<PAGE>
Dear Shareholder:
We are pleased to send you the semiannual report for Centennial Money Market
Trust. The past year was a good one for short- term investors. During the 6
months ended December 31, 1994, the Trust's compounded annualized yield was
4.54%. The corresponding yield without compounding was 4.44%. The seven-day
annualized yields with and without compounding on December 31, 1994 were 5.46%
and 5.32%, respectively.1
During 1994, the U.S. Federal Reserve undertook one of the most aggressive
efforts to raise interest rates in its history, and although the Fed's efforts
brought significant uncertainty to the nation's stock and bond markets, the
short-term money markets benefited throughout the year from rising yields.
In this environment, your Trust met its objectives well, combining an attractive
short-term yield and share-price stability with daily liquidity and investment
convenience.2
At this writing, the outlook for the money markets remains positive. Inflation
remains low, and short-term money-market investments are providing attractive
inflation-adjusted yields. Given the uncertainties still surrounding the
longer-term investment outlook, many investors are seeking stable, liquid,
short-term vehicles that provide dependable returns, and our money-market funds
offer some of the best vehicles conservative investors can find for their
short-term funds.
The reason has to do with our approach to short-term investing, a disciplined
one designed to identify money-market instruments that seem especially
attractive when compared to others in the market, and to avoid those that seem
to carry unnecessary risks.
This conservative approach is especially noteworthy in light of the widely
publicized problems some aggressively managed money funds encountered during the
year. Although your managers are always looking for opportunities to enhance
portfolio income by monitoring yield differentials in the nation's money
markets, principal stability is their top priority.
In closing, we want to welcome new investors to the Trust and to thank those who
have been with us for some time. We appreciate your trust in Centennial Money
Market Trust, and we look forward to helping you meet your investment objectives
in the future.
Sincerely,
JON S. FOSSEL
Jon S. Fossel
President, Centennial Money Market Trust
JAMES C. SWAIN
James C. Swain
Chairman, Centennial Money Market Trust
January 23, 1995
1. Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
2. The Trust is neither insured nor guaranteed by the U.S. Government. There is
no assurance that the Trust will maintain a stable $1 share price in the future.
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1994 (Unaudited)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
Amount See Note 1
------ ------------
<S> <C> <C>
BANKERS' ACCEPTANCES - 1.6%
Chase Manhattan Bank, N.A., 5.05%, 1/12/95................................................ $ 4,789,488 $ 4,782,098
Chase Manhattan Bank, N.A., 5.80%, 2/6/95................................................. 30,000,000 29,826,000
Chase Manhattan Bank, N.A., 6.15%, 2/17/95................................................ 15,000,000 14,879,563
--------------
Total Bankers' Acceptances (Cost $49,487,661)............................................. 49,487,661
--------------
CERTIFICATES OF DEPOSIT - 1.8%
DOMESTIC CERTIFICATES OF DEPOSIT - 0.8%
Huntington National Bank, 5.82%, 1/4/95(1)................................................ 15,000,000 14,996,551
LaSalle National Bank, 5.57%, 1/17/95..................................................... 10,000,000 10,000,000
--------------
24,996,551
--------------
YANKEE CERTIFICATES OF DEPOSIT - 1.0%
Mitsubishi Bank Ltd., 5.87%, 2/17/95...................................................... 20,000,000 19,999,486
Sanwa Bank Ltd., 5.53%, 1/17/95........................................................... 10,000,000 10,000,029
--------------
29,999,515
--------------
Total Certificates of Deposit (Cost $54,996,066).......................................... 54,996,066
--------------
DIRECT BANK OBLIGATIONS - 3.7%
ABN Amro Bank NV, guaranteeing commercial paper of:
ABN Amro Bank, Canada, 5.85%, 2/24/95................................................... 15,000,000 14,868,375
FCC National Bank, 5.82%, 1/4/95(1)....................................................... 14,000,000 13,989,327
First National Bank of Boston, 5.645%, 2/3/95............................................. 25,000,000 24,994,348
