-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O1/WUmhxy8jNPtRKpT82Jc3D9m4ddl7745L3p+pRvwPN2krgP6AQyhhjY2HJjfa1 H2VgWZOwoRLKfwJt2MqeCw== 0000950117-96-000144.txt : 19960228 0000950117-96-000144.hdr.sgml : 19960228 ACCESSION NUMBER: 0000950117-96-000144 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960227 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: 96526042 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. During the 6 month period ended December 31, 1995, the Trust's compounded annualized yield was 5.33%. The corresponding yield without compounding was 5.19%. The seven-day annualized yields with and without compounding on December 31, 1995 were 5.23% and 5.10% respectively.(1) Money market funds have always been a highly liquid place for cash 'on the sidelines' -- earning a steady income while protecting principal.(2) In 1995, money market funds turned out to be a good investment choice for the income-oriented investor. While the 30-year U.S. Treasury yield from nearly 8% to 6% during the year, and rates on intermediate-term bonds fell by nearly as much, money market yields stayed about the same throughout the year. This made the yield on money market funds very attractive relative to intermediate-term bonds. Normally, long-terms bonds pay anywhere from three to five percentage points more than a money market fund. One reason for this situation is the relationship between money market funds and the inflation rate. Typically, money market yields are roughly one percentage point above inflation. Assuming that the annual inflation rate is 2.5%, money market yields would normally be about 3.5%, while longer-term rates might be as high as 5.5%. However, the current difference between money market yields and inflation is three times its normal level. Part of the reason for this anomaly is the successful way in which the Federal Reserve Board has fought inflation. By the spring of 1995, the economy stabilized and began to decelerate. And economists began to speculate that the Fed would lower short-term rates to keep the economy from going into a recession. Meanwhile, longer-term interest rates had already begun to decline in anticipation of the Fed action. And although the Fed reduced short-term interest rates slightly in July, it didn't lower rates nearly as much as the decline in long-term rate, which are market driven. With the economy continuing to slow, we believe that additional cuts by the Fed are likely. And since longer-term rates will probably come down further, we expect that the relationship between short-term yields and longer-term yields will remain similar for the time being. As a result, money market funds continue to offer relatively high yields in relation to longer-term investments -- and in relation to inflation. Thank you for your confidence in Centennial Money Market Trust. We look forward to helping you continue to reach your investment goals in the future. Sincerely, BRIDGET A. MACASKILL Bridget A. Macaskill President, Centennial Money Market Trust January 22, 1996 (1) Compounded yields assume reinvestment of dividends. Past performance is not indicative of future results. (2) The Fund is neither insured nor guaranteed by the U.S. government, and there is no assurance that the Fund will maintain a stable $1 share price in the future. STATEMENT OF INVESTMENTS December 31, 1995 (Unaudited) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- BANKERS' ACCEPTANCES - 0.8% Bank of America, NT & SA, 5.26%, 6/26/96.................................$ 5,000,000 $ 4,870,692 Chemical Bank New York, 5.42%, 5/17/96................................... 5,900,000 5,778,306 CoreStates Bank N.A., 5.35%, 5/17/96..................................... 5,000,000 4,898,201 CoreStates Bank N.A., 5.37%, 6/14/96..................................... 15,000,000 14,630,812 CoreStates Bank N.A., 5.50%, 1/2/96...................................... 5,000,000 4,999,236 CoreStates Bank N.A., 5.68%, 1/12/96..................................... 6,500,000 6,488,719 First Bank, N.A. Minneapolis, 5.70%, 1/25/96............................. 9,000,000 8,965,800 ------------- Total Bankers' Acceptances (Cost $50,631,766)............................ 50,631,766 ------------- CERTIFICATES OF DEPOSIT - 4.0% DOMESTIC CERTIFICATES OF DEPOSIT - 1.6% Banks - 1.6% Bank of New York, 5.50%, 6/12/96......................................... 25,000,000 25,000,000 LaSalle National Bank, 5.40%, 7/5/96..................................... 5,000,000 5,000,000 LaSalle National Bank, 5.45%, 6/19/96.................................... 10,000,000 10,000,000 LaSalle National Bank, 5.74%, 2/15/96.................................... 10,000,000 10,000,000 LaSalle National Bank, 5.76%, 1/5/96..................................... 15,000,000 15,000,000 LaSalle National Bank, 5.77%, 2/23/96.................................... 15,000,000 15,000,000 LaSalle National Bank, 5.80%, 1/25/96.................................... 15,000,000 15,000,000 ------------- 95,000,000 ------------- YANKEE CERTIFICATES OF DEPOSIT - 2.4% Banks - 2.4% Rabobank Nederland, 5.50%, 6/13/96....................................... 15,000,000 15,000,000 Rabobank Nederland, 5.81%, 1/8/96........................................ 25,000,000 25,000,000 Sanwa Bank Ltd., 5.67%, 1/10/96.......................................... 7,000,000 6,999,833 Sanwa Bank Ltd., 5.67%, 1/10/96.......................................... 10,000,000 9,999,677 Sanwa Bank Ltd., 5.94%, 1/3/96........................................... 10,000,000 10,000,148 Societe Generale, 5.67%, 1/31/96......................................... 25,000,000 24,997,063 Societe Generale, 5.75%, 4/23/96......................................... 15,000,000 15,000,000 Societe Generale, 5.85%, 1/18/96......................................... 10,000,000 10,000,000 Societe Generale, 5.86%, 1/22/96......................................... 25,000,000 25,000,167 ------------- 141,996,888 ------------- Total Certificates of Deposit (Cost $236,996,888)........................ 236,996,888 -------------
