<PAGE>
---------------------
STATE STREET RESEARCH
---------------------
MONEY MARKET FUND
---------------------
SEMIANNUAL REPORT
September 30, 1998
---------------------
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 STATE STREET RESEARCH FUNDS
Shareholder Service
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
- --------------------------------------------------------------------------------
INVESTMENT UPDATE
- --------------------------------------------------------------------------------
INVESTMENT ENVIRONMENT
THE ECONOMY
o The economy continued strong during the first half of 1998. Personal income
rose, and unemployment remained at a low 4.5%. Inflation remained in check at
1.6%.
o The third quarter saw U.S. consumer and capital spending still satisfactory,
but increasingly at risk. Consumers were exposed to stock market volatility,
the savings rate was zero, and job growth was slowing. Capital spending was
vulnerable to earnings deterioration, falling operating rates, and a possible
credit crunch.
THE MARKETS
o Money market rates trended slightly lower during the 2nd quarter of 1998 and
continued their decline into the third quarter, as the Federal Reserve Board
("The Fed") moved to ease the nation's monetary policy.
o Just before the end of the period, the Fed voted a one-quarter percent
reduction in the federal funds rate, the rate member banks charge each other
to borrow money. The yield on the 90-day U.S. Treasury bill fell from 5.12%
on March 31, 1998 to 4.36% on September 30, 1998. Stocks hit a high of
9337.97 in mid-July, then plunged nearly 1500 points to close at 7842.62. The
S&P 500 fell -6.93%.(1)
THE FUND
OVER THE PAST SIX MONTHS
o Class E shares of State Street Research Money Market Fund returned 2.52% for
the six months ended September 30, 1998.(2) This return compared favorably
with Lipper's average money market fund, which returned 2.43%.
o The Fund's yield fell from 4.96% on March 31, 1998 to 4.93% on September 30,
1998 (for Class E shares). The decline reflects the September decrease in the
federal funds rate from 5.5% to 5.25%.
o The Fund's weighted average maturity was 58 days as of September 30, 1998.
That was approximately 3 days longer than the industry average.
o The Fund offers low credit risk and stability of principal and can serve as
the liquid portion of a well-balanced portfolio.
September 30, 1998
(1) The S&P 500 (officially the "Standard and Poor's 500 Composite Stock Price
Index") is an unmanaged index of 500 U.S. stocks. The index does not take
transaction charges into consideration. It is not possible to invest
directly in the index; results are for illustrative purposes only.
(2) 2.01% for Class B;
2.01% for Class C;
2.52% for Class E;
2.52% for Class S;
0.83% for Class T (for the period August 1, 1998 to September 30, 1998).
AN INVESTMENT IN THE FUND IS NOT INSURED NOR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
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, 1998)
- --------------------------------------------------------------------------------
7-DAY YIELD
- --------------------------------------------------------------------------------
Class B 3.93%
- --------------------------------------------------------------------------------
Class C 3.93%
- --------------------------------------------------------------------------------
Class E 4.93%
- --------------------------------------------------------------------------------
Class S 4.93%
- --------------------------------------------------------------------------------
MetLife Securities Money Fund Class T 4.93%
- --------------------------------------------------------------------------------
The Fund's yield is its investment income, less expenses, expressed as a
percentage of assets on an annualized basis for a seven-day period. Yields
shown for the Fund are increased by the voluntary reduction of Fund fees and
expenses; without subsidization, performance would have been lower.
