<PAGE> 1
DEAR SHAREHOLDER:
Compared to the volatility in world stock markets during the past few months,
short-term interest rates have remained relatively calm. As is often the case,
U.S. money market instruments became a safe haven in times of stress.
In addition to safety and liquidity, money market fund investors also enjoyed a
modest increase in yields during the six-month period which ended December 31,
1997. One reason: the Federal Reserve Board raised short-term interest rates by
0.25 percentage points in late March of 1997. This new interest rate was in
place for the period covered by this report. 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.
For the six months ended December 31, 1997, Centennial Money Market Trust's
compounded annualized yield was 5.11%. Without compounding, the corresponding
yield was 4.98%. The seven-day annualized yields with and without compounding on
December 31, 1997 were 5.28% and 5.15%, respectively.(1)
Typically, long-term and short-term interest rates move in the same direction.
During the past few months, long-term rates have fallen sharply. That's because
investors worldwide increasingly invested in U.S. Treasury bonds of all
maturities when they liquidated their Asia equity positions. Generally, when the
demand for bonds rises, bond prices increase, and issuers can pay lower yields
to attract the same number of investors.
However, while long-term interest rates have been falling, U.S. money market
yields have actually been rising in recent weeks. The main reason is that Japan,
the world's second largest issuer of short-term debt, continues to have
financial difficulties. Because investors perceive a lowered credit quality
there, issuers have been required to pay higher interest rates to compensate for
the additional risk. To compete, American issuers in both the government and
corporate sectors have been forced to also raise their short-term rates.
With this backdrop of heightened credit concerns, our strategy remains constant:
to invest in securities that present minimal credit risk. Today, U.S. blue chip
corporations offer a wide selection of commercial paper and other money market
instruments that currently are paying attractive yields.
All things considered, the U.S. economy is the envy of the world. Inflation is
virtually nonexistent, long-term interest rates have fallen below 6%, the
federal budget is nearly balanced, unemployment is under 5% and economic growth
continues strong. True, Asia's devalued currencies and
1. Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
<PAGE> 2
uncertain business environment will slow our economy somewhat, because our
exports to the Far East will be curtailed. However, our economy was beginning to
overheat in 1997 and had the events in Asia not taken place, the Federal Reserve
Board might have intervened by raising short-term interest rates to slow down
the economy.
As we have seen, world events can have a dramatic impact on interest rates as
well as the investment markets. However, we don't try to predict the future
course of interest rates and use those predictions to set our investment
strategy. Instead, we "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 widely diversified and
able to take advantage of a variety of market conditions.
Money market yields are often compared with the rate of inflation to determine a
"real" rate of return. The real rate of return equals the stated money market
yield minus the rate of inflation. At the same time, money market funds provide
a strong combination of liquidity and safety of principal during times of
volatility in other markets.
Thank you for your confidence in Centennial Money Market Trust. We look forward
to helping you reach your investment goals in the future.
Sincerely,
/s/ JAMES C. SWAIN
James C. Swain
Chairman
Centennial Money Market Trust
/s/ BRIDGET A. MACASKILL
Bridget A. Macaskill
President
Centennial Money Market Trust
January 23, 1998
2
<PAGE> 3
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
<S> <C> <C>
BANKERS' ACCEPTANCES-0.1%
BankBoston, N.A.:
5.57%, 1/5/98 ......................................................... $ 5,000,000 $ 4,996,905
5.57%, 2/25/98 ........................................................ 10,000,000 9,914,903
--------------
Total Bankers' Acceptances (Cost $14,911,808) 14,911,808
--------------
CERTIFICATES OF DEPOSIT-2.9%
DOMESTIC CERTIFICATES OF DEPOSIT-0.8%
LaSalle National Bank:
5.70%, 1/22/98 ........................................................ 25,000,000 25,000,000
5.70%, 2/13/98 ........................................................ 30,000,000 30,000,348
5.70%, 2/5/98 ......................................................... 25,000,000 25,000,236
5.73%, 3/11/98 ........................................................ 20,000,000 20,000,000
Morgan Guaranty Trust Co. New York, 6.022%, 3/25/98 ...................... 5,300,000 5,301,524
