consist of: 27. 28.
29.Paid in capital 30. $ 125,859,295
31.Accumulated net realized gain (loss) on investments 32. (47,687)
33.34.NET ASSETS, for 125,859,295 shares outstanding 35. $ 125,811,608
36.37.NET ASSET VALUE, offering price and redemption price per share 38. $1.00
($125,811,608 (divided by) 125,859,295 shares)
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STATEMENT OF OPERATIONS
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YEAR ENDED AUGUST 31, 1995
39.40.INTEREST INCOME 41. $ 8,292,137
42.EXPENSES 43. 44.
45.Management fee $ 619,709 46.
47.Non-interested trustees' compensation 785 48.
49. 50.TOTAL EXPENSES 51. 620,494
52.53.NET INTEREST INCOME 54. 7,671,643
55.56.NET REALIZED GAIN (LOSS) ON INVESTMENTS 57. (9,814)
58.59.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 60. $ 7,661,829
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STATEMENT OF CHANGES IN NET ASSETS
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YEARS ENDED AUGUST 31,
1995 1994
61.INCREASE (DECREASE) IN NET ASSETS
62.Operations $ 7,671,643 $ 5,206,766
Net interest income
63. Net realized gain (loss) (9,814) (19,591)
64. 65.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 7,661,829 5,187,175
66.Distributions to shareholders from net interest income (7,671,643) (5,206,766)
67.Share transactions at net asset value of $1.00 per share 797,281,488 901,345,282
Proceeds from sales of shares
68. Reinvestment of distributions from net interest income 4,777,084 3,627,764
69. Cost of shares redeemed (854,832,797) (911,811,257)
70.71. (52,774,225) (6,838,211)
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES RESULTING FROM SHARE TRANSACTIONS
72. 73.TOTAL INCREASE (DECREASE) IN NET ASSETS (52,784,039) (6,857,802)
74.NET ASSETS 75. 76.
77. Beginning of period 178,595,647 185,453,449
78. End of period $ 125,811,608 $ 178,595,647
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FINANCIAL HIGHLIGHTS
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YEARS ENDED AUGUST 31, TEN MONTHS YEAR
ENDED ENDED
AUGUST 31, OCTOBER 31,
1995 1994 1993 1992 1991
79.SELECTED PER-SHARE DATA
80.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
81.Income from Investment Operations .052 .032 .029 .033 .061
Net interest income
82.Less Distributions (.052) (.032) (.029) (.033) (.061)
From net interest income
83.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
84.TOTAL RETURN B 5.36% 3.21% 2.89% 3.37% 6.24%
85.RATIOS AND SUPPLEMENTAL DATA
86.Net assets, end of period (000 omitted) $ 125,812 $ 178,596 $ 185,453 $ 191,984 $ 215,610
87.Ratio of expenses to average net assets .42% .42% .42% .42%A .42%
88.Ratio of net interest income to average net assets 5.19% 3.15% 2.86% 4.00%A 6.12%
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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, 1995
Showing Percentage of Total Value of Investments
FEDERAL AGENCIES - 58.0%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
FEDERAL FARM CREDIT BANK - AGENCY COUPONS (A) - 5.6%
9/1/95 5.89% $ 7,000,000 $ 6,996,490
9/1/95 6.00 6,000,000 5,992,231
12,988,721
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 8.1%
9/1/95 5.80 6,000,000 5,995,120
9/1/95 5.92 5,000,000 4,998,982
9/1/95 5.94 6,000,000 5,999,777
9/1/95 6.33 2,000,000 1,998,104
18,991,983
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 0.8%
1/29/96 5.69 2,000,000 1,954,167
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 1.3%
9/1/95 5.71 3,000,000 3,000,000
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 5.6%
9/1/95 5.82 (a) 3,000,000 3,000,000
9/1/95 6.33 (a) 6,000,000 6,000,000
11/14/95 5.75 (a) 3,000,000 3,002,620
6/10/96 5.65 1,000,000 999,483
13,002,103
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 30.2%
9/1/95 5.90 10,000,000 10,000,000
9/8/95 5.90 4,000,000 3,995,481
9/14/95 6.28 8,000,000 7,982,436
9/15/95 5.83 6,000,000 5,986,607
9/28/95 6.00 3,000,000 2,986,792
10/6/95 5.84 3,000,000 2,983,230
10/10/95 6.17 3,000,000 2,980,565
10/20/95 6.08 10,000,000 9,919,694
11/2/95 6.12 6,000,000 5,938,723
11/10/95 5.72 3,100,000 3,066,003
11/17/95 5.71 5,000,000 4,939,790
2/21/96 5.76 4,000,000 3,892,548
3/15/96 5.71 6,000,000 5,820,987
70,492,856
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS (A) - 6.4%
9/1/95 6.11 5,000,000 5,000,466
9/1/95 6.20 5,000,000 5,006,754
9/5/95 5.82 5,000,000 5,000,000
15,007,220
TOTAL FEDERAL AGENCIES 135,437,050
U.S. TREASURY OBLIGATIONS - 7.8%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY NOTES
4/30/96 5.58% $ 4,000,000 $ 4,047,054
4/30/96 5.59 9,000,000 9,104,711
4/30/96 5.61 5,000,000 5,057,977
TOTAL U.S. TREASURY OBLIGATIONS 18,209,742
MEDIUM-TERM NOTES (A) (B) - 0.6%
Export-Import Bank, U.S. (as guarantor for K.A. Leasing, Ltd.)
