<PAGE> 1
DEAR SHAREHOLDER:
The job of a money market portfolio is to provide liquidity, safety of
principal and a yield that keeps pace with inflation. During the fiscal year
ended June 30, 1997, your Centennial Money Market Trust achieved those
objectives.
For the fiscal year ended June 30, 1997, Centennial Money Market Trust had a
compounded annual yield of 4.99%. Without compounding, the corresponding yield
was 4.87%. The seven-day annualized yields, with and without compounding, for
the year ended June 30, 1997 were 5.17% and 5.04%, respectively.(1) It's
important to remember that 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.
Our strategy is to invest in the securities that present minimal credit risk.
Through our independent credit analysis, we are able to add value, in the way
of additional yield, by identifying and investing in securities that are
improving credits. We may invest in securities that receive the second highest
rating issued by one credit rating agency, but that security must also have
been assigned the highest rating by at least two other ratings agencies. We
invest in such a "split-rated" security only if it is, in our opinion, an
improving credit and likely to be upgraded.
The U.S. economy is in the midst of one of its best periods in decades, with
growth in 1997 reaching an annual rate of 4%, up from about 2% in 1995.
Unemployment has fallen to its lowest level since the early 1970s. Meanwhile,
inflation is dormant, despite the strengthening economy.
As a result, interest rates have remained under control. Although 30-year
Treasury rates have risen above 7% several times during the past twelve months,
yields on short-term securities, such as U.S. Treasury bills and money market
securities, have hovered closer to 5%.
In comparison, the annual inflation rate is generally agreed to be about
2.5%.(2) That means that the difference between money market yields and
inflation is roughly 3 percentage points, twice the normal "spread."
Considering their low level of risk and their traditional role as an
alternative to cash, today's money market fund yields are quite attractive.
On March 25, 1997, the Federal Reserve Board raised short-term interest rates
by 0.25%. Many market observers predicted the Fed's attempt to slow down the
economy, since the Gross Domestic Product during the first quarter of 1997 was
growing at a 5.8% annual rate. Although the March action came as no surprise,
the next question was whether the Fed was going to raise interest rates
further. However, the
<PAGE> 2
Fed often behaves unexpectedly. Many investors expected the Fed to raise
interest rates another 0.25% at its May 20, 1997 meeting. Instead, the Fed
left interest rates unchanged, satisfied that the economy was slowing down.
Rather than try to make such predictions, our strategy is to "ladder" the
portfolio with some securities maturing in a few days, some maturing in a
month, some maturing in two months and so on. With a relatively broad maturity
spectrum, the portfolio is less affected by Fed moves up or down. At the same
time, the portfolio is able to enjoy higher income typically available on
longer-term money market securities.
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
July 22, 1997
1. Compounded yields assume reinvestment of dividends. Past performance does
not guarantee future results.
2. Data: Labor Dept.
<PAGE> 3
STATEMENT OF INVESTMENTS June 30, 1997
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
BANKERS' ACCEPTANCES-0.3%
BankBoston, N.A., 5.28%, 8/18/97 . . . . . . . . . . . . . . . . . . . . $ 18,000,000 $ 17,873,280
Barnett Banks, Inc., 5.59%, 11/25/97 . . . . . . . . . . . . . . . . . . 10,000,000 9,771,742
--------------
Total Bankers' Acceptances . . . . . . . . . . . . . . . . . . . . . . . 27,645,022
--------------
CERTIFICATES OF DEPOSIT-3.1%
DOMESTIC CERTIFICATES OF DEPOSIT-0.7%
LaSalle National Bank:
5.46%, 7/1/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,000,000
5.52%, 7/9/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 17,000,000
5.67%, 10/17/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
--------------
62,000,000
--------------
YANKEE CERTIFICATES OF DEPOSIT-2.4%
ABN Amro Bank, N.V., 5.49%, 7/11/97 . . . . . . . . . . . . . . . . . . . 35,000,000 35,000,191
Deutsche Bank AG, 5.55%, 7/3/97 . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,999,952
Societe Generale:
5.45%, 7/14/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,398
5.68%, 8/21/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000,000 18,000,206
5.68%, 8/21/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,999,850
5.72%, 10/21/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,969,410
5.75%, 12/23/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
5.75%, 12/23/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
5.75%, 8/18/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
5.75%, 8/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
5.92%, 9/17/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,012,065
--------------
212,982,072
--------------
Total Certificates of Deposit . . . . . . . . . . . . . . . . . . . . . 274,982,072
--------------
DIRECT BANK OBLIGATIONS-5.8%
Abbey National North America Corp.:
5.275%, 8/21/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,850,542
5.39%, 7/11/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,000,000 71,892,339
ABN Amro North America Finance, Inc.:
5.28%, 7/23/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,835,611
5.37%, 7/11/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,947,792
Bank One Dayton N.A., 5.70%, 11/3/97(1) . . . . . . . . . . . . . . . . . 15,000,000 14,997,187
BankBoston, N.A.:
5.05%, 1/20/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
5.53%, 7/11/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
5.69%, 8/27/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 30,000,000
5.69%, 8/29/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 40,000,000
5.69%, 9/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
