<PAGE>
DEAR CENTENNIAL MONEY MARKET TRUST SHAREHOLDER:
We are pleased to provide you with the annual report for Centennial Money Market
Trust.
During the 12-month period ended June 30, 1994, the Trust's compounded
annualized yield was 2.85%. The corresponding yield without compounding was
2.81%. The seven-day annualized yields with and without compounding at June 30,
1994 were 3.75% and 3.68%, respectively.1
Centennial Money Market Trust is managed to seek maximum current income that is
consistent with low capital risk and the maintenance of liquidity, by investing
in money market instruments.
Over the last six months, short-term interest rates rose dramatically,
reflecting the Federal Reserve Board's preemptive strike against inflation in a
strengthening U.S. economy.
Your managers took several steps to capitalize on this rising rate environment.
Most important, they adjusted the Trust's average maturity in a manner intended
to provide the Trust with maximum flexibility.
On one hand, your managers increased the Trust's positions in short-maturity
investments, such as overnight investments. They also increased positions in
floating-rate notes and variable-rate debt.2
On the other hand, as short-term interest rates appeared to peak in May, your
managers also extended the maturities of some of the portfolio's holdings to
approximately five months.
This 'barbell' approach, with very short-term investments at one end of the
portfolio bar and longer-maturity investments at the other, is how the Trust
seeks the balance needed to provide attractive returns in any interest rate
environment.
It is important to emphasize that Centennial Money Market Trust generates its
return from a portfolio of high-quality money market instruments. While your
managers are always alert to opportunities to enhance portfolio income,
principal stability is their top priority.
Looking ahead, the outlook for the Trust is positive. There are few signs of
inflation on the horizon and the Federal Reserve has announced its intent to
maintain interest rates at their current ranges at least for the near term.
The recent weakness in the U.S. dollar relative to other major currencies may
prompt the Fed to raise interest rates faster and higher than economic
fundamentals alone might warrant. But with the adjustments your managers have
made over the past six months, Centennial Money Market Trust is ready to respond
to whatever opportunities the future holds in store.
We appreciate the confidence you have placed in Centennial Money Market Trust,
and we look forward to continuing to help you meet your financial goals in the
future.
JAMES C. SWAIN
James C. Swain
Chairman
Centennial Money Market Trust
JON S. FOSSEL
Jon S. Fossel
President
Centennial Money Market Trust
July 22, 1994
1. Compounded yields assume reinvestment of dividends.
2. The Trust's portfolio is subject to change.
Past performance is not indicative of future results.
<PAGE>
STATEMENT OF INVESTMENTS June 30, 1994
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
BANKERS' ACCEPTANCE -- 0.4% Amount See Note 1
------------- --------------
<S> <C> <C>
Chase Manhattan Bank, N.A., 4.60%, 9/29/94 (Cost $9,885,000).............................. $ 10,000,000 $ 9,885,000
--------------
CERTIFICATES OF DEPOSIT -- 2.6%
DOMESTIC CERTIFICATES OF DEPOSIT -- 0.6%
Huntington National Bank, 4.41%, 7/6/94(1)................................................ 15,000,000 14,990,567
--------------
YANKEE BANK CERTIFICATES OF DEPOSIT -- 2.0%
Mitsubishi Bank Ltd., 4.24%, 7/29/94...................................................... 10,000,000 9,998,475
Sanwa Bank Ltd., 3.31%-3.34%, 7/12/94-7/28/94............................................. 37,000,000 36,998,926
