<PAGE>
---------------------------------------
STATE STREET RESEARCH
---------------------------------------
MONEY MARKET FUND
-----------------
SEMIANNUAL REPORT
September 30, 2000
---------------------------------
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]
DALBAR
HONORS COMMITMENT TO:
INVESTORS
1999
-------------------------
For Excellence
in
Shareholder Service
[Logo] STATE STREET RESEARCH
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
--------------------------------------------------------------------------------
INVESTMENT ENVIRONMENT
--------------------------------------------------------------------------------
THE ECONOMY
o The Federal Reserve Board appears to have steered the U.S. economy to a soft
landing. Growth slowed from 5.6% in the second quarter to 2.7% in the third
quarter.
o In May, the Federal Reserve Board raised short-term interest rates to 6.5%.
However, slower growth and modest inflation suggest that the Fed could soon
back off of its bias toward further increases.
o Corporate profit growth has slowed, but new home sales and consumer spending
remained strong. The savings rate slid to a record low 0.1% toward the end
of the period, and consumer debt rose.
THE MARKETS
o The stock market bounced back from a spring technology correction and
rallied in August as investors rotated into old-economy value stocks.
However, the late summer rally was followed by a steep sell-off in
September.
o The 10-year Treasury bond replaced the 30-year bond as the bellwether of
the U.S. bond market. The yield on the 10-year Treasury bond moved up and
down during the six-month period, but closed just about where it started --
at 5.8%. Municipal and corporate bonds rose, but high-yield bonds lagged.
THE FUND
OVER THE PAST SIX MONTHS
o For the six months ended September 30, 2000, Class E shares of State Street
Research Money Market Fund returned 2.96% (does not reflect sales
charge).(1) The fund outperformed the Lipper Money Market Funds Average,
which returned 2.86%.
o Year-to-date returns have trended up, the result of rising interest rates
over the past 15 months.
CURRENT STRATEGY
o The fund continues to invest only in high-quality first-tier money market
instruments: corporate and domestic bank paper and Canadian bank and
provincial paper.
o We expect short-term interest rates to remain stable going forward. However,
the Fed has signaled its continued vigilance over inflation and the economy.
(1) 2.44% for Class B(1);
2.45% for Class B;
2.45% for Class C;
2.96% for Class S;
2.96% 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.
September 30, 2000
--------------------------------------------------------------------------------
FUND INFORMATION (all data are for periods ended September 30, 2000)
--------------------------------------------------------------------------------
7-DAY YIELD
--------------------------------------------------------------------------------
Class B(1) 5.00%
--------------------------------------------------------------------------------
Class B 5.00%
--------------------------------------------------------------------------------
Class C 5.00%
--------------------------------------------------------------------------------
Class E 6.00%
--------------------------------------------------------------------------------
Class S 6.00%
--------------------------------------------------------------------------------
MetLife Securities Money Fund Class T 6.00%
--------------------------------------------------------------------------------
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 ending
9/30/00. 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, 2000 to September 30, 2000)
30-Year 10-Year 90-Day 90-Day
Treasury Treasury Treasury Commercial 30-Year
Bills Bills Bills Paper Mortgage
--------------------------------------------------------------------------------
3/00 5.837% $6.015% $5.886% $6.090% $7.930%
4/00 5.963 6.216 5.813 6.240 8.030
5/00 6.089 6.272 5.749 6.630 8.190
6/00 5.896 6.023 5.860 6.580 7.880
7/00 5.786 6.035 6.182 6.500 7.890
8/00 5.665 5.718 6.301 6.480 7.680
9/00 5.883 5.975 6.204 6.470 7.540
GLOSSARY
YIELD:
The measurement of income paid by an investment. It is stated as a percentage.
WEIGHTED AVERAGE MATURITY:
Expressed as a number of days, the WAM is the average maturity of the debt
securities in a money market fund.
DEBT SECURITIES:
These are securities issued by corporations and the U.S. government as a way to
borrow money. Some common types of debt securities include bonds, notes, bills
and commercial paper.
