[front cover]
[State Street Research Logo]
[Graphic of blurred financial page of a newspaper]
State Street Research
Money Market Fund
Semiannual Report
September 30, 1996
[Graphic of a person sitting by the edge of a stream fishing]
What's Inside
Investment Update:
About the Fund,
economy and markets
Fund Information:
Facts and figures
Plus, Complete Portfolio Holdings
and Financial Statements
[Dalbar Logo]
For Excellence in
Shareholder Service
<PAGE>
State Street Research Money Market Fund
Investment Update
Investment Environment
The Economy
(bullet) After a stronger than expected second quarter in 1996, economic
growth slowed somewhat in the third quarter.
(bullet) Indicators were mixed. Wages rose during the six-month period and
unemployment remains low. Consumer prices and inflation remained
contained, however.
(bullet) The Federal Reserve met twice since April, leaving interest rates
unchanged.
The Markets
(bullet) From April 1 to September 30, 1996, stocks and bonds brought in
positive performance overall, peppered with short-term corrections.
(bullet) The stock market continued its rise, with the Dow Jones Industrial
Average nearly reaching the 6000 point marker. The S&P 500 was up
+7.71% for the six month period ended September 30, 1996.(1)
(bullet) Bond performance was mixed, with the Lehman Brothers Aggregate Bond
Index gaining +2.43% for the same time period.(1)
The Fund
Over the past six months
(bullet) Money market yields have risen slightly over the past six months.
For Class "E" shares of State Street Research Money Market Fund, the
yield rose from 4.57% to 4.74%.
(bullet) The Fund maintained a stable net asset value of $1.00 per share.
Current strategy
(bullet) The Fund's portfolio consists entirely of high-quality, "first-tier"
commercial paper issued by large corporations.
(bullet) State Street Research Money Market Fund's weighted average maturity
(WAM) was 35 days as of September 30, 1996. The WAM did not change
significantly over the past six months.
(bullet) We have stayed shorter than the industry weighted average maturity
in keeping with our conservative positioning.
September 30, 1996
(1)The Standard & Poor's 500 Composite Index (S&P 500) includes 500 widely
traded common stocks and is a commonly used measure of U.S. stock market
performance. The Lehman Brothers Aggregate Bond Index is a commonly used
measure of bond market performance. The indices are unmanaged and do not take
sales charges into consideration. Direct investment in the indices is not
possible; results are for illustrative purposes only.
An investment in Money Market Fund is neither insured nor guaranteed by the
U.S. government, and there can be no assurance that the portfolio will be
able to maintain a stable net asset value of $1.00 per share.
Please note that the discussion throughout this shareholder report is dated
as indicated and, because of possible changes in viewpoint, data and
transactions, should not be relied upon as being current thereafter.
Fund Information (all data are for periods ended September 30, 1996)
7-Day Yield
Class B 3.74%
- ---------- --------
Class C 4.74%
- ---------- --------
Class D 3.74%
- ---------- --------
Class E 4.74%
Yield is calculated by annualizing the Fund's per share distributions for the
most recent seven days and dividing by the net asset value per share at the
end of the period. Yields shown reflect voluntary reduction of fund fees and
expenses. Without a reduction of Fund fees and expenses, the 7-day yield
would have been 3.56% for Class B shares, 4.56% for Class C shares, 3.56% for
Class D shares, and 4.56% for Class E shares.
Month-End 7 Day Yields
State Street Research Money Market Fund
Class E Shares
Sep. 95 5.04
Oct. 5.06
Nov. 5.05
Dec. 5.01
Jan. 95 4.9
Feb. 4.7
Mar. 4.57
Apr. 4.57
May 4.63
Jun. 4.68
Jul. 4.72
Aug. 4.72
Sep. 96 4.74
Yields shown reflect voluntary reduction of fund fees and expenses.
Glossary
Yield: The measurement of income paid by an investment. It is stated as a
percentage.
Weighted average maturity: Expressed as a number of days, the WAM is the
average maturity of the debt securities in a money market fund.
Debt securities: These are securities issued by corporations and the U.S.
government as a way to borrow money. Some common types of debt securities
include bonds, notes, bills and commercial paper.
