Dear Centennial Money Market Trust Shareholder:
We are pleased to provide you with the 1993 semi-annual report for Centennial
Money Market Trust.
During the six-month period ended December 31, 1993, the Trust's compounded
annualized yield was 2.70%. The corresponding yield without compounding was
2.67%. The seven-day annualized yields with and without compounding at
December 31, 1993 were 2.74% and 2.71%, respectively.
Centennial Money Market Trust is managed to seek current income consistent
with the preservation of capital. It invests primarily in high quality,
short-term money market securities.
During the past six months, the market for money market securities was
characterized by stable short-term interest rates. With the U.S. economy
sluggish throughout most of the year, interest rates remained low, which made
it attractive for companies to issue long-term debt. Therefore, the supply
of short-term money market securities was lower than usual. Inflation
remained under control which led to a neutral stance by the Federal Reserve
regarding interest rate adjustments. The net result is that current short-
term interest rates are at essentially the same level as at the beginning of
1993.
In this low short-term interest rate environment, the Trust continues to
invest all of its assets in high quality money market instruments. The
Trust's portfolio is concentrated in the corporate sector of the market to
gain additional yield. Within this area, a portion of holdings are invested
in floating rate instruments, which have yields tied to various indices, such
as the prime rate or U.S. Treasury bill rate. The Trust received higher
yields from these securities when short-term interest rates increased in
October.
In selecting money market securities, the Trust's managers diversify the
portfolio's holdings by market sector and issuer. Each security is carefully
analyzed to ensure that it meets the high quality standards of the Trust and
can provide a competitive return.
Going forward, Centennial Money Market Trust will continue to seek attractive
yield opportunities, while closely monitoring economic factors in order to
anticipate interest rate movements. Although we do not believe that short-
term rates will increase dramatically in 1994, we intend to adjust the
average maturity of our holdings to take advantage of new opportunities if
rates rise slightly later in the coming year.
We appreciate your confidence in the Trust's management. We will continue to
do our best to help you reach your investment goals in the years to come.
(James C. Swain signature)
James C. Swain
Chairman--Centennial Money Market Trust
(Jon S. Fossel signature)
Jon S. Fossel
President--Centennial Money Market Trust
January 21, 1994
<PAGE>
Statement of Investments December 31, 1993 (Unaudited)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market
Amount Value -- Note 1
<S> <C> <C>
Bankers' Acceptances--0.2%
$ 5,000,000 Sanwa Bank Ltd., 3.30%, 2/25/94 (Cost $4,974,792) $ 4,974,792
Certificates of Deposit--3.7%
Eurodollar Certificates of Deposit--0.2%