</TABLE>
3
<PAGE> 4
STATEMENT OF INVESTMENTS June 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
DIRECT BANK OBLIGATIONS (CONTINUED)
Bankers Trust Co., New York:
5.37%, 12/10/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,000,000 $ 16,998,186
5.60%, 11/26/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,993,026
5.66%, 6/9/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 16,992,249
5.70%, 10/17/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,999,126
5.70%, 4/3/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,996,809
5.71%, 4/15/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
CoreStates Capital Corp., 5.608%, 12/18/97(1) . . . . . . . . . . . . . . . . . . . . . . 13,000,000 12,996,562
FCC National Bank:
5.60%, 5/8/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,993,336
5.63%, 8/21/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,999,595
Huntington National Bank, 5.53%, 7/9/97 . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
National Westminster Bank of Canada:
5.38%, 7/2/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000 6,998,954
5.38%, 7/7/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,986,550
Societe Generale North America, Inc.:
5.39%, 7/14/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,961,072
5.61%, 9/2/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,852,737
Westdeutsche Landesbank Girozentrale, 5.58%, 12/22/97 . . . . . . . . . . . . . . . . . . 13,500,000 13,135,905
--------------
Total Direct Bank Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 528,427,578
--------------
LETTERS OF CREDIT-3.5%
Bank of America, guaranteeing commercial paper of Formosa Plastics Corp.
USA-Series B, 5.57%, 10/27/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,543,569
Bank One, Cleveland, guaranteeing commercial paper of Capital One Funding Corp.:
Series 1995F, 5.63%, 7/13/97(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . 10,496,000 10,496,000
Series 1995F, 5.63%, 7/13/97(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . 8,750,000 8,750,000
Barclays Bank PLC, guaranteeing commercial paper of:
Banco Bradesco SA-Grand Cayman Branch-Series A, 5.58%, 10/21/97 . . . . . . . . . . . 20,000,000 19,652,800
Banco Bradesco SA-Grand Cayman Branch-Series A, 5.62%, 9/4/97 . . . . . . . . . . . . 20,000,000 19,797,056
Banco Bradesco SA-Grand Cayman Branch-Series A, 5.65%, 12/1/97 . . . . . . . . . . . . 5,000,000 4,879,937
Banco Bradesco SA-Grand Cayman Branch-Series B, 5.59%, 12/2/97 . . . . . . . . . . . . 22,000,000 21,473,919
Banco Bradesco SA-Grand Cayman Branch-Series B, 5.62%, 12/3/97 . . . . . . . . . . . . 5,000,000 4,879,014
Banco Nacionale de Mexico SA-Series B, 5.64%, 7/8/97 . . . . . . . . . . . . . . . . . 15,000,000 14,983,550
Bayerische Vereinsbank AG, guaranteeing commercial paper of
Galicia Funding Corp.-Series B, 5.62%, 9/5/97(3) . . . . . . . . . . . . . . . . . . . 10,000,000 9,896,967
</TABLE>
4
<PAGE> 5
STATEMENT OF INVESTMENTS June 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
LETTERS OF CREDIT (CONTINUED)
Credit Suisse, guaranteeing commercial paper of:
CEMEX, S.A. de C.V.-Series A, 5.31%, 8/18/97 . . . . . . . . . . . . . . . . . . . . . $ 15,000,000 $ 14,893,800
COSCO (Cayman) Co., Ltd., 5.59%, 10/24/97 . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,821,431
COSCO (Cayman) Co., Ltd., 5.62%, 8/19/97 . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,885,258
Daewoo International Corp., 5.45%, 7/15/97 . . . . . . . . . . . . . . . . . . . . . . 9,000,000 8,980,925
Daewoo International Corp., 5.60%, 9/9/97 . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,891,111
Guangdon Enterprises Ltd., 5.67%, 8/19/97 . . . . . . . . . . . . . . . . . . . . . . 6,000,000 5,953,613
Minmetals Capitals & Securities, Inc., 5.61%, 8/12/97 . . . . . . . . . . . . . . . . 10,000,000 9,934,550
Pemex Capital, Inc.-Series B, 5.62%, 11/3/97 . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,902,431
Societe Generale, guaranteeing commercial paper of:
Banco Nacionale de Comercio Exterior, SNC-Series A, 5.61%, 11/25/97 . . . . . . . . . 30,000,000 29,312,775
Banco Nacionale de Comercio Exterior, SNC-Series A, 5.61%, 12/1/97 . . . . . . . . . . 22,500,000 21,963,544
Banco Nacionale de Comercio Exterior, SNC-Series B, 5.61%, 12/1/97 . . . . . . . . . . 10,000,000 9,761,575
Girsa Funding Corp., 5.57%, 7/2/97(3) . . . . . . . . . . . . . . . . . . . . . . . . 8,200,000 8,198,731
Nacional Financiera SNC-Series A, 5.60%, 8/20/97 . . . . . . . . . . . . . . . . . . . 10,000,000 9,922,222
Nacional Financiera SNC-Series A, 5.75%, 8/18/97 . . . . . . . . . . . . . . . . . . . 20,000,000 19,846,667
--------------
Total Letters of Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317,621,445
--------------
SHORT-TERM Notes-81.4%
AUTOMOTIVE-0.9%
BMW US Capital Corp.:
5.60%, 8/20/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,844,444
5.60%, 8/25/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,740,000 65,177,558
--------------
85,022,002
--------------
BANK HOLDING COMPANIES-1.0%
Bankers Trust New York Corp., 5.39%, 7/9/97 . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,982,033
Barnett Banks, Inc., 5.70%, 7/7/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,966,750
CoreStates Capital Corp., 5.61%, 7/14/97(1) . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
Morgan (J.P.) & Co., Inc., 5.38%, 7/9/97 . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,976,089
NationsBank Corp., 5.37%, 7/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000,000 8,990,602
--------------
93,915,474
--------------
BANKS-2.1%
BankBoston, N.A.:
5.42%, 8/19/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
5.69%, 9/4/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 30,000,000
Bankers Trust Co., New York:
5.39%, 7/7/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,955,083
5.69%, 4/23/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,996,837
</TABLE>
5
<PAGE> 6
