UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-2861

Fidelity Money Market Trust
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	August 31

Date of reporting period:	August 31, 2008

Item 1. Reports to Stockholders

Fidelity
Money Market Trust
Retirement Government
Money Market Portfolio

Annual Report

August 31, 2008

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes/ Performance	<Click Here>	A summary of major shifts in the fund's investments over the past six months and one year, and performance information.
Investments	<Click Here>	A complete list of the fund's investments.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity by investing in high-quality, short-term money market securities issued or guaranteed as to principal and interest by the U.S. Government, or by any of its agencies or instrumentalities.

Annual Report

Investments in the fund are neither insured nor guaranteed by the U.S. Government, and there can be no assurance that the fund will maintain a stable $1.00 share price.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2008 to August 31, 2008).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value March 1, 2008	Ending Account Value August 31, 2008	Expenses Paid During Period* March 1, 2008 to August 31, 2008
Actual	$ 1,000.00	$ 1,011.50	$ 2.12
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,023.03	$ 2.14

* Expenses are equal to the Fund's annualized expense ratio of .42%; multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Annual Report

Investment Changes/Performance (Unaudited)

Maturity Diversification
Days	% of fund's investments 8/31/08	% of fund's investments 2/29/08	% of fund's investments 8/31/07
0 - 30	57.4	59.5	66.5
31 - 90	21.7	25.6	15.3
91 - 180	11.5	8.0	11.2
181 - 397	9.4	6.9	7.0
Weighted Average Maturity
	8/31/08	2/29/08	8/31/07
Retirement Government Money Market Portfolio	60 Days	49 Days	47 Days
All Taxable Money Market Funds Average*	44 Days	42 Days	38 Days

Asset Allocation (% of fund's net assets)
As of August 31, 2008		As of February 29, 2008
	Federal Agency Issues 72.5%		Federal Agency Issues 50.4%
	U.S. Treasury Obligations 0.3%		U.S. Treasury Obligations 0.5%
	Repurchase Agreements 27.0%		Repurchase Agreements 50.7%
	Net Other Assets 0.2%		Net Other Assets** (1.6)%

fid244

** Net Other Assets are not included in the pie chart.

Current and Historical Seven-Day Yields

	9/2/08	6/3/08	2/26/08	11/27/07	9/4/07
Retirement Government Money Market Portfolio	2.08%	2.16%	3.30%	4.47%	5.05%

Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it is possible to lose money by investing in the fund.

*Source: iMoneyNet, Inc.

Annual Report

Investments August 31, 2008

Showing Percentage of Net Assets

Federal Agencies - 72.5%
	Due Date	Yield (a)	Principal Amount (000s)	Value (000s)
Fannie Mae - 20.5%
	9/2/08 to 7/13/09	2.10 to 2.86% (b)	$ 1,028,634	$ 1,025,804
Federal Home Loan Bank - 35.5%
	9/2/08 to 6/19/09	2.24 to 3.04 (b)	1,782,490	1,780,695
Freddie Mac - 16.5%
	9/5/08 to 7/20/09	2.13 to 3.14 (b)	829,939	827,606
TOTAL FEDERAL AGENCIES				3,634,105
U.S. Treasury Obligations - 0.3%

U.S. Treasury Bills - 0.3%
	8/27/09	2.17 to 2.19	14,000	13,702

Repurchase Agreements - 27.0%
	Maturity Amount (000s)
In a joint trading account at 2.14% dated 8/29/08 due 9/2/08 (Collateralized by U.S. Government Obligations) #	$ 1,204,817		1,204,531
With:
CS First Boston Corp. at 2.25%, dated 8/12/08 due 9/12/08 (Collateralized by U.S. Government Obligations valued at $82,714,265, 0% - 6%, 7/30/09 - 9/1/38)	81,157		81,000
UBS Warburg LLC at 4.83%, dated 9/10/07 due 9/4/08 (Collateralized by U.S. Government Obligations valued at $75,526,686, 6%, 9/25/33)	73,381		70,000
TOTAL REPURCHASE AGREEMENTS		1,355,531
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $5,003,338)			5,003,338
NET OTHER ASSETS - 0.2%			12,491
NET ASSETS - 100%		$ 5,015,829

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, the rate at period end.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$1,204,531,000 due 9/02/08 at 2.14%
ING Financial Markets LLC	$ 258,554
J.P. Morgan Securities, Inc.	135,140
Merrill Lynch Government Securities, Inc.	405,418
Societe Generale, New York Branch	270,279
UBS Securities LLC	135,140
	$ 1,204,531

Income Tax Information

At August 31, 2008, the fund had a capital loss carryforward of approximately $39,000 all of which will expire on August 31, 2015.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)	August 31, 2008
Assets
Investment in securities, at value (including repurchase agreements of $1,355,531) - See accompanying schedule: Unaffiliated issuers (cost $5,003,338)		$ 5,003,338
Receivable for fund shares sold		6,700
Interest receivable		12,898
Other receivables		37
Total assets		5,022,973

Liabilities
Payable for fund shares redeemed	$ 5,383
Accrued management fee	1,757
Other affiliated payables	4
Total liabilities		7,144

Net Assets		$ 5,015,829
Net Assets consist of:
Paid in capital		$ 5,015,708
Accumulated undistributed net realized gain (loss) on investments		121
Net Assets, for 5,015,454 shares outstanding		$ 5,015,829
Net Asset Value, offering price and redemption price per share ($5,015,829 ÷ 5,015,454 shares)		$ 1.00

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Year ended August 31, 2008
Investment Income
Interest		$ 179,713

Expenses
Management fee	$ 20,443
Independent trustees' compensation	20
Total expenses before reductions	20,463
Expense reductions	(682)	19,781
Net investment income		159,932
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		669
Net increase in net assets resulting from operations		$ 160,601

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

Amounts in thousands	Year ended August 31, 2008	Year ended August 31, 2007
Increase (Decrease) in Net Assets
Operations
Net investment income	$ 159,932	$ 232,626
Net realized gain (loss)	669	(46)
Net increase in net assets resulting from operations	160,601	232,580
Distributions to shareholders from net investment income	(159,939)	(232,622)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	2,950,718	2,887,285
Reinvestment of distributions	159,909	232,563
Cost of shares redeemed	(2,828,280)	(3,212,781)
Net increase (decrease) in net assets and shares resulting from share transactions	282,347	(92,933)
Total increase (decrease) in net assets	283,009	(92,975)

Net Assets
Beginning of period	4,732,820	4,825,795
End of period (including undistributed net investment income of $0 and distributions in excess of net investment income of $5, respectively)	$ 5,015,829	$ 4,732,820

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights

Years ended August 31,	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income	.033	.049	.042	.021	.008
Distributions from net investment income	(.033)	(.049)	(.042)	(.021)	(.008)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return ^A	3.35%	5.06%	4.25%	2.17%	.77%
Ratios to Average Net Assets ^B
Expenses before reductions	.42%	.42%	.42%	.42%	.42%
Expenses net of fee waivers, if any	.42%	.42%	.42%	.42%	.42%
Expenses net of all reductions	.41%	.39%	.40%	.41%	.42%
Net investment income	3.28%	4.95%	4.18%	2.13%	.77%
Supplemental Data
Net assets, end of period (in millions)	$ 5,016	$ 4,733	$ 4,826	$ 4,740	$ 4,944

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

^B Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended August 31, 2008

(Amounts in thousands except ratios)

1. Organization.

Retirement Government Money Market Portfolio (the Fund) is a fund of Fidelity Money Market Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

2. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

Security Valuation. As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value.

Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 pm Eastern time. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

On October 6, 2008, the Board of Trustees of the Fund approved the participation by the Fund in the U.S. Treasury Department's Temporary Guarantee Program for Money Market Funds through December 18, 2008 (the "Program"). Under the Program, if the Fund's market value per share drops below $0.995 on any day while the Program is in effect, shareholders of record on that date who also held shares in the Fund on September 19, 2008 may be eligible to receive a payment from the Treasury upon liquidation of the Fund. The Program requires the Fund to pay the U.S. Department of Treasury a fee equal to 0.01% based on the number of shares outstanding as of September 19, 2008. This expense will be borne by the Fund without regard to any expense limitation currently in effect for the Fund.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service (IRS).

Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ -
Unrealized depreciation	-
Net unrealized appreciation (depreciation)	-
Undistributed ordinary income	163
Capital loss carryforward	(39)

Cost for federal income tax purposes	$ 5,003,338

The tax character of distributions paid was as follows:

	August 31, 2008	August 31, 2007
Ordinary Income	$ 159,939	$ 232,622

New Accounting Pronouncement. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and results in expanded disclosures about fair value measurements.

Annual Report

3. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .42% of the Fund's average net assets. FMR pays all other expenses, except the compensation of the independent Trustees and certain exceptions such as interest expense. The management fee paid to FMR by the Fund is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

5. Expense Reductions.

Through arrangements with the Fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's management fee. During the period, these credits reduced the Fund's management fee by $682.

6. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Money Market Trust and the Shareholders of Retirement Government Money Market Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, 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 Retirement Government Money Market Portfolio (a fund of Fidelity Money Market Trust) at August 31, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Retirement Government Money Market Portfolio'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 the standards of the Public Company Accounting Oversight Board (United States). Those standards 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 August 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 22, 2008

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for Edward C. Johnson and James C. Curvey, each of the Trustees oversees 158 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 376 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (78)
	Year of Election or Appointment: 1991 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007). Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related.
James C. Curvey (73)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006- present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Albert R. Gamper, Jr. (66)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities), a member of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
George H. Heilmeier (72)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology), Compaq, Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
Arthur E. Johnson (61)
	Year of Election or Appointment: 2008 Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related.
James H. Keyes (67)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). Previously, Mr. Keyes served as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (61)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of McKesson Corporation (healthcare service). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (69)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman and a Director of Hershey Foods Corporation (2007-present), where prior to his retirement in 2001, he was Chairman and Chief Executive Officer. Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007).

Advisory Board Member and Executive Officers**:

Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (64)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Money Market Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
John R. Hebble (50)
	Year of Election or Appointment:2008 President and Treasurer of Retirement Government Money Market. Mr. Hebble also serves as President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds (2008-present) and is an employee of FMR (2003-present). Before joining Fidelity Investments, Mr. Hebble worked at Deutsche Asset Management where he served as Director of Fund Accounting (2002-2003) and Assistant Treasurer of the Scudder Funds.
Boyce I. Greer (52)
	Year of Election or Appointment: 2006 Vice President of Retirement Government Money Market. Mr. Greer also serves as Vice President of Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). Mr. Greer is President and a Director of Fidelity Investments Money Management, Inc. (2007-present), and an Executive Vice President of FMR and FMR Co., Inc. (2005-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005).
Charles S. Morrison (47)
	Year of Election or Appointment: 2005 Vice President of Retirement Government Money Market. Mr. Morrison also serves as Vice President of Fidelity's Money Market Funds (2005- present) and Senior Vice President, Money Market Group Leader of FMR. Previously, Mr. Morrison served as Vice President of Fidelity's Bond Funds and certain Balanced, and Asset Allocation Funds.
Scott C. Goebel (40)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of Retirement Government Money Market. Mr. Goebel also serves as Secretary and CLO of other Fidelity funds (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present); and Deputy General Counsel of FMR LLC. Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Nancy D. Prior (41)
	Year of Election or Appointment: 2008 Assistant Secretary of Retirement Government Money Market. Ms. Prior also serves as Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2008-present) and is an employee of FMR (2002-present).
Holly C. Laurent (54)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of Retirement Government Money Market. Ms. Laurent also serves as AML Officer of other Fidelity funds (2008-present) and is an employee of FMR LLC. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (49)
	Year of Election or Appointment: 2008 Chief Financial Officer of Retirement Government Money Market. Ms. Reynolds also serves as Chief Financial Officer of other Fidelity funds (2008-present). Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. She served as Chief Operating Officer of FPCMS from 2007 through July 2008. Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was an audit partner with PwC's investment management practice.
Michael H. Whitaker (41)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Retirement Government Money Market. Mr. Whitaker also serves as Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds (2008-present) and is an employee of FMR (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Bryan A. Mehrmann (47)
	Year of Election or Appointment: 2005 Deputy Treasurer of Retirement Government Money Market. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Robert G. Byrnes (41)
	Year of Election or Appointment: 2005 Assistant Treasurer of Retirement Government Money Market. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (54)
	Year of Election or Appointment: 2004 Assistant Treasurer of Retirement Government Money Market. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004-present) and is an employee of FMR.
Paul M. Murphy (61)
	Year of Election or Appointment: 2007 Assistant Treasurer of Retirement Government Money Market. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (50)
	Year of Election or Appointment: 2005 Assistant Treasurer of Retirement Government Money Market Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Annual Report

Distributions (Unaudited)

A total of 28.71% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $86,730,848 of distributions paid during the period January 1,2008 to August 31,2008 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2009 of amounts for use in preparing 2008 income tax returns.

