FIDELITY MONEY MARKET TRUST
RETIREMENT GOVERNMENT MONEY MARKET PORTFOLIO
SEMIANNUAL REPORT
FEBRUARY 28, 1995
FIDELITY MONEY MARKET TRUST: RETIREMENT GOVERNMENT MONEY MARKET PORTFOLIO
INVESTMENTS/FEBRUARY 28, 1995 (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 - 46.8%
FEDERAL FARM CREDIT BANK - AGENCY COUPONS - 2.7%
5/1/95 5.88% $ 47,000,000 $ 46,995,050 313993RQ
8/1/95 6.49 10,000,000 10,006,147 313993ST
57,001,197
FEDERAL HOME LOAN BANK - AGENCY COUPONS - 5.8%
3/1/95 6.58 (a) 24,000,000 23,969,431 313389U9
3/1/95 6.03 (a) 52,000,000 51,987,894 313390ZC
3/8/95 6.06 (a) 27,000,000 26,949,737 3133893S
4/27/95 6.06 (a) 18,100,000 18,098,458 313390EP
121,005,520
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 3.5%
4/24/95 5.80 50,000,000 49,577,000 567995KB
6/13/95 6.83 24,000,000 23,542,400 567995KN
73,119,400
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 1.0%
5/16/95 6.03 21,000,000 20,736,660 3559934X
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 7.4%
3/1/95 5.92 (a) 96,000,000 96,000,000 31364A2L
3/1/95 6.60 (a) 59,000,000 59,000,000 9931287F
155,000,000
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 22.5%
3/20/95 5.36 58,000,000 57,840,210 995021UR
3/31/95 5.60 25,000,000 24,886,458 995021VU
3/31/95 6.22 24,000,000 23,877,800 9950242M
4/5/95 5.74 26,000,000 25,858,950 9950212A
4/18/95 5.66 38,000,000 37,721,334 9950214C
5/11/95 5.98 26,000,000 25,702,589 9950218N
5/16/95 6.03 13,000,000 12,836,980 9950249E
5/17/95 6.14 50,000,000 49,362,611 9950219D
5/22/95 6.03 24,000,000 23,675,280 9950249J
6/2/95 6.51 24,000,000 23,609,400 995024BV
6/28/95 6.40 50,000,000 48,970,319 9950244U
7/11/95 6.73 25,000,000 24,403,250 9950243A
8/7/95 6.38 57,000,000 55,444,185 9950245X
8/8/95 6.38 17,000,000 16,533,067 9950245Y
8/17/95 6.35 22,000,000 21,364,842 9950248X
472,087,275
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS - 3.9%
3/1/95 6.36 (a) 20,000,000 20,002,813 863871QF
3/7/95 6.23 (a) 35,000,000 35,000,000 863990PS
6/30/95 5.48 (a) 27,900,000 27,900,000 863990PT
82,902,813
TOTAL FEDERAL AGENCIES 981,852,865
U.S. Treasury Obligations - 6.4%
U.S. Treasury Bills
8/24/95 5.48% $ 50,000,000 $ 48,727,667 9931348J
8/31/95 (b) 6.00 89,000,000 86,300,333 912992SU
TOTAL U.S. TREASURY OBLIGATIONS 135,028,000
Medium-Term Notes - 0.6%
Export-Import Bank, U.S. (as guarantor for K.A. Leasing, Ltd.)
3/15/95 6.25 (a) 12,222,691 12,222,691 530993AA
MATURITY
AMOUNT
Repurchase Agreements - 46.2%
With First Boston Corporation:
At 6%, dated 2/27/95 due 3/6/95:
U.S. Government Obligations
(principal amount $104,750,179)
5.467%, 4/1/34 $ 100,116,667 100,000,000 31699M4L
In a joint trading account
(U.S. Government Obligations)
dated 2/28/95, due 3/1/95:
At 6.14% 870,650,480 870,502,000 99799QTU
TOTAL REPURCHASE AGREEMENTS 970,502,000
TOTAL INVESTMENTS - 100% $ 2,099,605,556
Total Cost for Income Tax Purposes - $2,099,605,556
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 purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
INCOME TAX INFORMATION:
At August 31, 1994, the fund had a capital loss carryforward of
approximately $229,000 of which $4,000, $47,000 and $178,000 will expire on
August 31, 2000, 2001 and 2002, respectively.
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
<S> <C> <C>
February 28, 1995 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $970,502,000) - See accompanying $ 2,099,605,556
schedule
Interest receivable 3,247,086
TOTAL ASSETS 2,102,852,642
LIABILITIES
Payable for investments purchased $ 86,300,333
Delayed delivery
Share transactions in process 14,374,222
Accrued management fee 643,619
TOTAL LIABILITIES 101,318,174
NET ASSETS $ 2,001,534,468
Net Assets consist of:
Paid in capital $ 2,001,771,253
Accumulated net realized gain (loss) on investments (236,785)
NET ASSETS, for 2,001,771,253 shares outstanding $ 2,001,534,468
NET ASSET VALUE, offering price and redemption price per share ($2,001,534,468 (divided by) 2,001,771,253 $1.00
shares)
</TABLE>
Statement of Operations
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months Ended February 28, 1995 (Unaudited)
INTEREST INCOME $ 49,355,879
EXPENSES
Management fee $ 3,806,127
Non-interested trustees' compensation 4,553
TOTAL EXPENSES 3,810,680
NET INTEREST INCOME 45,545,199
NET REALIZED GAIN (LOSS) ON (105,137)
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 45,440,062
</TABLE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
FEBRUARY 28, 199 AUGUST 31,
5 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 45,545,199 $ 49,121,304
Net interest income
Net realized gain (loss) (105,137) (178,268)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 45,440,062 48,943,036
Dividends to shareholders from net interest income (45,545,199) (49,121,304)
Share transactions at net asset value of $1.00 per share 784,282,935 1,170,902,583
Proceeds from sales of shares
Reinvestment of dividends from net interest income 45,442,756 48,866,605
Cost of shares redeemed (483,490,147) (957,770,324)
Net increase (decrease) in net assets and shares resulting from share transactions 346,235,544 261,998,864
TOTAL INCREASE (DECREASE) IN NET ASSETS 346,130,407 261,820,596
NET ASSETS
Beginning of period 1,655,404,061 1,393,583,465
End of period $ 2,001,534,468 $ 1,655,404,061
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED AUGUST 31, TEN MONTHS YEARS ENDED OCTOBER 31,
ENDED ENDED
FEBRUARY 28, 1995 AUGUST 31,
(UNAUDITED) 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 $ 1.000
Income from Investment Operations
.025 .032 .029 .034 .061 .079
Net interest income
Less Distributions
(.025) (.032) (.029) (.034) (.061) (.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 B
2.50% 3.27% 2.95% 3.47% 6.29% 8.16%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 2,001,534 $ 1,655,404 $ 1,393,583 $ 1,236,529 $ 936,869 $ 410,889
Ratio of expenses to average net assets
.42% .42% .42% .42%A .42% .42%
A
Ratio of net interest income to average
5.02% 3.26% 2.90% 4.08%A 5.98% 7.85%
net assets
A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED FEBRUARY 28, 1995 (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. At a special meeting of the shareholders of the fund
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 fund from a separate series of a Massachusetts business
trust, to a separate series of a Delaware business trust, effective
December 29, 1994. The individual investment objective, policies, except
for the proposals approved by shareholders on December 8, 1994, and
limitations of the fund remain the same. 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 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.
