<PAGE> 1
1998 ANNUAL REPORT
CENTENNIAL
MONEY MARKET
TRUST
<PAGE> 2
DEAR SHAREHOLDER:
In a year of excitement and volatility for stock markets here and abroad, money
market funds, such as Centennial Money Market Trust, generally continued to
provide stable returns. Yields moved in a very narrow range, as the Federal
Reserve Board, which raises and lowers short-term interest rates based on its
view of inflation, stayed on the sidelines for the entire fiscal year.
Two opposing forces have kept the Fed from raising or lowering rates. On one
hand, the U.S. economy continues to grow at a strong pace, with the
unemployment rate at just 4.5% and consumer confidence soaring. On the other
hand, the Asian financial crisis shows no signs of easing, which has weakened
global demand for goods and services. Since the United States is a major
exporter to Asia, slackening demand and devalued currencies in the Far East
have created a dampening effect on inflation. Remarkably, seven years into an
economic expansion, U.S. inflation is now trending below 2%.
For the fiscal year ended June 30, 1998, Centennial Money Market Trust produced
a compounded annual yield of 5.17%. Without compounding, the corresponding
yield was 5.04%. The seven-day annualized yields, with and without compounding
on June 30, 1998 were 5.11% and 4.99%, respectively.1 It is 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.
The supply of money market securities varied considerably during the year. For
example, in January 1998, corporations issued a great deal of commercial paper
to take advantage of very low interest rates. By June, the excess supply had
been absorbed by strong demand, which boosted prices and brought yields down.
To be sure, there are still opportunities to add yield to the portfolio without
taking material credit risk. For example, we recently purchased a security
issued by a major insurance company that was offering a slightly higher yield
than the market for commercial paper. In addition, the security carried a "put"
option. In the event that interest rates rise, the put option gives us the
right to sell the security back to the issuer at the price we originally paid
for the security. The put option is important because, without it, rising
interest rates would decrease the security's potential return.
During the rest of 1998 and beyond, we plan to continue monitoring global
events so that we can position the portfolio accordingly. We will also continue
to invest conservatively, always keeping in mind your objectives of safety and
liquidity.
1. Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
<PAGE> 3
Thank you for your confidence in Centennial Money Market Trust. We look forward
to helping you reach your investment goals, part of our commitment to you as
The Right Way to Invest.
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, 1998
2
<PAGE> 4
STATEMENT OF INVESTMENTS June 30, 1998
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
BANKERS' ACCEPTANCES--0.2%
BankBoston, N.A., 5.37%, 7/14/98........................................................ $ 8,000,000 $ 7,984,486
Corestates Bank, N.A., 5.46%, 9/21/98................................................... 15,000,000 14,813,450
---------------
Total Bankers' Acceptances ............................................................. 22,797,936
---------------
CERTIFICATES OF DEPOSIT--4.5%
DOMESTIC CERTIFICATES OF DEPOSIT--0.9%
Bank of America, 5.50%, 7/22/98......................................................... 30,000,000 29,999,417
Lasalle National Bank:
5.53%, 8/2/98......................................................................... 25,000,000 25,000,000
5.61%, 9/11/98........................................................................ 30,000,000 30,000,000
5.62%, 10/26/98....................................................................... 50,000,000 50,000,000
---------------
134,999,417
---------------
YANKEE CERTIFICATES OF DEPOSIT--3.6%
Deutsche Bank AG:
5.65%, 1/22/99........................................................................ 35,000,000 35,000,000
5.71%, 1/29/99........................................................................ 25,000,000 25,000,000
5.85%, 10/20/98....................................................................... 25,000,000 25,008,335
Societe Generale:
5.54%, 7/24/98........................................................................ 25,000,000 25,000,000
5.54%, 8/17/98........................................................................ 10,000,000 9,998,689
5.60%, 10/8/98........................................................................ 25,000,000 24,998,224
5.60%, 10/5/98........................................................................ 15,000,000 15,000,389
5.63%, 11/4/98........................................................................ 20,000,000 20,000,000
5.76%, 10/8/98........................................................................ 18,000,000 17,996,382
5.77%, 10/7/98........................................................................ 12,750,000 12,749,294
5.77%, 10/7/98........................................................................ 15,000,000 14,998,475
5.77%, 10/7/98........................................................................ 35,500,000 35,495,559
5.77%, 10/7/98........................................................................ 20,000,000 20,000,595
5.775%, 10/9/98....................................................................... 25,000,000 24,999,486
5.775%, 10/9/98....................................................................... 25,000,000 24,998,163
5.775%, 10/9/98....................................................................... 25,000,000 24,998,715
5.86%, 10/5/98........................................................................ 25,000,000 25,015,800
5.86%, 11/18/98....................................................................... 26,000,000 26,011,545
5.89%, 10/14/98....................................................................... 20,000,000 20,004,877
5.89%, 8/14/98........................................................................ 25,000,000 25,002,832
5.91%, 10/15/98....................................................................... 15,000,000 15,003,128
5.96%, 9/15/98........................................................................ 25,000,000 25,009,863
</TABLE>
3
<PAGE> 5
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
YANKEE CERTIFICATES OF DEPOSIT (CONTINUED)
Swiss Bank Corp.:
5.68%, 11/9/98........................................................................ $ 40,000,000 $ 40,000,706
5.69%, 7/2/98......................................................................... 20,000,000 20,000,096
---------------
552,291,153
---------------
Total Certificates of Deposit........................................................... 687,290,570
---------------
DIRECT BANK OBLIGATIONS--5.4%
Abbey National North America Corp.:
5.37%, 7/27/98........................................................................ 20,000,000 19,922,433
5.45%, 10/22/98....................................................................... 50,000,000 49,144,653
5.47%, 10/30/98....................................................................... 45,000,000 44,172,662
5.49%, 11/4/98........................................................................ 50,000,000 49,039,250
5.495%, 11/13/98...................................................................... 50,000,000 48,969,687
5.50%, 11/2/98........................................................................ 30,000,000 29,431,667
ABN Amro North America Finance, Inc.:
5.47%, 10/28/98....................................................................... 50,000,000 49,095,930
5.49%, 11/5/98........................................................................ 50,000,000 49,031,625
BankBoston, N.A.:
5.63%, 11/9/98........................................................................ 20,000,000 20,000,000
5.65%, 10/5/98........................................................................ 25,000,000 25,000,000
5.65%, 11/19/98....................................................................... 40,000,000 40,000,000
5.65%, 11/2/98........................................................................ 30,000,000 30,000,000
5.65%, 11/9/98........................................................................ 35,000,000 35,000,000
Bank of Scotland, 5.42%, 10/7/98 ....................................................... 30,000,000 29,557,367
Bankers Trust Co., New York:
5.65%, 7/4/98(1)...................................................................... 25,000,000 24,999,682
5.79%, 7/4/98(1)...................................................................... 20,000,000 19,999,745
5.79%, 8/7/98(1)...................................................................... 25,000,000 24,998,730
5.82%, 7/14/98(1)..................................................................... 20,000,000 19,999,857
FCC National Bank:
5.62%, 8/12/98(1)..................................................................... 18,000,000 17,990,950
5.62%, 9/1/98(1)...................................................................... 25,000,000 24,984,397
National Westminster Bank of Canada:
5.39%, 8/17/98........................................................................ 10,000,000 9,929,630
5.523%, 11/2/98....................................................................... 20,000,000 19,619,527