Annual Report

Proxy Voting Results

A special meeting of the fund's shareholders was held on June 18, 2008. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1
To elect a Board of Trustees.^A
	# of Votes	% of Votes
James C. Curvey
Affirmative	6,806,254,283.64	90.459
Withheld	717,918,633.19	9.541
TOTAL	7,524,172,916.83	100.000
Albert R. Gamper, Jr.
Affirmative	6,813,807,662.30	90.559
Withheld	710,365,254.53	9.441
TOTAL	7,524,172,916.83	100.000
George H. Heilmeier
Affirmative	6,807,960,382.67	90.481
Withheld	716,212,534.16	9.519
TOTAL	7,524,172,916.83	100.000
Arthur E. Johnson
Affirmative	6,813,560,126.23	90.556
Withheld	710,612,790.60	9.444
TOTAL	7,524,172,916.83	100.000
Edward C. Johnson 3d
Affirmative	6,790,230,371.49	90.246
Withheld	733,942,545.34	9.754
TOTAL	7,524,172,916.83	100.000
James H. Keyes
Affirmative	6,814,972,763.81	90.574
Withheld	709,200,153.02	9.426
TOTAL	7,524,172,916.83	100.000
Marie L. Knowles
Affirmative	6,809,520,315.53	90.502
Withheld	714,652,601.30	9.498
TOTAL	7,524,172,916.83	100.000
	# of Votes	% of Votes
Kenneth L. Wolfe
Affirmative	6,809,589,758.29	90.503
Withheld	714,583,158.54	9.497
TOTAL	7,524,172,916.83	100.000

^A Denotes trust-wide proposal and voting results.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Retirement Government Money Market Portfolio

Each year, typically in June, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. At the time of the renewal, the Board had 12 standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its June 2008 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. The Board also approved agreements with foreign sub-advisers Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Japan) Inc., and Fidelity Management & Research (Hong Kong) Limited.

In considering whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. The Board's decision to renew the Advisory Contracts was not based on any single factor noted above, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. The Board noted that Fidelity's analysts have access to a variety of technological tools that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers. In addition, the Board considered the trading resources that are an integrated part of the fixed-income portfolio management investment process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Annual Report

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure the investment research teams; (ii) contractually agreeing to reduce the management fees on Fidelity's Institutional Money Market Funds and launching Class IV and Institutional Class of certain of these funds; (iii) reducing the transfer agent fees for the Fidelity Select Portfolios and Investor Class of the VIP funds; and (iv) launching Class K of 29 equity funds as a lower-fee class available to certain employer-sponsored retirement plans.

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2007, the fund's cumulative total returns and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Retirement Government Money Market Portfolio

fid246

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the second quartile for the one- and three-year periods and the third quartile for the five-year period.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 21% means that 79% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board. For a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and custody fees) from the fund's all-inclusive fee. In this regard, the Board realizes that net management fees can vary from year to year because of differences in non-management expenses.

Annual Report

Fidelity Retirement Government Money Market Portfolio

fid248

The Board noted that the fund's hypothetical net management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2007.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

In its review of the fund's total expenses, the Board considered the fund's hypothetical net management fee as well as the fund's all-inclusive fee. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the all-inclusive arrangement. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered current and historical total expenses of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expenses ranked above its competitive median for 2007. The Board considered that although the fund has no minimum initial investment and provides a range of services similar to retail funds, Lipper categorizes it as institutional. When compared to retail no-load funds, the fund's total expenses rank below the median for 2007.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the fund's total expenses were reasonable, although above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of the results of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

Annual Report

The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board concluded that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends and actions to be taken by FMR to improve certain funds' overall performance; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's fund profitability methodology, the profitability of certain fund service providers, and profitability trends for certain funds; (iv) Fidelity's compensation structure for portfolio managers and key personnel, including its effects on fund profitability and the extent to which portfolio manager compensation is linked to fund performance; (v) Fidelity's fee structures; (vi) the funds' sub-advisory arrangements; and (vii) accounts managed by Fidelity other than the Fidelity funds.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Annual Report

Investment Adviser

Fidelity Management &
Research Company
Boston, MA

Investment Sub-Advisers

Fidelity Investments Money
Management, Inc.

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.

Fidelity Research & Analysis Company

Fidelity Management & Research
(U.K.), Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan), Inc.

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

RGM-ANN-1008
1.768777.106

fid250

Fidelity
Money Market Trust
Retirement Money Market
Portfolio

Annual Report

August 31, 2008

(2_fidelity_logos) (Registered_Trademark)

Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes/ Performance	<Click Here>	A summary of major shifts in the fund's investments over the past six months and one year, and performance information.
Investments	<Click Here>	A complete list of the fund's investments.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Proxy Voting Results	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity by investing in high-quality, short-term money market securities.

Annual Report

Investments in the fund are neither insured nor guaranteed by the U.S. Government, and there can be no assurance that the fund will maintain a stable $1.00 share price.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2008 to August 31, 2008).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value March 1, 2008	Ending Account Value August 31, 2008	Expenses Paid During Period* March 1, 2008 to August 31, 2008
Actual	$ 1,000.00	$ 1,013.40	$ 2.13
Hypothetical (5% return per year before expenses)	$ 1,000.00	$ 1,023.03	$ 2.14

* Expenses are equal to the Fund's annualized expense ratio of .42%; multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

Annual Report

Investment Changes/Performance (Unaudited)

Maturity Diversification
Days	% of fund's investments 8/31/08	% of fund's investments 2/29/08	% of fund's investments 8/31/07
0 - 30	52.5	48.4	50.8
31 - 90	31.9	40.7	33.6
91 - 180	11.3	10.3	4.7
181 - 397	4.3	0.6	10.9
Weighted Average Maturity
	08/31/08	02/29/08	08/31/07
Retirement Money Market Portfolio	50 Days	43 Days	60 Days
All Taxable Money Market Funds Average*	44 Days	42 Days	38 Days

Asset Allocation (% of fund's net assets)
As of August 31, 2008		As of February 29, 2008
	Commercial Paper 11.9%		Commercial Paper 14.4%
	Bank CDs, BAs, TDs, and Notes 73.4%		Bank CDs, BAs, TDs, and Notes 68.2%
	Government Securities 1.9%		Government Securities 0.0%
	Repurchase Agreements 12.4%		Repurchase Agreements 17.0%
	Other Investments 0.4%		Other Investments 0.4%

fid274

Current and Historical Seven-Day Yields

	09/02/08	06/03/08	02/26/08	11/27/07	8/28/07
Retirement Money Market Portfolio	2.48%	2.50%	3.42%	4.72%	5.08%

*Source: iMoneyNet, Inc.