5,000,000 Sanwa Bank Ltd., 3.32%, 1/26/94 4,999,856
Yankee Bank Certificates of Deposit--3.5%
50,000,000 Mitsubishi Bank Ltd., 3.30%-3.87%, 1/31/94-6/22/94 50,008,482
25,000,000 Sanwa Bank Ltd., 3.30%-3.78%, 1/12/94-2/2/94 25,000,113
5,000,000 Societe Generale, 3.48%, 7/11/94 5,000,000
80,008,595
Total Certificates of Deposit (Cost $85,008,451) 85,008,451
Direct Bank Obligations--8.2%
Abbey National PLC, guaranteeing commercial paper of:
22,000,000 Abbey National North America Corp., 3.22%-3.35%, 3/18/94-4/26/94 21,810,457
ABN Amro Bank NV, guaranteeing commercial paper of:
18,000,000 ABN AMRO Bank Canada, 3.375%, 1/28/94 17,954,437
25,000,000 ABN Amro North America Finance, Inc., 3.30%, 1/12/94 24,974,792
Bankers Trust New York Corp., guaranteeing commercial paper of:
5,000,000 Bankers Trust Co. New York, 5.375%, 2/1/94 5,008,357
Canadian Imperial Bank of Commerce, guaranteeing commercial paper of:
36,500,000 Canadian Imperial Holdings, Inc., 3.25%-3.40%, 1/26/94-5/2/94 36,278,093
20,000,000 FCC National Bank, 3.45%, 1/4/94( (1)) 20,000,000
5,000,000 Royal Bank of Canada, 3.27%, 3/24/94 4,962,758
Societe Generale, guaranteeing commercial paper of:
40,700,000 Societe Generale North America, Inc., 3.25%-3.36%, 1/11/94-2/23/94 40,601,880
Toronto-Dominion Bank, guaranteeing commercial paper of:
15,000,000 Toronto-Dominion Holdings, Inc., 3.30%, 4/11/94 14,862,500
Total Direct Bank Obligations (Cost $186,453,274) 186,453,274
Letters of Credit--0.9%
Banc One Corp., guaranteeing commercial paper of:
10,000,000 Nationwide Funding Corp., 3.60%, 1/6/94( (1) (2) (3)) 10,000,000
Sanwa Bank Ltd., guaranteeing commercial paper of:
10,000,000 Orix America, Inc., 3.42%, 2/1/94( (3)) 9,970,550
Total Letters of Credit (Cost $19,970,550) 19,970,550
Short-Term Notes--82.0%
Asset-Backed--12.7%
Beta Finance, Inc.:
5,000,000 3.51%, 1/3/94( (1) (3)) 5,000,000
23,113,000 3.23%-3.32%, 1/31/94-4/19/94( (3)) 22,950,931
14,900,000 Cooperative Association of Tractor Dealers, Inc., 3.25%-3.42%, 3/14/94-5/11/94 14,751,739
2
<PAGE>
Corporate Asset Funding Co., Inc.:
$10,000,000 3.15%-3.35%, 1/14/94-1/18/94 $ 9,986,514
5,000,000 3.3306%, 1/18/94( (1)) 4,999,441
12,600,000 Corporate Receivable Corp., 3.32%, 2/7/94 12,557,006
48,575,000 Falcon Asset Securitization Corp., 3.25%, 1/20/94-1/28/94 48,481,878
40,175,000 First Deposit Master Trust 1993-3, 3.25%-3.44%, 1/12/94-5/20/94( (3) (4)) 39,853,928
76,500,000 Preferred Receivables Funding Corp., 3.30%-3.38%, 1/6/94-2/11/94 76,338,394
18,000,000 SMM Trust 1993-A, 3.3625%, 3/18/94( (3)) 17,999,729
5,000,000 SMM Trust 1993-B, 3.55%, 2/14/94( (1) (3) (4)) 5,000,000
30,000,000 WCP Funding, 3.25%, 1/14/94 29,964,792
287,884,352
Banks--2.4%
33,000,000 Bankers Trust New York Corp., 3.30%-3.37%, 1/10/94-2/11/94 32,914,192
6,000,000 CoreStates Capital Corp., 3.37%, 1/7/94 6,000,000
4,000,000 Fleet Financial Group, Inc., 3.38%, 1/14/94 3,995,118
5,000,000 Norwest Corp., 3.26%, 1/12/94 4,995,019
7,000,000 Security Pacific Corp., 9.23%, 3/14/94 7,080,902
54,985,231
Beverages--Alcoholic--0.4%