Societe Generale, 3.48%, 7/11/94.......................................................... 5,000,000 5,000,000
--------------
51,997,401
--------------
Total Certificates of Deposit (Cost $66,987,968).......................................... 66,987,968
--------------
DIRECT BANK OBLIGATIONS -- 7.2%
Abbey National PLC, guaranteeing commerical paper of:
Abbey National North America Corp., 3.55%-3.57%, 7/21/94................................ 15,000,000 14,970,306
ABN Amro Bank NV, guaranteeing commercial paper of:
ABN Amro North America Finance, Inc., 3.30%-4.65%, 8/3/94-11/8/94....................... 43,000,000 42,388,092
Bank of Scotland, guaranteeing commercial paper of:
Bank of Scotland Treasury Services PLC, 4.62%-4.65%, 11/10/94........................... 15,000,000 14,744,800
Canadian Imperial Bank of Commerce, guaranteeing commerical paper of:
Canadian Imperial Holdings, Inc., 4.48%-4.65%, 8/22/94-11/17/94......................... 37,000,000 36,473,492
FCC National Bank, 4.88%, 7/6/94(1)....................................................... 20,000,000 20,000,000
First National Bank of Boston, 3.40%-4.74%, 7/11/94-11/9/94............................... 45,000,000 45,000,595
Royal Bank of Canada, 4.70%, 7/1/94(1).................................................... 10,000,000 9,984,975
--------------
Total Direct Bank Obligations (Cost $183,562,260)......................................... 183,562,260
--------------
LETTERS OF CREDIT -- 3.7%
Banc One Corp., guaranteeing commercial paper of:
Nationwide Funding Corp., 4.66%, 7/7/94(1)(2)(3)........................................ 9,666,000 9,666,000
Barclays Bank PLC, guaranteeing commercial paper of:
Banco Real S.A.-Grand Cayman Branch, 4.125%, 8/3/94..................................... 5,000,000 4,981,094
Credit Suisse, guaranteeing commercial paper of:
Queensland Alumina Ltd., 3.95%-4.38%, 7/7/94-8/4/94..................................... 15,000,000 14,972,733
Mitsubishi Bank, Ltd., guaranteeing commercial paper of:
Mitsubishi Motors Credit of America, 4.65%-4.69%, 9/30/94-11/17/94...................... 58,000,000 57,076,834
Rabobank Nederland, guaranteeing commercial paper of:
Minnetonka Limited Fund, L.P. Series B, 3.40%, 7/7/94(3)................................ 4,000,000 3,997,733
Sanwa Bank Ltd., guaranteeing commercial paper of:
Orix America, Inc., 3.32%, 7/15/94(3)................................................... 5,000,000 4,993,544
--------------
Total Letters of Credit (Cost $95,687,938)................................................ 95,687,938
--------------
</TABLE>
3
<PAGE>
STATEMENT OF INVESTMENTS (continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
SHORT-TERM NOTES -- 80.2% Amount See Note 1
------------- --------------
ASSET-BACKED -- 11.6%
<S> <C> <C>
Beta Finance, Inc., 3.25%-4.82%, 7/15/94-11/23/94(3)...................................... $ 68,900,000 $ 68,424,800
Cooperative Association of Tractor Dealers, Inc., 4.78%, 8/8/94........................... 4,000,000 3,979,818
Corporate Asset Funding Co., Inc., 4.30%-4.50%, 7/1/94-9/1/94............................. 26,000,000 25,922,500
Corporate Receivable Corp.:
4.25%, 7/5/94(3)........................................................................ 8,700,000 8,695,892
4.625%, 11/10/94........................................................................ 10,000,000 9,830,417
CXC, Inc., 4.25%-4.35%, 7/5/94-8/2/94..................................................... 49,000,000 48,924,628
Falcon Asset Securitization Corp., 4.35%-4.42%, 7/13/94-7/22/94(3)........................ 22,050,000 22,010,072
First Deposit Master Trust 1993-3, 4%-4.85%, 7/18/94-11/22/94(3)(4)....................... 35,100,000 34,759,991
SMM Trust 1993-B, 4.8625%, 8/12/94 (3)(4)................................................. 5,000,000 5,000,000
