-----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, QKxF+kCKYy2fgXksS5O8U+HLbXT2/e6uUFQtaU6vgJSxR0hziksQUD+4CcBNj2gT zBPaqV0IbxzrkygdCc7pEw== 0000950117-95-000016.txt : 19950223 0000950117-95-000016.hdr.sgml : 19950223 ACCESSION NUMBER: 0000950117-95-000016 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950222 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL MONEY MARKET TRUST CENTRAL INDEX KEY: 0000312538 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [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: 95514120 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 S.A.R. Dear Shareholder: We are pleased to send you the semiannual report for Centennial Money Market Trust. The past year was a good one for short- term investors. During the 6 months ended December 31, 1994, the Trust's compounded annualized yield was 4.54%. The corresponding yield without compounding was 4.44%. The seven-day annualized yields with and without compounding on December 31, 1994 were 5.46% and 5.32%, respectively.1 During 1994, the U.S. Federal Reserve undertook one of the most aggressive efforts to raise interest rates in its history, and although the Fed's efforts brought significant uncertainty to the nation's stock and bond markets, the short-term money markets benefited throughout the year from rising yields. In this environment, your Trust met its objectives well, combining an attractive short-term yield and share-price stability with daily liquidity and investment convenience.2 At this writing, the outlook for the money markets remains positive. Inflation remains low, and short-term money-market investments are providing attractive inflation-adjusted yields. Given the uncertainties still surrounding the longer-term investment outlook, many investors are seeking stable, liquid, short-term vehicles that provide dependable returns, and our money-market funds offer some of the best vehicles conservative investors can find for their short-term funds. The reason has to do with our approach to short-term investing, a disciplined one designed to identify money-market instruments that seem especially attractive when compared to others in the market, and to avoid those that seem to carry unnecessary risks. This conservative approach is especially noteworthy in light of the widely publicized problems some aggressively managed money funds encountered during the year. Although your managers are always looking for opportunities to enhance portfolio income by monitoring yield differentials in the nation's money markets, principal stability is their top priority. In closing, we want to welcome new investors to the Trust and to thank those who have been with us for some time. We appreciate your trust in Centennial Money Market Trust, and we look forward to helping you meet your investment objectives in the future. Sincerely, JON S. FOSSEL Jon S. Fossel President, Centennial Money Market Trust JAMES C. SWAIN James C. Swain Chairman, Centennial Money Market Trust January 23, 1995 1. Compounded yields assume reinvestment of dividends. Past performance is not indicative of future results. 2. The Trust is neither insured nor guaranteed by the U.S. Government. There is no assurance that the Trust will maintain a stable $1 share price in the future. STATEMENT OF INVESTMENTS December 31, 1994 (Unaudited) Centennial Money Market Trust
Face Market Value Amount See Note 1 ------ ------------ BANKERS' ACCEPTANCES - 1.6% Chase Manhattan Bank, N.A., 5.05%, 1/12/95................................................ $ 4,789,488 $ 4,782,098 Chase Manhattan Bank, N.A., 5.80%, 2/6/95................................................. 30,000,000 29,826,000 Chase Manhattan Bank, N.A., 6.15%, 2/17/95................................................ 15,000,000 14,879,563 -------------- Total Bankers' Acceptances (Cost $49,487,661)............................................. 49,487,661 -------------- CERTIFICATES OF DEPOSIT - 1.8% DOMESTIC CERTIFICATES OF DEPOSIT - 0.8% Huntington National Bank, 5.82%, 1/4/95(1)................................................ 15,000,000 14,996,551 LaSalle National Bank, 5.57%, 1/17/95..................................................... 10,000,000 10,000,000 -------------- 24,996,551 -------------- YANKEE CERTIFICATES OF DEPOSIT - 1.0% Mitsubishi Bank Ltd., 5.87%, 2/17/95...................................................... 