<PAGE>
State Street Research Money Market Fund
Investment Portfolio
September 30, 1996 (Unaudited)
Principal Maturity Value
Amount Date (Note 1)
- ----------------------------------- ------------- ------------- ---------------
COMMERCIAL PAPER 100.2%
Automotive 9.0%
Ford Motor Credit Co., 5.44% $4,095,000 10/17/1996 $ 4,085,099
Ford Motor Credit Co., 5.29% 5,000,000 10/24/1996 4,983,102
General Motors Acceptance Corp.,
5.44% 2,000,000 10/08/1996 1,997,884
General Motors Acceptance Corp.,
5.52% 7,000,000 10/29/1996 6,969,947
General Motors Acceptance Corp.,
5.45% 2,500,000 12/20/1996 2,469,722
---------------
20,505,754
---------------
Bank 11.0%
Canadian Imperial Holdings, Inc.,
5.43% 1,908,000 12/13/1996 1,886,972
J.P. Morgan & Co. Inc., 5.46% 6,500,000 10/07/1996 6,494,085
J.P. Morgan & Co. Inc., 5.50% 5,400,000 12/13/1996 5,340,651
Toronto Dominion Holdings (U.S.A.),
Inc, 5.43% 7,000,000 12/03/1996 6,933,483
Toronto Dominion Holdings (U.S.A.),
Inc., 5.42% 4,500,000 12/12/1996 4,451,220
---------------
25,106,411
---------------
Canadian 12.6%
Canadian Wheat Board, 5.45% 400,000 11/12/1996 397,457
Canadian Wheat Board, 5.25% 5,000,000 11/13/1996 4,968,646
Manitoba Hydro Electric Board,
5.44% 4,000,000 10/10/1996 3,994,560
Manitoba Hydro Electric Board,
5.46% 2,000,000 10/24/1996 1,993,023
Ontario Hydro, 5.31% 6,000,000 10/31/1996 5,973,450
Province of Quebec, 5.37% 4,500,000 12/19/1996 4,446,971
Province of Quebec, 5.40% 7,000,000 12/19/1996 6,917,050
---------------
28,691,157
---------------
Chemical 3.5%
Monsanto Co., 5.44% 6,000,000 10/15/1996 5,987,307
Monsanto Co., 5.29% 2,100,000 10/16/1996 2,095,371
---------------
8,082,678
---------------
Diversified 5.2%
Cargill Inc., 5.47% 4,500,000 10/08/1996 4,495,214
Cargill Inc., 5.40% 4,000,000 10/18/1996 3,989,800
Cargill Inc., 5.27% 3,500,000 11/14/1996 3,477,456
---------------
11,962,470
---------------
Drug 3.5%
SmithKline Beecham Corp., 5.80% $1,105,000 10/01/1996 $ 1,105,000
SmithKline Beecham Corp., 5.30% 7,000,000 11/13/1996 6,955,686
---------------
8,060,686
---------------
Electrical Equipment 5.0%
General Electric Capital Corp.,
5.33% 402,000 10/03/1996 402,000
General Electric Capital Corp.,
5.29% 5,000,000 11/01/1996 4,977,224
General Electric Capital Corp.,
5.27% 6,000,000 11/20/1996 5,956,083
---------------
11,335,307
---------------
Electronic Equipment 3.1%
Motorola Inc., 5.28% 7,000,000 10/25/1996 6,975,360
---------------
Financial Service 10.0%
American Express Credit Corp.,
5.29% 8,000,000 11/18/1996 7,943,573
Beneficial Corp., 5.40% 3,500,000 12/20/1996 3,458,000
CIT Group Holdings Inc., 5.40% 4,400,000 10/03/1996 4,398,680
CIT Group Holdings Inc., 5.33% 7,000,000 12/16/1996 6,921,235
---------------
22,721,488
---------------
Insurance 6.8%
Commercial Credit Co., 5.29% 4,000,000 10/16/1996 3,991,183
Transamerica Finance Group Inc.,
5.43% 6,500,000 10/30/1996 6,471,568
Transamerica Finance Group Inc.,
5.32% 5,000,000 12/02/1996 4,954,189
---------------
15,416,940
---------------
Machinery 3.5%
John Deere Capital Corp.,
5.44% 4,000,000 10/10/1996 3,994,560
John Deere Capital Corp.,
5.39% 4,000,000 10/18/1996 3,989,819
---------------
7,984,379
---------------
