<PAGE> 1
1996 ANNUAL REPORT
CENTENNIAL
MONEY MARKET
TRUST
JUNE 30, 1996
<PAGE> 2
DEAR SHAREHOLDER:
The twelve months ending June 30, 1996 have been defined by changing beliefs
about the direction of the economy which, in turn, has had both positive and
negative effects on the securities markets.
Toward the end of 1995, most investors expected that the economy would continue
to show signs of slowing. In fact, many were convinced that the economy was
moving toward recession. Given the prevailing sentiment, it wasn't a surprise
when the Federal Reserve lowered interest rates in an effort to prolong the
economic expansion. The goal: a slow but steady and sustainable rate of economic
growth that would diminish the possibility of recession. The impact of lower
interest rates on both the stock and bond markets was profound. The Dow Jones
Industrial Average reached an all time high, while most sectors of the bond
market chalked up double digit returns.
But in mid-February, the federal government issued a report on job growth that
radically altered investor perceptions. Suddenly, investors believed that the
economy was heating up and inflation was around the corner. In the weeks that
followed, the bond market sold off sharply, as long-term interest rates spiked
upward, with the benchmark 30-year Treasury yield moving above seven percent. As
a result, the bond market weakened between February and June.
Though this market environment has created some concerns for both stock and bond
investors, rising interest rates are good for investors in short-term
securities. Because the portfolio is structured to capture as much yield as
possible without taking on any additional credit risk, the Trust continues to
invest in short maturity money market securities--especially during the current
market. Although shorter-term securities require us to reinvest the proceeds we
receive upon maturity more often, in a rising rate environment that means moving
into securities issued at higher rates.
For the twelve months ended June 30, 1996, the Trust's compounded annualized
yield was 5.14%. Its seven-day yields with and without compounding for the
twelve-month period ended June 30, 1996 were 4.85% and 4.74%, respectively.(1)
As we move through 1996, the strength of the economy continues to be an
uncertainty. However, with higher gasoline and agricultural prices there could
be some upward pressure on inflation over the next several months. As such, we
continue to look for opportunities to add to the portfolio's yield, while
keeping the Trust's average maturity shorter than other money funds and
remaining alert to the possibility that interest rates may move higher or lower
in the coming months.
<PAGE> 3
We are pleased to be able to maintain a competitive yield, as well as share
price stability, in light of the dramatic changes that have taken place during
the past twelve months. Thank you for your confidence in Centennial Money Market
Trust. We look forward to helping you reach your financial goals.
Sincerely,
/s/ James C. Swain
- ----------------------------------------------------
James C. Swain
Chairman--Centennial Money Market Trust
/s/ Bridget A. Macaskill
- ----------------------------------------------------
Bridget A. Macaskill
President--Centennial Money Market Trust
July 22, 1996
An investment in the Trust is neither insured nor guaranteed by the U.S.
Government and there can be no assurance that the Trust will be able to maintain
a stable net asset value of $1.00 per share.
(1) Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
2
<PAGE> 4
STATEMENT OF INVESTMENTS June 30, 1996
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
BANKERS' ACCEPTANCES - 0.4%
Chase Manhattan Bank, N.A., 4.94%, 8/19/96 (Cost
$24,831,903).............................................. $ 25,000,000 $ 24,831,903
------------
CERTIFICATES OF DEPOSIT - 5.9%
DOMESTIC CERTIFICATES OF DEPOSIT - 1.6%
Bank of New York, 5.07%, 8/27/96 ............................ 15,000,000 15,000,000
LaSalle National Bank:
5%, 8/19/96 .............................................. 10,000,000 10,000,000
5%, 8/7/96 ............................................... 10,000,000 10,000,000
5.05%, 8/26/96 ........................................... 10,000,000 10,000,000
5.35%, 11/5/96 ........................................... 5,000,000 5,000,000
5.35%, 7/15/96 ........................................... 15,000,000 15,000,000
5.35%, 8/14/96 ........................................... 10,000,000 10,000,000
5.35%, 8/19/96 ........................................... 15,000,000 15,000,000
5.38%, 8/5/96 ............................................ 10,000,000 10,000,000
5.40%, 7/5/96 ............................................ 5,000,000 5,000,000
------------
105,000,000
------------
EURODOLLAR CERTIFICATES OF DEPOSIT - 1.5%
Abbey National PLC, 5.01%, 8/1/96 ........................... 15,000,000 15,000,379
Deutsche Bank:
5%, 8/12/96 .............................................. 20,000,000 19,999,385
5.10%, 8/23/96 ........................................... 19,000,000 19,000,273
Rabobank Nederland, 5.02%, 8/22/96 .......................... 20,000,000 19,999,155
Societe Generale, 5.10%, 7/26/96 ............................ 30,000,000 30,001,347
------------
104,000,539
------------
YANKEE CERTIFICATES OF DEPOSIT - 2.8%
ABN Amro Bank:
5.01%, 8/7/96 ............................................ 20,000,000 19,998,798
5.03%, 8/20/96 ........................................... 10,000,000 10,000,136
Deutsche Bank:
4.96%, 8/20/96 ........................................... 23,000,000 22,992,920
5.06%, 8/19/96 ........................................... 15,000,000 15,000,000
Dresdner Bank, 5.13%, 11/22/96 .............................. 20,000,000 19,964,757
Rabobank Nederland, 5.06%, 7/26/96 .......................... 20,000,000 20,000,097
</TABLE>
3
<PAGE> 5
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
YANKEE CERTIFICATES OF DEPOSIT - 2.8% (CONTINUED)
Societe Generale:
5.05%, 8/23/96 ....................................................................... $ 15,000,000 $ 14,999,061
