<PAGE> 1
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 Adviser 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
RS0150.001.1296
[LOGO]Printed on recycled paper
1996 SEMIANNUAL REPORT
CENTENNIAL
MONEY MARKET
TRUST
December 31, 1996
<PAGE> 2
Dear Shareholder:
The second half of 1996 was a period of uncertainty in the fixed income
markets, largely due to investor fears of rapid economic growth and
accelerating inflation. The 30-year Treasury rates rose above 7% in the second
quarter and remained relatively unchanged until the end of the third quarter.
That's when negative investor sentiment that led to the market downturn in June
and July began to subside.
The swing away from inflationary fears seemed complete in October with the
release of economic indicators showing a firm dollar, low inflation and slow
growth. When the Federal Reserve responded to these indicators with another
decision to leave rates alone, it appeared that concerns about rapid growth had
been overblown, and interest rates fell in response. The status quo outcome of
the presidential election also aided the decline in rates, and the bond market
experienced one of the most substantial post-election rallies in recent
history. With continued, sustainable non-inflationary growth of around 2% to
2.5%, and long-term rates at their lowest levels since April, the economy seems
to have settled into a comfortable path of neither too little nor too much
growth.
This decline in long-term Treasury rates over the past few months has caused
the return on money market instruments to decline marginally, but the positive
inflationary situation has helped to keep yields relatively strong. Money
market fund yields are uusally between three and five percent age points less
than the yields on long-term bonds, and typically one percentage point above
inflation. Assuming that the annual inflation rate is about 2.5%, money market
yields would normally be about 3.5%, while longer-term yields might be as high
as 5.5%. However, the difference between money market yields and inflation is
currently greater than this formula would suggest. Part of the reason for this
irregularity is the successful way in which the Federal Reserve Board has
fought inflation.
As we head into 1997, money market funds continue to be a highly liquid
opportunity to earn steady income while protecting principal. This year, money
market funds turned out to be a good investment choice for the income-oriented
investor.
For the six months ended December 31, 1996, the Trust's compounded annualized
yield was 4.98%. Without compounding, the corresponding yield was 4.86%. The
seven-day annualized yields with and without compounding on December 31, 1996
were 4.98% and 4.86%, respectively.(1)
An investment in the Trust is neither insured nor guaranteed by the U.S.
government, and there is no assurance that the Trust will maintain a stable
$1.00 share price in the future.
Thank you for your confidence in Centennial Money Market Trust. We look
forward to helping you reach your investment goals in the future.
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
January 22, 1997
1. Compounded yields assume reinvestment of dividends. Past performance
is not indicative of future results.
<PAGE> 3
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
CERTIFICATES OF DEPOSIT - 2.3%
DOMESTIC CERTIFICATES OF DEPOSIT - 0.7%
Bank of New York, 5.63%, 3/3/97 ......................... $ 25,000,000 $ 25,004,729
LaSalle National Bank:
5.51%, 4/4/97 ........................................ 17,000,000 17,000,000
5.55%, 2/11/97 ....................................... 13,000,000 13,000,000
------------
55,004,729
------------
YANKEE CERTIFICATES OF DEPOSIT - 1.6%
Societe Generale North America, Inc.:
5.40%, 1/6/97 ........................................ 20,000,000 20,000,036
5.45%, 2/10/97 ....................................... 17,000,000 17,000,186
5.50%, 4/21/97 ....................................... 35,000,000 35,002,198
5.55%, 2/6/97 ........................................ 20,000,000 20,000,000
5.62%, 3/25/97 ....................................... 17,000,000 17,004,159
5.92%, 9/17/97 ....................................... 20,000,000 20,040,061
------------
129,046,640
------------
Total Certificates of Deposit (Cost $184,051,369) ....... 184,051,369
------------
DIRECT BANK OBLIGATIONS - 5.9%
Abbey National North America, 6.75%, 1/2/97 ............. 50,000,000 49,981,250
ABN Amro Bank Canada:
5.31%, 4/28/97 ....................................... 20,000,000 19,654,850
5.43%, 1/10/97 ....................................... 10,000,000 9,986,425
ABN Amro Bank, N.V., 5.47%, 2/28/97 ..................... 15,000,000 14,867,857
Bank of Scotland Treasury Services PLC, 5.37%, 2/21/97... 25,000,000 24,999,972
Bank One Dayton N.A., 5.26%, 11/3/97(1) ................. 15,000,000 14,993,115
Bayerische Vereinsbank AG, 5.35%, 4/10/97 ............... 15,000,000 14,779,312