Natural Gas 2.7%
Michigan Consolidated Gas Co.,
5.38% 5,000,000 11/04/1996 4,974,595
Northern Illinois Gas Co., 5.37% 1,300,000 12/04/1996 1,287,589
---------------
6,262,184
---------------
Office Equipment 2.6%
Pitney Bowes Inc., 5.42% 6,000,000 10/09/1996 5,992,773
---------------
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
State Street Research Money Market Fund
Investment Portfolio (cont'd)
Principal Maturity Value
Amount Date (Note 1)
- ----------------------------------- ------------- ------------- ---------------
Oil 3.2%
Chevron Oil Finance Co., 5.30% $4,550,000 10/21/1996 $ 4,550,000
Shell Oil Co., 5.42% 2,800,000 10/01/1996 2,800,000
---------------
7,350,000
---------------
Recreation 1.9%
Walt Disney Co., 5.39% 4,489,000 12/24/1996 4,432,543
---------------
Retail Trade 6.0%
Sears Roebuck Acceptance Corp.,
5.28% 6,000,000 10/01/1996 6,000,000
Sears Roebuck Acceptance Corp.,
5.29% 5,000,000 11/25/1996 4,959,590
Toys 'R Us Inc., 5.25% 2,703,000 10/02/1996 2,702,606
---------------
13,662,196
---------------
Telephone 5.8%
Bell Atlantic Network Funding Inc.,
5.30% 4,100,000 10/03/1996 4,098,793
BellSouth Telecommunications, Inc.,
5.27% 5,780,000 10/11/1996 5,771,539
BellSouth Telecommunications, Inc.,
5.33% 3,295,000 11/04/1996 3,278,506
---------------
13,148,838
---------------
Tobacco 4.8%
Philip Morris Companies, Inc.,
5.26% 6,455,000 10/02/1996 6,454,057
Philip Morris Companies, Inc.,
5.43% 4,500,000 10/15/1996 4,490,497
---------------
10,944,554
---------------
Total Investments (Cost $228,635,718)--100.2% 228,635,718
Cash and Other Assets, Less Liabilities--(0.2)% (366,443)
---------------
Net Assets--100.0% $228,269,275
===============
Statement of Assets and Liabilities
September 30, 1996 (Unaudited)
Assets
Investments, at value (Cost $228,635,718) (Note 1) $228,635,718
Cash 2,059
Receivable for fund shares sold 1,965,096
Receivable from Distributor (Note 3) 32,779
Other assets 8,621
---------------
230,644,273
Liabilities
Payable for fund shares redeemed 1,733,237
Accrued transfer agent and shareholder services (Note 2) 238,877
Dividends payable 224,745
Accrued management fee (Note 2) 96,615
Accrued distribution and service fees (Note 5) 10,664
Accrued trustees' fees (Note 2) 9,650
Other accrued expenses 61,210
---------------
2,374,998
---------------
Net Assets $228,269,275
===============
Net Assets consist of:
Shares of beneficial interest $228,269,275
===============
Net Asset Value and offering price per share of Class B
shares ($12,444,322 / 12,444,322 shares of beneficial
interest)* $1.00
===============
Net Asset Value, offering price and redemption price per
share of Class C shares ($13,197,246 / 13,197,246
shares of beneficial interest) $1.00
===============
Net Asset Value and offering price per share of Class D
shares ($157,619 / 157,619 shares of beneficial
interest)* $1.00
===============
Net Asset Value, offering price and redemption price per
share of Class E shares ($202,470,088 / 202,470,088
shares of beneficial interest) $1.00
===============
* Redemption price per share for Class B and Class D is equal to net asset
value less any applicable contingent deferred sales charge.