5.07%, 8/23/96 ....................................................................... 10,000,000 10,000,000
5.07%, 8/6/96 ........................................................................ 20,000,000 20,000,962
5.10%, 8/29/96 ....................................................................... 10,000,000 10,000,000
5.36%, 7/1/96 ........................................................................ 10,000,000 10,000,000
Swiss Bank Corp., 5.32%, 7/12/96 ........................................................ 15,000,000 15,000,000
------------
187,956,731
------------
Total Certificates of Deposit (Cost $396,957,270) ....................................... 396,957,270
------------
DIRECT BANK OBLIGATIONS - 12.7%
ABN Amro Bank Canada, 5.31%, 8/7/96 ..................................................... 15,000,000 14,918,215
ABN Amro Bank North America Finance, Inc.:
4.89%, 8/6/96 ........................................................................ 15,000,000 14,926,650
4.90%, 7/8/96 ........................................................................ 30,000,000 29,971,417
4.93%, 8/5/96 ........................................................................ 10,000,000 9,952,069
5.10%, 7/24/96 ....................................................................... 12,350,000 12,309,760
5.35%, 11/12/96 ...................................................................... 15,000,000 14,701,403
Bank of Scotland Treasury Services PLC, 5.35%, 10/7/96 .................................. 40,000,000 39,417,444
Bank One, Cleveland, guaranteeing commercial paper of Capital One Funding Corp.:
Series 1995F, 5.50%, 7/5/96(1)(2)(3) ................................................. 10,900,000 10,900,000
Series 1996C, 5.50%, 7/5/96(1)(2)(3) ................................................. 9,000,000 9,000,000
Barclays Bank PLC, guaranteeing commercial paper of:
Banco Nacional de Mexico S.A., 5.36%, 10/7/96 ........................................ 15,000,000 14,781,133
Banco Nacional de Mexico S.A.-Series A, 4.96%, 7/17/96 ............................... 5,000,000 4,988,155
Banco Real S.A.-Grand Cayman Branch, 5.36%, 7/8/96 ................................... 19,250,000 19,231,434
Petroleo Brasileiro, S.A.-Petrobras, 4.96%, 8/5/96 ................................... 5,000,000 4,975,889
Petroleo Brasileiro, S.A.-Petrobras, 5.01%, 8/15/96 .................................. 15,000,000 14,906,062
Petroleo Brasileiro, S.A.-Petrobras, 5.18%, 7/19/96 .................................. 15,000,000 14,961,150
Petroleo Brasileiro, S.A.-Petrobras, 5.29%, 8/14/96 .................................. 10,000,000 9,935,344
Bayerische Vereinsbank AG, guaranteeing commercial paper of:
Galicia Funding Corp.-Series B, 5.35%, 10/7/96(4) .................................... 12,000,000 11,825,233
COSCO (Cayman) Co., Ltd., 5.31%, 7/16/96 ................................................ 6,000,000 5,986,725
Credit Suisse, guaranteeing commercial paper of:
Cemex, S.A. de C.V.-Series A, 5.30%, 8/21/96 ......................................... 15,000,000 14,887,375
Cemex, S.A. de C.V.-Series B, 5.32%, 7/22/96 ......................................... 10,000,000 9,968,967
Cemex, S.A. de C.V.-Series B, 5.35%, 7/10/96 ......................................... 18,000,000 17,975,925
Cemex, S.A. de C.V.-Series A, 5.31%, 7/25/96 ......................................... 10,000,000 9,964,600
</TABLE>
4
<PAGE> 6
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
DIRECT BANK OBLIGATIONS (CONTINUED)
Cemex, S.A. de C.V.-Series A, 5.35%, 7/18/96 ... $ 10,000,000 $ 9,974,878
Daewoo International Corp., 5.05%, 8/29/96 ..... 10,000,000 9,917,236
Queensland Alumina Ltd., 5.30%, 7/26/96 ........ 15,000,000 14,944,792
Dresdner U.S. Finance, Inc.:
4.94%, 7/22/96 ................................. 11,650,000 11,616,429
5.03%, 8/26/96 ................................. 86,500,000 85,831,858
FCC National Bank:
5.36%, 12/27/96(1) ............................. 40,000,000 39,988,490
5.47%, 10/7/96 ................................. 10,000,000 10,000,000
First National Bank of Boston:
5.32%, 7/19/96 ................................. 15,000,000 15,000,000
5.35%, 7/3/96 .................................. 10,000,000 10,000,000
5.37%, 11/13/96(1) ............................. 7,000,000 6,998,947
5.53%, 9/16/96 ................................. 10,000,000 10,000,000
5.65%, 8/28/96(1) .............................. 15,000,000 15,000,000
5.88%, 10/30/96(1) ............................. 10,000,000 10,000,000
Huntington National Bank:
5.09%, 8/21/96 ................................. 10,000,000 10,000,000
5.33%, 7/10/96 ................................. 20,000,000 20,000,000
5.52%, 11/13/96(1) ............................. 15,000,000 15,000,000
5.33%, 8/29/96(1) .............................. 15,000,000 14,998,536
National Westminster Bank of Canada, 5.19%,
7/31/96 ........................................ 5,000,000 4,978,375
Societe Generale North America, Inc.:
4.89%, 8/8/96 .................................. 30,000,000 29,845,150
4.90%, 8/13/96 ................................. 30,000,000 29,824,417
4.92%, 8/23/96 ................................. 25,000,000 24,818,917
4.92%, 8/23/96 ................................. 10,000,000 9,927,567
4.95%, 8/21/96 ................................. 25,000,000 24,824,865
5.10%, 7/22/96 ................................. 10,000,000 9,970,250
Societe Generale, guaranteeing commercial paper of:
Banco Nacional de Comercio Exterior, SNC:
Series A, 5.17%, 7/15/96 ....................... 22,500,000 22,454,685
Series A, 5.20%, 7/10/96 ....................... 20,000,000 19,974,000
Series B, 5.20%, 7/11/96 ....................... 10,000,000 9,985,556
Series A, 5.20%, 7/16/96 ....................... 13,000,000 12,971,833
Series A, 5.37%, 10/7/96 ....................... 10,000,000 9,853,817
Nacionale Financiera, SNC:
Series A, 5.30%, 8/28/96 ....................... 15,000,000 14,871,917
Series A, 5.35%, 8/27/96 ....................... 20,000,000 19,830,583
------------
Total Direct Bank Obligations (Cost
$863,888,048) .................................. 863,888,048
