<PAGE>
---------------------------------------
State Street Research Money Market Fund
---------------------------------------
MONEY MARKET FUND
-----------------
ANNUAL REPORT
March 31, 2000
-------------
WHAT'S INSIDE
-------------
FROM THE CHAIRMAN
America's economic
prosperity continues
INVESTMENT UPDATE
About the fund,
economy and markets
FUND INFORMATION
Facts and figures
PLUS, COMPLETE PORTFOLIO HOLDINGS
AND FINANCIAL STATEMENTS
-------------------------
[Dalbar Logo]
DALBAR
HONORS COMMITMENT TO:
INVESTORS
1999
-------------------------
For Excellence
in
Shareholder Service
[Logo] STATE STREET RESEARCH
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
[Photo of Gerard P. Maus]
DEAR SHAREHOLDER:
America's cycle of economic prosperity has extended to a record-breaking nine
consecutive years. Gross domestic product, a measure of goods and services
produced in the U.S., rose strongly during the year. It surged ahead at an
annualized rate of 7.3% in the fourth quarter of 1999, and slowed only
slightly to 5.4% in the first quarter of 2000, despite the efforts of the
Federal Reserve Board to cool down the economy by raising interest rates.
Beginning in the second half of 1999 and continuing to the end of the
reporting period, the Fed raised a key short-term interest rate in five
consecutive 1/4% steps from 4.75% to 6.00%.
STOCKS
The U.S. stock market delivered double-digit gains over the 12 months ended
March 31, 2000, despite weakness at the end of the period. The S&P 500 rose
17.93%. However, S&P technology stocks accounted for a disproportionate share
of those gains. And the technology-heavy NASDAQ gained a stunning 86.25% over
the same period.
BONDS
In 1999, the bond market was hurt by factors associated with Y2K. Fears that
issuers would go to the market with their debt issues early in the year drove
yields up and bond prices down. However, those fears were not realized, and
the market began to close the yield gap in the second half of the year. Rising
interest rates also hurt the bond market. Mortgage bonds have held up better
than government and corporate bonds. Both delivered modest single-digit
returns. High yield bonds, which were relatively strong in 1999, finished the
fund reporting year behind other bond sectors. Despite a volatile year, long-
term U.S. Treasury bonds were helped somewhat by the first repurchase of bonds
since the 1930s and by the perception that the Federal Reserve is working to
stem inflation through higher interest rates.
INTERNATIONAL
Economic growth around the globe was better than expected during the year. In
Asia and the emerging markets of Latin America, economies rebounded from
currency and economic woes faster than anticipated. Japan began to show signs
of progress in revitalizing its economy after a decade of stagnation and
decline. That was reflected in strong stock market performance in 1999,
especially among small Japanese companies. However, Japanese stocks lagged
early in 2000 as recession fears returned. European stock markets delivered
mixed results. European technology stocks, strong at first, suffered from the
same volatility that has plagued the U.S. market.
OUTLOOK AND OPPORTUNITIES
As we enter the year 2000, many markets are poised for growth. However, there
are also areas, such as the technology sector in the U.S., where
extraordinarily high valuations and increasing volatility suggest caution in
the months ahead. Now is a good time to consult your financial professional
about the strategies that make sense for your personal portfolio. And, as
always, we thank you for your confidence in State Street Research funds.
Sincerely,
/s/ Gerard P. Maus
Gerard P. Maus, Chief Executive Officer
State Street Research Funds
--------------------------------------------------------------------------------
INVESTMENT UPDATE
--------------------------------------------------------------------------------
THE MARKET
o Money market rates trended up throughout 1999 and early 2000, the result of a
more restrictive monetary policy implemented by the Federal Reserve Board. The
yield on the 90-day U.S. Treasury bill rose from 4.48% on March 31, 1999 to
5.87% on March 31, 2000.
o Longer-term interest rates fluctuated as rising energy prices and uncertainty
about inflation increased investor concern about the ability of the economy to
sustain its current momentum.
o Money market fund yields typically lag interest rate movements. Therefore, the
fund's yield won't immediately reflect any recent change in short-term
interest rates.
