<PAGE>
- -------------------------------------------------------------------------------
STATE STREET RESEARCH
- -------------------------------------------------------------------------------
MONEY MARKET FUND
---------------------
SEMIANNUAL REPORT
September 30, 1999
--------------------
WHAT'S INSIDE
--------------------
INVESTMENT UPDATE
About the Fund,
economy and markets
FUND INFORMATION
Facts and figures
PLUS, COMPLETE PORTFOLIO HOLDINGS
AND FINANCIAL STATEMENTS
----------------------
DALBAR
HONORS COMMITMENT TO:
INVESTORS
1998
----------------------
For Excellence
[Logo] STATE STREET RESEARCH in
Shareholder Service
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
- --------------------------------------------------------------------------------
INVESTMENT UPDATE
- --------------------------------------------------------------------------------
INVESTMENT ENVIRONMENT
THE ECONOMY
o Interest rates edged higher; however retail and auto sales were stronger than
expected.
o The Federal Reserve Board raised the short- term interest rate in the third
quarter; however, investor enthusiasm and consumer confidence did not wane
significantly.
o The global economy has stabilized, and signs of growth began to emerge
overseas.
THE MARKETS
o Money market rates rose during the third quarter of 1999 as the Federal
Reserve Board ("The Fed") moved to tighten the nation's monetary policy.
o During the period, the Fed twice voted a one-quarter percent increase in the
federal funds rate, the rate member banks charge each other to borrow money.
The rates increased on June 30, 1999 and again on August 24, 1999. The S&P
was up 0.37% for the six months ended September 30, 1999.(1)
THE FUND
OVER THE PAST SIX MONTHS
o Class E shares of State Street Research Money Market Fund returned 2.23% for
the six months ended September 30, 1999.(2) This return compared favorably
with Lipper's average money market fund, which returned 2.16% for the same
period.
o The Fund's yield rose from 4.29% on March 31, 1999 to 4.77% on September 30,
1999 (for Class E shares). The rise reflects the increase in the federal
funds rate from 4.75% to 5.25%.
o The Fund's weighted average maturity was 55 days as of September 30, 1999.
That was approximately 2 days shorter than the industry average.
o The Fund continues to offer low credit risk and stability of principal, and
can serve as the liquid portion of a well-balanced portfolio.
September 30, 1999
(1) The S&P 500 (officially the "Standard and Poor's 500 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) 1.72% for Class B(1);
1.72% for Class B;
1.72% for Class C;
2.23% for Class S;
2.24% for Class T
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, 1999)
- --------------------------------------------------------------------------------
7-DAY YIELD
- --------------------------------------------------------------------------------
Class B(1) 3.77%
- --------------------------------------------------------------------------------
Class B 3.77%
- --------------------------------------------------------------------------------
Class C 3.77%
- --------------------------------------------------------------------------------
Class E 4.77%
- --------------------------------------------------------------------------------
Class S 4.77%
- --------------------------------------------------------------------------------
MetLife Securities Money Fund Class T 4.77%
- --------------------------------------------------------------------------------
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, 1999 to September 30, 1999)
90-Day 90-Day 30-Year
Commercial Treasury Treasury 30-Year
Paper Bills Bills Mortgage
---------- -------- -------- --------
3/99 $4,810 $4,700 $5,231 $5,621
4/99 4,790 4,530 5,344 5,661
5/99 4,810 4,620 5,620 5,824
6/99 4,980 4,763 5,787 5,969
7/99 5,110 4,740 5,902 6,103
8/99 5,250 4,961 5,976 6,067
9/99 5,320 4,846 5,877 6,053
Source: Federal Reserve, IBC/Donoghue
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, 1999 (Unaudited)
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
PRINCIPAL MATURITY VALUE
AMOUNT DATE (NOTE 1)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMERCIAL PAPER 101.3%
AUTOMOTIVE 20.5%
DaimlerChrysler N.A. Holding Corp., 5.28% .. $10,000,000 11/30/1999 $ 9,912,000
DaimlerChrysler N.A. Holding Corp., 5.32% .. 10,000,000 12/09/1999 9,898,033
Ford Motor Credit Co., 5.57% ............... 30,264,000 10/01/1999 30,264,000
Ford Motor Credit Co., 5.15% ............... 8,600,000 11/04/1999 8,558,171
Ford Motor Credit Co., 5.13% ............... 8,700,000 11/17/1999 8,641,732
Ford Motor Credit Co., 5.25% ............... 4,200,000 11/17/1999 4,171,212