------------
</TABLE>
5
<PAGE> 7
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
SHORT-TERM NOTES - 80.0%
BANKS - 3.6%
Barnett Banks, Inc., 5.36%, 7/1/96 ........... $ 84,000,000 $ 84,000,000
Chase Manhattan Bank, N.A., 5.36%, 10/4/96 ... 10,000,000 9,858,556
Chemical Banking Corp.:
4.90%, 7/15/96 ............................ 30,000,000 29,942,056
4.93%, 8/15/96 ............................ 10,000,000 9,938,375
CoreStates Capital Corp.:
5.40%, 10/25/96(1) ........................ 15,000,000 15,000,000
5.84%, 8/13/96(1) ......................... 15,000,000 15,000,000
Fleet Financial Group, Inc., 5.34%, 7/19/96 .. 25,000,000 24,933,250
J.P. Morgan Delaware, 5.02%, 9/6/96 .......... 7,900,000 7,826,192
NationsBank Corp.:
5.28%, 8/26/96 ............................ 10,000,000 9,917,867
5.31%, 7/31/96 ............................ 20,000,000 19,911,500
Societe Generale, 5.33%, 7/1/96 .............. 10,000,000 10,000,000
------------
236,327,796
------------
BEVERAGES - 2.9%
Coca-Cola Enterprises, Inc.:
5.30%, 7/9/96(4) .......................... 25,000,000 24,970,556
5.30%, 8/8/96(4) .......................... 35,000,000 34,803,772
5.30%, 9/4/96(4) .......................... 20,000,000 19,808,611
5.32%, 7/10/96(4) ......................... 10,500,000 10,486,035
5.32%, 7/3/96(4) .......................... 20,000,000 19,994,089
5.32%, 8/12/96(4) ......................... 15,000,000 14,906,900
5.35%, 8/5/96(4) .......................... 15,000,000 14,921,979
5.37%, 7/11/96(4) ......................... 45,000,000 44,932,917
5.40%, 7/12/96(4) ......................... 10,000,000 9,983,500
------------
194,808,359
------------
BROADCASTING - 0.3%
Walt Disney Co., 5.26%, 10/23/96 ............. 17,584,000 17,291,109
------------
</TABLE>
6
<PAGE> 8
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
BROKER/DEALERS - 7.8%
CS First Boston, Inc.:
5.10%, 7/12/96(4) ................... $ 10,000,000 $ 9,984,417
5.39%, 8/8/96 ....................... 30,000,000 29,829,317
5.41%, 7/31/96 ...................... 25,000,000 24,887,292
5.44%, 3/4/97(1)(2) ................. 20,000,000 20,000,000
5.55%, 1/21/97(1)(2) ................ 15,000,000 15,000,000
Dean Witter, Discover & Co.:
5.58%, 9/29/96(1) ................... 6,000,000 6,003,300
5.76%, 11/22/96(1) .................. 15,000,000 15,013,842
5.71%, 2/3/97(1) .................... 20,000,000 20,029,110
Merrill Lynch & Co., Inc.:
4.94%, 8/19/96 ...................... 25,000,000 24,831,903
4.95%, 8/28/96 ...................... 15,000,000 14,880,375
5.10%, 7/29/96 ...................... 16,000,000 15,936,533
5.21%, 7/3/96 ....................... 25,000,000 24,992,764
5.25%, 7/2/96 ....................... 15,000,000 14,997,812
5.31%, 7/17/96 ...................... 24,966,000 24,907,080
5.36%, 7/11/96 ...................... 48,000,000 47,928,367
5.36%, 7/8/96 ....................... 10,000,000 9,989,597
5.40%, 1/31/97(1) ................... 30,000,000 30,000,000
5.44%, 11/1/96(1) ................... 15,000,000 15,000,000
5.45%, 9/19/96(1) ................... 20,000,000 20,000,000
5.47%, 10/24/96(1) .................. 15,000,000 15,000,000
Morgan Stanley Group, Inc.:
4.91%, 9/20/96 ...................... 7,000,000 6,922,667
5.12%, 7/26/96 ...................... 25,000,000 24,911,111
5.21%, 7/15/96 ...................... 10,000,000 9,979,739
5.27%, 9/30/96(1) ................... 33,600,000 33,600,000
5.30%, 7/12/96 ...................... 15,000,000 14,975,708
5.62%, 7/1/96 ....................... 37,250,000 37,250,000
------------
526,850,934
------------
BUILDING MATERIALS - 0.4%
Compagnie de Saint Gobain:
4.98%, 8/29/96 ...................... 10,000,000 9,918,465
5.01%, 9/5/96 ....................... 5,000,000 4,954,075
Redland Finance, 5.35%, 7/12/96 ........ 12,000,000 11,980,383
------------
26,852,923
------------
</TABLE>
7
<PAGE> 9
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
----------- -----------
<S> <C> <C>
CHEMICALS - 0.4%
Monsanto Co., 4.93%, 8/9/96 ............ $25,000,000 $24,866,479
-----------
COMMERCIAL FINANCE - 16.8%
CIT Group Holdings, Inc.:
5.30%, 7/31/96 ...................... 33,330,000 33,182,792
5.31%, 9/26/96(1) ................... 25,000,000 24,995,757
5.32%, 8/2/96 ....................... 15,000,000 14,929,067
5.35%, 5/1/97(1) .................... 35,000,000 34,966,696
5.35%, 6/11/97(1) ................... 15,000,000 14,983,164
5.55%, 11/18/96(1) .................. 20,000,000 19,992,391
6.02%, 7/10/96(1)(3) ................ 11,000,000 11,000,000
Countrywide Home Loan:
5.32%, 7/24/96 ...................... 50,000,000 49,830,056
5.32%, 7/25/96 ...................... 29,000,000 28,896,120
5.32%, 8/12/96 ...................... 20,000,000 19,875,867
5.32%, 8/23/96 ...................... 10,000,000 9,921,678
5.35%, 7/17/96 ...................... 30,000,000 29,928,667
5.35%, 7/3/96 ....................... 47,000,000 46,986,031
5.36%, 7/22/96 ...................... 30,000,000 29,906,200
5.38%, 7/12/96 ...................... 25,000,000 24,958,750
5.38%, 7/8/96 ....................... 45,000,000 44,952,828
5.40%, 7/11/96 ...................... 25,000,000 24,962,361
5.42%, 8/9/96 ....................... 20,000,000 19,882,567
FINOVA Capital Corp.:
4.97%, 8/30/96 ...................... 10,000,000 9,917,167
5.36%, 8/5/96 ....................... 15,000,000 14,921,833
5.37%, 8/14/96 ...................... 37,500,000 37,253,417
5.38%, 7/25/96 ...................... 15,000,000 14,946,200
5.39%, 9/5/96 ....................... 15,000,000 14,851,775
5.40%, 2/21/97(1) ................... 35,000,000 35,000,000
5.40%, 7/10/96 ...................... 30,000,000 29,959,387
5.40%, 7/19/96 ...................... 10,000,000 9,973,000
5.40%, 7/22/96 ...................... 20,000,000 19,937,000
5.40%, 7/30/96 ...................... 15,000,000 14,934,992
5.41%, 8/16/96 ...................... 36,000,000 35,751,217
5.42%, 7/26/96 ...................... 8,000,000 7,969,889
5.43%, 7/15/96 ...................... 25,000,000 24,947,208
</TABLE>
8
<PAGE> 10
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
<S> <C> <C>
COMMERCIAL FINANCE (CONTINUED)