20,000,000 19,999,486 Sanwa Bank Ltd., 5.53%, 1/17/95........................................................... 10,000,000 10,000,029 -------------- 29,999,515 -------------- Total Certificates of Deposit (Cost $54,996,066).......................................... 54,996,066 -------------- DIRECT BANK OBLIGATIONS - 3.7% ABN Amro Bank NV, guaranteeing commercial paper of: ABN Amro Bank, Canada, 5.85%, 2/24/95................................................... 15,000,000 14,868,375 FCC National Bank, 5.82%, 1/4/95(1)....................................................... 14,000,000 13,989,327 First National Bank of Boston, 5.645%, 2/3/95............................................. 25,000,000 24,994,348 First National Bank of Boston, 5.72%, 1/3/95(1)........................................... 12,000,000 12,001,013 First National Bank of Boston, 5.85%, 2/16/95............................................. 20,000,000 19,990,111 PNC Bank, N.A., 5.66%, 1/4/95(1).......................................................... 10,000,000 9,994,356 PNC Bank, N.A., 5.82%, 1/4/95(1).......................................................... 10,000,000 9,996,952 South Carolina National Bank, 8.95%, 1/30/95.............................................. 5,000,000 5,014,155 -------------- Total Direct Bank Obligations (Cost $110,848,637)......................................... 110,848,637 -------------- LETTERS OF CREDIT - 4.1% Banc One Dayton, guaranteeing commercial paper of: Nationwide Funding Corp., 6.28%, 1/5/95(1)(2)........................................... 9,333,000 9,333,000 Credit Suisse, guaranteeing commercial paper of: Queensland Alumina Ltd., 5.60%, 1/17/95................................................. 10,000,000 9,975,111 Credit Suisse, guaranteeing commercial paper of: Queensland Alumina Ltd., 5.75%, 2/10/95................................................. 10,000,000 9,936,111
2 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Market Value Amount See Note 1 ------ ------------ LETTERS OF CREDIT (CONTINUED) Credit Suisse, guaranteeing commercial paper of: Queensland Alumina Ltd., 5.80%, 2/1/95.................................................. 7,000,000 $ 6,965,039 Credit Suisse, guaranteeing commercial paper of: Queensland Alumina Ltd., 6%, 2/6/95..................................................... 12,000,000 11,928,000 Mitsubishi Bank Ltd., guaranteeing commercial paper of: Mitsubishi Motors Credit of America, 5.42%-5.71%, 1/11/95............................... 25,000,000 24,961,556 Mitsubishi Bank Ltd., guaranteeing commercial paper of: Mitsubishi Motors Credit of America, 5.50%, 1/6/95...................................... 12,000,000 11,990,833 Mitsubishi Bank Ltd., guaranteeing commercial paper of: Mitsubishi Motors Credit of America, 5.50%-5.80%, 1/17/95............................... 24,500,000 24,437,511 Mitsubishi Bank Ltd., guaranteeing commercial paper of: Mitsubishi Motors Credit of America, 5.65%, 1/9/95...................................... 10,000,000 9,987,444 Sanwa Bank Ltd., guaranteeing commercial paper of: Orix America, Inc., 5.56%, 2/1/95(2).................................................... 5,000,000 4,976,062 -------------- Total Letters of Credit (Cost $124,490,667)............................................... 124,490,667 -------------- SHORT-TERM NOTES - 83.8% ASSET-BACKED - 13.0% Asset Securitization Cooperative, 5.40%, 1/13/95(2)....................................... 10,000,000 9,982,000 Asset Securitization Cooperative, 5.65%, 1/11/95(2)....................................... 30,000,000 29,952,917 Asset Securitization Cooperative, 6.05%, 2/1/95(2)........................................ 10,000,000 9,947,903 Beta Finance, Inc., 5.82%, 2/15/95(2)..................................................... 25,000,000 24,818,125 Beta Finance, Inc., 5.82%, 2/22/95(2)..................................................... 26,000,000 25,781,427 CIESCO L.P., 5.27%, 1/24/95............................................................... 5,000,000 4,983,165 Cooperative Association of Tractor Dealers, Inc., 6.25%, 1/6/95........................... 2,000,000 1,998,264 Corporate Receivable Corp., 5.15%, 1/19/95................................................ 30,400,000 30,321,720 CXC, Inc., 5.75%, 2/10/95................................................................. 10,000,000 9,936,111 CXC, Inc., 5.98%-6%, 2/1/95(2)............................................................ 