DELAYED DELIVERY TRANSACTIONS. The fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. The fund
may receive compensation for interest forgone in the purchase of a delayed
delivery security. With respect to purchase commitments, the fund
identifies securities as segregated in its custodial records with a value
at least equal to the amount of the commitment. Losses may arise due to
changes in the market value of the underlying securities or if the
counterparty does not perform under the contract.
3. JOINT TRADING ACCOUNT.
At the end of the period, the 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 February
28, 1995 and due March 1, 1995. The maturity values of the joint trading
account investments were $870,650,480 at 6.14%. The investments in
repurchase agreements through the joint trading account are summarized as
follows:
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 6.14% 6 34.8% $2,875,070,000 $2,875,560,394 $2,954,395,558 0%-13.875%
4/1/96-2/1/29
4. 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.
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.
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.
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
Arthur S. Loring, SECRETARY
Stephen P. Jonas, 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
TRANSFER AND
SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional
Operations Company
Boston, MA
CUSTODIAN
Morgan Guaranty Trust Company of New York
New York, NY
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
RGM-4-95S
FIDELITY MONEY MARKET TRUST
RETIREMENT MONEY MARKET PORTFOLIO
SEMIANNUAL REPORT
FEBRUARY 28, 1995
FIDELITY MONEY MARKET TRUST: RETIREMENT MONEY MARKET PORTFOLIO
INVESTMENTS/FEBRUARY 28, 1995 (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 - 0.5%
DOMESTIC BANKERS' ACCEPTANCES - 0.1%
Bank of America National Trust & Savings Assoc.
8/21/95 6.29% $ 5,000,000 $ 4,853,431 06399ABN
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.4%
Mitsubishi Bank, Ltd.
8/16/95 6.40 15,000,000 14,565,300 6109983X
TOTAL BANKERS' ACCEPTANCES 19,418,731
Certificates of Deposit - 21.7%
DOMESTIC CERTIFICATES OF DEPOSIT - 4.2%
Chemical Bank
3/31/95 6.03 60,000,000 60,000,000 163994QN
Harris Trust & Savings Bank, Chicago
3/6/95 6.05 50,000,000 50,000,000 4149919H
NBD Bank, N.A.
3/10/95 6.03 30,000,000 30,000,000 634990BW
Old Kent Bank - Southwest
3/1/95 5.25 20,000,000 20,000,000 67999FAM
160,000,000
PORTLAND BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.7%
Bank of Nova Scotia
4/20/95 6.08 25,000,000 25,003,116 669991EE
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 13.0%
Bank of Montreal
3/6/95 6.12 10,000,000 10,000,014 0636719J
Bayerische Landesbank Girozentrale
3/8/95 6.00 45,000,000 45,000,000 072990EG
Caisse Nationale de Credit Agricole
6/30/95 6.30 30,000,000 30,000,000 1280059Y
Canadian Imperial Bank of Commerce
3/6/95 6.05 20,000,000 20,000,000 136990FY
Fuji Bank, Ltd.
3/1/95 6.06 25,000,000 25,000,000 35999CJJ
3/3/95 6.03 20,000,000 20,000,000 35999CKJ
3/15/95 6.30 10,000,000 10,000,000 35999CJP
3/27/95 6.06 10,000,000 10,000,000 35999CKM
4/17/95 6.13 10,000,000 10,000,000 35999CKK
Industrial Bank of Japan, Ltd.
3/29/95 6.38 25,000,000 25,000,000 4559908Q
Rabobank Nederland, N.V.
6/1/95 6.20 15,000,000 15,015,688 216992LB
Sanwa Bank, Ltd.
3/1/95 6.07 35,000,000 35,000,000 804999TM
3/9/95 6.06 15,000,000 15,000,000 804999TQ
3/17/95 6.05% $ 24,000,000 $ 24,000,212 804999TS
3/29/95 5.82 9,000,000 8,999,987 804999RV
5/3/95 5.95 8,500,000 8,500,144 804999RW
Societe Generale
3/15/95 6.04 10,000,000 10,000,000 833991VW
3/17/95 5.93 15,000,000 15,000,000 833991VC
4/5/95 5.80 20,000,000 20,000,000 833991UM
Sumitomo Bank, Ltd.
3/9/95 6.05 15,000,000 15,000,000 86699EJU
4/10/95 6.12 15,000,000 15,000,000 86699EJV
4/10/95 6.13 25,000,000 25,000,000 86699EJT
8/21/95 6.41 10,000,000 10,003,153 86699EJY
Swiss Bank Corp.
3/6/95 6.32 50,000,000 50,000,000 870990YN
3/27/95 5.63 20,000,000 20,000,000 870990YK
3/28/95 5.63 5,000,000 5,000,000 870990YL
496,519,198
LONDON BRANCH, EURODOLLAR, DOMESTIC BANKS - 0.8%
Bankers Trust Co.
4/12/95 5.70 10,000,000 10,000,000 06699DDK
4/13/95 5.74 20,000,000 20,000,000 06699DDJ
30,000,000
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 3.0%
Barclays Bank, PLC
4/28/95 5.87 15,000,000 15,000,000 06799MAN
Mitsubishi Bank, Ltd.
4/5/95 5.87 8,000,000 7,999,085 610998YV
4/18/95 6.12 25,000,000 24,999,643 6109983P
National Westminster Bank, PLC
8/15/95 6.40 18,000,000 18,008,808 638990JS
Societe Generale
5/17/95 6.16 50,000,000 49,968,012 833991VX
115,975,548
TOTAL CERTIFICATES OF DEPOSITS 827,497,862
Commercial Paper - 43.5%
American Express Credit Corp.
4/3/95 6.10 10,000,000 9,944,633 025990JB
4/4/95 6.10 10,000,000 9,942,956 025990JC
American Home Food Products, Inc.
3/10/95 6.03 11,000,000 10,983,500 026996AT
Associates Corp. of North America
3/20/95 6.11 25,000,000 24,920,042 0459924A
Bayerische Vereinsbank A.G.
4/12/95 5.70 16,050,000 15,946,076 072992DN
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 - CONTINUED
Bowater, PLC
3/1/95 6.06% $ 5,000,000 $ 5,000,000 1022009J
CIESCO, L.P.
3/21/95 6.10 25,000,000 24,915,972 177996PM
CIT Group Holdings, Inc.
3/2/95 6.08 7,000,000 6,998,824 172990UV
4/17/95 6.11 15,000,000 14,881,521 172990VH
4/20/95 6.12 15,000,000 14,873,958 172990VD
4/21/95 6.12 15,000,000 14,871,438 172990VE
Canadian Imperial Holdings, Inc.
