-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, oo2NWp12q+HzzO7yk9TSkiDo57JQatwnoRp5xgu5Rs+94bC34KGPYoeYOdu5V/Og zAj583y6UZRbil+niOWqFg== 0000950117-94-000206.txt : 19940906 0000950117-94-000206.hdr.sgml : 19940906 ACCESSION NUMBER: 0000950117-94-000206 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940630 FILED AS OF DATE: 19940902 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL MONEY MARKET TRUST CENTRAL INDEX KEY: 0000312538 STANDARD INDUSTRIAL CLASSIFICATION: 0000 IRS NUMBER: 840856138 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-02945 FILM NUMBER: 94547843 BUSINESS ADDRESS: STREET 1: 3410 S GALENA ST CITY: DENVER STATE: CO ZIP: 80231 BUSINESS PHONE: 3036713200 MAIL ADDRESS: STREET 2: 3410 SOUTH GALENA STREET CITY: DENVER STATE: CO ZIP: 80231 FORMER COMPANY: FORMER CONFORMED NAME: DAILY CASH INSTITUTIONAL TRUST DATE OF NAME CHANGE: 19810624 N-30D 1 CENTENNIAL MONEY MARKET TRUST A.R. DEAR CENTENNIAL MONEY MARKET TRUST SHAREHOLDER: We are pleased to provide you with the annual report for Centennial Money Market Trust. During the 12-month period ended June 30, 1994, the Trust's compounded annualized yield was 2.85%. The corresponding yield without compounding was 2.81%. The seven-day annualized yields with and without compounding at June 30, 1994 were 3.75% and 3.68%, respectively.1 Centennial Money Market Trust is managed to seek maximum current income that is consistent with low capital risk and the maintenance of liquidity, by investing in money market instruments. Over the last six months, short-term interest rates rose dramatically, reflecting the Federal Reserve Board's preemptive strike against inflation in a strengthening U.S. economy. Your managers took several steps to capitalize on this rising rate environment. Most important, they adjusted the Trust's average maturity in a manner intended to provide the Trust with maximum flexibility. On one hand, your managers increased the Trust's positions in short-maturity investments, such as overnight investments. They also increased positions in floating-rate notes and variable-rate debt.2 On the other hand, as short-term interest rates appeared to peak in May, your managers also extended the maturities of some of the portfolio's holdings to approximately five months. This 'barbell' approach, with very short-term investments at one end of the portfolio bar and longer-maturity investments at the other, is how the Trust seeks the balance needed to provide attractive returns in any interest rate environment. It is important to emphasize that Centennial Money Market Trust generates its return from a portfolio of high-quality money market instruments. While your managers are always alert to opportunities to enhance portfolio income, principal stability is their top priority. Looking ahead, the outlook for the Trust is positive. There are few signs of inflation on the horizon and the Federal Reserve has announced its intent to maintain interest rates at their current ranges at least for the near term. The recent weakness in the U.S. dollar relative to other major currencies may prompt the Fed to raise interest rates faster and higher than economic fundamentals alone might warrant. But with the adjustments your managers have made over the past six months, Centennial Money Market Trust is ready to respond to whatever opportunities the future holds in store. We appreciate the confidence you have placed in Centennial Money Market Trust, and we look forward to continuing to help you meet your financial goals in the future. JAMES C. SWAIN James C. Swain Chairman Centennial Money Market Trust JON S. FOSSEL Jon S. Fossel President Centennial Money Market Trust July 22, 1994 1. Compounded yields assume reinvestment of dividends. 2. The Trust's portfolio is subject to change. Past performance is not indicative of future results. STATEMENT OF INVESTMENTS June 30, 1994 Centennial Money Market Trust