26,000,000 25,865,839 CXC, Inc., 6.10%, 2/8/95.................................................................. 30,000,000 29,806,833 CXC, Inc., 6.15%, 2/16/95................................................................. 15,000,000 14,882,125 Falcon Asset Securitization Corp., 5.15%, 1/18/95(2)...................................... 25,000,000 24,939,201 Falcon Asset Securitization Corp., 5.95%, 1/9/95(2)....................................... 30,650,000 30,609,474 Falcon Asset Securitization Corp., 6.20%, 2/10/95(2)...................................... 10,275,000 10,204,217 First Deposit Master Trust 1993-3, 5.23%, 1/20/95(2)(3)................................... 5,397,755 5,382,856 First Deposit Master Trust 1993-3, 5.42%, 1/23/95(2)(3)................................... 10,000,000 9,966,878 Preferred Receivables Funding Corp., 5.625%, 1/9/95....................................... 10,000,000 9,987,500 Riverwoods Funding Corp., 6%, 1/11/95..................................................... 10,000,000 9,983,333
3 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Market Value Amount See Note 1 ------ ------------ SHORT-TERM NOTES (CONTINUED) ARiverwoods Funding Corp., 6.15%, 2/13/95................................................. $ 5,000,000 $ 4,963,271 SMM Trust 1994-A, 6.425%, 3/17/95(1)(2)(3)................................................ 25,000,000 24,998,017 SMM Trust 1994-B, 5.863%, 2/13/95(1)(2)(3)................................................ 20,000,000 20,000,000 Structured Enhanced Return Trust 1994 Series A-07, 5.87%, 1/4/95(1)(2)(3)................. 15,000,000 14,998,495 Structured Enhanced Return Trust 1994 Series A-11, 5.865%, 1/3/95(1)(2)(3)................ 10,000,000 10,000,000 -------------- 394,309,671 -------------- BANKS - 3.6% Bankers Trust New York Corp., 5.15%, 1/13/95.............................................. 18,250,000 18,218,671 Bankers Trust New York Corp., 5.64%, 1/3/95(1)(2)(3)...................................... 13,000,000 12,998,673 Chase Manhattan Corp., 5.40%, 1/17/95..................................................... 10,000,000 9,976,000 CoreStates Capital Corp., 6.17%, 2/10/95.................................................. 10,000,000 9,931,444 Dresdner U.S. Finance, Inc., 5.80%, 2/21/95............................................... 25,000,000 24,794,583 NationsBank Corp., 5.42%, 1/18/95......................................................... 17,000,000 16,956,489 NationsBank Corp., 5.84%, 2/15/95......................................................... 15,000,000 14,890,501 -------------- 107,766,361 -------------- BEVERAGES: ALCOHOLIC - 1.0% Bass Finance (C.I.) Ltd., guaranteed by Bass PLC, 5.82%, 2/21/95.......................... 15,000,000 14,876,325 Seagram (Joseph E.) & Sons, Inc., 5.90%, 2/24/95(2)....................................... 15,933,000 15,791,993 -------------- 30,668,318 -------------- BEVERAGES: SOFT DRINKS - 2.5% Coca-Cola Enterprises, Inc., 5.53%, 1/23/95(2)............................................ 15,000,000 14,949,309 Coca-Cola Enterprises, Inc., 5.80%, 2/13/95(2)............................................ 40,000,000 39,722,889 Coca-Cola Enterprises, Inc., 6%, 1/30/95(2)............................................... 5,000,000 4,975,833 Coca-Cola Enterprises, Inc., 6.12%, 2/3/95(2)............................................. 15,000,000 14,915,850 -------------- 74,563,881 -------------- BROKER/DEALERS - 15.8% Bear Stearns Cos., Inc., 5.79%, 1/3/95(1)................................................. 8,000,000 8,000,000 Bear Stearns Cos., Inc., 5.97%, 1/4/95(1)................................................. 5,000,000 5,000,000 Bear Stearns Cos., Inc., 6.178%, 1/3/95(1)................................................ 13,000,000 13,000,000 Bear Stearns Cos., Inc., 6.244%, 1/9/95(1)................................................ 5,000,000 5,000,000 BT Securities Corp., 5.92%, 1/4/95(1)..................................................... 10,000,000 10,000,000 CS First Boston Group, Inc., 5.10%, 3/8/95(2)............................................. 10,000,000 9,906,500 CS First Boston Group, Inc., 6.12%, 2/8/95................................................ 25,000,000 24,838,500 CS First Boston Group, Inc., 6.18%, 2/7/95................................................ 25,000,000 24,841,208