9/15/95 5.81 1,400,383 1,400,383
REPURCHASE AGREEMENTS - 33.6%
MATURITY VALUE
AMOUNT (NOTE 1)
With Bear Stearns & Co., Inc.:
At 5.76%, dated 8/24/95 due 9/1/95:
U.S. Government Obligations
(principal amount $3,202,845)
6%, 7/1/00 $ 3,003,840 3,000,000
With First Boston Corporation:
At 5.80%, dated 8/29/95 due 9/5/95:
U.S. Government Obligations
(principal amount $12,626,562)
6.50% to 12%,
10/1/02 to 4/1/21 12,013,533 12,000,000
With Morgan Stanley & Co., Inc.:
At 5.75%, dated 8/22/95 due 9/8/95:
U.S. Government Obligations
(principal amount $13,234,551)
4.789%, 4/1/22 13,035,299 13,000,000
In a joint trading account
(Notes 2 and 3):
(U.S. Treasury Obligations)
dated 8/31/95 due 9/1/95
At 5.83% 24,574,981 24,571,000
(U.S. Government Obligations)
dated 8/31/95 due 9/1/95
At 5.87% 26,004,240 26,000,000
TOTAL REPURCHASE AGREEMENTS 78,571,000
TOTAL INVESTMENTS - 100% $ 233,618,175
Total Cost for Income Tax Purposes $ 233,618,175
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) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on the holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Export-Import Bank, U.S. (as guarantor for
K.A. Leasing, Ltd.) 2/25/94 $ 2,000,000
INCOME TAX INFORMATION
At August 31, 1995, the fund had a capital loss carryforward of
approximately $76,600 of which $19,400, $200,$13,000, $28,000 and $16,000
will expire on August 31, 1996, 1997, 2001, 2002 and 2003, respectively.
For the period ended August 31, 1995, approximately 23% of the fund's
dividends to shareholders was derived from interest on U.S. Government
obligations.
FIDELITY MONEY MARKET TRUST: U.S. GOVERNMENT PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
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AUGUST 31, 1995
89.ASSETS 90. 91.
92.Investment in securities, at value (including repurchase agreements of $78,571,000) - 93. $ 233,618,175
See accompanying schedule
94.Cash 95. 80,994
96.Interest receivable 97. 970,676
98. 99.TOTAL ASSETS 100. 234,669,845
101.LIABILITIES 102. 103.
104.Distributions payable $ 539,964 105.
106.Accrued management fee 86,077 107.
108. 109.TOTAL LIABILITIES 110. 626,041
111.112.NET ASSETS 113. $ 234,043,804
114.Net Assets consist of: 115. 116.
117.Paid in capital 118. $ 234,023,899
119.Accumulated net realized gain (loss) on investments 120. 19,905
121.122.NET ASSETS, for 234,023,899 shares outstanding 123. $ 234,043,804
124.125.NET ASSET VALUE, offering price and redemption price per share 126. $1.00
($234,043,804 (divided by) 234,023,899 shares)
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STATEMENT OF OPERATIONS
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YEAR ENDED AUGUST 31, 1995
127.128.INTEREST INCOME 129. $ 11,615,366
130.EXPENSES 131. 132.
133.Management fee $ 838,265 134.
135.Non-interested trustees' compensation 965 136.