INTEREST RATES
(March 31, 1998 to September 30, 1998)
90-Day 90-Day 10-Year 30-Year
Commercial Treasury Treasury Treasury
Paper Bills Notes Bonds
- -------------------------------------------------------------------
4/98 5.53 4.94 6.00 5.94
5/98 5.48 5.02 5.87 5.79
6/98 5.50 4.97 5.83 5.75
7/98 5.53 4.92 5.79 5.70
8/98 5.48 4.80 5.41 5.23
9/98 5.15 4.43 5.10 4.95
Source: Federal Reserve, IBC/Donohue
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>
<TABLE>
STATE STREET RESEARCH MONEY MARKET FUND
- -----------------------------------------------------------------------------------------------------------------
INVESTMENT PORTFOLIO
September 30, 1998 (Unaudited)
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
PRINCIPAL MATURITY VALUE
AMOUNT DATE (NOTE 1)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMERCIAL PAPER 99.7%
AUTOMOTIVE 9.2%
Ford Motor Credit Co., 5.49% ......................... $ 7,200,000 10/16/1998 $ 7,183,530
Ford Motor Credit Co., 5.50% ......................... 5,700,000 10/21/1998 5,682,583
Ford Motor Credit Co., 5.48% ......................... 1,400,000 12/04/1998 1,386,361
General Motors Acceptance Corp., 5.48% ............... 6,600,000 10/09/1998 6,591,963
General Motors Acceptance Corp., 5.37% ............... 9,000,000 1/15/1999 8,857,695
------------
29,702,132
------------
BANK 11.7%
BankAmerica Corp., 5.28% ............................. 10,000,000 1/21/1999 9,835,733
Canadian Imperial Holdings, Inc., 5.57% .............. 10,000,000 10/14/1998 9,980,186
J.P. Morgan & Co. Inc., 5.50% ........................ 3,400,000 10/09/1998 3,395,844
J.P. Morgan & Co. Inc., 5.33% ........................ 10,000,000 1/21/1999 9,834,178
Toronto Dominion Holdings, Inc., 5.47% ............... 5,000,000 11/23/1998 4,959,735
------------
38,005,676
------------
CANADIAN 10.1%
Canadian Wheat Board, 5.50% .......................... 1,660,000 12/16/1998 1,640,725
Province of British Columbia, 5.51% .................. 1,210,000 11/06/1998 1,203,333
Province of British Columbia, 5.42% .................. 10,000,000 12/07/1998 9,899,128
Province of Quebec, 5.42% ............................ 2,800,000 12/18/1998 2,767,119
Province of Quebec, 5.30% ............................ 5,000,000 12/21/1998 4,940,375
Province of Quebec, 5.30% ............................ 700,000 1/11/1999 689,488
Province of Quebec, 5.48% ............................ 11,790,000 1/11/1999 11,606,941
------------
32,747,109
------------
CHEMICAL 2.8%
E.I. Du Pont De Nemours & Co., 5.45% ................. 5,000,000 12/04/1998 4,951,555
Monsanto Co., 5.50%+ ................................. 4,000,000 10/23/1998 3,986,556
------------
8,938,111
------------
CONSUMER GOODS & SERVICES 4.8%
Procter & Gamble Co., 5.47% .......................... 7,100,000 11/06/1998 7,061,163
Procter & Gamble Co., 5.47% .......................... 2,900,000 11/13/1998 2,881,052
Procter & Gamble Co., 5.33% .......................... 2,800,000 12/29/1998 2,763,105
Procter & Gamble Co., 5.35% .......................... 3,000,000 1/19/1999 2,950,958
------------
15,656,278
------------
DRUG 1.5%
SmithKline Beecham Corp., 5.47% ...................... 5,000,000 10/16/1998 4,988,604
------------
ELECTRICAL EQUIPMENT 4.3%
General Electric Capital Corp., 5.50% ................ 3,284,000 11/18/1998 3,259,917
General Electric Capital Corp., 5.49% ................ 5,600,000 11/19/1998 5,558,154
General Electric Capital Corp., 5.48% ................ 5,000,000 11/27/1998 4,956,617
------------
13,774,688
------------
FINANCIAL SERVICE 40.6%
American Express Credit Corp., 5.48% ................. 5,000,000 10/23/1998 4,983,255
American Express Credit Corp., 5.49% ................. 2,000,000 11/18/1998 1,985,360
American Express Credit Corp., 5.30% ................. 8,800,000 1/12/1999 8,666,558
American General Finance Corp., 5.50% ................ 9,000,000 10/06/1998 8,993,125
American General Finance Corp., 5.41% ................ 6,500,000 12/18/1998 6,423,809
Associates Corp. of North America, 5.70% ............. 9,725,000 10/01/1998 9,725,000
Associates Corp. of North America, 5.49% ............. 2,000,000 11/18/1998 1,985,360
Caterpillar Financial Services NV, 5.25% ............. 3,000,000 1/04/1999 2,958,438
Caterpillar Financial Services NV, 5.38% ............. 12,000,000 1/04/1999 11,829,633
CIT Group Holdings Inc., 5.47% ....................... 6,200,000 12/16/1998 6,128,404
CIT Group Holdings Inc., 5.50% ....................... 9,400,000 12/23/1998 9,282,753
Commercial Credit Co., 5.49% ......................... 5,425,000 10/26/1998 5,404,317
Commercial Credit Co., 5.50% ......................... 6,000,000 10/29/1998 5,974,334
Goldman Sachs Group LP, 5.47% ........................ 7,400,000 11/25/1998 7,338,159
Goldman Sachs Group LP, 5.28% ........................ 4,000,000 1/08/1999 3,941,920
Household Finance Corp., 5.48% ....................... 5,900,000 10/01/1998 5,900,000