4 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Market Value Amount See Note 1 ------ ------------ SHORT-TERM NOTES (CONTINUED) Dean Witter, Discover & Co., 5.35%, 1/12/95............................................... $ 20,000,000 $ 19,967,306 Dean Witter, Discover & Co., 6.10%-6.11%, 2/10/95......................................... 22,000,000 21,850,811 Dean Witter, Discover & Co., 6.15%, 2/1/95................................................ 10,000,000 9,947,042 Goldman Sachs Group L.P., 5.08%, 3/1/95................................................... 13,000,000 12,891,768 Goldman Sachs Group L.P., 5.18%-5.30%, 1/12/95............................................ 30,000,000 29,952,333 Goldman Sachs Group L.P., 5.685%, 1/4/95(1)(2)(4)......................................... 10,000,000 10,000,000 Goldman Sachs Group L.P., 5.738%, 1/13/95(1)(2)(3)(4)..................................... 10,000,000 10,000,000 Goldman Sachs Group L.P., 5.92%, 1/4/95(1)(2)(3).......................................... 20,000,000 20,000,000 Goldman Sachs Group L.P., 6.145%, 1/13/95(1)(2)(3)........................................ 20,000,000 20,000,000 Goldman Sachs Group L.P., 6.375%, 3/21/95(1)(2)(3)........................................ 12,000,000 12,000,000 Goldman Sachs Group L.P., 6.575%, 3/8/95(1)(2)(3)......................................... 10,000,000 10,007,477 Lehman Brothers Holdings, Inc., 5.61%, 1/12/95............................................ 7,000,000 7,000,000 Lehman Brothers Holdings, Inc., 6.15%, 1/3/95(1).......................................... 15,000,000 15,000,000 Lehman Brothers Holdings, Inc., 6.22%, 1/3/95(1).......................................... 123,000,000 123,000,000 Morgan Stanley Group, Inc., 5.49%, 1/3/95(1).............................................. 54,800,000 54,800,000 -------------- 477,002,945 -------------- BUILDING MATERIALS GROUP - 0.3% Compagnie de Saint-Gobain SA, 5.08%, 3/1/95............................................... 10,000,000 9,916,744 -------------- COMMERCIAL FINANCE - 1.2% CIT Group Holdings, Inc., 5.20%, 1/19/95.................................................. 5,000,000 4,987,000 CIT Group Holdings, Inc., 6.15%, 2/6/95................................................... 20,000,000 19,877,000 CIT Group Holdings, Inc., 6.309%, 1/11/95(1)(4)........................................... 11,000,000 11,000,000 -------------- 35,864,000 -------------- CONGLOMERATES - 4.8% ITT Corp., 5.87%, 2/15/95................................................................. 25,000,000 24,816,563 ITT Corp., 6.02%, 2/1/95(2)............................................................... 15,000,000 14,922,242 ITT Corp., 6.22%, 2/6/95.................................................................. 12,000,000 11,925,360 Mitsubishi International Corp., 5.10%, 3/6/95............................................. 8,800,000 8,720,213 Mitsubishi International Corp., 5.17%, 1/23/95............................................ 10,000,000 9,968,406 Mitsubishi International Corp., 5.50%, 1/24/95............................................ 5,000,000 4,982,431 Mitsubishi International Corp., 5.55%, 1/4/95............................................. 13,400,000 13,393,803 Mitsubishi International Corp., 5.82%, 2/17/95............................................ 25,000,000 24,810,042 Pacific Dunlop Ltd., 5.12%, 2/28/95(2).................................................... 7,000,000 6,942,255
5 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Market Value Amount See Note 1 ------ ------------ SHORT-TERM NOTES (CONTINUED) CONGLOMERATES (CONTINUED) Pacific Dunlop Ltd., 5.12%-6.17%, 3/1/95(2)............................................... $ 24,500,000 $ 24,278,070 -------------- 144,759,385 -------------- CONSUMER FINANCE (PERSONAL LOANS) - 2.8% Sears Roebuck Acceptance Corp., 5.10%, 1/23/95............................................ 21,000,000 20,934,550 Sears Roebuck Acceptance Corp., 5.83%, 1/31/95............................................ 30,000,000 29,854,250 Sears Roebuck Acceptance Corp., 5.83%, 2/8/95............................................. 15,000,000 14,907,692 Sears Roebuck Acceptance Corp., 5.90%, 2/6/95............................................. 20,000,000 19,882,000 -------------- 85,578,492 -------------- DIVERSIFIED FINANCE - 11.3% Associates Corp. of North America, 5.35%, 1/25/95......................................... 10,000,000 9,964,333 Ford Motor Credit Co., 5.80%-6.13%, 2/6/95................................................ 