Societe Generale North America, Inc.:
5.45%, 10/7/98........................................................................ 30,000,000 29,554,917
5.455%, 10/23/98...................................................................... 50,000,000 49,136,292
</TABLE>
4
<PAGE> 6
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
DIRECT BANK OBLIGATIONS (CONTINUED)
Societe Generale:
5.55%, 7/1/98(1)...................................................................... $ 17,000,000 $ 16,987,891
5.59%, 8/24/98(1)..................................................................... 12,000,000 11,996,646
5.78%, 9/16/98(1)..................................................................... 15,000,000 14,996,802
5.78%, 8/27/98(1)..................................................................... 10,000,000 9,999,127
---------------
Total Direct Bank Obligations 813,559,467
---------------
LETTERS OF CREDIT--7.3%
ABN Amro Bank NV, guaranteeing commercial paper of:
Formosa Plastics Corp., Series A:
5.52%, 9/18/98........................................................................ 10,000,000 9,878,867
5.53%, 9/8/98......................................................................... 20,000,000 19,788,017
Glencore Finance (Bermuda) Ltd., Series B, 5.60%, 7/22/98 ............................ 35,000,000 34,885,667
Bank of America NT & SA, guaranteeing commercial of:
Formosa Plastics Corp., USA, Series B, 5.51%, 9/18/98 ................................ 40,000,000 39,515,905
Minmetals Capitals & Securities, Inc., 5.41%, 7/23/98 ................................ 25,000,000 24,916,919
Bank One, Cleveland, guaranteeing commercial paper of Capital One Funding Corp.:
Series 1995F, 5.63%, 7/1/98(1) (2).................................................... 20,100,000 20,100,000
Series 1995F, 5.63%, 7/1/98(1) (2).................................................... 5,738,000 5,738,000
Series 1996C, 5.63%, 7/1/98(1) (2).................................................... 16,900,000 16,900,000
Series 1997E, 5.63%, 7/1/98(1) (2).................................................... 13,580,000 13,580,000
Bank One, Indiana, guaranteeing commercial paper of Primex Funding Corp.,
5.66%, 7/1/98(1) (2) ................................................................. 4,750,000 4,750,000
Barclays Bank PLC, guaranteeing commercial paper of:
Banca Serfin SA, Institucion de Banco Multiple Groupa Financiera Serfin,
Nassau Branch:
5.42%, 11/23/98....................................................................... 35,000,000 34,235,528
5.50%, 10/30/98....................................................................... 15,000,000 14,722,708
Banco Bradesco SA, Grand Cayman Branch:
Series A, 5.50%, 12/18/98............................................................. 40,000,000 38,961,111
Series B, 5.51%, 11/20/98............................................................. 5,000,000 4,891,331
Banco de Credito Nacionale SA, Series A:
5.38%, 7/20/98........................................................................ 10,000,000 9,971,606
5.40%, 8/11/98........................................................................ 12,000,000 11,926,200
5.41%, 7/7/98......................................................................... 10,000,000 9,990,983
5.40%, 7/6/98......................................................................... 5,000,000 4,996,250
Banco Nacionale de Comericio Exterior, SNC, Series A:
5.465%, 10/15/98...................................................................... 30,000,000 29,517,258
5.47%, 10/13/98....................................................................... 20,000,000 19,683,956
5.47%, 10/14/98....................................................................... 20,000,000 19,680,917
5.48%, 10/19/98....................................................................... 25,000,000 24,581,389
</TABLE>
5
<PAGE> 7
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
LETTERS OF CREDIT (CONTINUED)
Banco Nacionale de Mexico SA, Series B:
5.38%, 7/20/98........................................................................ $ 10,000,000 $ 9,971,606
5.38%, 7/22/98........................................................................ 30,000,000 29,905,850
5.40%, 8/24/98........................................................................ 15,000,000 14,878,500
Series A, 5.51%, 10/30/98............................................................. 10,000,000 9,814,803
Banco Real SA, Grand Cayman Branch:
Series A, 5.455%, 9/11/98............................................................. 30,000,000 29,672,700
Series A, 5.48%, 10/19/98............................................................. 21,425,000 21,065,639
Series B, 5.46%, 9/16/98.............................................................. 12,000,000 11,859,860
Nacionale Financiera, SNC, 5.525%, 11/19/98 .......................................... 40,000,000 39,134,417
Petroleo Brasileiro S.A.:
Petrobras, Series A, 5.50%, 12/21/98.................................................. 12,000,000 11,682,833
Pertobras, Series A, 5.51%, 8/27/98................................................... 15,000,000 14,869,137
Petrobras, Series B, 5.46%, 8/28/98................................................... 25,000,000 24,780,083
Petrobras II, Series C, 5.46%, 9/1/98................................................. 10,000,000 9,905,967
Petrobras II, Series C, 5.48%, 9/25/98................................................ 30,000,000 29,607,267
Petrobras II, Series C, 5.47%, 10/29/98............................................... 21,000,000 20,617,100
Bayerische Vereinsche AG, guaranteeing commercial paper of:
Banco de Galicia y Buenos Aires S.A.:
5.46%, 9/11/98........................................................................ 5,000,000 4,945,400
5.47%, 9/18/98........................................................................ 25,000,000 24,699,910
Banco Mercantile Del Norte SA:
5.33%, 10/27/98....................................................................... 15,000,000 14,737,942
5.43%, 11 /24/98...................................................................... 10,000,000 9,779,783
Garanti Funding Corp.:
I, Series A, 5.39%, 7/27/98........................................................... 5,000,000 4,980,536
I, Series B, 5.52%, 7/30/98........................................................... 5,000,000 4,977,767
II, Series A, 5.39%, 7/27/98.......................................................... 10,000,000 9,961,072
II, Series A, 5.525%, 7/29/98......................................................... 10,000,000 9,957,028
II, Series B, 5.53%, 7/30/98.......................................................... 10,000,000 9,955,453
II, Series B, 5.38%, 7/14/98.......................................................... 10,000,000 9,980,572
Unia Banco-Uniao de Bancos Brasileiros SA, Grand Cayman,
Series A, 5.50%, 11/23/98 ............................................................ 10,000,000 9,778,472
Credit Suisse, guaranteeing commercial paper of:
CEMEX SA de C.V.:
Series A, 5.415%, 7/10/98 ............................................................ 10,000,000 9,986,462
Series A, 5.52%, 8/26/98.............................................................. 10,000,000 9,914,133
Series A, 5.53%, 10/19/98............................................................. 25,000,000 24,577,569
Series B, 5.51%, 9/17/98.............................................................. 15,000,000 14,820,925
Daewoo International (America) Corp.:
5.52%, 7/7/98......................................................................... 13,000,000 12,988,040
5.52%, 12/2/98........................................................................ 7,000,000 6,835,306
5.50%, 10/23/98....................................................................... 10,000,000 9,825,833
</TABLE>
6
<PAGE> 8
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
LETTERS OF CREDIT (CONTINUED)
Guandong Enterprises (Holdings) Ltd., 5.53%, 9/4/98 ................................. $ 10,000,000 $ 9,900,153
Minmetals Capitals & Securities, Inc., 5.40%, 8/24/98 ............................... 40,000,000 39,673,525
Societe Generale, guaranteeing commercial paper of PEMEX Capital, Inc.:
Series A, 5.54%, 11/5/98............................................................. 20,000,000 19,609,122
Series A, 5.49%, 7/17/98............................................................. 15,000,000 14,963,400
Series A, 5.51%, 11/24/98............................................................ 40,000,000 39,106,156
Series A, 5.515%, 10/2/98............................................................ 25,000,000 24,643,823
Series A, 5.52%, 8/28/98............................................................. 20,000,000 19,822,133
Series A, 5.55%, 9/21/98............................................................. 25,000,000 24,683,958
Swiss Bank Corp., guaranteeing commercial paper of PEMEX Capital, Inc.,
5.52%, 9/18/98....................................................................... 10,000,000 9,878,867
---------------
Total Letters of Credit 1,095,961,714
---------------
SHORT-TERM NOTES--81.6%
ASSET-BACKED--12.9%
Asset Backed Capital Finance, Inc.:
5.39%, 7/22/98(3).................................................................... 54,400,000 54,228,815
5.41%, 8/3/98(3)..................................................................... 22,600,000 22,487,923
5.47%, 10/22/98(3)................................................................... 40,700,000 40,001,192