Annual Report

Investments August 31, 2008

Showing Percentage of Net Assets

Certificates of Deposit - 36.1%
	Due Date	Yield (a)	Principal Amount (000s)	Value (000s)
London Branch, Eurodollar, Foreign Banks - 6.8%
Barclays Bank PLC
	12/29/08	3.20%	$ 160,000	$ 160,000
Calyon SA
	12/18/08	3.30	66,000	66,000
Credit Agricole SA
	11/3/08 to 12/1/08	3.00 to 3.05	120,000	120,000
Credit Industriel et Commercial
	9/3/08 to 11/21/08	3.01 to 3.12	285,000	285,000
HSBC Bank PLC
	11/24/08	2.78	28,000	28,000
Landesbank Hessen-Thuringen
	11/13/08 to 11/26/08	2.90 to 2.95	162,000	162,000
Societe Generale
	10/9/08	2.90	60,000	60,000
UniCredit SpA
	10/29/08 to 11/28/08	2.99 to 3.00	219,000	219,000
				1,100,000
New York Branch, Yankee Dollar, Foreign Banks - 29.3%
Abbey National Treasury Services PLC
	11/19/08	3.01 (c)	19,000	19,000
Banco Santander SA
	9/8/08 to 2/2/09	2.84 to 3.19	284,000	284,000
Bank of Montreal
	9/8/08 to 9/23/08	3.01 to 3.02 (c)	204,000	204,000
Bank of Nova Scotia
	10/15/08 to 10/17/08	3.09 (c)	189,000	189,000
Bank of Scotland PLC
	9/4/08 to 11/6/08	2.64 to 3.01 (c)	669,000	668,998
Bank Tokyo-Mitsubishi UFJ Ltd.
	10/28/08 to 11/24/08	2.85	133,000	133,000
Barclays Bank PLC
	9/3/08 to 10/21/08	2.88 to 3.09 (c)	476,000	476,000
BNP Paribas SA
	2/17/09 to 4/20/09	2.75 to 3.10	332,000	332,000
Canadian Imperial Bank of Commerce
	10/9/08	2.90	160,000	160,000
Certificates of Deposit - continued
	Due Date	Yield (a)	Principal Amount (000s)	Value (000s)
New York Branch, Yankee Dollar, Foreign Banks - continued
Commerzbank AG
	10/16/08	2.80%	$ 158,000	$ 158,000
Deutsche Bank AG
	10/6/08	3.00 (c)	315,000	315,000
Intesa Sanpaolo SpA
	9/2/08 to 9/19/08	2.99 to 3.00 (c)	127,000	127,000
Landesbank Hessen-Thuringen
	9/30/08	2.82	15,000	15,000
Natixis SA
	10/27/08 to 11/17/08	2.95 to 3.05	207,000	207,000
Rabobank Nederland
	2/19/09 to 4/20/09	2.63 to 3.01	414,000	414,000
Royal Bank of Canada
	12/1/08	2.76	27,000	27,000
Royal Bank of Scotland PLC
	9/28/08 to 12/15/08	3.02 to 3.18 (c)	396,000	396,000
San Paolo IMI SpA
	4/21/09	3.15	65,000	65,000
Societe Generale
	12/17/08	3.28	136,000	136,000
Svenska Handelsbanken AB
	11/26/08	3.16 (c)	29,000	29,000
Toronto-Dominion Bank
	2/17/09 to 2/20/09	3.03 to 3.04	423,000	423,000
				4,777,998
TOTAL CERTIFICATES OF DEPOSIT				5,877,998
Commercial Paper - 11.9%

American Water Capital Corp.
	9/10/08	2.95	6,000	5,996
Atlantic Asset Securitization Corp.
	10/8/08 to 10/24/08	2.68 to 2.71	70,000	69,781
Banco Bilbao Vizcaya Argentaria SA (London Branch)
	1/8/09	3.17	41,000	40,542
Commercial Paper - continued
	Due Date	Yield (a)	Principal Amount (000s)	Value (000s)
Dakota Notes (Citibank Credit Card Issuance Trust)
	9/10/08 to 10/31/08	2.67 to 2.79%	$ 69,300	$ 69,141
Dominion Resources, Inc.
	9/5/08 to 9/8/08	2.90 to 2.91	19,000	18,991
Dow Chemical Co.
	10/8/08	3.01	9,000	8,972
Emerald Notes (BA Credit Card Trust)
	9/12/08 to 10/29/08	3.04 to 3.07	90,000	89,645
FCAR Owner Trust
	9/4/08 to 9/19/08	2.82 to 2.87	361,000	360,718
Govco, Inc.
	9/26/08 to 10/14/08	2.75 to 2.77	13,000	12,966
Intesa Funding LLC
	12/3/08	3.00	100,000	99,237
ITT Corp.
	9/3/08 to 9/12/08	2.94 to 3.01	26,000	25,985
JPMorgan Chase & Co.
	12/4/08	2.74	68,000	67,521
Natexis Banques Populaires US Finance Co. LLC
	10/20/08 to 12/8/08	3.00 to 3.05	69,000	68,674
National Grid USA
	9/3/08 to 9/24/08	3.01	43,000	42,953
Nationwide Building Society
	9/5/08 to 11/7/08	2.81 to 4.60	113,000	112,435
Nissan Motor Acceptance Corp.
	9/2/08 to 10/1/08	2.96 to 3.01	43,000	42,951
Pacific Gas & Electric Co.
	9/9/08 to 9/16/08	2.97 to 3.01	17,000	16,985
Palisades Notes (Citibank Omni Master Trust)
	9/8/08 to 11/18/08	2.86 to 3.13	128,000	127,631
Rockies Express Pipeline LLC
	9/2/08 to 10/2/08	2.91 to 3.06	32,000	31,973
Salisbury Receivables Co. LLC
	9/22/08 to 9/25/08	2.51 to 2.52	14,000	13,978
Sheffield Receivables Corp.
	9/17/08 to 10/27/08	2.63 to 2.73	54,100	53,973
Commercial Paper - continued
	Due Date	Yield (a)	Principal Amount (000s)	Value (000s)
Societe Generale North America, Inc.
	10/17/08 to 11/20/08	2.82 to 3.12%	$ 267,000	$ 265,503
Spectra Energy Capital, LLC
	9/2/08 to 9/22/08	2.96 to 3.01	12,000	11,987
Thames Asset Global Securities No. 1, Inc.
	9/10/08 to 11/7/08	2.56 to 2.98	162,000	161,580
Transocean, Inc.
	10/2/08	3.01	14,000	13,964
Tyco Electronics Group SA
	9/17/08	2.96	9,000	8,988
UniCredito Italiano Bank (Ireland) PLC
	10/31/08 to 11/17/08	3.00	28,000	27,840
Variable Funding Capital Co. LLC
	9/15/08 to 9/17/08	2.66	28,000	27,969
Virginia Electric & Power Co.
	10/1/08	2.95	5,000	4,988
WellPoint, Inc.
	9/3/08 to 10/8/08	3.01	23,150	23,120
Wisconsin Energy Corp.
	9/12/08 to 9/30/08	2.96 to 3.01	10,000	9,980
TOTAL COMMERCIAL PAPER				1,936,967
Federal Agencies - 1.9%

Federal Home Loan Bank - 0.4%
	9/28/08	2.39 (c)	68,000	67,955
Freddie Mac - 1.5%
	9/18/08 to 9/21/08	2.44 to 2.45 (c)	237,000	236,993
TOTAL FEDERAL AGENCIES				304,948
Bank Notes - 0.7%
	Due Date	Yield (a)	Principal Amount (000s)	Value (000s)
Banque Federative du Credit Mutuel
	11/28/08	2.96% (b)(c)	$ 96,000	$ 96,000
M&I Marshall & Ilsley Bank
	9/12/08	2.48 (c)	15,000	15,000
TOTAL BANK NOTES				111,000
Master Notes - 1.8%