90,000,000 89,461,500 Ford Motor Credit Co., 6.05%, 1/30/95..................................................... 15,000,000 14,926,896 General Electric Capital Corp., 5.18%, 1/19/95............................................ 5,700,000 5,685,237 General Electric Capital Corp., 5.79%, 1/3/95(1).......................................... 15,000,000 14,992,083 General Electric Capital Corp., 5.82%, 2/21/95............................................ 15,000,000 14,876,325 General Motors Acceptance Corp., 5.81%, 2/13/95........................................... 10,000,000 9,930,603 General Motors Acceptance Corp., 5.92%, 1/30/95........................................... 20,000,000 19,904,622 General Motors Acceptance Corp., 6.10%, 1/25/95........................................... 32,000,000 31,869,867 General Motors Acceptance Corp., 6.20%, 2/7/95............................................ 5,000,000 4,968,139 General Motors Acceptance Corp., 6.20%, 2/9/95............................................ 15,000,000 14,899,250 Household Finance Corp., 6.25%, 1/3/95(1)................................................. 10,000,000 9,999,155 ITT Financial Corp., 5.45%-5.52%, 1/17/95................................................. 22,000,000 21,946,493 ITT Financial Corp., 5.83%, 2/15/95....................................................... 10,000,000 9,927,125 ITT Financial Corp., 5.94%, 2/1/95........................................................ 25,000,000 24,872,125 ITT Financial Corp., 6.125%, 1/27/95...................................................... 21,000,000 20,907,104 Transamerica Finance Corp., 5.08%, 3/1/95................................................. 15,000,000 14,875,117 Transamerica Finance Corp., 5.10%, 2/3/95................................................. 7,000,000 6,967,275 -------------- 340,973,249 -------------- ELECTRIC COMPANIES - 2.3% Central & Southwest Corp., 5.95%, 2/6/95.................................................. 15,000,000 14,910,750 Central & Southwest Corp., 6.15%, 2/14/95................................................. 15,400,000 15,284,243 Central & Southwest Corp., 6.15%, 2/7/95.................................................. 6,000,000 5,962,075 Central & Southwest Corp., 6.17%, 2/10/95................................................. 13,400,000 13,308,136 Central & Southwest Corp., 6.18%, 2/9/95.................................................. 5,000,000 4,966,525
6 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Market Value Amount See Note 1 ------ ------------ SHORT-TERM NOTES (CONTINUED) ELECTRIC COMPANIES (CONTINUED) Vattenfall Treasury, Inc., guaranteed by Vattenfall AB, 5.80%, 1/30/95.................... $ 18,000,000 $ 17,915,900 -------------- 72,347,629 -------------- FACTORING - 3.0% CSW Credit, Inc., 6%, 2/6/95.............................................................. 15,000,000 14,910,000 CSW Credit, Inc., 6.10%, 2/13/95.......................................................... 15,000,000 14,890,708 CSW Credit, Inc., 6.12%, 2/14/95.......................................................... 20,000,000 19,850,400 CSW Credit, Inc., 6.13%, 2/10/95.......................................................... 20,000,000 19,863,778 CSW Credit, Inc., 6.15%, 2/8/95........................................................... 20,000,000 19,870,167 -------------- 89,385,053 -------------- FINANCIAL SERVICES: MISCELLANEOUS - 3.2% Countrywide Funding Corp., 6.10%-6.20%, 1/3/95............................................ 15,300,000 15,294,785 Countrywide Funding Corp., 6.10%-6.30%, 1/4/95............................................ 45,000,000 44,976,542 Countrywide Funding Corp., 6.30%, 1/5/95.................................................. 35,000,000 34,975,500 -------------- 95,246,827 -------------- HEALTHCARE: MISCELLANEOUS - 2.0% American Home Food Products, Inc., 5.95%, 2/21/95(2)...................................... 35,000,000 34,704,979 Sherwood Medical Co., 5.95%, 2/22/95(2)................................................... 25,000,000 24,785,139 -------------- 59,490,118 -------------- HOUSEWARES - 1.4% Newell Co., 5.82%, 2/15/95(2)............................................................. 25,000,000 24,818,125 Newell Co., 6.10%, 1/6/95(2).............................................................. 10,000,000 9,991,528 Newell Co., 6.20%, 2/7/95(2).............................................................. 