--------------
105,302,108
--------------
YANKEE CERTIFICATES OF DEPOSIT-2.1%
Deutsche Bank AG, 5.76%, 4/20/98 ......................................... 25,000,000 25,000,000
Societe Generale:
5.70%, 1/12/98 ........................................................ 15,000,000 14,999,968
5.708%, 2/26/98 ....................................................... 40,000,000 40,000,000
5.71%, 2/27/98 ........................................................ 30,000,000 30,000,000
5.71%, 3/9/98 ......................................................... 25,000,000 25,000,000
5.72%, 2/26/98 ........................................................ 25,000,000 25,000,378
5.73%, 3/11/98 ........................................................ 25,000,000 25,000,000
5.85%, 3/3/98 ......................................................... 25,000,000 24,992,511
6.35%, 4/15/98 ........................................................ 45,000,000 45,057,238
Swiss Bank Corp., 5.77%, 4/23/98 ......................................... 25,000,000 25,000,756
--------------
280,050,851
--------------
Total Certificates of Deposit (Cost $385,352,959) ........................ 385,352,959
--------------
DIRECT BANK OBLIGATIONS-7.8%
Abbey National North America Corp.:
5.53%, 2/2/98 ......................................................... 100,000,000 99,508,445
5.54%, 1/23/98 ........................................................ 59,000,000 58,800,863
5.55%, 2/25/98 ........................................................ 40,000,000 39,660,833
5.55%, 3/17/98 ........................................................ 25,000,000 24,710,938
5.55%, 3/3/98 ......................................................... 35,000,000 34,670,854
5.56%, 3/11/98 ........................................................ 40,000,000 39,573,733
5.56%, 3/16/98 ........................................................ 25,000,000 24,714,278
8.25%, 1/2/98 ......................................................... 42,800,000 42,790,068
</TABLE>
3
<PAGE> 4
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
<S> <C> <C>
DIRECT BANK OBLIGATIONS (CONTINUED)
Abbey National Treasury Services PLC, 5.65%, 4/15/98(1)(3) ............... $ 8,000,000 $ 7,999,426
ABN Amro Bank, N.V., 6.05%, 3/27/98 ...................................... 20,000,000 20,007,287
ABN Amro North America Finance, Inc.:
5.53%, 2/5/98 ......................................................... 40,000,000 39,784,944
5.54%, 5/1/98 ......................................................... 56,000,000 54,965,000
5.71%, 4/20/98 ........................................................ 25,000,000 24,577,625
Bank of Scotland Treasury Services:
5.52%, 2/2/98 ......................................................... 30,000,000 29,851,733
5.585%, 4/21/98 ....................................................... 50,000,000 49,146,736
BankBoston, N.A.:
5.84%, 6/17/98 ........................................................ 25,000,000 25,000,000
5.84%, 6/5/98 ......................................................... 50,000,000 50,000,000
5.66%, 1/29/98 ........................................................ 20,000,000 20,000,000
5.71%, 12/10/98(1) .................................................... 20,000,000 20,000,000
Bankers Trust Co., New York:
5.65%, 7/13/98(1) ..................................................... 25,000,000 24,994,882
5.66%, 6/9/98(1) ...................................................... 25,000,000 24,994,716
5.69%, 4/23/98(1) ..................................................... 10,000,000 9,998,803
5.70%, 4/3/98(1) ...................................................... 10,000,000 9,998,936
5.71%, 4/15/98(1) ..................................................... 5,000,000 5,000,000
6.17%, 7/13/98(1) ..................................................... 20,000,000 19,995,904
6.17%, 8/18/98(1) ..................................................... 25,000,000 24,993,941
6.18%, 5/1/98(1) ...................................................... 38,000,000 37,995,696
6.20%, 7/14/98(1) ..................................................... 20,000,000 19,997,864
FCC National Bank:
5.62%, 2/20/98(1) ..................................................... 15,000,000 14,998,995
5.65%, 1/28/98 ........................................................ 15,000,000 15,000,000
5.66%, 1/26/98 ........................................................ 35,000,000 35,000,013
5.66%, 1/26/98 ........................................................ 20,000,000 19,999,597
5.67%, 2/18/98 ........................................................ 9,000,000 8,999,831
6.15%, 5/8/98(1) ...................................................... 30,000,000 29,995,918
Societe Generale:
6.16%, 6/18/98(1) ..................................................... 10,000,000 9,996,934