3/6/95 6.07 25,000,000 25,000,000 136993AF
Canadian Wheat Board
4/18/95 5.85 20,000,000 19,848,267 136995AS
Chrysler Financial Corporation
3/2/95 6.16 3,000,000 2,999,490 175992BM
3/22/95 6.16 6,000,000 5,978,580 175992CD
3/23/95 6.19 7,000,000 6,973,692 175992CC
4/4/95 6.23 5,000,000 4,970,864 175992BN
4/10/95 6.22 10,000,000 9,931,667 175992BT
4/17/95 6.25 10,000,000 9,919,317 175992BX
4/18/95 6.27 10,000,000 9,917,333 175992CB
Commercial Credit Co.
3/8/95 6.09 25,000,000 24,970,590 2019908U
Commerzbank U.S. Finance, Inc.
5/2/95 5.92 10,600,000 10,495,031 202995BG
Compagnie Bancaire
5/15/95 6.25 13,000,000 12,833,438 2042739N
Cooper Industries, Inc.
3/1/95 6.11 10,000,000 10,000,000 217990PR
3/7/95 6.07 15,000,000 14,984,850 217990PT
Dayton Hudson Corp.
3/13/95 6.03 9,000,000 8,982,000 239992KH
Deutsche Bank, A.G.
5/1/95 5.92 10,000,000 9,902,569 251991MP
Eiger Capital Corp.
3/6/95 6.03 3,000,000 2,997,500 278997BG
3/10/95 6.03 35,938,000 35,884,093 278997BH
Electronic Data Systems Corp.
5/15/95 6.27 18,000,000 17,768,489 285998HF
Ford Motor Credit Corp.
4/5/95 6.16 40,000,000 39,762,778 34599BYB
4/6/95 6.16 30,000,000 29,817,000 34599BYC
4/7/95 6.17 30,000,000 29,811,917 34599BYD
4/21/95 6.18 40,000,000 39,654,333 34599BYF
5/31/95 6.23 50,000,000 49,226,500 34599BYV
Generale Bank
3/27/95 5.66% $ 20,000,000 $ 19,920,556 371995CR
3/27/95 6.31 54,000,000 53,757,420 371995CW
4/13/95 5.75 15,000,000 14,899,846 371995CT
General Electric Capital Corp.
3/1/95 6.09 (a) 10,000,000 10,000,000 369998SA
4/12/95 5.74 20,000,000 19,869,800 369998RE
5/5/95 6.23 35,000,000 34,612,618 369998SX
8/1/95 6.49 25,000,000 24,330,625 369998TN
9/13/95 6.68 19,450,000 18,770,158 369998TH
11/3/95 6.66 20,000,000 19,128,639 369998TR
General Electric Capital Services Inc.
4/4/95 5.82 10,000,000 9,946,356 36999BCG
4/12/95 5.74 10,000,000 9,934,900 36999BCE
General Electric Corp.
5/8/95 6.20 75,000,000 74,135,833 369999CN
5/9/95 6.20 40,000,000 39,532,333 369999CR
General Motors Acceptance Corp.
3/13/95 6.20 20,000,000 19,959,133 638998WS
4/11/95 6.41 15,000,000 14,892,204 638998WT
5/1/95 5.95 15,000,000 14,853,092 638998VV
5/8/95 6.32 20,000,000 19,765,022 638998XG
5/12/95 6.35 21,000,000 20,737,500 638998XL
5/16/95 6.35 19,000,000 18,749,306 638998XS
5/19/95 6.61 20,000,000 19,716,039 638998XE
Goldman Sachs Group, L.P. (The)
3/2/95 6.08 25,000,000 24,995,799 696992MX
Halifax Building Society
3/6/95 6.05 9,450,000 9,442,099 405992FT
Heller Financial, Inc.
3/3/95 6.10 15,000,000 14,994,942 423992LM
ITT Corp.
3/3/95 6.14 5,000,000 4,998,299 450991KN
3/6/95 6.13 20,000,000 19,983,056 450991KG
3/13/95 6.13 7,000,000 6,985,767 450991KM
ITT Financial
3/17/95 6.13 20,000,000 19,945,778 450990NX
ITT Hartford Group, Inc.
3/10/95 6.03 6,040,000 6,030,940 45099MBC
4/10/95 6.11 17,000,000 16,885,722 45099MBB
International Nederlanden U.S. Funding Corp.
3/6/95 6.05 20,000,000 19,983,278 46099DAU
Matterhorn Capital Corp. (LOC Union Bank of Switzerland)
3/14/95 6.08 7,991,000 7,973,542 57799ADA
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 - CONTINUED
Merrill Lynch & Co., Inc.
5/15/95 6.19% $ 10,000,000 $ 9,875,000 59099GDV
5/16/95 6.19 10,000,000 9,873,333 59099GDW
Monsanto Company
8/15/95 6.39 26,000,000 25,252,211 611996DL
Morgan Stanley Group, Inc.
3/6/95 6.37 15,000,000 14,986,938 61799ELL
3/13/95 6.38 30,000,000 29,937,200 61799ELN
NYNEX Corp.
3/6/95 6.12 15,000,000 14,987,313 67099CBC
New Center Asset Trust
4/10/95 6.11 22,000,000 21,852,111 643995EA
4/17/95 6.17 23,000,000 22,816,831 643995EF
Norwest Financial
5/16/95 6.19 10,000,000 9,871,222 66999BAB
Pepsico
6/1/95 6.33 12,000,000 11,809,867 713991GJ
Philip Morris Cos., Inc.
5/23/95 6.16 25,000,000 24,649,844 472990JH
Preferred Receivables Funding Corp.
3/2/95 6.08 9,775,000 9,773,357 748995WN
Prudential Home Mortgage Co.
4/11/95 6.11 10,000,000 9,931,097 74499FAV
4/17/95 6.14 20,000,000 19,841,244 74499FAW
Seagram & Sons, Joseph E. (Inc.)
3/3/95 6.35 5,144,000 5,142,208 81199EAJ
3/7/95 6.36 4,527,000 4,522,269 81199EAK
4/17/95 6.23 15,203,000 15,080,933 81199EAU
4/24/95 6.24 4,775,000 4,730,951 81199EAV
5/5/95 6.19 20,000,000 19,779,722 81199EAW
5/25/95 6.16 13,157,000 12,968,124 81199EAW
Sears Roebuck Acceptance Corp.
3/16/95 6.08 17,000,000 16,957,146 81299EFN
Siemens Corp.
4/25/95 5.90 10,000,000 9,912,306 8269909U
Textron, Inc.
3/6/95 6.20 6,000,000 5,994,858 88599CEL
3/8/95 6.16 3,985,000 3,980,250 88599CEN
3/13/95 6.17 6,000,000 5,987,720 88599CEQ
3/24/95 6.10 2,000,000 1,992,244 88599CET
3/24/95 6.10 10,000,000 9,961,219 88599CES
Toronto Dominion Holdings USA, Inc.
3/1/95 5.21 15,000,000 15,000,000 89199AAJ
5/2/95 5.90 15,000,000 14,851,975 89199AAM
U.S.L. Capital, Inc.
3/3/95 6.08 10,000,000 9,996,639 912998RL
Westdeutsche Landesbank
3/8/95 6.03% $ 30,000,000 $ 29,965,000 957991LF
Whirlpool Corp.