7,000,000 6,955,394 -------------- 41,765,047 -------------- INSURANCE - 6.2% Pacific Mutual Life Insurance Co., 5.633%, 1/3/95(1)(2)(3)(4)............................. 25,000,000 25,000,000 Protective Life Insurance Co., 6.15%, 1/3/95(1)(2)(4)..................................... 10,000,000 10,000,000 Sun Life Insurance Co., 6.275%, 1/4/95(1)(4).............................................. 110,000,000 110,000,000 TransAmerica Life Insurance and Annuity Co., 5.79%, 1/3/95(1)(2)(4)....................... 43,000,000 43,000,000 -------------- 188,000,000 -------------- LEASE FINANCING - 5.7% International Lease Finance Corp., 5.15%, 1/17/95......................................... 15,000,000 14,965,667 International Lease Finance Corp., 5.80%, 2/14/95......................................... 12,000,000 11,914,933 7
STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Market Value Amount See Note 1 ------ ------------ SHORT-TERM NOTES (CONTINUED) LEASE FINANCING (CONTINUED) International Lease Finance Corp., 5.82%, 2/21/95......................................... $ 6,000,000 $ 5,950,530 International Lease Finance Corp., 5.82%, 2/22/95......................................... 15,000,000 14,873,900 International Lease Finance Corp., 5.85%, 2/24/95......................................... 16,000,000 15,859,600 International Lease Finance Corp., 5.98%, 2/2/95.......................................... 15,000,000 14,920,267 International Lease Finance Corp., 6%, 2/3/95............................................. 13,000,000 12,928,500 Sanwa Business Credit Corp., 5.74%, 1/3/95(1)............................................. 10,000,000 10,000,000 Sanwa Business Credit Corp., 5.90%, 1/13/95............................................... 20,000,000 19,960,667 Sanwa Business Credit Corp., 6.10%, 1/19/95............................................... 4,000,000 3,987,800 Sanwa Business Credit Corp., 6.10%, 1/30/95............................................... 7,000,000 6,965,603 Sanwa Business Credit Corp., 6.12%, 2/3/95................................................ 5,000,000 4,971,950 Sanwa Business Credit Corp., 6.12%, 2/6/95................................................ 10,000,000 9,938,800 Sanwa Business Credit Corp., 6.125%, 2/7/95............................................... 6,000,000 5,962,229 Sanwa Business Credit Corp., 6.14%, 2/10/95............................................... 8,000,000 7,945,422 Sanwa Business Credit Corp., 6.18%, 2/8/95................................................ 10,000,000 9,934,766 -------------- 171,080,634 -------------- MANUFACTURING: DIVERSIFIED INDUSTRIALS - 0.3% Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 5.80%, 2/14/95......................... 6,000,000 5,957,467 Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 6.20%, 1/13/95......................... 3,000,000 2,993,980 -------------- 8,951,447 -------------- RETAIL STORES: DEPARTMENT, GENERAL AND SPECIALTY - 0.4% St. Michael Finance Ltd., guaranteed by Marks & Spencer PLC, 5.09%, 2/9/95................ 8,500,000 8,453,130 St. Michael Finance Ltd., guaranteed by Marks & Spencer PLC, 6.15%, 2/7/95................ 5,000,000 4,968,395 -------------- 13,421,525 -------------- TECHNOLOGY - 1.0% Electronic Data Systems Corp., 5.77%-5.95%, 2/15/95....................................... 20,000,000 19,853,500 Electronic Data Systems Corp., 6.08%, 1/20/95............................................. 7,000,000 6,977,538 Electronic Data Systems Corp., 6.12%, 1/13/95............................................. 3,000,000 2,993,880 -------------- 29,824,918 -------------- TELECOMMUNICATIONS - 1.5% NYNEX Corp., 5.60%, 1/20/95............................................................... 20,000,000 19,940,889 NYNEX Corp., 5.86%, 2/10/95............................................................... 15,000,000 14,902,333 NYNEX Corp., 6.12%, 2/16/95............................................................... 10,000,000 9,921,800 -------------- 44,765,022 --------------