Asset Funding Co. III LLC
	9/5/08 to 10/14/08	2.52 to 3.14 (c)(d)	253,000	253,000
Lehman Brothers Holdings, Inc.
	9/11/08	2.57 (c)(d)	45,000	45,000
TOTAL MASTER NOTES				298,000
Medium-Term Notes - 33.8%

AIG Matched Funding Corp.
	9/2/08 to 9/16/08	2.79 to 2.80 (b)	91,000	91,000
Allstate Life Global Funding Trusts
	9/22/08	3.05 (c)	72,000	72,000
ASIF Global Financing XXX
	9/23/08	2.50 (b)(c)	80,000	80,000
AT&T, Inc.
	12/5/08	3.23 (b)(c)	152,000	152,000
Australia & New Zealand Banking Group Ltd.
	9/2/08	2.89 (b)(c)	315,000	315,000
Banco Santander Totta SA
	9/15/08	2.49 (b)(c)	50,000	50,000
Bank of America NA
	10/3/08	2.99 (c)	165,000	165,000
Bank of Montreal
	9/5/08	2.96 (b)(c)	50,000	50,000
Bayerische Landesbank Girozentrale
	10/15/08	2.83 (c)	135,000	135,000
BMW U.S. Capital LLC
	9/12/08	2.51 (c)	24,000	24,000
Medium-Term Notes - continued
	Due Date	Yield (a)	Principal Amount (000s)	Value (000s)
BNP Paribas US Medium-Term Note Program LLC
	11/13/08	3.01% (c)	$ 100,000	$ 100,000
BP Capital Markets PLC
	9/11/08	2.79 (c)	65,000	65,000
Caja Madrid SA
	10/20/08	2.94 (b)(c)	49,000	49,000
Commonwealth Bank of Australia
	9/24/08 to 10/3/08	2.50 to 2.99 (b)(c)	192,000	192,000
Compagnie Financiere du Credit Mutuel
	9/9/08	2.89 (b)(c)	54,000	54,000
Credit Agricole SA
	9/22/08	3.03 (b)(c)	325,000	325,000
Danske Bank A/S
	9/19/08	2.46 (b)(c)	25,000	24,998
Deutsche Bank AG
	9/3/08	2.77 (c)	110,000	110,000
General Electric Capital Corp.
	9/8/08	2.52 (c)	191,000	191,000
HSH Nordbank AG
	9/19/08 to 9/23/08	2.49 to 2.54 (b)(c)	148,000	148,000
ING USA Annuity & Life Insurance Co.
	9/24/08	3.06 (c)(d)	33,000	33,000
Intesa Bank Ireland PLC
	9/25/08	2.49 (b)(c)	110,000	110,000
Lloyds TSB Group PLC
	11/7/08	3.10 (b)(c)	159,000	159,000
Merrill Lynch & Co., Inc.
	9/4/08 to 9/15/08	2.54 to 2.63 (c)	106,000	106,002
MetLife Insurance Co. of Connecticut
	9/29/08 to 11/18/08	3.05 to 3.06 (c)(d)	55,000	55,000
Metropolitan Life Global Funding I
	9/8/08	2.51 (b)(c)	55,652	55,652
Morgan Stanley
	9/2/08 to 9/29/08	2.21 to 2.62 (c)	191,000	191,000
National Australia Bank Ltd.
	9/8/08	2.88 (b)(c)	85,000	85,000
Medium-Term Notes - continued
	Due Date	Yield (a)	Principal Amount (000s)	Value (000s)
National Rural Utils. Coop. Finance Corp.
	9/4/08	2.47% (c)	$ 7,000	$ 7,000
New York Life Insurance Co.
	9/29/08 to 11/28/08	2.96 to 2.98 (c)(d)	175,000	175,000
Nordea Bank AB
	10/24/08	3.15 (b)(c)	325,000	325,000
Pacific Life Global Funding
	9/4/08 to 9/15/08	2.53 (b)(c)	25,000	25,000
PNC Bank NA, Pittsburgh
	11/4/08	3.03 (c)	32,000	32,000
Royal Bank of Canada
	9/10/08	2.52 (c)	15,000	15,000
	9/15/08 to 11/17/08	2.87 to 3.10 (b)(c)	170,000	170,000
Royal Bank of Scotland PLC
	9/19/08	2.50 (b)(c)	230,000	230,000
Security Life of Denver Insurance Co.
	11/28/08	3.07 (c)(d)	23,000	23,000
Skandinaviska Enskilda Banken AB
	9/5/08 to 9/19/08	2.67 to 2.79 (b)(c)	189,000	188,999
Southern Co.
	9/18/08	2.82 (c)	13,000	13,000
Svenska Handelsbanken AB
	10/6/08	3.00 (b)(c)	121,000	121,000
Transamerica Occidental Life Insurance Co.
	10/1/08 to 11/3/08	3.04 to 3.08 (c)(d)	70,000	70,000
UniCredito Italiano Bank (Ireland) PLC
	9/12/08	2.48 to 2.50 (b)(c)	163,000	163,000
Verizon Communications, Inc.
	9/17/08	2.86 (c)	105,000	105,000
Wachovia Bank NA
	10/27/08	2.87 (c)	108,000	108,000
Wells Fargo & Co.
	5/1/09	3.55 (c)	160,000	160,054
	9/15/08	2.62 (b)(c)	147,500	147,500
WestLB AG
	9/10/08	2.53 (b)(c)	67,000	67,000
Medium-Term Notes - continued
	Due Date	Yield (a)	Principal Amount (000s)	Value (000s)
Westpac Banking Corp.
	9/11/08	2.75% (c)	$ 30,000	$ 30,000
	9/4/08	2.90 (b)(c)	147,000	146,988
TOTAL MEDIUM-TERM NOTES				5,510,193
Short-Term Notes - 0.9%

Hartford Life Insurance Co.
	9/3/08	2.83 (c)(d)	41,000	41,000
Jackson National Life Insurance Co.
	9/8/08	2.87 (c)(d)	36,000	36,000
Metropolitan Life Insurance Co.
	10/2/08 to 11/3/08	3.07 to 3.09 (c)(d)	65,000	65,000
TOTAL SHORT-TERM NOTES				142,000
Asset-Backed Securities - 0.4%

Master Funding Trust I
	5/26/09	2.72 (b)(c)	65,000	65,000
Municipal Securities - 0.1%

Denver City & County School District # 1 Series 2008 A, 3.37%, VRDN
	9/5/08	3.37 (c)	14,200	14,200
Denver City & County School District # 1 Series 2008 B1, 3.37%, VRDN
	9/5/08	3.37 (c)	9,500	9,500
TOTAL MUNICIPAL SECURITIES			23,700