5.45%, 7/18/96 ................................................................. $ 20,000,000 $ 19,948,528
5.45%, 7/9/96 .................................................................. 10,000,000 9,987,889
5.45%, 9/3/96 .................................................................. 23,000,000 22,779,200
5.49%, 8/9/96 .................................................................. 5,000,000 4,970,235
5.52%, 8/26/96 ................................................................. 3,000,000 2,974,240
Fleet Mortgage Group, Inc., 5.55%, 11/20/96(1) .................................... 10,000,000 9,997,104
Heller Financial, Inc.:
5.38%, 7/26/96 ................................................................. 20,000,000 19,925,278
5.39%, 7/15/96 ................................................................. 10,000,000 9,979,039
5.40%, 7/25/96 ................................................................. 20,000,000 19,928,000
5.41%, 7/11/96 ................................................................. 50,000,000 49,924,778
5.42%, 9/30/96(1) .............................................................. 10,000,000 10,000,315
5.47%, 10/4/96(1) .............................................................. 27,000,000 26,995,883
5.47%, 10/7/96(1) .............................................................. 20,000,000 19,999,546
5.48%, 8/15/96 ................................................................. 5,000,000 4,965,750
5.50%, 10/7/96(1) .............................................................. 10,000,000 9,998,317
5.50%, 10/7/96(1) .............................................................. 12,000,000 12,000,000
5.50%, 3/31/97(1) .............................................................. 7,500,000 7,510,443
5.51%, 8/28/96(1) .............................................................. 20,000,000 20,000,000
5.55%, 6/2/97(1) ............................................................... 20,000,000 19,994,267
5.66%, 1/15/97(1) .............................................................. 10,000,000 10,007,331
5.67%, 3/28/97(1) .............................................................. 30,000,000 30,006,770
5.70%, 12/1/96(1) .............................................................. 20,970,000 20,981,858
5.98%, 10/1/96(1) .............................................................. 20,000,000 20,000,000
--------------
1,137,388,848
--------------
COMPUTER SOFTWARE - 0.8%
First Data Corp.:
5.37%, 7/15/96 ................................................................. 20,000,000 19,958,233
5.38%, 7/2/96 .................................................................. 13,000,000 12,998,057
5.38%, 9/3/96 .................................................................. 20,000,000 19,808,711
--------------
52,765,001
--------------
CONGLOMERATES - 0.5%
Mitsubishi International Corp.:
5.23%, 7/5/96 .................................................................. 5,000,000 4,997,094
5.37%, 9/30/96 ................................................................. 6,301,000 6,215,549
Pacific Dunlop Holdings, Inc., guaranteed by Pacific Dunlop Ltd., 5.66%,
1/17/97(1) ..................................................................... 20,000,000 20,010,556
--------------
31,223,199
--------------
</TABLE>
9
<PAGE> 11
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
CONSUMER FINANCE - 3.0%
American Express Credit Corp.:
4.92%, 8/23/96 ................................ $ 15,000,000 $ 14,891,350
5.10%, 7/19/96 ................................ 20,000,000 19,949,000
5.22%, 7/3/96 ................................. 15,000,000 14,995,550
5.22%, 7/8/96 ................................. 18,000,000 17,981,275
5.30%, 10/28/96 ............................... 10,000,000 9,824,806
Commercial Credit Co., 8%, 9/1/96 ................ 5,000,000 5,019,167
Island Finance Puerto Rico, Inc.:
5.31%, 7/10/96 ................................ 20,000,000 19,973,450
5.31%, 7/8/96 ................................. 15,000,000 14,984,512
5.40%, 8/12/96 ................................ 20,300,000 20,172,110
5.45%, 8/2/96 ................................. 5,500,000 5,473,356
Sears Roebuck Acceptance Corp.:
5.10%, 7/1/96 ................................. 40,000,000 40,000,000
5.36%, 7/10/96 ................................ 16,800,000 16,777,488
------------
200,042,064
------------
DIVERSIFIED FINANCIAL - 7.1%
Associates Corp. of North America, 5.60%,
7/1/96 ........................................ 10,000,000 10,000,000
Ford Motor Credit Co.:
5.31%, 7/12/96 ................................ 10,000,000 9,983,775
5.31%, 7/2/96 ................................. 10,000,000 9,998,525
5.35%, 10/3/96 ................................ 20,000,000 19,720,611
5.36%, 10/7/96 ................................ 15,000,000 14,781,133
8.88%, 8/1/96 ................................. 5,500,000 5,516,613
General Electric Capital Corp.:
4.92%, 8/22/96 ................................ 35,000,000 34,751,267
4.94%, 8/19/96 ................................ 10,000,000 9,932,761
4.94%, 8/21/96 ................................ 12,000,000 11,916,020
5.15%, 7/15/96 ................................ 20,000,000 19,959,944
5.24%, 7/2/96 ................................. 10,000,000 9,998,544
5.36%, 10/4/96 ................................ 30,000,000 29,575,667
5.39%, 8/6/96 ................................. 12,600,000 12,532,086
General Electric Capital Services, 5.28%,
10/28/96 ...................................... 20,000,000 19,650,933
</TABLE>
10
<PAGE> 12
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
DIVERSIFIED FINANCIAL (CONTINUED)
General Motors Acceptance Corp.:
5.33%, 7/12/96 .................................................... $ 40,000,000 $ 39,934,856
5.39%, 10/2/96 .................................................... 15,000,000 14,791,137
5.39%, 7/2/96 ..................................................... 25,000,000 24,996,257
5.40%, 7/5/96 ..................................................... 25,000,000 24,985,000
5.42%, 11/8/96 .................................................... 10,000,000 9,804,278