6.16%, 8/25/98(1) ..................................................... 10,000,000 9,996,254
6.17%, 6/12/98(1) ..................................................... 15,000,000 14,997,171
--------------
Total Direct Bank Obligations (Cost $1,042,718,218) ...................... 1,042,718,218
--------------
</TABLE>
4
<PAGE> 5
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
LETTERS OF CREDIT-7.4%
ABN Amro Bank NV, guaranteeing commercial paper of Formosa Plastics Corp.,
USA-Series A:
5.55%, 2/23/98 .......................................................... $ 25,000,000 $ 24,795,729
5.55%, 2/27/98 .......................................................... 18,000,000 17,841,825
5.56%, 1/23/98 .......................................................... 25,000,000 24,915,056
Bank of America NT & SA, guaranteeing commercial paper of Hyundai Motor
Finance Co., 5.59%, 1/6/98 .............................................. 6,700,000 6,694,798
Bank of America, guaranteeing commercial paper of Formosa Plastics Corp.,
USA-Series B, 5.55%, 1/23/98 ............................................ 10,000,000 9,966,083
Bank One Indiana, guaranteeing commercial paper of Primex Funding Corp.,
6%, 1/2/98(2) ........................................................... 5,000,000 5,000,000
Bank One, Cleveland, guaranteeing commercial paper of Capital One Funding
Corp.-Series 1995F:
6%, 1/2/98(1)(2) ........................................................ 20,600,000 20,600,000
6%, 1/2/98(1)(2) ........................................................ 17,200,000 17,200,000
Bank One, Texas, guaranteeing commercial paper of Capital One Funding Corp.:
Series 1997E, 6%, 1/2/98(1)(2) .......................................... 14,128,000 14,128,000
Series 1997F, 6%, 1/2/98(1)(2) .......................................... 16,721,000 16,721,000
Barclays Bank PLC, guaranteeing commercial paper of:
Banco Bradesco SA-Grand Cayman Branch:
Series A, 5.56%, 3/2/98 ................................................. 25,000,000 24,768,333
Series A, 5.56%, 3/3/98 ................................................. 10,000,000 9,905,789
Series A, 5.59%, 6/18/98 ................................................ 10,000,000 9,739,133
Series A, 5.72%, 6/17/98 ................................................ 30,000,000 29,203,967
Series B, 5.65%, 6/16/98 ................................................ 20,000,000 19,478,945
Banco de Credito Nacional SA-Series A, 5.54%, 1/20/98 ................... 10,000,000 9,970,761
Banco Nacionale de Mexico SA-Series A, 6.20%, 1/22/98 ................... 20,000,000 19,927,667
Banco Real SA-Grand Cayman Branch:
Series A, 5.62%, 4/17/98 ................................................ 20,000,000 19,669,044
Series A, 5.63%, 4/20/98 ................................................ 23,000,000 22,608,660
Petroleo Brasiliero SA Petrobras:
Series A, 5.69%, 5/15/98 ................................................ 15,000,000 14,682,308
Series A, 5.74%, 4/6/98 ................................................. 15,000,000 14,772,792
Petroleo Brasiliero SA Petrobras II:
Series C, 5.54%, 1/13/98 ................................................ 10,000,000 9,981,533
Series C, 5.55%, 3/4/98 ................................................. 15,000,000 14,856,625
Series D, 5.52%, 1/13/98 ................................................ 15,000,000 14,972,300
Series D, 5.55%, 3/30/98 ................................................ 5,000,000 4,932,167
Series D, 5.57%, 3/31/98 ................................................ 20,000,000 19,724,594
</TABLE>
5
<PAGE> 6
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
LETTERS OF CREDIT (CONTINUED)
Bayerische Vereinsbank AG, guaranteeing commercial paper of:
Banco Rio de la Plata S.A.-Series A, 5.75%, 1/22/98 ..................... $ 6,500,000 $ 6,478,198
Galicia Funding Corp.-Series A, 5.77%, 2/27/98(2) ....................... 25,000,000 24,771,604
Garanti Funding Corp.:
I-Series A, 5.65%, 2/4/98 ............................................... 5,000,000 4,973,320
II-Series A, 5.65%, 2/4/98 .............................................. 10,000,000 9,946,639
Credit Suisse, guaranteeing commercial paper of:
CEMEX, S.A. de C.V.-Series B, 5.55%, 2/23/98 ............................ 25,000,000 24,795,729
Daewoo International Corp.:
5.55%, 2/23/98 .......................................................... 20,000,000 19,836,583
5.55%, 2/26/98 .......................................................... 10,000,000 9,913,667
5.55%, 3/27/98 .......................................................... 10,000,000 9,868,958
5.63%, 4/22/98 .......................................................... 10,000,000 9,826,408
Minmetals Capitals & Securities, Inc.:
5.57%, 2/11/98 .......................................................... 37,000,000 36,765,286
5.57%, 3/2/98 ........................................................... 10,000,000 9,907,167