General Motors Acceptance Corp., 5.70% ..... 10,000,000 1/19/2000 9,825,833
General Motors Acceptance Corp., 5.70% ..... 9,400,000 1/21/2000 9,233,307
General Motors Acceptance Corp., 5.75% ..... 4,100,000 1/27/2000 4,022,727
------------
94,527,015
------------
CANADIAN 8.9%
Canadian Wheat Board, 5.13% ................ 10,000,000 11/23/1999 9,924,475
Province of British Columbia, 5.12% ........ 10,000,000 11/22/1999 9,926,045
Province of British Columbia, 5.27% ........ 5,200,000 12/07/1999 5,148,998
Province of Ontario, 5.27% ................. 8,700,000 11/18/1999 8,638,868
Province of Quebec, 5.34% .................. 7,500,000 12/07/1999 7,425,462
------------
41,063,848
------------
CHEMICAL 4.3%
E.I. Du Pont De Nemours & Co., 5.03% ....... 10,000,000 10/18/1999 9,976,247
E.I. Du Pont De Nemours & Co., 5.11% ....... 10,000,000 10/25/1999 9,965,934
------------
19,942,181
------------
CONSUMER GOODS & SERVICES 4.3%
Procter & Gamble Co., 5.30% ................ 10,000,000 12/13/1999 9,892,528
Procter & Gamble Co., 5.30% ................ 10,000,000 12/16/1999 9,888,111
------------
19,780,639
------------
DIVERSIFIED 4.2%
Cargill Inc., 5.70% ........................ 10,000,000 1/13/2000 9,835,333
Cargill Inc., 5.67% ........................ 10,000,000 1/24/2000 9,818,875
------------
19,654,208
------------
ELECTRICAL EQUIPMENT 4.8%
General Electric Capital Corp., 5.05% ...... 4,600,000 10/07/1999 4,596,128
General Electric Capital Corp., 5.25% ...... 4,400,000 11/30/1999 4,361,500
General Electric Capital Corp., 5.32% ...... 8,500,000 12/17/1999 8,403,279
General Electric Capital Corp., 5.70% ...... 4,900,000 1/21/2000 4,813,107
------------
22,174,014
------------
FINANCIAL SERVICE 44.2%
American Express Credit Corp., 5.11% ....... 7,600,000 11/15/1999 7,551,455
American Express Credit Corp., 5.28% ....... 10,000,000 12/15/1999 9,890,000
American General Corp., 5.30% .............. 10,000,000 12/02/1999 9,908,722
American General Finance Corp., 4.97% ...... 10,000,000 10/05/1999 9,994,478
Associates First Capital Corp., 5.14% ...... 5,100,000 11/15/1999 5,067,233
Associates First Capital Corp., 5.74% ...... 15,000,000 1/12/2000 14,753,658
BankAmerica Corp., 5.19% ................... 10,000,000 11/08/1999 9,945,217
BankAmerica Corp., 5.30% ................... 10,000,000 11/08/1999 9,944,055
Canadian Imperial Holdings, Inc., 5.15% .... 20,000,000 11/02/1999 19,908,445
CIT Group Holdings Inc., 5.14% ............. 15,000,000 10/27/1999 14,944,317
CIT Group Holdings Inc., 5.14% ............. 6,100,000 11/10/1999 6,065,162
Citicorp, 5.28% ............................ 10,000,000 12/09/1999 9,898,800
Goldman Sachs Group LP, 4.91% .............. 10,000,000 10/01/1999 10,000,000
Goldman Sachs Group LP, 5.23% .............. 5,000,000 11/26/1999 4,959,322
Goldman Sachs Group LP, 5.70% .............. 8,500,000 2/01/2000 8,334,463
Household Finance Corp., 5.17% ............. 11,000,000 10/14/1999 10,979,464
J.P. Morgan & Co. Inc., 5.80% .............. 15,000,000 1/21/2000 14,729,333
Norwest Financial Inc., 5.03% .............. 5,700,000 10/07/1999 5,695,221
Norwest Financial Inc., 5.31% .............. 12,000,000 12/07/1999 11,881,410
Toronto Dominion Holdings, Inc., 5.315% .... 10,000,000 12/02/1999 9,908,464
------------
204,359,219
------------
FOOD & BEVERAGE 4.0%
Coca-Cola Co., 5.07% ....................... 8,700,000 10/05/1999 8,695,099
Coca-Cola Co., 5.66% ....................... 10,000,000 1/27/2000 9,814,478
------------
18,509,577
------------
MACHINERY 1.5%
John Deere Capital Corp., 5.12% ............ 6,800,000 10/20/1999 6,781,625
------------
RETAIL TRADE 4.6%
Sears Roebuck Acceptance Corp., 5.03% ...... 3,900,000 10/07/1999 3,896,730
Sears Roebuck Acceptance Corp., 5.13% ...... 7,300,000 10/12/1999 7,288,557
Sears Roebuck Acceptance Corp., 5.14% ...... 10,000,000 11/09/1999 9,944,317
------------
21,129,604
------------
Total Commercial Paper and Investments
(Cost $467,921,930) - 101.3% .................................................. 467,921,930
Cash and Other Assets, Less Liabilities - (1.3)% ................................ (5,857,888)
------------
Net Assets - 100.0% ............................................................. $462,064,042
============
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, 1999 (Unaudited)
<S> <C>
ASSETS
Investments, at value (Cost $467,921,930) (Note 1) .................... $467,921,930
Cash .................................................................. 2,519
Receivable for fund shares sold ....................................... 3,305,371
Receivable from Distributor (Note 3) .................................. 292,716
Other assets .......................................................... 409,176
------------
471,931,712