STATEMENT OF INVESTMENTS June 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
BANKS (CONTINUED)
FCC National Bank:
5.62%, 2/20/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,000,000 $ 14,995,294
5.69%, 9/11/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
5.87%, 11/10/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,000,000 32,008,127
--------------
186,955,341
--------------
BEVERAGES-1.2%
Coca-Cola Enterprises, Inc.:
5.65%, 7/21/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,921,528
5.66%, 7/24/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,927,678
5.67%, 8/5/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,862,187
5.68%, 7/14/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,979,489
5.70%, 8/21/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,798,125
-------------
104,489,007
-------------
BROKER/DEALERS-16.3%
Bear Stearns Cos., Inc.:
5.44%, 5/22/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000,000 18,000,000
5.47%, 8/1/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,000,000
5.60%, 8/20/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,805,556
5.60%, 8/4/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,841,333
5.61%, 8/27/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,689,112
5.61%, 8/28/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,728,850
5.61%, 9/22/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000,000 17,767,185
5.62%, 9/11/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,719,000
5.62%, 9/2/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,852,475
5.62%, 9/4/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,746,319
5.63%, 7/14/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,000,000 33,930,876
5.64%, 10/6/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,468,117
5.66%, 7/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,891,000 49,836,197
5.668%, 4/3/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
5.677%, 2/9/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,018,858
5.75%, 4/1/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
CS First Boston, Inc.:
5.36%, 7/11/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000,000 17,973,200
5.42%, 5/12/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,000,000
5.43%, 6/2/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,000,000
5.43%, 7/8/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,973,604
5.60%, 8/28/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,774,444
5.617%, 3/13/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 17,000,000
</TABLE>
6
<PAGE> 7
STATEMENT OF INVESTMENTS June 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
BROKER/DEALERS (CONTINUED)
Dean Witter, Discover & Co., 5.888%, 9/29/97(1) . . . . . . . . . . . . . . . . . . . . . $ 20,000,000 $ 20,010,940
Goldman Sachs Group, L.P.:
5.60%, 9/12/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,602,556
5.61%, 9/10/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,612,754
5.62%, 10/6/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,470,003
5.62%, 9/4/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,644,847
5.62%, 9/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,730,708
5.78%, 9/22/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 30,000,000
Goldman Sachs Group, L.P., Promissory Nts.:
5.844%, 10/10/97(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
5.87%, 11/10/97(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,000,000
5.88%, 12/12/97(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 35,000,000
5.89%, 9/4/97(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,000,000
Lehman Brothers Holdings, Inc.:
5.62%, 11/21/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,000,000 27,374,931
5.63%, 8/22/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,918,678
5.64%, 7/2/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,994,517
5.64%, 9/10/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,777,533
5.65%, 7/10/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,964,687
5.65%, 7/7/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,976,458
5.677%, 2/3/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
5.771%, 6/18/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 35,106,786
Merrill Lynch & Co., Inc.:
5.28%, 7/3/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,995,600
5.36%, 7/2/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,996,239
5.39%, 7/18/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,961,821
5.40%, 7/11/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,970,000
5.40%, 7/9/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,988,000
5.58%, 10/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,671,400
5.58%, 12/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000,000 20,456,415
5.59%, 12/1/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,524,850
5.60%, 8/25/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,871,667
5.60%, 8/29/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,862,333
5.62%, 8/28/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,818,911
5.62%, 9/3/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,800,178
5.63%, 7/14/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,000,000 26,945,107
5.648%, 1/8/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,997,449
5.65%, 7/10/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,971,750
5.68%, 10/24/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,998,425
5.68%, 3/18/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,997,912
</TABLE>
7
<PAGE> 8
STATEMENT OF INVESTMENTS June 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
BROKER/DEALERS (CONTINUED)
Merrill Lynch & Co., Inc. (Continued)
5.68%, 7/16/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000,000 $ 24,940,833
5.685%, 5/26/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 16,997,720
5.70%, 8/12/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000,000 12,913,550
5.70%, 9/19/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,000,000