Face Market Value BANKERS' ACCEPTANCE -- 0.4% Amount See Note 1 ------------- -------------- Chase Manhattan Bank, N.A., 4.60%, 9/29/94 (Cost $9,885,000).............................. $ 10,000,000 $ 9,885,000 -------------- CERTIFICATES OF DEPOSIT -- 2.6% DOMESTIC CERTIFICATES OF DEPOSIT -- 0.6% Huntington National Bank, 4.41%, 7/6/94(1)................................................ 15,000,000 14,990,567 -------------- YANKEE BANK CERTIFICATES OF DEPOSIT -- 2.0% Mitsubishi Bank Ltd., 4.24%, 7/29/94...................................................... 10,000,000 9,998,475 Sanwa Bank Ltd., 3.31%-3.34%, 7/12/94-7/28/94............................................. 37,000,000 36,998,926 Societe Generale, 3.48%, 7/11/94.......................................................... 5,000,000 5,000,000 -------------- 51,997,401 -------------- Total Certificates of Deposit (Cost $66,987,968).......................................... 66,987,968 -------------- DIRECT BANK OBLIGATIONS -- 7.2% Abbey National PLC, guaranteeing commerical paper of: Abbey National North America Corp., 3.55%-3.57%, 7/21/94................................ 15,000,000 14,970,306 ABN Amro Bank NV, guaranteeing commercial paper of: ABN Amro North America Finance, Inc., 3.30%-4.65%, 8/3/94-11/8/94....................... 43,000,000 42,388,092 Bank of Scotland, guaranteeing commercial paper of: Bank of Scotland Treasury Services PLC, 4.62%-4.65%, 11/10/94........................... 15,000,000 14,744,800 Canadian Imperial Bank of Commerce, guaranteeing commerical paper of: Canadian Imperial Holdings, Inc., 4.48%-4.65%, 8/22/94-11/17/94......................... 37,000,000 36,473,492 FCC National Bank, 4.88%, 7/6/94(1)....................................................... 20,000,000 20,000,000 First National Bank of Boston, 3.40%-4.74%, 7/11/94-11/9/94............................... 45,000,000 45,000,595 Royal Bank of Canada, 4.70%, 7/1/94(1).................................................... 10,000,000 9,984,975 -------------- Total Direct Bank Obligations (Cost $183,562,260)......................................... 183,562,260 -------------- LETTERS OF CREDIT -- 3.7% Banc One Corp., guaranteeing commercial paper of: Nationwide Funding Corp., 4.66%, 7/7/94(1)(2)(3)........................................ 9,666,000 9,666,000 Barclays Bank PLC, guaranteeing commercial paper of: Banco Real S.A.-Grand Cayman Branch, 4.125%, 8/3/94..................................... 5,000,000 4,981,094 Credit Suisse, guaranteeing commercial paper of: Queensland Alumina Ltd., 3.95%-4.38%, 7/7/94-8/4/94..................................... 15,000,000 14,972,733 Mitsubishi Bank, Ltd., guaranteeing commercial paper of: Mitsubishi Motors Credit of America, 4.65%-4.69%, 9/30/94-11/17/94...................... 58,000,000 57,076,834 Rabobank Nederland, guaranteeing commercial paper of: Minnetonka Limited Fund, L.P. Series B, 3.40%, 7/7/94(3)................................ 4,000,000 3,997,733 Sanwa Bank Ltd., guaranteeing commercial paper of: Orix America, Inc., 3.32%, 7/15/94(3)................................................... 5,000,000 4,993,544 -------------- Total Letters of Credit (Cost $95,687,938)................................................ 95,687,938 --------------
3 STATEMENT OF INVESTMENTS (continued) Centennial Money Market Trust
Face Market Value SHORT-TERM NOTES -- 80.2% Amount See Note 1 ------------- -------------- ASSET-BACKED -- 11.6% Beta Finance, Inc., 3.25%-4.82%, 7/15/94-11/23/94(3)...................................... $ 68,900,000 $ 68,424,800 Cooperative Association of Tractor Dealers, Inc., 4.78%, 8/8/94........................... 4,000,000 3,979,818 Corporate Asset Funding Co., Inc., 4.30%-4.50%, 7/1/94-9/1/94............................. 26,000,000 25,922,500 Corporate Receivable Corp.: 4.25%, 7/5/94(3)........................................................................ 8,700,000 8,695,892 4.625%, 11/10/94........................................................................ 10,000,000 9,830,417 CXC, Inc., 4.25%-4.35%, 7/5/94-8/2/94..................................................... 49,000,000 48,924,628 Falcon Asset Securitization Corp., 4.35%-4.42%, 7/13/94-7/22/94(3)........................ 22,050,000 22,010,072 First Deposit Master Trust 1993-3, 4%-4.85%, 7/18/94-11/22/94(3)(4)....................... 35,100,000 34,759,991 SMM Trust 1993-B, 4.8625%, 8/12/94 (3)(4)................................................. 5,000,000 5,000,000 SMM Trust 1994-A, 3.6125%, 9/19/94 (1)(3)(4).............................................. 25,000,000 24,993,152 Structured Enhanced Return Trust 1994 Series A-07, 4.46%, 7/6/94(1)(3)(4)................. 