5.57%, 3/4/98 ........................................................... 10,000,000 9,904,072
5.69%, 3/18/98 .......................................................... 10,000,000 9,879,878
PEMEX Capital, Inc.:
5.67%, 3/23/98 .......................................................... 25,000,000 24,681,063
Series A:
5.64%, 6/24/98 .......................................................... 50,000,000 48,637,000
5.655%, 6/18/98 ......................................................... 40,000,000 38,944,400
5.68%, 5/14/98 .......................................................... 25,000,000 24,475,389
5.68%, 6/4/98 ........................................................... 19,000,000 18,538,342
5.715%, 4/22/98 ......................................................... 25,000,000 24,559,469
Societe Generale, guaranteeing commercial paper of Nacional Financiera SNC:
Series A, 5.54%, 2/18/98 ................................................ 28,000,000 27,793,173
Series A, 5.55%, 3/16/98 ................................................ 11,300,000 11,171,086
Series A, 5.57%, 4/14/98 ................................................ 40,000,000 39,361,829
Series A, 5.60%, 4/20/98 ................................................ 35,000,000 34,405,042
Series A, 5.675%, 5/14/98 ............................................... 30,000,000 29,371,021
Series B, 5.535%, 2/17/98 ............................................... 35,000,000 34,747,081
Union Bank of Switzerland, guaranteeing commercial paper of Glencore
Finance Ltd.-Series A, 5.56%, 2/4/98 .................................... 25,000,000 24,868,722
------------
Total Letters of Credit (Cost $985,478,235) ................................ 985,478,235
------------
</TABLE>
6
<PAGE> 7
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
SHORT-TERM NOTES-80.3%
AUTOMOTIVE-1.4%
BMW US Capital Corp.:
5.54%, 2/17/98 ........................................................ $ 30,000,000 $ 29,783,017
5.62%, 2/2/98 ......................................................... 18,500,000 18,407,582
6.25%, 1/9/98 ......................................................... 50,000,000 49,930,556
6.80%, 1/2/98 ......................................................... 90,727,000 90,709,863
------------
188,831,018
------------
BANKS-2.5%
BankBoston Corp., 5.74%, 4/22/98(1) ...................................... 30,000,000 30,004,212
Bankers Trust New York Corp.:
5.54%, 2/17/98 ........................................................ 12,000,000 11,913,207
5.54%, 2/18/98 ........................................................ 15,000,000 14,889,200
5.58%, 2/23/98 ........................................................ 50,000,000 49,589,250
Barnett Banks, Inc., 5.92%, 1/16/98 ...................................... 107,000,000 106,732,458
First Chicago Financial Corp.:
5.655%, 5/29/98 ....................................................... 15,000,000 14,651,275
5.66%, 5/28/98 ........................................................ 25,000,000 24,422,208
5.67%, 3/26/98 ........................................................ 25,000,000 24,669,250
5.72%, 4/1/98 ......................................................... 15,000,000 14,785,500
5.73%, 1/29/98 ........................................................ 15,000,000 14,933,150
Morgan (J.P.) & Co., Inc., 5.64%, 6/19/98 ................................ 25,000,000 24,338,083
------------
330,927,793
------------
BEVERAGES-1.9%
Coca-Cola Enterprises, Inc.:
5.53%, 1/16/98(2) ..................................................... 30,000,000 29,930,875
5.54%, 1/20/98(2) ..................................................... 25,000,000 24,926,903
5.62%, 2/11/98(2) ..................................................... 25,000,000 24,839,701
5.62%, 4/17/98(2) ..................................................... 30,000,000 29,503,567
5.70%, 3/27/98(2) ..................................................... 15,000,000 14,798,125
5.70%, 4/6/98(2) ...................................................... 25,000,000 24,623,958
5.71%, 4/8/98(2) ...................................................... 15,000,000 14,769,221
5.71%, 4/9/98(2) ...................................................... 30,000,000 29,533,683
5.73%, 3/6/98(2) ...................................................... 40,000,000 39,592,533
5.80%, 4/3/98(2) ...................................................... 15,000,000 14,777,667
------------
247,296,233
------------
</TABLE>
7
<PAGE> 8
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
BROKER/DEALERS-17.5%
Bear Stearns Cos., Inc.:
5.53%, 2/11/98 ........................................................ $ 35,000,000 $ 34,779,568
5.55%, 1/12/98 ........................................................ 50,000,000 49,915,208
5.55%, 1/30/98 ........................................................ 65,000,000 64,710,040
