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Previous: PUTNAM HIGH YIELD TRUST FUND, N-30D, 2000-10-24 |
Next: FIDELITY MONEY MARKET TRUST, 485BPOS, 2000-10-24 |
Retirement Government Money Market Portfolio
(fund number 631)
Annual Report
for the year ended August 31, 2000
(fidelity_logo_graphic)
82 Devonshire Street, Boston, MA 02109
Showing Percentage of Net Assets
|
Federal Agencies - 71.2% |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
|
|
Fannie Mae - 33.6% |
||||
|
Agency Coupons - 8.8% |
||||
|
9/1/00 |
6.48% (b) |
$ 100,000,000 |
$ 99,933,060 |
|
|
9/1/00 |
6.49 (b) |
100,000,000 |
99,936,625 |
|
|
9/25/00 |
5.82 |
33,000,000 |
32,983,091 |
|
|
11/13/00 |
6.46 (b) |
97,000,000 |
96,983,600 |
|
|
3/1/01 |
6.55 |
30,000,000 |
29,998,364 |
|
|
3/20/01 |
6.49 |
42,000,000 |
41,992,889 |
|
|
|
401,827,629 |
|||
|
Discount Notes - 24.8% |
||||
|
9/14/00 |
6.24 |
34,000,000 |
33,925,719 |
|
|
9/28/00 |
6.64 |
75,000,000 |
74,632,688 |
|
|
11/2/00 |
6.55 |
267,035,000 |
264,073,282 |
|
|
11/2/00 |
6.68 |
48,000,000 |
47,465,973 |
|
|
11/9/00 |
6.84 |
74,000,000 |
73,062,836 |
|
|
11/22/00 |
6.90 |
52,000,000 |
51,208,791 |
|
|
11/30/00 |
6.54 |
200,000,000 |
196,784,000 |
|
|
11/30/00 |
6.85 |
90,000,000 |
88,510,500 |
|
|
12/1/00 |
6.56 (a) |
35,650,000 |
35,068,756 |
|
|
2/1/01 |
6.64 |
87,657,000 |
85,261,553 |
|
|
2/1/01 |
6.67 |
22,000,000 |
21,396,925 |
|
|
2/15/01 |
6.61 |
36,950,000 |
35,852,139 |
|
|
2/22/01 |
6.63 |
70,000,000 |
67,831,283 |
|
|
5/10/01 |
7.20 |
64,000,000 |
61,001,387 |
|
|
|
1,136,075,832 |
|||
|
|
1,537,903,461 |
|||
|
Federal Home Loan Bank - 22.9% |
||||
|
Agency Coupons - 14.7% |
||||
|
9/1/00 |
6.63 (b) |
95,000,000 |
94,993,078 |
|
|
9/4/00 |
6.48 (b) |
80,000,000 |
79,994,305 |
|
|
9/5/00 |
6.74 (b) |
100,000,000 |
99,990,685 |
|
|
10/4/00 |
6.61 (b) |
160,000,000 |
159,990,079 |
|
|
10/15/00 |
6.54 (b) |
80,000,000 |
79,992,257 |
|
|
11/3/00 |
6.00 |
41,000,000 |
40,996,471 |
|
|
11/3/00 |
6.02 |
16,000,000 |
15,998,210 |
|
|
12/1/00 |
6.03 |
33,000,000 |
32,986,930 |
|
|
2/7/01 |
6.48 |
67,000,000 |
66,935,348 |
|
|
|
671,877,363 |
|||
See accompanying notes which are an integral part of the financial statements.
Annual Report
|
Federal Agencies - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
|
|
Federal Home Loan Bank - continued |
||||
|
Discount Notes - 8.2% |
||||
|
9/8/00 |
6.57% |
$ 200,000,000 |
$ 199,748,583 |
|
|
9/22/00 |
6.58 |
45,650,000 |
45,477,177 |
|
|
9/27/00 |
6.61 |
40,000,000 |
39,812,222 |
|
|
11/1/00 |
6.55 |
50,000,000 |
49,454,389 |
|
|
11/29/00 |
6.53 |
42,000,000 |
41,333,390 |
|
|
|
375,825,761 |
|||
|
|
1,047,703,124 |
|||
|
Freddie Mac - 13.2% |
||||
|
Agency Coupons - 5.3% |
||||
|
9/1/00 |
6.47 (b) |
45,000,000 |
44,958,207 |
|
|
9/5/00 |
6.75 (b) |
82,000,000 |
81,947,169 |
|
|
10/10/00 |
6.53 (b) |
66,000,000 |
65,977,558 |
|
|
1/16/01 |
6.43 |
48,000,000 |
46,891,125 |
|
|
|
239,774,059 |
|||
|
Discount Notes - 7.9% |
||||
|
9/28/00 |
6.64 |
25,000,000 |
24,877,563 |
|
|
11/2/00 |
6.55 |
11,000,000 |
10,877,998 |
|
|
11/9/00 |
6.85 |
45,900,000 |
45,318,045 |
|
|
11/9/00 |
6.86 |
25,000,000 |
24,682,313 |
|
|
11/22/00 |
6.53 |
137,650,000 |
135,637,098 |
|
|
2/1/01 |
6.67 |
28,092,000 |
27,321,928 |
|
|
2/7/01 |
6.50 |
50,000,000 |
48,652,917 |
|
|
5/24/01 |
7.22 |
48,000,000 |
45,622,067 |
|
|
|
362,989,929 |
|||
|
|
602,763,988 |
|||
|
Project America Ship I, Inc. - 0.6% |
||||
|
Agency Coupons - 0.6% |
||||
|
7/31/01 |
6.64 (b) |
25,000,000 |
25,000,000 |
|
|
Student Loan Marketing Association - 0.9% |
||||
|
Agency Coupons - 0.9% |
||||
|
9/5/00 |
7.02 (b) |
41,000,000 |
40,999,476 |
|
|
TOTAL FEDERAL AGENCIES |
3,254,370,049 |
|||
See accompanying notes which are an integral part of the financial statements.