33,000,000 32,994,702 Structured Enhanced Return Trust 1994 Series A-11, 4.525%, 7/1/94(1)(3)(4)................ 10,000,000 10,000,000 -------------- 295,535,972 -------------- BANKS -- 2.8% BankAmerica Corp., 3.55%-3.60%, 7/8/94-7/20/94............................................ 15,000,000 14,977,549 Bankers Trust New York Corp., 4.30%, 7/1/94(1)(3)(4)...................................... 13,000,000 12,995,417 Chase Manhattan Corp., 4.60%-4.65%, 9/21/94-11/4/94....................................... 45,000,000 44,404,889 -------------- 72,377,855 -------------- BEVERAGES-ALCOHOLIC -- 0.3% Seagram (Joseph E.) & Sons, Inc., 4.43%, 7/27/94.......................................... 8,000,000 7,974,404 -------------- BEVERAGES-SOFT DRINKS -- 0.9% Coca-Cola Enterprises, Inc., 3.95%-4.50%, 7/5/94-8/16/94(3)............................... 22,300,000 22,237,102 -------------- BROKER-DEALERS -- 23.8% Bear Stearns Cos., Inc.: 4.45%-4.63%, 7/1/94-7/7/94(1)........................................................... 46,000,000 46,000,544 4.50%-4.66%, 8/22/94-11/10/94........................................................... 30,000,000 29,605,442 CS First Boston Group, Inc.: 3.95%-4.78%, 7/18/94-11/18/94........................................................... 50,000,000 49,322,563 4.30%, 7/28/94(1)(3).................................................................... 30,000,000 30,000,000 Dean Witter, Discover & Co., 4.35%-4.52%, 7/6/94-8/25/94.................................. 77,000,000 76,653,789 Goldman Sachs Group L.P.: 4%-4.51%, 7/6/94-7/27/94(1)(3)(4)....................................................... 40,000,000 40,000,000 4%-4.5625%, 7/12/94-7/13/94(3)(4)....................................................... 25,000,000 25,000,000 4.52%-4.68%, 9/6/94-11/9/94............................................................. 32,000,000 31,584,828 4.6125%, 9/21/94(1)(2)(3)(4)............................................................ 12,000,000 12,000,000 Lehman Brothers Holdings, Inc., 4.1125%-4.90%, 7/1/94-7/20/94(1).......................... 122,000,000 122,000,000 Merrill Lynch & Co., Inc.: 4%-4.28%, 7/1/94-7/5/94................................................................. 30,000,000 29,995,556 4.35%-5%, 7/1/94-7/6/94(1).............................................................. 27,500,000 27,498,732
4 STATEMENT OF INVESTMENTS (continued) Centennial Money Market Trust
Face Market Value SHORT-TERM NOTES (CONTINUED) Amount See Note 1 ------------- -------------- BROKER-DEALERS (CONTINUED) Morgan Stanley Group, Inc.: 4.15%, 7/1/94(1)........................................................................ $ 70,100,000 $ 70,100,000 4.10%, 7/5/94........................................................................... 5,000,000 4,997,722 Republic New York Securities Corp., 4.675%, 7/1/94(1)..................................... 15,000,000 15,000,000 -------------- 609,759,176 -------------- BUILDING MATERIALS GROUP -- 0.6% Compagnie de Saint-Gobain SA, 3.24%-3.65%, 7/8/94-7/25/94................................. 15,000,000 14,981,533 -------------- CHEMICALS -- 0.3% Miles, Inc., 4.35%, 7/11/94............................................................... 8,000,000 7,990,333 -------------- COMMERCIAL FINANCE -- 1.7% CIT Group Holdings, Inc.: 4.55%, 7/1/94(1)........................................................................ 10,000,000 9,999,521 4.49463%, 7/13/94(1)(2)................................................................. 11,000,000 11,000,000 4.50%, 9/1/94........................................................................... 22,000,000 21,829,500 -------------- 42,829,021 -------------- CONGLOMERATES -- 2.5% Grand Metropolitan Investment Corp., guaranteed by Grand Metropolitan PLC, 4.72%, 11/7/94................................................................................. 2,000,000 1,966,173 Mitsubishi International Corp., 4.24%-4.52%, 7/22/94-8/26/94.............................. 16,600,000 16,513,365 Pacific Dunlop Holdings, Inc., guaranteed by Pacific Dunlop Ltd., 3.25%-4.60%, 7/20/94-9/30/94(3)...................................................................... 18,653,000 18,475,757 Pacific Dunlop Ltd., 3.27%-4.25%, 8/2/94-10/5/94(3)....................................... 