SMM Trust 1994-A, 3.6125%, 9/19/94 (1)(3)(4).............................................. 25,000,000 24,993,152
Structured Enhanced Return Trust 1994 Series A-07, 4.46%, 7/6/94(1)(3)(4)................. 33,000,000 32,994,702
Structured Enhanced Return Trust 1994 Series A-11, 4.525%, 7/1/94(1)(3)(4)................ 10,000,000 10,000,000
--------------
295,535,972
--------------
BANKS -- 2.8%
BankAmerica Corp., 3.55%-3.60%, 7/8/94-7/20/94............................................ 15,000,000 14,977,549
Bankers Trust New York Corp., 4.30%, 7/1/94(1)(3)(4)...................................... 13,000,000 12,995,417
Chase Manhattan Corp., 4.60%-4.65%, 9/21/94-11/4/94....................................... 45,000,000 44,404,889
--------------
72,377,855
--------------
BEVERAGES-ALCOHOLIC -- 0.3%
Seagram (Joseph E.) & Sons, Inc., 4.43%, 7/27/94.......................................... 8,000,000 7,974,404
--------------
BEVERAGES-SOFT DRINKS -- 0.9%
Coca-Cola Enterprises, Inc., 3.95%-4.50%, 7/5/94-8/16/94(3)............................... 22,300,000 22,237,102
--------------
BROKER-DEALERS -- 23.8%
Bear Stearns Cos., Inc.:
4.45%-4.63%, 7/1/94-7/7/94(1)........................................................... 46,000,000 46,000,544
4.50%-4.66%, 8/22/94-11/10/94........................................................... 30,000,000 29,605,442
CS First Boston Group, Inc.:
3.95%-4.78%, 7/18/94-11/18/94........................................................... 50,000,000 49,322,563
4.30%, 7/28/94(1)(3).................................................................... 30,000,000 30,000,000
Dean Witter, Discover & Co., 4.35%-4.52%, 7/6/94-8/25/94.................................. 77,000,000 76,653,789
Goldman Sachs Group L.P.:
4%-4.51%, 7/6/94-7/27/94(1)(3)(4)....................................................... 40,000,000 40,000,000
4%-4.5625%, 7/12/94-7/13/94(3)(4)....................................................... 25,000,000 25,000,000
4.52%-4.68%, 9/6/94-11/9/94............................................................. 32,000,000 31,584,828
4.6125%, 9/21/94(1)(2)(3)(4)............................................................ 12,000,000 12,000,000
Lehman Brothers Holdings, Inc., 4.1125%-4.90%, 7/1/94-7/20/94(1).......................... 122,000,000 122,000,000
Merrill Lynch & Co., Inc.:
4%-4.28%, 7/1/94-7/5/94................................................................. 30,000,000 29,995,556
4.35%-5%, 7/1/94-7/6/94(1).............................................................. 27,500,000 27,498,732
</TABLE>
4
<PAGE>
STATEMENT OF INVESTMENTS (continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
SHORT-TERM NOTES (CONTINUED) Amount See Note 1
------------- --------------
BROKER-DEALERS (CONTINUED)
<S> <C> <C>
Morgan Stanley Group, Inc.:
4.15%, 7/1/94(1)........................................................................ $ 70,100,000 $ 70,100,000
4.10%, 7/5/94........................................................................... 5,000,000 4,997,722
Republic New York Securities Corp., 4.675%, 7/1/94(1)..................................... 15,000,000 15,000,000
--------------
609,759,176
--------------
BUILDING MATERIALS GROUP -- 0.6%
Compagnie de Saint-Gobain SA, 3.24%-3.65%, 7/8/94-7/25/94................................. 15,000,000 14,981,533
--------------
CHEMICALS -- 0.3%
Miles, Inc., 4.35%, 7/11/94............................................................... 8,000,000 7,990,333
--------------
COMMERCIAL FINANCE -- 1.7%
CIT Group Holdings, Inc.:
4.55%, 7/1/94(1)........................................................................ 10,000,000 9,999,521
4.49463%, 7/13/94(1)(2)................................................................. 11,000,000 11,000,000