LIABILITIES
Payable for fund shares redeemed ...................................... 9,321,682
Dividends payable ..................................................... 275,997
Accrued management fee (Note 2) ....................................... 184,928
Accrued distribution and service fees (Note 5) ........................ 29,527
Accrued trustees' fees (Note 2) ....................................... 14,952
Other accrued expenses ................................................ 40,584
------------
9,867,670
------------
NET ASSETS ............................................................ $462,064,042
============
Net Assets consist of:
Paid-in capital ..................................................... $462,064,042
============
Net Asset Value and offering price per share of Class B(1)
shares ($1,997,240 / 1,997,240 shares)* ............................. $1.00
=====
Net Asset Value and offering price per share of Class B shares
($31,479,986 / 31,479,986 shares)* .................................. $1.00
=====
Net Asset Value, offering price and redemption price per share of
Class C shares
($2,250,468 / 2,250,468 shares)* .................................... $1.00
=====
Net Asset Value, offering price and redemption price per share of
Class E shares
($361,678,442 / 361,678,442 shares) ................................. $1.00
=====
Net Asset Value, offering price and redemption price per share of
Class S shares
($16,194,117 / 16,194,117 shares) ................................... $1.00
=====
Net Asset Value, offering price and redemption price per share of
Class T shares
($48,463,789 / 48,463,789 shares) ................................... $1.00
=====
- ----------------------------------------------------------------------------------
* Redemption price per share for Class B(1), Class B and Class C is equal to
net asset value less any applicable contingent deferred sales charge.
</TABLE>
<PAGE>
<TABLE>
- ----------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- ----------------------------------------------------------------------------------
For the six months ended September 30, 1999 (Unaudited)
<S> <C>
INVESTMENT INCOME
Interest .......................................................... $10,950,287
EXPENSES
Management fee (Note 2) ........................................... 1,080,937
Transfer agent and shareholder services (Note 2) .................. 488,902
Distribution and service fees - Class B(1) (Note 5) ............... 8,015
Distribution and service fees - Class B (Note 5) .................. 152,594
Distribution and service fees - Class C (Note 5) .................. 11,436
Registration fees ................................................. 85,584
Custodian fee ..................................................... 67,395
Reports to shareholders ........................................... 56,604
Legal fees ........................................................ 44,946
Trustees' fees (Note 2) ........................................... 14,952
Audit fee ......................................................... 13,227
Miscellaneous ..................................................... 11,487
-----------
2,036,079
Expenses borne by the Distributor (Note 3) ........................ (443,500)
Fees paid indirectly (Note 2) ..................................... (15,211)
-----------
1,577,368
-----------
Net investment income and net increase in net assets resulting from
operations ...................................................... $ 9,372,919
===========
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, 1999
MARCH 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income and net
increase resulting from operations ....... $ 14,810,708 $ 9,372,919
------------ ------------
Dividends from net investment income:
Class B(1) ............................... (4,888) (27,595)
Class B .................................. (867,238) (520,793)
Class C .................................. (81,088) (39,029)
Class E .................................. (12,916,266) (8,207,364)
Class S .................................. (924,448) (541,001)
Class T .................................. (16,780) (37,137)
------------ ------------
(14,810,708) (9,372,919)
------------ ------------
Net increase from fund share trans-
actions (Note 6) ......................... 139,876,441 70,331,659
------------ ------------
Total increase in net assets ............... 139,876,441 70,331,659
NET ASSETS
Beginning of period ........................ 251,855,942 391,732,383
------------ ------------
End of period .............................. $391,732,383 $462,064,042
============ ============
The accompanying notes are an integral part of the financial statements.