CoreStates Capital Corp., 5.54%, 12/18/97(1) ............ 13,000,000 12,992,902
FCC National Bank:
5.38%, 8/21/97(1) .................................... 20,000,000 19,998,159
5.55%, 2/14/97 ....................................... 15,000,000 15,000,000
</TABLE>
3
<PAGE> 4
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
DIRECT BANK OBLIGATIONS (CONTINUED) Amount See Note 1
------------ ------------
<S> <C> <C>
First National Bank of Boston:
5.30%, 6/2/97 ................................................ $ 8,000,000 $ 7,820,978
5.32%, 5/5/97 ................................................ 5,580,000 5,477,749
5.44%, 1/10/97 ............................................... 15,000,000 15,000,000
5.44%, 1/13/97 ............................................... 15,000,000 15,000,000
5.44%, 1/8/97 ................................................ 20,000,000 19,999,157
5.47%, 2/12/97 ............................................... 15,000,000 15,000,000
5.47%, 2/21/97 ............................................... 20,000,000 20,000,000
5.47%, 4/3/97 ................................................ 13,000,000 13,000,000
5.50%, 3/14/97 ............................................... 15,000,000 15,000,000
5.50%, 3/17/97 ............................................... 35,000,000 35,000,000
5.50%, 4/4/97 ................................................ 20,000,000 20,000,000
Huntington National Bank:
5.35%, 1/2/97 ................................................ 15,000,000 15,000,000
5.35%, 1/8/97 ................................................ 18,000,000 18,000,000
5.53%, 2/3/97 ................................................ 25,000,000 25,001,668
National Westminster Bank of Canada:
5.40%, 1/13/97 ............................................... 20,000,000 19,964,000
5.40%, 2/18/97 ............................................... 10,000,000 9,928,000
Societe Generale North America, Inc., 5.38%, 2/7/97 ............. 13,000,000 12,928,117
------------
Total Direct Bank Obligations (Cost $479,373,511) ............... 479,373,511
------------
LETTERS OF CREDIT - 5.1%
Bank of America NT & SA, guaranteeing commercial paper of:
Formosa Plastics Corp., USA-Series A, 5.48%, 3/13/97 ......... 19,400,000 19,191,477
Hyundai Motor Finance Co., 5.37%, 4/21/97 .................... 5,000,000 4,917,958
Bank One, Cleveland, guaranteeing commercial paper of:
Capital One Funding Corp.-Series 1995F, 5.85%, 1/2/97(1) ..... 10,750,000 10,750,000
Capital One Funding Corp.-Series 1995F, 5.85%, 1/2/97(1)(2)... 8,900,000 8,900,000
Barclays Bank PLC, guaranteeing commercial paper of:
Banco Bradesco S.A.-Grand Cayman Branch:
Series A, 5.31%, 4/28/97 ................................... 10,000,000 9,827,425
Series A, 5.32%, 2/24/97 ................................... 5,000,000 4,960,100
Series A, 5.35%, 4/18/97 ................................... 20,000,000 19,681,972
</TABLE>
4
<PAGE> 5
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
LETTERS OF CREDIT (CONTINUED)
Banco Real S.A., Grand Cayman Branch:
Series A, 5.32%, 4/22/97 .............................. $ 15,000,000 $ 14,753,950
Series A, 5.37%, 4/21/97 .............................. 15,000,000 14,753,875
Petroleo Brasileiro, S.A.-Petrobras II:
Series C, 5.35%, 4/1/97 ............................... 5,000,000 4,933,125
Series C, 5.38%, 4/3/97 ............................... 5,000,000 4,931,256
Series C, 5.43%, 2/3/97 ............................... 20,000,000 19,900,450
Petroleo Brasileiro, S.A.-Petrobras:
Series A, 5.30%, 5/5/97 ............................... 20,000,000 19,634,889
Series A, 5.31%, 5/7/97 ............................... 16,800,000 16,487,772
Series A, 5.37%, 4/7/97 ............................... 5,000,000 4,928,400
Series B, 5.32%, 6/3/97 ............................... 5,000,000 4,886,950
Series B, 5.40%, 4/9/97 ............................... 10,000,000 9,853,000
Bayerische Vereinsbank AG, guaranteeing commercial paper of:
Banco Rio de la Plata S.A.:
Series A, 5.40%, 1/21/97 .............................. 8,000,000 7,976,311
Series A, 5.43%, 1/17/97 .............................. 15,000,000 14,963,800
Series B, 5.40%, 1/22/97 .............................. 10,000,000 9,968,500
Galicia Funding Corp.:
Series A, 5.36%, 3/3/97(3) ............................ 15,000,000 14,863,767
Series A, 5.37%, 3/5/97(3) ............................ 10,000,000 9,906,025
Series B, 5.35%, 3/3/97(3) ............................ 5,000,000 4,954,674
Series B, 5.38%, 2/28/97(3) ........................... 5,000,000 4,956,661
Series B, 5.45%, 3/4/97(3) ............................ 5,000,000 4,953,069
Credit Suisse, guaranteeing commercial paper of:
CEMEX, S.A. de C.V.-Series A, 5.32%, 2/11/97 ............ 16,000,000 15,903,058
CEMEX, S.A. de C.V.-Series B, 5.33%, 3/5/97 ............. 10,000,000 9,906,725
COSCO (Cayman) Co., Ltd., 5.35%, 6/13/97 ................ 20,000,000 19,515,528
Daewoo International Corp., 5.40%, 3/17/97 .............. 10,000,000 9,887,500
Guangdon Enterprises Ltd., 5.32%, 2/28/97 ............... 6,000,000 5,948,573