First National Bank of Boston, 5.72%, 1/3/95(1)........................................... 12,000,000 12,001,013
First National Bank of Boston, 5.85%, 2/16/95............................................. 20,000,000 19,990,111
PNC Bank, N.A., 5.66%, 1/4/95(1).......................................................... 10,000,000 9,994,356
PNC Bank, N.A., 5.82%, 1/4/95(1).......................................................... 10,000,000 9,996,952
South Carolina National Bank, 8.95%, 1/30/95.............................................. 5,000,000 5,014,155
--------------
Total Direct Bank Obligations (Cost $110,848,637)......................................... 110,848,637
--------------
LETTERS OF CREDIT - 4.1%
Banc One Dayton, guaranteeing commercial paper of:
Nationwide Funding Corp., 6.28%, 1/5/95(1)(2)........................................... 9,333,000 9,333,000
Credit Suisse, guaranteeing commercial paper of:
Queensland Alumina Ltd., 5.60%, 1/17/95................................................. 10,000,000 9,975,111
Credit Suisse, guaranteeing commercial paper of:
Queensland Alumina Ltd., 5.75%, 2/10/95................................................. 10,000,000 9,936,111
</TABLE>
2
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
Amount See Note 1
------ ------------
<S> <C> <C>
LETTERS OF CREDIT (CONTINUED)
Credit Suisse, guaranteeing commercial paper of:
Queensland Alumina Ltd., 5.80%, 2/1/95.................................................. 7,000,000 $ 6,965,039
Credit Suisse, guaranteeing commercial paper of:
Queensland Alumina Ltd., 6%, 2/6/95..................................................... 12,000,000 11,928,000
Mitsubishi Bank Ltd., guaranteeing commercial paper of:
Mitsubishi Motors Credit of America, 5.42%-5.71%, 1/11/95............................... 25,000,000 24,961,556
Mitsubishi Bank Ltd., guaranteeing commercial paper of:
Mitsubishi Motors Credit of America, 5.50%, 1/6/95...................................... 12,000,000 11,990,833
Mitsubishi Bank Ltd., guaranteeing commercial paper of:
Mitsubishi Motors Credit of America, 5.50%-5.80%, 1/17/95............................... 24,500,000 24,437,511
Mitsubishi Bank Ltd., guaranteeing commercial paper of:
Mitsubishi Motors Credit of America, 5.65%, 1/9/95...................................... 10,000,000 9,987,444
Sanwa Bank Ltd., guaranteeing commercial paper of:
Orix America, Inc., 5.56%, 2/1/95(2).................................................... 5,000,000 4,976,062
--------------
Total Letters of Credit (Cost $124,490,667)............................................... 124,490,667
--------------
SHORT-TERM NOTES - 83.8%
ASSET-BACKED - 13.0%
Asset Securitization Cooperative, 5.40%, 1/13/95(2)....................................... 10,000,000 9,982,000
Asset Securitization Cooperative, 5.65%, 1/11/95(2)....................................... 30,000,000 29,952,917
Asset Securitization Cooperative, 6.05%, 2/1/95(2)........................................ 10,000,000 9,947,903
Beta Finance, Inc., 5.82%, 2/15/95(2)..................................................... 25,000,000 24,818,125
Beta Finance, Inc., 5.82%, 2/22/95(2)..................................................... 26,000,000 25,781,427
CIESCO L.P., 5.27%, 1/24/95............................................................... 5,000,000 4,983,165
Cooperative Association of Tractor Dealers, Inc., 6.25%, 1/6/95........................... 2,000,000 1,998,264
Corporate Receivable Corp., 5.15%, 1/19/95................................................ 30,400,000 30,321,720
CXC, Inc., 5.75%, 2/10/95................................................................. 10,000,000 9,936,111
CXC, Inc., 5.98%-6%, 2/1/95(2)............................................................ 26,000,000 25,865,839
CXC, Inc., 6.10%, 2/8/95.................................................................. 30,000,000 29,806,833
CXC, Inc., 6.15%, 2/16/95................................................................. 15,000,000 14,882,125
Falcon Asset Securitization Corp., 5.15%, 1/18/95(2)...................................... 25,000,000 24,939,201
Falcon Asset Securitization Corp., 5.95%, 1/9/95(2)....................................... 30,650,000 30,609,474
Falcon Asset Securitization Corp., 6.20%, 2/10/95(2)...................................... 10,275,000 10,204,217
First Deposit Master Trust 1993-3, 5.23%, 1/20/95(2)(3)................................... 5,397,755 5,382,856
First Deposit Master Trust 1993-3, 5.42%, 1/23/95(2)(3)................................... 10,000,000 9,966,878