137. 138.TOTAL EXPENSES 139. 839,230
140.141.NET INTEREST INCOME 142. 10,776,136
143.144.NET REALIZED GAIN (LOSS) ON INVESTMENTS145. 146. (16,035)
147.148.NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 149. $ 10,760,101
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STATEMENT OF CHANGES IN NET ASSETS
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YEARS ENDED AUGUST 31,
1995 1994
150.INCREASE (DECREASE) IN NET ASSETS
151.Operations $ 10,776,136 $ 5,594,259
Net interest income
152. Net realized gain (loss) (16,035) (27,868)
153. 10,760,101 5,566,391
154.NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
155.Distributions to shareholders from net interest income (10,776,136) (5,594,259)
156.Share transactions at net asset value of $1.00 per share 924,135,447 754,973,945
Proceeds from sales of shares
157. Reinvestment of distributions from net interest income 6,460,646 3,543,173
158. Cost of shares redeemed (868,914,229) (792,649,688)
159.160. 61,681,864 (34,132,570)
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES RESULTING FROM SHARE TRANSACTIONS
161. 61,665,829 (34,160,438)
162.TOTAL INCREASE (DECREASE) IN NET ASSETS
163.NET ASSETS 164. 165.
166. Beginning of period 172,377,975 206,538,413
167. End of period $ 234,043,804 $ 172,377,975
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FINANCIAL HIGHLIGHTS
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YEARS ENDED AUGUST 31, TEN MONTHS YEAR
ENDED ENDED
AUGUST 31, OCTOBER 31,
1995 1994 1993 1992 1991
168.SELECTED PER-SHARE DATA
169.Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
170.Income from Investment Operations .053 .032 .029 .035 .062
Net interest income
171.Less Distributions (.053) (.032) (.029) (.035) (.062)
From net interest income
172.Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
173.TOTAL RETURN B 5.46% 3.29% 2.95% 3.53% 6.41%
174.RATIOS AND SUPPLEMENTAL DATA
175.Net assets, end of period (000 omitted) $ 234,044 $ 172,378 $ 206,538 $ 356,698 $ 400,699
176.Ratio of expenses to average net assets .42% .42% .42% .42%A .42%
177.Ratio of net interest income to average net assets 5.39% 3.23% 2.92% 4.18%A 6.27%
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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, 1995
1. SIGNIFICANT ACCOUNTING POLICIES.
U.S. Treasury Portfolio and U.S. Government 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. At a special meeting of the
shareholders of the funds held on December 8, 1994, shareholders approved
an Agreement and Plan of Conversion and Termination (the Plan of
Conversion), providing for the conversion of the funds from separate series
of a Massachusetts business trust, to separate series of a Delaware
business trust, effective December 29,1994. Each fund is authorized to
issue an unlimited number of shares. The individual investment objective,
policies and limitations of the funds remain the same, except for the
proposals approved by shareholders on December 8, 1994. 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 substantially 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.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the funds, along with other affiliated
entities of Fidelity Management & Research Company (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.
REPURCHASE AGREEMENTS. The funds, through their custodian, receive delivery
of the underlying U.S. Treasury or Federal Agency securities, the market
value of which is required to be at least equal to the repurchase price.
For term repurchase agreement transactions, the underlying securities are
marked-to-market daily and maintained at a value at least equal to the
repurchase price. FMR, the funds' investment adviser, is responsible for
determining that the value of the underlying securities remains in
accordance with the market value requirements stated above.
REVERSE REPURCHASE AGREEMENTS. At all times that a reverse repurchase
agreement is outstanding, the fund identifies cash and liquid securities as
segregated in its custodian records with a value at least equal to its
obligation under the agreement.
RESTRICTED SECURITIES. The U.S. Government fund is permitted to invest in
securities that are subject to legal or contractual restrictions on resale.
These securities generally may be resold in transactions exempt from
registration or to the public if the securities are registered. Disposal of
these securities may involve time-consuming negotiations and expense, and
prompt sale at an acceptable price may be difficult. At the end of the
period, restricted securities (excluding 144A issues) amounted to
$1,400,383 or 0.6% of net assets.