5.42%, 8/19/96 .................................................... 8,000,000 7,940,982
5.43%, 8/12/96 .................................................... 9,500,000 9,439,817
5.64%, 7/1/96 ..................................................... 40,000,000 40,000,000
5.66%, 8/19/96(1) ................................................. 30,000,000 29,999,789
5.67%, 7/19/96(1) ................................................. 23,300,000 23,299,998
8.25%, 8/1/96 ..................................................... 8,400,000 8,419,869
8.63%, 7/15/96 .................................................... 10,000,000 10,011,847
Household Finance Corp., 5.28%, 8/19/96 .............................. 10,000,000 9,928,133
Prudential Funding Corp., 5.06%, 7/8/96 .............................. 10,000,000 9,990,161
------------
481,860,003
------------
DRUG WHOLESALERS - 1.1%
Glaxo Wellcome PLC:
5.28%, 8/16/96(4) ................................................. 8,000,000 7,946,027
5.28%, 8/22/96(4) ................................................. 14,000,000 13,893,227
5.29%, 7/26/96(4) ................................................. 40,000,000 39,852,892
5.30%, 7/12/96(4) ................................................. 5,000,000 4,991,903
5.35%, 7/8/96(4) .................................................. 9,200,000 9,190,429
------------
75,874,478
------------
ELECTRIC UTILITIES - 0.4%
Vattenfall Treasury, Inc. guaranteed by Vattenfall AB, 5.35%,
10/16/96............................................................. 30,000,000 29,522,958
-------------
ELECTRICAL EQUIPMENT - 0.4%
Xerox Corp.:
4.93%, 8/19/96 .................................................... 10,000,000 9,932,897
5.30%, 7/26/96 .................................................... 15,000,000 14,944,792
------------
24,877,689
------------
</TABLE>
11
<PAGE> 13
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------ ----------
<S> <C> <C>
ELECTRONICS-1.8%
Avnet, Inc., 5.30%, 7/18/96 ................... $ 10,000,000 $ 9,974,972
ITT Industries, Inc.:
5.31%, 7/12/96(4) .......................... 20,000,000 19,967,306
5.35%, 7/22/96(4) .......................... 10,000,000 9,968,792
5.40%, 7/8/96(4) ........................... 7,000,000 6,992,650
Mitsubishi Electric Finance America, Inc.:
5.12%, 7/24/96(4) .......................... 12,000,000 11,960,747
5.30%, 8/21/96(4) .......................... 10,000,000 9,924,917
5.35%, 7/31/96(4) .......................... 25,000,000 24,888,542
5.41%, 8/7/96(4) ........................... 8,000,000 7,955,518
Panasonic Finance, Inc.:
5.28%, 8/23/96(4) .......................... 11,277,000 11,189,340
5.28%, 8/8/96(4) ........................... 10,000,000 9,944,267
------------
122,767,051
------------
ENERGY SERVICES & PRODUCERS-0.4%
Union Pacific Resources Group, Inc.:
5.34%, 7/11/96(4) .......................... 10,000,000 9,985,167
5.35%, 7/9/96(4) ........................... 15,700,000 15,681,334
------------
25,666,501
------------
ENVIRONMENTAL-1.9%
WMX Technologies, Inc.:
4.90%, 11/15/96(4) ......................... 12,600,000 12,365,045
5.10%, 8/16/96(4) .......................... 20,000,000 19,869,667
5.21%, 7/11/96(4) .......................... 15,000,000 14,977,792
5.22%, 7/9/96(4) ........................... 20,000,000 19,976,311
5.32%, 9/10/96(4) .......................... 10,000,000 9,895,078
5.35%, 10/15/96(4) ......................... 15,000,000 14,763,708
5.35%, 7/18/96(4) .......................... 20,000,000 19,949,472
5.36%, 7/16/96(4) .......................... 8,700,000 8,680,715
5.38%, 8/12/96(4) .......................... 10,000,000 9,937,233
------------
130,415,021
------------
HEALTHCARE/DRUGS-0.4%
Sandoz Corp.:
5.28%, 7/25/96(4) .......................... 10,000,000 9,964,767
5.30%, 7/17/96 ............................. 20,000,000 19,952,889
------------
29,917,656
------------
</TABLE>
12
<PAGE> 14
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
HEALTHCARE/SUPPLIES & SERVICES-1.7%
A.H. Robins Co., Inc., guaranteed by American Home Products:
5.32%, 7/26/96(4) ....................................... $ 40,000,000 $ 39,851,181
5.42%, 8/21/96(4) ....................................... 15,000,000 14,884,825
American Home Products, 5.32%, 7/26/96(4) .................. 40,000,000 39,852,222
Sherwood Medical Co., guaranteed by American Home Products:
5.31%, 8/2/96(4) ........................................ 13,447,000 13,383,530
5.43%, 7/19/96(4) ....................................... 5,000,000 4,986,425
------------
112,958,183
------------
INDUSTRIAL SERVICES-0.4%
Atlas Copco AB:
5.02%, 9/3/96(4) ........................................ 8,000,000 7,928,604
5.32%, 10/30/96(4) ...................................... 5,000,000 4,910,594
PHH Corp., 5.45%, 3/26/97(1) ............................... 15,000,000 14,993,554
------------
27,832,752
------------
INSURANCE-5.1%
Allstate Life Insurance Co., 5.44%, 7/1/96(1)(2)(3) ........ 40,000,000 40,000,000
General American Life Insurance Co., 6%, 7/1/96(1)(2)(3) ... 50,000,000 50,000,000
Jackson National Life, 5.46%, 7/1/96(1)(2)(3) .............. 40,000,000 40,000,000
Pacific Mutual Life Insurance Co., 5.57%, 2/14/97(1)(2)(3) . 25,000,000 25,000,000
Protective Life Insurance Co., 5.59%, 7/1/96(1)(2)(3) ...... 10,000,000 10,000,000
TransAmerica Life Insurance & Annuity Co.:
5.44%, 10/15/96(1)(2)(3) ................................ 50,000,000 50,000,000
5.44%, 9/27/96(1)(2)(3) ................................. 25,000,000 25,000,000
5.44%, 9/30/96(1)(2)(3) ................................. 30,000,000 30,000,000
5.52%, 8/1/96(1)(2)(3) .................................. 43,000,000 43,000,000
5.52%, 7/10/96(1)(2)(3) ................................. 30,000,000 30,000,000
------------
343,000,000
------------
LEASING & FACTORING-3.6%
CSW Credit, Inc.:
5.30%, 7/19/96 .......................................... 17,300,000 17,254,155
5.31%, 7/8/96 ........................................... 15,100,000 15,084,409
5.42%, 8/12/96 .......................................... 20,200,000 20,072,269
</TABLE>
13
<PAGE> 15
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------- ---------
<S> <C> <C>