See accompanying Notes to Financial Statements. 2 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- DIRECT BANK OBLIGATIONS - 14.9% Abbey National North America Corp., 5.23%, 6/27/96....................... $15,000,000 $14,603,208 Abbey National North America Corp., 5.44%, 6/12/96....................... 75,000,000 73,183,229 Abbey National North America Corp., 5.63%, 1/12/96....................... 15,000,000 14,974,196 Abbey National North America Corp., 5.69%, 2/1/96........................ 25,000,000 24,877,507 ABN Amro Bank Canada, 5.36%, 6/10/96..................................... 35,000,000 34,161,011 ABN Amro Bank Canada, 5.71%, 1/22/96..................................... 20,000,000 19,933,383 ABN Amro Bank North America Finance, Inc., 5.81%, 1/8/96................. 35,000,000 35,001,228 ABN Amro North America Finance, Inc., 5.45%, 1/12/96..................... 13,000,000 12,978,351 ABN Amro North America Finance, Inc., 5.47%, 1/5/96...................... 15,000,000 14,990,883 ABN Amro North America Finance, Inc., 5.55%, 4/29/96..................... 30,000,000 29,449,625 ABN Amro North America Finance, Inc., 5.71%, 1/24/96..................... 20,000,000 19,927,039 Bank of New York, 5.23%, 1/12/96(1)...................................... 13,400,000 13,399,227 Barclays Bank Canada, 5.65%, 1/10/96..................................... 20,000,000 19,971,750 Chase Manhattan Bank, 5.45%, 5/17/96..................................... 45,000,000 44,078,675 Colorado National Bank of Denver, 5.918%, 4/17/96(1)..................... 10,000,000 9,999,408 Dresdner U.S. Finance, Inc., 5.23%, 6/25/96.............................. 15,000,000 14,608,400 FCC National Bank, 5.11%, 2/20/96(1)..................................... 15,000,000 14,992,523 FCC National Bank, 5.26%, 1/11/96(1)..................................... 15,000,000 15,000,000 FCC National Bank, 5.26%, 1/18/96(1)..................................... 10,000,000 9,999,855 FCC National Bank, 5.32%, 3/12/96(1)..................................... 15,000,000 15,000,325 FCC National Bank, 5.50%, 6/6/96......................................... 10,000,000 9,999,152 FCC National Bank, 5.77%, 2/16/96........................................ 15,000,000 14,998,492 First Bank, N.A. Minneapolis, 5.90%, 1/17/96(1).......................... 10,000,000 10,000,000
See accompanying Notes to Financial Statements. 3 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- DIRECT BANK OBLIGATIONS (CONTINUED) First National Bank of Boston, 5.53%, 5/20/96............................ $20,000,000 $ 20,000,000 First National Bank of Boston, 5.53%, 5/28/96............................ 15,000,000 15,000,000 First National Bank of Boston, 5.53%, 9/16/96............................ 10,000,000 10,000,000 First National Bank of Boston, 5.63%, 11/13/96(1)........................ 7,000,000 6,997,528 First National Bank of Boston, 5.65%, 8/28/96............................ 15,000,000 15,000,000 First National Bank of Boston, 5.75%, 1/10/96............................ 15,000,000 15,000,000 First National Bank of Boston, 5.75%, 5/31/96(1)......................... 10,000,000 10,000,000 First National Bank of Boston, 5.77%, 1/16/96............................ 10,000,000 10,000,000 First National Bank of Boston, 5.77%, 5/10/96(1)......................... 25,000,000 25,000,000 First National Bank of Boston, 5.77%, 6/7/96(1).......................... 15,000,000 15,000,000 First National Bank of Boston, 5.78%, 1/4/96............................. 10,000,000 10,000,000 First National Bank of Boston, 5.80%, 4/9/96(1).......................... 5,000,000 5,000,828 First National Bank of Boston, 5.85%, 4/18/96(1)......................... 10,000,000 10,000,000 First National Bank of Boston, 5.88%, 10/30/96(1)........................ 10,000,000 10,000,000 First National Bank of Boston, 5.905%, 1/12/96........................... 11,000,000 11,000,078 Huntington National Bank, 5.59%, 8/29/96(1).............................. 15,000,000 14,994,019 Huntington National Bank, 5.87%, 11/13/96(1)............................. 15,000,000 15,000,000 Huntington National Bank, 6.05%, 5/31/96................................. 13,000,000 13,015,350 Huntington National Bank, 6.15%, 3/4/96(1)............................... 25,000,000 25,011,568 National Westminster Bank of Canada, 5.65%, 1/26/96...................... 10,000,000 9,960,764 National Westminster Bank of Canada, 5.70%, 2/2/96....................... 15,000,000 14,924,000 NationsBank of Texas, 5.50%, 6/28/96..................................... 10,000,000 10,000,000 NationsBank of Texas, 5.76%, 4/9/96...................................... 15,000,000 15,001,659 Shawmut Bank of Connecticut, N.A., 5.68%, 6/24/96(1)..................... 35,000,000 34,998,562 Shawmut Bank of Connecticut, N.A., 5.75%, 6/10/96(1)..................... 45,000,000 44,994,814 Shawmut Bank of Connecticut, N.A., 5.895%, 5/10/96(1).................... 10,000,000 10,000,000 ------------- Total Direct Bank Obligations (Cost $882,026,637)........................ 882,026,637 -------------
See accompanying Notes to Financial Statements. 4 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- LETTERS OF CREDIT - 2.4% Bank One, Cleveland, guaranteeing commercial paper of: Capital One Funding Corp., Series 1995F, 5.83%, 1/4/96(1).............. $11,000,000 $ 11,000,000 Barclays Bank PLC, guaranteeing commercial paper of, Banco Bradesco S.A.-Grand Cayman Branch, 5.60%, 6/6/96................................ 12,000,000 11,715,307 Barclays Bank PLC, guaranteeing commercial paper of, Banco Bradesco S.A.-Grand Cayman Branch, 5.64%, 2/23/96............................... 14,000,000 13,883,753 Barclays Bank PLC, guaranteeing commercial paper of, Banco Real, S.A.-Grand Cayman Branch, 5.63%, 4/18/96............................... 10,000,000 9,831,100 Barclays Bank PLC, guaranteeing commercial paper of, Petroleo Brasileiro, S.A.-Petrobras, 5.44%, 6/7/96.......................................... 15,000,000 14,644,500 Barclays Bank PLC, guaranteeing commercial paper of, Petroleo Brasileiro, S.A.-Petrobras, 5.52%, 5/20/96......................................... 5,000,000 4,892,667 Barclays Bank PLC, guaranteeing commercial paper of, Petroleo Brasileiro, S.A.-Petrobras, 5.52%, 5/30/96......................................... 10,000,000 9,770,000 Credit Suisse, guaranteeing commercial paper of, CEMEX, S.A. de C.V.-Series A, 5.59%, 2/29/96.......................................... 11,000,000 10,897,782 Credit Suisse, guaranteeing commercial paper of, COSCO (Cayman) Co. Ltd., 5.67%, 2/29/96......................................................... 10,000,000 9,907,075 Credit Suisse, guaranteeing commercial paper of, COSCO (Cayman) Co., Ltd., 5.74%, 2/9/96.................................................... 11,500,000 11,428,489 Credit Suisse, guaranteeing commercial paper of, Daewoo International Corp., 5.58%, 2/29/96.................................................. 20,000,000 19,814,150 Credit Suisse, guaranteeing commercial paper of, Queensland Alumina Limited, 5.71%, 1/18/96................................................ 13,408,000 13,371,847 ------------- Total Letters of Credit (Cost $141,156,670).............................. 141,156,670 ------------- SHORT-TERM NOTES - 75.1% BANKS - 5.0% Barnett Banks, Inc., 6.10%, 1/5/96....................................... 25,000,000 24,983,056 Chase Manhattan Corp., 5.58%, 3/5/96..................................... 10,000,000 9,899,556 Chase Manhattan Corp., 5.62%, 1/22/96.................................... 10,000,000 9,967,217 Chase Manhattan Corp., 6%, 1/2/96........................................ 35,000,000 34,994,167