THE FUND
o Money Market Fund's yield rose from 4.29% on March 31, 1999 to 5.45% (for
Class E shares on March 31, 2000). That reflects the five one- quarter-point
increases in the federal funds rate since June 1999.
o The Fund's weighted average maturity was 56 days as of March 31, 2000,
approximately 8 days longer than the industry average. (Please see the
glossary below for more about weighted average maturity.)
o Money Market Fund offers low credit risk and stability of principal and can
serve as the liquid portion of a well- balanced investment portfolio.
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 March 31, 2000)
--------------------------------------------------------------------------------
7-DAY YIELD
--------------------------------------------------------------------------------
Class B(1) 4.46%
--------------------------------------------------------------------------------
Class B 4.46%
--------------------------------------------------------------------------------
Class C 4.46%
--------------------------------------------------------------------------------
Class E 5.45%
--------------------------------------------------------------------------------
Class S 5.45%
--------------------------------------------------------------------------------
MetLife Securities Money Fund Class T 5.45%
--------------------------------------------------------------------------------
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 March 31, 2000)
90-Day 90-Day 10-Year 30-Year
Treasury Bills Commercial Paper Treasury Notes Treasury Bonds
-------------- ---------------- -------------- --------------
3/99 4.47% 4.81% 5.23% 5.62%
4/99 4.53 4.79 5.34 5.66
5/99 4.62 4.86 5.62 5.82
6/99 4.76 5.17 5.78 5.96
7/99 4.74 5.15 5.90 6.10
8/99 4.96 5.30 5.97 6.06
9/99 4.84 5.29 5.87 6.05
10/99 5.08 5.88 6.02 6.16
11/99 5.29 5.81 6.18 6.28
12/99 5.31 5.75 6.43 6.47
1/00 5.68 5.83 6.66 6.49
2/00 5.77 5.88 6.41 6.14
3/00 5.88 6.09 6.01 5.83
Sources: 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 MAKET FUND
-----------------------------------------------------------------------------------------------------------------
INVESTMENT PORTFOLIO
-----------------------------------------------------------------------------------------------------------------
March 31, 2000
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
PRINCIPAL MATURITY VALUE
AMOUNT DATE (NOTE 1)
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMERCIAL PAPER 100.9%
AUTOMOTIVE 14.6%
DaimlerChrysler N.A. Holding Corp., 5.92% ............. $ 8,700,000 6/05/2000 $ 8,607,007
DaimlerChrysler N.A. Holding Corp., 5.93% ............. 7,600,000 6/14/2000 7,507,360
DaimlerChrysler N.A. Holding Corp., 6.07% ............. 5,700,000 7/06/2000 5,607,736
Ford Motor Credit Co., 5.84% .......................... 10,000,000 4/18/2000 9,972,422
Ford Motor Credit Co., 5.87% .......................... 10,000,000 5/22/2000 9,916,842
Ford Motor Credit Co., 6.06% .......................... 2,150,000 6/27/2000 2,118,513
General Motors Acceptance Corp., 5.86% ................ 3,075,000 4/24/2000 3,063,488
General Motors Acceptance Corp., 5.84% ................ 9,500,000 5/03/2000 9,450,684
General Motors Acceptance Corp., 5.85% ................ 8,900,000 5/18/2000 8,832,026
------------
65,076,078
------------
BANK 12.2%
BankAmerica Corp., 5.97% .............................. 10,900,000 6/07/2000 10,778,892
Canadian Imperial Holdings, Inc., 5.83% ............... 10,000,000 4/05/2000 9,993,522
Canadian Imperial Holdings, Inc., 5.82% ............... 12,000,000 4/14/2000 11,974,780