5.75%, 12/19/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,999,661
Morgan Stanley, Dean Witter, Discover & Co., 5.50%, 3/24/98 . . . . . . . . . . . . . . . 23,744,000 23,744,000
--------------
1,476,734,345
--------------
CHEMICALS-1.1%
Henkel Corp.:
5.58%, 10/17/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000,000 12,782,380
5.58%, 10/23/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,558,250
5.58%, 10/24/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,554,375
5.61%, 9/11/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,887,800
5.70%, 10/20/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,000,000 28,490,325
--------------
100,273,130
--------------
COMMERCIAL FINANCE-14.2%
CIT Group Holdings, Inc.:
5.58%, 11/20/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000,000 69,980,400
5.60%, 12/23/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,990,703
5.60%, 5/22/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,978,936
5.60%, 8/26/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000,000 64,433,778
5.625%, 9/17/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,996,126
5.63%, 7/17/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,949,956
5.764%, 3/11/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000,000 11,000,000
Countrywide Home Loans:
5.57%, 7/1/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
5.59%, 9/18/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,754,661
5.60%, 8/13/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 39,732,444
5.60%, 8/25/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,095,000 68,503,854
5.61%, 8/27/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,822,350
5.62%, 8/14/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,896,967
5.62%, 8/28/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 39,637,822
5.63%, 8/29/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 39,630,922
5.63%, 9/4/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,491,736
FINOVA Capital Corp.:
5.30%, 7/14/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,961,217
5.40%, 7/21/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,922,667
5.43%, 7/10/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,993,212
</TABLE>
8
<PAGE> 9
STATEMENT OF INVESTMENTS June 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
COMMERCIAL FINANCE (CONTINUED)
5.47%, 7/11/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,000,000 $ 9,984,806
5.47%, 7/16/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,988,604
5.61%, 10/16/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,749,888
5.61%, 10/22/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,559,771
5.61%, 10/30/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000,000 53,962,929
5.61%, 10/31/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,809,883
5.61%, 11/21/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000,000 11,732,590
5.61%, 11/7/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,899,488
5.63%, 11/25/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,655,163
5.63%, 8/21/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,840,483
5.63%, 9/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,940,572
5.64%, 11/14/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,573,867
5.64%, 9/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,783,800
5.65%, 9/12/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,770,861
5.65%, 9/4/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,744,965
5.69%, 12/3/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,000,000 28,289,540
5.72%, 8/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,821,250
Heller Financial, Inc.:
5.71%, 10/1/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,998,488
5.71%, 10/10/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,998,340
5.72%, 8/27/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,728,300
5.73%, 9/9/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,665,750
5.74%, 11/13/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,461,875
5.75%, 12/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,733,264
5.75%, 7/16/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,964,063
5.75%, 9/4/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,636,632
5.75%, 9/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,779,583
5.80%, 10/9/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000,000 44,275,000
5.80%, 12/22/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,018,833
5.831%, 12/18/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 35,000,000
--------------
1,289,046,339
--------------
COMPUTER SOFTWARE-0.8%
First Data Corp.:
5.58%, 12/16/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,088,600
5.60%, 9/9/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000,000 23,738,667
5.605%, 1/27/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 16,444,171
--------------
74,271,438
--------------
</TABLE>
9
<PAGE> 10
STATEMENT OF INVESTMENTS June 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
CONGLOMERATES-1.0%
Mitsubishi International Corp.:
5.55%, 7/3/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 68,850,000 $ 68,828,771
5.60%, 9/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,940,889
5.61%, 8/20/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,844,167
--------------
93,613,827
--------------
CONSUMER FINANCE-1.2%
Island Finance Puerto Rico, Inc.:
5.60%, 9/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,881,778
5.61%, 8/29/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 16,843,699
5.61%, 9/2/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,803,650
5.61%, 9/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,946,238
5.62%, 8/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,894,625
Sears Roebuck Acceptance Corp.:
5.60%, 8/25/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,700,556
6.20%, 7/1/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000,000 9,000,000
--------------
110,070,546
--------------