LEASING & FACTORING-3.6% (CONTINUED)
International Lease Finance Corp.:
5.27%, 8/2/96 ............................................... $ 25,000,000 $ 24,882,889
5.28%, 8/13/96 .............................................. 20,000,000 19,873,867
5.28%, 8/15/96 .............................................. 33,750,000 33,527,250
5.30%, 7/8/96 ............................................... 35,000,000 34,963,931
5.35%, 7/12/96 .............................................. 30,600,000 30,550,351
The Hertz Corp.:
5.20%, 7/12/96 .............................................. 15,000,000 14,976,167
5.31%, 7/17/96 .............................................. 30,000,000 29,929,200
------------
241,114,488
------------
MANUFACTURING-0.5%
Rexam PLC:
5.30%, 7/24/96(4) ........................................... 23,115,000 23,036,730
5.35%, 7/1/96(4) ............................................ 10,000,000 10,000,000
------------
33,036,730
------------
METALS/MINING-0.6%
English China Clays PLC, 5.30%, 7/8/96(4) ...................... 15,700,000 15,683,804
RTZ America, Inc., guaranteed by RTC Corp. PLC, 5.35%,
7/8/96(4) ................................................... 27,000,000 26,971,912
------------
42,655,716
------------
NONDURABLE HOUSEHOLD GOODS-0.5%
Colgate-Palmolive Co., 5.20%, 9/23/96(4) ....................... 35,000,000 34,575,508
------------
SAVINGS & LOANS-1.5%
Great Western Bank FSB, 5.32%, 7/12/96 ......................... 25,000,000 24,959,361
Household Bank FSB:
5.35%, 8/15/96 .............................................. 25,000,000 24,999,691
5.39%, 8/7/96 ............................................... 10,000,000 10,000,000
5.39%, 9/27/96(1) ........................................... 45,000,000 44,997,169
------------
104,956,221
------------
SPECIAL PURPOSE FINANCIAL-13.5%
Asset-Securitization Cooperative:
5.28%, 7/12/96(4) ........................................... 15,000,000 14,975,800
5.30%, 7/18/96(4) ........................................... 25,000,000 24,937,431
5.30%, 7/23/96(4) ........................................... 20,000,000 19,935,222
5.31%, 7/17/96(4) ........................................... 15,000,000 14,964,600
5.31%, 7/31/96(4) ........................................... 8,665,000 8,626,657
5.41%, 8/19/96(4) ........................................... 25,000,000 24,815,910
</TABLE>
14
<PAGE> 16
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------- ---------
<S> <C> <C>
SPECIAL PURPOSE FINANCIAL-13.5%
CIESCO L.P.:
5.35%, 7/11/96 ................................................... $10,000,000 $ 9,985,139
5.42%, 5/19/97(1)(4) ............................................. 17,000,000 16,997,422
Cooperative Association of Tractor Dealers, Inc.:
5%, 8/22/96 ...................................................... 6,300,000 6,250,405
5.08%, 7/2/96 .................................................... 12,000,000 11,998,248
5.17%, 7/15/96 ................................................... 7,000,000 6,985,926
Corporate Asset Funding Co., Inc.:
5%, 9/3/96 ....................................................... 10,100,000 10,010,222
5.27%, 9/12/96 ................................................... 25,000,000 24,732,840
CXC, Inc.:
5.32%, 8/5/96(4) ................................................. 30,000,000 29,844,833
5.32%, 9/13/96(4) ................................................ 25,000,000 24,726,611
5.35%, 7/1/96(4) ................................................. 25,000,000 25,000,000
5.35%, 7/11/96(4) ................................................ 6,300,000 6,290,637
5.39%, 8/20/96(4) ................................................ 25,000,000 24,812,847
5.40%, 8/22/96(4) ................................................ 44,000,000 43,656,800
Falcon Asset Securitization Corp.:
5.31%, 8/7/96(4) ................................................. 15,100,000 15,017,592
5.35%, 7/10/96(4) ................................................ 9,200,000 9,187,695
5.41%, 7/25/96(4) ................................................ 12,860,000 12,813,618
First Deposit Master Trust 1993-3:
5.10%, 8/8/96(4) ................................................. 5,000,000 4,973,083
5.33%, 7/25/96(4) ................................................ 5,000,000 4,982,233
5.42%, 8/12/96(4) ................................................ 15,400,000 15,302,621
Fleet Funding Corp.:
5.35%, 7/8/96(4) ................................................. 19,900,000 19,879,298
5.37%, 7/12/96(4) ................................................ 21,268,000 21,233,103
New Center Asset Trust:
5.29%, 8/5/96 .................................................... 15,000,000 14,922,854
5.36%, 7/12/96 ................................................... 20,000,000 19,967,244
5.37%, 9/12/96 ................................................... 25,000,000 24,727,771
Sheffield Receivables Corp.:
5.28%, 7/1/96 .................................................... 27,685,000 27,685,000
5.35%, 7/11/96(4) ................................................ 19,200,000 19,171,467
5.35%, 7/8/96 .................................................... 39,360,000 39,318,936
Short-Term Card Account Trust 1995-1, Class A1, 5.51%,
1/15/97(1)(2) .................................................... 25,000,000 25,000,000
</TABLE>
15
<PAGE> 17
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------- ----------
<S> <C> <C>
SPECIAL PURPOSE FINANCIAL (CONTINUED)
SMM Trust:
1995-I, 5.48%, 5/29/97(1)(2) ........................................ $ 35,000,000 $ 35,000,000
1995-B, 5.49%, 8/2/96(1)(2) ......................................... 20,000,000 20,000,000
1995-B, 5.91%, 11/15/96(1)(2) ....................................... 10,000,000 10,000,000
1996-V, 5.62%, 3/26/97(1)(2) ........................................ 20,000,000 20,000,000
Structured Enhanced Return Trust 1993 Series A-02, 5.54%,
11/18/96(1)(2) ...................................................... 10,000,000 10,000,000
WCP Funding:
5.30%, 7/25/96(4) ................................................... 30,000,000 29,894,000
5.30%, 7/26/96(4) ................................................... 20,000,000 19,926,389