Household Finance Corp., 5.43% ....................... 8,700,000 12/11/1998 8,606,830
Merrill Lynch & Company Inc., 5.51% .................. 1,700,000 10/05/1998 1,698,959
Merrill Lynch & Company Inc., 5.51% .................. 4,800,000 11/19/1998 4,764,001
Merrill Lynch & Company Inc., 5.12% .................. 9,400,000 1/29/1999 9,239,574
Norwest Financial Inc., 5.49% ........................ 3,000,000 10/23/1998 2,989,935
Norwest Financial Inc., 5.28% ........................ 2,880,000 12/18/1998 2,847,053
------------
131,666,777
------------
MACHINERY 4.3%
Deere & Co., 5.49% ................................... 5,000,000 11/10/1998 4,969,500
John Deere Capital Corp., 5.48% ...................... 6,000,000 11/02/1998 5,970,773
John Deere Capital Corp., 5.49% ...................... 3,000,000 11/18/1998 2,978,040
------------
13,918,313
------------
PRINTING & PUBLISHING 2.3%
McGraw-Hill Inc., 5.49% .............................. 4,500,000 10/29/1998 4,480,785
McGraw-Hill Inc., 5.47% .............................. 3,000,000 11/23/1998 2,975,841
------------
7,456,626
------------
RETAIL TRADE 8.1%
J C Penney Funding Corp., 5.50%+ ..................... 6,000,000 11/20/1998 5,954,167
J.C. Penney Funding Corp., 5.51%+ .................... 7,000,000 11/13/1998 6,953,930
Sears Roebuck Acceptance Corp., 5.48% ................ 7,000,000 10/05/1998 6,995,738
Sears Roebuck Acceptance Corp., 5.48% ................ 6,500,000 12/01/1998 6,439,644
------------
26,343,479
------------
Total Investments (Cost $323,197,793) - 99.7% ............................................ 323,197,793
Cash and Other Assets, Less Liabilities - 0.3% ........................................... 862,708
------------
Net Assets - 100.0% ...................................................................... $324,060,501
============
- -----------------------------------------------------------------------------------------------------------------
+ Security restricted in accordance with Rule 144A under the Securities Act of 1933, which allows for the resale
of such securities among certain qualified institutional buyers. The total cost and market value of Rule 144A
securities owned at September 30, 1998 were $16,894,653 and $16,894,653 (5.21% of net assets), respectively.
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
<TABLE>
STATE STREET RESEARCH MONEY MARKET FUND
- -------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
- -------------------------------------------------------------------------------------------
September 30, 1998 (Unaudited)
<S> <C>
ASSETS
Investments, at value (Cost $323,197,793) (Note 1) ....................... $323,197,793
Cash ..................................................................... 342
Receivable for fund shares sold .......................................... 2,316,046
Receivable from Distributor (Note 3) ..................................... 96,182
Other assets ............................................................. 63,953
------------
325,674,316
LIABILITIES
Payable for fund shares redeemed ......................................... 965,227
Accrued transfer agent and shareholder services (Note 2) ................. 185,101
Dividends payable ........................................................ 166,767
Accrued management fee (Note 2) .......................................... 130,827
Accrued distribution and service fees (Note 5) ........................... 26,175
Accrued trustees' fees (Note 2) .......................................... 14,823
Other accrued expenses ................................................... 124,895
------------
1,613,815
------------
NET ASSETS ............................................................... $324,060,501
============
Net Assets consist of:
Paid-in capital ........................................................ $324,060,501
============
Net Asset Value and offering price per share of Class B shares
($27,563,219 / 27,563,219 shares)* ................................... $1.00
=====
Net Asset Value and offering price per share of Class C shares
($2,917,028 / 2,917,028 shares)* ..................................... $1.00
=====
Net Asset Value, offering price and redemption price per share of
Class E shares ($263,122,344 / 263,122,344 shares) ..................... $1.00
=====
Net Asset Value, offering price and redemption price per share of
Class S shares ($29,984,626 / 29,984,626 shares) ....................... $1.00
=====
Net Asset Value, offering price and redemption price per share of
Class T shares ($473,284 / 473,284 shares) ............................. $1.00
=====
- -------------------------------------------------------------------------------------------
*Redemption price per share for Class B and Class C is equal to
net asset value less any applicable contingent deferred sales charge.