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
--------------------------------------------------------------------------------
INVESTMENT PORTFOLIO
--------------------------------------------------------------------------------
September 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
PRINCIPAL MATURITY VALUE
AMOUNT DATE (NOTE 1)
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMERCIAL PAPER 99.4%
AUTOMOTIVE 7.9%
DaimlerChrysler N.A. Holding Corp., 6.53% .......... $ 5,000,000 10/31/2000 $ 4,972,792
Ford Motor Credit Co., 6.58% ....................... 10,000,000 10/12/2000 9,979,894
General Motors Acceptance Corp., 6.51% ............. 11,300,000 11/15/2000 11,208,046
General Motors Acceptance Corp., 6.55% ............. 3,000,000 12/06/2000 2,963,975
General Motors Acceptance Corp., 6.50% ............. 10,500,000 1/11/2001 10,306,625
------------
39,431,332
------------
BANK 21.5%
BankAmerica Corp., 6.64% ........................... 11,500,000 10/10/2000 11,480,910
BankAmerica Corp., 6.58% ........................... 10,500,000 1/09/2001 10,308,084
Canadian Imperial Holdings, Inc., 6.54% ............ 10,000,000 12/04/2000 9,883,733
Canadian Imperial Holdings, Inc., 6.50% ............ 15,800,000 1/12/2001 15,506,164
J.P. Morgan & Co. Inc., 6.52% ...................... 14,700,000 10/10/2000 14,676,039
Toronto Dominion Holdings, Inc., 6.46% ............. 22,000,000 12/18/2000 21,692,073
Wells Fargo Financial Inc., 6.57% .................. 12,000,000 11/02/2000 11,929,920
Wells Fargo Financial Inc., 6.50% .................. 12,400,000 11/21/2000 12,285,817
------------
107,762,740
------------
CANADIAN 4.6%
Province of Quebec, 6.60% .......................... 13,400,000 10/23/2000 13,345,954
Province of Quebec, 6.53% .......................... 2,000,000 12/04/2000 1,976,782
Province of Quebec, 6.51% .......................... 4,000,000 12/11/2000 3,948,643
Province of Quebec, 6.50% .......................... 3,600,000 12/14/2000 3,551,900
------------
22,823,279
------------
ELECTRIC UTILITY 5.2%
Northern States Power Co., 6.52% ................... 14,000,000 10/19/2000 13,954,360
Pacific Gas & Electric Co., 6.51% .................. 12,500,000 1/04/2001 12,285,260
------------
26,239,620
------------
FINANCIAL SERVICE 41.3%
American Express Credit Corp., 6.48% ............... 13,600,000 10/27/2000 13,536,352
American Express Credit Corp., 6.53% ............... 4,200,000 11/15/2000 4,165,718
American Express Credit Corp., 6.56% ............... 1,600,000 11/15/2000 1,586,880
American Express Credit Corp., 6.57% ............... 1,600,000 11/15/2000 1,586,860
American Express Credit Corp., 6.56% ............... 4,000,000 12/06/2000 3,951,893
American General Corp., 6.51% ...................... 14,300,000 1/24/2001 14,002,619
American General Finance Corp., 6.52% .............. 11,000,000 10/26/2000 10,950,194
Associates Corp. of North America, 6.48% ........... 11,900,000 11/27/2000 11,777,906
Associates Corp. of North America, 6.48% ........... 10,000,000 11/30/2000 9,892,000
Associates First Capital Corp., 6.53% .............. 2,600,000 10/31/2000 2,585,852
CIT Group Holdings Inc., 6.68% ..................... 22,171,000 10/02/2000 22,171,000
CIT Group Holdings Inc., 6.54% ..................... 10,000,000 11/07/2000 9,932,783
CIT Group Holdings Inc., 5.46% ..................... 10,000,000 12/08/2000 9,877,978
CIT Group Holdings Inc., 6.48% ..................... 5,000,000 12/11/2000 4,936,100
Goldman Sachs Group LP, 6.54% ...................... 2,500,000 11/13/2000 2,480,471
Goldman Sachs Group LP, 6.51% ...................... 12,100,000 1/02/2001 11,896,508
Goldman Sachs Group LP, 6.51% ...................... 11,100,000 1/19/2001 10,879,203
Household Finance Corp., 6.61% ..................... 11,800,000 10/06/2000 11,789,167
International Lease Finance Corp., 6.51% ........... 12,000,000 11/06/2000 11,921,880
International Lease Finance Corp., 6.47% ........... 12,400,000 11/20/2000 12,288,572
Merrill Lynch & Company Inc., 6.50% ................ 12,500,000 1/16/2001 12,258,507
Merrill Lynch & Company Inc., 6.51% ................ 12,450,000 1/19/2001 12,202,349
------------
206,670,792
------------
GROCERY 2.3%
Albertsons Inc., 6.47% ............................. 11,500,000 11/29/2000 11,378,059
------------
MULTI-SECTOR COMPANIES 5.0%
General Electric Capital Corp., 6.54% .............. 9,100,000 10/17/2000 9,073,549
General Electric Capital Corp., 6.52% .............. 6,700,000 10/26/2000 6,669,664
General Electric Capital Corp., 6.47% .............. 6,000,000 12/15/2000 5,919,125
General Electric Capital Corp., 6.55% .............. 3,400,000 1/09/2001 3,338,139
------------
25,000,477
------------
