<PAGE>
<PAGE>
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 $1
share price in the future.
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS December 31, 1995 (Unaudited)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
BANKERS' ACCEPTANCES - 0.8%
Bank of America, NT & SA, 5.26%, 6/26/96.................................$ 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
-------------
</TABLE>
See accompanying Notes to Financial Statements.
2
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
</TABLE>
See accompanying Notes to Financial Statements.
3
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
-------------
</TABLE>
See accompanying Notes to Financial Statements.
4
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
</TABLE>
See accompanying Notes to Financial Statements.
5
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
</TABLE>
See accompanying Notes to Financial Statements.
6
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
</TABLE>
See accompanying Notes to Financial Statements.
7
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
-------------
</TABLE>
See accompanying Notes to Financial Statements.
8
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
</TABLE>
See accompanying Notes to Financial Statements.
9
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
-------------
</TABLE>
See accompanying Notes to Financial Statements.
10
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
-------------
</TABLE>
See accompanying Notes to Financial Statements.
11
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
-------------
</TABLE>
See accompanying Notes to Financial Statements.
12
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
</TABLE>
See accompanying Notes to Financial Statements.
13
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
</TABLE>
See accompanying Notes to Financial Statements.
14
<PAGE>
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------- -------------
<S> <C> <C>
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
----- --------------
----- --------------
</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. 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
<PAGE>
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
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
</TABLE>
See accompanying Notes to Financial Statements.
16
<PAGE>
<PAGE>
STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1995 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
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
------------
------------
</TABLE>
See accompanying Notes to Financial Statements.
17
<PAGE>
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Six Months Ended Year Ended
December 31, 1995 June 30,
(Unaudited) 1995
----------------- --------------
<S> <C> <C>
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
----------------- --------------
----------------- --------------
</TABLE>
See accompanying Notes to Financial Statements.
18
<PAGE>
<PAGE>
FINANCIAL HIGHLIGHTS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Six Months Ended Year Ended June 30,
December 31, 1995 --------------------------------------------------------------------
(Unaudited) 1995 1994 1993 1992 1991
----------------- ---------- ---------- ---------- ---------- --------
<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............... .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%
</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. 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
<PAGE>
<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 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:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
December 31, 1995 June 30, 1995
--------------------------------- -----------------------------------
Shares Amount Shares Amount
-------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
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
-------------- --------------- --------------- ----------------
-------------- --------------- --------------- ----------------
</TABLE>
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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.
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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