- --------------------------------------------------------------------------------
NOTES TO UNAUDITED FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
September 30, 1999
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 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 six classes of shares. On January 1, 1999, the Fund began
offering Class B(1) shares and continued offering Class B shares but only to
current shareholders through reinvestment of dividends and distributions or
through exchanges from existing Class B accounts of State Street Research
funds. Class B(1) and Class B pay annual distribution and service fees of
1.00% and both classes automatically convert into Class E shares (which pay
lower ongoing expenses) at the end of eight years. Class B(1) shares are
subject to a contingent deferred sales charge on certain redemptions made
within six years of purchase. Class B shares are subject to a contingent
deferred sales charge on certain redemptions made within five years of
purchase. 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, 1999, the
fees pursuant to such agreement amounted to $1,080,937.
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, 1999, the amount
of such expenses was $255,160.
The Fund has entered into an arrangement with its transfer agent whereby
credits realized as a result of uninvested cash balances were used to reduce a
portion of the Fund's expense. During the six months ended September 30, 1999
the Fund's transfer agent fees were reduced by $15,211 under this agreement.
The fees of the Trustees not currently affiliated with the Adviser amounted to
$14,952 during the six months ended September 30, 1999.
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, 1999, the amount of such
expenses assumed by the Distributor and its affiliates was $443,500.
NOTE 4
For the six months ended September 30, 1999, purchases and sales, including
maturities, of securities aggregated $4,693,914,362 and $4,626,026,000,
respectively.
NOTE 5
The Trust has adopted plans of distribution pursuant to Rule
12b-1 under the Investment Company Act of 1940. Under the plans, 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(1), 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, 1999, fees pursuant
to such plan amounted to $8,015, $152,594 and $11,436 for Class B(1), 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 $4,043 and $6,795
on sales of the Fund's Class B(1) and Class B shares, respectively and that
the Distributor collected contingent deferred sales charges aggregating
$3,369, $149,745 and $9,961 on redemptions of Class B(1), Class B and Class C
shares, respectively, during the six months ended September 30, 1999.
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, 1999, Metropolitan owned 500,000 Class B(1) shares, 90,723
Class C shares and 16,735 Class S shares and Metropolitan and certain of its
affiliates held of record 68,443,959 Class E shares and 473,126 Class T shares
of the Fund.