Toronto Dominion Holdings, Inc., 5.91% ................ 10,000,000 6/01/2000 9,899,858
Toronto Dominion Holdings, Inc., 6.11% ................ 2,300,000 7/03/2000 2,263,697
Toronto Dominion Holdings, Inc., 6.15% ................ 9,500,000 7/27/2000 9,310,119
------------
54,220,868
------------
CANADIAN 10.0%
Province of Ontario Hydro, 5.87% ...................... 9,500,000 5/24/2000 9,417,902
Province of British Columbia, 6.17% ................... 13,800,000 8/09/2000 13,492,528
Province of Quebec, 5.77% ............................. 7,000,000 4/13/2000 6,986,537
Province of Quebec, 5.85% ............................. 15,000,000 5/24/2000 14,870,812
------------
44,767,779
------------
CHEMICAL 4.4%
E.I. Du Pont De Nemours & Co., 5.80% .................. 10,000,000 5/16/2000 9,927,500
E.I. Du Pont De Nemours & Co., 5.91% .................. 10,000,000 6/19/2000 9,870,308
------------
19,797,808
------------
ELECTRICAL EQUIPMENT 3.8%
Northern States Power Co., 5.78% ...................... 10,000,000 4/11/2000 9,983,945
Northern States Power Co., 6.10% ...................... 7,025,000 6/08/2000 6,944,056
------------
16,928,001
------------
FINANCIAL SERVICE 45.4%
AIG Funding Inc., 5.95% ............................... 12,000,000 5/31/2000 11,881,000
American Express Credit Corp., 6.35% .................. 38,680,000 4/03/2000 38,680,000
American General Corp., 5.93% ......................... 10,400,000 6/06/2000 10,286,935
American General Finance Corp., 6.09% ................. 11,600,000 7/10/2000 11,403,767
Associates First Capital Corp., 5.85% ................. 11,000,000 4/24/2000 10,958,887
Associates First Capital Corp., 6.06% ................. 11,000,000 6/27/2000 10,838,905
CIT Group Holdings Inc., 5.93% ........................ 5,000,000 6/14/2000 4,939,053
CIT Group Holdings Inc., 6.07% ........................ 17,000,000 6/22/2000 16,764,956
Goldman Sachs Group LP, 5.91% ......................... 8,200,000 5/01/2000 8,159,615
Goldman Sachs Group LP, 5.91% ......................... 12,800,000 5/09/2000 12,720,149
Household Finance Corp., 5.92% ........................ 10,000,000 6/12/2000 9,881,600
Household Finance Corp., 6.18% ........................ $12,000,000 8/24/2000 11,701,300
Merrill Lynch & Company Inc., 5.90% ................... 22,000,000 5/11/2000 21,855,778
Norwest Financial Inc., 5.85% ......................... 8,700,000 4/26/2000 8,664,656
Norwest Financial Inc., 6.06% ......................... 13,300,000 6/30/2000 13,098,505
------------
201,835,106
------------
MACHINERY 2.2%
Caterpillar Financial Services NV, 6.13% .............. 10,000,000 8/09/2000 9,778,639
------------
MULTI-SECTOR COMPANIES 4.9%
General Electric Capital Corp., 5.83% ................. 4,700,000 5/04/2000 4,674,882
General Electric Capital Corp., 5.86% ................. 4,400,000 5/18/2000 4,366,338
General Electric Capital Corp., 5.91% ................. 2,700,000 6/01/2000 2,672,962
General Electric Capital Corp., 6.07% ................. 10,150,000 7/03/2000 9,990,577
------------
21,704,759
------------
UTILITY 3.4%
AT&T Corp., 5.80% ..................................... 15,000,000 4/06/2000 14,987,917
------------
Total Investments (Cost $449,096,955) -- 100.9% .......................................... 449,096,955
Cash and Other Assets, Less Liabilities -- (0.9%) ........................................ (4,196,006)
------------
Net Assets - 100.0% ...................................................................... $444,900,949
============
The accompanying notes are an integral part of the financial statements.