See accompanying Notes to Financial Statements. 5 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM NOTES (CONTINUED) BANKS (CONTINUED) Chemical Banking Corp., 5.22%, 6/27/96................................... $40,000,000 $ 38,941,889 Chemical Banking Corp., 5.22%, 6/28/96................................... 30,000,000 29,201,958 Chemical Banking Corp., 5.30%, 6/14/96................................... 10,000,000 9,997,728 Chemical Banking Corp., 5.62%-5.70%, 1/22/96............................. 40,000,000 39,867,700 Chemical Banking Corp., 5.70%, 1/19/96................................... 10,000,000 9,971,500 Chemical Banking Corp., 5.70%, 2/29/96................................... 25,000,000 24,766,458 CoreStates Bank N.A., 5.65%, 2/23/96..................................... 15,000,000 14,875,119 CoreStates Capital Corp., 5.64%, 1/22/96................................. 10,000,000 9,967,100 CoreStates Capital Corp., 5.71%, 2/15/96................................. 10,000,000 9,928,625 CoreStates Capital Corp., 5.72%, 1/17/96................................. 15,000,000 14,961,867 CoreStates Capital Corp., 5.84%, 8/13/96(1).............................. 15,000,000 15,000,000 ------------- 297,323,940 ------------- BEVERAGES - 3.4% Coca-Cola Enterprises, Inc., 5.65%, 3/8/96............................... 20,000,000 19,789,276 Coca-Cola Enterprises, Inc., 5.67%, 2/21/96.............................. 20,000,000 19,839,350 Coca-Cola Enterprises, Inc., 5.67%-5.68%, 2/20/96........................ 50,000,000 49,605,903 Coca-Cola Enterprises, Inc., 5.68%, 2/26/96.............................. 5,000,000 4,955,822 Coca-Cola Enterprises, Inc., 5.70%, 2/23/96.............................. 25,000,000 24,790,208 Coca-Cola Enterprises, Inc., 5.71%, 1/22/96.............................. 25,000,000 24,916,729 Coca-Cola Enterprises, Inc., 5.71%, 1/29/96.............................. 15,000,000 14,933,383 Coca-Cola Enterprises, Inc., 5.71%, 1/31/96.............................. 25,000,000 24,881,042 Coca-Cola Enterprises, Inc., 5.72%, 1/16/96.............................. 20,000,000 19,952,333 ------------- 203,664,046 ------------- BROKER/DEALERS - 9.1% CS First Boston, Inc., 5.64%, 1/12/96.................................... 10,000,000 9,982,767 CS First Boston, Inc., 5.65%, 1/19/96.................................... 25,000,000 24,929,375 CS First Boston, Inc., 5.68%, 2/16/96.................................... 25,000,000 24,818,556 CS First Boston, Inc., 5.70%, 1/25/96.................................... 20,000,000 19,924,000 CS First Boston, Inc., 5.70%, 1/26/96.................................... 30,000,000 29,881,250 Dean Witter, Discover & Co., 5.84%, 9/29/96(1)........................... 6,000,000 6,003,300 Dean Witter, Discover & Co., 6%, 1/5/96.................................. 50,000,000 49,966,667 Lehman Brothers Holdings, Inc., 6.25%, 1/2/96............................ 38,000,000 37,993,403
See accompanying Notes to Financial Statements. 6 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM NOTES (CONTINUED) BROKER/DEALERS (CONTINUED) Merrill Lynch & Co., Inc., 5.60%, 3/8/96................................. $10,000,000 $ 9,895,778 Merrill Lynch & Co., Inc., 5.63%, 2/7/96................................. 15,000,000 14,913,204 Merrill Lynch & Co., Inc., 5.63%, 2/8/96................................. 15,000,000 14,910,858 Merrill Lynch & Co., Inc., 5.65%, 3/29/96................................ 20,000,000 19,723,778 Merrill Lynch & Co., Inc., 5.68%-5.70%, 2/29/96.......................... 17,000,000 16,841,519 Merrill Lynch & Co., Inc., 5.70%-5.72%, 1/31/96.......................... 95,000,000 94,548,000 Merrill Lynch & Co., Inc., 5.75%, 10/24/96(1)............................ 15,000,000 15,000,000 Merrill Lynch & Co., Inc., 5.973%, 11/1/96(1)............................ 15,000,000 15,000,000 Merrill Lynch & Co., Inc., 6.02%, 9/19/96(1)............................. 20,000,000 20,000,000 Morgan Stanley Group, Inc., 5.32%, 6/24/96............................... 15,000,000 14,612,083 Morgan Stanley Group, Inc., 5.53%, 9/30/96(1)............................ 56,800,000 56,800,000 Morgan Stanley Group, Inc., 5.75%, 1/29/96............................... 30,000,000 29,865,833 Morgan Stanley Group, Inc., 5.75%, 1/30/96............................... 13,445,000 13,382,724 ------------- 538,993,095 ------------- BUILDING MATERIALS - 0.4% Compagnie de Saint-Gobain, 5.66%, 2/20/96................................ 25,000,000 24,803,299 ------------- COMMERCIAL FINANCE - 11.5% CIT Group Holdings, Inc., 5.55%, 11/18/96(1)............................. 20,000,000 19,982,500 CIT Group Holdings, Inc., 5.60%, 10/26/96(1)............................. 25,000,000 24,986,563 CIT Group Holdings, Inc., 5.95%, 1/12/96(1).............................. 10,000,000 9,999,910 CIT Group Holdings, Inc., 5.95%, 2/5/96(1)............................... 30,000,000 30,009,698 CIT Group Holdings, Inc., 6.027%, 1/10/96(1)............................. 11,000,000 11,000,000 FINOVA Capital Corp., 5.49%, 8/9/96...................................... 5,000,000 4,831,334 FINOVA Capital Corp., 5.51%, 3/15/96..................................... 15,000,000 14,822,708 FINOVA Capital Corp., 5.51%, 3/15/96..................................... 15,000,000 14,822,708 FINOVA Capital Corp., 5.60%, 2/12/96..................................... 10,000,000 9,931,167 FINOVA Capital Corp., 5.64%, 3/11/96..................................... 28,000,000 27,688,578 FINOVA Capital Corp., 5.70%, 2/23/96..................................... 5,000,000 4,958,042 FINOVA Capital Corp., 5.72%-5.97%, 1/31/96............................... 53,500,000 53,236,479 FINOVA Capital Corp., 5.76%, 2/13/96..................................... 18,700,000 18,569,334 FINOVA Capital Corp., 5.78%, 1/24/96..................................... 25,000,000 24,907,681 FINOVA Capital Corp., 5.85%, 1/18/96..................................... 5,000,000 4,986,187 FINOVA Capital Corp., 5.85%-5.90%, 1/30/96............................... 17,000,000 16,919,606