Guangdon Enterprises Ltd., 5.44%, 3/13/97 ............... 5,000,000 4,946,356
Societe Generale, guaranteeing commercial paper of:
Girsa Funding Corp., 5.32%, 4/3/97(3) ................... 10,000,000 9,864,044
Nacional Financiera, SNC-Series A, 5.44%, 1/8/97 ........ 15,000,000 14,984,133
Nacional Financiera, SNC-Series A, 5.44%, 1/9/97 ........ 9,500,000 9,488,516
Nacional Financiera, SNC-Series B, 5.33%, 3/3/97 ........ 45,000,000 44,593,587
------------
Total Letters of Credit (Cost $410,873,426) ................ 410,873,426
------------
</TABLE>
5
<PAGE> 6
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
SHORT-TERM NOTES - 84.5%
AUTOMOTIVE - 0.4%
BMW U.S. Capital Corp.:
5.31%, 2/24/97 ............................. $ 20,000,000 $ 19,840,700
5.32%, 2/20/97 ............................. 10,000,000 9,926,111
------------
29,766,811
------------
BANKS - 1.0%
Bankers Trust Co., New York, 5.35%, 11/26/97(1) 25,000,000 24,984,496
CoreStates Capital Corp.:
5.47%, 6/27/97(1) .......................... 15,000,000 15,000,000
5.70%, 7/14/97(1) .......................... 15,000,000 15,000,000
NationsBank of Texas, 5.40%, 2/3/97 ........... 30,000,000 29,851,500
------------
84,835,996
------------
BEVERAGES - 2.3%
Coca-Cola Enterprises, Inc.:
5.31%, 3/19/97(3) .......................... 28,000,000 27,681,391
5.31%, 3/7/97(3) ........................... 15,000,000 14,856,187
5.32%, 2/26/97(3) .......................... 35,000,000 34,710,356
5.32%, 2/27/97(3) .......................... 15,000,000 14,873,650
5.33%, 2/19/97(3) .......................... 30,000,000 29,782,358
5.34%, 1/31/97(3) .......................... 16,000,000 15,928,800
5.35%, 3/11/97(3) .......................... 10,000,000 9,897,458
5.35%, 3/18/97(3) .......................... 17,000,000 16,807,994
5.35%, 3/24/97(3) .......................... 18,000,000 17,780,650
------------
182,318,844
------------
BROKER/DEALERS - 12.1%
CS First Boston, Inc.:
5.31%, 1/30/97 ............................. 13,000,000 12,944,392
5.31%, 2/18/97(3) .......................... 10,000,000 9,929,200
5.31%, 2/20/97 ............................. 25,000,000 24,815,625
5.31%, 2/24/97 ............................. 10,000,000 9,920,350
5.33%, 2/13/97(3) .......................... 45,000,000 44,713,214
5.33%, 2/20/97(3) .......................... 10,000,000 9,925,972
</TABLE>
6
<PAGE> 7
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
BROKER/DEALERS (CONTINUED)
5.35%, 2/12/97(3) ....... $ 10,000,000 $ 9,937,583
5.38%, 3/4/97(1)(4) ..... 20,000,000 20,000,000
5.50%, 2/11/97(4) ....... 15,000,000 15,000,353
5.58%, 1/21/97(1)(4) .... 15,000,000 15,000,000
Dean Witter, Discover & Co.:
5.30%, 2/28/97 .......... 20,000,000 19,829,222
5.81%, 9/29/97(1) ....... 20,000,000 20,032,941
5.98%, 2/3/97(1) ........ 20,000,000 20,004,427
7.81%, 3/18/97 .......... 5,150,000 5,174,528
8%, 5/4/97 .............. 5,000,000 5,040,854
Goldman Sachs Group, L.P.:
5.31%, 3/21/97 .......... 42,000,000 41,510,595
5.31%, 5/5/97 ........... 35,000,000 34,359,850
5.42%, 1/17/97 .......... 25,000,000 24,939,778
5.43%, 1/16/97 .......... 30,000,000 29,932,125
5.45%, 4/11/97 .......... 8,000,000 7,878,889
5.50%, 4/4/97 ........... 30,000,000 29,573,750
5.78%, 1/27/97(1) ....... 15,000,000 15,002,862
8.25%, 1/2/97 ........... 113,000,000 112,976,361
Merrill Lynch & Co., Inc.:
5.31%, 2/28/97 .......... 15,000,000 14,871,675
5.32%, 3/3/97 ........... 32,000,000 31,711,538
5.33%, 1/2/97 ........... 29,000,000 28,995,701
5.33%, 1/24/97 .......... 55,000,000 54,812,710
5.33%, 3/10/97 .......... 30,000,000 29,697,967
5.35%, 1/28/97 .......... 10,000,000 9,959,875
5.40%, 1/31/97(1) ....... 30,000,000 30,000,000
5.40%, 2/10/97 .......... 18,000,000 17,892,000
5.42%, 1/23/97 .......... 65,000,000 64,786,631
5.42%, 12/19/97(1) ...... 35,000,000 34,999,301
5.43%, 10/24/97(1) ...... 25,000,000 24,995,945
5.44%, 1/21/97 .......... 15,000,000 14,954,667
5.45%, 9/19/97(1) ....... 20,000,000 20,000,000
</TABLE>
7
<PAGE> 8
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
BROKER/DEALERS (CONTINUED)
Morgan Stanley Group, Inc.:
5.26%, 6/27/97(1) ...... $ 33,665,000 $ 33,665,000
5.41%, 2/3/97 .......... 20,000,000 19,900,817
5.75%, 1/20/97(1) ...... 5,000,000 5,000,672
------------
974,687,370
------------
BUILDING MATERIALS - 0.2%
Compagnie de Saint-Gobain:
5.30%, 4/28/97 ......... 10,000,000 9,827,750
5.38%, 4/23/97 ......... 10,000,000 9,832,622
------------
19,660,372
------------
COMMERCIAL FINANCE - 13.9%
CIT Group Holdings, Inc.:
5.31%, 1/24/97 ......... 35,000,000 34,881,262
5.33%, 11/20/97(1) ..... 70,000,000 69,955,417
5.35%, 12/23/97(1) ..... 25,000,000 24,981,088
5.35%, 5/1/97(1) ....... 35,000,000 34,986,854
5.35%, 6/11/97(1) ...... 15,000,000 14,992,143
5.37%, 9/17/97(1) ...... 25,000,000 24,987,137
5.67%, 3/11/98(1) ...... 11,000,000 11,000,000
5.75%, 3/21/97 ......... 5,000,000 5,002,174
7%, 1/3/97 ............. 20,000,000 19,992,222
Countrywide Home Loans:
5.33%, 1/23/97 ......... 5,410,000 5,392,378
5.33%, 2/19/97 ......... 20,000,000 19,854,906
5.33%, 3/3/97 .......... 15,000,000 14,864,529
5.34%, 1/8/97 .......... 10,000,000 9,989,617
5.34%, 3/12/97 ......... 21,000,000 20,781,950
5.36%, 1/22/97 ......... 40,000,000 39,874,933
5.36%, 3/5/97 .......... 30,000,000 29,718,600
5.37%, 3/4/97 .......... 14,000,000 13,870,523
5.43%, 1/13/97 ......... 30,000,000 29,945,700
5.48%, 1/21/97 ......... 20,000,000 19,938,889
6.75%, 1/2/97 .......... 15,000,000 14,997,187
</TABLE>
8
<PAGE> 9
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
COMMERCIAL FINANCE (CONTINUED)
FINOVA Capital Corp.:
<S> <C> <C>
5.37%, 2/18/97 ............ $ 12,000,000 $ 11,914,080
5.37%, 2/24/97 ............ 15,000,000 14,879,175
5.37%, 2/28/97 ............ 43,000,000 42,627,849
5.38%, 1/7/97 ............. 17,000,000 16,984,757
5.38%, 2/20/97 ............ 5,000,000 4,962,639
5.38%, 2/21/97 ............ 15,000,000 14,885,675
5.40%, 1/15/97 ............ 5,000,000 4,989,500
5.40%, 2/27/97 ............ 58,000,000 57,504,955
5.40%, 2/3/97 ............. 20,000,000 19,901,000
5.43%, 2/26/97 ............ 4,725,000 4,685,163
5.43%, 2/7/97 ............. 29,000,000 28,838,156
5.47%, 2/13/97 ............ 37,000,000 36,759,678
5.49%, 2/5/97 ............. 10,000,000 9,946,625
5.68%, 1/17/97 ............ 7,000,000 6,982,329
6.06%, 2/21/97(1) ......... 35,000,000 35,000,000
8%, 1/15/97 ............... 6,400,000 6,404,356
Heller Financial, Inc.:
5.41%, 3/17/97 ............ 45,000,000 44,492,500
5.42%, 2/6/97 ............. 13,000,000 12,929,540
5.43%, 1/14/97 ............ 25,000,000 24,950,979
5.45%, 3/20/97 ............ 15,000,000 14,822,875
5.45%, 3/21/97 ............ 10,000,000 9,880,403
5.45%, 3/24/97 ............ 40,000,000 39,501,167
5.46%, 10/1/97(1) ......... 30,000,000 29,995,512
5.46%, 10/10/97(1) ........ 30,000,000 29,995,364
5.50%, 3/31/97(1) ......... 7,500,000 7,503,404
5.55%, 4/10/97 ............ 20,000,000 19,694,750
5.55%, 4/2/97 ............. 21,000,000 20,705,388
5.55%, 6/2/97(1) .......... 20,000,000 19,997,407
5.59%, 12/18/97(1) ........ 35,000,000 35,000,000
5.66%, 1/15/97 ............ 10,000,000 10,000,518
5.69%, 3/28/97(1) ......... 30,000,000 30,002,156
--------------
1,126,745,409
--------------
</TABLE>
9
<PAGE> 10
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
COMPUTER SOFTWARE - 1.3%
First Data Corp.:
<S> <C> <C>
5.37%, 6/10/97 ................... $ 20,000,000 $ 19,522,667
5.38%, 1/7/97 .................... 27,000,000 26,975,790
5.39%, 1/14/97 ................... 20,000,000 19,961,072
5.40%, 2/25/97 ................... 5,000,000 4,958,750
5.40%, 3/18/97 ................... 30,000,000 29,658,000
------------
101,076,279
------------
CONGLOMERATES - 1.1%
Mitsubishi International Corp.:
5.32%, 1/29/97 ................... 10,000,000 9,958,622
5.34%, 1/8/97 .................... 43,592,000 43,546,773
5.44%, 2/14/97 ................... 10,000,000 9,933,511
6%, 1/14/97 ...................... 7,860,000 7,842,970
Pacific Dunlop Ltd., 5.62%, 1/17/97 . 20,000,000 20,000,844
------------
91,282,720
------------
CONSUMER FINANCE - 3.2%
American Express Corp., 5.32%, 1/3/97 35,000,000 34,989,656
Island Finance Puerto Rico, Inc.:
5.32%, 1/6/97 .................... 9,500,000 9,492,981
5.32%, 3/10/97 ................... 15,400,000 15,245,247
5.34%, 3/14/97 ................... 28,400,000 28,096,688
5.34%, 3/24/97 ................... 21,000,000 20,742,657
5.36%, 1/15/97 ................... 10,000,000 9,979,156
5.39%, 3/26/97 ................... 25,000,000 24,685,583
5.44%, 3/20/97 ................... 10,000,000 9,882,133
5.46%, 3/13/97 ................... 14,000,000 13,849,243
Sears Roebuck Acceptance Corp.:
5.31%, 1/31/97 ................... 25,000,000 24,889,375
5.31%, 2/21/97 ................... 25,000,000 24,811,938
5.32%, 3/31/97 ................... 20,000,000 19,736,956
5.43%, 1/16/97 ................... 20,000,000 19,954,750
------------
256,356,363
------------
</TABLE>
10
<PAGE> 11
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
DIVERSIFIED FINANCIAL - 13.7%
<S> <C> <C>
Associates Corp. of North America, 7.28%, 1/2/97.. $ 188,700,000 $ 188,661,841
Ford Motor Credit Co.:
5.32%, 1/10/97 ................................ 35,000,000 34,953,450
5.32%, 1/6/97 ................................. 24,665,000 24,646,775
5.32%, 1/8/97 ................................. 36,400,000 36,362,346
5.32%, 1/9/97 ................................. 35,000,000 34,958,622
5.37%, 1/28/97 ................................ 6,450,000 6,424,023
5.40%, 1/2/97 ................................. 150,000,000 149,970,333
5.57%, 5/12/97(1) ............................. 25,000,000 25,003,224
General Electric Capital Corp.:
5.31%, 1/15/97 ................................ 35,000,000 34,927,725
5.50%, 1/31/97 ................................ 12,000,000 11,945,000
General Electric Capital Services, 7.12%, 1/2/97.. 152,000,000 151,969,938
General Motors Acceptance Corp.:
5.35%, 1/8/97 ................................. 25,000,000 24,973,993
5.35%, 3/3/97 ................................. 10,000,000 9,909,347
5.35%, 3/6/97 ................................. 20,000,000 19,809,778
5.41%, 4/10/97 ................................ 5,000,000 5,058,018
5.41%, 4/7/97 ................................. 67,000,000 66,029,147
5.45%, 1/16/97 ................................ 20,000,000 19,954,583
5.45%, 2/12/97 ................................ 20,000,000 19,872,833
5.45%, 2/12/97 ................................ 33,000,000 32,790,175
5.45%, 2/4/97 ................................. 14,000,000 13,927,939
5.45%, 2/5/97 ................................. 13,000,000 12,931,118
5.45%, 2/6/97 ................................. 20,000,000 19,891,000
5.45%, 4/21/97(1) ............................. 25,000,000 24,986,295
5.47%, 2/14/97 ................................ 29,000,000 28,806,119
5.48%, 3/26/97 ................................ 22,000,000 21,718,693
5.50%, 1/2/97 ................................. 35,000,000 34,993,368
5.50%, 2/18/97 ................................ 15,000,000 14,890,000
7.75%, 4/15/97 ................................ 5,000,000 5,030,650
8.38%, 5/1/97 ................................. 11,500,000 11,605,277
Household Finance Corp., 5.30%, 2/24/97 .......... 10,000,000 9,920,500
Transamerica Finance Corp., 5.33%, 3/17/97 ....... 14,000,000 13,844,542
--------------
1,110,766,652
--------------
11
</TABLE>
<PAGE> 12
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
ELECTRICAL EQUIPMENT - 0.4%
<S> <C> <C>
Xerox Corp., 5.30%, 1/10/97 ............................ $ 35,000,000 $ 34,953,625
------------
ELECTRONICS - 1.0%
Mitsubishi Electric Finance America, Inc.:
5.32%, 2/21/97(3) ................................... 20,000,000 19,849,267
5.33%, 1/30/97(3) ................................... 18,000,000 17,922,715
5.35%, 1/15/97(3) ................................... 21,000,000 20,956,308
5.35%, 1/22/97(3) ................................... 15,150,000 15,102,719
5.35%, 3/12/97(3) ................................... 5,000,000 4,947,986
------------
78,778,995
------------
HEALTHCARE/DRUGS - 0.1%
Sandoz Corp., 5.30%, 1/23/97(3) ........................ 6,000,000 5,980,567
------------
HEALTHCARE/SUPPLIES & SERVICES - 0.3%
American Home Products, 5.33%, 1/10/97(3) .............. 10,000,000 9,986,675
Sherwood Medical Co., 5.32%, 1/24/97(3) ................ 18,000,000 17,938,820
------------
27,925,495
------------
INDUSTRIAL SERVICES - 0.2%
Atlas Copco AB, 5.37%, 3/17/97(3) ...................... 5,000,000 4,944,063
PHH Corp., 5.79%, 3/26/97(1) ........................... 15,000,000 14,997,980
------------
19,942,043
------------
INSURANCE - 4.3%
Allstate Life Insurance Co., 5.38%, 1/3/97(1) .......... 40,000,000 40,000,000
General American Life Insurance Co., 5.58%, 1/3/97(1)... 50,000,000 50,000,000
Jackson National Life:
5.39%, 1/3/97(1) .................................... 30,000,000 30,000,000
5.40%, 1/3/97(1) .................................... 40,000,000 40,000,000
Pacific Mutual Life Insurance Co., 5.57%, 1/2/97(1)(4).. 25,000,000 25,000,000
Protective Life Insurance Co., 5.52%, 1/26/97(1)(4) .... 10,000,000 10,000,000
TransAmerica Life Insurance & Annuity Co.:
5.38%, 10/15/97(1) .................................. 50,000,000 50,000,000
5.38%, 9/30/97(1) ................................... 30,000,000 30,000,000
5.58%, 1/3/97(1) .................................... 43,000,000 43,000,000
TransAmerica Occidental Life, 5.38%, 9/29/97(1) ........ 30,000,000 30,000,000
------------
348,000,000
------------
</TABLE>
12
<PAGE> 13
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
LEASING & FACTORING - 1.5%
<S> <C> <C>
Hertz Corp. (The), 5.32%, 1/13/97 ........... $ 10,000,000 $ 9,982,267
International Lease Finance Corp.:
5.30%, 3/7/97 ............................ 20,000,000 19,808,611
5.33%, 2/3/97 ............................ 20,000,000 19,902,283
5.33%, 2/7/97 ............................ 30,000,000 29,835,658
5.35%, 2/6/97 ............................ 45,000,000 44,759,250
------------
124,288,069
------------
MANUFACTURING - 0.1%
Rexam PLC, 5.43%, 1/10/97(3) ................ 6,700,000 6,690,905
------------
NONDURABLE HOUSEHOLD GOODS - 0.8%
Colgate-Palmolive Co., 5.47%, 5/22/97(1)(3).. 22,000,000 21,997,881
Newell Co.:
5.32%, 1/28/97(3) ........................ 25,000,000 24,900,250
5.33%, 3/7/97(3) ......................... 15,000,000 14,855,646
------------
61,753,777
------------
OIL-INTEGRATED - 0.4%
Repsol International Finance BV:
5.33%, 2/7/97 ............................ 5,000,000 4,972,610
5.35%, 3/28/97 ........................... 25,000,000 24,680,486
------------
29,653,096
------------
SAVINGS & LOANS - 0.6%
First Bank FSB, 5.58%, 8/29/97(1) ........... 25,000,000 24,998,397
Household Finance Corp., 5.46%, 9/19/97(1)... 25,000,000 25,000,000
------------
49,998,397
------------
SPECIAL PURPOSE FINANCIAL - 21.9%
Asset Backed Capital Finance, Inc.:
5.38%, 5/22/97(3) ........................ 10,000,000 9,789,283
5.48%, 12/15/97(1)(4) .................... 35,000,000 34,988,149
Asset-Securitization Cooperative:
5.30%, 1/24/97(3) ........................ 55,000,000 54,813,764
5.31%, 1/29/97(3) ........................ 25,000,000 24,896,750
5.31%, 2/18/97(3) ........................ 27,000,000 26,808,933
5.31%, 2/27/97(3) ........................ 25,000,000 24,789,813
5.32%, 1/6/97(3) ......................... 20,000,000 19,985,222
13
</TABLE>
<PAGE> 14
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
----------- -----------
<S> <C> <C>
SPECIAL PURPOSE FINANCIAL (CONTINUED)
5.33%, 3/11/97(3) ............................ $18,000,000 $17,816,115
5.33%, 3/17/97(3) ............................ 20,000,000 19,777,917
5.34%, 3/18/97(3) ............................ 35,800,000 35,396,415
5.35%, 3/19/97(3) ............................ 25,000,000 24,713,924
5.45%, 3/27/97(3) ............................ 9,500,000 9,377,753
Beta Finance, Inc.:
5.31%, 2/20/97(3) ............................ 11,000,000 10,918,875
5.31%, 5/1/97(3) ............................. 15,000,000 14,734,500
5.32%, 5/7/97(3) ............................. 5,000,000 4,906,900
5.33%, 3/3/97(3) ............................. 14,000,000 13,873,561
5.35%, 3/10/97(3) ............................ 14,000,000 13,858,522
5.35%, 3/13/97(3) ............................ 23,500,000 23,252,042
5.35%, 3/17/97(3) ............................ 19,500,000 19,282,656
5.35%, 4/17/97(3) ............................ 18,000,000 17,716,450
5.45%, 1/27/97(3) ............................ 60,000,000 59,763,833
CIESCO L.P.:
5.30%, 1/29/97 ............................... 30,000,000 29,876,333
5.34%, 2/10/97 ............................... 20,000,000 19,881,333
5.35%, 2/14/97 ............................... 24,200,000 24,041,759
5.78%, 5/19/97(1)(3) ......................... 17,000,000 16,998,895
Cooperative Association of Tractor Dealers, Inc.:
5.38%, 1/31/97 ............................... 11,600,000 11,547,993
5.50%, 2/4/97 ................................ 4,300,000 4,277,664
CXC, Inc.:
5.30%, 3/5/97(3) ............................. 21,800,000 21,597,805
5.31%, 2/25/97(3) ............................ 35,000,000 34,716,063
5.31%, 2/27/97(3) ............................ 25,400,000 25,186,450
5.32%, 1/7/97(3) ............................. 35,000,000 34,968,967
5.32%, 3/12/97(3) ............................ 40,000,000 39,586,222
5.33%, 1/9/97(3) ............................. 25,000,000 24,970,389
5.35%, 1/16/97(3) ............................ 15,000,000 14,966,563
Enterprise Funding Corp., 5.38%, 3/13/97(3) ..... 13,000,000 12,862,191
Falcon Asset Securitization Corp.:
5.30%, 2/25/97(3) ............................ 25,000,000 24,797,569
5.32%, 1/13/97(3) ............................ 45,220,000 45,139,810
5.33%, 1/7/97(3) ............................. 36,200,000 36,167,842
5.50%, 1/3/97(3) ............................. 30,105,000 30,095,801
</TABLE>
14
<PAGE> 15
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
SPECIAL PURPOSE FINANCIAL (CONTINUED)
First Deposit Master Trust 1993-3:
5.32%, 2/24/97(3) ............................................... $ 5,000,000 $ 4,960,100
5.32%, 2/26/97(3) ............................................... 5,000,000 4,958,622
5.32%, 2/27/97(3) ............................................... 8,000,000 7,932,613
5.34%, 1/13/97(3) ............................................... 20,035,000 19,999,338
5.65%, 1/9/97(3) ................................................ 20,000,000 19,975,111
Fleet Funding Corp.:
5.32%, 1/10/97(3) ............................................... 34,394,000 34,348,256
5.32%, 1/8/97(3) ................................................ 5,138,000 5,132,685
New Center Asset Trust:
5.35%, 4/1/97 ................................................... 35,000,000 34,531,875
5.40%, 2/6/97 ................................................... 25,000,000 24,865,000
7.30%, 1/2/97 ................................................... 123,500,000 123,474,957
Preferred Receivables Funding Corp., 5.53%, 1/16/97 ................ 10,000,000 9,976,958
RACERS Series 1996-MM-12-3, 5.59%, 12/15/97(1)(4) .................. 25,000,000 25,000,000
Receivables Capital Corp., 5.53%, 1/23/97(3) ....................... 25,000,000 24,915,514
Sheffield Receivables Corp., 5.32%, 1/9/97 ......................... 17,000,000 16,979,902
Short Term Card Account Trust 1995-1, Class A1, 5.61%, 1/15/97(1)(4) 25,000,000 25,000,000
Sigma Finance, Inc.:
5.30%, 5/16/97(3) ............................................... 5,000,000 4,900,625
5.31%, 2/25/97(3) ............................................... 7,455,000 7,394,521
5.31%, 5/12/97(3) ............................................... 8,500,000 8,335,759
5.31%, 5/19/97(3) ............................................... 16,000,000 15,674,320
5.32%, 2/24/97(3) ............................................... 7,500,000 7,440,150
5.32%, 5/6/97(3) ................................................ 15,000,000 14,722,917