PRINTING & PUBLISHING 4.0%
McGraw-Hill Inc., 6.47% ............................ 10,500,000 12/08/2000 10,371,678
McGraw-Hill Inc., 6.46% ............................ 10,000,000 12/19/2000 9,858,239
------------
20,229,917
------------
UTILITY 7.6%
AT&T Corp., 6.72% .................................. 10,000,000 10/02/2000 9,998,133
AT&T Corp., 6.60% .................................. 3,300,000 10/05/2000 3,297,580
Verizon Global Funding Corp., 6.49% ................ 7,885,000 10/30/2000 7,843,777
Verizon Global Funding Corp., 6.50% ................ 6,800,000 11/06/2000 6,755,800
Verizon Network Funding Inc., 6.48% ................ 10,000,000 10/02/2000 9,998,200
------------
37,893,490
------------
Total Investments (Cost $497,429,706) - 99.4% ............................................ 497,429,706
Cash and Other Assets, Less Liabilities - 0.6% ........................................... 2,954,474
------------
Net Assets - 100.0% ...................................................................... $500,384,180
============
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
--------------------------------------------------------------------------------
September 30, 2000 (Unaudited)
ASSETS
Investments, at value (Cost $497,429,706) (Note 1) .......... $497,429,706
Cash ........................................................ 540
Receivable for fund shares sold ............................. 7,516,014
Receivable from Distributor (Note 3) ........................ 121,507
Other assets ................................................ 519,298
------------
505,587,065
LIABILITIES
Payable for fund shares redeemed ............................ 4,620,125
Dividends payable ........................................... 247,968
Accrued management fee (Note 2) ............................. 208,232
Accrued distribution and service fees (Note 5) .............. 22,779
Accrued trustees' fees (Note 2) ............................. 14,640
Other accrued expenses ...................................... 89,141
------------
5,202,885
------------
NET ASSETS $500,384,180
============
Net Assets consist of:
Paid-in capital ........................................... $500,384,180
============
Net Asset Value and offering price per share of
Class B(1) shares ($3,272,612 / 3,272,612 shares)* ........ $1.00
=====
Net Asset Value and offering price per share of
Class B shares ($21,236,068 / 21,236,068 shares)* ......... $1.00
=====
Net Asset Value, offering price per share of
Class C shares ($1,807,699 / 1,807,699 shares)* ........... $1.00
=====
Net Asset Value, offering price and redemption
price per share of Class E shares
($354,175,171 / 354,175,171 shares) ....................... $1.00
=====
Net Asset Value, offering price and redemption
price per share of Class S shares
($22,276,185 / 22,276,185 shares) ......................... $1.00
=====
Net Asset Value, offering price and redemption
price per share of Class T shares
($97,616,445 / 97,616,445 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.
The accompanying notes are an integral part of the financial statements.
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
-------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
-------------------------------------------------------------------------------
For the six months ended September 30, 2000 (Unaudited)
INVESTMENT INCOME
Interest .................................................... $15,450,713
EXPENSES
Management fee (Note 2) ..................................... 1,186,430
Transfer agent and shareholder services (Note 2) ............ 612,524
Registration fees ........................................... 90,768
Custodian fee ............................................... 66,978
Reports to shareholders ..................................... 62,586
Distribution and service fees - Class B(1) (Note 5) ......... 15,442
Distribution and service fees - Class B (Note 5) ............ 125,087
Distribution and service fees - Class C (Note 5) ............ 11,026
Trustees' fees (Note 2) ..................................... 14,640
Audit fee ................................................... 12,078
Legal fees .................................................. 11,529
Miscellaneous ............................................... 4,941
-----------
2,214,029
Expenses borne by the Distributor (Note 3) .................. (433,509)
Fees paid indirectly (Note 2) ............................... (21,983)
----------
1,758,537
-----------
Net investment income and net increase in net assets
resulting from operations ................................. $13,692,176
===========
The accompanying notes are an integral part of the financial statements.