DIVERSIFIED FINANCIAL-10.4%
Associates Corp. of North America, 5.65%, 7/14/97 . . . . . . . . . . . . . . . . . . . . 35,000,000 34,928,590
Ford Motor Credit Corp.:
5.57%, 10/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000,000 73,769,958
5.57%, 10/30/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,063,931
5.57%, 11/20/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,500,000 41,566,251
5.58%, 12/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,256,000
General Electric Capital Corp.:
5.37%, 7/10/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 39,946,300
5.40%, 7/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,989,500
5.57%, 11/20/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,340,883
5.57%, 11/28/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,419,792
5.58%, 11/3/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,515,625
5.59%, 9/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,704,972
5.60%, 9/10/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,613,444
5.75%, 7/2/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,992,014
General Electric Capital Services:
5.36%, 7/16/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000,000 17,959,800
5.57%, 11/24/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 48,870,528
General Motors Acceptance Corp.:
5.31%, 8/6/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,000,000 63,659,750
5.41%, 7/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 16,964,234
5.45%, 7/14/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000,000 17,964,575
5.60%, 7/29/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,847,556
5.61%, 12/22/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,000,000 22,376,355
</TABLE>
10
<PAGE> 11
STATEMENT OF INVESTMENTS JUNE 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
DIVERSIFIED FINANCIAL (CONTINUED)
5.63%, 12/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,340,000 $ 6,181,359
5.70%, 12/9/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 48,725,417
5.73%, 11/18/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,000,000 26,398,350
5.73%, 11/24/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 16,604,948
5.75%, 4/21/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,987,616
6.25%, 7/1/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,000,000 46,000,000
Household Finance Corp., 5.59%, 9/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,409,944
Prudential Funding Corp., 5.685%, 5/5/98(1) . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,992,873
--------------
947,050,565
--------------
DRUG WHOLESALERS-0.4%
Glaxo Wellcome PLC, 5.60%, 9/11/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,000,000 37,574,400
--------------
ELECTRONICS-0.8%
Avnet, Inc., 5.66%, 8/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,940,256
Mitsubishi Electric Finance America, Inc.:
5.63%, 8/20/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,804,514
5.63%, 9/3/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,949,956
5.66%, 8/6/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,915,000
5.67%, 7/23/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,982,675
5.68%, 8/13/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000,000 8,938,940
--------------
68,531,341
--------------
HEALTHCARE/SUPPLIES & SERVICES-1.6%
AC Acquisition Holding Co.:
5.61%, 8/15/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,824,688
5.61%, 8/22/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000,000 17,854,140
American Home Products Corp.:
5.62%, 9/10/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,667,483
5.62%, 9/8/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000,000 44,515,275
5.63%, 9/4/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,745,868
--------------
141,607,454
--------------
INDUSTRIAL SERVICES-1.1%
Atlas Copco AB, 5.625%, 8/25/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,957,031
PHH Corp.:
5.658%, 1/27/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,991,076
5.658%, 1/27/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,000,000 26,996,927
5.698%, 1/15/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 16,999,102
--------------
98,944,136
--------------
</TABLE>
11
<PAGE> 12
STATEMENT OF INVESTMENTS JUNE 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
INSURANCE-6.7%
Allstate Life Insurance Co., 5.691%, 7/1/97(1) . . . . . . . . . . . . . . . . . . . . . $ 40,000,000 $ 40,000,000
General American Life Insurance Co., 5.89%, 7/1/97(1) . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
Jackson National Life Insurance Co.:
5.71%, 3/1/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 40,000,000
5.711%, 8/1/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 30,000,000
Pacific Mutual Life Insurance Co., 5.756%, 7/21/97(1)(2) . . . . . . . . . . . . . . . . 60,000,000 60,000,000
Protective Life Insurance Co.:
5.751%, 11/25/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
5.751%, 4/1/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
5.841%, 7/21/97(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
Prudential Life Insurance Co., 5.773%, 1/31/00(1) . . . . . . . . . . . . . . . . . . . . 140,000,000 140,000,000
Transamerica Life Insurance & Annuity Co.:
5.687%, 5/15/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 40,000,000
5.691%, 10/15/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
5.691%, 9/30/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 30,000,000
5.735%, 3/22/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,000,000 43,000,000
Transamerica Occidental Corp., 5.691%, 9/29/97(1) . . . . . . . . . . . . . . . . . . . . 30,000,000 30,000,000
--------------
603,000,000
--------------
LEASING & FACTORING-1.9%
American Honda Finance Corp.:
5.62%, 7/31/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000,000 54,742,417
5.65%, 7/28/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,915,250
5.65%, 8/4/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,866,597