4.50%, 9/1/94........................................................................... 22,000,000 21,829,500
--------------
42,829,021
--------------
CONGLOMERATES -- 2.5%
Grand Metropolitan Investment Corp., guaranteed by Grand Metropolitan PLC, 4.72%,
11/7/94................................................................................. 2,000,000 1,966,173
Mitsubishi International Corp., 4.24%-4.52%, 7/22/94-8/26/94.............................. 16,600,000 16,513,365
Pacific Dunlop Holdings, Inc., guaranteed by Pacific Dunlop Ltd., 3.25%-4.60%,
7/20/94-9/30/94(3)...................................................................... 18,653,000 18,475,757
Pacific Dunlop Ltd., 3.27%-4.25%, 8/2/94-10/5/94(3)....................................... 28,000,000 27,777,204
--------------
64,732,499
--------------
CONSUMER NON-CYCLICALS -- 3.7%
American Brands, Inc.:
3.30%-4.40%, 7/1/94-9/6/94.............................................................. 66,000,000 65,848,285
3.32%-3.70%, 7/22/94-8/10/94(3)......................................................... 15,000,000 14,960,077
Newell Co., 4.55%-4.70%, 8/25/94-11/18/94(3).............................................. 15,000,000 14,782,465
--------------
95,590,827
--------------
DIVERSIFIED FINANCE -- 10.8%
Ford Motor Credit Co., 4.40%, 7/18/94..................................................... 13,000,000 12,972,989
General Electric Capital Corp., 3.30%-4.725%, 7/7/94-11/21/94............................. 90,250,000 88,966,996
General Motors Acceptance Corp., 3.95%-4.75%, 7/11/94-11/18/94............................ 105,000,000 103,711,896
Household Finance Corp., 4.875%-5%, 7/1/94-7/5/94(1)...................................... 22,000,000 21,996,606
ITT Financial Corp., 4.525%, 8/24/94...................................................... 10,000,000 9,932,125
Transamerica Finance Corp., 4.625%-4.65%, 11/4/94-11/10/94................................ 40,000,000 39,331,918
--------------
276,912,530
--------------
</TABLE>
5
<PAGE>
STATEMENT OF INVESTMENTS (continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
SHORT-TERM NOTES (CONTINUED) Amount See Note 1
------------- --------------
ELECTRONICS -- 0.3%
<S> <C> <C>
MCA Funding Corp., 3.90%, 7/11/94(3)...................................................... $ 7,000,000 $ 6,992,416
--------------
FACTORING -- 0.6%
CSW Credit, Inc., 4.35%-4.40%, 7/6/94-7/15/94............................................. 16,000,000 15,983,692
--------------
FINANCIAL SERVICES-MISCELLANEOUS -- 3.9%
Countrywide Funding Corp., 4.42%-4.44%, 7/15/94-7/19/94................................... 45,000,000 44,905,111
Fleet Mortgage Group, Inc., 4.40%, 7/20/94................................................ 55,000,000 54,871,803
--------------
99,776,914
--------------
FOREIGN GOVERNMENT OBLIGATIONS -- 0.4%
Finnish Export Credit Ltd., supported by the Republic of Finland, 3.23%, 7/12/94.......... 7,000,000 6,993,091
Swedish Export Credit Corp., supported by the Kingdom of Sweden, 4.25%, 7/11/94........... 4,000,000 3,995,278
--------------
10,988,369
--------------
INDUSTRIAL -- 0.6%
BICC Cables Corp., guaranteed by BICC PLC, 3.25%-4.70%, 7/18/94-8/8/94.................... 16,000,000 15,965,165
--------------
INSURANCE -- 5.3%
Pacific Mutual Life Insurance Co., 4.50165%, 7/1/94(1)(2)(3)(4)........................... 25,000,000 25,000,000
Protective Life Insurance Co., 4.46%, 7/1/94(1)(2)(3)..................................... 10,000,000 10,000,000
Sun Life Insurance Co., 4.525%, 7/1/94(1)(2).............................................. 75,000,000 75,000,000
TransAmerica Life Insurance and Annuity Co., 4.44758%, 7/1/94(1)(3)....................... 25,000,000 25,000,000
--------------
135,000,000
--------------
LEASING -- 3.1%