5.48%, 9/1/98(3)..................................................................... 30,900,000 30,608,373
5.51%, 7/1/98(3)..................................................................... 50,000,000 50,000,000
5.52%, 12/8/98(3).................................................................... 29,200,000 28,483,627
5.52%, 7/7/98(3)..................................................................... 20,700,000 20,680,956
5.55%, 11/2/98(3).................................................................... 65,000,000 63,760,000
5.70%, 9/15/98(1) (2)................................................................ 15,000,000 15,000,000
5.73%, 5/24/98(1) (2)................................................................ 40,000,000 40,000,000
5.73%, 9/18/98(1) (2)................................................................ 50,000,000 50,000,000
5.771%, 8/2/98(1) (2)................................................................ 10,000,000 10,001,899
Beta Finance, Inc.:
5.38%, 8/10/98(3).................................................................... 24,500,000 24,353,544
5.445%, 9/24/98(3)................................................................... 25,000,000 24,678,594
5.45%, 9/14/98(3).................................................................... 10,500,000 10,380,781
5.46%, 9/28/98(3).................................................................... 10,000,000 9,865,017
5.46%, 9/30/98(3).................................................................... 25,000,000 24,654,958
5.46%, 9/8/98(3)..................................................................... 30,000,000 29,686,050
5.39%, 7/27/98(3).................................................................... 14,500,000 14,443,555
CIESCO LP, 5.70%, 7/2/98 .............................................................. 12,175,000 12,173,072
Cooperative Assn. of Tractor Dealers:
5.45%, 9/28/98....................................................................... 4,919,000 4,852,723
Series A, 5.40%, 7/17/98............................................................. 13,000,000 12,968,800
Series A, 5.42%, 8/21/98............................................................. 11,000,000 10,915,538
Series A, 5.47%, 9/1/98.............................................................. 4,800,000 4,754,781
</TABLE>
7
<PAGE> 9
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
ASSET-BACKED (CONTINUED)
Cooperative Assn. of Tractor Dealers: (Continued)
Series A, 5.53%, 9/9/98.............................................................. $ 10,700,000 $ 10,584,945
Series A, 5.87%, 7/10/98............................................................. 8,000,000 7,988,260
CXC, Inc.:
5.45%, 9/14/98(3).................................................................... 15,000,000 14,829,687
5.48%, 8/17/98(3).................................................................... 5,000,000 4,964,228
5.50%, 12/16/98(3)................................................................... 33,000,000 32,153,000
5.51%, 9/25/98(3).................................................................... 50,000,000 49,341,861
5.515%, 12/7/98(3)................................................................... 43,000,000 41,952,610
5.52%, 9/11/98(3).................................................................... 35,000,000 34,613,600
5.52%, 9/28/98(3).................................................................... 30,000,000 29,590,600
5.523%, 11/16/98(3).................................................................. 35,000,000 34,258,997
Enterprise Funding Corp.:
5.39%, 8/20/98(3).................................................................... 22,987,000 22,814,917
5.45%, 8/27/98(3).................................................................... 26,419,000 26,191,026
5.45%, 9/21/98(3).................................................................... 23,759,000 23,464,058
5.45%, 9/9/98(3)..................................................................... 9,000,000 8,904,625
5.47%, 8/18/98(3).................................................................... 15,724,000 15,609,320
5.48%, 9/23/98(3).................................................................... 6,227,000 6,147,377
5.49%, 12/14/98(3)................................................................... 11,420,000 11,130,903
Eureka Securitization:
5.10%, 9/17/98(3).................................................................... 40,000,000 39,522,467
5.49%, 7/10/98(3).................................................................... 10,000,000 9,986,275
5.52%, 8/28/98(3).................................................................... 30,000,000 29,733,200
5.54%, 7/23/98(3).................................................................... 30,000,000 29,898,433
5.60%, 8/7/98(3)..................................................................... 30,000,000 29,827,333
5.65%, 7/9/98(3)..................................................................... 50,000,000 49,937,222
Falcon Asset Securitization Corp., 5.44%, 9/21/98(3) 22,025,000 21,752,086
New Center Asset Trust:
5.39%, 8/17/98....................................................................... 25,000,000 24,824,076
5.45%, 7/20/98....................................................................... 30,000,000 29,913,708
5.53%, 7/1/98........................................................................ 40,000,000 40,000,000
Preferred Receivables Funding Corp.:
5.40%, 8/12/98(3).................................................................... 25,000,000 24,842,500
5.45%, 9/21/98(3).................................................................... 10,000,000 9,875,861
5.49%, 11/23/98(3)................................................................... 7,000,000 6,845,212
5.49%, 12/17/98(3)................................................................... 22,340,000 21,764,242
5.495%, 12/21/98(3).................................................................. 8,400,000 8,178,185
5.51%, 10/13/98(3)................................................................... 11,875,000 11,685,976
5.51%, 9/28/98(3).................................................................... 8,165,000 8,053,777
5.52%, 11/12/98(3)................................................................... 27,500,000 26,935,860
5.52%, 9/25/98(3).................................................................... 13,000,000 12,828,573
RACERS Series 1998-MM-3-5 144A, 5.687%, 7/30/98(1) (2) 10,000,000 10,000,000
</TABLE>
8
<PAGE> 10
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
ASSET-BACKED (CONTINUED)
Sigma Finance, Inc.:
5.39%, 7/15/98(3).................................................................... $ 55,000,000 $ 54,884,617
5.39%, 8/11/98(3).................................................................... 30,000,000 29,815,842
5.39%, 8/6/98(3)..................................................................... 40,000,000 39,784,400
5.395%, 8/18/98(3)................................................................... 20,000,000 19,856,133
5.40%, 7/28/98(3).................................................................... 11,730,000 11,682,493
5.41%, 7/30/98(3).................................................................... 25,000,000 24,891,049
5.41%, 8/4/98(3)..................................................................... 45,000,000 44,770,075
5.44%, 10/1/98(3).................................................................... 50,000,000 49,304,889
5.44%, 10/15/98(3)................................................................... 47,000,000 46,244,956
5.44%, 9/10/98(3).................................................................... 12,000,000 11,871,253
5.45%, 11/8/98(3).................................................................... 26,000,000 25,610,325
5.45%, 9/23/98(3).................................................................... 20,000,000 19,745,667
5.47%, 9/16/98(3).................................................................... 15,000,000 14,824,504
5.48%, 9/30/98(3).................................................................... 40,000,000 39,445,911
5.52%, 11/9/98(3).................................................................... 10,000,000 9,799,133
5.58%, 8/28/98(3).................................................................... 22,500,000 22,297,725
SMM Trust, 5.656%, 7/29/98(1) (2) ..................................................... 30,000,000 30,000,000
Ullswater Corp., 5.50%, 7/7/98 ........................................................ 18,000,000 17,983,500
---------------
1,942,737,670
---------------
AUTOMOTIVE--4.0%
BMW US Capital Corp.:
5.47%, 11/2/98....................................................................... 25,000,000 24,528,972
5.47%, 11/4/98....................................................................... 25,000,000 24,521,375
5.47%, 11/5/98....................................................................... 25,000,000 24,517,576
5.495%, 11/20/98..................................................................... 35,490,000 34,720,764
5.495%, 9/28/98...................................................................... 15,000,000 14,796,227
5.50%, 7/1/98........................................................................ 113,500,000 113,500,000
5.51%, 9/24/98....................................................................... 50,000,000 49,349,514