5.55%, 2/24/98 ........................................................ 25,000,000 24,791,875
5.55%, 2/25/98 ........................................................ 25,000,000 24,788,021
5.55%, 2/27/98 ........................................................ 50,000,000 49,560,625
5.55%, 3/23/98 ........................................................ 25,000,000 24,687,812
5.56%, 2/19/98 ........................................................ 30,000,000 29,772,967
5.56%, 3/2/98 ......................................................... 25,000,000 24,768,333
5.57%, 2/18/98 ........................................................ 6,000,000 5,955,440
5.57%, 3/30/98 ........................................................ 20,000,000 19,727,689
5.67%, 5/22/98 ........................................................ 30,000,000 29,333,775
5.73%, 12/23/98(1) .................................................... 20,000,000 20,000,000
5.75%, 4/1/98(1) ...................................................... 10,000,000 10,000,000
5.789%, 4/21/98(1) .................................................... 5,000,000 4,999,968
5.799%, 5/22/98(1) .................................................... 25,000,000 25,000,000
5.941%, 7/17/98(1) .................................................... 10,000,000 10,000,000
5.949%, 4/3/98(1) ..................................................... 15,000,000 15,000,000
5.949%, 9/22/98(1) .................................................... 25,000,000 25,000,000
5.98%, 7/10/98(1) ..................................................... 45,000,000 45,000,000
5.99%, 2/9/98(1) ...................................................... 20,000,000 20,004,397
6.115%, 8/14/98(1) .................................................... 5,000,000 5,004,917
6.13%, 5/14/98(1) ..................................................... 7,000,000 7,004,087
9.125%, 4/15/98 ....................................................... 5,725,000 5,777,826
CS First Boston, Inc.:
5.54%, 1/22/98(2) ..................................................... 33,000,000 32,893,355
5.639%, 3/13/98(1)(3) ................................................. 25,000,000 25,000,000
5.779%, 5/12/98(1)(3) ................................................. 25,000,000 25,000,000
5.789%, 6/2/98(1)(3) .................................................. 25,000,000 25,000,000
Dean Witter, Discover & Co.:
6%, 3/1/98 ............................................................ 6,000,000 6,001,781
6%, 3/1/98 ............................................................ 10,000,000 10,002,618
Goldman Sachs Group, L.P.:
5.56%, 1/23/98 ........................................................ 55,000,000 54,804,261
5.65%, 5/22/98 ........................................................ 35,000,000 34,225,479
5.85%, 1/22/98 ........................................................ 50,000,000 49,829,375
Goldman Sachs Group, L.P., Promissory Nts.:
5.78%, 3/16/98 ........................................................ 40,000,000 40,000,000
5.86%, 3/26/98 ........................................................ 30,000,000 30,000,000
5.87%, 4/10/98 ........................................................ 35,000,000 35,000,000
5.96%, 5/13/98 ........................................................ 30,000,000 30,000,000
</TABLE>
8
<PAGE> 9
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
<S> <C> <C>
BROKER/DEALERS
Lehman Brothers Holdings, Inc.:
4.975%, 8/14/98(1) .................................................... $ 15,000,000 $ 15,000,000
5.226%, 6/18/98(1) .................................................... 45,000,000 45,065,528
5.58%, 2/11/98 ........................................................ 50,000,000 49,682,250
5.58%, 2/9/98 ......................................................... 50,000,000 49,697,750
5.59%, 2/3/98(1) ...................................................... 25,000,000 25,000,000
5.64%, 3/13/98 ........................................................ 25,000,000 24,721,917
5.70%, 4/10/98 ........................................................ 27,000,000 26,576,775
5.875%, 1/28/98 ....................................................... 30,000,000 29,867,812
5.90%, 1/9/98 ......................................................... 20,000,000 19,973,778
6.12%, 1/9/98 ......................................................... 50,000,000 49,932,000
6.169%, 3/27/98(1) .................................................... 25,000,000 25,011,596
6.744%, 6/22/98(1) .................................................... 20,000,000 20,069,304
Merrill Lynch & Co., Inc.:
5.55%, 1/15/98 ........................................................ 10,000,000 9,978,417
5.55%, 1/28/98 ........................................................ 18,000,000 17,925,345
5.56%, 2/18/98 ........................................................ 25,000,000 24,814,667