Preferred Receivables Funding Corp., 5.625%, 1/9/95....................................... 10,000,000 9,987,500
Riverwoods Funding Corp., 6%, 1/11/95..................................................... 10,000,000 9,983,333
</TABLE>
3
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
Amount See Note 1
------ ------------
<S> <C> <C>
SHORT-TERM NOTES (CONTINUED)
ARiverwoods Funding Corp., 6.15%, 2/13/95................................................. $ 5,000,000 $ 4,963,271
SMM Trust 1994-A, 6.425%, 3/17/95(1)(2)(3)................................................ 25,000,000 24,998,017
SMM Trust 1994-B, 5.863%, 2/13/95(1)(2)(3)................................................ 20,000,000 20,000,000
Structured Enhanced Return Trust 1994 Series A-07, 5.87%, 1/4/95(1)(2)(3)................. 15,000,000 14,998,495
Structured Enhanced Return Trust 1994 Series A-11, 5.865%, 1/3/95(1)(2)(3)................ 10,000,000 10,000,000
--------------
394,309,671
--------------
BANKS - 3.6%
Bankers Trust New York Corp., 5.15%, 1/13/95.............................................. 18,250,000 18,218,671
Bankers Trust New York Corp., 5.64%, 1/3/95(1)(2)(3)...................................... 13,000,000 12,998,673
Chase Manhattan Corp., 5.40%, 1/17/95..................................................... 10,000,000 9,976,000
CoreStates Capital Corp., 6.17%, 2/10/95.................................................. 10,000,000 9,931,444
Dresdner U.S. Finance, Inc., 5.80%, 2/21/95............................................... 25,000,000 24,794,583
NationsBank Corp., 5.42%, 1/18/95......................................................... 17,000,000 16,956,489
NationsBank Corp., 5.84%, 2/15/95......................................................... 15,000,000 14,890,501
--------------
107,766,361
--------------
BEVERAGES: ALCOHOLIC - 1.0%
Bass Finance (C.I.) Ltd., guaranteed by Bass PLC, 5.82%, 2/21/95.......................... 15,000,000 14,876,325
Seagram (Joseph E.) & Sons, Inc., 5.90%, 2/24/95(2)....................................... 15,933,000 15,791,993
--------------
30,668,318
--------------
BEVERAGES: SOFT DRINKS - 2.5%
Coca-Cola Enterprises, Inc., 5.53%, 1/23/95(2)............................................ 15,000,000 14,949,309
Coca-Cola Enterprises, Inc., 5.80%, 2/13/95(2)............................................ 40,000,000 39,722,889
Coca-Cola Enterprises, Inc., 6%, 1/30/95(2)............................................... 5,000,000 4,975,833
Coca-Cola Enterprises, Inc., 6.12%, 2/3/95(2)............................................. 15,000,000 14,915,850
--------------
74,563,881
--------------
BROKER/DEALERS - 15.8%
Bear Stearns Cos., Inc., 5.79%, 1/3/95(1)................................................. 8,000,000 8,000,000
Bear Stearns Cos., Inc., 5.97%, 1/4/95(1)................................................. 5,000,000 5,000,000
Bear Stearns Cos., Inc., 6.178%, 1/3/95(1)................................................ 13,000,000 13,000,000
Bear Stearns Cos., Inc., 6.244%, 1/9/95(1)................................................ 5,000,000 5,000,000
BT Securities Corp., 5.92%, 1/4/95(1)..................................................... 10,000,000 10,000,000
CS First Boston Group, Inc., 5.10%, 3/8/95(2)............................................. 10,000,000 9,906,500
CS First Boston Group, Inc., 6.12%, 2/8/95................................................ 25,000,000 24,838,500
CS First Boston Group, Inc., 6.18%, 2/7/95................................................ 25,000,000 24,841,208
</TABLE>
4
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
Amount See Note 1
------ ------------
<S> <C> <C>
SHORT-TERM NOTES (CONTINUED)
Dean Witter, Discover & Co., 5.35%, 1/12/95............................................... $ 20,000,000 $ 19,967,306
Dean Witter, Discover & Co., 6.10%-6.11%, 2/10/95......................................... 22,000,000 21,850,811
Dean Witter, Discover & Co., 6.15%, 2/1/95................................................ 10,000,000 9,947,042
Goldman Sachs Group L.P., 5.08%, 3/1/95................................................... 13,000,000 12,891,768
Goldman Sachs Group L.P., 5.18%-5.30%, 1/12/95............................................ 30,000,000 29,952,333
Goldman Sachs Group L.P., 5.685%, 1/4/95(1)(2)(4)......................................... 10,000,000 10,000,000
Goldman Sachs Group L.P., 5.738%, 1/13/95(1)(2)(3)(4)..................................... 10,000,000 10,000,000