Annual Report
|
Repurchase Agreements - 29.0% |
|||
|
Maturity |
Value |
||
|
In a joint trading account |
|
|
|
|
7/13/00 due 9/29/00 At 6.56% |
$ 50,710,667 |
$ 50,000,000 |
|
|
8/8/00 due 9/7/00 At 6.52% |
66,358,600 |
66,000,000 |
|
|
8/17/00 due 9/29/00 At 6.53% |
201,559,944 |
200,000,000 |
|
|
8/31/00 due 9/1/00 At 6.67% |
1,007,764,696 |
1,007,578,000 |
|
|
TOTAL REPURCHASE AGREEMENTS |
1,323,578,000 |
||
|
TOTAL INVESTMENT PORTFOLIO - 100.2% |
4,577,948,049 |
||
|
NET OTHER ASSETS - (0.2)% |
(6,933,181) |
||
|
NET ASSETS - 100% |
$ 4,571,014,868 |
||
|
Total Cost for Income Tax Purposes $ 4,577,948,049 |
|
Legend |
|
(a) Security purchased on a delayed delivery or when-issued basis. |
|
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflects the next interest rate reset date or, when applicable, the final maturity date. |
|
Income Tax Information |
|
At August 31, 2000, the fund had a capital loss carryforward of approximately $234,000 of which $116,000, $105,000, $2,000 and $11,000 will expire on August 31, 2002, 2003, 2004 and 2008, respectively. |
|
A total of 25.45% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax. The fund will notify shareholders in January 2001 of amounts for use in preparing 2000 income tax returns (unaudited). |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities
|
|
August 31, 2000 |
|
|
Assets |
|
|
|
Investment in securities, at value (including |
|
$ 4,577,948,049 |
|
Receivable for fund shares sold |
|
36,566,081 |
|
Interest receivable |
|
15,680,871 |
|
Other receivables |
|
17,006 |
|
Total assets |
|
4,630,212,007 |
|
Liabilities |
|
|
|
Payable for investments purchased on a |
$ 35,068,756 |
|
|
Payable for fund shares redeemed |
22,531,059 |
|
|
Accrued management fee |
1,597,324 |
|
|
Total liabilities |
|
59,197,139 |
|
Net Assets |
|
$ 4,571,014,868 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 4,571,248,377 |
|
Accumulated net realized gain (loss) on investments |
|
(233,509) |
|
Net Assets, for 4,571,150,577 shares outstanding |
|
$ 4,571,014,868 |
|
Net Asset Value, offering price and redemption price |
|
$1.00 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Operations
|
|
Year ended August 31, 2000 |
|
|
Interest Income |
|
$ 261,215,427 |
|
Expenses |
|
|
|
Management fee |
$ 18,318,283 |
|
|
Non-interested trustees' compensation |
13,798 |
|
|
Interest |
5,278 |
|
|
Total expenses before reductions |
18,337,359 |
|
|
Expense reductions |
(1,408,557) |
16,928,802 |
|
Net interest income |
|
244,286,625 |
|
Net Realized Gain (Loss) on Investments |
|
22,668 |
|
Net increase in net assets resulting from operations |
|
$ 244,309,293 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
|
Year ended |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
$ 244,286,625 |
$ 183,466,664 |
|
Net realized gain (loss) |
22,668 |
35,419 |
|
Net increase (decrease) in net assets resulting |
244,309,293 |
183,502,083 |
|
Distributions to shareholders from net interest income |
(244,286,625) |
(183,466,664) |
|
Share transactions at net asset value of $1.00 per share |
7,826,728,860 |
6,653,598,429 |
|
Reinvestment of distributions from net interest income |
243,788,786 |
183,356,937 |
|
Cost of shares redeemed |
(7,698,449,981) |
(6,040,103,635) |
|
Net increase (decrease) in net assets and shares resulting from share transactions |
372,067,665 |
796,851,731 |
|
Total increase (decrease) in net assets |
372,090,333 |
796,887,150 |
|
Net Assets |
|
|
|
Beginning of period |
4,198,924,535 |
3,402,037,385 |
|
End of period |
$ 4,571,014,868 |
$ 4,198,924,535 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
|
Years ended August 31, |
2000 |
1999 |
1998 |
1997 |
1996 |
|
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
|
Income from Investment Operations |
.056 |
.048 |
.053 |
.052 |
.052 |
|
Less Distributions |
|
|
|
|
|
|
From net interest income |
(.056) |
(.048) |
(.053) |
(.052) |
(.052) |
|
Net asset value, end of period |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
|
Total Return A |
5.74% |
4.86% |
5.41% |
5.31% |
5.36% |
|
Ratios and Supplemental Data |
|
|
|
|
|
|
Net assets, end of period |
$ 4,571 |
$ 4,199 |
$ 3,402 |
$ 2,900 |
$ 2,523 |
|
Ratio of expenses to |
.42% |
.42% |
.42% |
.42% |
.37% B |
|
Ratio of expenses to average net assets after expense reductions |
.39% C |
.39% C |
.39% C |
.39% C |
.34% C |
|
Ratio of net interest income to average net assets |
5.60% |
4.75% |
5.28% |
5.16% |
5.27% |
A The total returns would have been lower had certain expenses not been reduced during the periods shown.
B FMR agreed to reimburse a portion of the fund's expenses during the period. Without this reimbursement, the fund's expense ratio would have been higher.
C FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.
See accompanying notes which are an integral part of the financial statements.
Annual Report
For the period ended August 31, 2000
1. Significant Accounting Policies.
Retirement Government Money Market Portfolio (the fund) is a fund of Fidelity Money Market Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware business trust. The financial statements have been prepared in conformity with generally accepted accounting principles which require management to make certain estimates and assumptions at the date of the financial statements. 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 substantially 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 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 among 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 SEC), the fund, 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 for U.S. Treasury or Federal Agency obligations.
Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the fund, or to the Joint Trading Account, at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.
Annual Report
Notes to Financial Statements - continued
2. Operating Policies -
continued
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. The average daily balance during the period for which the reverse repurchase agreement was outstanding amounted to $40,000,000. The weighted average interest rate was 4.75%.
Delayed Delivery Transactions and When Issued Securities. The fund may purchase or sell securities on a delayed delivery or when issued basis. Payment and delivery may take place after the customary settlement period for that security. 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 values of the securities purchased on a delayed delivery or when issued basis are identified as such in the fund's schedule of investments. 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 records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.
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 investments in repurchase agreements through the joint trading account are summarized as follows:
Summary of Joint Trading
|
Dated July 13, 2000, due September 29, 2000 |
6.56% |
|
Number of dealers or banks |
1 |
|
Maximum amount with one dealer or bank |
100% |
|
Aggregate principal amount of agreements |
$50,000,000 |
|
Aggregate maturity amount of agreements |
$50,710,667 |
|
Aggregate market value of transferred assets |
$52,024,691 |
|
Coupon rates of transferred assets |
0.00% to 9.50% |
|
Maturity dates of transferred assets |
12/18/00 to 11/29/19 |
Annual Report
Notes to Financial Statements - continued
3. Joint Trading Account - continued
Summary of Joint Trading - continued
|
Dated August 8, 2000, due September 7, 2000 |
6.52% |
|
Number of dealers or banks |
1 |
|
Maximum amount with one dealer or bank |
100% |
|
Aggregate principal amount of agreements |
$100,000,000 |
|
Aggregate maturity amount of agreements |
$100,543,333 |
|
Aggregate market value of transferred assets |
$102,513,382 |
|
Coupon rates of transferred assets |
6.00% to 9.00% |
|
Maturity dates of transferred assets |
10/01/00 to 9/01/30 |
|
Dated August 17, 2000, due September 29, 2000 |
6.53% |
|
Number of dealers or banks |
1 |
|
Maximum amount with one dealer or bank |
100% |
|
Aggregate principal amount of agreements |
$700,000,000 |
|
Aggregate maturity amount of agreements |
$705,459,806 |
|
Aggregate market value of transferred assets |
$714,000,000 |
|
Coupon rates of transferred assets |
5.50% to 9.72% |
|
Maturity dates of transferred assets |
01/01/14 to 10/01/38 |
|
Dated August 31, 2000, due September 1, 2000 |
6.67% |
|
Number of dealers or banks |
11 |
|
Maximum amount with one dealer or bank |
35.2% |
|
Aggregate principal amount of agreements |
$11,649,000,000 |
|
Aggregate maturity amount of agreements |
$11,651,158,468 |
|
Aggregate market value of transferred assets |
$11,888,477,890 |
|
Coupon rates of transferred assets |
0.00% to 12.00% |
|
Maturity dates of transferred assets |
09/05/00 to 08/06/38 |
4. Fees and Other Transactions with Affiliates.
Management Fee. As the fund's investment adviser, FMR receives a fee that is computed daily at an annual rate of .42% of the fund's average net assets. FMR pays all other expenses, except the compensation of the non-interested Trustees and certain exceptions such as interest, taxes, brokerage commissions and extraordinary expenses. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the fund to the non-interested Trustees.