<PAGE>
Share transactions were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, 1999
MARCH 31, 1999 (UNAUDITED)
------------------------------------- -------------------------------------
CLASS B(1) SHARES(a) AMOUNT(a) SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ................................... 839,178 $ 839,178 2,271,193 $ 2,271,193
Issued upon reinvestment of dividends ......... 514 514 15,040 15,040
Shares repurchased ............................ (108,168) (108,168) (1,020,517) (1,020,517)
-------------- -------------- -------------- --------------
Net increase .................................. 731,524 $ 731,524 1,265,716 $ 1,265,716
============== ============== ============== ==============
</TABLE>
<TABLE>
CLASS B SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ................................... 73,241,481 $ 73,241,481 25,166,805 $ 25,166,805
Issued upon reinvestment of dividends ......... 753,739 753,739 464,245 464,245
Shares
repurchased ................................... (58,274,238) (58,274,238) (24,439,136) (24,439,136)
-------------- -------------- -------------- --------------
Net increase .................................. 15,720,982 $ 15,720,982 1,191,914 $ 1,191,914
============== ============== ============== ==============
</TABLE>
<TABLE>
CLASS C SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ................................... 38,269,827 $ 38,269,827 14,599,710 $ 14,599,710
Issued upon reinvestment of dividends ......... 49,352 49,352 26,594 26,594
Shares repurchased ............................ (38,347,649) (38,347,649) (14,661,392) (14,661,392)
-------------- -------------- -------------- --------------
Net decrease .................................. (28,470) $ (28,470) (35,088) $ (35,088)
============== ============== ============== ==============
</TABLE>
<TABLE>
CLASS E SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ................................... 1,500,181,917 $1,500,181,917 1,155,699,903 $1,155,699,903
Issued upon reinvestment of dividends ......... 10,196,998 10,196,998 6,159,674 6,159,674
Shares repurchased ............................ (1,400,759,486) (1,400,759,486) (1,131,275,595) (1,131,275,595)
-------------- -------------- -------------- --------------
Net increase .................................. 109,619,429 $ 109,619,429 30,583,982 $ 30,583,982
============== ============== ============== ==============
</TABLE>
<TABLE>
CLASS S SHARES AMOUNT SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ................................... 60,674,480 $ 60,674,480 25,783,728 $ 25,783,728
Issued upon reinvestment of dividends ......... 638,114 638,114 308,904 308,904
Shares repurchased ............................ (47,970,874) (47,970,874) (36,740,030) (36,740,030)
-------------- -------------- -------------- --------------
Net increase (decrease) ....................... 13,341,720 $ 13,341,720 (10,647,398) $ (10,647,398)
============== ============== ============== ==============
</TABLE>
<TABLE>
METLIFE SECURITIES MONEY FUND CLASS T SHARES(b) AMOUNT(b) SHARES AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ................................... 1,006,510 $ 1,006,510 60,752,834 $ 60,752,834
Issued upon reinvestment of dividends ......... 196 196 37,137 37,137
Shares repurchased ............................ (515,450) (515,450) (12,817,438) (12,817,438)
-------------- -------------- -------------- --------------
Net increase .................................. 491,256 $ 491,256 47,972,533 $ 47,972,533
============== ============== ============== ==============
- ---------------------------------------------------------------------------------------------------------
(a) January 1, 1999 (commencement of share class) to March 31, 1999.
(b) August 1, 1998 (commencement of share class) to March 31, 1999.
</TABLE>
<PAGE>
<TABLE>
STATE STREET RESEARCH MONEY MARKET FUND
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- ------------------------------------------------------------------------------------------------------------------------------------
For a share outstanding throughout each period:
<CAPTION>
CLASS B(1)
------------------------------------------
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, 1999
MARCH 31, 1999(a) (UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000
------ ------
Net investment income ($)* 0.008 0.017
Dividends from net investment income ($) (0.008) (0.017)
------ ------
NET ASSET VALUE, END OF PERIOD ($) 1.000 1.000
====== ======
Total return(b) (%) 0.84(c) 1.72(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 732 1,997
Ratio of operating expenses to average net
assets (%)* 1.66(d) 1.66(d)
Ratio of operating expenses to average
net assets after expense reductions (%)* 1.65(d) 1.65(d)
Ratio of net investment income to average net
assets (%)* 3.40(d) 3.44(d)
* Reflects voluntary reduction of expenses per share of these amounts (Note 3)($) 0.000 0.001
</TABLE>
<TABLE>
<CAPTION>
CLASS B
-------------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
---------------------------------------------------------- SEPTEMBER 30, 1999
1995 1996 1997 1998 1999 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
------ ------ ------ ------ ------ ------
Net investment income ($)* 0.032 0.041 0.037 0.040 0.038 0.017
Dividends from net investment income ($) (0.032) (0.041) (0.037) (0.040) (0.038) (0.017)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
====== ====== ====== ====== ====== ======