5.31%, 7/12/96(4) ................................................... 25,000,000 24,959,437
5.34%, 7/2/96(4) .................................................... 25,000,000 24,996,292
5.35%, 7/10/96(4) ................................................... 20,000,000 19,973,250
5.35%, 7/11/96(4) ................................................... 12,000,000 11,982,167
5.40%, 8/21/96(4) ................................................... 50,000,000 49,617,500
5.42%, 8/16/96(4) ................................................... 15,000,000 14,896,117
--------------
914,975,217
--------------
SPECIALTY RETAILING-0.5%
St. Michael Finance Ltd., guaranteed by Marks & Spencer PLC:
5.03%, 8/29/96 ...................................................... 10,000,000 9,918,056
5.28%, 8/20/96 ...................................................... 15,000,000 14,890,000
5.31%, 8/28/96 ...................................................... 6,739,000 6,681,348
--------------
31,489,404
--------------
TELECOMMUNICATIONS-TECHNOLOGY-1.0%
NYNEX Corp.:
5.33%, 7/12/96 ...................................................... 26,600,000 26,556,679
5.33%, 8/14/96 ...................................................... 15,000,000 14,902,283
5.35%, 7/29/96 ...................................................... 15,000,000 14,937,583
5.38%, 8/5/96 ....................................................... 10,000,000 9,947,694
--------------
66,344,239
--------------
TELEPHONE UTILITIES-1.1%
GTE Corp.:
5.37%, 7/18/96 ...................................................... 6,400,000 6,383,771
5.37%, 7/8/96 ....................................................... 31,890,000 31,856,701
5.40%, 7/10/96 ...................................................... 37,000,000 36,950,050
--------------
75,190,522
--------------
Total Short-Term Notes (Cost $5,397,447,049) ........................... 5,397,447,049
--------------
</TABLE>
16
<PAGE> 18
STATEMENT OF INVESTMENTS June 30, 1996 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------- ----------
<S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS-0.3%
U.S. Treasury Bills, 4.87%, 8/15/96 (Cost $19,878,375) .......................... $ 20,000,000 $ 19,878,375
---------------
FOREIGN GOVERNMENT OBLIGATIONS-1.3%
Bayerische Landesbank Girozentrale:
5.06%, 8/27/96 ............................................................... 25,000,000 25,000,000
5.07%, 8/21/96 ............................................................... 25,000,000 25,000,346
Finnish Export Credit, Ltd., supported by the Republic of Finland, 5.08%,
7/26/96 ...................................................................... 15,000,000 14,947,083
Unibanco-Uniao de Brancos Brasileiros SA-Grand Cayman,
guaranteed by Westdeutsche Landesbank Girozentrale, 5.37%, 7/5/96 ............ 25,000,000 24,985,083
---------------
Total Foreign Government Obligations (Cost $89,932,512) ......................... 89,932,512
---------------
Total Investments, at Value ..................................................... 100.6% 6,792,935,157
--------------- ---------------
Liabilities in Excess of Other Assets ........................................... (0.6) (40,051,124)
--------------- ---------------
Net Assets ...................................................................... 100.0% $ 6,752,884,033
================ ================
</TABLE>
Short-term notes, bankers' acceptances, and direct bank obligations 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 June
30, 1996. 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. Restricted securities amount to $517,900,000, or 7.67% of the Trust's net
assets, at June 30, 1996. In addition to being restricted, the security may
be 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 $190,000,000, or 2.81% of the Trust's net assets, at
June 30, 1996. The Trust may not invest more than 10% of its net assets
(determined at the time of purchase) in illiquid securities.
3. Put obligation redeemable at full face value on the date reported.
4. 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 $1,405,786,822, or 20.82% of the Trust's net assets.
See accompanying Notes to Financial Statements.
17
<PAGE> 19
STATEMENT OF ASSETS AND LIABILITIES June 30, 1996
Centennial Money Market Trust
<TABLE>
<S> <C>
ASSETS:
Investments, at value-see accompanying statement ............. $6,792,935,157
Cash ......................................................... 208,823
Receivables:
Shares of beneficial interest sold .......................... 27,411,186
Interest .................................................... 18,308,069
Securities sold ............................................. 6,800,000
Other ........................................................ 43,878
--------------
Total assets ............................................... 6,845,707,113
--------------
LIABILITIES:
Payables and other liabilities:
Shares of beneficial interest redeemed ...................... 81,487,588
Dividends ................................................... 8,884,619
Transfer and shareholder servicing agent fees ............... 721,994
Service plan fees ........................................... 377,260
Shareholder reports ......................................... 347,170
Trustees' fees .............................................. 3,120
Other ....................................................... 1,001,329
--------------
Total liabilities .......................................... 92,823,080
NET ASSETS ................................................... $6,752,884,033
==============
COMPOSITION OF NET ASSETS:
Paid-in capital .............................................. $6,752,559,664
Accumulated net realized gain on investment transactions ..... 324,369
--------------
NET ASSETS-applicable to 6,752,559,664 shares of beneficial
interest outstanding ...................................... $6,752,884,033
==============
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER
SHARE ..................................................... $ 1.00
</TABLE>
See accompanying Notes to Financial Statements.