See accompanying Notes to Financial Statements. 7 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM NOTES (CONTINUED) COMMERCIAL FINANCE (CONTINUED) FINOVA Capital Corp., 5.87%, 4/26/96(1).................................. $15,000,000 $ 15,000,000 FINOVA Capital Corp., 5.90%, 1/26/96..................................... 26,800,000 26,690,194 FINOVA Capital Corp., 5.90%, 1/29/96..................................... 10,000,000 9,954,111 FINOVA Capital Corp., 5.90%, 2/5/96...................................... 10,000,000 9,942,639 FINOVA Capital Corp., 5.95%, 1/11/96..................................... 10,000,000 9,983,472 FINOVA Capital Corp., 5.95%, 2/28/96..................................... 26,000,000 25,754,531 FINOVA Capital Corp., 5.97%, 1/19/96..................................... 5,000,000 4,985,075 Fleet Mortgage Group, Inc., 5.58%, 4/4/96................................ 10,000,000 9,854,300 Fleet Mortgage Group, Inc., 5.59%, 2/23/96............................... 21,000,000 20,822,847 Fleet Mortgage Group, Inc., 5.843%, 11/20/96............................. 10,000,000 9,993,393 Heller Financial, Inc., 5.52%, 3/12/96................................... 30,000,000 29,673,400 Heller Financial, Inc., 5.70%, 4/15/96................................... 15,000,000 14,750,625 Heller Financial, Inc., 5.75%, 10/7/96(1)................................ 12,000,000 12,000,000 Heller Financial, Inc., 5.75%, 4/5/96.................................... 10,000,000 9,848,264 Heller Financial, Inc., 5.78%, 1/31/96................................... 10,000,000 9,951,833 Heller Financial, Inc., 5.78%, 2/28/96................................... 10,000,000 9,906,878 Heller Financial, Inc., 5.78%, 3/1/96.................................... 20,000,000 19,807,333 Heller Financial, Inc., 5.78%, 3/15/96................................... 20,000,000 19,762,378 Heller Financial, Inc., 5.78%, 3/4/96.................................... 20,000,000 19,797,700 Heller Financial, Inc., 5.78%, 3/8/96.................................... 20,000,000 19,784,856 Heller Financial, Inc., 5.78%, 4/8/96.................................... 25,000,000 24,606,639 Heller Financial, Inc., 5.80%, 4/29/96................................... 5,000,000 4,904,139 Heller Financial, Inc., 5.957%, 8/28/96(1)............................... 20,000,000 20,000,000 Heller Financial, Inc., 6.07%, 10/1/96(1)................................ 20,000,000 20,000,000 Heller Financial, Inc., 6.108%, 6/10/96(1)............................... 10,000,000 10,007,063 ------------- 679,434,165 -------------
See accompanying Notes to Financial Statements. 8 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM NOTES (CONTINUED) CONGLOMERATES - 2.4% Mitsubishi International Corp., 5.58%, 3/15/96.................................................. $10,000,000 $ 9,885,300 Mitsubishi International Corp., 5.64%, 1/22/96.................................................. 10,000,000 9,967,100 Mitsubishi International Corp., 5.67%, 3/29/96.................................................. 5,000,000 4,930,639 Mitsubishi International Corp., 5.72%, 1/16/96.................................................. 15,000,000 14,964,250 Mitsubishi International Corp., 5.76%, 1/23/96.................................................. 15,000,000 14,947,200 Mitsubishi International Corp., 5.76%, 1/25/96.................................................. 10,000,000 9,961,567 Mitsubishi International Corp., 5.78%, 1/31/96.................................................. 26,500,000 26,372,358 Pacific Dunlop Holdings, Inc., guaranteed by Pacific Dunlop Ltd., 5.70%, 2/9/96................ 22,000,000 21,864,150 Pacific Dunlop Holdings, Inc., guaranteed by Pacific Dunlop Ltd., 5.71%, 1/31/96............... 17,720,000 17,635,682 Pacific Dunlop Holdings, Inc., guaranteed by Pacific Dunlop Ltd., 5.73%, 1/18/96............... 10,000,000 9,972,942 ------------- 140,501,188 ------------- CONSUMER FINANCE - 3.0% American Express Credit Corp., 5.22%, 7/3/96.................................................... 15,000,000 14,590,600 American Express Credit Corp., 5.22%, 7/8/96.................................................... 18,000,000 17,494,425 American Express Credit Corp., 5.40%, 6/10/96................................................... 5,000,000 4,879,250 Beneficial Corp., 5.26%, 2/1/96(1).............................................................. 7,000,000 7,000,000 Island Finance Puerto Rico, Inc., 5.44%, 6/3/96................................................. 20,100,000 19,638,269 Island Finance Puerto Rico, Inc., 5.45%, 8/2/96................................................. 5,500,000 5,321,815 Island Finance Puerto Rico, Inc., 5.67%, 2/22/96................................................ 10,000,000 9,916,222 Island Finance Puerto Rico, Inc., 5.68%, 2/16/96................................................ 10,500,000 10,423,793 Island Finance Puerto Rico, Inc., 5.70%, 2/22/96................................................ 15,500,000 15,372,383 Island Finance Puerto Rico, Inc., 5.70%, 2/6/96................................................. 20,000,000 19,886,000 Island Finance Puerto Rico, Inc., 5.71%, 2/29/96................................................ 10,000,000 9,906,419 Sears Roebuck Acceptance Corp., 5.70%, 1/19/96.................................................. 30,000,000 29,914,500 Sears Roebuck Acceptance Corp., 5.71%., 2/8/96.................................................. 10,000,000 9,939,728 ------------- 174,283,404 ------------- DIVERSIFIED FINANCIAL - 9.8% Ford Motor Credit Co., 5.46%, 5/10/96........................................................... 15,000,000 14,707,500 Ford Motor Credit Co., 5.60%-5.68%, 1/12/96..................................................... 23,200,000 23,159,936 Ford Motor Credit Co., 5.67%, 2/21/96........................................................... 40,000,000 39,678,700