5.812%, 6/16/98(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
International Lease Finance Corp.:
5.27%, 7/17/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 16,960,182
5.27%, 7/21/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,926,806
The Hertz Corp., 5.60%, 9/2/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 16,833,400
--------------
173,244,652
--------------
METALS/MINING-0.3%
RTZ America, Inc.:
5.57%, 12/22/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,000,000 13,623,097
5.58%, 12/19/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 16,549,415
--------------
30,172,512
--------------
</TABLE>
12
<PAGE> 13
STATEMENT OF INVESTMENTS JUNE 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
NONDURABLE HOUSEHOLD GOODS-0.9%
Avon Capital Corp.:
5.63%, 9/11/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,000,000 $ 7,909,920
5.63%, 9/29/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000,000 8,873,325
5.63%, 9/8/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,500,000 8,408,278
5.64%, 8/28/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,909,133
Newell Co.:
5.60%, 10/17/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,664,000
5.60%, 9/19/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,688,889
--------------
79,453,545
--------------
OIL-INTEGRATED-0.4%
Repsol International Finance BV:
5.39%, 7/15/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000,000 10,976,943
5.60%, 12/9/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000,000 23,398,933
--------------
34,375,876
--------------
SAVINGS & LOANS-1.9%
First Bank FSB, 5.658%, 8/29/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,999,606
Great Western Bank FSB:
5.60%, 8/21/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,801,667
5.61%, 9/12/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,772,483
5.61%, 9/17/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,817,675
5.61%, 9/19/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,688,333
5.62%, 9/11/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 39,550,700
Household Bank FSB., 5.71%, 9/19/97(1) . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
--------------
173,630,464
--------------
SPECIAL PURPOSE FINANCIAL-15.2%
Asset Backed Capital Finance, Inc.:
5.60%, 11/17/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,891,889
5.60%, 12/26/97(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 39,987,424
5.65%, 9/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,510,000 11,385,356
5.66%, 3/16/98(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,995,248
5.66%, 8/1/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,000,000 47,766,053
5.68%, 7/22/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,900,600
5.687%, 12/15/97(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,994,313
5.70%, 8/22/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,794,167
</TABLE>
13
<PAGE> 14
STATEMENT OF INVESTMENTS JUNE 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
SPECIAL PURPOSE FINANCIAL (CONTINUED)
Asset Backed Securities Investment Trust-Series 1997A, 5.738% 2/16/98(1)(2) . . . . . . . $ 20,000,000 $ 19,998,751
Asset Securitization Cooperative Corp.:
5.59%, 12/3/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,759,319
5.60%, 9/18/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,000,000 20,741,933
5.62%, 9/5/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,484,833
5.62%, 9/8/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,676,850
5.63%, 8/1/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,927,279
Beta Finance, Inc.:
5.61%, 9/5/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000,000 18,804,585
5.62%, 9/26/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,500,000 14,303,066
5.62%, 9/8/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,000,000 45,504,848
5.65%, 7/11/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,000,000 22,963,903
Corporate Asset Funding Co., Inc.:
5.60%, 12/12/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000 6,821,422
5.60%, 8/25/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,700,556
CXC, Inc.:
5.58%, 9/26/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,595,450
5.59%, 9/8/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,625,004
5.61%, 9/10/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,668,075
5.62%, 7/3/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 39,987,511
5.62%, 8/15/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000,000 17,873,550
5.62%, 9/3/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,750,222
5.63%, 7/7/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,966,000 10,955,710
5.63%, 7/9/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 29,962,467
5.67%, 8/14/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,000,000 31,779,768
Enterprise Funding Corp.:
5.61%, 8/11/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,904,163
5.62%, 7/14/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,364,000 11,340,937
5.65%, 7/16/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 16,959,979
5.67%, 8/15/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,482,000 21,329,746
5.67%, 8/18/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,886,600
Falcon Asset Securitization Corp., 5.60%, 7/28/97(3) . . . . . . . . . . . . . . . . . . 50,000,000 49,790,000
New Center Asset Trust, 5.27%, 7/28/97 . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,901,188
Preferred Receivables Funding Corp.:
5.58%, 10/16/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,751,225
5.60%, 11/18/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,000,000 13,695,111
5.60%, 9/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,800,000 36,405,013
5.65%, 12/8/97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,497,778
</TABLE>
14
<PAGE> 15
STATEMENT OF INVESTMENTS JUNE 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
SPECIAL PURPOSE FINANCIAL (CONTINUED)
Providian Mastertrust 1993-3:
5.61%, 9/10/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 24,500,000 $ 24,228,928