International Lease Finance Corp., 4.62%, 11/10/94........................................ 20,000,000 19,661,200
Sanwa Business Credit Corp.:
4.40%, 7/1/94(1)........................................................................ 10,000,000 10,000,000
4.40%, 7/8/94-7/15/94................................................................... 48,009,000 47,947,018
--------------
77,608,218
--------------
LUBRICANTS AND FUELS -- 0.3%
Burmah Castrol Finance PLC, guaranteed by Burmah Castrol PLC., 3.25%, 7/7/94(3)........... 7,500,000 7,495,938
--------------
MANUFACTURING-DIVERSIFIED -- 1.2%
Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 4.25%-4.40%, 8/1/94-8/4/94............. 30,000,000 29,887,729
--------------
MUNICIPAL -- 0.9%
Carilion Services, Inc., guaranteed by MBIA, 4.40%-4.65%, 7/7/94-8/29/94.................. 23,600,000 23,600,000
--------------
OIL-INTEGRATED INTERNATIONAL -- 0.4%
Repsol International Finance BV, 3.80%, 7/8/94............................................ 10,000,000 9,992,611
--------------
POLLUTION CONTROL -- 1.2%
WMX Technologies, Inc., 4.64%-4.80%, 11/7/94-11/10/94(3).................................. 32,100,000 31,556,551
--------------
</TABLE>
6
<PAGE>
STATEMENT OF INVESTMENTS (continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
SHORT-TERM NOTES (CONTINUED) Amount See Note 1
------------- --------------
TELECOMMUNICATIONS -- 3.0%
<S> <C> <C>
NYNEX Corp., 4.40%-4.67%, 7/11/94-11/10/94................................................ $ 73,000,000 $ 72,073,278
Telefonica North America, Inc., guaranteed by Telefonica Natl de Espana S.A., 4.42%,
7/18/94................................................................................. 4,000,000 3,991,651
--------------
76,064,929
--------------
Total Short-Term Notes (Cost $2,051,833,784).............................................. 2,051,833,784
--------------
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS -- 5.5%
Small Business Administration, 4.25%-8.875%, 7/1/94(1) (Cost $141,893,599)................ 135,386,522 141,893,599
--------------
Total Investments, at Value (Cost $2,549,850,549)............................................... 99.6% 2,549,850,549
Other Assets Net of Liabilities................................................................. .4 9,537,773
----- --------------
Net Assets...................................................................................... 100.0% $2,559,388,322
----- --------------
----- --------------
</TABLE>
Short-term notes, bankers' acceptances, direct bank obligations and letters of
credit are generally traded on a discount basis; the interest rate is the
discount rate received by the Trust at the time of purchase. Other securities
normally bear interest at the rates shown.
- ------------
1. Variable rate security. The interest rate, which is based on specific, or an
index of, market interest rates, is subject to change periodically and is the
effective rate on June 30, 1994.
2. Put obligation redeemable at full face value on the date reported.
3. Security purchased in private placement transaction, without registration
under the Securities Act of 1933 (the Act). The securities were acquired
between July 15, 1993 and June 30, 1994, are carried at amortized cost, and
amount to $549,808,813, or 21.5% of the Trust's net assets.
4. In addition to being restricted, the security is considered illiquid by
virtue of the absence of a readily available market or because of legal or
contractual restrictions on resale. Illiquid securities amount to
$222,743,262, or 8.7% of the Trust's net assets, at June 30, 1994. The Trust
may not invest more than 10% of its net assets (determined at the time of
purchase) in illiquid securities.
See accompanying Notes to Financial Statements.