3/15/95 6.06 20,000,000 19,953,100 962996QD
TOTAL COMMERCIAL PAPER 1,657,874,052
Federal Agencies - 4.7%
FEDERAL FARM CREDIT BANK -AGENCY COUPONS - 0.8%
3/1/95 6.17 (a) 30,000,000 29,974,940 31331NMK
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 0.6%
3/27/95 5.55 8,500,000 8,466,850 567995KA
5/15/95 6.04 15,000,000 14,816,875 567995KG
23,283,725
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 0.7%
4/4/95 6.11 6,100,000 6,065,145 3559934E
5/18/95 6.03 20,313,000 20,051,132 3559935G
26,116,277
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 2.6%
5/3/95 6.08 15,000,000 14,842,500 9950247F
5/4/95 6.08 20,000,000 19,787,022 9950246U
5/8/95 6.08 67,000,000 66,241,932 9950246F
100,871,454
TOTAL FEDERAL AGENCIES 180,246,396
U.S. Treasury Obligations - 0.5%
U.S. Treasury Bills
4/6/95 5.15 20,000,000 19,900,000 9931348P
Bank Notes - 7.5%
Bank of New York
3/1/95 6.69 (a) 10,000,000 9,999,455 06499ABL
Bank One - Delaware
3/1/95 6.68 (a) 15,000,000 15,000,000 059995BG
Bank One - Milwaukee
3/1/95 6.03 (a) 25,000,000 24,999,863 065996AN
Boatmen's National Bank of St. Louis
3/15/95 6.09 (a) 5,000,000 4,998,443 09699AAC
Comerica Bank-Detroit
3/1/95 6.69 (a) 10,000,000 10,000,000 226990AX
3/1/95 6.70 (a) 10,000,000 9,999,342 226990AT
Fifth Third Bank - Cincinnati
3/7/95 6.03 10,000,000 10,000,000 31699PAR
First of America Bank - Illinois
5/30/95 6.15 5,000,000 5,003,763 32099GAG
First of America Bank - Western Michigan
3/13/95 6.40 20,000,000 19,999,861 332993AB
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)
Bank Notes - CONTINUED
Fleet Bank of New York
5/15/95 6.23% $ 10,000,000 $ 9,999,385 33900X9B
Huntington National Bank
3/1/95 6.15 (a) 10,000,000 9,996,493 4464389T
Key Bank of New York
3/1/95 6.18 (a) 20,000,000 19,990,990 49299JAA
Mellon Bank, N.A.
5/11/95 6.17 10,000,000 10,000,000 5859916L
NBD Bank, N.A.
4/28/95 5.88 20,000,000 20,000,626 634990BG
PNC Bank, N.A.
3/1/95 6.17 (a) 25,000,000 24,984,145 69399EAN
3/7/95 6.13 (a) 25,000,000 24,987,918 69399EAK
Society National Bank
3/1/95 6.70 (a) 20,000,000 19,998,658 833995AL
U.S. National Bank of Oregon
3/15/95 6.02 20,000,000 19,999,845 91199CAF
8/22/95 6.37 15,000,000 15,000,703 91199CAH
TOTAL BANK NOTES 284,959,490
Master Notes (a) - 1.5%
J.P. Morgan Securities
3/1/95 6.33 44,000,000 44,000,000 61699B2A
Norwest Corp.
3/1/95 6.06 14,000,000 14,000,000 66899CCP
TOTAL MASTER NOTES 58,000,000
Medium-Term Notes - 6.4%
Abbey National Treasury Services (b)
3/1/95 6.73 (a) 10,000,000 9,999,699 007994GT
3/31/95 6.50 (a) 74,000,000 74,000,000 010998AJ
Beneficial Corp.
3/1/95 6.53 (a) 17,000,000 17,000,000 08199BAX
3/15/95 6.08 (a) 15,000,000 14,998,617 0819909C
3/15/95 6.15 (a) 10,000,000 9,997,276 0819909S
CIT Group Holdings, Inc.
3/1/95 6.42 (a) 15,000,000 15,007,437 172990US
General Motors Acceptance Corp.
5/7/95 6.35 (a) 20,000,000 20,000,000 638998SX
5/18/95 6.18 4,000,000 4,026,435 638998WD
Goldman Sachs Group, L.P. (The) (b)
3/1/95 6.03 (a) 17,000,000 17,000,000 696992MK
5/16/95 6.30 (a) 15,000,000 15,000,000 696992ML
Merrill Lynch & Co., Inc.
3/1/95 6.41 (a) 10,000,000 10,000,000 59099GEC
Norwest Corp.
3/15/95 6.46% (a) $ 22,000,000 $ 22,000,000 66899CBK
PHH Corp.
3/1/95 6.65 (a) 15,000,000 15,000,000 699990XT
TOTAL MEDIUM-TERM NOTES 244,029,464
short-term notes (a) - 4.1%
CSA Funding - A (c)
3/7/95 6.19 6,000,000 6,000,000 129993AC
CSA Funding - C (c)
3/7/95 6.19 5,000,000 5,000,000 129993AC
Capital One Funding Corp.
3/7/95 6.14 19,000,000 19,000,000 14040G9G
SMM Trust Company (1994-A) (c)
3/17/95 6.34 76,000,000 76,000,000 83199GAD
3/17/95 6.45 14,000,000 13,999,325 83199GAD
SMM Trust Company (1994-D) (c)
4/28/95 6.33 24,000,000 24,000,000
SMM Trust Company (1994-E) (c)
4/13/95 6.33 4,000,000 4,000,000 83199GAF
4/13/95 6.42 7,000,000 6,999,321 83199GAF
TOTAL SHORT-TERM NOTES 154,998,646 83199GAK
Time Deposits - 7.0%
Bank of Tokyo
4/3/95 6.09 25,000,000 25,000,000 0659935Y
Berliner Handels-und Frankfurter Bank
3/2/95 6.00 35,000,000 35,000,000 123990HE
Dai-Ichi Kangyo Bank, Ltd.
3/1/95 6.13 10,000,000 10,000,000 233991CE
3/15/95 6.09 10,000,000 10,000,000 233991CT
3/20/95 6.03 40,000,000 40,000,000 233991DC
3/21/95 6.09 15,000,000 15,000,000 233991CV
3/27/95 6.03 10,000,000 10,000,000 233991DA
3/28/95 6.09 15,000,000 15,000,000 233991DE
4/3/95 6.09 25,000,000 25,000,000 233991DG
Hong Kong & Shanghai Banking Corp.
3/1/95 6.00 25,000,000 25,000,000 4385609S
Sakura Bank, Ltd.
3/8/95 6.06 55,000,000 55,000,000 793999QD
TOTAL TIME DEPOSITS 265,000,000
Euro-Bonds - 0.2%
Halifax Building Society
4/4/95 6.05 6,000,000 6,016,335 405992FP
ANNUALIZED
YIELD AT
DUE TIME OF PRINCIPAL VALUE
DATE PURCHASE AMOUNT (NOTE 1)
Municipal Securities (a) - 1.4%
Illinois Student Assistance Commission
3/7/95 6.16% $ 15,000,000 $ 15,000,000 452281DD
Missouri Economic Development Export & Infrastructure
3/7/95 6.20 18,400,000 18,400,000 60635FAA
New York City General Obligation
3/21/95 6.28 21,000,000 21,000,000 6496459L
TOTAL MUNICIPAL SECURITIES 54,400,000
MATURITY
AMOUNT
Repurchase Agreements - 1.0%
In a joint trading account
(U.S. Government Obligations)
dated 2/28/95, due 3/1/95:
At 6.14% $ 38,006,482 38,000,000 99799QTU
TOTAL INVESTMENTS - 100% $ 3,810,340,976
Total Cost for Income Tax Purposes - $3,810,340,976
LEGEND:
(c) 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.