See accompanying Notes to Financial Statements. 9 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM NOTES (CONTINUED) DIVERSIFIED FINANCIAL (CONTINUED) General Electric Capital Corp., 5.43%, 6/7/96............................ $40,000,000 $ 39,059,022 General Electric Capital Corp., 5.46%, 5/7/96............................ 35,000,000 34,323,372 General Electric Capital Corp., 5.48%, 4/3/96............................ 37,000,000 36,465,689 General Electric Capital Corp., 5.50%, 4/23/96........................... 35,000,000 34,395,764 General Electric Capital Corp., 5.67%, 2/13/96........................... 25,000,000 24,830,688 General Electric Capital Corp., 5.75%, 4/5/96(1)......................... 15,000,000 14,998,789 General Electric Capital Corp., 6%, 1/2/96............................... 65,000,000 64,989,167 General Motors Acceptance Corp., 5.47%, 8/19/96(1)....................... 30,000,000 29,999,006 General Motors Acceptance Corp., 5.49%, 4/2/96........................... 20,000,000 19,715,311 General Motors Acceptance Corp., 5.50%, 2/16/96.......................... 23,000,000 22,838,361 General Motors Acceptance Corp., 5.50%, 5/13/96(1)....................... 60,850,000 60,855,715 General Motors Acceptance Corp., 5.50%, 6/7/96(1)........................ 6,000,000 6,002,467 General Motors Acceptance Corp., 5.75%, 2/16/96.......................... 30,000,000 29,779,583 General Motors Acceptance Corp., 5.75%, 2/9/96........................... 10,000,000 9,937,708 General Motors Acceptance Corp., 6.05%, 1/2/96........................... 35,000,000 34,994,118 General Motors Acceptance Corp., 6.50%, 7/22/96(1)....................... 26,500,000 26,516,819 Toyota Motor Credit Corp., 5.20%, 1/12/96(1)............................. 13,940,000 13,937,418 ------------- 581,185,133 ------------- ELECTRIC UTILITIES - 2.4% Central & Southwest Corp., 5.59%, 2/23/96................................ 25,000,000 24,789,472 Central & Southwest Corp., 5.59%, 2/26/96................................ 32,300,000 32,012,602 Central & Southwest Corp., 5.60%, 2/14/96................................ 22,000,000 21,846,196 Central & Southwest Corp., 5.66%, 2/22/96................................ 10,400,000 10,313,923 Central & Southwest Corp., 5.66%, 2/27/96................................ 35,800,000 35,472,028 Central & Southwest Corp., 5.71%, 2/16/96................................ 10,000,000 9,927,103 Central & Southwest Corp., 5.75%, 2/12/96................................ 7,685,000 7,633,446 ------------- 141,994,770 ------------- ELECTRICAL EQUIPMENT - 0.5% Xerox Corp., 5.62%, 3/11/96.............................................. 5,000,000 4,945,361 Xerox Corp., 5.70%, 1/24/96.............................................. 25,000,000 24,908,878 ------------- 29,854,239 -------------
See accompanying Notes to Financial Statements. 10 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM NOTES (CONTINUED) ELECTRONICS - 1.1% Avnet, Inc., 5.59%, 3/1/96............................................... $10,000,000 $ 9,905,333 Avnet, Inc., 5.70%, 2/5/96............................................... 5,000,000 4,972,292 Mitsubishi Electric Finance America, Inc., 5.32%, 6/19/96................ 5,000,000 4,874,389 Mitsubishi Electric Finance America, Inc., 5.61%, 2/26/96................ 15,000,000 14,866,300 Mitsubishi Electric Finance America, Inc., 5.78%, 1/25/96................ 20,000,000 19,922,933 Mitsubishi Electric Finance America, Inc., 5.80%, 1/31/96................ 13,000,000 12,937,167 ------------- 67,478,414 ------------- ENVIRONMENTAL - 1.9% WMX Technologies, Inc., 5.21%, 7/11/96................................... 15,000,000 14,573,600 WMX Technologies, Inc., 5.22%, 7/9/96.................................... 20,000,000 19,437,389 WMX Technologies, Inc., 5.32%, 9/10/96................................... 10,000,000 9,626,122 WMX Technologies, Inc., 5.35%, 7/18/96................................... 20,000,000 19,408,528 WMX Technologies, Inc., 5.36%, 7/16/96................................... 8,700,000 8,446,724 WMX Technologies, Inc., 5.38%, 8/12/96................................... 10,000,000 9,665,244 WMX Technologies, Inc., 5.44%, 6/4/96.................................... 14,000,000 13,677,514 WMX Technologies, Inc., 5.45%, 3/8/96.................................... 15,000,000 14,847,854 ------------- 109,682,975 ------------- HEALTHCARE/SUPPLIES & SERVICES - 2.8% A.H. Robins Co., Inc., guaranteed by American Home Products, 5.68%, 2/29/96 27,000,000 26,748,660 American Home Food Products, Inc., guaranteed by American Food Products, 5.72%, 1/30/96......................................................... 20,000,000 19,907,844 American Home Food Products, Inc., guaranteed by American Food Products, 5.72%, 1/30/96......................................................... 20,000,000 19,907,844 American Home Products, 5.70%, 2/26/96................................... 10,000,000 9,911,333 American Home Products, 5.71%, 2/6/96.................................... 15,000,000 14,914,350 American Home Products, 5.71%, 2/9/96.................................... 10,000,000 9,938,142 American Home Products, 5.72%, 2/7/96.................................... 26,984,000 26,825,364 Glaxo Wellcome PLC, 5.66%, 2/21/96....................................... 15,000,000 14,879,619 Sandoz Corp., 5.70%, 2/13/96............................................. 15,000,000 14,897,875 Sherwood Medical Co., guaranteed by American Home Products, 5.70%, 2/26/96................................................................ 9,500,000 9,415,767 ------------- 167,346,798 -------------
See accompanying Notes to Financial Statements. 11 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM NOTES (CONTINUED) INSURANCE - 4.6% Allstate Life Insurance Co., 5.973%, 1/5/96(1)(3)(4)..................... $40,000,000 $ 40,000,000 General American Life Insurance Co., 6%, 1/6/96(1)(3).................... 50,000,000 50,000,000 Pacific Mutual Life Insurance Co., 5.995%, 1/28/96(1)(2)(3)(4)........... 25,000,000 25,000,000 Protective Life Insurance Co., 6.123%, 1/28/96(1)(2)(3)(4)............... 10,000,000 10,000,000 TransAmerica Life Insurance & Annuity Co., 5.95%, 1/6/96(1)(3)........... 43,000,000 43,000,000 TransAmerica Life Insurance & Annuity Co., 5.973%, 10/15/96(1)(3)........ 50,000,000 50,000,000 TransAmerica Life Insurance & Annuity Co., 5.973%, 9/27/96(1)(3)......... 25,000,000 25,000,000 TransAmerica Life Insurance & Annuity Co., 5.973%, 9/30/96(1)(3)......... 30,000,000 30,000,000 ------------- 273,000,000 ------------- LEASING & FACTORING - 0.9% International Lease Finance Corp., 5.57%, 3/20/96........................ 6,800,000 6,716,883 Sanwa Business Credit Corp., 5.28%, 4/11/96(1)(3)........................ 15,000,000 15,000,000 Sanwa Business Credit Corp., 5.73%, 2/9/96(1)(3)......................... 15,000,000 14,999,433 The Hertz Corp., 5.32%, 5/31/96.......................................... 15,000,000 14,665,283 ------------- 51,381,599 ------------- MANUFACTURING - 2.5% Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 5.58%, 3/8/96......... 15,000,000 14,842,131 Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 5.65%, 1/18/96........ 17,000,000 16,954,643 Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 5.65%, 2/28/96........ 