</TABLE>
<TABLE>
<PAGE>
- -------------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- -------------------------------------------------------------------------------------------
For the six months ended September 30, 1998 (Unaudited)
<S> <C>
INVESTMENT INCOME
Interest ................................................................. $7,673,695
EXPENSES
Management fee (Note 2) .................................................. 683,285
Transfer agent and shareholder services (Note 2) ......................... 245,005
Custodian fee ............................................................ 54,924
Registration fees ........................................................ 47,699
Reports to shareholders .................................................. 22,031
Trustees' fees (Note 2) .................................................. 14,823
Audit fee ................................................................ 13,263
Legal fees ............................................................... 9,152
Distribution and service fees - Class B (Note 5) ......................... 91,522
Distribution and service fees - Class C (Note 5) ......................... 8,572
Miscellaneous ............................................................ 7,371
----------
1,197,647
Expenses borne by the Distributor (Note 3) ............................... (209,283)
----------
988,364
----------
Net investment income and net increase in net assets resulting from
operations ............................................................. $6,685,331
==========
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
<TABLE>
STATE STREET RESEARCH MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------------------------------
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, 1998
MARCH 31, 1998 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income and
net increase resulting from
operations ............................................. $ 12,071,692 $ 6,685,331
------------ ------------
Dividends from net investment
income:
Class B ................................................ (608,692) (362,914)
Class C ................................................ (44,252) (33,917)
Class E ................................................ (10,636,161) (5,878,018)
Class S ................................................ (782,587) (406,554)
Class T ................................................ -- (3,928)
------------ ------------
(12,071,692) (6,685,331)
------------ ------------
Net increase from fund share
transactions (Note 6) .................................. 27,845,850 72,204,559
------------ ------------
Total increase in net assets ............................. 27,845,850 72,204,559
NET ASSETS
Beginning of period ...................................... 224,010,092 251,855,942
------------ ------------
End of period ............................................ $251,855,942 $324,060,501
============ ============
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO UNAUDITED FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
September 30, 1998
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 five 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 subject to a contingent deferred sales charge of 1.00% on
any shares redeemed within one year of their purchase. Class C shares also pay
annual distribution and service fees of 1.00%. Class E shares are offered to
any individual. Class S shares are only offered through certain retirement
accounts, advisory accounts of State Street Research & Management Company (the
"Adviser"), an indirect wholly owned subsidiary of Metropolitan Life Insurance
Company ("Metropolitan"), and special programs. On August 1, 1998, the Fund
began offering MetLife Securities Money Fund Class T shares ("Class T"). Class
T shares are only offered through Metropolitan and certain affiliates. Class
E, Class S and Class T 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 the Adviser 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, 1998, the
fees pursuant to such agreement amounted to $683,285.
State Street Research Service Center, 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. In addition, Metropolitan receives a fee for maintenance
of the accounts of certain shareholders who are participants in sponsored
arrangements, employee benefit plans and similar programs or plans, through or
under which shares of the Fund may be purchased. During the six months ended
September 30, 1998, the amount of such expenses was $73,729.
The fees of the Trustees not currently affiliated with the Adviser amounted to
$14,823 during the six months ended September 30, 1998.
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, 1998, the amount of such
expenses assumed by the Distributor and its affiliates was $209,283.