(d) 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 $115,999,699 or 3.1% of net
assets.
(e) 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
CSA Funding - C 10/28/93 $ 5,000,000
SMM Trust Company:
(1994-A) 3/18/94 $ 76,000,000
(1994-A) 6/28/94 $ 13,988,982
(1994-D) 10/28/94 $ 24,000,000
(1994-E) 4/13/94 $ 4,000,000
(1994-E) 5/23/94 $ 6,994,869
INCOME TAX INFORMATION:
At August 31, 1994, the fund had a capital loss carryforward of
approximately $394,000 of which $23,000 and $371,000 will expire on August
31, 2001 and 2002, respectively.
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
<S> <C> <C>
February 28, 1995 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $38,000,000) - See accompanying $ 3,810,340,976
schedule
Interest receivable 14,859,129
TOTAL ASSETS 3,825,200,105
LIABILITIES
Payable for investments $ 117,968,124
purchased
Share transactions in process 3,233,246
Dividends payable 77,596
Accrued management fee 1,214,482
TOTAL LIABILITIES 122,493,448
NET ASSETS $ 3,702,706,657
Net Assets consist of:
Paid in capital $ 3,703,041,999
Accumulated net realized gain (loss) on investments (335,342)
NET ASSETS, for 3,703,041,999 shares outstanding $ 3,702,706,657
NET ASSET VALUE, offering price and redemption price per share ($3,702,706,657 (divided by) 3,703,041,999 $1.00
shares)
</TABLE>
Statement of Operations
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months Ended February 28, 1995 (Unaudited)
INTEREST INCOME $ 90,431,116
EXPENSES
Management fee $ 6,788,207
Non-interested trustees' compensation 7,927
TOTAL EXPENSES 6,796,134
NET INTEREST INCOME 83,634,982
NET REALIZED GAIN (LOSS) ON (13,558)
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 83,621,424
</TABLE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
FEBRUARY 28, 199 AUGUST 31,
5 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 83,634,982 $ 76,928,274
Net interest income
Net realized gain (loss) (13,558) (371,025)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 83,621,424 76,557,249
Dividends to shareholders from net interest income (83,634,982) (76,928,274)
Share transactions at net asset value of $1.00 per share 2,310,660,803 3,101,024,376
Proceeds from sales of shares
Reinvestment of dividends from net interest income 83,237,389 76,517,935
Cost of shares redeemed (1,491,103,047) (2,083,212,672)
Net increase (decrease) in net assets and shares resulting from share transactions 902,795,145 1,094,329,639
TOTAL INCREASE (DECREASE) IN NET ASSETS 902,781,587 1,093,958,614
NET ASSETS
Beginning of period 2,799,925,070 1,705,966,456
End of period $ 3,702,706,657 $ 2,799,925,070
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED AUGUST 31, TEN MONTHS YEARS ENDED OCTOBER 31,
ENDED ENDED
FEBRUARY 28, 1995 AUGUST 31,
(UNAUDITED) 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 $ 1.000
Income from Investment Operations
.025 .034 .030 .035 .063 .080
Net interest income
Less Distributions
(.025) (.034) (.030) (.035) (.063) (.080)
From net interest income
Net asset value, end of period
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B
2.56% 3.41% 3.09% 3.50% 6.52% 8.27%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 3,702,707 $ 2,799,925 $ 1,705,966 $ 1,516,346 $ 1,287,650 $ 622,774
Ratio of expenses to average net assets
.42% .42% .42% .42% .42% .42%
A A
Ratio of net interest income to average
5.17% 3.44% 3.05% 4.12% 6.19% 7.95%
net assets
A A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED FEBRUARY 28, 1995 (UNAUDITED)
5. 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. At
a special meeting of the shareholders of the fund 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 fund from a
separate series of a Massachusetts business trust, to a separate series of
a Delaware business trust, effective December 29, 1994. The individual
investment objective, policies, except for the proposals approved by
shareholders on December 8, 1994, and limitations of the fund remain the
same. 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.
6. 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 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 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 $135,998,646 or 3.7% of net assets.
7. 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.
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.
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.
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
Fred L. Henning Jr., VICE PRESIDENT
Robert Litterst, VICE PRESIDENT
Arthur S. Loring, SECRETARY
Stephen P. Jonas, TREASURER
Thomas D. Maher, ASSISTANT VICE PRESIDENT
Michael D. Conway, ASSISTANT TREASURER
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
TRANSFER AND
SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional
Operations Company
Boston, MA
CUSTODIAN
Morgan Guaranty Trust Company of New York
New York, NY
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
RMM-4-95S
FIDELITY MONEY MARKET TRUST
SEMIANNUAL REPORT
FEBRUARY 28, 1995
FIDELITY MONEY MARKET TRUST: U.S. TREASURY PORTFOLIO
INVESTMENTS/FEBRUARY 28, 1995 (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 - 19.1%
5/4/95 5.68% $ 3,000,000 $ 2,970,560 9931349X
7/13/95 6.63 6,000,000 5,856,732 912992FU
7/27/95 6.40 4,000,000 3,898,044 912992LU
8/10/95 6.29 9,000,000 8,752,950 912992NU
8/24/95 5.48 5,000,000 4,872,889 9931348H
8/31/95 (a) 6.00 3,000,000 2,909,000 912992RV
29,260,175
U.S. TREASURY NOTES - 8.5%
4/30/95 5.54 4,000,000 3,988,220 993993MJ
5/15/95 5.66 2,000,000 2,000,091 993993MT
5/15/95 6.23 2,000,000 1,998,357 993993QE
5/15/95 6.33 2,000,000 1,997,949 993993QL
5/15/95 6.45 2,000,000 2,007,960 993993RC
5/15/95 6.46 1,000,000 998,672 993993RK
12,991,249
TOTAL U.S. TREASURY OBLIGATIONS 42,251,424
Repurchase Agreements - 72.4%
In a joint trading account
(U.S. Treasury Obligations)