20,000,000 19,817,944 Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 5.67%-5.70%, 2/9/96... 32,000,000 31,802,790 Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 5.70%, 1/12/96........ 10,000,000 9,982,583 Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 5.71%-5.77%, 1/16/96................................................................ 55,200,000 55,068,415 ------------- 148,468,506 ------------- METALS/MINING - 0.6% English China Clays PLC, 5.59%, 2/27/96.................................. 6,191,000 6,135,126 English China Clays PLC, 5.66%, 2/21/96.................................. 5,150,000 5,108,669 English China Clays PLC, 5.72%, 1/29/96.................................. 8,820,000 8,780,761 RTZ America, Inc., guaranteed by RTZ Corp. PLC, 5.72%, 1/12/96........... 14,200,000 14,175,182 ------------- 34,199,738 ------------- NONDURABLE HOUSEHOLD GOODS - 0.7% Colgate-Palmolive Co., 5.20%, 9/23/96.................................... 20,000,000 19,231,556 Colgate-Palmolive Co., 5.37%, 6/24/96.................................... 20,000,000 19,477,431 ------------- 38,708,987 -------------
See accompanying Notes to Financial Statements. 12 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM NOTES (CONTINUED) SAVINGS & LOANS - 3.3% Great Western Bank FSB, 5.70%, 2/5/96.................................... $20,000,000 $ 19,889,167 Great Western Bank FSB, 5.72%, 2/9/96.................................... 15,000,000 14,907,050 Great Western Bank FSB, 5.72%-5.74%, 1/22/96............................. 35,000,000 34,882,692 Great Western Bank FSB, 5.72%-5.75%, 1/29/96............................. 25,000,000 24,888,428 Great Western Bank FSB, 5.73%-5.74%, 1/16/96............................. 15,000,000 14,964,188 Great Western Bank FSB, 5.74%, 1/25/96................................... 10,000,000 9,961,733 Great Western Bank FSB, 5.74%, 1/26/96................................... 15,000,000 14,940,208 Household Bank FSB, 5.77%, 1/12/96....................................... 15,000,000 15,000,000 Household Bank FSB, 5.89%, 9/27/96(1).................................... 45,000,000 44,991,313 ------------- 194,424,779 ------------- SPECIAL PURPOSE FINANCIAL - 6.1% Cooperative Association of Tractor Dealers, Inc., 5.44%, 5/10/96......... 10,000,000 9,799,222 Cooperative Association of Tractor Dealers, Inc., 5.67%, 3/8/96.......... 5,000,000 4,947,238 Cooperative Association of Tractor Dealers, Inc., 5.69%, 2/23/96......... 5,000,000 4,958,115 Cooperative Association of Tractor Dealers, Inc., 5.75%-5.77%, 1/12/96... 21,000,000 20,963,018 CXC, Inc., 5.60%, 2/26/96................................................ 15,000,000 14,867,700 CXC, Inc., 5.71%, 1/19/96................................................ 26,400,000 26,324,628 CXC, Inc., 5.71%, 1/26/96................................................ 25,000,000 24,900,868 CXC, Inc., 5.72%, 1/24/96................................................ 25,000,000 24,908,495 Falcon Asset Securitization Corp., 5.55%, 4/1/96......................... 10,000,000 9,859,708 First Deposit Master Trust 1993-3, 5.44%, 5/31/96........................ 10,000,000 9,774,339 First Deposit Master Trust 1993-3, 5.71%, 2/9/96......................... 15,000,000 14,907,213 Madison Funding Corp., 5.58%, 3/6/96..................................... 19,000,000 18,799,313 Madison Funding Corp., 5.70%, 1/22/96.................................... 25,000,000 24,911,333 Madison Funding Corp., 5.70%, 1/25/96.................................... 18,000,000 17,928,840 Madison Funding Corp., 5.77%-5.95%, 1/10/96.............................. 20,000,000 19,971,150 Madison Funding Corp., 6%, 1/8/96........................................ 14,050,000 14,033,608 New Center Asset Trust, 5.67%, 2/14/96................................... 15,000,000 14,896,050 Sheffield Receivables Corp., 5.69%, 2/5/96............................... 11,000,000 10,939,042 SMM Trust, 1995-B, 6.027%, 8/2/96(1)(3)(4)............................... 20,000,000 20,000,000 SMM Trust, 1995-I, 5.77%, 5/29/96(1)(3)(4)............................... 25,000,000 24,997,037 SMM Trust, 1995-N, 5.92%, 11/15/96(1)(3)(4).............................. 10,000,000 10,000,000
See accompanying Notes to Financial Statements. 13 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM NOTES (CONTINUED) SPECIAL PURPOSE FINANCIAL (CONTINUED) STEERS 1994, Series A-02, 5.925%, 11/18/96(1)(3)(4)...................... $10,000,000 $ 10,000,000 STEERS 1994, Series A-11, 5.82%, 5/20/96(1)(3)(4)........................ 10,000,000 10,000,000 ------------- 362,686,917 ------------- SPECIALTY RETAILING - 0.5% St. Michael Finance, Ltd., guaranteed by Marks & Spencer PLC, 5.45%, 5/28/96................................................................ 12,000,000 11,731,380 St. Michael Finance, Ltd., guaranteed by Marks & Spencer PLC, 5.67%, 1/24/96................................................................ 19,359,000 19,288,872 ------------- 31,020,252 ------------- TELECOMMUNICATIONS-TECHNOLOGY - 2.3% NYNEX Corp., 5.47%, 6/3/96............................................... 7,500,000 7,324,504 NYNEX Corp., 5.66%, 3/1/96............................................... 22,000,000 21,790,908 NYNEX Corp., 5.67%, 1/12/96.............................................. 10,000,000 9,982,675 NYNEX Corp., 5.69%-5.70%, 2/16/96........................................ 15,000,000 14,890,942 NYNEX Corp., 5.70%-5.73%, 2/12/96........................................ 43,000,000 42,713,595 NYNEX Corp., 5.72%, 2/20/96.............................................. 10,000,000 9,920,556 NYNEX Corp., 5.74%, 1/22/96.............................................. 20,000,000 19,933,033 NYNEX Corp., 5.74%, 1/24/96.............................................. 10,000,000 9,963,328 ------------- 136,519,541 ------------- TELEPHONE UTILITIES - 0.3% GTE Corp., 5.84%, 2/15/96................................................ 20,000,000 19,854,000 ------------- Total Short-Term Notes (Cost $4,446,809,785)............................. 4,446,809,785 ------------- U.S. GOVERNMENT OBLIGATIONS - 0.0% Small Business Administration, 7.50%-10.38%, 1/2/96(1)................... 2,325,986 2,478,838 ------------- FOREIGN GOVERNMENT OBLIGATIONS - 2.7% Bayerische Landesbank Girozentrale supported by Federal Republic of Germany, 5.95%, 7/22/96................................................ 15,000,000 14,996,015 Finnish Export Credit, Ltd. supported by Republic of Finland, 5.71%, 1/29/96................................................................ 15,000,000 14,933,384 New South Wales Treasury Corp., guaranteed by the State of New South Wales, Commonwealth of Australia, 5.45%, 1/11/96....................... 10,000,000 9,984,861 New South Wales Treasury Corp., guaranteed by the State of New South Wales, Commonwealth of Australia, 5.45%, 1/8/96........................ 10,000,000 9,989,403 New South Wales Treasury Corp., guaranteed by the State of New South Wales, Commonwealth of Australia, 5.68%, 1/16/96....................... 30,000,000 29,929,000