NOTE 4
For the six months ended September 30, 1998, purchases and sales, including
maturities, of securities aggregated $1,671,586,310 and $1,608,916,289,
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 C 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, 1998, fees pursuant
to such plan amounted to $91,522 and $8,572 for Class B and Class C shares,
respectively.
The Fund has been informed that MetLife Securities, Inc., a wholly-owned
subsidiary of Metropolitan, earned commissions aggregating $9,188 on sales of
the Fund's Class B shares and that the Distributor collected contingent
deferred sales charges aggregating $74,311 and $1,050 on redemptions of Class
B and Class C shares, respectively, during the six months ended September 30,
1998.
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, 1998, Metropolitan owned 73,599 Class B shares, 390,722 Class
C shares and 14,036,328 Class S shares and Metropolitan and certain of its
affiliates held of record 41,954,162 Class E shares and 473,284 Class T shares
of the Fund.
<TABLE>
Share transactions were as follows:
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, 1998
MARCH 31, 1998 (UNAUDITED)
-------------------------------- --------------------------------
CLASS B SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ................. 38,774,433 $ 38,774,433 33,777,333 $ 33,777,333
Issued upon reinvestment
of dividends ................ 522,933 522,933 318,163 318,163
Shares repurchased .......... (40,711,796) (40,711,796) (21,099,367) (21,099,367)
------------ ------------ ------------ ------------
Net increase (decrease) ..... (1,414,430) $ (1,414,430) 12,996,129 $ 12,996,129
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
CLASS C SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ................. 20,294,283 $ 20,294,283 14,497,283 $ 14,497,283
Issued upon reinvestment
of dividends ................ 31,087 31,087 20,956 20,956
Shares repurchased .......... (18,970,254) (18,970,254) (13,915,237) (13,915,237)
------------ ------------ ------------ ------------
Net increase ................ 1,355,116 $ 1,355,116 603,002 $ 603,002
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
CLASS E SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ................. 903,590,545 $903,590,545 508,581,822 $508,581,822
Issued upon reinvestment
of dividends ................ 7,580,531 7,580,531 4,627,974 4,627,974
Shares repurchased .......... (882,055,600) (882,055,600) (471,562,483) (471,562,483)
------------ ------------ ------------ ------------
Net increase ................ 29,115,476 $ 29,115,476 41,647,313 $ 41,647,313
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
CLASS S SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ................. 39,426,406 $ 39,426,406 29,454,744 $ 29,454,744
Issued upon reinvestment
of dividends ................ 670,467 670,467 327,155 327,155
Shares repurchased .......... (41,307,185) (41,307,185) (13,297,068) (13,297,068)
------------ ------------ ------------ ------------
Net increase (decrease) ..... (1,210,312) $ (1,210,312) 16,484,831 $ 16,484,831
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
AUGUST 1, 1998
(COMMENCEMENT
OF SHARE CLASS)
TO SEPTEMBER 30, 1998
(UNAUDITED)
--------------------------------
METLIFE SECURITIES MONEY
FUND CLASS T SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ................. -- $ -- 473,341 $ 473,341
Shares repurchased .......... -- -- (57) (57)
------------ ------------ ------------ ------------
Net increase ................ -- $ -- 473,284 $ 473,284
============ ============ ============ ============
</TABLE>
<PAGE>
<TABLE>
STATE STREET RESEARCH MONEY MARKET FUND
- -------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------------------------------------------------------
For a share outstanding throughout each period:
<CAPTION>
CLASS B
---------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
------------------------------------------------- SEPTEMBER 30, 1998
1994(1) 1995 1996 1997 1998 (UNAUDITED)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
----- ----- ----- ----- ----- -----
Net investment income ($)* 0.012 0.032 0.041 0.037 0.040 0.020
Dividends from net investment income ($) (0.012) (0.032) (0.041) (0.037) (0.040) (0.020)
----- ----- ----- ----- ----- -----
NET ASSET VALUE, END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
===== ===== ===== ===== ===== =====
Total return (%)(2) 1.27(3) 3.27 4.16 3.72 4.09 2.01(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 3,028 9,322 11,884 15,982 14,567 27,563
Ratio of operating expenses to average net
assets (%)* 1.75(4) 1.75 1.75 1.75 1.65 1.65(4)
Ratio of net investment income to average