dated 2/28/95, due 3/1/95:
At 6.08% $ 70,011,829 $ 70,000,000 99799QTV
(U.S. Government Obligations)
dated 2/28/95, due 3/1/95:
At 6.10% 40,642,887 40,636,000 99799QTX
TOTAL REPURCHASE AGREEMENTS 110,636,000
TOTAL INVESTMENTS - 100% $ 152,887,424
Total Cost for Income Tax Purposes - $152,887,424
LEGEND:
(f) Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
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
<TABLE>
<CAPTION>
<S> <C> <C>
February 28, 1995 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $110,636,000) - See accompanying $ 152,887,424
schedule
Interest receivable 241,520
TOTAL ASSETS 153,128,944
LIABILITIES
Payable for investments purchased $ 2,909,000
Delayed delivery
Dividends payable 228,293
Accrued management fee 48,381
TOTAL LIABILITIES 3,185,674
NET ASSETS $ 149,943,270
Net Assets consist of:
Paid in capital $ 149,983,590
Accumulated net realized gain (loss) on investments (40,320)
NET ASSETS, for 149,983,590 shares outstanding $ 149,943,270
NET ASSET VALUE, offering price and redemption price per share ($149,943,270 (divided by) 149,983,590 shares) $1.00
</TABLE>
Statement of Operations
Six Months Ended February 28, 1995 (Unaudited)
INTEREST INCOME $ 4,223,334
EXPENSES
Management fee $ 337,027
Non-interested trustees' compensation 423
TOTAL EXPENSES 337,450
NET INTEREST INCOME 3,885,884
NET REALIZED GAIN (LOSS) ON (2,447)
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 3,883,437
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
FEBRUARY 28, 199 AUGUST 31,
5 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 3,885,884 $ 5,206,766
Net interest income
Net realized gain (loss) (2,447) (19,591)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 3,883,437 5,187,175
Dividends to shareholders from net interest income (3,885,884) (5,206,766)
Share transactions at net asset value of $1.00 per share 477,738,867 901,345,282
Proceeds from sales of shares
Reinvestment of dividends from net interest income 2,487,879 3,627,764
Cost of shares redeemed (508,876,676) (911,811,257)
Net increase (decrease) in net assets and shares resulting from share transactions (28,649,930) (6,838,211)
TOTAL INCREASE (DECREASE) IN NET ASSETS (28,652,377) (6,857,802)
NET ASSETS
Beginning of period 178,595,647 185,453,449
End of period $ 149,943,270 $ 178,595,647
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED AUGUST 31, TEN MONTHS YEARS ENDED OCTOBER 31,
ENDED ENDED
FEBRUARY 28, 1995 AUGUST 31,
(UNAUDITED) 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 $ 1.000
Income from Investment Operations
.024 .032 .029 .033 .061 .079
Net interest income
Less Distributions
(.024) (.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 $ 1.000
TOTAL RETURN B
2.44% 3.21% 2.89% 3.37% 6.24% 8.19%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 149,943 $ 178,596 $ 185,453 $ 191,984 $ 215,610 $ 253,705
Ratio of expenses to average net assets
.42%A .42% .42% .42%A .42% .42%
Ratio of net interest income to average
4.84%A 3.15% 2.86% 4.00%A 6.12% 7.91%
net assets
</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/FEBRUARY 28, 1995 (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 - 46.0%
FEDERAL FARM CREDIT BANK - DISCOUNT NOTES - 1.9%
5/2/95 5.81% $ 4,000,000 $ 3,961,078 313993RV
FEDERAL HOME LOAN BANK - AGENCY COUPONS - 3.8%
3/1/95 6.03 (a) 6,000,000 5,998,603 313390ZC
3/1/95 6.58 (a) 2,000,000 1,997,453 313389U9
7,996,056
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 5.7%
4/24/95 5.80 5,000,000 4,957,700 567995KB
5/5/95 5.95 4,000,000 3,958,256 567995KC
6/13/95 6.83 3,000,000 2,942,800 567995KN
11,858,756
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 2.3%
4/3/95 6.40 2,780,000 2,763,996 3559932L
5/16/95 6.03 2,000,000 1,974,920 3559934X
4,738,916
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS - 2.9%
3/1/95 6.60 (a) 6,000,000 6,000,000 9931287F
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 24.6%
3/20/95 5.36 6,000,000 5,983,470 995021UR
3/31/95 5.60 3,000,000 2,986,375 995021VU
3/31/95 6.22 3,000,000 2,984,725 9950242M
4/5/95 5.74 3,000,000 2,983,725 9950212A
4/18/95 5.66 4,000,000 3,970,667 9950214C
5/11/95 5.98 3,000,000 2,965,683 9950218N
5/16/95 6.03 2,000,000 1,974,920 9950249E
5/17/95 6.14 5,000,000 4,936,261 9950219D
5/22/95 6.03 2,000,000 1,972,940 9950249J
6/2/95 6.51 3,000,000 2,951,175 995024BV
6/28/95 6.40 5,000,000 4,897,032 9950244U
7/10/95 6.72 2,000,000 1,952,694 9950243B
7/11/95 6.73 2,000,000 1,952,260 9950243A
8/7/95 6.38 5,000,000 4,863,525 9950245X
8/8/95 6.38 2,000,000 1,945,067 9950245Y
8/17/95 6.35 2,000,000 1,942,258 9950248X
51,262,777
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS - 4.8%
3/1/95 6.36 (a) 5,000,000 5,000,703 863871QF
3/7/95 6.23 (a) 5,000,000 5,000,000 863990PS
10,000,703
TOTAL FEDERAL AGENCIES 95,818,286
U.S. Treasury Obligations - 7.0%
U.S. TREASURY BILLS
8/24/95 5.48% $ 5,000,000 $ 4,872,889 9931348H
8/31/95 (b) 6.00 10,000,000 9,696,667 912992SU
TOTAL U.S. TREASURY OBLIGATIONS 14,569,556
Medium-Term Notes - 0.8%
EXPORT-IMPORT BANK, U.S. (AS GUARANTOR FOR K.A. LEASING, LTD.)
3/15/95 6.25 (a) 1,642,879 1,642,879 530993AA
MATURITY
AMOUNT
Repurchase Agreements - 46.2%
With First Boston Corporation:
At 6.00%, dated 2/27/95 due 3/6/95:
U.S. Government Obligations
(principal amount $10,479,792)
5.467%, 4/1/34 $ 10,011,667 10,000,000 31699M4K
In a joint trading account
(U.S. Treasury Obligations)
dated 2/28/95, due 3/1/95:
At 6.10% 24,077,078 24,073,000 99799QTY
(U.S. Government Obligations)
dated 2/28/95, due 3/1/95:
At 6.14% 62,010,575 62,000,000 99799QTU
TOTAL REPURCHASE AGREEMENTS 96,073,000
TOTAL INVESTMENTS - 100% $ 208,103,721
Total Cost for Income Tax Purposes - $208,103,721
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 purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
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.