5.33%, 2/3/97(3) ................................................ 5,000,000 4,975,571
5.33%, 3/10/97(3) ............................................... 5,000,000 4,949,661
5.33%, 3/3/97(3) ................................................ 15,000,000 14,864,529
5.35%, 1/30/97(3) ............................................... 9,000,000 8,961,213
5.36%, 3/5/97(3) ................................................ 25,000,000 24,765,500
5.37%, 4/15/97(3) ............................................... 50,100,000 49,322,782
5.37%, 4/28/97(3) ............................................... 25,000,000 24,563,688
5.37%, 4/8/97(3) ................................................ 25,000,000 24,638,271
5.38%, 1/3/97(3) ................................................ 20,000,000 19,994,022
5.38%, 4/9/97(3) ................................................ 15,000,000 14,780,589
5.42%, 1/9/97(3) ................................................ 33,000,000 32,960,253
5.44%, 2/20/97(3) ............................................... 21,500,000 21,337,556
</TABLE>
15
<PAGE> 16
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
<S> <C> <C>
SPECIAL PURPOSE FINANCIAL (CONTINUED)
5.44%, 2/28/97(3) ...................................... $ 7,000,000 $ 6,940,115
5.45%, 1/15/97(3) ...................................... 15,000,000 14,968,208
5.45%, 1/24/97(3) ...................................... 15,000,000 14,947,771
5.45%, 1/27/97(3) ...................................... 15,000,000 14,940,958
SMM Trust:
1996-B, 5.42%, 1/6/97(4) ............................... 20,000,000 20,000,000
1996-I, 5.71%, 5/29/97(1)(4) ........................... 35,000,000 35,000,000
1996-V, 5.98%, 3/26/97(4) .............................. 20,000,000 20,000,000
TIERS Series DCMT 1996-A, 5.64%, 10/15/97(1)(4) ........... 25,000,000 25,000,000
--------------
1,771,570,936
--------------
TELECOMMUNICATIONS-TECHNOLOGY - 3.7%
GTE Corp., 5.48%, 4/1/97 .................................. 40,000,000 39,448,956
NYNEX Corp.:
5.32%, 2/21/97 ......................................... 17,000,000 16,871,877
5.33%, 1/31/97 ......................................... 15,000,000 14,933,375
5.33%, 2/18/97 ......................................... 15,000,000 14,893,400
5.33%, 2/28/97 ......................................... 25,000,000 24,785,319
5.34%, 1/27/97 ......................................... 10,000,000 9,961,433
5.34%, 3/6/97 .......................................... 15,000,000 14,857,600
5.34%, 3/7/97 .......................................... 18,000,000 17,826,450
5.35%, 1/10/97 ......................................... 55,000,000 54,926,438
5.35%, 3/5/97 .......................................... 15,000,000 14,860,088
5.37%, 4/18/97 ......................................... 25,000,000 24,600,979
5.42%, 1/17/97 ......................................... 38,000,000 37,908,676
5.50%, 3/28/97 ......................................... 13,670,000 13,490,391
--------------
299,364,982
--------------
Total Short-Term Notes (Cost $6,836,397,703) .............. 6,836,397,703
--------------
U.S. GOVERNMENT AGENCIES - 0.7%
Federal Home Loan Bank, 5.68%, 8/1/97 (Cost $59,969,257)(1) 60,000,000 59,969,257
--------------
</TABLE>
16
<PAGE> 17
STATEMENT OF INVESTMENTS December 31, 1996 (Unaudited)(Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
--------------- ---------------
<S> <C> <C>
FOREIGN GOVERNMENT OBLIGATIONS - 1.3%
Bayerische Landesbank Girozentrale, 5.07%, 7/29/97(1) ................. $ 30,000,000 $ 30,000,000
Swedish Export Credit Corp., 5.35%, 4/11/97 ........................... 30,831,000 30,372,817
Westdeutsche Landesbank Girozentrale, guaranteeing commercial paper of:
Comision Federal de Electricidad:
Series A, 5.31%, 2/18/97 ......................................... 25,000,000 24,823,000
Series A, 5.36%, 3/11/97 ......................................... 18,000,000 17,815,080
---------------
Total Foreign Government Obligations (Cost $103,010,897) .............. 103,010,897
---------------
REPURCHASE AGREEMENT - 0.3%
Repurchase agreement with Goldman, Sachs & Co.,
6.52%, dated 12/31/96, to be repurchased at $23,008,331
on 1/2/97, collateralized by U.S. Treasury Nts., 7.875%,
11/15/04, with a value of $23,467,173 (Cost $23,000,000) ........... 23,000,000 23,000,000
---------------
Total Investments, at Value ........................................... 100.1% 8,096,676,163
--------------- ---------------
Liabilities in Excess of Other Assets ................................. (0.1) (11,586,268)
--------------- ---------------
Net Assets ............................................................ 100.0% $ 8,085,089,895
=============== ===============
</TABLE>
Short-term notes, 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. 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, 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. Put obligation redeemable at full face value on the date reported.