5.52%, 9/15/98....................................................................... 25,810,000 25,509,227
5.54%, 9/14/98....................................................................... 10,000,000 9,884,583
5.56%, 8/21/98....................................................................... 50,000,000 49,606,167
5.60%, 7/13/98....................................................................... 50,000,000 49,906,667
5.60%, 7/16/98....................................................................... 100,000,000 99,766,667
5.60%, 7/29/98....................................................................... 84,235,000 83,868,110
---------------
604,475,849
---------------
BANK HOLDING COMPANIES--2.4%
BankBoston Corp.:
5.576%, 9/29/98(1)................................................................... 25,000,000 24,992,717
5.71%, 9/10/98(1).................................................................... 20,000,000 20,000,000
Corestates Capital DTC, 5.47%, 9/30/98 ................................................ 20,000,000 19,723,461
</TABLE>
9
<PAGE> 11
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
BANK HOLDING COMPANIES (CONTINUED)
First Chicago Financial Corp.:
5.40%, 8/14/98....................................................................... $ 15,000,000 $ 14,901,000
5.46%, 10/9/98....................................................................... 25,000,000 24,620,833
5.46%, 9/11/98....................................................................... 22,000,000 21,759,760
5.52%, 9/16/98....................................................................... 46,958,000 46,403,583
Morgan (J.P.) & Co., Inc.:
5.37%, 7/17/98....................................................................... 80,000,000 79,808,933
5.39%, 7/10/98....................................................................... 44,400,000 44,340,171
NationsBank Corp.:
5.39%, 7/30/98....................................................................... 20,000,000 19,913,161
5.49%, 12/30/98...................................................................... 50,000,000 48,612,250
---------------
365,075,869
---------------
BEVERAGES--3.7%
Coca-Cola Enterprises, Inc.:
5.40%, 8/28/98(3).................................................................... 10,000,000 9,913,000
5.45%, 9/14/98(3).................................................................... 20,000,000 19,772,917
5.45%, 9/23/98(3).................................................................... 50,000,000 49,364,167
5.46%, 10/29/98(3)................................................................... 25,000,000 24,545,000
5.47%, 10/26/98(3)................................................................... 15,000,000 14,733,337
5.47%, 8/20/98(3).................................................................... 30,000,000 29,772,083
5.47%, 9/1/98(3)..................................................................... 15,000,000 14,858,692
5.48%, 10/16/98(3)................................................................... 25,000,000 24,592,806
5.48%, 10/23/98(3)................................................................... 40,000,000 39,307,450
5.48%, 10/28/98(3)................................................................... 28,000,000 27,492,796
5.50%, 12/14/98(3)................................................................... 50,000,000 48,731,944
5.50%, 12/16/98(3)................................................................... 30,000,000 29,230,000
5.50%, 12/17/98(3)................................................................... 25,000,000 24,354,514
5.50%, 12/18/98(3)................................................................... 25,000,000 24,350,694
5.50%, 12/21/98(3)................................................................... 36,000,000 35,048,500
5.50%, 12/23/98(3)................................................................... 8,000,000 7,786,111
5.52%, 11/16/98(3)................................................................... 22,000,000 21,534,480
5.53%, 9/29/98(3).................................................................... 49,000,000 48,323,325
5.54%, 9/18/98(3).................................................................... 25,000,000 24,696,069
5.55%, 11/10/98(3)................................................................... 25,000,000 24,491,250
5.55%, 8/7/98(3)..................................................................... 15,000,000 14,914,437
---------------
557,813,572
---------------
BROKER/DEALERS--22.7%
Bear Stearns Cos., Inc.:
5.39%, 7/10/98....................................................................... 50,000,000 49,932,375
5.39%, 7/24/98....................................................................... 30,000,000 29,896,692
5.39%, 8/7/98........................................................................ 50,000,000 49,722,500
</TABLE>
10
<PAGE> 12
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
BROKER/DEALERS (CONTINUED)
Bear Stearns Cos., Inc.: (Continued)
5.395%, 7/16/98...................................................................... $ 25,000,000 $ 24,943,802
5.425%, 7/23/98...................................................................... 30,000,000 29,900,542
5.44%, 8/21/98....................................................................... 25,000,000 24,807,333
5.44%, 9/25/98....................................................................... 15,000,000 14,805,067
5.45%, 10/22/98...................................................................... 15,000,000 14,743,396
5.45%, 9/18/98....................................................................... 25,000,000 24,701,007
5.46%, 8/14/98....................................................................... 35,000,000 34,766,433
5.47%, 10/28/98...................................................................... 7,500,000 7,364,390
5.50%, 7/17/98....................................................................... 55,000,000 54,865,689
5.50%, 9/24/98....................................................................... 25,000,000 24,675,347
5.505%, 12/17/98..................................................................... 30,000,000 29,224,713
5.52%, 11/9/98....................................................................... 25,000,000 24,497,833
5.626%, 7/23/98(1)................................................................... 15,000,000 15,000,000
5.627%, 8/12/98(1)................................................................... 25,000,000 25,000,000
5.631%, 8/27/98(1)................................................................... 25,000,000 25,000,000
5.632%, 7/17/98(1)................................................................... 10,000,000 10,000,000
5.636%, 7/13/98(1)................................................................... 50,000,000 50,000,000
5.636%, 7/15/98(1)................................................................... 15,000,000 15,000,000
5.636%, 7/10/98(1)................................................................... 45,000,000 45,000,000
5.636%, 7/22/98(1)................................................................... 25,000,000 25,000,000
5.651%, 8/13/98(1)................................................................... 10,000,000 10,000,000
5.659%, 8/4/98(1).................................................................... 35,000,000 35,000,000
5.73%, 9/23/98(1).................................................................... 20,000,000 20,000,000
5.751%, 7/9/98(1).................................................................... 15,000,000 15,000,000
5.806%, 7/6/98(1).................................................................... 5,000,000 5,000,961
Credit Suisse First Boston:
5.631%, 9/18/98(1) (4)............................................................... 60,000,000 60,000,000
5.81%, 9/18/98(1) (4)................................................................ 65,000,000 65,000,000
Goldman Sachs Group, LP Promissory Nts.:
5.652%, 9/17/98(1)................................................................... 20,000,000 20,000,000
5.68%, 8/4/98(1)..................................................................... 30,000,000 30,000,000
Goldman Sachs Group, LP:
5.48%, 11/12/98...................................................................... 30,000,000 29,388,067
5.50%, 10/14/98...................................................................... 50,000,000 49,197,917
5.51%, 10/9/98....................................................................... 50,000,000 49,234,722
5.51%, 9/18/98....................................................................... 50,000,000 49,395,431
5.51%, 9/24/98....................................................................... 45,000,000 44,414,563
5.65%, 7/8/98........................................................................ 20,000,000 20,000,000
5.652%, 7/1/98(1).................................................................... 35,000,000 35,000,000
5.688%, 10/21/98..................................................................... 15,000,000 15,000,000
5.73%, 7/8/98........................................................................ 25,000,000 25,000,000
5.73%, 8/3/98........................................................................ 30,000,000 30,000,000
</TABLE>
11
<PAGE> 13
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
BROKER/DEALERS (CONTINUED)
Lehman Brothers Holdings, Inc.:
5.40%, 7/15/98....................................................................... $ 25,000,000 $ 24,947,500