8,100,000 Bass Finance (C.I.) Ltd., 3.35%, 1/21/94 8,084,925
Beverages--Soft Drinks--0.7%
15,000,000 Coca-Cola Enterprises, Inc., 3.43%, 1/31/94( (3)) 14,957,125
Broker-Dealers--23.3%
Bear Stearns Cos., Inc.:
25,000,000 3.37%-3.6875%, 1/3/94-1/4/94( (1)) 25,000,000
74,200,000 3.22%-3.80%, 1/12/94-6/6/94 73,776,542
30,000,000 CS First Boston Group, Inc., 3.4875%, 1/28/94( (1) (3)) 30,000,000
55,000,000 Dean Witter, Discover & Co., 3.25%-3.35%, 1/14/94-1/31/94 54,904,847
Goldman Sachs Group L.P.:
25,000,000 3.07%-3.375%, 1/3/94-1/18/94( (1) (3) (4)) 25,000,000
20,000,000 3.22%-3.30%, 1/14/94-3/17/94 19,912,841
50,000,000 3.4375%-3.6374%, 1/18/94-3/15/94( (3) (4)) 50,000,000
12,000,000 3.25%, 3/21/94( (1) (2) (3) (4)) 12,000,000
Lehman Brothers Holdings, Inc.:
50,500,000 3.375%, 1/3/94( (1)) 50,500,000
5,000,000 3.35%, 3/17/94 4,965,104
Merrill Lynch & Co., Inc.:
27,600,000 3.02%-3.45%, 1/3/94( (1)) 27,598,363
53,500,000 3.23%-3.53%, 1/19/94-4/18/94 53,246,211
3
<PAGE>
Morgan Stanley Group, Inc.:
$20,798,000 2.82%, 1/3/94( (1)) $ 20,798,000
10,000,000 3.20%-3.35%, 1/27/94-1/31/94 9,974,486
25,000,000 Republic New York Securities Corp., 3.425%, 1/3/94( (1) (2)) 25,000,000
Shearson Lehman Brothers Holdings, Inc.:
10,000,000 3.57%, 1/4/94( (1)) 10,000,000
35,000,000 3.46%-3.5781%, 1/7/94-1/20/94 34,990,869
527,667,263
Building Materials Group--1.0%
23,000,000 Compagnie de Saint-Gobain SA, 3.20%-3.30%, 2/25/94-5/19/94 22,786,661
Commercial Finance--1.7%
CIT Group Holdings, Inc.:
20,000,000 3.20%-3.30%, 1/3/94( (1)) 19,986,003
11,000,000 3.5915%, 5/9/94( (1) (2)) 11,000,000
8,000,000 Heller Financial, Inc., 3.6897%, 5/18/94( (1) (2)) 8,000,000
38,986,003
Conglomerates--3.7%
6,000,000 Grand Metropolitan Finance PLC, guaranteed by Grand Metropolitan PLC, 3.35%, 5,934,675
4/28/94
26,883,000 MCA Funding Corp., 3.24%-8.10%, 1/21/94-4/8/94( (3)) 26,927,102
4,000,000 Mitsubishi International Corp., 3.27%, 3/31/94 3,967,664
26,000,000 Pacific Dunlop Holdings, Inc., guaranteed by Pacific Dunlop Ltd., 3.40%-3.43%, 25,865,387
1/21/94-5/13/94( (3))
20,000,000 Pacific Dunlop Ltd., 3.24%-3.275%, 2/24/94-3/1/94( (3)) 19,897,726
82,592,554
Consumer Non-Cyclicals--5.0%
American Brands, Inc.:
30,000,000 3.25%-3.43%, 1/10/94-5/16/94 29,870,815
83,100,000 3.25%-3.40%, 1/13/94-5/5/94( (3)) 82,762,908
112,633,723
Diversified Finance--6.7%
10,000,000 Ford Motor Credit Corp., 6.15%, 1/14/94 10,009,138
42,500,000 General Electric Capital Corp., 3.35%-3.40%, 1/7/94-4/18/94 42,317,629
Household Finance Corp.:
42,000,000 3.41%-3.70%, 1/3/94-1/5/94( (1)) 42,000,000
5,000,000 9%, 2/1/94 5,023,372
12,000,000 3.7656%, 6/8/94( (1) (2)) 12,000,000
41,000,000 Transamerica Finance Corp., 3.25%-3.32%, 1/20/94-2/23/94 40,870,495
152,220,634
4
<PAGE>
Electronics--0.2%
$ 5,000,000 Mitsubishi Electric Finance America, Inc., 3.44%, 1/14/94( (3)) $ 4,993,789
Financial Services--Miscellaneous--8.6%
96,043,000 Countrywide Funding Corp., 3.30%-3.55%, 1/7/94-4/6/94 95,814,242
98,000,000 Fleet Mortgage Group, Inc., 3.27%-3.45%, 1/12/94-2/7/94 97,835,547