5.62%, 9/11/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000,000 10,876,360
Racers Series 1996-MM-12-3, 5.687%, 12/15/97(1)(2) . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
Racers Series 1997-MM-1-1, 5.687%, 1/15/98(1)(2) . . . . . . . . . . . . . . . . . . . . 38,000,000 37,991,827
Sigma Finance, Inc.:
5.40%, 7/21/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,955,000
5.59%, 7/28/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,937,113
5.60%, 10/15/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,500,000 13,277,400
5.60%, 11/17/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 5,870,267
5.61%, 8/29/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,862,088
5.62%, 9/10/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,600,000 15,427,091
5.63%, 9/5/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,793,567
5.64%, 8/28/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 39,636,533
5.64%, 9/3/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000,000 8,909,760
5.65%, 12/15/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000,000 12,659,274
5.68%, 7/25/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000,000 17,931,840
5.69%, 11/26/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,532,156
5.70%, 8/19/97(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,844,833
SMM Trust 1996-B, 5.738%, 8/4/97(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,000,000
SMM Trust 1997-I, 5.687%, 5/29/98(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 30,000,000
Tiers Series DCMT 1996-A, 5.717%, 10/15/97(1)(2) . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
--------------
1,374,795,929
--------------
Total Short-Term Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,376,772,323
--------------
U.S. GOVERNMENT AGENCIES-0.9%
Federal Home Loan Bank, 5.67%, 8/1/97(1) . . . . . . . . . . . . . . . . . . . . . . . . 60,000,000 59,995,504
Student Loan Marketing Assn., 5.82%, 1/23/98 . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,998,307
--------------
Total U.S. Government Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,993,811
--------------
</TABLE>
15
<PAGE> 16
STATEMENT OF INVESTMENTS JUNE 30, 1997 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
FOREIGN GOVERNMENT OBLIGATIONS-1.9%
Bayerische Landesbank Girozentrale, 5.80%, 7/29/97(1) . . . . . . . . . . . . . . . . . . $ 30,000,000 $ 30,000,000
Swedish Export Credit Corp., 5.36%, 7/9/97 . . . . . . . . . . . . . . . . . . . . . . . 45,000,000 44,946,400
Westdeutsche Landesbank Girozentrale, 5.60%, 9/11/97 . . . . . . . . . . . . . . . . . . 50,000,000 49,440,000
Westdeutsche Landesbank Girozentrale, 5.61%, 8/29/97 . . . . . . . . . . . . . . . . . . 25,000,000 24,770,146
Westdeutsche Landesbank Girozentrale, guaranteeing commercial paper of:
Unibanco-Uniao de Brancos Brasileiros S.A.-Grand Cayman-Series A, 5.61%, 9/8/97 . . . 25,000,000 24,731,187
--------------
Total Foreign Government Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . 173,887,733
--------------
Total Investments, at Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96.9% 8,779,329,984
------ --------------
Other Assets Net of Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1 283,636,897
------ --------------
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $9,062,966,881
====== ==============
</TABLE>
Short-term notes, bankers' acceptances, direct bank obligations and letters of
credit are generally traded on a discount basis; the interest rate is the
discount rate received by the Trust at the time of purchase. Other securities
normally bear interest at the rates shown.
1. Floating or variable rate obligation. 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, 1997. 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 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 $427,213,563, or 4.71% 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.
3. Restricted securities, including those issued in exempt transactions
without registration under the Securities Act of 1933 (the Act),
amounting to $1,476,842,989, or 16.30% of the Trust's net assets, have
been determined to be liquid pursuant to guidelines adopted by the Board
of Trustees.
See accompanying Notes to Financial Statements.
16
<PAGE> 17
STATEMENT OF ASSETS AND LIABILITIES June 30, 1997
Centennial Money Market Trust
<TABLE>
<S> <C>
ASSETS:
Investments, at value-see accompanying statement . . . . . . . . . . . . . . . . . . . . . . . . . . $8,779,329,984
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 794,723
Receivables:
Shares of beneficial interest sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373,361,415
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,187,765
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,687
--------------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,177,754,574
--------------
LIABILITIES:
Payables and other liabilities:
Shares of beneficial interest redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,776,201
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,441,882
Service plan fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530,348
Trustees' fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,008
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,035,254
--------------
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,787,693
--------------
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,062,966,881
==============
COMPOSITION OF NET ASSETS:
Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,062,904,841
Accumulated net realized gain on investment transactions . . . . . . . . . . . . . . . . . . . . . . 62,040
--------------
NET ASSETS-applicable to 9,062,904,841 shares of beneficial
interest outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,062,966,881
==============
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE . . . . . . . . . . . . . . . . . . . $1.00
</TABLE>
See accompanying Notes to Financial Statements.