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
State Street Research Money Market Fund
Statement of Operations
For the six months ended September 30, 1996 (Unaudited)
Investment Income
Interest $6,327,917
Expenses
Management fee (Note 2) 583,012
Transfer agent and shareholder services (Note 2) 322,548
Custodian fee 50,773
Registration fees 45,714
Reports to shareholders 34,387
Trustees' fees (Note 2) 16,055
Audit fee 13,346
Distribution and service fees--Class B (Note 5) 64,316
Distribution and service fees--Class D (Note 5) 3,953
Legal fees 2,688
Miscellaneous 8,013
-------------
1,144,805
Expenses borne by the Distributor (Note 3) (204,027)
-------------
940,778
-------------
Net investment income and net increase in net assets
resulting from operations $5,387,139
=============
Statement of Changes in Net Assets
Six months ended
September 30, 1996 Year ended
(Unaudited) March 31, 1996
------------------------------ ------------------ ---------------
Increase (Decrease) in Net Assets
Operations:
Net investment income and net
increase resulting from
operations $ 5,387,139 $ 10,633,974
------------------ ---------------
Dividends from net investment
income:
Class B (236,575) (454,124)
Class C (409,682) (716,481)
Class D (14,490) (28,738)
Class E (4,726,392) (9,434,631)
------------------ ---------------
(5,387,139) (10,633,974)
------------------ ---------------
Net increase from fund share
transactions (Note 6) 1,122,142 58,605,553
------------------ ---------------
Total increase in net assets 1,122,142 58,605,553
Net Assets
Beginning of period 227,147,133 168,541,580
------------------ ---------------
End of period $228,269,275 $227,147,133
================== ===============
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
State Street Research Money Market Fund
Notes to Unaudited Financial Statements
September 30, 1996
Note 1
State Street Research Money Market Fund (the "Fund"), is a series of State
Street Research Money Market Trust (the "Trust"), which was organized as a
Massachusetts business trust in April, 1985 and is registered under the
Investment Company Act of 1940, as amended, as an open-end management
investment company. The Fund commenced operations in August, 1986. The Fund
is presently the only active series of the Trust, although the Trustees have
the authority to create an unlimited number of series.
The investment objective of the Fund is to seek a high level of current
income consistent with preservation of capital and maintenance of liquidity.
The Fund seeks to achieve its investment objective by investing in securities
issued or guaranteed as to principal and interest by the U.S. Government or
its agencies or instrumentalities as well as high quality, short-term money
market instruments such as bank certificates of deposit, bankers' acceptances
and such short-term corporate debt securities as commercial paper and master
demand notes.
The Fund offers four classes of shares. Class B shares are subject to a
contingent deferred sales charge on certain redemptions made within five
years of purchase and pay annual distribution and service fees of 1.00%.
Class B shares automatically convert into Class E shares (which pay lower
ongoing expenses) at the end of eight years after the issuance of the Class B
shares. Class C shares are only offered to certain employee benefit plans and
large institutions. No sales charge is imposed at the time of purchase or
redemption of Class C shares. Class C shares do not pay any distribution or
service fees. Class D shares are subject to a contingent deferred sales
charge of 1.00% on any shares redeemed within one year of their purchase.
Class D shares also pay annual distribution and service fees of 1.00%. Class
E shares are offered to any individual. Class E shares are not subject to any
initial or contingent deferred sales charges and do not pay any distribution
or service fees. The Fund's expenses are borne pro rata by each class, except
that each class bears expenses, and has exclusive voting rights with respect
to provisions of the Plan of Distribution, related specifically to that
class. The Trustees declare separate dividends on each class of shares.
The following significant accounting policies are consistently followed by
the Fund in preparing its financial statements, and such policies are in
conformity with generally accepted accounting principles for investment
companies.
A. Investment Valuation
The Fund values securities at amortized cost, pursuant to which the Fund must
adhere to certain conditions. The amortized cost method involves valuing a
portfolio security initially at its cost and thereafter assuming a constant
amortization to maturity of any discount or premium regardless of the effect
of fluctuating interest rates on the market value of the investments.
B. Security Transactions
Security transactions are accounted for on the trade date (date the order to
buy or sell is executed). Realized gains or losses, if any, are reported on
the basis of identified cost of securities delivered.
C. Net Investment Income
Net investment income is determined daily and consists of interest accrued
and discount earned, less amortization of premium and the estimated daily
expenses of the Fund. Interest income is accrued daily as earned.
D. Dividends
Dividends from net investment income are declared daily and paid or
reinvested monthly. Net realized capital gains, if any, are distributed
annually, unless additional distributions are required for compliance with
applicable tax regulations.
E. Federal Income Taxes
No provision for Federal income taxes is necessary because the Fund has
elected to qualify under Subchapter M of the Internal Revenue Code and its
policy is to distribute all of its taxable income, including net realized
capital gains, within the prescribed time periods.
F. Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period.