7
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES June 30, 1994
Centennial Money Market Trust
<TABLE>
<CAPTION>
ASSETS:
<S> <C>
Investments, at value (cost $2,549,850,549) -- see accompanying statement................................ $2,549,850,549
Cash..................................................................................................... 324,187
Receivables:
Interest and principal paydowns........................................................................ 37,962,072
Shares of beneficial interest sold..................................................................... 7,490,235
Other.................................................................................................... 305,452
--------------
Total assets........................................................................................ 2,595,932,495
--------------
LIABILITIES:
Payables and other liabilities:
Shares of beneficial interest redeemed................................................................. 30,939,030
Dividends.............................................................................................. 3,573,436
Service plan fees -- Note 3............................................................................ 199,490
Other.................................................................................................. 1,832,217
--------------
Total liabilities................................................................................... 36,544,173
--------------
NET ASSETS............................................................................................... $2,559,388,322
--------------
--------------
COMPOSITION OF NET ASSETS:
Paid-in capital.......................................................................................... $2,559,323,902
Accumulated net realized gain from investment transactions............................................... 64,420
--------------
NET ASSETS -- Applicable to 2,559,323,902 shares of beneficial interest outstanding...................... $2,559,388,322
--------------
--------------
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE........................................... $1.00
</TABLE>
See accompanying Notes to Financial Statements.
8
<PAGE>
STATEMENT OF OPERATIONS For the Year Ended June 30, 1994
Centennial Money Market Trust
<TABLE>
<S> <C>
INVESTMENT INCOME -- Interest............................................................................... $84,381,167
-----------
EXPENSES:
Management fees -- Note 3................................................................................... 9,435,959
Service plan fees -- Note 3................................................................................. 4,647,715
Transfer and shareholder servicing agent fees -- Note 3..................................................... 4,078,564
Registration and filing fees................................................................................ 309,960
Custodian fees and expenses................................................................................. 289,200
Shareholder reports......................................................................................... 187,339
Legal and auditing fees..................................................................................... 39,024
Trustees' fees and expenses................................................................................. 21,277
Other....................................................................................................... 38,090
-----------
Total expenses......................................................................................... 19,047,128
Less reimbursement from Centennial Asset Management Corporation -- Note 3................................... (1,201,403)
-----------
Net expenses........................................................................................... 17,845,725
-----------
NET INVESTMENT INCOME....................................................................................... 66,535,442
NET REALIZED GAIN ON INVESTMENTS............................................................................ 1,255
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................................................ $66,536,697
-----------
-----------
</TABLE>
See accompanying Notes to Financial Statements.
9
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Year Ended June 30,
--------------------------------
1994 1993
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income.................................................................. $ 66,535,442 $ 47,958,826
Net realized gain on investments....................................................... 1,255 239,115
-------------- --------------
Net increase in net assets resulting from operations................................. 66,536,697 48,197,941
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS............................................ (66,775,088) (47,958,826)
BENEFICIAL INTEREST TRANSACTIONS:
Net increase in net assets resulting from beneficial interest
transactions -- Note 2............................................................... 568,227,961 720,736,594
-------------- --------------
NET ASSETS:
Total increase......................................................................... 567,989,570 720,975,709
Beginning of year...................................................................... 1,991,398,752 1,270,423,043
-------------- --------------
End of year............................................................................ $2,559,388,322 $1,991,398,752
-------------- --------------
-------------- --------------
</TABLE>
See accompanying Notes to Financial Statements.