Goldman Sachs Group L.P., 5.92%, 1/4/95(1)(2)(3).......................................... 20,000,000 20,000,000
Goldman Sachs Group L.P., 6.145%, 1/13/95(1)(2)(3)........................................ 20,000,000 20,000,000
Goldman Sachs Group L.P., 6.375%, 3/21/95(1)(2)(3)........................................ 12,000,000 12,000,000
Goldman Sachs Group L.P., 6.575%, 3/8/95(1)(2)(3)......................................... 10,000,000 10,007,477
Lehman Brothers Holdings, Inc., 5.61%, 1/12/95............................................ 7,000,000 7,000,000
Lehman Brothers Holdings, Inc., 6.15%, 1/3/95(1).......................................... 15,000,000 15,000,000
Lehman Brothers Holdings, Inc., 6.22%, 1/3/95(1).......................................... 123,000,000 123,000,000
Morgan Stanley Group, Inc., 5.49%, 1/3/95(1).............................................. 54,800,000 54,800,000
--------------
477,002,945
--------------
BUILDING MATERIALS GROUP - 0.3%
Compagnie de Saint-Gobain SA, 5.08%, 3/1/95............................................... 10,000,000 9,916,744
--------------
COMMERCIAL FINANCE - 1.2%
CIT Group Holdings, Inc., 5.20%, 1/19/95.................................................. 5,000,000 4,987,000
CIT Group Holdings, Inc., 6.15%, 2/6/95................................................... 20,000,000 19,877,000
CIT Group Holdings, Inc., 6.309%, 1/11/95(1)(4)........................................... 11,000,000 11,000,000
--------------
35,864,000
--------------
CONGLOMERATES - 4.8%
ITT Corp., 5.87%, 2/15/95................................................................. 25,000,000 24,816,563
ITT Corp., 6.02%, 2/1/95(2)............................................................... 15,000,000 14,922,242
ITT Corp., 6.22%, 2/6/95.................................................................. 12,000,000 11,925,360
Mitsubishi International Corp., 5.10%, 3/6/95............................................. 8,800,000 8,720,213
Mitsubishi International Corp., 5.17%, 1/23/95............................................ 10,000,000 9,968,406
Mitsubishi International Corp., 5.50%, 1/24/95............................................ 5,000,000 4,982,431
Mitsubishi International Corp., 5.55%, 1/4/95............................................. 13,400,000 13,393,803
Mitsubishi International Corp., 5.82%, 2/17/95............................................ 25,000,000 24,810,042
Pacific Dunlop Ltd., 5.12%, 2/28/95(2).................................................... 7,000,000 6,942,255
</TABLE>
5
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
Amount See Note 1
------ ------------
<S> <C> <C>
SHORT-TERM NOTES (CONTINUED)
CONGLOMERATES (CONTINUED)
Pacific Dunlop Ltd., 5.12%-6.17%, 3/1/95(2)............................................... $ 24,500,000 $ 24,278,070
--------------
144,759,385
--------------
CONSUMER FINANCE (PERSONAL LOANS) - 2.8%
Sears Roebuck Acceptance Corp., 5.10%, 1/23/95............................................ 21,000,000 20,934,550
Sears Roebuck Acceptance Corp., 5.83%, 1/31/95............................................ 30,000,000 29,854,250
Sears Roebuck Acceptance Corp., 5.83%, 2/8/95............................................. 15,000,000 14,907,692
Sears Roebuck Acceptance Corp., 5.90%, 2/6/95............................................. 20,000,000 19,882,000
--------------
85,578,492
--------------
DIVERSIFIED FINANCE - 11.3%
Associates Corp. of North America, 5.35%, 1/25/95......................................... 10,000,000 9,964,333
Ford Motor Credit Co., 5.80%-6.13%, 2/6/95................................................ 90,000,000 89,461,500
Ford Motor Credit Co., 6.05%, 1/30/95..................................................... 15,000,000 14,926,896
General Electric Capital Corp., 5.18%, 1/19/95............................................ 5,700,000 5,685,237
General Electric Capital Corp., 5.79%, 1/3/95(1).......................................... 15,000,000 14,992,083
General Electric Capital Corp., 5.82%, 2/21/95............................................ 15,000,000 14,876,325
General Motors Acceptance Corp., 5.81%, 2/13/95........................................... 10,000,000 9,930,603
General Motors Acceptance Corp., 5.92%, 1/30/95........................................... 20,000,000 19,904,622
General Motors Acceptance Corp., 6.10%, 1/25/95........................................... 32,000,000 31,869,867
General Motors Acceptance Corp., 6.20%, 2/7/95............................................ 5,000,000 4,968,139