Actual results could differ from those estimates.
Note 2
The Trust and State Street Research & Management Company (the "Adviser"), an
indirect wholly owned subsidiary of Metropolitan Life Insurance Company
("Metropolitan"), have entered into an agreement under which the Adviser
earns monthly fees at an annual rate of 0.50% of the Fund's average daily net
assets. In consideration of these fees, the Adviser furnishes the Fund with
management, investment advisory, statistical and research facilities and
services. The Adviser also pays all salaries, rent and certain other expenses
of management. During the six months ended September 30, 1996, the fees
pursuant to such agreement amounted to $583,012.
State Street Research Shareholder Services, a division of State Street
Research Investment Services, Inc., the Trust's principal underwriter (the
"Distributor"), an indirect wholly owned subsidiary of Metropolitan, provides
certain shareholder services to the Fund such as responding to inquiries and
instructions from investors with respect to the purchase and redemption of
shares of the Fund. During the six months ended September 30, 1996, the
amount of such expenses was $60,770.
The fees of the Trustees not currently affiliated with the Adviser amounted
to $16,055 during the six months ended September 30, 1996.
Note 3
The Distributor and its affiliates may from time to time and in varying
amounts voluntarily assume some portion of fees or expenses relating to the
Fund. During the six months ended September 30, 1996, the amount of such
expenses assumed by the Distributor and its affiliates was $204,027.
5
<PAGE>
State Street Research Money Market Fund
Note 4
For the six months ended September 30, 1996, purchases and sales, including
maturities, of securities aggregated $1,027,559,402 and $1,031,708,197,
respectively.
Note 5
The Trust has adopted a Plan of Distribution Pursuant to Rule 12b-1 (the
"Plan") under the Investment Company Act of 1940. Under the Plan, the Fund
pays annual distribution and service fees to the Distributor at a rate of
0.75% and 0.25%, respectively, of average daily net assets for Class B and
Class D shares. The Distributor uses such payments for personal services
and/or the maintenance or servicing of shareholder accounts, to reimburse
securities dealers for distribution and marketing services, to furnish
ongoing assistance to investors and to defray a portion of its distribution
and marketing expenses. For the six months ended September 30, 1996, fees
pursuant to such plan amounted to $64,316 and $3,953 for Class B and Class D
shares, respectively.
The Fund has been informed that MetLife Securities, Inc., a wholly-
owned subsidiary of Metropolitan, earned commissions aggregating $3,180 on
sales of the Fund's Class B shares and that the Distributor collected
contingent deferred sales charges aggregating $126,712 and $12,518 on
redemptions of Class B and Class D shares, respectively, during the six
months ended September 30, 1996.
Note 6
The Trustees have the authority to issue an unlimited number of shares of
beneficial interest, $.001 par value per share.
At September 30, 1996, Metropolitan and certain of its affiliates held of
record 70,858,617 Class E shares of the Fund.
Share transactions were as follows:
<TABLE>
<CAPTION>
Six months ended
September 30, 1996 Year ended
(Unaudited) March 31, 1996
--------------------------------- ---------------------------------
Class B Shares Amount Shares Amount
--------------------------------------------------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Shares sold 13,052,928 $ 13,052,928 25,459,225 $ 25,459,225
Issued upon reinvestment of dividends 198,023 198,023 310,628 310,628
Shares repurchased (12,690,276) (12,690,276) (23,208,467) (23,208,467)
---------------- ---------------- ---------------- ----------------
Net increase 560,675 $ 560,675 2,561,386 $ 2,561,386
================ ================ ================ ================
Class C Shares Amount Shares Amount
--------------------------------------------------------- ---------------- ---------------- ----------------
Shares sold 14,392,963 $ 14,392,963 32,210,132 $ 32,210,132
Issued upon reinvestment of dividends 368,794 368,794 663,095 663,095
Shares repurchased (17,755,729) (17,755,729) (24,568,290) (24,568,290)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) (2,993,972) $ (2,993,972) 8,304,937 $ 8,304,937
================ ================ ================ ================
Class D Shares Amount Shares Amount
--------------------------------------------------------- ---------------- ---------------- ----------------
Shares sold 19,842,695 $ 19,842,695 7,691,536 $ 7,691,536
Issued upon reinvestment of dividends 10,826 10,826 17,289 17,289