28,000,000 27,777,204 -------------- 64,732,499 -------------- CONSUMER NON-CYCLICALS -- 3.7% American Brands, Inc.: 3.30%-4.40%, 7/1/94-9/6/94.............................................................. 66,000,000 65,848,285 3.32%-3.70%, 7/22/94-8/10/94(3)......................................................... 15,000,000 14,960,077 Newell Co., 4.55%-4.70%, 8/25/94-11/18/94(3).............................................. 15,000,000 14,782,465 -------------- 95,590,827 -------------- DIVERSIFIED FINANCE -- 10.8% Ford Motor Credit Co., 4.40%, 7/18/94..................................................... 13,000,000 12,972,989 General Electric Capital Corp., 3.30%-4.725%, 7/7/94-11/21/94............................. 90,250,000 88,966,996 General Motors Acceptance Corp., 3.95%-4.75%, 7/11/94-11/18/94............................ 105,000,000 103,711,896 Household Finance Corp., 4.875%-5%, 7/1/94-7/5/94(1)...................................... 22,000,000 21,996,606 ITT Financial Corp., 4.525%, 8/24/94...................................................... 10,000,000 9,932,125 Transamerica Finance Corp., 4.625%-4.65%, 11/4/94-11/10/94................................ 40,000,000 39,331,918 -------------- 276,912,530 --------------
5 STATEMENT OF INVESTMENTS (continued) Centennial Money Market Trust
Face Market Value SHORT-TERM NOTES (CONTINUED) Amount See Note 1 ------------- -------------- ELECTRONICS -- 0.3% MCA Funding Corp., 3.90%, 7/11/94(3)...................................................... $ 7,000,000 $ 6,992,416 -------------- FACTORING -- 0.6% CSW Credit, Inc., 4.35%-4.40%, 7/6/94-7/15/94............................................. 16,000,000 15,983,692 -------------- FINANCIAL SERVICES-MISCELLANEOUS -- 3.9% Countrywide Funding Corp., 4.42%-4.44%, 7/15/94-7/19/94................................... 45,000,000 44,905,111 Fleet Mortgage Group, Inc., 4.40%, 7/20/94................................................ 55,000,000 54,871,803 -------------- 99,776,914 -------------- FOREIGN GOVERNMENT OBLIGATIONS -- 0.4% Finnish Export Credit Ltd., supported by the Republic of Finland, 3.23%, 7/12/94.......... 7,000,000 6,993,091 Swedish Export Credit Corp., supported by the Kingdom of Sweden, 4.25%, 7/11/94........... 4,000,000 3,995,278 -------------- 10,988,369 -------------- INDUSTRIAL -- 0.6% BICC Cables Corp., guaranteed by BICC PLC, 3.25%-4.70%, 7/18/94-8/8/94.................... 16,000,000 15,965,165 -------------- INSURANCE -- 5.3% Pacific Mutual Life Insurance Co., 4.50165%, 7/1/94(1)(2)(3)(4)........................... 25,000,000 25,000,000 Protective Life Insurance Co., 4.46%, 7/1/94(1)(2)(3)..................................... 10,000,000 10,000,000 Sun Life Insurance Co., 4.525%, 7/1/94(1)(2).............................................. 75,000,000 75,000,000 TransAmerica Life Insurance and Annuity Co., 4.44758%, 7/1/94(1)(3)....................... 25,000,000 25,000,000 -------------- 135,000,000 -------------- LEASING -- 3.1% International Lease Finance Corp., 4.62%, 11/10/94........................................ 20,000,000 19,661,200 Sanwa Business Credit Corp.: 4.40%, 7/1/94(1)........................................................................ 10,000,000 10,000,000 4.40%, 7/8/94-7/15/94................................................................... 48,009,000 47,947,018 -------------- 77,608,218 -------------- LUBRICANTS AND FUELS -- 0.3% Burmah Castrol Finance PLC, guaranteed by Burmah Castrol PLC., 3.25%, 7/7/94(3)........... 7,500,000 7,495,938 -------------- MANUFACTURING-DIVERSIFIED -- 1.2% Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 4.25%-4.40%, 8/1/94-8/4/94............. 30,000,000 29,887,729 -------------- MUNICIPAL -- 0.9% Carilion Services, Inc., guaranteed by MBIA, 4.40%-4.65%, 7/7/94-8/29/94.................. 23,600,000 23,600,000 -------------- OIL-INTEGRATED INTERNATIONAL -- 0.4% Repsol International Finance BV, 3.80%, 7/8/94............................................ 10,000,000 9,992,611 -------------- POLLUTION CONTROL -- 1.2% WMX Technologies, Inc., 4.64%-4.80%, 11/7/94-11/10/94(3).................................. 32,100,000 31,556,551 --------------
6 STATEMENT OF INVESTMENTS (continued) Centennial Money Market Trust