10
<PAGE>
FINANCIAL HIGHLIGHTS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Year Ended June 30,
-----------------------------------------------------------------------------------------------------
1994 1993 1992 1991 1990 1989 1988 1987
----- ----- ----- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning
of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----- ----- ----- --------- --------- --------- --------- ---------
Income from investment
operations -- net
investment income and
net realized gain on
investments............. .03 (1) .03 (1) .04 (1) .07 .08 .08 .06 .05
Dividends and
distributions to
shareholders............ (.03 ) (.03 ) (.04 ) (.07 ) (.08 ) (.08) (.06) (.05)
----- ----- ----- --------- --------- --------- --------- ---------
Net asset value, end of
period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----- ----- ----- --------- --------- --------- --------- ---------
----- ----- ----- --------- --------- --------- --------- ---------
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands).......... $2,559,388 $1,991,399 $1,270,423 $539,433 $470,078 $333,409 $231,210 $190,701
Average net assets (in
thousands).............. $2,345,744 $1,700,638 $820,546 $494,871 $421,969 $272,430 $212,273 $190,923
Number of shares
outstanding at end of
period (in thousands)... 2,559,324 1,991,096 1,270,359 539,418 470,080 333,409 231,212 190,701
Ratios to average net
assets:
Net investment income... 2.84 % 2.82 % 4.31 % 6.66 % 7.82 % 8.24% 6.16% 5.40%
Expenses................ .76 %(1) .78 %(1) .69 %(1) .84 % .84 % .90% .98% 1.00%
<CAPTION>
Nine
Months Year
Ended Ended
June 30, September 30,
1986 1985
--------- -------------
<S> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning
of period............... $ 1.00 $1.00
--------- -----
Income from investment
operations -- net
investment income and
net realized gain on
investments............. .05 .08
Dividends and
distributions to
shareholders............ (.05 ) (.08)
--------- -----
Net asset value, end of
period.................. $ 1.00 $1.00
--------- -----
--------- -----
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in thousands).......... $171,477 $155,176
Average net assets (in
thousands).............. $163,383 $156,084
Number of shares
outstanding at end of
period (in thousands)... 171,477 155,176
Ratios to average net
assets:
Net investment income... 6.67 %(2) 7.80%
Expenses................ 1.04 %(2) 1.09%
</TABLE>
- ------------
1. Net investment income would have been $.03, $.03, and $.04 per share absent
the voluntary expense limitation, resulting in an expense ratio of .81%, .83%
and .81% for the years ended June 30, 1994, 1993 and 1992, respectively.
2. Annualized.
See accompanying Notes to Financial Statements.
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Centennial Money Market Trust
1. SIGNIFICANT ACCOUNTING POLICIES
Centennial Money Market Trust (the Trust) is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end management
investment company. The Trust's investment advisor is Centennial Asset
Management Corporation (the Manager), a subsidiary of Oppenheimer Management
Corporation (OMC). The following is a summary of significant accounting policies
consistently followed by the Trust.
Investment Valuation -- Portfolio securities are valued on the basis of
amortized cost, which approximates market value.
Federal Income Taxes -- The Trust intends to continue to comply with provisions
of the Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to shareholders. Therefore, no federal
income tax provision is required.
Distributions to Shareholders -- The Trust intends to declare dividends from net
investment income each day the New York Stock Exchange is open for business and
pay such dividends monthly. To effect its policy of maintaining a net asset
value of $1.00 per share, the Trust may withhold dividends or make distributions
of net realized gains.
Other -- Investment transactions are accounted for on the date the investments
are purchased or sold (trade date). Realized gains and losses on investments are
determined on an identified cost basis, which is the same basis used for federal
income tax purposes.