8 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Market Value Amount See Note 1 ------ ------------ SHORT TERM NOTES (CONTINUED) TOBACCO - 0.5% American Brands, Inc., 5.52%, 1/17/95(2).................................................. $ 15,000,000 $ 14,963,200 -------------- Total Short-Term Notes (Cost $2,530,644,466).............................................. 2,530,644,466 -------------- U.S. GOVERNMENT OBLIGATIONS - 5.0% Small Business Administration, 5.75%-10.125%, 1/1/95(1) (Cost $151,233,206)............... 144,909,789 151,233,206 -------------- Total Investments, at Value (Cost $3,021,700,703)................................................ 100.0% 3,021,700,703 Other Assets Net of Liabilities.................................................................. 0.0 512,320 ----- -------------- Net Assets....................................................................................... 100.0% $3,022,213,023 ----- -------------- ----- --------------
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, 1994. 2. Security purchased in private placement transaction, without registration under the Securities Act of 1933 (the Act). The securities are carried at amortized cost, and amount to $727,385,867, or 24.1% of the Trust's net assets. 3. 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 $195,352,396, or 6.5% of the Trust's net assets, at December 31, 1994. The Trust may not invest more than 10% of its net assets (determined at the time of purchase) in illiquid securities. 4. Put obligation redeemable at full face value on the date reported. 9 STATEMENT OF ASSETS AND LIABILITIES December 31, 1994 (Unaudited) Centennial Money Market Trust ASSETS: Investments, at value (cost $3,021,700,703) - see accompanying statement......................... $3,021,700,703 Cash.............................................................................................. 5,424,503 Receivables: Shares of beneficial interest sold.............................................................. 34,710,578 Interest and principal paydowns................................................................. 9,474,157 Other............................................................................................. 196,682 -------------- Total assets................................................................................. 3,071,506,623 -------------- LIABILITIES: Payables and other liabilities: Shares of beneficial interest redeemed.......................................................... 47,561,264 Service plan fees - Note 3...................................................................... 267,844 Other........................................................................................... 1,464,492 -------------- Total liabilities............................................................................ 49,293,600 -------------- NET ASSETS........................................................................................ $3,022,213,023 -------------- -------------- COMPOSITION OF NET ASSETS: Paid-in capital................................................................................... $3,022,228,985 Accumulated net realized gain (loss) from investment transactions................................. (15,962) -------------- NET ASSETS - Applicable to 3,022,228,985 shares of beneficial interest outstanding................ $3,022,213,023 -------------- -------------- NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE.................................... $1.00
See accompanying Notes to Financial Statements. 10 STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1994 (Unaudited) Centennial Money Market Trust INVESTMENT INCOME - Interest......................................................................... $74,556,612 ----------- EXPENSES: Management fees - Note 3............................................................................. 5,613,458 Service plan fees - Note 3........................................................................... 2,890,827 Transfer and shareholder servicing agent fees - Note 3............................................... 1,440,105 Shareholder reports.................................................................................. 245,595 Custodian fees and expenses.......................................................................... 116,330 Legal and auditing fees.............................................................................. 26,255 Trustees' fees and expenses.......................................................................... 17,748 Registration and filing fees......................................................................... 320,059 Other................................................................................................ 177,336 ----------- Total expenses.................................................................................. 10,847,713 ----------- NET INVESTMENT INCOME................................................................................ 63,708,899 NET REALIZED GAIN (LOSS) ON INVESTMENTS.............................................................. (79,659) ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................................... $63,629,240 ----------- -----------