</TABLE>
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
March 31, 2000
ASSETS
Investments, at value (Cost $449,096,955) (Note 1) .............. $449,096,955
Cash ............................................................ 1,385
Receivable for fund shares sold ................................. 6,450,821
Receivable from Distributor (Note 3) ............................ 510,289
Other assets .................................................... 138,740
------------
456,198,190
LIABILITIES
Payable for fund shares redeemed ................................ 10,777,105
Dividends payable ............................................... 232,140
Accrued management fee (Note 2) ................................. 184,742
Accrued distribution and service fees (Note 5) .................. 29,765
Accrued trustees' fees (Note 2) ................................. 18,966
Other accrued expenses .......................................... 54,523
------------
11,297,241
------------
NET ASSETS ...................................................... $444,900,949
============
Net Assets consist of:
Paid-in capital ............................................... $444,900,949
============
Net Asset Value and offering price per share of Class B(1) shares
($2,619,879 / 2,619,879 shares)* .............................. $1.00
=====
Net Asset Value and offering price per share of Class B shares
($29,486,497 / 29,486,497 shares)* ............................ $1.00
=====
Net Asset Value and offering price per share of Class C shares
($1,606,818 / 1,606,818 shares)* .............................. $1.00
=====
Net Asset Value, offering price and redemption
price per share of Class E shares
($319,739,915 / 319,739,915 shares) ........................... $1.00
=====
Net Asset Value, offering price and redemption
price per share of Class S shares
($19,629,159 / 19,629,159 shares) ............................. $1.00
=====
Net Asset Value, offering price and redemption
price per share of Class T shares
($71,818,681 / 71,818,681 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.
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
For the year ended March 31, 2000
INVESTMENT INCOME
Interest ........................................................ $24,470,349
EXPENSES
Management fee (Note 2) ......................................... 2,235,923
Transfer agent and shareholder services (Note 2) ................ 1,302,290
Distribution and service fees-Class B(1) (Note 5) ............... 23,688
Distribution and service fees-Class B (Note 5) .................. 326,433
Distribution and service fees-Class C (Note 5) .................. 24,358
Registration fees ............................................... 176,856
Custodian fee ................................................... 132,283
Reports to shareholders ......................................... 88,251
Legal fees ...................................................... 76,196
Trustees' fees (Note 2) ......................................... 29,648
Audit fee ....................................................... 26,698
Miscellaneous ................................................... 17,884
-----------
4,460,508
Expenses borne by the Distributor (Note 3) ...................... (1,134,257)
Fees paid indirectly (Note 2) ................................... (44,967)
-----------
3,281,284
-----------
Net investment income and net increase in net assets resulting
from operations ............................................... $21,189,065
===========
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
STATE STREET RESEARCH MONEY MARKET FUND
-----------------------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
-----------------------------------------------------------------------------------------------
<CAPTION>
YEARS ENDED MARCH 31
--------------------------------
1999 2000
-----------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income and net
increase resulting from operations .................. $ 14,810,708 $ 21,189,065
------------ ------------
Dividends from net investment income:
Class B(1) .......................................... (4,888) (93,979)
Class B ............................................. (867,238) (1,252,515)
Class C ............................................. (81,088) (93,225)
Class E ............................................. (12,916,266) (17,007,761)
Class S ............................................. (924,448) (1,138,955)
Class T ............................................. (16,780) (1,602,630)
------------ ------------
(14,810,708) (21,189,065)
------------ ------------
Net increase from fund share transactions (Note 6) .... 139,876,441 53,168,566
------------ ------------
Total increase in net assets .......................... 139,876,441 53,168,566
NET ASSETS
Beginning of year ..................................... 251,855,942 391,732,383
------------ ------------
End of year ........................................... $391,732,383 $444,900,949
============ ============
The accompanying notes are an integral part of the financial statements.