U.S. GOVERNMENT PORTFOLIO
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
<S> <C> <C>
February 28, 1995 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $96,073,000) - See accompanying $ 208,103,721
schedule
Interest receivable 180,815
TOTAL ASSETS 208,284,536
LIABILITIES
Payable for investments purchased $ 9,696,667
Delayed delivery
Share transactions in process 502,404
Dividends payable 288,592
Accrued management fee 64,976
TOTAL LIABILITIES 10,552,639
NET ASSETS $ 197,731,897
Net Assets consist of:
Paid in capital $ 197,704,630
Accumulated net realized gain (loss) on investments 27,267
NET ASSETS, for 197,704,630 shares outstanding $ 197,731,897
NET ASSET VALUE, offering price and redemption price per share ($197,731,897 (divided by) 197,704,630 shares) $1.00
</TABLE>
Statement of Operations
Six Months Ended February 28, 1995 (Unaudited)
INTEREST INCOME $ 5,024,780
EXPENSES
Management fee $ 386,345
Non-interested trustees' compensation 461
TOTAL EXPENSES 386,806
NET INTEREST INCOME 4,637,974
NET REALIZED GAIN (LOSS) ON (8,673)
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 4,629,301
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
FEBRUARY 28, 199 AUGUST 31,
5 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 4,637,974 $ 5,594,259
Net interest income
Net realized gain (loss) (8,673) (27,868)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 4,629,301 5,566,391
Dividends to shareholders from net interest income (4,637,974) (5,594,259)
Share transactions at net asset value of $1.00 per share 517,350,084 754,973,945
Proceeds from sales of shares
Reinvestment of dividends from net interest income 2,912,198 3,543,173
Cost of shares redeemed (494,899,687) (792,649,688)
Net increase (decrease) in net assets and shares resulting from share transactions 25,362,595 (34,132,570)
TOTAL INCREASE (DECREASE) IN NET ASSETS 25,353,922 (34,160,438)
NET ASSETS
Beginning of period 172,377,975 206,538,413
End of period $ 197,731,897 $ 172,377,975
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED AUGUST 31, TEN MONTHS YEARS ENDED OCTOBER 31,
ENDED ENDED
FEBRUARY 28, 1995 AUGUST 31,
(UNAUDITED) 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 $ 1.000
Income from Investment Operations
.025 .032 .029 .035 .062 .079
Net interest income
Less Distributions
(.025) (.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 $ 1.000
TOTAL RETURN B
2.49% 3.29% 2.95% 3.53% 6.41% 8.20%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 197,732 $ 172,378 $ 206,538 $ 356,698 $ 400,699 $ 473,450
Ratio of expenses to average net assets
.42%A .42% .42% .42%A .42% .42%
Ratio of net interest income to average
5.04%A 3.23% 2.92% 4.18%A 6.27% 7.91%
net assets
</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/FEBRUARY 28, 1995 (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 - 13.6%
Bank of America
5/9/95 6.08% $ 3,000,000 $ 2,965,500 061992LJ
5/10/95 6.08 2,000,000 1,976,667 061992LK
5/11/95 6.08 4,000,000 3,952,667 061992LL
Bank of America National Trust & Savings Assoc.
3/28/95 6.13 1,000,000 995,538 06399ACC
3/29/95 5.95 3,000,000 2,986,117 06399ACD
Chase Manhattan Bank
6/1/95 6.23 1,500,000 1,476,540 161999LW
6/2/95 6.23 2,300,000 2,263,637 161999LX
6/5/95 6.23 1,831,073 1,801,190 161999LY
Chemical Bank
3/3/95 6.02 1,000,000 999,667 163994QF
3/7/95 6.03 1,000,000 999,000 163994QG
3/17/95 6.02 1,000,000 997,333 163994QP
3/20/95 6.03 3,050,000 3,040,342 163994QQ
4/3/95 6.07 1,250,000 1,243,102 163994QH
4/4/95 6.08 1,301,392 1,293,992 163994QJ
CoreStates Bank of Delaware, N.A.
3/24/95 6.07 1,000,000 996,167 2186989M
5/12/95 6.20 4,000,000 3,951,200 2186989N
Harris Trust & Savings Bank, Chicago
3/14/95 6.03 2,000,000 1,995,667 4149919J
Mellon Bank, N.A.
5/2/95 6.21 1,000,000 989,451 5859916K
Republic New York Corp.
7/3/95 6.30 1,000,000 978,817 76099CAB
7/18/95 6.31 1,129,363 1,102,545 76099CAC
Star Bank, N.A.
4/10/95 6.13 3,000,000 2,979,767 324990EN
TOTAL BANKERS' ACCEPTANCES 39,984,906
Certificates of Deposit - 1.7%
Chemical Bank
3/31/95 6.03 5,000,000 5,000,000 163994QN
Commercial Paper - 34.3%
American Express Credit Corp.
5/25/95 6.11 5,000,000 4,928,931 025990JQ
American Telephone & Telegraph Co.
5/4/95 6.23 3,000,000 2,967,307 030992GE
Associates Corp. of North America
4/10/95 6.10 5,000,000 4,966,444 0459924D
Bank of New York Company, Inc.
4/3/95 6.09% $ 5,000,000 $ 4,972,363 064992AY
Chrysler Financial Corporation
3/13/95 6.19 5,000,000 4,989,800 175992BH
3/23/95 6.18 3,000,000 2,988,762 175992BQ
Cooper Industries, Inc.
3/7/95 6.07 5,000,000 4,994,950 217990PT
Electronic Data Systems Corp.
5/15/95 6.27 1,000,000 987,146 285998HF
Ford Motor Credit Corp.
5/3/95 6.18 5,000,000 4,946,625 34599BYS
8/18/95 6.31 5,000,000 4,855,500 34599B2B
General Electric Capital Corp.
4/27/95 6.19 5,000,000 4,951,708 369998SN
7/3/95 6.32 1,700,000 1,663,871 369998TU
General Motors Acceptance Corp.
5/16/95 6.35 5,000,000 4,934,028 638998XS
Goldman Sachs Group, L.P. (The)
3/6/95 6.08 5,000,000 4,995,799 696992NA
Household Finance Corp.
5/1/95 6.18 5,000,000 4,948,319 44199DMN
ITT Corp.
3/9/95 6.13 3,000,000 2,995,933 450991KF
ITT Financial
3/16/95 6.12 2,000,000 1,994,933 450990NW
3/20/95 6.16 5,000,000 4,983,850 450990NY
Morgan Stanley Group, Inc.
4/5/95 6.04 5,000,000 4,970,833 61799ELQ
NYNEX Corp.
3/16/95 6.05 4,500,000 4,488,713 67099CBD
Philip Morris Cos., Inc.
5/23/95 6.09 5,000,000 4,930,833 472990JF
Seagram & Sons, Joseph E. (Inc.)
3/8/95 6.03 1,000,000 998,833 81199EAY
Sears Roebuck Acceptance Corp.
3/17/95 6.07 4,000,000 3,989,262 81299EFQ
Textron, Inc.
3/13/95 6.17 2,000,000 1,995,907 88599CEQ
U.S. West Communications
4/4/95 6.09 1,700,000 1,690,286 9129209Y
4/10/95 6.10 2,200,000 2,185,211 91299DAA
4/12/95 6.10 2,100,000 2,085,178 91299DAB
TOTAL COMMERCIAL PAPER 100,401,325
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 - 5.6%
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 2.2%
3/6/95 5.51% $ 6,600,000 $ 6,595,050 9950216P
STUDENT LOAN MARKETING ASSOC. - AGENCY COUPONS - 3.4%
3/7/95 6.05 (a) 10,000,000 10,000,000 863990PS
TOTAL FEDERAL AGENCIES 16,595,050
Bank Notes - 12.6%
Bank One - Milwaukee
3/1/95 6.10 (a) 5,000,000 4,999,973 065996AN
First Bank N.A. - Minnesota
3/15/95 6.11 (a) 5,000,000 4,998,865 31899AAA
First of America Bank - Illinois
5/9/95 6.18 5,000,000 4,999,707 32099GAD
First of America Bank - Michigan
5/31/95 6.40 2,000,000 2,000,204 326992AV
First of America Bank - Western Michigan
3/13/95 6.40 5,000,000 4,999,965 332993AB
Mellon Bank, N.A.