5.56%, 3/2/98 ......................................................... 10,000,000 9,907,333
5.57%, 1/9/98 ......................................................... 35,000,000 34,956,678
5.57%, 2/19/98 ........................................................ 25,000,000 24,810,465
5.57%, 4/30/98 ........................................................ 20,000,000 19,631,761
5.58%, 3/26/98 ........................................................ 30,000,000 29,609,400
5.62%, 4/8/98 ......................................................... 20,000,000 19,697,144
5.67%, 5/22/98 ........................................................ 23,750,000 23,222,572
5.68%, 3/18/98(1) ..................................................... 20,000,000 19,999,186
5.68%, 9/22/98(1) ..................................................... 20,000,000 19,998,588
5.685%, 5/26/98(1) .................................................... 25,000,000 24,998,522
5.70%, 4/16/98 ........................................................ 50,000,000 49,168,750
5.70%, 5/5/98 ......................................................... 10,000,000 9,803,667
5.703%, 7/20/98(1) .................................................... 15,000,000 15,000,000
5.72%, 12/23/98(1) .................................................... 25,000,000 25,000,000
5.98%, 1/8/98(1) ...................................................... 40,000,000 39,999,850
6.27%, 11/16/98(1) .................................................... 25,000,000 25,010,545
Morgan Stanley, Dean Witter, Discover & Co.:
5.73%, 3/31/98 ........................................................ 25,000,000 24,645,854
5.85%, 1/20/98 ........................................................ 50,000,000 49,845,625
6.75%, 3/24/98 ........................................................ 94,500,000 94,500,000
Salomon Smith Barney, Inc.:
5.62%, 1/29/98 ........................................................ 43,000,000 42,812,042
5.62%, 2/18/98 ........................................................ 40,000,000 39,700,267
</TABLE>
9
<PAGE> 10
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
<S> <C> <C>
BROKER/DEALERS (CONTINUED)
Salomon Smith Barney, Inc.: (Continued)
5.63%, 4/29/98 ........................................................ $ 50,000,000 $ 49,077,306
5.64%, 1/28/98 ........................................................ 65,000,000 64,724,300
5.67%, 2/19/98 ........................................................ 40,000,000 39,691,300
5.69%, 3/24/98 ........................................................ 15,000,000 14,805,592
5.70%, 1/2/98 ......................................................... 10,000,000 9,998,425
5.70%, 4/17/98 ........................................................ 10,000,000 9,832,167
5.74%, 5/26/98 ........................................................ 20,000,000 19,537,611
5.75%, 3/31/98 ........................................................ 7,310,000 7,306,940
5.77%, 3/30/98 ........................................................ 15,000,000 14,788,433
5.801%, 11/2/98(1) .................................................... 20,000,000 20,000,000
5.884%, 10/20/98(1) ................................................... 30,000,000 30,000,000
6.022%, 6/2/98(1) ..................................................... 6,000,000 6,001,874
6.04%, 7/9/98 ......................................................... 7,000,000 7,005,138
--------------
2,341,743,891
--------------
CHEMICALS-0.7%
Henkel Corp., 5.52%, 1/30/98(2) .......................................... 14,000,000 13,937,747
Monsanto Co., Series B:
5.55%, 3/4/98(2) ...................................................... 30,000,000 29,713,250
5.55%, 3/5/98(2) ...................................................... 12,000,000 11,883,450
5.57%, 2/3/98(2) ...................................................... 40,000,000 39,795,767
--------------
95,330,214
--------------
COMMERCIAL FINANCE--10.5%
CIT Group Holdings, Inc.:
5.60%, 5/22/98(1) ..................................................... 50,000,000 49,986,945
5.902%, 3/11/98(1) .................................................... 49,500,000 49,500,000
Countrywide Home Loans:
5.63%, 1/2/98 ......................................................... 80,000,000 79,985,760
5.83%, 1/28/98 ........................................................ 66,625,000 66,333,682
6.80%, 1/5/98 ......................................................... 79,000,000 78,940,311
FINOVA Capital Corp.:
5.52%, 4/16/98 ........................................................ 20,000,000 19,670,417
5.54%, 2/26/98 ........................................................ 10,000,000 9,913,356
5.57%, 2/20/98 ........................................................ 25,000,000 24,806,597
5.57%, 3/20/98 ........................................................ 20,000,000 19,758,633