Repurchase Agreements - 12.4%
	Maturity Amount (000s)		Value (000s)
In a joint trading account at 2.14% dated 8/29/08 due 9/2/08 (Collateralized by U.S. Government Obligations) #	$ 4		$ 4
With:
Banc of America Securities LLC At 2.38%, dated 8/29/08 due 9/2/08 (Collateralized by Equity Securities valued at $21,005,559)	20,005		20,000
Barclays Capital, Inc. At:
2.33%, dated 8/29/08 due 9/2/08 (Collateralized by Equity Securities valued at $150,188,794)	143,037		143,000
3%, dated 7/17/08 due 10/17/08 (Collateralized by Equity Securities valued at $31,607,718)	30,230		30,000
BNP Paribas Securities Corp. At 2.65%, dated 8/18/08 due 9/19/08 (Collateralized by Corporate Obligations valued at $60,900,000, 5.4%, 3/1/16)	58,137		58,000
Deutsche Bank Securities, Inc. At:
2.6%, dated:
8/1/08 due 9/2/08 (Collateralized by Corporate Obligations valued at $31,572,800, 6.13%, 1/15/14)	30,069		30,000
8/5/08 due 9/4/08 (Collateralized by Equity Securities valued at $62,075,286)	59,128		59,000
2.65%, dated 8/18/08 due 9/18/08 (Collateralized by Corporate Obligations valued at $46,251,013, 7% - 11.75%, 5/15/12 - 6/1/14)	44,100		44,000
ING Financial Markets LLC At:
2.66%, dated 8/11/08 due 9/10/08 (Collateralized by Corporate Obligations valued at $38,903,507, 4.88% - 7.75%, 3/1/13 - 12/15/29)	37,082		37,000
2.67%, dated:
8/15/08 due 9/15/08 (Collateralized by Corporate Obligations valued at $15,768,635, 4.13% - - 6.88%, 1/15/09 - 4/25/18)	15,034		15,000
8/18/08 due 9/18/08 (Collateralized by Corporate Obligations valued at $69,357,099, 5.63% - - 7.5%, 11/15/11 - 9/15/34)	66,152		66,000
Lehman Brothers, Inc. At:
2.35%, dated 8/29/08 due 9/2/08 (Collateralized by Corporate Obligations valued at $644,701,473, 0.33% - 7.8%, 9/19/08 - 12/31/49)	614,160		614,000
2.71%, dated 8/12/08 due 9/15/08 (Collateralized by Corporate Obligations valued at $63,081,788, 6.4%, 10/23/37)	60,154		60,000
Repurchase Agreements - continued
	Maturity Amount (000s)		Value (000s)
With: - continued
Lehman Brothers, Inc. At: - continued
2.72%, dated 8/18/08 due 9/22/08 (Collateralized by Corporate Obligations valued at $30,476,014, 0.33% - 6.27%, 10/27/10 - 1/25/29)	$ 29,077		$ 29,000
Merrill Lynch, Pierce, Fenner & Smith At 2.33%, dated 8/29/08 due 9/2/08 (Collateralized by Corporate Obligations valued at $329,702,580, 5.25% - 6.75%, 3/1/13 - 2/1/37)	314,081		314,000
Morgan Stanley & Co. At:
2.36%, dated 8/29/08 due 9/2/08 (Collateralized by Corporate Obligations valued at $93,468,408, 1% - 7.75%, 7/15/09 - 4/15/34)	89,023		89,000
2.72%, dated 8/13/08 due 9/12/08 (Collateralized by Mortgage Loan Obligations valued at $62,790,895, 0.33% - 0.7%, 9/4/08 - 6/12/47)	60,136		60,000
UBS Warburg LLC At:
2.34%, dated 8/29/08 due 9/2/08 (Collateralized by Corporate Obligations valued at $58,800,187, 7.75% - 8%, 9/15/10 - 6/1/11)	56,015		56,000
2.86%, dated 7/8/08 due 9/8/08 (Collateralized by Mortgage Loan Obligations valued at $75,914,189, 2.75% - 6.3%, 4/15/21 - 9/12/49)	72,355		72,000
3%, dated 7/8/08 due 10/6/08 (Collateralized by Mortgage Loan Obligations valued at $75,928,235, 5.39% - 7.13%, 2/14/11 - 10/15/48)	72,540		72,000
3.05%, dated 7/24/08 due 10/22/08 (Collateralized by Corporate Obligations valued at $20,014,364, 1.75% - 8%, 6/1/11 - 2/15/37)	19,145		19,000
Wachovia Securities, Inc. At:
2.71%, dated 8/11/08 due 9/11/08 (Collateralized by Commercial Paper Obligations valued at $56,743,819, 9/3/08 - 9/24/08)	55,128		55,000
2.72%, dated 8/22/08 due 9/22/08 (Collateralized by Commercial Paper Obligations valued at $74,221,636, 9/3/08 - 9/10/08)	72,169		72,000
TOTAL REPURCHASE AGREEMENTS		2,014,004
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $16,283,810)			16,283,810
NET OTHER ASSETS - 0.0%			6,109
NET ASSETS - 100%		$ 16,289,919

Security Type Abbreviation

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Yield represents either the annualized Yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, the rate at period end.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,686,137,000 or 22.6% of net assets.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $796,000,000 or 4.9% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Cost (000s)
Asset Funding Co. III LLC: 2.52%, 9/5/08	11/7/06	$ 95,000
2.53%, 9/5/08	8/29/06	$ 92,000
3.14%, 10/14/08	7/11/08	$ 66,000
Hartford Life Insurance Co. 2.83%, 9/3/08	12/16/03	$ 41,000
Security	Acquisition Date	Cost (000s)
ING USA Annuity & Life Insurance Co. 3.06%, 9/24/08	6/23/05	$ 33,000
Jackson National Life Insurance Co. 2.87%, 9/8/08	3/31/03	$ 36,000
Lehman Brothers Holdings, Inc. 2.57%, 9/11/08	1/10/07	$ 45,000
MetLife Insurance Company of Connecticut: 3.05%, 9/29/08	3/25/08	$ 35,000
3.05%, 11/17/08	5/14/08	$ 10,000
3.06%, 11/18/08	8/6/08	$ 10,000
Metropolitan Life Insurance Co.: 3.07%, 10/2/08	3/26/02	$ 45,000
3.09%, 11/3/08	2/24/03	$ 20,000
New York Life Insurance Co.: 2.96%, 9/29/08	3/28/08	$ 125,000
2.98%, 11/28/08	5/12/08	$ 50,000
Security Life of Denver Insurance Co. 3.07%, 11/28/08	8/26/05	$ 23,000
Transamerica Occidental Life Insurance Co.: 3.04%, 10/1/08	3/27/08	$ 10,000
3.08%, 11/3/08	4/29/08	$ 60,000

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement/ Counterparty	Value (Amounts in thousands)
$4,000 due 9/02/08 at 2.14%
ING Financial Markets LLC	$ 1
J.P. Morgan Securities, Inc.	1
Merrill Lynch Government Securities, Inc.	1
Societe Generale, New York Branch	1
	$ 4