193,649,789
Food-Grain and Agriculture--0.7%
15,000,000 Cargill, Inc., 3.43%-3.4938%, 1/24/94( (3) (4)) 15,000,000
Foreign Government Obligations--4.8%
25,000,000 Finnish Export Credit Ltd., supported by the Republic of Finland, 3.20%-3.30%, 24,907,265
1/12/94-4/27/94
85,000,000 New South Wales Treasury Corp., supported by the Commonwealth of Australia, 84,815,400
State of New South Wales, 3.30%-3.36%, 1/10/94-2/3/94
109,722,665
Industrial--1.0%
23,500,000 BICC Cables Corp., guaranteed by BICC PLC, 3.37%-3.55%, 1/4/94-2/2/94 23,460,628
Insurance--3.3%
75,000,000 Sun Life Insurance Co., 3.7125%, 1/10/94( (1) (2)) 75,000,000
Lubricants and Fuels--0.4%
8,000,000 Burmah Castrol Finance PLC, guaranteed by Burmah Castrol PLC, 3.375%, 1/26/94( 7,981,250
(3))
Municipal--1.0%
23,200,000 Carilion Services, Inc., guaranteed by MBIA, 3.25%-3.50%, 1/10/94-1/28/94 23,199,854
Oil-Integrated International--1.4%
11,000,000 Petrofina (DE), Inc., 3.24%-3.37%, 4/4/94-4/18/94 10,898,051
20,000,000 Statoil, guaranteed by Den Norske Stats Oljeselskap AS, 3.25%-3.55%, 19,973,653
1/3/94-1/28/94
30,871,704
Pollution Control--1.9%
44,600,000 WMX Technologies, Inc., 3.25%-3.32%, 4/5/94-6/19/94( (3)) 44,127,615
Savings and Loans-Holdings Companies--0.2%
5,000,000 Household Bank, 3.45%, 1/14/94 4,999,998
Telecommunications--0.9%
21,100,000 NYNEX Corp., 3.25%-3.40%, 3/15/94-3/28/94 20,942,408
Total Short-Term Notes (Cost $1,856,748,171) 1,856,748,171
5
<PAGE>
Short-Term U.S. Government Obligations--5.0%
$106,211,741 Small Business Administration, 4%-7.625%, 1/1/94( (1)) (Cost $113,066,534) $ 113,066,534
Total Investments, at Value (Cost $2,266,221,772) 100.0% 2,266,221,772
Liabilities in Excess of Other Assets -- (346,291)
Net Assets 100.0% $2,265,875,481
</TABLE>
Short-term notes, bankers' acceptances, direct bank obligations and letters
of credit are generally traded on a discount basis; the interest rate is the
discount rate received by the Trust at the time of purchase. Other securities
normally bear interest at the rates shown.
1. Variable rate security. The interest rate, which is based on specific, or
an index of, market interest rates, is subject to change periodically and is
the effective rate on December 31, 1993.
2. Put obligation redeemable at full face value on the date reported.
3. Security purchased in private placement transaction, without registration
under the Securities Act of 1933 (the Act). The securities were acquired
between January 19, 1993 and December 31, 1993, are carried at amortized
cost, and amount to $470,288,040, or 20.8% of the Trust's net assets.
4. In addition to being restricted, the security is considered illiquid by
virtue of the absence of a readily available market or because of legal or
contractual restrictions on resale. Illiquid securities amount to
$146,853,928, or 6.5% of the Trust's net assets, at December 31, 1993. The
Trust may not invest more than 10% of its net assets (determined at the time
of purchase) in illiquid securities.
See accompanying Notes to Financial Statements.