5.41%, 8/14/98....................................................................... 50,000,000 49,669,389
5.41%, 8/27/98....................................................................... 75,000,000 74,356,573
5.42%, 8/12/98....................................................................... 20,000,000 19,873,533
5.43%, 7/13/98....................................................................... 50,000,000 49,909,333
5.46%, 9/18/98....................................................................... 12,000,000 11,856,220
5.52%, 12/8/98....................................................................... 35,000,000 34,141,333
5.53%, 11/25/98...................................................................... 40,000,000 39,096,767
5.658%, 7/20/98(1)................................................................... 15,000,000 15,000,000
5.70%, 9/15/98(1).................................................................... 89,000,000 89,001,221
7.625%, 8/1/98....................................................................... 5,000,000 5,007,711
Merrill Lynch & Co., Inc.:
5.38%, 8/12/98....................................................................... 20,000,000 19,874,467
5.39%, 8/21/98....................................................................... 30,000,000 29,770,925
5.39%, 8/28/98....................................................................... 25,000,000 24,782,903
5.39%, 8/31/98....................................................................... 25,000,000 24,771,674
5.43%, 10/14/98...................................................................... 6,000,000 5,904,975
5.43%, 9/4/98........................................................................ 45,000,000 44,558,000
5.45%, 10/26/98...................................................................... 15,000,000 14,734,313
5.46%, 9/18/98....................................................................... 20,000,000 19,760,367
5.46%, 9/8/98........................................................................ 20,000,000 19,790,700
5.47%, 10/23/98...................................................................... 20,000,000 19,653,567
5.47%, 10/28/98...................................................................... 40,000,000 39,276,744
5.49%, 11/6/98....................................................................... 20,000,000 19,609,600
5.50%, 12/4/98....................................................................... 30,000,000 29,285,000
5.50%, 7/31/98....................................................................... 75,000,000 74,660,375
5.51%, 9/28/98....................................................................... 30,000,000 29,591,342
5.51%, 9/30/98....................................................................... 20,000,000 19,721,439
5.52%, 11/30/98...................................................................... 15,000,000 14,650,400
5.52%, 9/25/98....................................................................... 10,000,000 9,868,133
5.592%, 7/8/98(1).................................................................... 22,000,000 22,000,000
5.618%, 7/20/98(1)................................................................... 15,000,000 15,000,000
5.68%, 9/22/98(1).................................................................... 20,000,000 19,999,556
5.71%, 7/13/98(1).................................................................... 25,000,000 25,000,000
5.72%, 9/22/98(1).................................................................... 25,000,000 25,000,000
5.89%, 8/17/98(1).................................................................... 25,000,000 25,004,562
5.96%, 10/9/98....................................................................... 25,000,000 25,015,030
6.07%, 8/17/98(1).................................................................... 25,000,000 25,039,581
Morgan Stanley Dean Witter & Co.:
5.38%, 8/17/98....................................................................... 40,000,000 39,719,044
5.40%, 7/29/98....................................................................... 25,000,000 24,895,000
5.45%, 10/19/98...................................................................... 40,000,000 39,333,889
5.45%, 9/2/98........................................................................ 50,000,000 49,523,125
</TABLE>
12
<PAGE> 14
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
BROKER/DEALERS (CONTINUED)
Morgan Stanley Dean Witter & Co.: (Continued)
5.51%, 11/2/98....................................................................... $ 35,000,000 $ 34,335,739
5.616%, 7/28/98(1)................................................................... 40,000,000 40,000,656
5.75%, 7/6/98........................................................................ 50,000,000 49,960,069
6.50%, 7/1/98(1)..................................................................... 200,000,000 200,000,000
Salomon Smith Barney Holdings, Inc.:
5.45%, 10/19/98...................................................................... 45,000,000 44,250,625
5.40%, 8/6/98........................................................................ 25,000,000 24,865,000
5.41%, 7/20/98....................................................................... 30,000,000 29,914,342
5.43%, 10/5/98....................................................................... 25,000,000 24,638,000
5.45%, 9/8/98........................................................................ 25,000,000 24,738,854
5.46%, 9/4/98........................................................................ 25,000,000 24,753,542
5.49%, 11/3/98....................................................................... 25,000,000 24,523,438
5.50%, 10/15/98...................................................................... 50,000,000 49,190,278
5.50%, 11/16/98...................................................................... 43,000,000 42,093,417
5.50%, 7/10/98....................................................................... 80,000,000 79,888,500
5.515%, 9/10/98...................................................................... 70,000,000 69,238,229
5.52%, 10/13/98...................................................................... 25,000,000 24,601,333
5.52%, 11/13/98...................................................................... 50,000,000 48,967,813
5.52%, 7/30/98....................................................................... 40,000,000 39,822,133
5.53%, 7/13/98....................................................................... 25,000,000 24,953,917
5.717%, 7/20/98(1)................................................................... 30,000,000 30,000,000
5.739%, 7/30/98(1)................................................................... 20,000,000 20,000,000
6.04%, 7/9/98........................................................................ 7,000,000 7,000,217
---------------
3,421,869,173
---------------
BUILDING MATERIALS--0.3%
Compagnie de Saint Gobain, 5.49%, 12/15/98(3).......................................... 50,000,000 48,726,625
---------------
CHEMICALS--0.8%
Henkel Corp.:
5.37%, 8/11/98(3).................................................................... 13,000,000 12,920,494
5.39%, 7/13/98(3).................................................................... 12,000,000 11,978,440
5.46%, 10/2/98(3).................................................................... 19,000,000 18,732,005
5.46%, 10/28/98(3)................................................................... 12,000,000 11,783,420
5.495%, 10/26/98(3).................................................................. 12,000,000 11,785,695
Monsanto Co.:
5.31%, 7/16/98(3).................................................................... 22,700,000 22,649,776
5.50%, 10/8/98....................................................................... 10,000,000 9,848,750
5.51%, 10/6/98....................................................................... 25,000,000 24,628,840
---------------
124,327,420
---------------
</TABLE>
13
<PAGE> 15
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
COMMERCIAL FINANCE--8.0%
CIT Group Holdings, Inc.:
5.455%, 10/21/98..................................................................... $ 50,000,000 $ 49,151,444
5.48%, 9/30/98....................................................................... 25,000,000 24,653,694
5.50%, 9/14/98....................................................................... 20,000,000 19,770,833
5.50%, 9/28/98....................................................................... 50,000,000 49,320,139
5.56%, 8/22/98(1).................................................................... 15,000,000 14,994,336
5.89%, 9/18/98(1).................................................................... 25,000,000 25,003,859
Countrywide Home Loans:
5.53%, 8/31/98....................................................................... 50,000,000 49,531,486
5.535%, 9/8/98....................................................................... 25,000,000 24,734,781
5.54%, 7/9/98........................................................................ 50,000,000 49,938,444
5.54%, 8/25/98....................................................................... 15,000,000 14,873,042
5.54%, 8/26/98....................................................................... 50,000,000 49,569,111
5.54%, 8/27/98....................................................................... 50,000,000 49,561,417