General Motors Acceptance Corp., 6.20%, 2/9/95............................................ 15,000,000 14,899,250
Household Finance Corp., 6.25%, 1/3/95(1)................................................. 10,000,000 9,999,155
ITT Financial Corp., 5.45%-5.52%, 1/17/95................................................. 22,000,000 21,946,493
ITT Financial Corp., 5.83%, 2/15/95....................................................... 10,000,000 9,927,125
ITT Financial Corp., 5.94%, 2/1/95........................................................ 25,000,000 24,872,125
ITT Financial Corp., 6.125%, 1/27/95...................................................... 21,000,000 20,907,104
Transamerica Finance Corp., 5.08%, 3/1/95................................................. 15,000,000 14,875,117
Transamerica Finance Corp., 5.10%, 2/3/95................................................. 7,000,000 6,967,275
--------------
340,973,249
--------------
ELECTRIC COMPANIES - 2.3%
Central & Southwest Corp., 5.95%, 2/6/95.................................................. 15,000,000 14,910,750
Central & Southwest Corp., 6.15%, 2/14/95................................................. 15,400,000 15,284,243
Central & Southwest Corp., 6.15%, 2/7/95.................................................. 6,000,000 5,962,075
Central & Southwest Corp., 6.17%, 2/10/95................................................. 13,400,000 13,308,136
Central & Southwest Corp., 6.18%, 2/9/95.................................................. 5,000,000 4,966,525
</TABLE>
6
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
Amount See Note 1
------ ------------
<S> <C> <C>
SHORT-TERM NOTES (CONTINUED)
ELECTRIC COMPANIES (CONTINUED)
Vattenfall Treasury, Inc., guaranteed by Vattenfall AB, 5.80%, 1/30/95.................... $ 18,000,000 $ 17,915,900
--------------
72,347,629
--------------
FACTORING - 3.0%
CSW Credit, Inc., 6%, 2/6/95.............................................................. 15,000,000 14,910,000
CSW Credit, Inc., 6.10%, 2/13/95.......................................................... 15,000,000 14,890,708
CSW Credit, Inc., 6.12%, 2/14/95.......................................................... 20,000,000 19,850,400
CSW Credit, Inc., 6.13%, 2/10/95.......................................................... 20,000,000 19,863,778
CSW Credit, Inc., 6.15%, 2/8/95........................................................... 20,000,000 19,870,167
--------------
89,385,053
--------------
FINANCIAL SERVICES: MISCELLANEOUS - 3.2%
Countrywide Funding Corp., 6.10%-6.20%, 1/3/95............................................ 15,300,000 15,294,785
Countrywide Funding Corp., 6.10%-6.30%, 1/4/95............................................ 45,000,000 44,976,542
Countrywide Funding Corp., 6.30%, 1/5/95.................................................. 35,000,000 34,975,500
--------------
95,246,827
--------------
HEALTHCARE: MISCELLANEOUS - 2.0%
American Home Food Products, Inc., 5.95%, 2/21/95(2)...................................... 35,000,000 34,704,979
Sherwood Medical Co., 5.95%, 2/22/95(2)................................................... 25,000,000 24,785,139
--------------
59,490,118
--------------
HOUSEWARES - 1.4%
Newell Co., 5.82%, 2/15/95(2)............................................................. 25,000,000 24,818,125
Newell Co., 6.10%, 1/6/95(2).............................................................. 10,000,000 9,991,528
Newell Co., 6.20%, 2/7/95(2).............................................................. 7,000,000 6,955,394
--------------
41,765,047
--------------
INSURANCE - 6.2%
Pacific Mutual Life Insurance Co., 5.633%, 1/3/95(1)(2)(3)(4)............................. 25,000,000 25,000,000
Protective Life Insurance Co., 6.15%, 1/3/95(1)(2)(4)..................................... 10,000,000 10,000,000
Sun Life Insurance Co., 6.275%, 1/4/95(1)(4).............................................. 110,000,000 110,000,000
TransAmerica Life Insurance and Annuity Co., 5.79%, 1/3/95(1)(2)(4)....................... 43,000,000 43,000,000
--------------
188,000,000
--------------
LEASE FINANCING - 5.7%
International Lease Finance Corp., 5.15%, 1/17/95......................................... 15,000,000 14,965,667
International Lease Finance Corp., 5.80%, 2/14/95......................................... 12,000,000 11,914,933
7
</TABLE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
Amount See Note 1
------ ------------
<S> <C> <C>