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, 2000
MARCH 31, 2000 (UNAUDITED)
------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income and net
increase resulting from operations . $ 21,189,065 $ 13,692,176
------------- ------------
Dividends from net investment income:
Class B(1) .......................... (93,979) (74,702)
Class B ............................. (1,252,515) (601,654)
Class C ............................. (93,225) (53,569)
Class E ............................. (17,007,761) (9,941,448)
Class S ............................. (1,138,955) (631,379)
Class T ............................. (1,602,630) (2,389,424)
------------- ------------
(21,189,065) (13,692,176)
------------- ------------
Net increase from fund share trans-
actions (Note 6) .................... 53,168,566 55,483,231
------------- ------------
Total increase in net assets .......... 53,168,566 55,483,231
NET ASSETS
Beginning of period ................... 391,732,383 444,900,949
------------- ------------
End of period ......................... $ 444,900,949 $500,384,180
============= ============
The accompanying notes are an integral part of the financial statements.
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
--------------------------------------------------------------------------------
NOTES TO UNAUDITED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
September 30, 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. Class B(1) shares are offered 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 MetLife, Inc. ("MetLife"), and special programs.
MetLife Securities Money Fund Class T shares ("Class T") are only offered
through MetLife 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, 2000, the fees pursuant to
such agreement amounted to $1,186,430.
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 MetLife, 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, MetLife 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,
2000, the amount of such expenses was $313,398.
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, 2000, the
Fund's transfer agent fees were reduced by $21,983 under this agreement.
The fees of the Trustees not currently affiliated with the Adviser amounted to
$14,640 during the six months ended September 30, 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 six months ended September 30, 2000, the amount of such expenses assumed by
the Distributor and its affiliates was $433,509.
NOTE 4
For the six months ended September 30, 2000, purchases and sales, including
maturities, of securities aggregated $5,284,510,497 and $5,250,610,000,
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, 2000 fees pursuant to such plan amounted
to $15,442, $125,087 and $11,026 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 MetLife, earned commissions aggregating $12,982 and $787 on sales
of the Fund's Class B(1) and Class B shares, respectively, and that the
Distributor collected contingent deferred sales charges aggregating $29,774,
$119,089 and $2,031 on redemptions of Class B(1), Class B and Class C shares,
respectively, during the six months ended September 30, 2000.
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, 2000, MetLife
owned 356,515 Class S shares and MetLife and certain of its affiliates held of
record 61,202,122 Class E shares of the Fund.
These transactions break down by share class as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEARS ENDED SEPTEMBER 30, 2000
MARCH 31, 2000 (UNAUDITED)
---------------------------------- ----------------------------------
CLASS B(1) SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold .................. 9,179,179 $ 9,179,179 3,019,615 $ 3,019,615
Issued upon reinvestment of
dividends from net investment
income ....................... 60,644 60,644 64,798 64,798
Shares redeemed .............. (7,351,468) (7,351,468) (2,431,680) (2,431,680)
--------------- --------------- --------------- ---------------
Net increase ................. 1,888,355 $ 1,888,355 652,733 $ 652,733
=============== =============== =============== ===============
<CAPTION>
SIX MONTHS ENDED
YEARS ENDED SEPTEMBER 30, 2000
MARCH 31, 2000 (UNAUDITED)
---------------------------------- ----------------------------------
CLASS B SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold .................. 59,252,420 $ 59,252,420 13,214,055 $ 13,214,055
Issued upon reinvestment of
dividends from net investment
income ...................... 1,112,907 1,112,907 530,644 530,644
Shares redeemed .............. (61,166,902) (61,166,902) (21,995,128) (21,995,128)
--------------- --------------- --------------- ---------------
Net decrease ................. (801,575) $ (801,575) (8,250,429) $ (8,250,429)
=============== =============== =============== ===============
<CAPTION>
SIX MONTHS ENDED
YEARS ENDED SEPTEMBER 30, 2000
MARCH 31, 2000 (UNAUDITED)
---------------------------------- ----------------------------------
CLASS C SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold .................. 24,312,657 $ 24,312,657 7,508,342 $ 7,508,342