5.55%, 7/23/98....................................................................... 50,000,000 49,828,889
5.56%, 8/18/98....................................................................... 45,000,000 44,666,400
5.60%, 7/13/98....................................................................... 50,000,000 49,906,667
5.60%, 7/29/98....................................................................... 50,000,000 49,782,222
5.891%, 5/28/98(1)................................................................... 10,000,000 10,003,890
FINOVA Capital Corp.:
5.44%, 7/24/98....................................................................... 50,000,000 49,826,222
5.47%, 10/30/98...................................................................... 28,000,000 27,485,212
5.47%, 9/18/98....................................................................... 35,000,000 34,579,874
5.48%, 9/10/98....................................................................... 15,000,000 14,837,883
5.48%, 9/11/98....................................................................... 55,000,000 54,397,200
5.48%, 9/4/98........................................................................ 15,000,000 14,851,583
5.49%, 10/22/98...................................................................... 30,000,000 29,483,025
5.49%, 8/25/98....................................................................... 25,000,000 24,790,313
5.49%, 8/28/98....................................................................... 8,000,000 7,929,240
5.52%, 11/2/98....................................................................... 20,000,000 19,619,733
5.52%, 8/7/98........................................................................ 15,000,000 14,914,900
5.53%, 10/5/98....................................................................... 10,000,000 9,852,533
5.53%, 11/23/98...................................................................... 30,000,000 29,331,792
5.53%, 9/14/98....................................................................... 10,000,000 9,884,792
5.55%, 11/12/98...................................................................... 15,000,000 14,690,125
5.55%, 11/13/98...................................................................... 30,000,000 29,378,438
5.55%, 11/9/98....................................................................... 23,000,000 22,535,496
5.55%, 7/16/98....................................................................... 25,000,000 24,942,188
5.56%, 11/6/98....................................................................... 14,500,000 14,213,351
</TABLE>
14
<PAGE> 16
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
COMMERCIAL FINANCE (CONTINUED)
Heller Financial, Inc.:
5.668%, 9/29/98(1)................................................................... $ 25,000,000 $ 24,998,767
5.70%, 7/16/98(1).................................................................... 45,000,000 44,998,681
5.70%, 7/7/98(1)..................................................................... 50,000,000 50,000,000
5.938%, 9/16/98(1)................................................................... 20,000,000 20,000,000
---------------
1,212,832,002
---------------
CONSUMER FINANCE--1.9%
Beneficial Corp.:
5.50%, 7/14/98....................................................................... 35,000,000 34,930,486
5.505%, 9/23/98...................................................................... 35,000,000 34,550,425
5.52%, 9/11/98....................................................................... 50,000,000 49,448,000
5.525%, 9/3/98....................................................................... 50,000,000 49,508,889
5.55%, 8/6/98........................................................................ 45,000,000 44,750,250
Island Finance Puerto Rico, Inc.:
5.63%, 8/3/98........................................................................ 10,400,000 10,346,327
5.51%, 9/24/98....................................................................... 10,000,000 9,869,903
Sears Roebuck Acceptance Corp., 5.41%, 8/21/98 ........................................ 50,000,000 49,616,792
---------------
283,021,072
---------------
DIVERSIFIED FINANCIAL--8.2%
Associates Corp. of North America, 5.51%, 9/4/98 ...................................... 50,000,000 49,502,569
Ford Motor Credit Co.:
5.70%, 9/25/98(1).................................................................... 25,000,000 24,998,501
5.70%, 9/25/98(1).................................................................... 25,000,000 24,996,524
General Electric Capital Services:
5.36%, 9/1/98........................................................................ 30,000,000 29,723,067
5.41%, 8/10/98....................................................................... 50,000,000 49,699,444
5.46%, 10/16/98...................................................................... 50,000,000 49,188,583
5.47%, 11/6/98....................................................................... 50,000,000 49,027,556
5.49%, 12/14/98...................................................................... 50,000,000 48,734,250
5.50%, 10/16/98...................................................................... 50,000,000 49,182,639
5.50%, 12/7/98....................................................................... 50,000,000 48,785,417
5.50%, 7/2/98........................................................................ 25,000,000 24,996,181
5.50%, 9/28/98....................................................................... 50,000,000 49,320,139
5.51%, 11/16/98...................................................................... 40,000,000 39,155,133
5.57%, 9/3/98(1)..................................................................... 30,000,000 29,986,411
6.50%, 7/1/98........................................................................ 171,000,000 171,000,000
General Motors Acceptance Corp.:
5.36%, 9/1/98........................................................................ 25,000,000 24,769,222
5.375%, 8/28/98...................................................................... 25,000,000 24,783,507
</TABLE>
15
<PAGE> 17
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
DIVERSIFIED FINANCIAL (CONTINUED)
General Motors Acceptance Corp.: (Continued)
5.455%, 8/21/98...................................................................... $ 50,000,000 $ 49,613,604
5.51%, 7/1/98........................................................................ 25,000,000 25,000,000
5.568%, 9/23/98(1)................................................................... 15,000,000 15,000,000
5.70%, 7/22/98(1).................................................................... 25,000,000 25,000,863
Household Finance Corp.:
5.556%, 7/29/98(1)................................................................... 15,000,000 14,992,321
5.568%, 8/28/98(1)................................................................... 25,000,000 24,987,235
5.637%, 9/9/98(1).................................................................... 40,000,000 40,000,000
Prudential Funding Corp.:
5.35%, 7/10/98....................................................................... 25,000,000 24,966,563
5.44%, 9/16/98....................................................................... 25,000,000 24,709,111
5.49%, 12/11/98...................................................................... 50,000,000 48,757,125
5.49%, 12/9/98....................................................................... 40,000,000 39,017,900
5.50%, 11/18/98...................................................................... 36,500,000 35,719,306
5.50%, 11/9/98....................................................................... 50,000,000 48,999,306
5.51%, 11/3/98....................................................................... 40,000,000 39,234,722
---------------
1,243,847,199
---------------
ELECTRONICS--0.0%
Avnet, Inc., 5.49%, 7/10/98............................................................ 5,000,000 4,993,138
---------------
HEALTHCARE/SUPPLIES & SERVICES--1.6%
Baxter International, Inc.:
5.55%, 7/27/98(3).................................................................... 7,500,000 7,469,938
5.57%, 7/8/98(3)..................................................................... 20,000,000 19,978,339
5.58%, 7/1/98........................................................................ 30,000,000 30,000,000
5.59%, 8/12/98(3).................................................................... 27,000,000 26,823,915
5.625%, 8/14/98...................................................................... 29,000,000 28,800,625
5.64%, 7/10/98(3).................................................................... 25,000,000 24,964,750
5.64%, 7/31/98....................................................................... 21,000,000 20,901,300
5.64%, 7/9/98(3)..................................................................... 25,000,000 24,968,667
5.65%, 8/5/98........................................................................ 10,000,000 9,945,069
6.25%, 7/2/98(3)..................................................................... 22,000,000 21,996,181
6.30%, 7/1/98(3)..................................................................... 32,000,000 32,000,000
---------------
247,848,784
---------------
</TABLE>
16
<PAGE> 18
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
INDUSTRIAL SERVICES--0.3%