3. JOINT TRADING ACCOUNT.
At the end of the period, the funds had 20% or more of their 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 maturity values of the joint
3. JOINT TRADING ACCOUNT - CONTINUED
trading account investments were $90,014,549 at 5.82% and $6,496,051 at
5.83% for U.S. Treasury fund and $24,574,981 at 5.83% and $26,004,240 at
5.87% for U.S. Government fund. The investments in repurchase agreements
through the joint trading account are summarized as follows:
SUMMARY OF JOINT TRADING
U.S. TREASURY PORTFOLIO:
DATED AUGUST 31, 1995, DUE SEPTEMBER 1, 1995 AT 5.82
Number of dealers or banks 10
Maximum amount with one dealer or bank 36.1%
Aggregate principal amount of agreements $5,189,000,000
Aggregate maturity amount of agreements $5,189,838,837
Aggregate market value of collateral $5,299,084,828
Coupon rates of collateral 0% to 13.75%
Maturity dates of collateral 9/7/95 to 8/15/25
DATED AUGUST 31, 1995, DUE SEPTEMBER 1, 1995 AT 5.83
Number of dealers or banks 8
Maximum amount with one dealer or bank 45.4%
Aggregate principal amount of agreements $1,763,320,000
Aggregate maturity amount of agreements $1,763,605,696
Aggregate market value of collateral $1,801,096,044
Coupon rates of collateral 0% to 12.375%
Maturity dates of collateral 10/15/95 to 8/15/25
U.S. GOVERNMENT PORTFOLIO:
DATED AUGUST 31, 1995, DUE SEPTEMBER 1, 1995 AT 5.83
Number of dealers or banks 5
Maximum amount with one dealer or bank 27.0%
Aggregate principal amount of agreements $555,000,000
Aggregate maturity amount of agreements $555,089,808
Aggregate market value of collateral $566,284,653
Coupon rates of collateral 0% to 15.75%
Maturity dates of collateral 9/7/95 to 8/15/25
DATED AUGUST 31, 1995, DUE SEPTEMBER 1, 1995 AT 5.87%
Number of dealers or banks 5
Maximum amount with one dealer or bank 37.2%
Aggregate principal amount of agreements $2,150,000,000
Aggregate maturity amount of agreements $2,150,350,639
Aggregate market value of collateral $2,230,001,628
Coupon rates of collateral 5.527% to 9.50%
Maturity dates of collateral 4/1/96 to 4/1/35
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, 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. No payments were made to third parties under the Plans
during the period.
In connection with the Plan of Conversion, a new Management Contract, new
Sub-Advisory Agreement and new Distribution and Service Plan identical to
those previously in effect became effective on December 29, 1994.
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:
BENEFICIAL INTEREST
FUND NUMBER OF SHAREHOLDERS % OWNERSHIP
U.S. Treasury Portfolio 2 26%
U.S. Government Portfolio 3 55%
6. FUND MERGERS.
At a special meeting of the shareholders of Fidelity Money Market Trust:
U.S. Treasury (FMMT Treasury) and U.S. Government (FMMT Government)
Portfolios and Fidelity Institutional Cash Portfolios: Treasury II Class A
(FICP Treasury II) and Government Class A (FICP Government) held on
September 13, 1995, shareholders approved an Agreement and Plan of
Reorganization and Liquidation between FMMT Treasury and FICP Treasury II ;
and FMMT Government and FICP Government, providing for the transfer of
substantially all of the assets of FMMT Treasury and FMMT Government to
FICP Treasury II and FICP Government, respectively, effective October 31,
1995.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Money Market Trust and the Shareholders of U.S.
Treasury Portfolio and U.S. Government Portfolio:
We have audited the accompanying statements of assets and liabilities of
Fidelity Money Market Trust: U.S. Treasury Portfolio and U.S. Government
Portfolio, including the schedules of portfolio investments, as of August
31, 1995, 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 three years
in the period then ended, the ten month period ended August 31, 1992 and
for the year then 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, 1995 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 and U.S. Government
Portfolio as of August 31, 1995, 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
three years in the period then ended, for the ten month period ended August
31, 1992 and for the year then ended October 31, 1991, in conformity with
generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
September 25, 1995
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INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, PRESIDENT
J. Gary Burkhead, SENIOR VICE PRESIDENT
Leland Barron, VICE PRESIDENT
Fred L. Henning, Jr., VICE PRESIDENT
Burnell Stehman, VICE PRESIDENT
Arthur S. Loring, SECRETARY
Kenneth A. Rathgeber, TREASURER
Thomas D. Maher, ASSISTANT VICE PRESIDENT
John H. Costello, ASSISTANT TREASURER
Leonard M. Rush, ASSISTANT TREASURER
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*
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
* INDEPENDENT TRUSTEES