Shares repurchased (21,659,438) (21,659,438) (6,587,059) (6,587,059)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) (1,805,917) $ (1,805,917) 1,121,766 $ 1,121,766
================ ================ ================ ================
Class E Shares Amount Shares Amount
--------------------------------------------------------- ---------------- ---------------- ----------------
Shares sold 380,550,761 $ 380,550,761 880,060,476 $ 880,060,476
Issued upon reinvestment of dividends 2,959,277 2,959,277 6,168,315 6,168,315
Shares repurchased (378,148,682) (378,148,682) (839,611,327) (839,611,327)
---------------- ---------------- ---------------- ----------------
Net increase 5,361,356 $ 5,361,356 46,617,464 $ 46,617,464
================ ================ ================ ================
</TABLE>
6
<PAGE>
State Street Research Money Market Fund
Financial Highlights
For a share outstanding throughout each period:
<TABLE>
<CAPTION>
Class B Class C
------------------------------------------ ------------------------------------------
Six months ended Year ended March 31 Six months ended Year ended March 31
September 30, ------------------------- September 30, -------------------------
1996 (Unaudited) 1996 1995 1994** 1996 (Unaudited) 1996 1995 1994**
- ---------------------- ---------------- ------- ------- ------- ---------------- ------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Net investment income* 0.018 0.041 0.032 0.012 0.023 0.051 0.042 0.021
Dividends from net
investment income (0.018) (0.041) (0.032) (0.012) (0.023) (0.051) (0.042) (0.021)
---------------- ------- ------- ------- ---------------- ------- ---------------
Net asset value, end
of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
================ ======= ======= ======= ================ ======= ===============
Total return 1.85%+++ 4.16%+ 3.27%+ 1.27%+++ 2.36%+++ 5.20%+ 4.31%+ 2.08%+++
Net assets at end of
period (000s) $12,444 $11,884 $ 9,322 $ 3,028 $13,197 $16,191 $ 7,886 $ 1,786
Ratio of operating
expenses to average
net assets* 1.75%++ 1.75% 1.75% 1.75%++ 0.75%++ 0.75% 0.75% 0.75%++
Ratio of net
investment income to
average net assets* 3.68%++ 4.06% 3.53% 1.54%++ 4.69%++ 5.03% 4.66% 2.54%++
*Reflects voluntary
assumption of fees
or expenses per
share in each period
(Note 3). $ 0.001 $ 0.003 $ 0.004 $ 0.007 $ 0.001 $ 0.003 $ 0.003 $ 0.006
</TABLE>
<TABLE>
<CAPTION>
Class D
------------------------------------------------
Six months ended Year ended March 31
September 30, ------------------------------
1996 (Unaudited) 1996 1995 1994**
- ---------------------- ---------------- --------- -------------------
<S> <C> <C> <C> <C>
Net asset value,
beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
Net investment income* 0.018 0.041 0.032 0.013
Dividends from net
investment income (0.018) (0.041) (0.032) (0.013)
---------------- --------- -------------------
Net asset value, end
of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
================ ========= ===================
Total return 1.85%+++ 4.16%+ 3.28%+ 1.30%+++
Net assets at end of
period (000s) $ 158 $ 1,964 $ 842 $ 174
Ratio of operating
expenses to average
net assets* 1.75%++ 1.75% 1.75% 1.75%++
Ratio of net
investment income to
average net assets* 3.67%++ 4.08% 3.30% 1.54%++
*Reflects voluntary
assumption of fees
or expenses per
share in each period
(Note 3). $ 0.001 $ 0.003 $ 0.005 $ 0.002
</TABLE>
<TABLE>
<CAPTION>
Class E
-------------------------------------------------------------------------------
Six months ended Year ended March 31
September 30, 1996 ----------------------------------------------------------
(Unaudited) 1996 1995 1994*** 1993 1992
- -------------------------------- ------------------------------ ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Net investment income* 0.023 0.051 0.042 0.025 0.028 0.048
Dividends from net investment
income (0.023) (0.051) (0.042) (0.025) (0.028) (0.048)
------------------------------ ----------- ----------- ----------- -----------
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
============================== =========== =========== =========== ===========
Total return 2.36%+++ 5.20%+ 4.31%+ 2.48%+ 2.88%+ 4.85%+
Net assets at end of period
(000s) $202,470 $197,109 $150,491 $138,129 $149,831 $168,088
Ratio of operating expenses to
average net assets* 0.75%++ 0.75% 0.75% 0.75% 0.75% 0.75%
Ratio of net investment income
to average net assets* 4.68%++ 5.06% 4.26% 2.46% 2.84% 4.77%
*Reflects voluntary assumption
of fees or expenses per share
in each period (Note 3). $ 0.001 $ 0.003 $ 0.006 $ 0.003 $ 0.001 $ 0.001
</TABLE>
** June 1, 1993 (commencement of share class designations) to March 31,
1994.