Atlas Copco AB:
5.55%, 8/31/98(3).................................................................... $ 25,000,000 $ 24,764,896
5.55%, 9/11/98(3).................................................................... 10,000,000 9,889,000
5.58%, 7/28/98(3).................................................................... 7,850,000 7,817,148
---------------
42,471,044
---------------
INSURANCE--10.0%
AIG Life Insurance Co., 5.645%, 7/1/98(1) ............................................. 20,000,000 20,000,000
Allstate Life Insurance Co., 5.652%, 7/1/98(1) ........................................ 50,000,000 50,000,000
Combined Insurance Co. of America, 5.71%, 7/1/98(1)(2) ................................ 50,000,000 50,000,000
First All America Financial, 5.666%, 7/1/98(1) ........................................ 30,000,000 30,000,000
GE Financial Assurance Holdings, Inc.:
5.51%, 8/31/98....................................................................... 25,000,000 24,766,590
5.52%, 7/1/98........................................................................ 28,000,000 28,000,000
5.52%, 7/29/98....................................................................... 30,000,000 29,871,200
General American Life Insurance Co., 5.85%, 7/1/98(1) ................................. 155,000,000 155,000,000
Jackson National Life Insurance Co.:
5.67%, 7/30/98(1).................................................................... 70,000,000 70,000,000
5.67%, 7/1/98(1)..................................................................... 45,000,000 45,000,000
John Hancock Capital Corp., 5.672%, 7/1/98(1) ......................................... 100,000,000 100,000,000
Pacific Mutual Life Insurance Co., 5.649%, 7/1/98(1) (2) .............................. 90,000,000 90,000,000
Principal Mutual Life Insurance Co., 5.68%, 7/1/98(1) ................................. 95,000,000 95,000,000
Protective Life Insurance Co.:
5.708%, 7/1/98(1).................................................................... 25,000,000 25,000,000
5.802%, 7/1/98(1).................................................................... 30,000,000 30,000,000
Prudential Life Insurance Co., 5.691%, 7/1/98(1) ...................................... 200,000,000 200,000,000
TransAmerica Life Insurance & Annuity Co.:
5.652%, 7/1/98(1).................................................................... 75,000,000 75,000,000
5.652%, 7/1/98(1).................................................................... 25,000,000 25,000,000
5.652%, 7/1/98(1).................................................................... 50,000,000 50,000,000
5.865%, 7/1/98(1).................................................................... 38,000,000 38,000,000
Transamerica Occidental Corp., 5.652%, 7/1/98(1) ...................................... 50,000,000 50,000,000
Travelers Insurance Co.:
5.664%, 7/1/98(1) (2)................................................................ 40,000,000 40,000,000
5.664%, 7/1/98(1) (2)................................................................ 48,000,000 48,000,000
Western National Life Insurance Company, 5.652%, 7/1/98(1) ............................ 50,000,000 50,000,000
Western-Southern Life Funding, 5.652%, 7/1/98(1)....................................... 100,000,000 100,000,000
---------------
1,518,637,790
---------------
</TABLE>
17
<PAGE> 19
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
FACE VALUE
AMOUNT SEE NOTE 1
------------- ----------------
<S> <C> <C>
LEASING & FACTORING--2.8%
American Honda Finance Corp.:
5.52%, 7/30/98....................................................................... $ 23,500,000 $ 23,395,503
5.52%, 9/11/98....................................................................... 35,000,000 34,613,600
5.626%, 7/8/98(1) (2)................................................................ 25,000,000 25,000,000
5.658%, 7/9/98(1) (2)................................................................ 10,000,000 9,999,622
5.687%, 7/20/98(1) (2)............................................................... 17,000,000 17,000,000
5.687%, 7/20/98(1) (2)............................................................... 18,000,000 18,000,000
5.687%, 7/27/98(1)................................................................... 10,000,000 10,000,000
5.70%, 7/17/98....................................................................... 12,460,000 12,428,435
Hertz Corp.:
5.38%, 9/4/98........................................................................ 25,000,000 24,757,153
5.39%, 8/7/98........................................................................ 50,000,000 49,720,830
5.40%, 8/31/98....................................................................... 20,000,000 19,817,000
5.52%, 8/28/98....................................................................... 75,000,000 74,332,396
5.53%, 8/21/98....................................................................... 30,000,000 29,764,975
5.63%, 7/7/98........................................................................ 50,000,000 49,953,083
International Lease Finance Corp., 5.36%, 7/24/98 ..................................... 20,000,000 19,931,511
---------------
418,714,108
---------------
NONDURABLE HOUSEHOLD GOODS--0.4%
Avon Capital Corp., 5.70%, 7/6/98(3) .................................................. 20,000,000 19,984,167
Newell Co.:
5.54%, 7/13/98(3).................................................................... 20,000,000 19,963,067
5.55%, 7/10/98(3).................................................................... 20,000,000 19,972,250
---------------
59,919,484
---------------
OIL-INTEGRATED--1.6%
Fina Oil & Chemical Co.:
5.52%, 11/19/98(3)................................................................... 10,000,000 9,783,800
5.54%, 7/22/98(3).................................................................... 15,000,000 14,951,525
Koch Industries, Inc.:
5.70%, 7/8/98(3)..................................................................... 21,765,000 21,740,877
6.30%, 7/1/98(3)..................................................................... 200,000,000 200,000,000
---------------
246,476,202
---------------
Total Short-Term Notes ................................................................ 12,343,787,001
---------------
U.S. GOVERNMENT AGENCIES--0.4%
Federal Home Loan Bank, 5.525%, 1/27/99 ............................................... 50,000,000 50,000,000
Student Loan Marketing Assn., 5.56%, 1/27/99 .......................................... 5,595,000 5,595,000
---------------
Total U.S. Government Agencies ........................................................ 55,595,000
---------------
</TABLE>
18
<PAGE> 20
STATEMENT OF INVESTMENTS June 30, 1998 (Continued)
Centennial Money Market Trust
<TABLE>
<S> <C> <C>
FOREIGN GOVERNMENT OBLIGATIONS--0.9%
Bayerische Landesbank Girozentrale:
5.526%, 7/25/98(1) .................................................................. $ 25,000,000 $ 24,988,939
6%, 10/15/98......................................................................... 25,000,000 25,021,662
Comision Federal de Electricidad:
5.51%, 8/17/98 ...................................................................... 15,000,000 14,892,096
Series A, 5.56%, 8/25/98 ............................................................ 10,000,000 9,915,055
Finnish Export Credit Ltd.:
5.55%, 7/15/98 ...................................................................... 8,000,000 7,982,733
5.56%, 7/7/98 ....................................................................... 5,000,000 4,995,367
Swedish Export Credit Corp., 5.47%, 10/22/98 .......................................... 20,000,000 19,656,606
Westdeutsche Landesbank Girozentrale, 5.43%, 10/7/98 .................................. 35,000,000 34,482,642
---------------
Total Foreign Government Obligations .................................................. 141,935,100
---------------
Total Investments, at Value ........................................................... 100.3% 15,160,926,788
Liabilities in Excess of Other Assets ................................................. (0.3) (46,768,502)
----- ---------------
Net Assets ............................................................................ 100.0% $15,114,158,286
===== ===============
</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, 1998. This instrument may
also have a demand feature which allows, on up to 30 days' notice, the
recovery of principal at any time, or at specified intervals not exceeding
one year. Maturity date shown represents effective maturity based on
variable rate and, if applicable, demand feature.
2. Represents a restricted security which is considered illiquid, by virtue of
the absence of a readily available market or because of legal or contractual
restrictions on resale. Such securities amount to $514,069,521, or 3.40% 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. Security issued in an exempt transaction without registration under the
Securities Act of 1933. Such securities amount to $2,814,234,915, or 18.62%
of the Trust's net assets, and have been determined to be liquid pursuant to
guidelines adopted by the Board of Trustees.
4. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities
have been determined to be liquid under guidelines established by the Board
of Trustees. These securities amount to $125,000,000, or 0.83% of the
Trust's net assets as of June 30, 1998.
See accompanying Notes to Financial Statements.