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Sub-Adviser Fee. As the fund's investment sub-adviser, Fidelity Investments Money Management, 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.
Money Market Insurance. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other money market funds advised by FMR or its affiliates, has entered into insurance agreements with FIDFUNDS Mutual Limited (FIDFUNDS), an affiliated mutual insurance company. FIDFUNDS provides limited coverage for certain loss events including issuer default as to payment of principal or interest and bankruptcy or insolvency of a credit enhancement provider. The insurance does not cover losses resulting from changes in interest rates, ratings downgrades or other market conditions. The fund may be subject to a special assessment of up to approximately 2.5 times the fund's annual gross premium if covered losses exceed certain levels. During the period, FMR has borne the cost of the fund's premium payable to FIDFUNDS.
5. Expense Reductions.
Through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce a portion of the fund's expenses. During the period, the fund's expenses were reduced by $1,408,557 under these arrangements.
Annual Report
To the Trustees of Fidelity Money Market Trust and the Shareholders of Retirement Government Money Market Portfolio:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Retirement Government Money Market Portfolio (a fund of Fidelity Money Market Trust) at August 31, 2000, and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Retirement Government Money Market Portfolio's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2000 by correspondence with the custodian and brokers, provide a reasonable basis for the opinion expressed above.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 13, 2000
Annual Report
A special meeting of the fund's shareholders was held on October 12, 2000. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect as Trustees the following twelve nominees.*
|
\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
J. Michael Cook
|
Affirmative |
6,897,618,844.74 |
94.916 |
|
Withheld |
369,420,761.15 |
5.084 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Ralph F. Cox
|
Affirmative |
6,896,832,903.37 |
94.906 |
|
Withheld |
370,206,702.52 |
5.094 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Phyllis Burke Davis
|
Affirmative |
6,889,963,420.94 |
94.811 |
|
Withheld |
377,076,184.95 |
5.189 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Robert M. Gates
|
Affirmative |
6,892,297,505.35 |
94.843 |
|
Withheld |
374,742,100.54 |
5.157 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Edward C. Johnson 3d
|
Affirmative |
6,896,618,844.78 |
94.903 |
|
Withheld |
370,420,761.11 |
5.097 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Donald J. Kirk
|
Affirmative |
6,901,850,533.92 |
94.975 |
|
Withheld |
365,189,071.97 |
5.025 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
|
\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
Marie L. Knowles
|
Affirmative |
6,896,264,771.74 |
94.898 |
|
Withheld |
370,774,834.15 |
5.102 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Ned C. Lautenbach
|
Affirmative |
6,902,345,350.58 |
94.982 |
|
Withheld |
364,694,255.31 |
5.018 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Peter S. Lynch
|
Affirmative |
6,902,132,019.88 |
94.979 |
|
Withheld |
364,907,586.01 |
5.021 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
William O. McCoy
|
Affirmative |
6,900,137,540.96 |
94.951 |
|
Withheld |
366,902,064.93 |
5.049 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Marvin L. Mann
|
Affirmative |
6,898,734,631.63 |
94.932 |
|
Withheld |
368,304,974.26 |
5.068 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Robert C. Pozen
|
Affirmative |
6,902,879,704.43 |
94.989 |
|
Withheld |
364,159,901.46 |
5.011 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Annual Report
Proxy Voting Results - continued
PROPOSAL 2
To ratify the selection of PricewaterhouseCoopers LLP as independent accountants of the fund.
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
2,020,455,377.75 |
89.458 |
|
Against |
66,445,366.11 |
2.942 |
|
Abstain |
171,642,261.94 |
7.600 |
|
TOTAL |
2,258,543,005.80 |
100.000 |
PROPOSAL 3
To authorize the Trustees to adopt an amended and restated Trust Instrument.*
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
6,177,560,774.68 |
85.008 |
|
Against |
441,140,307.33 |
6.070 |
|
Abstain |
648,338,523.88 |
8.922 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
PROPOSAL 4
To approve an amended management contract for the fund.
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
1,889,425,279.78 |
83.657 |
|
Against |
141,400,751.23 |
6.261 |
|
Abstain |
227,716,974.79 |
10.082 |
|
TOTAL |
2,258,543,005.80 |
100.000 |
PROPOSAL 5
To amend the fund's fundamental investment limitation concerning diversification.
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
1,893,644,195.99 |
83.844 |
|
Against |
148,088,028.66 |
6.556 |
|
Abstain |
216,810,781.15 |
9.600 |
|
TOTAL |
2,258,543,005.80 |
100.000 |
PROPOSAL 6
To amend the fund's fundamental investment limitation concerning underwriting.
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
1,880,047,861.56 |
83.242 |
|
Against |
153,901,988.48 |
6.814 |
|
Abstain |
224,593,155.76 |
9.944 |
|
TOTAL |
2,258,543,005.80 |
100.000 |
PROPOSAL 7
To amend the fund's fundamental investment limitation concerning concentration.
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
1,880,829,967.06 |
83.276 |
|
Against |
152,738,774.17 |
6.763 |
|
Abstain |
224,974,264.57 |
9.961 |
|
TOTAL |
2,258,543,005.80 |
100.000 |
* Denotes trust-wide proposals and
voting results.
Annual Report
Annual Report
Annual Report
Annual Report
Annual Report
Annual Report
Annual Report
Annual Report
Investment Adviser
Fidelity Management &
Research Company
Boston, MA
Sub-Adviser
Fidelity Investments Money
Management, Inc.