</TABLE>
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
March 31, 2000
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 year ended March 31, 2000, the fees
pursuant to such agreement amounted to $2,235,923.
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 year ended March 31,
2000, the amount of such expenses was $568,996.
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 year ended March 31, 2000 the Fund's
transfer agent fees were reduced by $44,967 under this agreement.
The fees of the Trustees not currently affiliated with the Adviser amounted to
$29,648 during the year ended March 31, 2000.
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 year ended March 31, 2000, the amount of such expenses
assumed by the Distributor and its affiliates was $1,134,257.
NOTE 4
For the year ended March 31, 2000, purchases and sales, including maturities,
of securities aggregated $9,582,818,079 and $9,546,540,000, 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 year ended March 31, 2000, fees pursuant to such
plan amounted to $23,688, $326,433 and $24,358 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 $13,969, $3,907 and
$131 on sales of the Fund's Class B(1), Class B and Class C shares,
respectively and that the Distributor collected contingent deferred sales
charges aggregating $17,886, $336,266 and $10,023 on redemptions of Class B
(1), Class B and Class C shares, respectively, during the year ended March 31,
2000.
NOTE 6
The Trustees have the authority to issue an unlimited number of shares of
beneficial interest, $.001 par value per share.
At March 31, 2000, Metropolitan owned 1,856,515 Class S shares and
Metropolitan and certain of its affiliates held of record 62,183,056 Class E
shares of the Fund.
Share transactions were as follows:
<TABLE>
<CAPTION>
YEARS ENDED MARCH 31
-------------------------------------------------------------------------
1999 2000
---------------------------------- ----------------------------------
CLASS B(1) SHARES(a) AMOUNT(a) SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ............................................ 839,178 $ 839,178 9,179,179 $ 9,179,179
Issued upon reinvestment of dividends from net
investment income .................................... 514 514 60,644 60,644
Shares redeemed ........................................ (108,168) (108,168) (7,351,468) (7,351,468)
--------------- --------------- --------------- ---------------
Net increase ........................................... 731,524 $ 731,524 1,888,355 $ 1,888,355
=============== =============== =============== ===============
<CAPTION>
CLASS B SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
Shares sold ............................................ 73,241,481 $ 73,241,481 59,252,420 $ 59,252,420
Issued upon reinvestment of dividends from net
investment income .................................... 753,739 753,739 1,112,907 1,112,907
Shares redeemed ........................................ (58,274,238) (58,274,238) (61,166,902) (61,166,902)
--------------- --------------- --------------- ---------------
Net increase (decrease) ................................ 15,720,982 $ 15,720,982 (801,575) $ (801,575)
=============== =============== =============== ===============
<CAPTION>
CLASS C SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
Shares sold ............................................ 38,269,827 $ 38,269,827 24,312,657 $ 24,312,657
Issued upon reinvestment of dividends from net
investment income .................................... 49,352 49,352 69,175 69,175
Shares repurchased ..................................... (38,347,649) (38,347,649) (25,060,570) (25,060,570)
--------------- --------------- --------------- ---------------
Net decrease ........................................... (28,470) $ (28,470) (678,738) $ (678,738)
=============== =============== =============== ===============
<CAPTION>
CLASS E SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
Shares sold ............................................ 1,500,181,917 $ 1,500,181,917 1,808,245,244 $ 1,808,245,244
Issued upon reinvestment of dividends from net
investment income .................................... 10,196,998 10,196,998 13,018,579 13,018,579
Shares redeemed ........................................ (1,400,759,486) (1,400,759,486) (1,832,618,368) (1,832,618,368)
--------------- --------------- --------------- ---------------
Net increase (decrease) ................................ 109,619,429 $ 109,619,429 (11,354,545) $ (11,354,545)
=============== =============== =============== ===============