Face Market Value SHORT-TERM NOTES (CONTINUED) Amount See Note 1 ------------- -------------- TELECOMMUNICATIONS -- 3.0% NYNEX Corp., 4.40%-4.67%, 7/11/94-11/10/94................................................ $ 73,000,000 $ 72,073,278 Telefonica North America, Inc., guaranteed by Telefonica Natl de Espana S.A., 4.42%, 7/18/94................................................................................. 4,000,000 3,991,651 -------------- 76,064,929 -------------- Total Short-Term Notes (Cost $2,051,833,784).............................................. 2,051,833,784 -------------- SHORT-TERM U.S. GOVERNMENT OBLIGATIONS -- 5.5% Small Business Administration, 4.25%-8.875%, 7/1/94(1) (Cost $141,893,599)................ 135,386,522 141,893,599 -------------- Total Investments, at Value (Cost $2,549,850,549)............................................... 99.6% 2,549,850,549 Other Assets Net of Liabilities................................................................. .4 9,537,773 ----- -------------- Net Assets...................................................................................... 100.0% $2,559,388,322 ----- -------------- ----- --------------
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 June 30, 1994. 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 July 15, 1993 and June 30, 1994, are carried at amortized cost, and amount to $549,808,813, or 21.5% 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 $222,743,262, or 8.7% of the Trust's net assets, at June 30, 1994. 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. 7 STATEMENT OF ASSETS AND LIABILITIES June 30, 1994 Centennial Money Market Trust
ASSETS: Investments, at value (cost $2,549,850,549) -- see accompanying statement................................ $2,549,850,549 Cash..................................................................................................... 324,187 Receivables: Interest and principal paydowns........................................................................ 37,962,072 Shares of beneficial interest sold..................................................................... 7,490,235 Other.................................................................................................... 305,452 -------------- Total assets........................................................................................ 2,595,932,495 -------------- LIABILITIES: Payables and other liabilities: Shares of beneficial interest redeemed................................................................. 30,939,030 Dividends.............................................................................................. 3,573,436 Service plan fees -- Note 3............................................................................ 199,490 Other.................................................................................................. 1,832,217 -------------- Total liabilities................................................................................... 36,544,173 -------------- NET ASSETS............................................................................................... $2,559,388,322 -------------- -------------- COMPOSITION OF NET ASSETS: Paid-in capital.......................................................................................... $2,559,323,902 Accumulated net realized gain from investment transactions............................................... 64,420 -------------- NET ASSETS -- Applicable to 2,559,323,902 shares of beneficial interest outstanding...................... $2,559,388,322 -------------- -------------- NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE........................................... $1.00
See accompanying Notes to Financial Statements. 8 STATEMENT OF OPERATIONS For the Year Ended June 30, 1994 Centennial Money Market Trust INVESTMENT INCOME -- Interest............................................................................... $84,381,167 ----------- EXPENSES: Management fees -- Note 3................................................................................... 9,435,959 Service plan fees -- Note 3................................................................................. 4,647,715 Transfer and shareholder servicing agent fees -- Note 3..................................................... 