18
<PAGE> 20
STATEMENT OF OPERATIONS For the Year Ended June 30, 1996
Centennial Money Market Trust
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME-Interest ........................... $345,130,867
------------
EXPENSES:
Management fees-Note 3 ............................... 21,572,513
Service plan fees-Note 3 ............................. 12,171,435
Transfer and shareholder servicing agent fees -
Note 3 ............................................. 5,648,855
Registration and filing fees ......................... 1,002,403
Custodian fees and expenses .......................... 625,400
Shareholder reports .................................. 590,603
Trustees' fees and expenses .......................... 20,804
Other ................................................ 86,307
------------
Total expenses ..................................... 41,718,320
------------
NET INVESTMENT INCOME ................................ 303,412,547
NET REALIZED GAIN ON INVESTMENTS ..................... 265,465
------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... $303,678,012
============
</TABLE>
===============================================================================
STATEMENTS OF CHANGES IN NET ASSETS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Year Ended June 30,
1996 1995
---- ----
<S> <C> <C>
OPERATIONS:
Net investment income ....................................... $ 303,412,547 $ 167,484,276
Net realized gain ........................................... 265,465 431,897
--------------- ---------------
Net increase in net assets resulting from operations ........ 303,678,012 167,916,173
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS ................. (303,849,237) (167,484,999)
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from beneficial interest
transactions-Note 2 ...................................... 1,940,862,519 2,252,373,243
--------------- ---------------
NET ASSETS:
Total increase .............................................. 1,940,691,294 2,252,804,417
Beginning of period ......................................... 4,812,192,739 2,559,388,322
--------------- ---------------
End of period ............................................... $ 6,752,884,033 $ 4,812,192,739
=============== ===============
</TABLE>
See accompanying Notes to Financial Statements.
19
<PAGE> 21
FINANCIAL HIGHLIGHTS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Year Ended June 30,
-------------------------------------------------------------------------------
1996 1995 1994 1993 1992
---- ---- ---- ---- ----
<S> <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
Income from investment
operations-net investment
income and net realized gain .............. .05 .05 .03(1) .03(1) .04(1)
Dividends and distributions to shareholders... (.05) (.05) (.03) (.03) (.04)
--------- --------- --------- --------- ---------
Net asset value, end of period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
TOTAL RETURN, AT
NET ASSET VALUE(2) ........................ 5.11% 5.21% 2.82% 2.91% 4.73%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in millions) ...... $ 6,753 $ 4,812 $ 2,559 $ 1,991 $ 1,270
Average net assets (in millions) ............. $ 6,077 $ 3,342 $ 2,346 $ 1,701 $ 821
RATIOS TO AVERAGE NET ASSETS:
Net investment income ........................ 4.99% 5.01% 2.84% 2.82% 4.31%
Expenses ..................................... 0.69% 0.73% 0.76%(1) 0.78%(1) 0.69%(1)
</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 0.81%,
0.83%, and 0.81% 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. Total returns
reflect changes in net investment income only.
See accompanying Notes to Financial Statements.
20
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NOTES TO FINANCIAL STATEMENTS
Centennial Money Market Trust
1. SIGNIFICANT ACCOUNTING POLICIES
Centennial Money Market Trust (the Trust) is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end management
investment company. The Trust's investment 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 expenses during the reporting period. Actual
results could differ from those estimates.
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<PAGE> 23
NOTES TO FINANCIAL STATEMENTS (Continued)
Centennial Money Market Trust
2. SHARES OF BENEFICIAL INTEREST
The Trust has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Year Ended June 30, 1996 Year Ended June 30, 1995
---------------------------------------- ----------------------------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold ...................... 21,158,638,888 $ 21,158,638,888 14,974,552,413 $ 14,974,552,413
Dividends and distributions
reinvested .............. 297,883,433 297,883,433 156,243,456 156,243,456
Redeemed .................. (19,515,659,802) (19,515,659,802) (12,878,422,626) (12,878,422,626)
---------------- ---------------- ---------------- ----------------
Net increase .............. 1,940,862,519 $ 1,940,862,519 2,252,373,243 $ 2,252,373,243
================ ================ ================ ================
</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 a fee of 0.50% on the first
$250 million of average annual net assets with a reduction of 0.025% on each
$250 million thereafter, to 0.40% 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.
Independent 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 0.40% to: 0.40% of average net assets in excess of $1
billion but less than $1.25 billion; 0.375% of average net assets in excess of
$1.25 billion but less than $1.50 billion; 0.35% of average net assets in excess
of $1.50 billion but less than $2 billion; and 0.325% 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 0.20% 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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<PAGE> 24
INDEPENDENT AUDITORS' REPORT
Centennial Money Market Trust
The Board of Trustees and Shareholders of Centennial Money Market Trust:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Centennial Money Market Trust as of June 30,
1996, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended June 30, 1996 and 1995,
and the financial highlights for the period July 1, 1991 to June 30, 1996. These
financial statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned at June 30,
1996 by correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Centennial Money
Market Trust at June 30, 1996, the results of its operations, the changes in its
net assets, and the financial highlights for the respective stated periods, in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Denver, Colorado
July 22, 1996
- --------------------------------------------------------------------------------
FEDERAL INCOME TAX INFORMATION (Unaudited)
Centennial Money Market Trust
In early 1997, shareholders will receive information regarding all dividends and
distributions paid to them by the Trust during calendar year 1996. Regulations
of the U.S. Treasury Department require the Trust to report this information to
the Internal Revenue Service.
None of the dividends paid by the Trust during the fiscal year ended June 30,
1996 are eligible for the corporate dividend-received deduction. The foregoing
information is presented to assist shareholders in reporting distributions
received from the Trust to the Internal Revenue Service. Because of the
complexity of the federal regulations which may affect your individual tax
return and the many variations in state and local tax regulations, we recommend
that you consult your tax advisor for specific guidance.
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<PAGE> 25
CENTENNIAL MONEY MARKET TRUST
Officers and Trustees
James C. Swain, Chairman and Chief Executive Officer
Bridget A. Macaskill, Trustee and President
Robert G. Avis, Trustee
William A. Baker, Trustee
Charles Conrad, Jr., Trustee
Jon S. Fossel, Trustee
Sam Freedman, Trustee
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
George C. Bowen, Vice President, Treasurer and Assistant Secretary
Andrew J. Donohue, Vice President and Secretary
Dorothy G. Warmack, Vice President
Carol E. Wolf, Vice President
Arthur J. Zimmer, Vice President
Robert J. Bishop, Assistant Treasurer
Scott T. 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.
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
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