Officers
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Dwight D. Churchill, Vice President
Boyce I. Greer, Vice President
Robert A. Litterst, Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Maria F. Dwyer, Deputy Treasurer
Stanley N. Griffith,
Assistant Vice President
John H. Costello, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer
Board of Trustees
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
Donald J. Kirk *
Ned C. Lautenbach *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
* Independent trustees
Advisory Board
J. Michael Cook
Abigail P. Johnson
Marie L. Knowles
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
The Bank of New York
New York, NY
RGM-PRO-1000 112815
1.700907.103
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
Retirement Money Market Portfolio
(fund number 630)
Annual Report
for the year ended August 31, 2000
(fidelity_logo_graphic)
82 Devonshire Street, Boston, MA 02109
Showing Percentage of Net Assets
|
Certificates of Deposit - 36.0% |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
|
|
Domestic Certificates Of Deposit - 2.6% |
||||
|
First Union National Bank, North Carolina |
||||
|
11/21/00 |
6.48% |
$ 50,000,000 |
$ 50,000,000 |
|
|
5/15/01 |
7.35 |
100,000,000 |
100,000,000 |
|
|
Firstar Bank NA |
||||
|
9/15/00 |
6.54 |
75,000,000 |
74,999,710 |
|
|
U.S. Bank NA, Minnesota |
||||
|
9/1/00 |
6.72 (b) |
40,000,000 |
40,000,000 |
|
|
|
264,999,710 |
|||
|
London Branch, Eurodollar, Foreign Banks - 19.9% |
||||
|
Abbey National PLC |
||||
|
11/27/00 |
6.60 |
200,000,000 |
200,000,000 |
|
|
Abbey National Treasury Services PLC |
||||
|
11/6/00 |
6.75 |
75,000,000 |
75,000,000 |
|
|
11/9/00 |
6.50 |
75,000,000 |
75,000,000 |
|
|
5/17/01 |
7.36 |
100,000,000 |
100,000,000 |
|
|
Alliance & Leicester PLC |
||||
|
11/24/00 |
6.61 |
50,000,000 |
50,000,000 |
|
|
Bank of Nova Scotia |
||||
|
9/14/00 |
6.53 |
100,000,000 |
99,999,797 |
|
|
Bank of Scotland Treasury Services PLC |
||||
|
11/27/00 |
6.60 |
25,000,000 |
25,000,000 |
|
|
Barclays Bank PLC |
||||
|
9/5/00 |
6.57 |
60,000,000 |
60,000,000 |
|
|
10/23/00 |
6.58 |
110,000,000 |
110,000,000 |
|
|
Bayerische Hypo-und Vereinsbank AG |
||||
|
10/10/00 |
6.59 |
100,000,000 |
100,000,000 |
|
|
10/19/00 |
6.75 |
75,000,000 |
75,000,000 |
|
|
11/20/00 |
7.01 |
75,000,000 |
75,000,000 |
|
|
12/11/00 |
6.50 |
100,000,000 |
100,000,000 |
|
|
Bayerische Landesbank Girozentrale |
||||
|
9/29/00 |
6.55 |
40,000,000 |
39,993,045 |
|
|
Deutsche Bank AG |
||||
|
9/19/00 |
6.40 |
50,000,000 |
49,997,575 |
|
|
Fleet Bank NA |
||||
|
9/8/00 |
6.72 |
25,000,000 |
25,000,048 |
|
|
Halifax PLC |
||||
|
9/6/00 |
6.56 |
30,000,000 |
30,000,000 |
|
|
9/25/00 |
6.54 |
55,000,000 |
55,000,000 |
|
|
11/20/00 |
7.03 |
50,000,000 |
50,000,000 |
|
|
12/7/00 |
6.43 |
75,000,000 |
75,000,000 |
|
See accompanying notes which are an integral part of the financial statements.
Annual Report
|
Certificates of Deposit - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
|
|
London Branch, Eurodollar, Foreign Banks - continued |
||||
|
Halifax PLC - continued |
||||
|
12/18/00 |
6.51% |
$ 75,000,000 |
$ 75,000,000 |
|
|
Merita Bank PLC |
||||
|
9/8/00 |
6.72 |
50,000,000 |
50,000,096 |
|
|
11/27/00 |
6.60 |
100,000,000 |
100,002,376 |
|
|
Norddeutsche Landesbank Girozentrale |
||||
|
5/4/01 |
7.15 |
100,000,000 |
100,000,000 |
|
|
RaboBank Nederland Coop. Central |
||||
|
11/6/00 |
6.83 |
100,000,000 |
100,000,000 |
|
|
Societe Generale |
||||
|
9/6/00 |
6.70 |
98,500,000 |
98,499,916 |
|
|
Westdeutsche Landesbank Girozentrale |
||||
|
2/28/01 |
6.75 |
50,000,000 |
50,000,000 |
|
|
|
2,043,492,853 |
|||
|
New York Branch, Yankee Dollar, Foreign Banks - 13.5% |
||||
|
Barclays Bank PLC |
||||
|
9/5/00 |
6.55 |
100,000,000 |
100,000,000 |
|
|
Canadian Imperial Bank of Commerce |
||||
|
9/1/00 |
6.62 (b) |
50,000,000 |
49,976,870 |
|
|
11/20/00 |
7.01 |
75,000,000 |
75,000,000 |
|
|
Commerzbank AG |
||||
|
9/6/00 |
6.57 |
130,000,000 |
130,000,000 |
|
|
Credit Agricole Indosuez |
||||
|
10/10/00 |
6.59 |
30,000,000 |
30,000,000 |
|
|
Deutsche Bank AG |
||||
|
9/11/00 |
6.55 (b) |
60,000,000 |
59,987,827 |
|
|
Dresdner Bank AG |
||||
|
9/25/00 |
6.53 |
100,000,000 |
100,000,000 |
|
|
12/29/00 |
7.05 |
75,000,000 |
75,000,000 |
|
|
Royal Bank of Canada |
||||
|
9/1/00 |
6.62 (b) |
100,000,000 |
99,960,490 |
|
|
9/13/00 |
6.55 (b) |
75,000,000 |
74,981,004 |
|
|
5/3/01 |
7.10 |
75,000,000 |
74,985,774 |
|
|
Societe Generale |
||||
|
9/5/00 |
6.70 |
150,000,000 |
150,000,000 |
|
|
9/11/00 |
6.60 (b) |
80,000,000 |
79,987,672 |
|
|
9/29/00 |
6.62 (b) |
33,000,000 |
32,996,822 |
|
|
Svenska Handelsbanken AB |
||||
|
5/2/01 |
7.01 |
125,000,000 |
124,992,122 |
|
See accompanying notes which are an integral part of the financial statements.
Annual Report
|
Certificates of Deposit - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
|
|
New York Branch, Yankee Dollar, Foreign Banks - continued |
||||
|
Svenska Handelsbanken AB - continued |
||||
|
5/16/01 |
7.35% |
$ 25,000,000 |
$ 25,001,661 |
|
|
UBS AG |
||||
|
12/7/00 |
6.45 |
50,000,000 |
49,955,072 |
|
|
Unibank AS |
||||
|
9/28/00 |
6.60 |
50,000,000 |
50,000,000 |
|
|
|
1,382,825,314 |
|||
|
TOTAL CERTIFICATES OF DEPOSIT |
3,691,317,877 |
|||
|
Commercial Paper - 49.2% |
||||
|
|
||||
|
Aegon Funding Corp. |
||||
|
9/12/00 |
6.38 |
26,000,000 |
25,950,903 |
|
|
Amsterdam Funding Corp. |
||||
|
9/14/00 |
6.55 |
50,000,000 |
49,882,278 |
|
|
9/21/00 |
6.55 |
150,000,000 |
149,457,500 |
|
|
9/21/00 |
6.56 |
10,000,000 |
9,963,833 |
|
|
9/27/00 |
6.57 |
25,000,000 |
24,882,278 |
|
|
Asset Securitization Coop. Corp. |
||||
|
9/26/00 |
6.55 |
75,000,000 |
74,661,458 |
|
|
9/29/00 |
6.56 (b) |
100,000,000 |
99,995,083 |
|
|
AT&T Corp. |
||||
|
9/19/00 |
6.65 (b) |
50,000,000 |
50,000,000 |
|
|
Bank of America Corp. |
||||
|
11/6/00 |
6.84 |
50,000,000 |
49,394,083 |
|
|
Bank of Scotland Treasury Services PLC |
||||
|
9/15/00 |
6.72 |
50,000,000 |
49,871,667 |
|
|
BBL North America Funding Corp. |
||||
|
9/5/00 |
6.73 |
50,000,000 |
49,963,222 |
|
|
9/25/00 |
6.54 |
50,000,000 |
49,783,333 |
|
|
CIESCO LP |
||||
|
10/30/00 |
6.58 |
41,000,000 |
40,563,572 |
|
|
CIT Group, Inc. |
||||
|
9/12/00 |
6.54 |
50,000,000 |
49,900,694 |
|
|
9/13/00 |
6.56 |
50,000,000 |
49,891,500 |
|
|
Citibank Credit Card Master Trust I (Dakota Certificate Program) |
||||
|
9/11/00 |
6.55 |
38,000,000 |
37,931,283 |
|
|
10/12/00 |
6.59 |
45,000,000 |
44,665,850 |
|
See accompanying notes which are an integral part of the financial statements.