++ Annualized.
+ Total return figures do not reflect any front-end or contingent deferred
sales charges. Total return would be lower if the Distributor and its
affiliates had not voluntarily assumed a portion of the Fund's expenses.
+++ Represents aggregate return for the period without annualization and
does not reflect any front-end or contingent deferred sales charges.
Total return would be lower if the Distributor and its affiliates had
not voluntarily assumed a portion of the Fund's expenses.
*** Effective November 30, 1993, the Fund discontinued offering Class A
shares and any existing Class A shares were redesignated Class E shares.
Net investment income and dividends amounted to $.011 per share for Class
A shares during the period June 1, 1993 (commencement of share class
designations) to November 30, 1993.
7
<PAGE>
State Street Research Money Market Fund
Fund Information, Officers and Trustees of State Street Research Money Market
Trust
Fund Information
State Street Research
Money Market Fund
One Financial Center
Boston, MA 02111
Investment Adviser
State Street Research &
Management Company
One Financial Center
Boston, MA 02111
Distributor
State Street Research
Investment Services, Inc.
One Financial Center
Boston, MA 02111
Shareholder Services
State Street Research
Shareholder Services
P.O. Box 8408
Boston, MA 02266-8408
1-800-562-0032
Custodian
State Street Bank and
Trust Company
225 Franklin Street
Boston, MA 02110
Legal Counsel
Goodwin, Procter & Hoar LLP
Exchange Place
Boston, MA 02109
Officers
Ralph F. Verni
Chairman of the Board,
President and
Chief Executive Officer
JoAnne C. Mulligan
Vice President
Thomas A. Shively
Vice President
Gerard P. Maus
Treasurer
Joseph W. Canavan
Assistant Treasurer
Douglas A. Romich
Assistant Treasurer
Francis J. McNamara, III
Secretary and General Counsel
Darman A. Wing
Assistant Secretary and
Assistant General Counsel
Amy L. Simmons
Assistant Secretary
Trustees
Ralph F. Verni
Chairman of the Board,
President, Chief Executive
Officer and Director,
State Street Research &
Management Company
Edward M. Lamont
Formerly in banking (Morgan
Guaranty Trust Company of
New York); presently engaged
in private investments and
civic affairs
Robert A. Lawrence
Partner, Saltonstall & Co.
Dean O. Morton
Retired; formerly Executive
Vice President, Chief
Operating Officer and Director,
Hewlett-Packard Company
Thomas L. Phillips
Retired; formerly Chairman of the
Board and Chief Executive Officer,
Raytheon Company
Toby Rosenblatt
President,
The Glen Ellen Company
Vice President,
Founders Investments Ltd.
Michael S. Scott Morton
Jay W. Forrester Professor of
Management, Sloan School of
Management, Massachusetts
Institute of Technology
Jeptha H. Wade
Retired; formerly Of Counsel,
Choate, Hall & Stewart
8
<PAGE>
State Street Research Money Market Fund
One Financial Center
Boston, MA 02111
Bulk Rate
U.S. Postage
PAID
Brockton, MA
Permit No. 600
Questions? Comments?
Call us at 1-800-562-0032,
or write us at:
State Street Research
Shareholder Services
P.O. Box 8408
Boston, MA 02266-8408
[State Street Research Logo]
This report is prepared for the general information of current shareholders
only. It is not authorized for use as sales material with prospective investors.
The Dalbar awards recognize quality shareholder service and should not be
considered a rating of fund performance. The survey included mutual fund
complexes that volunteered or were otherwise selected to participate and was
not industry-wide.
CONTROLNUMBER: 3506-961122(1297)SSR-LD
Cover Illustration by Dorothy Cullinan MM-270D-1196