Issued upon reinvestment of
dividends from net investment
income ....................... 69,175 69,175 47,334 47,334
Shares redeemed .............. (25,060,570) (25,060,570) (7,354,795) (7,354,795)
--------------- --------------- --------------- ---------------
Net increase
(decrease) ................... (678,738) $ (678,738) 200,881 $ 200,881
=============== =============== =============== ===============
<CAPTION>
SIX MONTHS ENDED
YEARS ENDED SEPTEMBER 30, 2000
MARCH 31, 2000 (UNAUDITED)
---------------------------------- ----------------------------------
CLASS E SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold .................. 1,808,245,244 $ 1,808,245,244 520,894,102 $ 520,894,102
Issued upon reinvestment of
dividends from net investment
income ...................... 13,018,579 13,018,579 7,948,275 7,948,275
Shares redeemed .............. (1,832,618,368) (1,832,618,368) (494,407,121) (494,407,121)
--------------- --------------- --------------- ---------------
Net increase
(decrease) ................... (11,354,545) $ (11,354,545) 34,435,256 $ 34,435,256
=============== =============== =============== ===============
<CAPTION>
SIX MONTHS ENDED
YEARS ENDED SEPTEMBER 30, 2000
MARCH 31, 2000 (UNAUDITED)
---------------------------------- ----------------------------------
CLASS S SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold .................. 61,189,073 $ 61,189,073 16,589,336 $ 16,589,336
Issued upon reinvestment of
dividends from net investment
income ....................... 731,990 731,990 539,356 539,356
Shares redeemed .............. (69,133,419) (69,133,419) (14,481,666) (14,481,666)
--------------- --------------- --------------- ---------------
Net increase
(decrease) ................... (7,212,356) $ (7,212,356) 2,647,026 $ 2,647,026
=============== =============== =============== ===============
<CAPTION>
SIX MONTHS ENDED
YEARS ENDED SEPTEMBER 30, 2000
MARCH 31, 2000 (UNAUDITED)
METLIFE SECURITIES ---------------------------------- ----------------------------------
MONEY FUND CLASS T SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold .................. 464,822,645 $ 464,822,645 310,373,644 $ 310,373,644
Issued upon reinvestment of
dividends from net investment
income ....................... 1,582,331 1,582,331 1,974,452 1,974,452
Shares redeemed .............. (395,077,551) (395,077,551) (286,550,332) (286,550,332)
--------------- --------------- --------------- ---------------
Net increase ................. 71,327,425 $ 71,327,425 25,797,764 $ 25,797,764
=============== =============== =============== ===============
</TABLE>
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
<TABLE>
---------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
---------------------------------------------------------------------------------------------------
For a share outstanding throughout each period:
<CAPTION>
CLASS B(1)
--------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
-------------------------- SEPTEMBER 30, 2000
1999(a) 2000 (UNAUDITED)
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000 1.000
----- ----- -----
Net investment income ($)* 0.008 0.038 0.024
Dividends from net investment income ($) (0.008) (0.038) (0.024)
----- ----- -----
NET ASSET VALUE, END OF PERIOD ($) 1.000 1.000 1.000
===== ===== =====
Total return(b) (%) 0.84(c) 3.88 2.44(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 732 2,620 3,273
Expense ratio (%)* 1.66(d) 1.66 1.66(d)
Expense ratio after expense reductions (%)* 1.65(d) 1.65 1.65(d)
Ratio of net investment income to average net
assets (%)* 3.40(d) 3.97 4.84(d)
*Reflects voluntary reduction of expenses per
share of these amounts (Note 3)($) 0.000 0.002 0.001
<CAPTION>
CLASS B
--------------------------------------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
--------------------------------------------------------------------------------------- SEPTEMBER 30, 2000
1996 1997 1998 1999 2000 (UNAUDITED)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD($) 1.000 1.000 1.000 1.000 1.000 1.000
----- ----- ----- ----- ----- -----
Net investment
income ($)* 0.041 0.037 0.040 0.038 0.038 0.024
Dividends from
net investment
income ($) (0.041) (0.037) (0.040) (0.038) (0.038) (0.024)
----- ----- ----- ----- ----- -----
NET ASSET VALUE,
END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
===== ===== ===== ===== ===== =====
Total return(b) (%) 4.16 3.72 4.09 3.85 3.88 2.45(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end
of period
($ thousands) 11,884 15,982 14,567 30,288 29,486 21,236
Expense ratio (%)* 1.75 1.75 1.65 1.66 1.66 1.66(d)
Expense ratio
after expense
reductions(%)* 1.75 1.75 1.65 1.65 1.65 1.65(d)
Ratio of net
investment income
to average net
assets (%)* 4.06 3.69 4.01 3.73 3.84 4.81(d)
*Reflects voluntary
reduction of
expenses per share
of these amounts
(Note 3)($) 0.003 0.002 0.002 0.001 0.002 0.001
-------------------------------------------------------------------------------------------------------------------------------
(a) January 1, 1999 (commencement of share class) to March 31, 1999.