Annual Report
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
|
|
Citibank Credit Card Master Trust I (Dakota Certificate Program) - continued |
||||
|
10/23/00 |
6.59% |
$ 25,000,000 |
$ 24,764,556 |
|
|
11/9/00 |
6.64 |
30,000,000 |
29,624,525 |
|
|
ConAgra, Inc. |
||||
|
9/15/00 |
6.73 |
5,000,000 |
4,987,031 |
|
|
9/25/00 |
6.73 |
50,000,000 |
49,777,000 |
|
|
Conoco, Inc. |
||||
|
9/29/00 |
6.69 |
25,000,000 |
24,870,889 |
|
|
Daimler-Chrysler North America Holding Corp. |
||||
|
9/14/00 |
6.72 |
50,000,000 |
49,880,653 |
|
|
11/22/00 |
6.60 |
70,000,000 |
68,965,206 |
|
|
11/28/00 |
6.61 |
50,000,000 |
49,206,778 |
|
|
Delaware Funding Corp. |
||||
|
10/20/00 |
6.58 |
117,851,000 |
116,807,544 |
|
|
10/25/00 |
6.57 |
30,000,000 |
29,707,500 |
|
|
Deutsche Bank Financial, Inc. |
||||
|
9/27/00 |
6.54 |
135,000,000 |
134,367,225 |
|
|
Dexia CLF Finance Co. |
||||
|
10/18/00 |
6.57 |
100,000,000 |
99,151,389 |
|
|
11/20/00 |
6.61 |
100,000,000 |
98,555,556 |
|
|
Dominion Resources, Inc. |
||||
|
9/12/00 |
6.73 |
15,000,000 |
14,969,246 |
|
|
9/12/00 |
6.74 |
15,000,000 |
14,969,200 |
|
|
9/21/00 |
6.75 |
30,000,000 |
29,888,167 |
|
|
Edison Asset Securitization LLC |
||||
|
9/15/00 |
6.54 |
66,342,000 |
66,174,173 |
|
|
9/25/00 |
6.55 |
225,000,000 |
224,025,004 |
|
|
10/26/00 |
6.59 |
90,173,000 |
89,276,154 |
|
|
11/3/00 |
6.59 |
103,419,000 |
102,242,609 |
|
|
Enterprise Funding Corp. |
||||
|
9/15/00 |
6.54 |
60,273,000 |
60,120,409 |
|
|
9/20/00 |
6.55 |
79,626,000 |
79,352,418 |
|
|
9/25/00 |
6.54 |
5,000,000 |
4,978,333 |
|
|
9/29/00 |
6.55 |
20,130,000 |
20,028,075 |
|
|
11/9/00 |
6.63 |
12,696,000 |
12,537,342 |
|
|
11/21/00 |
6.60 |
25,404,000 |
25,032,466 |
|
|
Falcon Asset Securitization Corp. |
||||
|
9/19/00 |
6.55 |
70,000,000 |
69,772,500 |
|
|
9/25/00 |
6.54 |
34,134,000 |
33,985,972 |
|
|
9/28/00 |
6.56 |
25,000,000 |
24,878,125 |
|
|
9/29/00 |
6.56 |
51,470,000 |
51,209,791 |
|
|
10/13/00 |
6.57 |
45,000,000 |
44,658,487 |
|
See accompanying notes which are an integral part of the financial statements.
Annual Report
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
|
|
Falcon Asset Securitization Corp. - continued |
||||
|
10/16/00 |
6.57% |
$ 100,000,000 |
$ 99,186,875 |
|
|
10/26/00 |
6.58 |
70,204,000 |
69,506,835 |
|
|
11/20/00 |
6.61 |
35,000,000 |
34,494,444 |
|
|
GE Capital International Funding, Inc. |
||||
|
9/11/00 |
6.57 |
90,000,000 |
89,837,250 |
|
|
General Electric Capital Corp. |
||||
|
9/5/00 |
6.77 |
75,000,000 |
74,944,583 |
|
|
General Motors Acceptance Corp. |
||||
|
9/25/00 |
6.53 |
100,000,000 |
99,567,333 |
|
|
Goldman Sachs Group, Inc. |
||||
|
11/13/00 |
6.60 |
25,000,000 |
24,670,993 |
|
|
Halifax PLC |
||||
|
9/25/00 |
6.54 |
50,000,000 |
49,783,333 |
|
|
Heller Financial, Inc. |
||||
|
9/21/00 |
6.64 |
25,000,000 |
24,908,333 |
|
|
9/28/00 |
6.65 |
25,000,000 |
24,876,250 |
|
|
ING America Insurance Holdings, Inc. |
||||
|
9/6/00 |
6.71 |
25,000,000 |
24,977,083 |
|
|
10/26/00 |
6.85 |
50,000,000 |
49,493,542 |
|
|
11/8/00 |
6.95 |
10,000,000 |
9,873,161 |
|
|
Kitty Hawk Funding Corp. |
||||
|
9/20/00 |
6.40 |
29,546,000 |
29,449,319 |
|
|
9/20/00 |
6.41 |
15,000,000 |
14,950,838 |
|
|
12/1/00 |
7.08 |
25,000,000 |
24,568,382 |
|
|
Lehman Brothers Holdings, Inc. |
||||
|
9/11/00 |
6.72 (b) |
66,000,000 |
66,000,000 |
|
|
9/20/00 |
6.72 (b) |
11,000,000 |
11,000,000 |
|
|
Lower Colorado River Auth. Tax Rev. |
||||
|
9/6/00 |
6.49 |
55,000,000 |
55,000,000 |
|
|
Montauk Funding Corp. |
||||
|
9/27/00 |
6.56 |
120,000,000 |
119,434,933 |
|
|
10/23/00 |
6.59 |
100,000,000 |
99,059,667 |
|
|
New Center Asset Trust |
||||
|
11/22/00 |
6.61 |
70,000,000 |
68,963,611 |
|
|
Newport Funding Corp. |
||||
|
9/7/00 |
6.56 |
50,000,000 |
49,945,667 |
|
|
9/11/00 |
6.56 |
50,000,000 |
49,909,444 |
|
|
9/18/00 |
6.35 |
65,000,000 |
64,811,229 |
|
|
PHH Corp. |
||||
|
9/18/00 |
6.71 |
5,000,000 |
4,984,275 |
|
See accompanying notes which are an integral part of the financial statements.