4,078,564 Registration and filing fees................................................................................ 309,960 Custodian fees and expenses................................................................................. 289,200 Shareholder reports......................................................................................... 187,339 Legal and auditing fees..................................................................................... 39,024 Trustees' fees and expenses................................................................................. 21,277 Other....................................................................................................... 38,090 ----------- Total expenses......................................................................................... 19,047,128 Less reimbursement from Centennial Asset Management Corporation -- Note 3................................... (1,201,403) ----------- Net expenses........................................................................................... 17,845,725 ----------- NET INVESTMENT INCOME....................................................................................... 66,535,442 NET REALIZED GAIN ON INVESTMENTS............................................................................ 1,255 ----------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................................................ $66,536,697 ----------- -----------
See accompanying Notes to Financial Statements. 9 STATEMENTS OF CHANGES IN NET ASSETS Centennial Money Market Trust
Year Ended June 30, -------------------------------- 1994 1993 -------------- -------------- OPERATIONS: Net investment income.................................................................. $ 66,535,442 $ 47,958,826 Net realized gain on investments....................................................... 1,255 239,115 -------------- -------------- Net increase in net assets resulting from operations................................. 66,536,697 48,197,941 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS............................................ (66,775,088) (47,958,826) BENEFICIAL INTEREST TRANSACTIONS: Net increase in net assets resulting from beneficial interest transactions -- Note 2............................................................... 568,227,961 720,736,594 -------------- -------------- NET ASSETS: Total increase......................................................................... 567,989,570 720,975,709 Beginning of year...................................................................... 1,991,398,752 1,270,423,043 -------------- -------------- End of year............................................................................ $2,559,388,322 $1,991,398,752 -------------- -------------- -------------- --------------
See accompanying Notes to Financial Statements. 10 FINANCIAL HIGHLIGHTS Centennial Money Market Trust
Year Ended June 30, ----------------------------------------------------------------------------------------------------- 1994 1993 1992 1991 1990 1989 1988 1987 ----- ----- ----- --------- --------- --------- --------- --------- PER SHARE OPERATING DATA: Net asset value, beginning of period............... $ 1.00 $ 1.00 $ 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............. .03 (1) .03 (1) .04 (1) .07 .08 .08 .06 .05 Dividends and distributions to shareholders............ (.03 ) (.03 ) (.04 ) (.07 ) (.08 ) (.08) (.06) (.05) ----- ----- ----- --------- --------- --------- --------- --------- Net asset value, end of period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ----- ----- ----- --------- --------- --------- --------- --------- ----- ----- ----- --------- --------- --------- --------- --------- RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands).......... $2,559,388 $1,991,399 $1,270,423 $539,433 $470,078 $333,409 $231,210 $190,701 Average net assets (in thousands).............. $2,345,744 $1,700,638 $820,546 $494,871 $421,969 $272,430 $212,273 $190,923 Number of shares outstanding at end of period (in thousands)... 2,559,324 1,991,096 1,270,359 539,418 470,080 333,409 231,212 190,701 Ratios to average net assets: Net investment income... 2.84 % 2.82 % 4.31 % 6.66 % 7.82 % 8.24% 6.16% 5.40% Expenses................ .76 %(1) .78 %(1) .69 %(1) .84 % .84 % .90% .98% 1.00% Nine Months Year Ended Ended June 30, September 30, 1986 1985 --------- ------------- PER SHARE OPERATING DATA: Net asset value, beginning of period............... $ 1.00 $1.00 --------- ----- Income from investment operations -- net investment income and net realized gain on investments............. .05 .08 Dividends and distributions to shareholders............ (.05 ) (.08) --------- ----- Net asset value, end of period.................. $ 1.00 $1.00 --------- ----- --------- ----- RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands).......... $171,477 $155,176 Average net assets (in thousands).............. $163,383 $156,084 Number of shares outstanding at end of period (in thousands)... 171,477 155,176 Ratios to average net assets: Net investment income... 6.67 %(2) 7.80% Expenses................ 1.04 %(2) 1.09%
- ------------ 1. Net investment income would have been $.03, $.03, and $.04 per share absent the voluntary expense limitation, resulting in an expense ratio of .81%, .83% and .81% for the years ended June 30, 1994, 1993 and 1992, respectively. 2. Annualized. See accompanying Notes to Financial Statements. 11 NOTES TO FINANCIAL STATEMENTS 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 day the New York Stock Exchange is open for business 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:
Year Ended June 30, ------------------------------------------------------------------------ 1994 1993 ----------------------------------- --------------------------------- Shares Amount Shares Amount --------------- ---------------- -------------- --------------- Sold........................ 10,696,571,220 $ 10,696,571,220 8,687,789,457 $ 8,687,789,457 Dividends and distributions reinvested................ 62,872,689 62,872,689 46,057,413 46,057,413 Redeemed.................... (10,191,215,948) (10,191,215,948) (8,013,110,276) (8,013,110,276) --------------- ---------------- -------------- --------------- Net increase.............. 568,227,961 $ 568,227,961 720,736,594 $ 720,736,594 --------------- ---------------- -------------- --------------- --------------- ---------------- -------------- ---------------
12 NOTES TO FINANCIAL STATEMENTS (continued) Centennial Money Market Trust 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 service plan, 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. 13 INDEPENDENT AUDITORS' REPORT Centennial Money Market Trust The Board of Trustees and Shareholders of Centennial Money Market Trust: We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Centennial Money Market Trust as of June 30, 1994, the related statement of operations for the year then ended, the statements of changes in net assets for the years ended June 30, 1994 and 1993, and the financial highlights for the period October 1, 1984 to June 30, 1994. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned at June 30, 1994 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of Centennial Money Market Trust at June 30, 1994, the results of its operations, the changes in its net assets, and the financial highlights for the respective stated periods, in conformity with generally accepted accounting principles. DELOITTE & TOUCHE Denver, Colorado July 22, 1994 14 FEDERAL INCOME TAX INFORMATION (Unaudited) Centennial Money Market Trust In early 1995, shareholders will receive information regarding all dividends and distributions paid to them by the Turst during calendar year 1994. Regulations of the U.S. Treasury Department require the Trust to report this information to the Internal Revenue Service. None of the dividends paid by the Trust during the fiscal year ended June 30, 1994 are eligible for the corporate dividend-received deduction. The foregoing information is presented to assist shareholders in reporting distributions received from the Trust to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 15 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. Donohue, 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 Robert J. Bishop, Assistant Treasurer Scott Farrar, 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. 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 RA150.O894.N [Logo] Printed on recycled paper. 1994 ANNUAL REPORT CENTENNIAL MONEY MARKET TRUST JUNE 30, 1994 -----END PRIVACY-ENHANCED MESSAGE-----