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amount)		August 31, 2008

Assets
Investment in securities, at value (including repurchase agreements of $2,014,004) - See accompanying schedule: Unaffiliated issuers (cost $16,283,810)		$ 16,283,810
Cash		603
Receivable for fund shares sold		41,453
Interest receivable		51,554
Other receivables		398
Total assets		16,377,818

Liabilities
Payable for investments purchased	$ 48,915
Payable for fund shares redeemed	33,007
Distributions payable	8
Accrued management fee	5,702
Other affiliated payables	7
Other payables and accrued expenses	260
Total liabilities		87,899

Net Assets		$ 16,289,919
Net Assets consist of:
Paid in capital		$ 16,290,319
Accumulated undistributed net realized gain (loss) on investments		(400)
Net Assets, for 16,290,068 shares outstanding		$ 16,289,919
Net Asset Value, offering price and redemption price per share ($16,289,919 ÷ 16,290,068 shares)		$ 1.00

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Year ended August 31, 2008

Investment Income
Interest		$ 660,078

Expenses
Management fee	$ 68,096
Independent trustees' compensation	69
Total expenses before reductions	68,165
Expense reductions	(2,701)	65,464
Net investment income		594,614
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers		881
Net increase in net assets resulting from operations		$ 595,495

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

Amounts in thousands	Year ended August 31, 2008	Year ended August 31, 2007
Increase (Decrease) in Net Assets
Operations
Net investment income	$ 594,614	$ 825,424
Net realized gain (loss)	881	208
Net increase in net assets resulting from operations	595,495	825,632
Distributions to shareholders from net investment income	(594,610)	(825,419)
Share transactions at net asset value of $1.00 per share Proceeds from sales of shares	13,607,747	13,118,062
Reinvestment of distributions	594,383	825,114
Cost of shares redeemed	(13,970,219)	(14,495,157)
Net increase (decrease) in net assets and shares resulting from share transactions	231,911	(551,981)
Total increase (decrease) in net assets	232,796	(551,768)

Net Assets
Beginning of period	16,057,123	16,608,891
End of period (including undistributed net investment income of $0 and distributions in excess of net investment income of $119, respectively)	$ 16,289,919	$ 16,057,123

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights


Years ended August 31,	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Income from Investment Operations
Net investment income	.037	.050	.042	.022	.008
Distributions from net investment income	(.037)	(.050)	(.042)	(.022)	(.008)
Net asset value, end of period	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 1.00
Total Return^A	3.72%	5.15%	4.32%	2.23%	.83%
Ratios to Average Net Assets^B
Expenses before reductions	.42%	.42%	.42%	.42%	.42%
Expenses net of fee waivers, if any	.42%	.42%	.42%	.42%	.42%
Expenses net of all reductions	.40%	.39%	.40%	.41%	.42%
Net investment income	3.66%	5.03%	4.24%	2.21%	.82%
Supplemental Data
Net assets, end of period (in millions)	$ 16,290	$ 16,057	$ 16,609	$ 16,164	$ 16,041

^A Total returns would have been lower had certain expenses not been reduced during the periods shown.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended August 31, 2008

(Amounts in thousands except ratios)

1. Organization.

Retirement Money Market Portfolio (the Fund) is a fund of Fidelity Money Market Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust.

2. Significant Accounting Policies.

Security Valuation. As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements.

Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service (IRS).

Book-tax differences are primarily due to deferred trustees compensation, capital loss carryforwards and losses deferred due to excise tax regulations.

The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:

Unrealized appreciation	$ -
Unrealized depreciation	-
Net unrealized appreciation (depreciation)	-
Undistributed ordinary income	677

Cost for federal income tax purposes	$ 16,283,810

The tax character of distributions paid was as follows:

	August 31, 2008	August 31, 2007
Ordinary Income	$ 594,610	$ 825,419

New Accounting Pronouncements. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and results in expanded disclosures about fair value measurements.

Annual Report

3. Operating Policies.

Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

5. Expense Reductions.

6. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Money Market Trust and the Shareholders of Retirement Money Market Portfolio:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, 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 Retirement Money Market Portfolio (a fund of Fidelity Money Market Trust) at August 31, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Retirement Money Market Portfolio'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 the standards of the Public Company Accounting Oversight Board (United States). Those standards 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 August 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 22, 2008

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for Edward C. Johnson 3d and James C. Curvey, each of the Trustees oversees 158 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 376 funds advised by FMR or an affiliate.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (78)
	Year of Election or Appointment: 1991 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007). Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related.
James C. Curvey (73)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006- present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Albert R. Gamper, Jr. (66)
	Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities), a member of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007).
George H. Heilmeier (72)
	Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineering and information technology support for the government), and HRL Laboratories (private research and development, 2004-present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology), Compaq, Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing), INET Technologies Inc. (telecommunications network surveillance, 2001- 2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame.
Arthur E. Johnson (61)
	Year of Election or Appointment: 2008 Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related.
James H. Keyes (67)
	Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). Previously, Mr. Keyes served as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (61)
	Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of McKesson Corporation (healthcare service). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007).
Kenneth L. Wolfe (69)
	Year of Election or Appointment: 2005 Mr. Wolfe is Chairman and a Director of Hershey Foods Corporation (2007-present), where prior to his retirement in 2001, he was Chairman and Chief Executive Officer. Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007).

Advisory Board Member and Executive Officers**:

Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (64)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Money Market Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund.
John R. Hebble (50)
	Year of Election or Appointment: 2008 President and Treasurer of Retirement Money Market. Mr. Hebble also serves as President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds (2008-present) and is an employee of FMR (2003- present). Before joining Fidelity Investments, Mr. Hebble worked at Deutsche Asset Management where he served as Director of Fund Accounting (2002-2003) and Assistant Treasurer of the Scudder Funds.
Boyce I. Greer (52)
	Year of Election or Appointment: 2006 Vice President of Retirement Money Market. Mr. Greer also serves as Vice President of Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). Mr. Greer is President and a Director of Fidelity Investments Money Management, Inc. (2007-present), and an Executive Vice President of FMR and FMR Co., Inc. (2005-present). Previously, Mr. Greer served as a Director and Managing Director of Strategic Advisers, Inc. (2002-2005).
Charles S. Morrison (47)
	Year of Election or Appointment: 2005 Vice President of Retirement Money Market. Mr. Morrison also serves as Vice President of Fidelity's Money Market Funds (2005-present) and Senior Vice President, Money Market Group Leader of FMR. Previously, Mr. Morrison served as Vice President of Fidelity's Bond Funds and certain Balanced, and Asset Allocation Funds.
Scott C. Goebel (40)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of Retirement Money Market. Mr. Goebel also serves as Secretary and CLO of other Fidelity funds (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present); and Deputy General Counsel of FMR LLC. Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007- 2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Nancy D. Prior (41)
	Year of Election or Appointment: 2008 Assistant Secretary of Retirement Money Market. Ms. Prior also serves as Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2008-present) and is an employee of FMR (2002-present).
Holly C. Laurent (54)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of Retirement Money Market. Ms. Laurent also serves as AML Officer of other Fidelity funds (2008- present) and is an employee of FMR LLC. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (49)
	Year of Election or Appointment: 2008 Chief Financial Officer of Retirement Money Market. Ms. Reynolds also serves as Chief Financial Officer of other Fidelity funds (2008-present). Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. She served as Chief Operating Officer of FPCMS from 2007 through July 2008. Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was an audit partner with PwC's investment management practice.
Michael H. Whitaker (41)
	Year of Election or Appointment: 2008 Chief Compliance Officer of Retirement Money Market. Mr. Whitaker also serves as Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds (2008-present) and is an employee of FMR (2007-present). Prior to joining Fidelity Investments, Mr. Whitaker worked at MFS Investment Management where he served as Senior Vice President and Chief Compliance Officer (2004-2006), and Assistant General Counsel.
Bryan A. Mehrmann (47)
	Year of Election or Appointment: 2005 Deputy Treasurer of Retirement Money Market. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005-present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004).
Robert G. Byrnes (41)
	Year of Election or Appointment: 2005 Assistant Treasurer of Retirement Money Market. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Byrnes served as Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003).
Peter L. Lydecker (54)
	Year of Election or Appointment: 2004 Assistant Treasurer of Retirement Money Market. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004-present) and is an employee of FMR.
Paul M. Murphy (61)
	Year of Election or Appointment: 2007 Assistant Treasurer of Retirement Money Market. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (50)
	Year of Election or Appointment: 2005 Assistant Treasurer of Retirement Money Market. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005-present) and is an employee of FMR (2005-present). Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.

Annual Report

Distributions (Unaudited)

A total of 0.05% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $327,177,075 of distributions paid during the period January 1, 2008 to August 31, 2008 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund will notify shareholders in January 2009 of amounts for use in preparing 2008 income tax returns.

Annual Report

Proxy Voting Results

PROPOSAL 1
To elect a Board of Trustees. ^A
	# of Votes	% of Votes
James C. Curvey
Affirmative	6,806,254,283.64	90.459
Withheld	717,918,633.19	9.541
TOTAL	7,524,172,916.83	100.000
Albert R. Gamper, Jr.
Affirmative	6,813,807,662.30	90.559
Withheld	710,365,254.53	9.441
TOTAL	7,524,172,916.83	100.000
George H. Heilmeier
Affirmative	6,807,960,382.67	90.481
Withheld	716,212,534.16	9.519
TOTAL	7,524,172,916.83	100.000
Arthur E. Johnson
Affirmative	6,813,560,126.23	90.556
Withheld	710,612,790.60	9.444
TOTAL	7,524,172,916.83	100.000
Edward C. Johnson 3d
Affirmative	6,790,230,371.49	90.246
Withheld	733,942,545.34	9.754
TOTAL	7,524,172,916.83	100.000
James H. Keyes
Affirmative	6,814,972,763.81	90.574
Withheld	709,200,153.02	9.426
TOTAL	7,524,172,916.83	100.000
Marie L. Knowles
Affirmative	6,809,520,315.53	90.502
Withheld	714,652,601.30	9.498
TOTAL	7,524,172,916.83	100.000
	# of Votes	% of Votes
Kenneth L. Wolfe
Affirmative	6,809,589,758.29	90.503
Withheld	714,583,158.54	9.497
TOTAL	7,524,172,916.83	100.000

^A Denotes trust-wide proposal and voting results.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Retirement Money Market Portfolio

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Retirement Money Market Portfolio

fid276

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the second quartile for all the periods shown.

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group" and, for the reasons explained above, is broader than the Lipper peer group used by the Board for performance comparisons. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 25% means that 75% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board. For a more meaningful comparison of management fees, the fund is compared on the basis of a hypothetical "net management fee," which is derived by subtracting payments made by FMR for non-management expenses (including transfer agent fees, pricing and bookkeeping fees, and custody fees) from the fund's all-inclusive fee. In this regard, the Board realizes that net management fees can vary from year to year because of differences in non-management expenses.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Retirement Money Market Portfolio

fid278

The Board noted that the fund's hypothetical net management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2007.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Investment Adviser

Fidelity Management &
Research Company
Boston, MA

Investment Sub-Advisers

Fidelity Investments Money
Management, Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan), Inc.

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.

Fidelity Research & Analysis Company

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

RMM-ANN-1008
1.768778.106

fid250

Item 2. Code of Ethics

As of the end of the period, August 31, 2008, Fidelity Money Market Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Retirement Government Money Market Portfolio and Retirement Money Market Portfolio (the "Funds"):

Services Billed by PwC

August 31, 2008 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Retirement Government Money Market Portfolio	$ 53,000	$ -	$ 2,000	$ 3,300
Retirement Money Market Portfolio	$ 73,000	$ -	$ 2,000	$ 9,000

August 31, 2007 Fees^A

	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Retirement Government Money Market Portfolio	$ 51,000	$ -	$ 1,900	$ 3,500
Retirement Money Market Portfolio	$ 80,000	$ -	$ 1,900	$ 9,700

^AAmounts may reflect rounding.

The following table presents fees billed by PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds ("Fund Service Providers"):

Services Billed by PwC

	August 31, 2008^A	August 31, 2007^A
Audit-Related Fees	$ 1,295,000	$ -
Tax Fees	$ -	$ -
All Other Fees	$ 185,000	$ 275,000

^A Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for assurance services provided to the fund or Fund Service Provider that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by PwC for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:

Billed By	August 31, 2008^A	August 31, 2007^A
PwC	$2,470,000	$1,405,000

^A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by PwC to Fund Service Providers to be compatible with maintaining the independence of PwC in its audit of the Funds, taking into account representations from PwC, in accordance with Independence Standards Board Standard No. 1, regarding its independence from the Funds and their related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The Fidelity fund's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds' last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Not applicable.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 11. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 12. Exhibits

(a)	(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
(a)	(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)	(3)	Not applicable.
(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Money Market Trust

By:	/s/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	October 29, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/John R. Hebble
	John R. Hebble
	President and Treasurer

Date:	October 29, 2008

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	October 29, 2008

Fidelity Money Market Trust Inactive N-CSRCertified annual shareholder report (management investment company)

Contents

Shareholder Expense Example

Investment Changes/Performance (Unaudited)

Investments August 31, 2008

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Years ended August 31,

2008

2007

2006

2005

2004

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions (Unaudited)

Proxy Voting Results

Board Approval of Investment Advisory Contracts and Management Fees

Contents

Shareholder Expense Example

Investment Changes/Performance (Unaudited)

Investments August 31, 2008

Financial Statements

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Years ended August 31,

2008

2007

2006

2005

2004

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Distributions (Unaudited)

Proxy Voting Results

Board Approval of Investment Advisory Contracts and Management Fees