Annual Report
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
|
|
Phillips Petroleum Co. |
||||
|
9/29/00 |
6.75% |
$ 45,000,000 |
$ 44,765,500 |
|
|
Preferred Receivables Funding Corp. |
||||
|
9/21/00 |
6.53 |
40,000,000 |
39,855,556 |
|
|
10/3/00 |
6.55 |
45,000,000 |
44,740,000 |
|
|
Rohm & Haas Co. |
||||
|
9/15/00 |
6.73 |
45,000,000 |
44,883,275 |
|
|
Salomon Smith Barney Holdings, Inc. |
||||
|
10/12/00 |
6.59 |
10,000,000 |
9,925,858 |
|
|
Sears Roebuck Acceptance Corp. |
||||
|
9/29/00 |
6.74 |
10,000,000 |
9,947,889 |
|
|
Societe Generale NA |
||||
|
12/26/00 |
6.69 |
25,000,000 |
24,486,861 |
|
|
2/28/01 |
6.72 |
100,000,000 |
96,752,500 |
|
|
Southern Co. |
||||
|
9/26/00 |
6.61 |
15,000,000 |
14,931,563 |
|
|
Three Rivers Funding Corp. |
||||
|
9/22/00 |
6.55 |
82,268,000 |
81,955,587 |
|
|
Triple-A One Funding Corp. |
||||
|
9/25/00 |
6.54 |
21,450,000 |
21,356,907 |
|
|
10/5/00 |
6.59 |
35,000,000 |
34,784,478 |
|
|
Tyco International Group SA |
||||
|
9/15/00 |
6.77 |
25,000,000 |
24,934,569 |
|
|
9/21/00 |
6.78 |
25,000,000 |
24,906,389 |
|
|
Variable Funding Capital Corp. |
||||
|
9/12/00 |
6.74 |
50,000,000 |
49,898,708 |
|
|
11/16/00 |
6.61 |
25,000,000 |
24,656,944 |
|
|
Ventures Business Trust |
||||
|
9/15/00 |
6.55 |
46,485,000 |
46,367,135 |
|
|
9/25/00 |
6.55 |
50,000,000 |
49,783,000 |
|
|
11/14/00 |
6.62 |
40,000,000 |
39,464,733 |
|
|
Vodafone AirTouch PLC |
||||
|
9/1/00 |
6.70 |
75,000,000 |
75,000,000 |
|
|
Windmill Funding Corp. |
||||
|
9/13/00 |
6.35 |
50,000,000 |
49,897,450 |
|
|
9/14/00 |
6.53 |
40,000,000 |
39,906,111 |
|
|
9/15/00 |
6.55 |
25,000,000 |
24,936,708 |
|
|
9/25/00 |
6.56 |
50,000,000 |
49,783,000 |
|
|
WorldCom, Inc. |
||||
|
9/7/00 |
6.69 |
25,000,000 |
24,972,292 |
|
See accompanying notes which are an integral part of the financial statements.
Annual Report
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
|
|
WorldCom, Inc. - continued |
||||
|
9/15/00 |
6.68% |
$ 49,000,000 |
$ 48,873,471 |
|
|
9/15/00 |
6.69 |
10,000,000 |
9,974,139 |
|
|
TOTAL COMMERCIAL PAPER |
5,041,460,863 |
|||
|
Bank Notes - 4.4% |
||||
|
|
||||
|
Bank of America NA |
||||
|
11/2/00 |
6.63 |
110,000,000 |
110,000,000 |
|
|
11/20/00 |
7.00 |
55,000,000 |
55,000,000 |
|
|
Bank One NA |
||||
|
10/16/00 |
6.75 |
50,000,000 |
50,000,000 |
|
|
Bank One NA, Chicago |
||||
|
10/19/00 |
6.72 (b) |
50,000,000 |
49,995,410 |
|
|
10/23/00 |
6.70 (b) |
60,000,000 |
59,992,370 |
|
|
Comerica Bank, Detroit |
||||
|
9/11/00 |
6.66 (b) |
50,000,000 |
49,999,259 |
|
|
First Union National Bank, North Carolina |
||||
|
10/4/00 |
6.86 (b) |
75,000,000 |
75,000,000 |
|
|
TOTAL BANK NOTES |
449,987,039 |
|||
|
Master Notes - 1.8% |
||||
|
|
||||
|
Goldman Sachs Group, Inc. |
||||
|
9/25/00 |
6.67 (c) |
60,000,000 |
60,000,000 |
|
|
10/16/00 |
6.65 (c) |
50,000,000 |
50,000,000 |
|
|
J.P. Morgan Securities, Inc. |
||||
|
9/7/00 |
6.61 (b) |
75,000,000 |
75,000,000 |
|
|
TOTAL MASTER NOTES |
185,000,000 |
|||
|
Medium-Term Notes - 2.3% |
||||
|
|
||||
|
Bank of Scotland Treasury Services PLC |
||||
|
10/19/00 |
6.74 (b) |
35,000,000 |
35,000,516 |
|
|
Centex Home Mortgage LLC |
||||
|
9/20/00 |
6.76 (a)(b) |
50,000,000 |
50,000,000 |
|
|
CIT Group, Inc. |
||||
|
9/1/00 |
6.61 (b) |
50,000,000 |
49,978,023 |
|
See accompanying notes which are an integral part of the financial statements.
Annual Report
|
Medium-Term Notes - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal |
Value |
|
|
General Motors Acceptance Corp. |
||||
|
9/28/00 |
6.56% (b) |
$ 50,000,000 |
$ 49,985,462 |
|
|
Merrill Lynch & Co., Inc. |
||||
|
9/5/00 |
6.59 (b) |
50,000,000 |
49,997,068 |
|
|
TOTAL MEDIUM-TERM NOTES |
234,961,069 |
|||
|
Short-Term Notes - 4.5% |
||||
|
|
||||
|
Jackson National Life Insurance Co. |
||||
|
10/1/00 |
6.93 (b)(c) |
36,000,000 |
36,000,000 |
|
|
Monumental Life Insurance Co. |
||||
|
9/1/00 |
6.76 (b)(c) |
10,000,000 |
10,000,000 |
|
|
9/1/00 |
6.79 (b)(c) |
45,000,000 |
45,000,000 |
|
|
New York Life Insurance Co. |
||||
|
10/1/00 |
6.87 (b)(c) |
35,000,000 |
35,000,000 |
|
|
10/1/00 |
6.90 (b)(c) |
23,000,000 |
23,000,000 |
|
|
12/1/00 |
6.81 (b)(c) |
25,000,000 |
25,000,000 |
|
|
Pacific Life Insurance Co. |
||||
|
9/8/00 |
6.89 (b)(c) |
25,000,000 |
25,000,000 |
|
|
RACERS Series 00 10MM, |
||||
|
9/22/00 |
6.64 (a)(b) |
50,000,000 |
50,000,000 |
|
|
Strategic Money Market Trust Series 1999 A6, |
||||
|
9/13/00 |
6.78 (a)(b) |
86,000,000 |
86,000,000 |
|
|
Strategic Money Market Trust Series 2000 B, |
||||
|
9/13/00 |
6.81 (a)(b) |
30,000,000 |
30,000,000 |
|
|
Strategic Money Market Trust Series 2000 E, |
||||
|
9/14/00 |
6.64 (a)(b) |
35,000,000 |
35,000,000 |
|
|
Transamerica Occidental Life Insurance Co. |
||||
|
11/30/00 |
6.56 (b)(c) |
55,000,000 |
55,000,000 |
|
|
TOTAL SHORT-TERM NOTES |
455,000,000 |
|||
See accompanying notes which are an integral part of the financial statements.