See accompanying Notes to Financial Statements. 14 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------- ------------- FOREIGN GOVERNMENT OBLIGATIONS (CONTINUED) Swedish Export Credit Corp., supported by Kingdom of Sweden, 5.46%, 1/10/96..... $20,000,000 $ 19,972,700 Swedish Export Credit Corp., supported by Kingdom of Sweden, 5.49%, 4/9/96...... 15,000,000 14,773,125 Swedish Export Credit Corp., supported by Kingdom of Sweden, 5.60%, 3/13/96..... 10,000,000 9,888,000 Swedish Export Credit Corp., supported by Kingdom of Sweden, 5.60% - 5.68%, 1/16/96......................................................... 14,000,000 13,967,333 Swedish Export Credit Corp., supported by Kingdom of Sweden, 5.70%, 2/1/96...... 15,000,000 14,926,375 Westdeutsche Landesbank Girozentrale supported by Federal Republic of Germany, guaranteeing commercial paper of: Unibanco-Unaio de Brancos Brasileiros S.A.-Grand Cayman, 5.58%, 4/4/96................................... 5,000,000 4,927,150 ------------- Total Foreign Government Obligations (Cost $158,287,346)........................ 158,287,346 ------------- Total Investments, at Value..................................................... 99.9% 5,918,387,930 ------------- Other Assets Net of Liabilities................................................. 0.1 4,986,458 ------ ------------- Net Assets...................................................................... 100.0% $5,923,374,388 ----- -------------- ----- --------------
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. Floating or variable rate obligation maturing in more than one year. 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, 1995. This instrument may also have a demand feature which allows the recovery of principal at any time, or at specified intervals not exceeding one year, on up to 30 days' notice. Maturity date shown represents effective maturity based on variable rate and, if applicable, demand feature. 2. Put obligation redeemable at full face value on the date reported. 3. Security issued in an exempt transaction without registration under the Securities Act of 1933 (the Act). The securities are carried at amortized cost, and amount to $377,996,470 or 6.38% of the Trust's net assets. Pursuant to guidelines adopted by the Board of Trustees, these securities are determined to be liquid. 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 $149,997,037, or 2.53% of the Trust's net assets, at December 31, 1995. 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. 15 STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 (Unaudited) Centennial Money Market Trust ASSETS: Investments, at value - see accompanying statement............................................... $5,918,387,930 Cash.............................................................................................. 7,957,424 Receivables: Shares of beneficial interest sold.............................................................. 55,707,586 Interest and principal paydowns................................................................. 15,396,617 Other............................................................................................. 304,739 -------------- Total assets................................................................................. 5,997,754,296 -------------- LIABILITIES: Payables and other liabilities: Shares of beneficial interest redeemed.......................................................... 72,179,719 Transfer and shareholder servicing agent fees................................................... 379,089 Service plan fees............................................................................... 327,403 Shareholder reports............................................................................. 299,679 Dividends....................................................................................... 108,484 Trustees' fees.................................................................................. 10,861 Other........................................................................................... 1,074,673 -------------- Total liabilities............................................................................ 74,379,908 -------------- NET ASSETS........................................................................................ $5,923,374,388 -------------- -------------- COMPOSITION OF NET ASSETS: Paid-in capital................................................................................... $5,923,034,671 Accumulated net realized gain on investment transactions.......................................... 339,717 -------------- NET ASSETS - applicable to 5,923,034,671 shares of beneficial interest outstanding................ $5,923,374,388 -------------- -------------- NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE.................................... $1.00
See accompanying Notes to Financial Statements. 16 STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1995 (Unaudited) Centennial Money Market Trust INVESTMENT INCOME -- Interest...................................................................... $162,448,572 ------------ EXPENSES: Management fees - Note 3........................................................................... 9,858,028 Service plan fees - Note 3......................................................................... 5,501,237 Transfer and shareholder servicing agent fees - Note 3............................................. 2,299,834 Registration and filing fees....................................................................... 1,397,388 Shareholder reports................................................................................ 235,028 Custodian fees and expenses........................................................................ 161,600 Legal and auditing fees............................................................................ 27,050 Insurance expenses................................................................................. 16,587 Trustees' fees and expenses........................................................................ 9,202 Other.............................................................................................. 5,706 ------------ Total expenses................................................................................ 19,511,660 ------------ NET INVESTMENT INCOME.............................................................................. 142,936,912 NET REALIZED GAIN ON INVESTMENTS................................................................... 280,808 ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............................................... $143,217,720 ------------ ------------