net assets (%)* 1.54(4) 3.53 4.06 3.69 4.01 3.96(4)
* Reflects voluntary reduction of expenses
per share of these amounts
(Note 3) ($) 0.007 0.004 0.003 0.002 0.002 0.001
</TABLE>
<TABLE>
<CAPTION>
CLASS C
---------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
------------------------------------------------- SEPTEMBER 30, 1998
1994(1) 1995 1996 1997 1998 (UNAUDITED)
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
----- ----- ----- ----- ----- -----
Net investment income ($)* 0.013 0.032 0.041 0.037 0.040 0.020
Dividends from net investment income ($) (0.013) (0.032) (0.041) (0.037) (0.040) (0.020)
----- ----- ----- ----- ----- -----
NET ASSET VALUE, END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
===== ===== ===== ===== ===== =====
Total return (%)(2) 1.30(3) 3.28 4.16 3.72 4.09 2.01(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 174 842 1,964 959 2,314 2,917
Ratio of operating expenses to average net
assets (%)* 1.75(4) 1.75 1.75 1.75 1.65 1.65(4)
Ratio of net investment income to average
net assets (%)* 1.54(4) 3.30 4.08 3.68 4.01 3.96(4)
* Reflects voluntary reduction of expenses
per share of these amounts (Note 3) ($) 0.002 0.005 0.003 0.002 0.002 0.001
- ----------------------------------------------------------------------------------------------------------------------------------
(1) June 1, 1993 (commencement of share class designations) to March 31, 1994.
(2) Does not reflect any front-end or contingent deferred sales charges. Total return would be lower if the Distributor and its
affiliates had not voluntarily reduced a portion of the Fund's expenses.
(3) Not annualized.
(4) Annualized.
</TABLE>
<PAGE>
<TABLE>
STATE STREET RESEARCH MONEY MARKET FUND
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS E
-----------------------------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
--------------------------------------------------------------------------- SEPTEMBER 30, 1998
1994(5) 1995 1996 1997 1998 (UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
----- ----- ----- ----- ----- -----
Net investment income ($)* 0.025 0.042 0.051 0.047 0.050 0.025
Dividends from net
investment income ($) (0.025) (0.042) (0.051) (0.047) (0.050) (0.025)
----- ----- ----- ----- ----- -----
NET ASSET VALUE, END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
===== ===== ===== ===== ===== =====
Total return (%)(2) 2.48 4.31 5.20 4.78 5.12 2.52(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 138,129 150,491 197,109 192,360 221,475 263,122
Ratio of operating expenses to average
net assets (%)* 0.75 0.75 0.75 0.75 0.65 0.65(4)
Ratio of net investment income to average
net assets (%)* 2.46 4.26 5.06 4.69 5.01 4.97(4)
* Reflects voluntary reduction of expenses
per share of these amounts (Note 3) ($) 0.003 0.006 0.003 0.002 0.002 0.001
<CAPTION>
CLASS S
-----------------------------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
--------------------------------------------------------------------------- SEPTEMBER 30, 1998
1994(1) 1995 1996 1997 1998 (UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
----- ----- ----- ----- ----- -----
Net investment income ($)* 0.021 0.042 0.051 0.047 0.050 0.025
Dividends from net investment income ($) (0.021) (0.042) (0.051) (0.047) (0.050) (0.025)
----- ----- ----- ----- ----- -----
NET ASSET VALUE, END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
===== ===== ===== ===== ===== =====
Total return (%)(2) 2.08(3) 4.31 5.20 4.78 5.12 2.52(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 1,786 7,886 16,191 14,710 13,500 29,985
Ratio of operating expenses to average net
assets (%)* 0.75(4) 0.75 0.75 0.75 0.65 0.65(4)
Ratio of net investment income to average
net assets (%)* 2.54(4) 4.66 5.03 4.69 5.01 4.96(4)
*Reflects voluntary reduction of expenses
per share of these amounts (Note 3) ($) 0.006 0.003 0.003 0.002 0.002 0.001
<CAPTION>
METLIFE SECURITIES
MONEY FUND CLASS T
------------------
SIX MONTHS ENDED
SEPTEMBER 30, 1998
(UNAUDITED)(6)
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000
-- -----
Net investment income ($)* 0.008
Dividends from net investment income ($) (0.008)
-- -----
NET ASSET VALUE, END OF PERIOD ($) 1.000
== =====
Total return (%)(2) 0.83(3)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 473
Ratio of operating expenses to average net assets (%)* 0.65(4)
Ratio of net investment income to average net assets (%)* 4.97(4)
*Reflects voluntary reduction of expenses per share of these amounts
(Note 3) ($) 0.000
- ------------------------------------------------------------------------------------------------------------------------------
(1) June 1, 1993 (commencement of share class designations) to March 31, 1994.