17
<PAGE> 18
STATEMENT OF OPERATIONS For the Year Ended June 30, 1997
Centennial Money Market Trust
<TABLE>
<S> <C>
INVESTMENT INCOME-interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $443,824,705
------------
EXPENSES:
Management fees-Note 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,755,568
Service plan fees-Note 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,003,021
Transfer and shareholder servicing agent fees-Note 3 . . . . . . . . . . . . . . . . . . 5,938,571
Registration and filing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,077,649
Custodian fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 812,579
Shareholder reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774,249
Legal and auditing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,976
Tustees' fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,237
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,846
------------
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,546,696
------------
Less assumption of expenses by Centennial Asset Management Corp. . . . . . . . . . . . (4,890,123)
------------
Net Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,656,573
------------
NET INVESTMENT INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390,168,132
NET REALIZED GAIN ON INVESTMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,890
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . $390,181,022
============
</TABLE>
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Ended June 30,
--------------------------------------
1997 1996
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income . . . . . . . . . . . . . . . . . . . . . . . . $ 390,168,132 $ 303,412,547
Net realized gain . . . . . . . . . . . . . . . . . . . . . . . . . . 12,890 265,465
-------------- --------------
Net increase in net assets resulting from operations . . . . . . . . 390,181,022 303,678,012
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS . . . . . . . . . . . . . (390,443,351) (303,849,237)
BENEFICIAL INTEREST TRANSACTIONS:
Net increase in net assets resulting from beneficial interest
transactions-Note 2 . . . . . . . . . . . . . . . . . . . . . . . 2,310,345,177 1,940,862,519
-------------- --------------
NET ASSETS:
Total increase . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,310,082,848 1,940,691,294
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . 6,752,884,033 4,812,192,739
-------------- -------------
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,062,966,881 $6,752,884,033
============== ==============
</TABLE>
See accompanying Notes to Financial Statements.
18
<PAGE> 19
\FINANCIAL HIGHLIGHTS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Year Ended June 30,
--------------------------------------------------------
1997 1996 1995 1994 1993
----- ---- ---- ---- -----
<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 .05 .03 .03
Dividends and distributions to shareholders . . . . . (.05) (.05) (.05) (.03) (.03)
---- ---- ---- ---- ----
Net asset value, end of period . . . . . . . . . . . $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== =====
TOTAL RETURN, AT
NET ASSET VALUE(1) . . . . . . . . . . . . . . . . 4.97% 5.11% 5.21% 2.82% 2.91%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in millions) . . . . . . . $9,063 $6,753 $4,812 $2,559 $1,991
Average net assets (in millions) . . . . . . . . . . $8,033 $6,077 $3,342 $2,346 $1,701
Ratios to average net assets:
Net investment income . . . . . . . . . . . . . . . 4.86% 4.99% 5.01% 2.84% 2.82%
Expenses, before voluntary
assumption by the Manager . . . . . . . . . . . . 0.73% 0.74% 0.77% 0.81% 0.83%
Expenses, net of voluntary
assumption by the Manager . . . . . . . . . . . . 0.67% 0.69% 0.73% 0.76% 0.78%
</TABLE>
1. 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
reflect changes in net investment income only.
See accompanying Notes to Financial Statements.
19
<PAGE> 20
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 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.
Repurchase Agreements-The Trust requires the custodian to take possession, to
have legally segregated in the Federal Reserve Book Entry System or to have
segregated within the custodian's vault, all securities held as collateral for
repurchase agreements. The market value of the underlying securities is
required to be at least 102% of the resale price at the time of purchase. If
the seller of the agreement defaults and the value of the collateral declines,
or if the seller enters an insolvency proceeding, realization of the value of
the collateral by the Trust may be delayed or limited.
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.
20
<PAGE> 21
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, 1997 Year Ended June 30, 1996
------------------------------------ -------------------------------------
Shares Amount Shares Amount
--------------- --------------- -------------- ----------------
<S> <C> <C> <C> <C>
Sold . . . . . . . . . . . . . 27,792,751,077 $ 27,792,751,077 21,158,638,888 $ 21,158,638,888
Dividends and distributions
reinvested . . . . . . . . . 378,092,268 378,092,268 297,883,433 297,883,433
Redeemed . . . . . . . . . . . (25,860,498,168) (25,860,498,168) (19,515,659,802) (19,515,659,802)
--------------- ---------------- --------------- ----------------
Net increase . . . . . . . . 2,310,345,177 $ 2,310,345,177 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% of the
first $250 million of net assets; 0.475% of the next $250 million of net
assets; 0.45% of the next $250 million of net assets; 0.425% of the next $250
million of net assets; and 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.
21
<PAGE> 22
NOTES TO FINANCIAL STATEMENTS (Continued)
Centennial Money Market Trust
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.
22
<PAGE> 23
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,
1997, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended June 30, 1997 and 1996,
and the financial highlights for the period July 1, 1992 to June 30, 1997.
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, 1997 by correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Centennial Money
Market Trust at June 30, 1997, 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, 1997
================================================================================
FEDERAL INCOME TAX INFORMATION (Unaudited)
Centennial Money Market Trust
In early 1998, shareholders will receive information regarding all dividends
and distributions paid to them by the Trust during calendar year 1997.
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,
1997 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 adviser for specific guidance.
23
<PAGE> 24
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.
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.)
303-768-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5143
Denver, CO 80217-5143
RA0150.001.0697 [RECYCLED LOGO] Printed on recycled paper
1997 ANNUAL REPORT
CENTENNIAL
MONEY MARKET
TRUST
JUNE 30, 1997
24