(b) Does not reflect any front-end or contingent deferred sales charges. Total return would be lower if the Distributor and its
affiliates had not voluntarily reduced a portion of the Fund's expenses.
(c) Not annualized.
(d) Annualized.
</TABLE>
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
<TABLE>
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS C
--------------------------------------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
--------------------------------------------------------------------------------------- SEPTEMBER 30, 2000
1996 1997 1998 1999 2000 (UNAUDITED)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
----- ----- ----- ----- ----- -----
Net investment
income ($)* 0.041 0.037 0.040 0.038 0.038 0.024
Dividends from
net investment
income ($) (0.041) (0.037) (0.040) (0.038) (0.038) (0.024)
----- ----- ----- ----- ----- -----
NET ASSET VALUE,
END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
===== ===== ===== ===== ===== =====
Total return(b) (%) 4.16 3.72 4.09 3.85 3.88 2.45(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end
of period
($ thousands) 1,964 959 2,314 2,286 1,607 1,808
Expense ratio (%)* 1.75 1.75 1.65 1.66 1.66 1.66(d)
Expense ratio after
expense reductions(%)* 1.75 1.75 1.65 1.65 1.65 1.65(d)
Ratio of net
investment income
to average net
assets (%)* 4.08 3.68 4.01 3.72 3.83 4.86(d)
*Reflects voluntary
reduction of
expenses per share
of these amounts
(Note 3)($) 0.003 0.002 0.002 0.001 0.002 0.001
<CAPTION>
CLASS E
--------------------------------------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
--------------------------------------------------------------------------------------- SEPTEMBER 30, 2000
1996 1997 1998 1999 2000 (UNAUDITED)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD($) 1.000 1.000 1.000 1.000 1.000 1.000
----- ----- ----- ----- ----- -----
Net investment
income ($)* 0.051 0.047 0.050 0.048 0.048 0.029
Dividends from
net investment
income ($) (0.051) (0.047) (0.050) (0.048) (0.048) (0.029)
----- ----- ----- ----- ----- -----
NET ASSET VALUE,
END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
===== ===== ===== ===== ===== =====
Total return(b) (%) 5.20 4.78 5.12 4.88 4.92 2.96(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end
of period
($ thousands) 197,109 192,360 221,475 331,094 319,740 354,175
Expense ratio (%)* 0.75 0.75 0.65 0.66 0.66 0.66(d)
Expense ratio after
expense reductions
(%)* 0.75 0.75 0.65 0.65 0.65 0.65(d)
Ratio of net
investment income
to average net
assets (%)* 5.06 4.69 5.01 4.74 4.79 5.83(d)
*Reflects voluntary
reduction of
expenses per share
of these amounts
(Note 3)($) 0.003 0.002 0.002 0.001 0.003 0.001
---------------------------------------------------------------------------------------------------------------------------------
(a) January 1, 1999 (commencement of share class) to March 31, 1999.
(b) Does not reflect any front-end or contingent deferred sales charges. Total return would be lower if the Distributor and its
affiliates had not voluntarily reduced a portion of the Fund's expenses.
(c) Not annualized.
(d) Annualized.