6
<PAGE>
Statement of Assets and Liabilities December 31, 1993 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
ASSETS:
Investments, at value (cost $2,266,221,772)--see accompanying statement $2,266,221,772
Cash 5,421,375
Receivables:
Shares of beneficial interest sold 20,196,200
Interest and principal paydowns 6,666,371
Other 238,562
Total assets 2,298,744,280
LIABILITIES:
Payables and other liabilities:
Shares of beneficial interest redeemed 31,608,215
Distribution assistance--Note 3 190,385
Dividends 17,896
Other 1,052,303
Total liabilities 32,868,799
NET ASSETS $2,265,875,481
COMPOSITION OF NET ASSETS:
Paid-in capital $2,265,811,227
Accumulated net realized gain from investment transactions 64,254
NET ASSETS--Applicable to 2,265,811,227 shares of beneficial interest
outstanding $2,265,875,481
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $1.00
</TABLE>
See accompanying Notes to Financial Statements
7
<PAGE>
Statement of Operations
For the Six Months Ended December 31, 1993 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
INVESTMENT INCOME--Interest $37,806,970
EXPENSES:
Management fees--Note 3 4,509,029
Distribution assistance--Note 3 2,210,557
Transfer and shareholder servicing agent fees--Note 3 1,858,058
Custodian fees and expenses 171,550
Registration and filing fees 146,441
Shareholder reports 100,006
Legal and auditing fees 20,392
Trustees' fees and expenses 10,779
Other 15,582
Total expenses 9,042,394
Less reimbursement from Centennial Asset Management
Corporation--Note 3 (563,010)
Net expenses 8,479,384
NET INVESTMENT INCOME 29,327,586
NET REALIZED GAIN ON INVESTMENTS 1,091
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $29,328,677
</TABLE>
See accompanying Notes to Financial Statements
8
<PAGE>
Statements of Changes in Net Assets
Centennial Money Market Trust
<TABLE>
<CAPTION>
Six Months Ended
December 31, Year Ended
1993 June 30,
(Unaudited) 1993
<S> <C> <C>
OPERATIONS:
Net investment income $ 29,327,586 $ 47,958,826
Net realized gain on investments 1,091 239,115
Net increase in net assets resulting from operations 29,328,677 48,197,941
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (29,567,234) (47,958,826)
BENEFICIAL INTEREST TRANSACTIONS:
Net increase in net assets resulting from beneficial
interest transactions--Note 2 274,715,286 720,736,594
NET ASSETS:
Total increase 274,476,729 720,975,709
Beginning of period 1,991,398,752 1,270,423,043
End of period $2,265,875,481 $1,991,398,752
</TABLE>
See accompanying Notes to Financial Statements
9
<PAGE>
Financial Highlights
Centennial Money Market Trust
<TABLE>
<CAPTION>
Year Ended June 30,
Six Months Ended
December 31,
1993
(Unaudited) 1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment
operations--net investment income
and net realized gain on
investments .01 .03(1) .04(1) .07 .08 .08
Dividends and distributions to
shareholders (.01) (.03) (.04) (.07) (.08) (.08)
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands) $2,265,875 $1,991,399 $1,270,423 $539,433 $470,078 $333,409
Average net assets (in thousands) $2,195,016 $1,700,638 $820,546 $494,871 $421,969 $272,430
Number of shares outstanding at end
of period (in thousands) 2,265,811 1,991,096 1,270,359 539,418 470,080 333,409
Ratios to average net assets:
Net investment income 2.65%(1) 2.82% 4.31% 6.66% 7.82% 8.24%
Expenses .77%(1)(2) .78%(2) .69%(2) .84% .84% .90%
<FN>
1. Annualized.
2. Absent the voluntary expense limitation, the expense ratio would have been
.82%, .83% and .81% for the six months ended December 31, 1993 and the years
ended June 30, 1993 and 1992, respectively.
</TABLE>
See accompanying Notes to Financial Statements
10
<PAGE>
Notes to Financial Statements (Unaudited)
Centennial Money Market Trust
1. Significant Accounting Policies
Centennial Money Market Trust (the Trust) is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end management
investment company. The Trust's investment advisor is Centennial Asset
Management Corporation (the Manager), a subsidiary of Oppenheimer Management
Corporation (OMC). The following is a summary of significant accounting
policies consistently followed by the Trust.
Investment Valuation--Portfolio securities are valued on the basis of
amortized cost, which approximates market value.