SHORT-TERM NOTES (CONTINUED)
LEASE FINANCING (CONTINUED)
International Lease Finance Corp., 5.82%, 2/21/95......................................... $ 6,000,000 $ 5,950,530
International Lease Finance Corp., 5.82%, 2/22/95......................................... 15,000,000 14,873,900
International Lease Finance Corp., 5.85%, 2/24/95......................................... 16,000,000 15,859,600
International Lease Finance Corp., 5.98%, 2/2/95.......................................... 15,000,000 14,920,267
International Lease Finance Corp., 6%, 2/3/95............................................. 13,000,000 12,928,500
Sanwa Business Credit Corp., 5.74%, 1/3/95(1)............................................. 10,000,000 10,000,000
Sanwa Business Credit Corp., 5.90%, 1/13/95............................................... 20,000,000 19,960,667
Sanwa Business Credit Corp., 6.10%, 1/19/95............................................... 4,000,000 3,987,800
Sanwa Business Credit Corp., 6.10%, 1/30/95............................................... 7,000,000 6,965,603
Sanwa Business Credit Corp., 6.12%, 2/3/95................................................ 5,000,000 4,971,950
Sanwa Business Credit Corp., 6.12%, 2/6/95................................................ 10,000,000 9,938,800
Sanwa Business Credit Corp., 6.125%, 2/7/95............................................... 6,000,000 5,962,229
Sanwa Business Credit Corp., 6.14%, 2/10/95............................................... 8,000,000 7,945,422
Sanwa Business Credit Corp., 6.18%, 2/8/95................................................ 10,000,000 9,934,766
--------------
171,080,634
--------------
MANUFACTURING: DIVERSIFIED INDUSTRIALS - 0.3%
Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 5.80%, 2/14/95......................... 6,000,000 5,957,467
Hanson Finance (UK) PLC, guaranteed by Hanson PLC, 6.20%, 1/13/95......................... 3,000,000 2,993,980
--------------
8,951,447
--------------
RETAIL STORES: DEPARTMENT, GENERAL AND SPECIALTY - 0.4%
St. Michael Finance Ltd., guaranteed by Marks & Spencer PLC, 5.09%, 2/9/95................ 8,500,000 8,453,130
St. Michael Finance Ltd., guaranteed by Marks & Spencer PLC, 6.15%, 2/7/95................ 5,000,000 4,968,395
--------------
13,421,525
--------------
TECHNOLOGY - 1.0%
Electronic Data Systems Corp., 5.77%-5.95%, 2/15/95....................................... 20,000,000 19,853,500
Electronic Data Systems Corp., 6.08%, 1/20/95............................................. 7,000,000 6,977,538
Electronic Data Systems Corp., 6.12%, 1/13/95............................................. 3,000,000 2,993,880
--------------
29,824,918
--------------
TELECOMMUNICATIONS - 1.5%
NYNEX Corp., 5.60%, 1/20/95............................................................... 20,000,000 19,940,889
NYNEX Corp., 5.86%, 2/10/95............................................................... 15,000,000 14,902,333
NYNEX Corp., 6.12%, 2/16/95............................................................... 10,000,000 9,921,800
--------------
44,765,022
--------------
</TABLE>
8
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Market Value
Amount See Note 1
------ ------------
<S> <C> <C>
SHORT TERM NOTES (CONTINUED)
TOBACCO - 0.5%
American Brands, Inc., 5.52%, 1/17/95(2).................................................. $ 15,000,000 $ 14,963,200
--------------
Total Short-Term Notes (Cost $2,530,644,466).............................................. 2,530,644,466
--------------
U.S. GOVERNMENT OBLIGATIONS - 5.0%
Small Business Administration, 5.75%-10.125%, 1/1/95(1) (Cost $151,233,206)............... 144,909,789 151,233,206
--------------
Total Investments, at Value (Cost $3,021,700,703)................................................ 100.0% 3,021,700,703
Other Assets Net of Liabilities.................................................................. 0.0 512,320
----- --------------
Net Assets....................................................................................... 100.0% $3,022,213,023
----- --------------
----- --------------
</TABLE>
1. Variable rate security. The interest rate, which is based on specific, or an
index of, market interest rates, is subject to change periodically and is the
effective rate on December 31, 1994.
2. Security purchased in private placement transaction, without registration
under the Securities Act of 1933 (the Act). The securities are carried at
amortized cost, and amount to $727,385,867, or 24.1% of the Trust's net
assets.