</TABLE>
<PAGE>
STATE STREET RESEARCH MONEY MARKET FUND
<TABLE>
-----------------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (cont'd)
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS S
--------------------------------------------------------------------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
--------------------------------------------------------------------------------------- SEPTEMBER 30, 2000
1996 1997 1998 1999 2000 (UNAUDITED)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD
($) 1.000 1.000 1.000 1.000 1.000 1.000
----- ----- ----- ----- ----- -----
Net investment
income ($)* 0.051 0.047 0.050 0.048 0.048 0.029
Dividends from
net investment
income ($) (0.051) (0.047) (0.050) (0.048) (0.048) (0.029)
---- ---- ---- ---- ---- ----
NET ASSET VALUE,
END OF PERIOD ($) 1.000 1.000 1.000 1.000 1.000 1.000
===== ===== ===== ===== ===== =====
Total return(b) (%) 5.20 4.78 5.12 4.88 4.92 2.96(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end
of period
($ thousands) 16,191 14,710 13,500 26,842 19,629 22,276
Expense ratio (%)* 0.75 0.75 0.65 0.66 0.66 0.66(d)
Expense ratio after
expense reductions(%)* 0.75 0.75 0.65 0.65 0.65 0.65(d)
Ratio of net
investment income
to average net
assets (%)* 5.03 4.69 5.01 4.77 4.77 5.84(d)
*Reflects voluntary
reduction of
expenses per share
of these amounts
(Note 3)($) 0.003 0.002 0.002 0.001 0.003 0.001
<CAPTION>
METLIFE SECURITIES MONEY FUND CLASS T
--------------------------------------------------
YEARS ENDED MARCH 31 SIX MONTHS ENDED
-------------------------- SEPTEMBER 30, 2000
1999(e) 2000 (UNAUDITED)
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD ($) 1.000 1.000 1.000
----- ----- -----
Net investment income ($)* 0.031 0.048 0.029
Dividends from net investment income ($) (0.031) (0.048) (0.029)
----- ----- -----
NET ASSET VALUE, END OF PERIOD ($) 1.000 1.000 1.000
===== ===== =====
Total return(b) (%) 3.15(c) 4.93 2.96(c)
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period ($ thousands) 491 71,819 97,616
Expense ratio (%)* 0.66(d) 0.66 0.66(d)
Expense ratio after expense reductions (%)* 0.65(d) 0.65 0.65(d)
Ratio of net investment income to average net
assets (%)* 4.65(d) 4.78 5.84(d)
*Reflects voluntary reduction of expenses per
share of these amounts (Note 3)($) 0.001 0.003 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 a portion of 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
<TABLE>
------------------------------------------------------------------------------------------------------------
FUND INFORMATION, OFFICERS AND TRUSTEES OF STATE STREET RESEARCH MONEY MARKET TRUST
------------------------------------------------------------------------------------------------------------
<CAPTION>
FUND INFORMATION OFFICERS TRUSTEES
<S> <C> <C>
STATE STREET RESEARCH RICHARD S. DAVIS RICHARD S. DAVIS
MONEY MARKET FUND Chairman of the Board, Chairman of the Board,
One Financial Center President and Chief Executive President, Chief Executive
Boston, MA 02111 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, PictureTel Corporation
DISTRIBUTOR THOMAS A. SHIVELY
State Street Research Vice President STEVE A. GARBAN
Investment Services, Inc. Former Senior Vice President
One Financial Center GERARD P. MAUS for Finance and Operations and
Boston, MA 02111 Treasurer Treasurer, The Pennsylvania
State University
SHAREHOLDER SERVICES DOUGLAS A. ROMICH
State Street Research Assistant Treasurer DEAN O. MORTON
Service Center Former Executive Vice President,
P.O. Box 8408 FRANCIS J. MCNAMARA, III Chief Operating Officer and
Boston, MA 02266-8408 Secretary and General Counsel Director, Hewlett-Packard Company
1-87-SSR-FUNDS (1-877-773-8637)
DARMAN A. WING SUSAN M. PHILLIPS
CUSTODIAN Assistant Secretary and Dean, School of Business and
State Street Bank and Assistant General Counsel Public Management, George
Trust Company Washington University; former
225 Franklin Street SUSAN E. BREEN Member of the Board of Governors
Boston, MA 02110 Assistant Secretary of the Federal Reserve System and
Chairman and Commissioner of
LEGAL COUNSEL AMY L. SIMMONS the Commodity Futures Trading
Goodwin, Procter & Hoar LLP Assistant Secretary Commission
Exchange Place
Boston, MA 02109 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>
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.statestreetresearch.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 December 31, 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:(exp1101)SSR-LD
MM-2657-1000