<CAPTION>
CLASS S SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
Shares sold ............................................ 60,674,480 $ 60,674,480 61,189,073 $ 61,189,073
Issued upon reinvestment of dividends from net
investment income .................................... 638,114 638,114 731,990 731,990
Shares redeemed ........................................ (47,970,874) (47,970,874) (69,133,419) (69,133,419)
--------------- --------------- --------------- ---------------
Net increase (decrease) ................................ 13,341,720 $ 13,341,720 (7,212,356) $ (7,212,356)
=============== =============== =============== ===============
<CAPTION>
CLASS T SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
Shares sold ............................................ 1,006,510 $ 1,006,510 464,822,645 $ 464,822,645
Issued upon reinvestment of dividends from net
investment income .................................... 196 196 1,582,331 1,582,331
Shares repurchased ..................................... (515,450) (515,450) (395,077,551) (395,077,551)
--------------- --------------- --------------- ---------------
Net increase ........................................... 491,256 $ 491,256 71,327,425 $ 71,327,425
=============== =============== =============== ===============
---------------------------------------------------------------------------------------------------------
(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>
STATE STREET RESEARCH MONEY MARKET FUND
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
For a share outstanding throughout each year:
<CAPTION>
CLASS B(1)
------------------
YEARS
ENDED MARCH 31
-----------------
1999(A) 2000
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR ($) 1.000 1.000
------ ------
Net investment income ($)* 0.008 0.038
Dividends from net investment income ($) (0.008) (0.038)
------ ------
NET ASSET VALUE, END OF YEAR ($) 1.000 1.000
====== ======
Total return(b) (%) 0.84(c) 3.88
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of year ($ thousands) 732 2,620
Expense ratio (%)* 1.66(d) 1.66
Expense ratio after expense reductions (%)* 1.65(d) 1.65
Ratio of net investment income to average net assets (%)* 3.40(d) 3.97
*Reflects voluntary reduction of expenses per share of these amounts (Note 3) ($) 0.000 0.002
</TABLE>
<TABLE>
<CAPTION>
CLASS B
-----------------------------------------------
YEARS ENDED MARCH 31
----------------------------------------------
1996 1997 1998 1999 2000
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR ($) 1.000 1.000 1.000 1.000 1.000
------ ------ ------ ------ ------
Net investment income ($)* 0.041 0.037 0.040 0.038 0.038
Dividends from net investment income ($) (0.041) (0.037) (0.040) (0.038) (0.038)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF YEAR ($) 1.000 1.000 1.000 1.000 1.000
====== ====== ====== ====== ======
Total return(b) (%) 4.16 3.72 4.09 3.85 3.88
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of year ($ thousands) 11,884 15,982 14,567 30,288 29,486
Expense ratio (%)* 1.75 1.75 1.65 1.66 1.66
Expense ratio after expense reductions (%)* 1.75 1.75 1.65 1.65 1.65
Ratio of net investment income to average net assets (%)* 4.06 3.69 4.01 3.73 3.84
*Reflects voluntary reduction of expenses per share of these amounts (Note 3) ($) 0.003 0.002 0.002 0.001 0.002
</TABLE>
<TABLE>
<CAPTION>
CLASS C
-----------------------------------------------
YEARS ENDED MARCH 31
-----------------------------------------------
1996 1997 1998 1999 2000
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR ($) 1.000 1.000 1.000 1.000 1.000
------ ------ ------ ------ ------
Net investment income ($)* 0.041 0.037 0.040 0.038 0.038
Dividends from net investment income ($) (0.041) (0.037) (0.040) (0.038) (0.038)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF YEAR ($) 1.000 1.000 1.000 1.000 1.000
====== ====== ====== ====== ======
Total return(b) (%) 4.16 3.72 4.09 3.85 3.88
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of year ($ thousands) 1,964 959 2,314 2,286 1,607
Expense ratio (%)* 1.75 1.75 1.65 1.66 1.66
Expense ratio after expense reductions (%)* 1.75 1.75 1.65 1.65 1.65
Ratio of net investment income to average net assets (%)* 4.08 3.68 4.01 3.72 3.83
*Reflects voluntary reduction of expenses per share in these amounts (Note 3) ($) 0.003 0.002 0.002 0.001 0.002
------------------------------------------------------------------------------------------------------------------------------------
(a) January 1, 1999 (commencement of share class) to March 31, 1999.