See accompanying Notes to Financial Statements. 17 STATEMENTS OF CHANGES IN NET ASSETS Centennial Money Market Trust
Six Months Ended Year Ended December 31, 1995 June 30, (Unaudited) 1995 ----------------- -------------- OPERATIONS: Net investment income.................................................. $ 142,936,912 $ 167,484,276 Net realized gain...................................................... 280,808 431,897 ----------------- -------------- Net increase in net assets resulting from operations................... 143,217,720 167,916,173 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS............................ (143,373,597) (167,484,999) BENEFICIAL INTEREST TRANSACTIONS: Net increase in net assets resulting from beneficial interest transactions - Note 2................................................ 1,111,337,526 2,252,373,243 ----------------- -------------- NET ASSETS: Total increase......................................................... 1,111,181,649 2,252,804,417 Beginning of period.................................................... 4,812,192,739 2,559,388,322 ----------------- -------------- End of period.......................................................... $ 5,923,374,388 $4,812,192,739 ----------------- -------------- ----------------- --------------
See accompanying Notes to Financial Statements. 18 FINANCIAL HIGHLIGHTS Centennial Money Market Trust
Six Months Ended Year Ended June 30, December 31, 1995 -------------------------------------------------------------------- (Unaudited) 1995 1994 1993 1992 1991 ----------------- ---------- ---------- ---------- ---------- -------- 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............... .03 .05 .03(1) .03(1) .04(1) .07 Dividends and distributions to shareholders........................ (.03) (.05) (.03) (.03) (.04) (.07) ----- ----- ----- ----- ----- ----- Net asset value, end of period........ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- TOTAL RETURN, AT NET ASSET VALUE (2)................................. 2.64% 5.21% 2.82% 2.91% 4.73% 7.31% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands)...................... $5,923,374 $4,812,193 $2,559,388 $1,991,399 $1,270,423 $539,433 Average net assets (in thousands)..... $5,466,562 $3,342,447 $2,345,744 $1,700,638 $ 820,546 $494,871 Ratios to average net assets: Net investment income............... 5.19%(3) 5.01% 2.84% 2.82% 4.31% 6.66% Expenses............................ 0.71%(3) 0.73% 0.76%(1) 0.78%(1) 0.69%(1) 0.84%
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. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods of less than one full year. 3. Annualized. See accompanying Notes to Financial Statements. 19 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 objective is to seek the maximum current income that is consistent with low capital risk and the maintenance of liquidity. The Trust's investment advisor is Centennial Asset Management Corporation (the Manager), a subsidiary of OppenheimerFunds, Inc. (OFI). 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 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 or excise 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. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates. 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, 1995 June 30, 1995 --------------------------------- ----------------------------------- Shares Amount Shares Amount -------------- --------------- --------------- ---------------- Sold........................ 9,365,944,929 $ 9,365,944,929 14,974,552,413 $ 14,974,552,413 Dividends and distributions reinvested................ 149,698,188 149,698,188 156,243,456 156,243,456 Redeemed.................... (8,404,305,591) (8,404,305,591) (12,878,422,626) (12,878,422,626) -------------- --------------- --------------- ---------------- Net increase.............. 1,111,337,526 $ 1,111,337,526 2,252,373,243 $ 2,252,373,243 -------------- --------------- --------------- ---------------- -------------- --------------- --------------- ----------------
20 NOTES TO FINANCIAL STATEMENTS (Unaudited)(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 a fee of .50% on the first $250 million of average annual 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 agreed to reimburse the Trust if aggregate expenses (with specified exceptions) exceed the lesser of 1.5% 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. Independently of the investment advisory agreement, the Manager has voluntarily agreed to waive a portion of the management fee otherwise payable to it by the Trust to the extent necessary to: (a) permit the Trust to have a seven-day yield equal to that of Daily Cash Accumulation Fund, Inc., and (b) to reduce, on an annual basis, the management fee paid on the average net assets of the Trust in excess of $1 billion from .40% to: .40% of average net assets in excess of $1 billion but less than $1.25 billion; .375% of average net assets in excess of $1.25 billion but less than $1.50 billion; .35% of average net assets in excess of $1.50 billion but less than $2 billion; and .325% of average net assets in excess of $2 billion. This undertaking became effective as of December 1, 1991, and may be modified or terminated by the Manager at any time. Shareholder Services, Inc. (SSI), a subsidiary of OFI, 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. 21 [THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY] [THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY] 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 Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Bridget A. Macaskill, Trustee and President 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 & Wolf, 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: 1-800-525-9310 (in U.S.) 303-671-3200 (outside U.S.) Or write: Shareholder Services, Inc. P.O. Box 5143 Denver, CO 80217-5143 RS0150.001.0196 [Logo] Printed on recycled paper. 1995 SEMIANNUAL REPORT CENTENNIAL MONEY MARKET TRUST DECEMBER 31, 1995 -----END PRIVACY-ENHANCED MESSAGE-----