3. Restricted securities, including those issued in exempt transactions
without registration under the Securities Act of 1933 (the Act),
amounting to $1,799,526,712, or 22.26% of the Trust's net assets, have
been determined to be liquid pursuant to guidelines adopted by the
Board of Trustees.
4. Restricted securities which are considered illiquid, by virtue of the
absence of a readily available market or because of legal or
contractual restrictions on resale, amount to $602,638,502, or 7.45% of
the Trust's net assets. 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.
17
<PAGE> 18
STATEMENT OF ASSETS AND LIABILITIES December 31, 1996 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
ASSETS:
Investments, at value - see accompanying statement ........... $8,096,676,163
Cash ......................................................... 1,174,332
Receivables:
Shares of beneficial interest sold ......................... 61,786,996
Interest ................................................... 16,480,378
Other ........................................................ 231,867
--------------
Total assets ............................................. 8,176,349,736
--------------
LIABILITIES:
Payables and other liabilities:
Shares of beneficial interest redeemed ..................... 89,687,905
Service plan fees .......................................... 532,168
Shareholder reports ........................................ 289,143
Dividends .................................................. 10,677
Trustees' fees ............................................. 2,842
Other ...................................................... 737,106
--------------
Total liabilities ........................................ 91,259,841
NET ASSETS ................................................... $8,085,089,895
==============
COMPOSITION OF NET ASSETS:
Paid-in capital .............................................. $8,085,041,176
Accumulated net realized gain on investment transactions ..... 48,719
--------------
NET ASSETS - applicable to 8,085,041,176 shares of beneficial
interest outstanding ...................................... $8,085,089,895
==============
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE $ 1.00
</TABLE>
See accompanying Notes to Financial Statements.
18
<PAGE> 19
STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1996 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
INVESTMENT INCOME - Interest ......................... $ 206,485,530
-------------
EXPENSES:
Management fees - Note 3 ............................. 13,121,270
Service plan fees - Note 3 ........................... 7,532,869
Transfer and shareholder servicing agent fees - Note 3 2,530,523
Registration and filing fees ......................... 1,141,550
Custodian fees and expenses .......................... 403,337
Shareholder reports .................................. 260,942
Legal and auditing fees .............................. 51,443
Insurance expenses ................................... 39,268
Trustees' fees and expenses .......................... 22,763
Other ................................................ 2,702
-------------
Total expenses ....................................... 25,106,667
-------------
NET INVESTMENT INCOME ................................ 181,378,863
NET REALIZED LOSS ON INVESTMENTS ..................... (432)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.. $ 181,378,431
=============
</TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1996 Year Ended
(Unaudited) June 30, 1996
--------------- ---------------
OPERATIONS:
<S> <C> <C>
Net investment income ....................................... $ 181,378,863 $ 303,412,547
Net realized gain (loss) .................................... (432) 265,465
--------------- ---------------
Net increase in net assets resulting from operations ........ 181,378,431 303,678,012
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS ................. (181,654,081) (303,849,237)
BENEFICIAL INTEREST TRANSACTIONS:
Net increase in net assets resulting from beneficial interest
transactions - Note 2 .................................... 1,332,481,512 1,940,862,519
--------------- ---------------
NET ASSETS:
Total increase .............................................. 1,332,205,862 1,940,691,294
Beginning of period ......................................... 6,752,884,033 4,812,192,739
--------------- ---------------
End of period ............................................... $ 8,085,089,895 $ 6,752,884,033
=============== ===============
</TABLE>
See accompanying Notes to Financial Statements.
19
<PAGE> 20
FINANCIAL HIGHLIGHTS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Six Months Ended Year Ended June 30,
December 31, -------------------------------------------------------------------
1996 (Unaudited) 1996 1995 1994 1993 1992
--------------- --------- --------- --------- --------- ---------
<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 .............. .02 .05 .05 .03(1) .03(1) .04(1)
Dividends and distributions to shareholders... (.02) (.05) (.05) (.03) (.03) (.04)
--------- --------- --------- --------- --------- ---------
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) ........................ 2.47% 5.11% 5.21% 2.82% 2.91% 4.73%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in millions) ...... $ 8,085 $ 6,753 $ 4,812 $ 2,559 $ 1,991 $ 1,270
Average net assets (in millions) ............. $ 7,480 $ 6,077 $ 3,342 $ 2,346 $ 1,701 $ 821
RATIOS TO AVERAGE NET ASSETS:
Net investment income ........................ 4.82%(3) 4.99% 5.01% 2.84% 2.82% 4.31%
Expenses ..................................... 0.67%(3) 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.
3. Annualized.
See accompanying Notes to Financial Statements.
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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 seeks to achieve this objective by investing in "money
market" securities meeting specified quality standards. The Trust's investment
adviser 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.
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NOTES TO FINANCIAL STATEMENTS (Unaudited)(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>
Six Months Ended December 31, 1996 Year Ended June 30, 1996
----------------------------------- -----------------------------------
Shares Amount Shares Amount
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Sold ...................... 12,621,819,056 $ 12,596,573,053 21,158,638,888 $ 21,158,638,888
Dividends and distributions
reinvested ................ 186,907,403 186,907,403 297,883,433 297,883,433
Redeemed .................. (11,476,244,947) (11,450,998,944) (19,515,659,802) (19,515,659,802)
---------------- ---------------- ---------------- ----------------
Net increase .............. 1,332,481,512 $ 1,332,481,512 1,940,862,519 $ 1,940,862,519
================ ================ ================ ================
</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.
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 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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