19
<PAGE> 21
STATEMENT OF ASSETS AND LIABILITIES June 30, 1998
Centennial Money Market Trust
<TABLE>
<S> <C>
ASSETS
Investments, at value-see accompanying statement .............................. $15,160,926,788
Cash .......................................................................... 16,076,089
Receivables:
Shares of beneficial interest sold .......................................... 80,326,622
Interest .................................................................... 44,937,871
Other ......................................................................... 613,936
---------------
Total assets .............................................................. 15,302,881,306
---------------
LIABILITIES
Payables and other liabilities:
Shares of beneficial interest redeemed ...................................... 159,898,463
Dividends ................................................................... 24,616,987
Service plan fees ........................................................... 1,078,515
Trustees' fees .............................................................. 1,806
Other ......................................................................... 3,127,249
---------------
Total liabilities ......................................................... 188,723,020
---------------
NET ASSETS .................................................................... $15,114,158,286
===============
COMPOSITION OF NET ASSETS
Paid-in capital ............................................................... $15,114,053,943
Accumulated net realized gain on investment transactions ...................... 104,343
---------------
NET ASSETS-applicable to 15,114,586,658 shares of beneficial
interest outstanding ........................................................ $15,114,158,286
===============
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE ................ $1.00
</TABLE>
See accompanying Notes to Financial Statements.
20
<PAGE> 22
STATEMENT OF OPERATIONS For the Year Ended June 30, 1998
Centennial Money Market Trust
<TABLE>
<S> <C>
INVESTMENT INCOME-Interest .............................................................. $719,829,894
------------
EXPENSES
Management fees-Note 3 .................................................................. 45,145,160
Service plan fees-Note 3 ................................................................ 25,239,796
Transfer and shareholder servicing agent fees-Note 3 .................................... 11,121,197
Registration and filing fees ............................................................ 2,298,939
Shareholder reports ..................................................................... 1,210,218
Custodian fees and expenses ............................................................. 985,706
Legal, auditing and other professional fees ............................................. 175,594
Trustees' fees and expenses ............................................................. 59,675
Insurance expenses ...................................................................... 12,262
Other ................................................................................... 2,723
------------
Total expenses ........................................................................ 86,251,270
Less reimbursement of expenses by Centennial Asset Management Corporation-Note 3 ........ (2,382,437)
------------
Net expenses ............................................................................ 83,868,833
------------
NET INVESTMENT INCOME ................................................................... 635,961,061
------------
NET REALIZED GAIN ON INVESTMENTS ........................................................ 42,303
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .................................... $636,003,364
============
</TABLE>
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Year Ended June 30,
1998 1997
------------- ------------
<S> <C> <C>
OPERATIONS
Net investment income ............................................... $ 635,961,061 $ 390,168,132
Net realized gain ................................................... 42,303 12,890
--------------- --------------
Net increase in net assets resulting from operations ................ 636,003,364 390,181,022
--------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS ......................... (635,961,061) (390,443,351)
--------------- --------------
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from beneficial interest
transactions-Note 2 ............................................... 6,051,149,102 2,310,345,177
--------------- --------------
NET ASSETS
Total increase ...................................................... 6,051,191,405 2,310,082,848
Beginning of period ................................................. 9,062,966,881 6,752,884,033
--------------- --------------
End of period ....................................................... $15,114,158,286 $9,062,966,881
=============== ==============
</TABLE>
See accompanying Notes to Financial Statements.
21
<PAGE> 23
FINANCIAL HIGHLIGHTS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Year Ended June 30,
-------------------------------------------------------
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
<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 .05 .03
Dividends and distributions to shareholders.......... (.05) (.05) (.05) (.05) (.03)
---- ---- ---- ---- ----
Net asset value, end of period....................... $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== =====
TOTAL RETURN(1)...................................... 5.16% 4.97% 5.11% 5.07% 2.82%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions).............. $15,114 $9,063 $6,753 $4,812 $2,559
Average net assets (in millions)..................... $12,617 $8,033 $6,077 $3,342 $2,346
Ratios to average net assets:
Net investment income ............................... 5.04% 4.86% 4.99% 5.01% 2.84%
Expenses, before voluntary assumption
by the manager..................................... 0.68% 0.73% 0.74% 0.77% 0.81%
Expenses, net of voluntary assumption
by the manager..................................... 0.66% 0.67% 0.69% 0.73% 0.76%
</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.
22
<PAGE> 24
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
advisor is Centennial Asset Management Corporation (the Manager), a subsidiary
of OppenheimerFunds, Inc. (OFI). The following is a summary of significant
accounting policies consistently followed by the Trust.
Investment Valuation-Portfolio securities are valued on the basis of amortized
cost, which approximates market value.
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.
23
<PAGE> 25
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, 1998 Year Ended June 30, 1997
------------------------------ ------------------------------
Shares Amount Shares Amount
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Sold ........................ 40,408,988,871 $ 40,408,988,871 27,792,751,077 $ 27,792,751,077
Issued in connection with
the acquisition of
Daily Cash Accumulation
Fund, Inc.-Note 4 ......... 3,461,468,087 3,460,935,372 -- --
Dividends and
distributions reinvested .. 613,194,479 613,194,479 378,092,268 378,092,268
Redeemed .................... (38,431,969,620) (38,431,969,620) (25,860,498,168) (25,860,498,168)
--------------- ---------------- --------------- ----------------
Net increase .............. 6,051,681,817 $ 6,051,149,102 2,310,345,177 $ 2,310,345,177
=============== ================ =============== ================
</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 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. The
investment advisory agreement was amended on November 21, 1997 to include in the
contractual management fee those additional break points which were previously
voluntary.
24
<PAGE> 26
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.
4. ACQUISITION OF DAILY CASH ACCUMULATION FUND, INC.
On November 21, 1997 the Trust acquired the net assets of Daily Cash
Accumulation Fund, Inc. The Trust issued 3,461,468,087 shares of beneficial
interest, valued at $3,460,935,372, in exchange for the net assets, resulting in
combined net assets of $13,332,466,315 on November 21, 1997. The exchange
qualified as a tax-free reorganization for federal income tax purposes.
25
<PAGE> 27
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,
1998, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended June 30, 1998 and 1997,
and the financial highlights for the period July 1, 1993 to June 30, 1998. These
financial statements and financial highlights are the responsibility of the
Fund'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,
1998 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, 1998, 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, 1998
26
<PAGE> 28
FEDERAL INCOME TAX INFORMATION (Unaudited)
Centennial Money Market Trust
In early 1999, shareholders will receive information regarding all dividends and
distributions paid to them by the Trust during calendar year 1998. 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,
1998 are eligible for the corporate dividend-received deduction.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Trust to the Internal Revenue Service. Because
of the complexity of the federal regulations which may affect your individual
tax return and the many variations in state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
27
<PAGE> 29
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, Trustee, Vice President,
Treasurer and Assistant Secretary
Andrew J. Donohue, Vice President and
Secretary
Carol E. Wolf, Vice President
Arthur J. Zimmer, Vice President
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
Investment Advisor and Distributor
Centennial Asset Management Corporation
Transfer and Shareholder Servicing Agent
Shareholder Services, Inc.
Custodian of Portfolio Securities
Citibank, N.A.
Independent Auditors
Deloitte & Touche LLP
Legal Counsel
Myer, Swanson, Adams & Wolf, P.C.
This is a copy of a report to shareholders of Centennial Money
Market Trust. This report must be preceded or accompanied by a
Prospectus of Centennial Money Market Trust. For material
information concerning the Trust, see the Prospectus.
For shareholder servicing call:
1-800-525-9310 (in U.S.)
303-671-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5143
Denver, CO 80217-5143
RA0150.001.0698 [RECYCLE LOGO] Printed on recycled paper