11 See accompanying Notes to Financial Statements. STATEMENTS OF CHANGES IN NET ASSETS Centennial Money Market Trust
Six Months Ended Year Ended December 31, 1994 June 30, (Unaudited) 1994 ----------------- -------------- OPERATIONS: Net investment income (loss)........................................... $ 63,708,899 $ 66,535,442 Net realized gain (loss) on investments................................ (79,659) 1,255 ----------------- -------------- Net increase (decrease) in net assets resulting from operations........ 63,629,240 66,536,697 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS............................ (63,709,622) (66,775,088) BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2....................................... 462,905,083 568,227,961 ----------------- -------------- NET ASSETS: Total increase (decrease).............................................. 462,824,701 567,989,570 Beginning of period.................................................... 2,559,388,322 1,991,398,752 ----------------- -------------- End of period.......................................................... $ 3,022,213,023 $2,559,388,322 ----------------- -------------- ----------------- --------------
See accompanying Notes to Financial Statements. 12 FINANCIAL HIGHLIGHTS Centennial Money Market Trust
Six Months Ended Year Ended June 30, December 31, 1994 -------------------------------------------------------------- (Unaudited) 1994 1993 1992 1991 1990 ----------------- ---------- ---------- ---------- -------- -------- 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......................... .02 .03(1) .03(1) .04(1) .07 .08 Dividends and distributions to shareholders........................ (.02) (.03) (.03) (.04) (.07) (.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).......................... $ 3,022,213 $2,559,388 $1,991,399 $1,270,423 $539,433 $470,078 Average net assets (in thousands)..... $ 2,871,176 $2,345,744 $1,700,638 $ 820,546 $494,871 $421,969 Number of shares outstanding at end of period (in thousands)............... 3,022,229 2,559,324 1,991,096 1,270,359 539,418 470,080 Ratios to average net assets: Net investment income............... 4.40%(2) 2.84% 2.82% 4.31% 6.66% 7.82% Expenses............................ .75%(2) .76%(1) .78%(1) .69%(1) .84% .84%
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. 13 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 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:
Six Months Ended Year Ended December 31, 1994 June 30, 1994 -------------------------------- ---------------------------------- Shares Amount Shares Amount -------------- -------------- --------------- --------------- Sold.......................... 6,260,421,234 $6,260,421,234 10,696,571,220 $10,696,571,220 Dividends and distributions reinvested.................. 65,270,409 65,270,409 62,872,689 62,872,689 Redeemed...................... (5,862,786,560) (5,862,786,560) (10,191,215,948) (10,191,215,948) -------------- -------------- --------------- --------------- Net increase................ 462,905,083 $ 462,905,083 568,227,961 $ 568,227,961 -------------- -------------- --------------- --------------- -------------- -------------- --------------- ---------------
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 14 NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) Centennial Money Market Trust $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. A voluntary undertaking 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 was terminated December 1, 1994. 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. 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 LLP Legal Counsel Myer, Swanson & Adams, P.C. The financial statements included herein have been taken from the records of the Fund 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 RS0150.001.0295 ['Recycled' Logo] Printed on recycled paper. 1994 SEMI-ANNUAL REPORT CENTENNIAL MONEY MARKET TRUST DECEMBER 31, 1994 -----END PRIVACY-ENHANCED MESSAGE-----