(b) Does not reflect any front-end or contingent deferred sales charges. Total return would be lower if the Distributor and its
affiliates had not voluntarily reduced a portion of the Fund's expenses.
(c) Not annualized.
(d) Annualized.
</TABLE>
<TABLE>
<CAPTION>
CLASS E
-----------------------------------------------
YEARS ENDED MARCH 31
-----------------------------------------------
1996 1997 1998 1999 2000
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR ($) 1.000 1.000 1.000 1.000 1.000
------ ------ ------ ------ ------
Net investment income ($)* 0.051 0.047 0.050 0.048 0.048
Dividends from net investment income ($) (0.051) (0.047) (0.050) (0.048) (0.048)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF YEAR ($) 1.000 1.000 1.000 1.000 1.000
====== ====== ====== ====== ======
Total return(b) (%) 5.20 4.78 5.12 4.88 4.92
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of year ($ thousands) 197,109 192,360 221,475 331,094 319,740
Expense ratio (%)* 0.75 0.75 0.65 0.66 0.66
Expense ratio after expense reductions (%)* 0.75 0.75 0.65 0.65 0.65
Ratio of net investment income to average net assets (%)* 5.06 4.69 5.01 4.74 4.79
*Reflects voluntary reduction of expenses per share of these amounts (Note 3) ($) 0.003 0.002 0.002 0.001 0.003
</TABLE>
<TABLE>
<CAPTION>
CLASS S
-----------------------------------------------
YEARS ENDED MARCH 31
-----------------------------------------------
1996 1997 1998 1999 2000
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR ($) 1.000 1.000 1.000 1.000 1.000
------ ------ ------ ------ ------
Net investment income ($)* 0.051 0.047 0.050 0.048 0.048
Dividends from net investment income ($) (0.051) (0.047) (0.050) (0.048) (0.048)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF YEAR ($) 1.000 1.000 1.000 1.000 1.000
====== ====== ====== ====== ======
Total return(b) (%) 5.20 4.78 5.12 4.88 4.92
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of year ($ thousands) 16,191 14,710 13,500 26,842 19,629
Expense ratio (%)* 0.75 0.75 0.65 0.66 0.66
Expense ratio after expense reductions (%)* 0.75 0.75 0.65 0.65 0.65
Ratio of net investment income to average net assets (%)* 5.03 4.69 5.01 4.77 4.77
*Reflects voluntary reduction of expenses per share of these amounts (Note 3) ($) 0.003 0.002 0.002 0.001 0.002
</TABLE>
<TABLE>
<CAPTION>
METLIFE SECURITIES
MONEY FUND CLASS T
------------------
YEARS
ENDED MARCH 31
-----------------
1999(E) 2000
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF YEAR ($) 1.000 1.000
------ ------
Net investment income ($)* 0.031 0.048
Dividends from net investment income ($) (0.031) (0.048)
------ ------
NET ASSET VALUE, END OF YEAR ($) 1.000 1.000
====== ======
Total return(b) (%) 3.15(c) 4.93
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of year ($ thousands) 491 71,819
Expense ratio (%)* 0.66(d) 0.66
Expense ratio after expense reductions (%)* 0.65(d) 0.65
Ratio of net investment income to average net assets (%)* 4.65(d) 4.78
*Reflects voluntary reduction of expenses per share of these amounts (Note 3) ($) 0.001 0.003
------------------------------------------------------------------------------------------------------------------------------------
(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 a portion of the Fund's expenses.
(c) Not annualized.
(d) Annualized.
(e) August 1, 1998 (commencement of shares class) to March 31, 1999.