3. In addition to being restricted, the security is considered illiquid by
virtue of the absence of a readily available market or because of legal or
contractual restrictions on resale. Illiquid securities amount to
$195,352,396, or 6.5% of the Trust's net assets, at December 31, 1994. The
Trust may not invest more than 10% of its net assets (determined at the time
of purchase) in illiquid securities.
4. Put obligation redeemable at full face value on the date reported.
9
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES December 31, 1994 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
ASSETS:
Investments, at value (cost $3,021,700,703) - see accompanying statement......................... $3,021,700,703
Cash.............................................................................................. 5,424,503
Receivables:
Shares of beneficial interest sold.............................................................. 34,710,578
Interest and principal paydowns................................................................. 9,474,157
Other............................................................................................. 196,682
--------------
Total assets................................................................................. 3,071,506,623
--------------
LIABILITIES:
Payables and other liabilities:
Shares of beneficial interest redeemed.......................................................... 47,561,264
Service plan fees - Note 3...................................................................... 267,844
Other........................................................................................... 1,464,492
--------------
Total liabilities............................................................................ 49,293,600
--------------
NET ASSETS........................................................................................ $3,022,213,023
--------------
--------------
COMPOSITION OF NET ASSETS:
Paid-in capital................................................................................... $3,022,228,985
Accumulated net realized gain (loss) from investment transactions................................. (15,962)
--------------
NET ASSETS - Applicable to 3,022,228,985 shares of beneficial interest outstanding................ $3,022,213,023
--------------
--------------
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE.................................... $1.00
</TABLE>
See accompanying Notes to Financial Statements.
10
<PAGE>
STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1994 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
INVESTMENT INCOME - Interest......................................................................... $74,556,612
-----------
EXPENSES:
Management fees - Note 3............................................................................. 5,613,458
Service plan fees - Note 3........................................................................... 2,890,827
Transfer and shareholder servicing agent fees - Note 3............................................... 1,440,105
Shareholder reports.................................................................................. 245,595
Custodian fees and expenses.......................................................................... 116,330
Legal and auditing fees.............................................................................. 26,255
Trustees' fees and expenses.......................................................................... 17,748
Registration and filing fees......................................................................... 320,059
Other................................................................................................ 177,336
-----------
Total expenses.................................................................................. 10,847,713
-----------
NET INVESTMENT INCOME................................................................................ 63,708,899
NET REALIZED GAIN (LOSS) ON INVESTMENTS.............................................................. (79,659)
-----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................................... $63,629,240
-----------
-----------
</TABLE>
11
See accompanying Notes to Financial Statements.
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Six Months Ended Year Ended
December 31, 1994 June 30,
(Unaudited) 1994
----------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss)........................................... $ 63,708,899 $ 66,535,442
Net realized gain (loss) on investments................................ (79,659) 1,255
----------------- --------------
Net increase (decrease) in net assets resulting from operations........ 63,629,240 66,536,697
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS............................ (63,709,622) (66,775,088)
BENEFICIAL INTEREST TRANSACTIONS:
Net increase (decrease) in net assets resulting from beneficial
interest transactions - Note 2....................................... 462,905,083 568,227,961
----------------- --------------
NET ASSETS:
Total increase (decrease).............................................. 462,824,701 567,989,570
Beginning of period.................................................... 2,559,388,322 1,991,398,752
----------------- --------------
End of period.......................................................... $ 3,022,213,023 $2,559,388,322
----------------- --------------
----------------- --------------
</TABLE>
See accompanying Notes to Financial Statements.
12
<PAGE>
FINANCIAL HIGHLIGHTS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Six Months Ended Year Ended June 30,
December 31, 1994 --------------------------------------------------------------
(Unaudited) 1994 1993 1992 1991 1990
----------------- ---------- ---------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of
period.............................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Income from investment
operations - net investment income
and net realized gain on
investments......................... .02 .03(1) .03(1) .04(1) .07 .08
Dividends and distributions to
shareholders........................ (.02) (.03) (.03) (.04) (.07) (.08)
----- ----- ----- ----- ----- -----
Net asset value, end of period........ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
----- ----- ----- ----- ----- -----
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in
thousands).......................... $ 3,022,213 $2,559,388 $1,991,399 $1,270,423 $539,433 $470,078
Average net assets (in thousands)..... $ 2,871,176 $2,345,744 $1,700,638 $ 820,546 $494,871 $421,969
Number of shares outstanding at end of
period (in thousands)............... 3,022,229 2,559,324 1,991,096 1,270,359 539,418 470,080
Ratios to average net assets:
Net investment income............... 4.40%(2) 2.84% 2.82% 4.31% 6.66% 7.82%
Expenses............................ .75%(2) .76%(1) .78%(1) .69%(1) .84% .84%
</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.