2. SHARES OF BENEFICIAL INTEREST
The Trust has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Year Ended June 30,
------------------------------------------------------------------------
1994 1993
----------------------------------- ---------------------------------
Shares Amount Shares Amount
--------------- ---------------- -------------- ---------------
<S> <C> <C> <C> <C>
Sold........................ 10,696,571,220 $ 10,696,571,220 8,687,789,457 $ 8,687,789,457
Dividends and distributions
reinvested................ 62,872,689 62,872,689 46,057,413 46,057,413
Redeemed.................... (10,191,215,948) (10,191,215,948) (8,013,110,276) (8,013,110,276)
--------------- ---------------- -------------- ---------------
Net increase.............. 568,227,961 $ 568,227,961 720,736,594 $ 720,736,594
--------------- ---------------- -------------- ---------------
--------------- ---------------- -------------- ---------------
</TABLE>
12
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
Centennial Money Market Trust
3. MANAGEMENT FEES AND OTHER
TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Trust which provides for an annual fee of .50% on
the first $250 million of net assets with a reduction of .025% on each $250
million thereafter, to .40% on net assets in excess of $1 billion. The Manager
has voluntarily agreed to reduce the fee on net assets in excess of $1.25
billion, to .375% on the first $250 million, .35% on the next $500 million, and
.325% on net assets in excess of $2 billion. The Manager has agreed to reimburse
the Trust if aggregate expenses (with specified exceptions) exceed the lesser of
1.50% of the first $30 million of average annual net assets of the Trust, plus
1% of average annual net assets in excess of $30 million; or 25% of the total
annual investment income of the Trust. In addition, the Manager has voluntarily
undertaken to assume Trust expenses to the level needed to maintain a seven-day
yield at least equal to, and a dividend equal to, that of Daily Cash
Accumulation Fund, Inc., another registered investment company advised by the
Manager.
Shareholder Services, Inc. (SSI), a subsidiary of OMC, is the transfer and
shareholder servicing agent for the Trust, and for other registered investment
companies. SSI's total costs of providing such services are allocated ratably to
these companies.
Under an approved service plan, the Trust may expend up to .20% of its net
assets annually to reimburse certain securities dealers and other financial
institutions and organizations for costs incurred in distributing Trust shares.
13
<PAGE>
INDEPENDENT AUDITORS' REPORT
Centennial Money Market Trust
The Board of Trustees and Shareholders of Centennial Money Market Trust:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Centennial Money Market Trust as of June 30,
1994, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended June 30, 1994 and 1993,
and the financial highlights for the period October 1, 1984 to June 30, 1994.
These financial statements and financial highlights are the responsibility of
the Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit also includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of securities owned
at June 30, 1994 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Centennial Money
Market Trust at June 30, 1994, the results of its operations, the changes in its
net assets, and the financial highlights for the respective stated periods, in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE
Denver, Colorado
July 22, 1994
14
<PAGE>
FEDERAL INCOME TAX INFORMATION (Unaudited)
Centennial Money Market Trust
In early 1995, shareholders will receive information regarding all dividends and
distributions paid to them by the Turst during calendar year 1994. Regulations
of the U.S. Treasury Department require the Trust to report this information to
the Internal Revenue Service.
None of the dividends paid by the Trust during the fiscal year ended June 30,
1994 are eligible for the corporate dividend-received deduction.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Trust to the Internal Revenue Service. Because
of the complexity of the federal regulations which may affect your individual
tax return and the many variations in state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
15
<PAGE>
CENTENNIAL MONEY MARKET TRUST
Officers and Trustees
James C. Swain, Chairman and
Chief Executive Officer
Robert G. Avis, Trustee
William A. Baker, Trustee
Charles Conrad, Jr., Trustee
Jon S. Fossel, Trustee and President
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
Andrew J. Donohue, Vice President
Dorothy G. Warmack, Vice President
Carol E. Wolf, Vice President
Arthur J. Zimmer, Vice President
George C. Bowen, Vice President,
Secretary and Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
Investment Advisor and Distributor
Centennial Asset Management
Corporation
Transfer and Shareholder Servicing Agent
Shareholder Services, Inc.
Custodian of Portfolio Securities
Citibank, N.A.
Independent Auditors
Deloitte & Touche
Legal Counsel
Myer, Swanson & Adams, P.C.
This is a copy of a report to shareholders of
Centennial Money Market Trust. This report must be
preceded or accompanied by a Prospectus of Centennial
Money Market Trust. For material information concerning
the Trust, see the Prospectus.
For shareholder servicing, call:
1-800-525-7048 (in U.S.)
303-671-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5270
Denver, CO 80217-5270
RA150.O894.N [Logo] Printed on recycled paper.
<PAGE>
1994 ANNUAL REPORT
CENTENNIAL
MONEY MARKET
TRUST
JUNE 30, 1994