Total return(b) (%) 3.27 4.16 3.72 4.09 3.85 1.72(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 9,322 11,884 15,982 14,567 30,288 31,480
Ratio of operating expenses to average net
assets (%)* 1.75 1.75 1.75 1.65 1.66 1.66(d)
Ratio of operating expenses to average net
assets after expense reductions (%)* 1.75 1.75 1.75 1.65 1.65 1.65(d)
Ratio of net investment income to average
net assets (%)* 3.53 4.06 3.69 4.01 3.73 3.41(d)
*Reflects voluntary reduction of expenses
per share of these amounts (Note 3)($) 0.004 0.003 0.002 0.002 0.001 0.001
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS C
-------------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
---------------------------------------------------------- SEPTEMBER 30, 1999
1995 1996 1997 1998 1999 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
------ ------ ------ ------ ------ ------
Net investment income ($)* 0.032 0.041 0.037 0.040 0.038 0.017
Dividends from net investment income ($) (0.032) (0.041) (0.037) (0.040) (0.038) (0.017)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
====== ====== ====== ====== ====== ======
Total return(b) (%) 3.28 4.16 3.72 4.09 3.85 1.72(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 842 1,964 959 2,314 2,286 2,250
Ratio of operating expenses to average net
assets (%)* 1.75 1.75 1.75 1.65 1.66 1.66(d)
Ratio of operating expenses to average net
assets after expense reductions (%)* 1.75 1.75 1.75 1.65 1.65 1.65(d)
Ratio of net investment income to average
net assets (%)* 3.30 4.08 3.68 4.01 3.72 3.41(d)
*Reflects voluntary reduction of expenses
per share of these amounts (Note 3)($) 0.005 0.003 0.002 0.002 0.001 0.001
- ------------------------------------------------------------------------------------------------------------------------------------
(a) January 1, 1999 (commencement of share class) to March 31, 1999.
(b) Does not reflect any front-end or contingent deferred sales charges. Total
return would be lower if the Distributor and its affiliates had not
voluntarily reduced the Fund's expenses.
(c) Not annualized.
(d) Annualized.
(e) August 1, 1998 (commencement of share class) to March 31, 1999.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
CLASS E
-------------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
--------------------------------------------------------- SEPTEMBER 30, 1999
1995 1996 1997 1998 1999 (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
------ ------ ------ ------ ------ ------
Net investment income ($)* 0.042 0.051 0.047 0.050 0.048 0.022
Dividends from net investment income ($) (0.042) (0.051) (0.047) (0.050) (0.048) (0.022)
------ ------ ------ ------ ------ ------
NET ASSET VALUE,
END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
====== ====== ====== ====== ====== ======
Total return(b) (%) 4.31 5.20 4.78 5.12 4.88 2.23(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 150,491 197,109 192,360 221,475 331,094 361,678
Ratio of operating expenses to average net
assets (%)* 0.75 0.75 0.75 0.65 0.66 0.66(d)
Ratio of operating expenses to average net
assets after expense reductions (%)* 0.75 0.75 0.75 0.65 0.65 0.65(d)
Ratio of net investment income to average
net assets (%)* 4.26 5.06 4.69 5.01 4.74 4.42(d)
*Reflects voluntary reduction of expenses
per share of these amounts (Note 3)($) 0.006 0.003 0.002 0.002 0.001 0.001
</TABLE>
<TABLE>
<CAPTION>
CLASS S
-------------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
---------------------------------------------------------- SEPTEMBER 30, 1999
1995 1996 1997 1998 1999 (UNAUDITED)
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
------ ------ ------ ------ ------ ------
Net investment income ($)* 0.042 0.051 0.047 0.050 0.048 0.022
Dividends from net investment income ($) (0.042) (0.051) (0.047) (0.050) (0.048) (0.022)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
====== ====== ====== ====== ====== ======
Total return(b) (%) 4.31 5.20 4.78 5.12 4.88 2.23(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 7,886 16,191 14,710 13,500 26,842 16,194
Ratio of operating expenses to average net
assets (%)* 0.75 0.75 0.75 0.65 0.66 0.66(d)
Ratio of operating expenses to average net
assets after expense reductions (%)* 0.75 0.75 0.75 0.65 0.65 0.65(d)
Ratio of net investment income to average
net assets (%)* 4.66 5.03 4.69 5.01 4.77 4.37(d)
*Reflects voluntary reduction of expenses
per share of these amounts (Note 3)($) 0.003 0.003 0.002 0.002 0.001 0.001
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
METLIFE SECURITIES
MONEY FUND CLASS T
-----------------------------------------
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, 1999
MARCH 31, 1999(e) (UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000
------ ------
Net investment income ($)* 0.031 0.022
Dividends from net investment income ($) (0.031) (0.022)
------ ------
NET ASSET VALUE, END OF PERIOD ($) 1.000 1.000
====== ======
Total return(b) (%) 3.15(c) 2.24(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 491 48,464
Ratio of operating expenses to average net assets (%)* 0.66(d) 0.66(d)
Ratio of operating expenses to average net assets after expense reductions (%)* 0.65(d) 0.65(d)
Ratio of net investment income to average net assets (%)* 4.65(d) 4.68(d)
* Reflects voluntary reduction of expenses per share of these amounts (Note 3)($) 0.001 0.001
- ------------------------------------------------------------------------------------------------------------------------------------
(a) January 1, 1999 (commencement of share class) to March 31, 1999.