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
Centennial Money Market Trust
1. SIGNIFICANT ACCOUNTING POLICIES
Centennial Money Market Trust (the Trust) is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end management
investment company. The Trust's investment advisor is Centennial Asset
Management Corporation (the Manager), a subsidiary of Oppenheimer Management
Corporation (OMC). The following is a summary of significant accounting policies
consistently followed by the Trust.
Investment Valuation - Portfolio securities are valued on the basis of amortized
cost, which approximates market value.
Federal Income Taxes - The Trust intends to continue to comply with provisions
of the Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to shareholders. Therefore, no federal
income tax provision is required.
Distributions to Shareholders - The Trust intends to declare dividends from net
investment income each 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>
Six Months Ended Year Ended
December 31, 1994 June 30, 1994
-------------------------------- ----------------------------------
Shares Amount Shares Amount
-------------- -------------- --------------- ---------------
<S> <C> <C> <C> <C>
Sold.......................... 6,260,421,234 $6,260,421,234 10,696,571,220 $10,696,571,220
Dividends and distributions
reinvested.................. 65,270,409 65,270,409 62,872,689 62,872,689
Redeemed...................... (5,862,786,560) (5,862,786,560) (10,191,215,948) (10,191,215,948)
-------------- -------------- --------------- ---------------
Net increase................ 462,905,083 $ 462,905,083 568,227,961 $ 568,227,961
-------------- -------------- --------------- ---------------
-------------- -------------- --------------- ---------------
</TABLE>
3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Management fees paid to the Manager were in accordance with the investment
advisory agreement with the Trust which provides for an annual fee of .50% on
the first $250 million of net assets with a reduction of .025% on each $250
million thereafter, to .40% on net assets in excess of $1 billion. The Manager
has voluntarily agreed to reduce the fee on net assets in excess of $1.25
billion, to .375% on the first $250 million, .35% on the next $500 million, and
.325% on net assets in excess of $2 billion. The Manager has agreed to reimburse
the Trust if aggregate expenses (with specified exceptions) exceed the lesser of
1.50% of the first
14
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)
Centennial Money Market Trust
$30 million of average annual net assets of the Trust, plus 1% of average annual
net assets in excess of $30 million; or 25% of the total annual investment
income of the Trust. A voluntary undertaking to assume Trust expenses to the
level needed to maintain a seven-day yield at least equal to, and a dividend
equal to, that of Daily Cash Accumulation Fund, Inc., another registered
investment company advised by the Manager was terminated December 1, 1994.
Shareholder Services, Inc. (SSI), a subsidiary of OMC, is the transfer and
shareholder servicing agent for the Trust, and for other registered investment
companies. SSI's total costs of providing such services are allocated ratably to
these companies.
Under an approved service plan, the Trust may expend up to .20% of its net
assets annually to reimburse certain securities dealers and other financial
institutions and organizations for costs incurred in distributing Trust shares.
<PAGE>
15
CENTENNIAL MONEY MARKET TRUST
Officers and Trustees
James C. Swain, Chairman and
Chief Executive Officer
Robert G. Avis, Trustee
William A. Baker, Trustee
Charles Conrad, Jr., Trustee
Jon S. Fossel, Trustee and President
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
Andrew J. Donohue, Vice President
Dorothy G. Warmack, Vice President
Carol E. Wolf, Vice President
Arthur J. Zimmer, Vice President
George C. Bowen, Vice President,
Secretary and Treasurer
Robert J. Bishop, Assistant Treasurer
Scott Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
Investment Advisor and Distributor
Centennial Asset Management
Corporation
Transfer and Shareholder Servicing Agent
Shareholder Services, Inc.
Custodian of Portfolio Securities
Citibank, N.A.
Independent Auditors
Deloitte & Touche LLP
Legal Counsel
Myer, Swanson & Adams, P.C.
The financial statements included herein have been
taken from the records of the Fund without examination
by the independent auditors.
This is a copy of a report to shareholders of
Centennial Money Market Trust. This report must be
preceded or accompanied by a Prospectus of Centennial
Money Market Trust. For material information concerning
the Trust, see the Prospectus.
For shareholder servicing, call:
1-800-525-7048 (in U.S.)
303-671-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5270
Denver, CO 80217-5270
RS0150.001.0295 ['Recycled' Logo] Printed on recycled paper.
1994 SEMI-ANNUAL REPORT
CENTENNIAL
MONEY MARKET
TRUST
DECEMBER 31, 1994