5/11/95 6.17 5,000,000 5,000,000 5859916L
NationsBank of Texas
4/26/95 6.20 5,000,000 5,000,000 632999AQ
PNC Bank, N.A.
3/1/95 6.17 (a) 5,000,000 4,996,829 69399EAN
TOTAL BANK NOTES 36,995,543
Master Notes (a) - 6.5%
J.P. Morgan Securities
3/1/95 6.33 4,000,000 4,000,000 61699B2A
Morgan Stanley Group, Inc.
3/1/95 6.33 5,000,000 5,000,000 61799ELD
Norwest Corp.
3/1/95 6.06 10,000,000 10,000,000 66899CCP
TOTAL MASTER NOTES 19,000,000
Medium-Term Note (a) - 3.1%
Beneficial Corp.
3/15/95 6.15 5,000,000 4,998,638 0819909S
General Motors Acceptance Corp.
5/7/95 6.35 4,000,000 4,000,000 638998SX
TOTAL MEDIUM-TERM NOTES 8,998,638
Short-Term Notes (a) - 10.0%
CSA Funding - A (b)
3/7/95 6.19 6,000,000 6,000,000 129993AC
Capital One Funding Corp.
3/7/95 6.14 7,243,000 7,243,000 14040G9B
SMM Trust Company (1994-A) (b)
3/17/95 6.34% $ 10,000,000 $ 10,000,000 83199GAD
3/17/95 6.44 1,000,000 999,958 83199GAD
SMM Trust Company (1994-E) (b)
4/13/95 6.33 4,000,000 4,000,000 83199GAF
4/13/95 6.42 1,000,000 999,902 83199GAF
TOTAL SHORT-TERM NOTES 29,242,860
MATURITY
AMOUNT
Repurchase Agreements - 12.6%
In a joint trading account
(U.S. Treasury Obligations)
dated 2/28/95, due 3/1/95:
At 6.10% $ 36,814,236 36,808,000 99799QTY
TOTAL INVESTMENTS - 100% $ 293,026,322
Total Cost for Income Tax Purposes - $293,026,322
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.
(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 each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
CSA Funding - A 10/28/93 $ 6,000,000
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.
DOMESTIC MONEY MARKET PORTFOLIO
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
<S> <C> <C>
February 28, 1995 (Unaudited)
ASSETS
Investment in securities, at value (including repurchase agreements of $36,808,000) - See accompanying $ 293,026,322
schedule
Cash 3,002
Receivable for investments sold 5,000,000
Interest receivable 724,904
TOTAL ASSETS 298,754,228
LIABILITIES
Payable for investments $ 3,981,654
purchased
Share transactions in process 271,871
Dividends payable 383,996
Accrued management fee 92,707
TOTAL LIABILITIES 4,730,228
NET ASSETS $ 294,024,000
Net Assets consist of:
Paid in capital $ 294,092,548
Accumulated net realized gain (loss) on investments (68,548)
NET ASSETS, for 294,092,548 shares outstanding $ 294,024,000
NET ASSET VALUE, offering price and redemption price per share ($294,024,000 (divided by) 294,092,548 shares) $1.00
</TABLE>
Statement of Operations
Six Months Ended February 28, 1995 (Unaudited)
INTEREST INCOME $ 9,450,130
EXPENSES
Management fee $ 727,366
Non-interested trustees' compensation 939
TOTAL EXPENSES 728,305
NET INTEREST INCOME 8,721,825
NET REALIZED GAIN (LOSS) ON 2,424
INVESTMENTS
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 8,724,249
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
FEBRUARY 28, 199 AUGUST 31,
5 1994
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 8,721,825 $ 13,764,336
Net interest income
Net realized gain (loss) 2,424 2,518
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 8,724,249 13,766,854
Dividends to shareholders from net interest income (8,721,825) (13,764,336)
Share transactions at net asset value of $1.00 per share 1,219,822,743 3,064,984,625
Proceeds from sales of shares
Reinvestment of dividends from net interest income 5,943,771 8,647,981
Cost of shares redeemed (1,331,077,731) (3,285,712,520)
Net increase (decrease) in net assets and shares resulting from share transactions (105,311,217) (212,079,914)
TOTAL INCREASE (DECREASE) IN NET ASSETS (105,308,793) (212,077,396)
NET ASSETS
Beginning of period 399,332,793 611,410,189
End of period $ 294,024,000 $ 399,332,793
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED AUGUST 31, TEN MONTHS YEARS ENDED OCTOBER 31,
ENDED ENDED
FEBRUARY 28, 1995 AUGUST 31,
(UNAUDITED) 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 $ 1.000
Income from Investment Operations
.025 .033 .029 .034 .063 .080
Net interest income
Less Distributions
(.025) (.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 $ 1.000
TOTAL RETURN B
2.55% 3.34% 2.93% 3.44% 6.44% 8.27%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 294,024 $ 399,333 $ 611,410 $ 765,721 $ 851,872 $ 944,782
Ratio of expenses to average net assets
.42% .42% .42% .42%A .42% .42%
A
Ratio of net interest income to average
5.03% 3.24% 2.89% 4.04%A 6.38% 8.01%
net assets
A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED FEBRUARY 28, 1995 (UNAUDITED)
8. SIGNIFICANT ACCOUNTING POLICIES.
U.S. Treasury, U.S. Government, and Domestic Money Market Portfolios (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 a separate
series of a Massachusetts business trust, to a separate series of a
Delaware business trust, effective December 29, 1994. 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 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.
9. 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 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.
DELAYED DELIVERY TRANSACTIONS. Each fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. Each fund
may receive compensation for interest forgone in a delayed delivery
transaction. Each fund identifies securities as segregated in its custodial
records with a value at least equal to the amount of the purchase
commitment.
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 $21,999,860 or 7.5% of net assets.
10. JOINT TRADING ACCOUNT.
At the end of the period, the following 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 repurchase agreements were
dated February 28, 1995 and due March 1, 1995. The maturity values of the
joint trading account investments were $70,011,829 at 6.08% and $40,642,887
at 6.10% for U.S. Treasury fund and $24,077,078 at 6.10% and $62,010,575 at
6.14% for U.S. Government fund. The investments in repurchase agreements
through the joint trading account are summarized as follows:
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 6.08% 9 29.7% $ 4,556,000,000 $ 4,556,769,900 $ 4,649,160,356 0%-15.75%
3/16/95-2/15/21
At 6.10% 7 24.2% $ 825,677,000 $ 825,816,879 $ 844,183,428 0%-13.875%
3/1/95-2/15/25
At 6.10% 6 17.2% $ 580,000,000 $ 580,098,304 $ 596,844,412 0%-12%
3/16/95-8/15/23
At 6.14% 6 34.8% $ 2,875,070,000 $ 2,875,560,394 $ 2,954,395,558 0%-13.875%
4/1/96-2/1/29
11. 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.
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.
12. 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 36
Domestic Money Market Portfolio 2 22
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.
Page 18 = BLANK
Do NOT strip-in this type
Page 19 = BLANK
Do NOT strip-in this type
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
Stephen P. Jonas, TREASURER
Thomas D. Maher, ASSISTANT VICE PRESIDENT
Michael D. Conway, ASSISTANT TREASURER
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 FMMT-4-95S