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
--------------------------------------------------------------------------------
TO THE TRUSTEES OF STATE STREET RESEARCH MONEY MARKET TRUST AND
THE SHAREHOLDERS OF STATE STREET RESEARCH MONEY MARKET FUND:
In our opinion, the accompanying statement of assets and liabilities, including
the investment portfolio, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of State Street Research Money Market
Fund (a series of State Street Research Money Market Trust, hereafter referred
to as the "Trust") at March 31, 2000, and the results of its operations, the
changes in its net assets and the financial highlights for the periods
indicated, in conformity with accounting principles generally accepted in the
United States. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Trust's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at March 31, 2000 by
correspondence with the custodian, provide a reasonable basis for the opinion
expressed above.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 18, 2000
<PAGE>
<TABLE>
STATE STREET RESEARCH MONEY MARKET FUND
------------------------------------------------------------------------------------------------------------------
FUND INFORMATION, OFFICERS AND TRUSTEES OF STATE STREET RESEARCH MONEY MARKET TRUST
------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
FUND INFORMATION OFFICERS TRUSTEES
STATE STREET RESEARCH GERARD P. MAUS GERARD P. MAUS
MONEY MARKET FUND Chairman of the Board, Interim Chief Operating Officer,
One Financial Center President, Chief Executive Chief Financial Officer,
Boston, MA 02111 Officer and Treasurer Chief Administrative Officer
and Director,
INVESTMENT ADVISER JOHN H. KALLIS State Street Research &
State Street Research & Vice President Management Company
Management Company
One Financial Center DYANN H. KIESSLING BRUCE R. BOND
Boston, MA 02111 Vice President Former Chairman of the Board,
Chief Executive Officer
DISTRIBUTOR THOMAS A. SHIVELY and President,
State Street Research Vice President PictureTel Corporation
Investment Services, Inc.
One Financial Center JOSEPH W. CANAVAN STEVE A. GARBAN
Boston, MA 02111 Assistant Treasurer Former Senior Vice President
for Finance and Operations and
SHAREHOLDER SERVICES DOUGLAS A. ROMICH Treasurer, The Pennsylvania
State Street Research Assistant Treasurer State University
Service Center
P.O. Box 8408 FRANCIS J. MCNAMARA, III DEAN O. MORTON
Boston, MA 02266-8408 Secretary and General Counsel Former Executive Vice President,
1-87-SSR-FUNDS (toll free) Chief Operating Officer and
DARMAN A. WING Director, Hewlett-Packard Company
CUSTODIAN Assistant Secretary and
State Street Bank and Assistant General Counsel SUSAN M. PHILLIPS
Trust Company Dean, School of Business and
225 Franklin Street AMY L. SIMMONS Public Management, George
Boston, MA 02110 Assistant Secretary Washington University; former
Member of the Board of Governors
LEGAL COUNSEL of the Federal Reserve System and
Goodwin, Procter & Hoar LLP Chairman and Commissioner of
Exchange Place the Commodity Futures Trading
Boston, MA 02109 Commission
INDEPENDENT ACCOUNTANTS TOBY ROSENBLATT
PricewaterhouseCoopers LLP President,
160 Federal Street Founders Investments Ltd.;
Boston, MA 02110 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>
STATE STREET RESEARCH MONEY MARKET FUND ----------------
One Financial Center Bulk Rate
Boston, MA 02111 U.S. Postage
PAID
Canton, MA
Permit #313
----------------
QUESTIONS? COMMENTS?
E-MAIL us at:
[email protected]
INTERNET site:
www.ssrfunds.com
CALL us toll free at 1-87-SSR-FUNDS (1-877-773-8637) 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
[Logo] STATE STREET RESEARCH
(c)2000 State Street Research Investment Services, Inc., One Financial Center,
Boston, MA 02111
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 June 30, 2000, 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:(exp0501)SSR-LD
MM-1755-0500