(2) 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 reduced a portion of the Fund's expenses.
(3) Not annualized.
(4) Annualized.
(5) 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.
(6) August 1, 1998 (commencement of share class) to September 30, 1998.
</TABLE>
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
<TABLE>
- -----------------------------------------------------------------------------------------------------------------
FUND INFORMATION, OFFICERS AND TRUSTEES OF STATE STREET RESEARCH MONEY MARKET TRUST
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
FUND INFORMATION OFFICERS TRUSTEES
STATE STREET RESEARCH RALPH F. VERNI RALPH F. VERNI
MONEY MARKET FUND Chairman of the Board, Chairman of the Board,
One Financial Center President and President, Chief Executive
Boston, MA 02111 Chief Executive Officer Officer and Director,
State Street Research &
INVESTMENT ADVISER JOHN H. KALLIS Management Company
State Street Research & Vice President
Management Company
One Financial Center DYANN H. KIESSLING STEVE A. GARBAN
Boston, MA 02111 Vice President Former Senior Vice President
for Finance and Operations
DISTRIBUTOR THOMAS A. SHIVELY and Treasurer, The Pennsylvania
State Street Research Vice President State University
Investment Services, Inc.
One Financial Center GERARD P. MAUS
Boston, MA 02111 Treasurer MALCOLM T. HOPKINS
Former Vice Chairman of the
SHAREHOLDER SERVICES JOSEPH W. CANAVAN Board and Chief Financial
State Street Research Assistant Treasurer Officer, St. Regis Corp.
Service Center
P.O. Box 8408 DOUGLAS A. ROMICH
Boston, MA 02266-8408 Assistant Treasurer EDWARD M. LAMONT
1-800-562-0032 Formerly in banking
FRANCIS J. MCNAMARA, III (with an affiliate of
CUSTODIAN Secretary and General Counsel J.P. Morgan & Co. in New York);
State Street Bank and presently engaged in private
Trust Company DARMAN A. WING investments and civic affairs
225 Franklin Street Assistant Secretary and
Boston, MA 02110 Assistant General Counsel
ROBERT A. LAWRENCE
LEGAL COUNSEL AMY L. SIMMONS Former Partner, Saltonstall & Co.
Goodwin, Procter & Hoar LLP Assistant Secretary
Exchange Place
Boston, MA 02109 DEAN O. MORTON
Former Executive Vice President,
Chief Operating Officer and Director,
Hewlett-Packard Company
SUSAN M. PHILLIPS
Dean, School of Business and
Public Management, George
Washington University; former
Member of the Board of Governors
of the Federal Reserve System
and Chairman and Commissioner
of the Commodity Futures
Trading Commission
TONY 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
</TABLE>
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
One Financial Center
Boston, MA 02111
-------------------
Bulk Rate
U.S. Postage
PAID
Permit #20
Holliston, MA 01746
-------------------
QUESTIONS? COMMENTS?
CALL us at 1-800-562-0032
[hearing-impaired 1-800-676-7876]
WRITE us at:
State Street Research
Service Center
P.O. Box 8408
Boston, MA 02266-8408
E-MAIL us at:
[email protected]
INTERNET site:
WWW.SSRFUNDS.COM
[LOGO] STATE STREET RESEARCH
This report is prepared for the general information of current shareholders.
When used in the general solicitation of investors, this report must be
accompanied or preceded by a current State Street Research Money Market Fund
prospectus. When used after December 31, 1998, this report must be accompanied
by a current Quarterly Performance Update.
Portfolio changes should not be considered recommendations for action by
individual 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.
CONTROL NUMBER: (exp 1199) SSR-LD
MM-270D-1098