Federal Income Taxes--The Trust intends to continue to comply with provisions
of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to
shareholders. Therefore, no federal income tax provision is required.
Distributions to Shareholders--The Trust intends to declare dividends from
net investment income each regular business day and pay such dividends
monthly. To effect its policy of maintaining a net asset value of $1.00 per
share, the Trust may withhold dividends or make distributions of net realized
gains.
Other--Investment transactions are accounted for on the date the investments
are purchased or sold (trade date). Realized gains and losses on investments
are determined on an identified cost basis, which is the same basis used for
federal income tax purposes.
2. Shares of Beneficial Interest
The Trust has authorized an unlimited number of no par value shares of
beneficial interest.
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1993 Year Ended June 30, 1993
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
Sold 5,040,092,416 $ 5,040,092,416 8,687,789,457 $ 8,687,789,457
Dividends and distributions
reinvested 30,405,139 30,405,139 46,057,413 46,057,413
Redeemed (4,795,782,269) (4,795,782,269) (8,013,110,276) (8,013,110,276)
Net increase 274,715,286 $ 274,715,286 720,736,594 $ 720,736,594
</TABLE>
11
<PAGE>
3. Management Fees and Other Transactions with Affiliates
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Trust which provides for an annual fee of .50% on
the first $250 million of net assets with a reduction of .025% on each $250
million thereafter, to .40% on net assets in excess of $1 billion. The
Manager has voluntarily agreed to reduce the fee on net assets in excess of
$1.25 billion, to .375% on the first $250 million, .35% on the next $500
million, and .325% on net assets in excess of $2 billion. The Manager has
agreed to reimburse the Trust if aggregate expenses (with specified
exceptions) exceed the lesser of 1.50% of the first $30 million of average
annual net assets of the Trust, plus 1% of average annual net assets in
excess of $30 million; or 25% of the total annual investment income of the
Trust. In addition, the Manager has voluntarily undertaken to assume Trust
expenses to the level needed to maintain a seven-day yield at least equal to,
and a dividend equal to, that of Daily Cash Accumulation Fund, Inc., another
registered investment company advised by the Manager.
Shareholder Services, Inc. (SSI), a subsidiary of OMC, is the transfer and
shareholder servicing agent for the Trust, and for other registered
investment companies. SSI's total costs of providing such services are
allocated ratably to these companies.
Under an approved plan of distribution, the Trust may expend up to .20% of
its net assets annually to reimburse certain securities dealers and other
financial institutions and organizations for costs incurred in distributing
Trust shares.
12
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Centennial Money Market Trust
Officers and Trustees
James C. Swain, Chairman and Chief
Executive Officer
Robert G. Avis, Trustee
William A. Baker, Trustee
Charles Conrad, Jr., Trustee
Jon S. Fossel, Trustee and President
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
Andrew J. Donahue, Vice President
Dorothy G. Warmack, Vice President
Carol E. Wolf, Vice President
Arthur J. Zimmer, Vice President
George C. Bowen, Vice President, Secretary
and Treasurer
Lynn M. Coluccy, Assistant Treasurer
Robert G. Zack, Assistant Secretary
Investment Advisor and Distributor
Centennial Asset Management Corporation
Transfer and Shareholder Servicing Agent
Shareholder Services, Inc.
Custodian of Portfolio Securities
Citibank, N.A.
Independent Auditors
Deloitte & Touche
Legal Counsel
Myer, Swanson & Adams, P.C.
The financial statements included herein have been taken from the records of
the Trust without examination by the independent auditors.
This is a copy of a report to shareholders of Centennial Money Market Trust.
This report must be preceded or accompanied by a Prospectus of Centennial
Money Market Trust. For material information concerning the Trust, see the
Prospectus.
For shareholder servicing, call:
1-800-525-7048 (in U.S.)
303-671-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5270
Denver, CO 80217-5270
RS150.0194.R Printed on recycled paper.
1993 Semi-Annual Report
Centennial Money Market Trust
December 31, 1993