Annual Report
|
Repurchase Agreements - 1.3% |
|||
|
Maturity Amount |
Value |
||
|
In a joint trading account (U.S. Government Obligations) dated 8/31/00 due 9/1/00 At 6.67% |
$ 655,121 |
$ 655,000 |
|
|
With Deutsche Bank Securities, Inc. At 6.77%, dated 8/31/00 due 9/1/00 (Commercial Paper Obligations) (Principal |
136,025,576 |
136,000,000 |
|
|
TOTAL REPURCHASE AGREEMENTS |
136,655,000 |
||
|
TOTAL INVESTMENT PORTFOLIO - 99.5% |
10,194,381,848 |
|
NET OTHER ASSETS - 0.5% |
48,035,215 |
|
NET ASSETS - 100% |
$ 10,242,417,063 |
|
Total Cost for Income Tax Purposes $ 10,194,381,848 |
|
Legend |
|
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $251,000,000 or 2.5% of net assets. |
|
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflects the next interest rate reset date or, when applicable, the final maturity date. |
|
(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
|
Additional information on each holding is as follows: |
|
Security |
Acquisition Date |
Cost |
|
Goldman Sachs Group, Inc.: |
8/9/00 |
$ 50,000,000 |
|
6.67%, 9/25/00 |
7/25/00 |
$ 60,000,000 |
|
Jackson National Life Insurance Co. |
7/6/99 |
$ 36,000,000 |
|
Monumental Life Insurance Co.: |
7/31/98 |
$ 10,000,000 |
|
6.79%, 9/1/00 |
3/12/99 |
$ 45,000,000 |
|
New York Life Insurance Co.: |
8/28/00 |
$ 25,000,000 |
|
6.87%, 10/1/00 |
7/13/00 |
$ 35,000,000 |
|
6.90%, 10/1/00 |
12/20/99 |
$ 23,000,000 |
|
Pacific Life Insurance Co |
8/31/99 |
$ 25,000,000 |
|
Transamerica Occidental Life Insurance Co. |
4/28/00 |
$ 55,000,000 |
|
Income Tax Information |
|
At August 31, 2000, the fund had a capital loss carryforward of approximately $304,000 of which $139,000, $42,000, $73,000, $1,000 and $49,000 will expire on August 31, 2002, 2004, 2005, 2006 and 2008, respectively. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities
|
|
August 31, 2000 |
|
|
Assets |
|
|
|
Investment in securities, at value (including repurchase agreements of $136,655,000) - |
|
$ 10,194,381,848 |
|
Receivable for fund shares sold |
|
65,392,870 |
|
Interest receivable |
|
63,395,347 |
|
Total assets |
|
10,323,170,065 |
|
Liabilities |
|
|
|
Payable to custodian bank |
$ 831 |
|
|
Payable for fund shares redeemed |
76,961,174 |
|
|
Distributions payable |
109,477 |
|
|
Accrued management fee |
3,606,871 |
|
|
Other payables and accrued expenses |
74,649 |
|
|
Total liabilities |
|
80,753,002 |
|
Net Assets |
|
$ 10,242,417,063 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 10,242,814,352 |
|
Accumulated net realized gain (loss) on investments |
|
(397,289) |
|
Net Assets, for 10,242,742,342 shares outstanding |
|
$ 10,242,417,063 |
|
Net Asset Value, offering price and redemption price per share ($10,242,417,063 ÷ 10,242,742,342 shares) |
|
$1.00 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Operations
|
|
Year ended August 31, 2000 |
|
|
Interest Income |
|
$ 636,206,139 |
|
Expenses |
|
|
|
Management fee |
$ 43,510,828 |
|
|
Non-interested trustees' compensation |
34,911 |
|
|
Total expenses before reductions |
43,545,739 |
|
|
Expense reductions |
(3,917,399) |
39,628,340 |
|
Net interest income |
|
596,577,799 |
|
Net Realized Gain (Loss) on Investments |
|
(142,353) |
|
Net increase in net assets resulting from operations |
|
$ 596,435,446 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
|
Year ended |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
$ 596,577,799 |
$ 448,397,808 |
|
Net realized gain (loss) |
(142,353) |
173,790 |
|
Net increase (decrease) in net assets resulting |
596,435,446 |
448,571,598 |
|
Distributions to shareholders from net interest income |
(596,577,799) |
(448,397,808) |
|
Share transactions at net asset value of $1.00 per share |
18,811,440,179 |
16,462,325,115 |
|
Reinvestment of distributions from net interest income |
596,372,134 |
448,025,762 |
|
Cost of shares redeemed |
(19,475,728,245) |
(14,521,593,074) |
|
Net increase (decrease) in net assets and shares resulting from share transactions |
(67,915,932) |
2,388,757,803 |
|
Total increase (decrease) in net assets |
(68,058,285) |
2,388,931,593 |
|
Net Assets |
|
|
|
Beginning of period |
10,310,475,348 |
7,921,543,755 |
|
End of period |
$ 10,242,417,063 |
$ 10,310,475,348 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
|
Years ended August 31, |
2000 |
1999 |
1998 |
1997 |
1996 |
|
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
|
Income from Investment Operations |
.058 |
.049 |
.053 |
.052 |
.053 |
|
Less Distributions |
|
|
|
|
|
|
From net interest income |
(.058) |
(.049) |
(.053) |
(.052) |
(.053) |
|
Net asset value, end of period |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
|
Total Return A |
5.91% |
4.97% |
5.46% |
5.37% |
5.40% |
|
Ratios and Supplemental Data |
|
|
|
|
|
|
Net assets, end of period |
$ 10,242 |
$ 10,310 |
$ 7,922 |
$ 6,227 |
$ 5,327 |
|
Ratio of expenses to average |
.42% |
.42% |
.42% |
.42% |
.37% B |
|
Ratio of expenses to average net assets after expense reductions |
.38% C |
.38% C |
.39% C |
.39% C |
.34% C |
|
Ratio of net interest income to average net assets |
5.75% |
4.85% |
5.33% |
5.21% |
5.31% |
A The total returns would have been lower had certain expenses not been reduced during the periods shown.
B FMR agreed to reimburse a portion of the fund's expenses during the period. Without this reimbursement, the fund's expense ratio would have been higher.
C FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.
See accompanying notes which are an integral part of the financial statements.
Annual Report
For the period ended August 31, 2000
1. Significant Accounting Policies.
Retirement Money Market Portfolio (the fund) is a fund of Fidelity Money Market Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware business trust. The financial statements have been prepared in conformity with generally accepted accounting principles which require management to make certain estimates and assumptions at the date of the financial statements. 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 substantially 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 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 among the funds in the trust.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity money market funds. Deferred amounts remain in the fund until distributed in accordance with the Plan.
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 SEC), the fund, 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 for U.S. Treasury or Federal Agency obligations.
Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the fund, or to the Joint Trading Account,
Annual Report
Notes to Financial Statements - continued
2. Operating Policies -
continued
Repurchase Agreements - continued
at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating funds.
When-Issued Securities. The fund may purchase or sell securities on a when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities is fixed at the time the transaction is negotiated. The fund may receive compensation for interest forgone in the purchase of a when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The 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 $364,000,000 or 3.6% of net assets.
3. Fees and Other Transactions with Affiliates.
Management Fee. As the fund's investment adviser, FMR receives a fee that is computed daily at an annual rate of .42% of the fund's average net assets. FMR pays all other expenses, except the compensation of the non-interested Trustees and certain exceptions such as interest, taxes, brokerage commissions and extraordinary expenses. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the fund to the non-interested Trustees.
Sub-Adviser Fee. As the fund's investment sub-adviser, Fidelity Investments Money Management, 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.
Annual Report
Notes to Financial Statements - continued
3. Fees and Other Transactions with Affiliates -
continued
Money Market Insurance. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other money market funds advised by FMR or its affiliates, has entered into insurance agreements with FIDFUNDS Mutual Limited (FIDFUNDS), an affiliated mutual insurance company. FIDFUNDS provides limited coverage for certain loss events including issuer default as to payment of principal or interest and bankruptcy or insolvency of a credit enhancement provider. The insurance does not cover losses resulting from changes in interest rates, ratings downgrades or other market conditions. The fund may be subject to a special assessment of up to approximately 2.5 times the fund's annual gross premium if covered losses exceed certain levels. During the period, FMR has borne the cost of the fund's premium payable to FIDFUNDS.
4. Interfund Lending Program.
The fund participated in the interfund lending program as a lender. The average daily loan balance during the period for which loans were outstanding amounted to $8,340,333. The weighted average interest rate was 5.66%. Interest earned from the interfund lending program amounted to $3,932 and is included in interest income on the Statement of Operations. At period end there were no interfund loans outstanding.
5. Expense Reductions.
Through an arrangement with the fund's transfer agent, credits realized as a result of uninvested cash balances were used to reduce a portion of the fund's expenses. During the period, the fund's expenses were reduced by $3,917,399 under this arrangement.
Annual Report
To the Trustees of Fidelity Money Market Trust and the Shareholders of Retirement Money Market Portfolio:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Retirement Money Market Portfolio (a fund of Fidelity Money Market Trust) at August 31, 2000, and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Retirement Money Market Portfolio's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2000 by correspondence with the custodian and brokers, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 13, 2000
Annual Report
A special meeting of the fund's shareholders was held on October 12, 2000. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect as Trustees the following twelve nominees.*
|
\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
J. Michael Cook
|
Affirmative |
6,897,618,844.74 |
94.916 |
|
Withheld |
369,420,761.15 |
5.084 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Ralph F. Cox
|
Affirmative |
6,896,832,903.37 |
94.906 |
|
Withheld |
370,206,702.52 |
5.094 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Phyllis Burke Davis
|
Affirmative |
6,889,963,420.94 |
94.811 |
|
Withheld |
377,076,184.95 |
5.189 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Robert M. Gates
|
Affirmative |
6,892,297,505.35 |
94.843 |
|
Withheld |
374,742,100.54 |
5.157 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Edward C. Johnson 3d
|
Affirmative |
6,896,618,844.78 |
94.903 |
|
Withheld |
370,420,761.11 |
5.097 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Donald J. Kirk
|
Affirmative |
6,901,850,533.92 |
94.975 |
|
Withheld |
365,189,071.97 |
5.025 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
|
\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
Marie L. Knowles
|
Affirmative |
6,896,264,771.74 |
94.898 |
|
Withheld |
370,774,834.15 |
5.102 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Ned C. Lautenbach
|
Affirmative |
6,902,345,350.58 |
94.982 |
|
Withheld |
364,694,255.31 |
5.018 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Peter S. Lynch
|
Affirmative |
6,902,132,019.88 |
94.979 |
|
Withheld |
364,907,586.01 |
5.021 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
William O. McCoy
|
Affirmative |
6,900,137,540.96 |
94.951 |
|
Withheld |
366,902,064.93 |
5.049 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Marvin L. Mann
|
Affirmative |
6,898,734,631.63 |
94.932 |
|
Withheld |
368,304,974.26 |
5.068 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Robert C. Pozen
|
Affirmative |
6,902,879,704.43 |
94.989 |
|
Withheld |
364,159,901.46 |
5.011 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
Annual Report
Proxy Voting Results - continued
PROPOSAL 2
To ratify the selection of PricewaterhouseCoopers LLP as independent accountants of the fund.
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
4,555,529,832.08 |
90.956 |
|
Against |
128,579,253.10 |
2.567 |
|
Abstain |
324,387,514.91 |
6.477 |
|
TOTAL |
5,008,496,600.09 |
100.000 |
PROPOSAL 3
To authorize the Trustees to adopt an amended and restated Trust Instrument.*
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
6,177,560,774.68 |
85.008 |
|
Against |
441,140,307.33 |
6.070 |
|
Abstain |
648,338,523.88 |
8.922 |
|
TOTAL |
7,267,039,605.89 |
100.000 |
PROPOSAL 4
To approve an amended management contract for the fund.
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
4,160,275,358.81 |
83.064 |
|
Against |
404,621,324.79 |
8.079 |
|
Abstain |
443,599,916.49 |
8.857 |
|
TOTAL |
5,008,496,600.09 |
100.000 |
PROPOSAL 5
To amend the fund's fundamental investment limitation concerning diversification.
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
4,173,860,233.82 |
83.336 |
|
Against |
380,520,574.38 |
7.597 |
|
Abstain |
454,115,791.89 |
9.067 |
|
TOTAL |
5,008,496,600.09 |
100.000 |
PROPOSAL 6
To amend the fund's fundamental investment limitation concerning underwriting.
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
4,144,179,112.96 |
82.743 |
|
Against |
389,748,288.96 |
7.782 |
|
Abstain |
474,569,198.17 |
9.475 |
|
TOTAL |
5,008,496,600.09 |
100.000 |
PROPOSAL 7
To amend the fund's fundamental investment limitation concerning concentration.
|
\\\\\\\\\\\\\\ |
# of |
% of |
|
|
Votes Cast |
Votes Cast |
|
Affirmative |
4,141,880,494.04 |
82.697 |
|
Against |
392,710,509.61 |
7.841 |
|
Abstain |
473,905,596.44 |
9.462 |
|
TOTAL |
5,008,496,600.09 |
100.000 |
* Denotes trust-wide proposals and
voting results.
Annual Report
c
Annual Report
Annual Report
Investment Adviser
Fidelity Management &
Research Company
Boston, MA
Sub-Adviser
Fidelity Investments Money
Management, Inc.
Officers
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Dwight D. Churchill, Vice President
Boyce I. Greer, Vice President
Robert K. Duby, Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Maria C. Dwyer, Deputy Treasurer
Stanley N. Griffith,
Assistant Vice President
John H. Costello, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer
Board of Trustees
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
Donald J. Kirk *
Ned C. Lautenbach *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
Advisory Board
J. Michael Cook
Abigail P. Johnson
Marie L. Knowles
* Independent trustees
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Custodian
The Bank of New York
New York, NY
RMM-PRO-1000 112813
1.703301.103
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
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