(b) 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 the Fund's expenses.
(c) Not annualized.
(d) Annualized.
(e) August 1, 1998 (commencement of share class) to March 31, 1999.
</TABLE>
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
- --------------------------------------------------------------------------------
REPORT ON SPECIAL MEETING OF SHAREHOLDERS
- --------------------------------------------------------------------------------
A Special Meeting of Shareholders of the State Street Research Money Market
Fund ("Fund"), a series of State Street Research Money Market Trust ("Trust"),
was convened on April 6, 1999 ("Meeting"), and continued thereafter. The
results of the Meeting are set forth below.
VOTES (MILLIONS
OF SHARES)
-----------------
ACTION ON PROPOSAL FOR WITHHELD
- --------------------------------------------------------------------------------
The following persons were elected as Trustees:
Bruce R. Bond ............................................. 208.1 2.9
Susan M. Phillips ......................................... 208.0 3.1
<PAGE>
<TABLE>
<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 BRUCE R. BOND
One Financial Center DYANN H. KIESSLING Former Chairman of the Board,
Boston, MA 02111 Vice President Chief Executive Officer
and President,
DISTRIBUTOR THOMAS A. SHIVELY PictureTel Corporation
State Street Research Vice President
Investment Services, Inc. STEVE A. GARBAN
One Financial Center GERARD P. MAUS Former Senior Vice President
Boston, MA 02111 Treasurer for Finance and Operations and
Treasurer, The Pennsylvania
SHAREHOLDER SERVICES JOSEPH W. CANAVAN State University
State Street Research Assistant Treasurer
Service Center MALCOLM T. HOPKINS
P.O. Box 8408 DOUGLAS A. ROMICH Former Vice Chairman of the
Boston, MA 02266-8408 Assistant Treasurer Board and Chief Financial
1-800-562-0032 Officer, St. Regis Corp.
FRANCIS J. MCNAMARA, III
CUSTODIAN Secretary and General Counsel DEAN O. MORTON
State Street Bank and Former Executive Vice President,
Trust Company DARMAN A. WING Chief Operating Officer and
225 Franklin Street Assistant Secretary and Director, Hewlett-Packard Company
Boston, MA 02110 Assistant General Counsel
SUSAN M. PHILLIPS
LEGAL COUNSEL AMY L. SIMMONS Dean, School of Business and
Goodwin, Procter & Hoar LLP Assistant Secretary Public Management, George
Exchange Place Washington University; former
Boston, MA 02109 Member of the Board of Governors
of the Federal Reserve System and
Chairman and Commissioner of
the Commodity Futures Trading
Commission
TOBY ROSENBLATT
President,
Founders Investments Ltd.
President,
The Glen Ellen Company
MICHAEL S. SCOTT MORTON
Jay W. Forrester Professor of
Management, Sloan School of
Management, Massachusetts
Institute of Technology
</TABLE>
<PAGE>
---------------
Bulk Rate
STATE STREET RESEARCH MONEY MARKET FUND U.S. Postage
One Financial Center PAID
Boston, MA 02111 Canton, MA
Permit #313
---------------
STATE STREET RESEARCH
[Logo]
LASTING VALUE
- -------------
LEADING IDEAS
QUESTIONS? COMMENTS?
CALL us at 1-800-562-0032 or
[hearing impaired 1-800-676-7876]
[Chinese and Spanish-speaking 1-888-638-3193]
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.
This publication must be preceded or accompanied by a current State Street
Research Money Market Fund prospectus.
When used after December 31, 1999, 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: (exp1100) SSR-LD MM-415G-1199