5.58%, 1/13/98 ........................................................ 15,000,000 14,972,100
5.58%, 2/12/98 ........................................................ 15,000,000 14,902,350
5.59%, 1/5/98 ......................................................... 10,000,000 9,993,789
</TABLE>
10
<PAGE> 11
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
<S> <C> <C>
COMMERCIAL FINANCE
FINOVA Capital Corp.: (Continued)
5.60%, 1/13/98 ........................................................ $ 36,000,000 $ 35,932,900
5.60%, 1/14/98 ........................................................ 2,525,000 2,519,894
5.60%, 1/5/98 ......................................................... 20,000,000 19,987,556
5.60%, 1/8/98 ......................................................... 16,000,000 15,982,578
5.60%, 2/18/98 ........................................................ 5,000,000 4,962,667
5.60%, 3/30/98 ........................................................ 15,000,000 14,793,933
5.60%, 4/17/98 ........................................................ 10,000,000 9,835,111
5.60%, 4/30/98 ........................................................ 45,000,000 44,167,000
5.60%, 4/14/98 ........................................................ 18,000,000 17,711,600
5.60%, 4/20/98 ........................................................ 15,000,000 14,745,667
5.62%, 1/6/98 ......................................................... 10,000,000 9,992,194
5.62%, 5/14/98 ........................................................ 20,000,000 19,609,722
5.65%, 4/6/98 ......................................................... 20,000,000 19,701,806
5.695%, 5/26/98 ....................................................... 15,000,000 14,655,927
5.71%, 3/24/98 ........................................................ 60,000,000 59,220,317
5.72%, 3/23/98 ........................................................ 40,000,000 39,485,200
5.72%, 5/29/98 ........................................................ 15,000,000 14,647,267
5.72%, 5/4/98 ......................................................... 15,000,000 14,706,850
5.73%, 3/6/98 ......................................................... 15,000,000 14,847,200
5.75%, 5/14/98 ........................................................ 10,000,000 9,787,569
5.85%, 1/21/98 ........................................................ 10,000,000 9,967,500
5.85%, 1/23/98 ........................................................ 18,500,000 18,433,862
6.188%, 3/6/98(1) ..................................................... 52,950,000 52,972,637
8.50%, 5/1/98 ......................................................... 8,490,000 8,562,218
8.50%, 5/1/98 ......................................................... 6,890,000 6,946,158
Heller Financial, Inc.:
5.65%, 1/7/98 ......................................................... 7,000,000 6,993,408
5.65%, 1/8/98 ......................................................... 45,000,000 44,950,562
5.66%, 2/19/98 ........................................................ 75,000,000 74,422,208
5.69%, 1/16/98 ........................................................ 45,000,000 44,893,312
5.70%, 1/28/98 ........................................................ 55,000,000 54,755,500
5.70%, 10/16/98(1) .................................................... 45,000,000 44,996,449
5.70%, 10/7/98(1) ..................................................... 50,000,000 50,000,000
5.90%, 3/30/98 ........................................................ 35,000,000 34,495,222
5.926%, 9/29/98(1) .................................................... 25,000,000 24,996,288
6%, 4/2/98 ............................................................ 22,000,000 21,666,333
6%, 4/29/98 ........................................................... 50,000,000 49,016,667
6.156%, 12/16/98(1) ................................................... 20,000,000 20,000,000
9.375%, 3/15/98 ....................................................... 3,100,000 3,121,571
--------------
1,407,246,793
--------------
</TABLE>
11
<PAGE> 12
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
<S> <C> <C>
COMPUTER SOFTWARE/SERVICES-1.1%
First Data Corp.:
5.55%, 2/18/98 ........................................................ $ 30,000,000 $ 29,778,000
5.59%, 5/5/98 ......................................................... 30,000,000 29,422,367
5.605%, 1/27/98 ....................................................... 25,000,000 24,898,799
5.67%, 5/19/98 ........................................................ 35,000,000 34,239,275
5.675%, 5/26/98 ....................................................... 30,000,000 29,314,271
------------
147,652,712
------------
CONGLOMERATES-0.3%
Mitsubishi International Corp.:
5.70%, 1/5/98 ......................................................... 31,200,000 31,180,240
5.73%, 1/9/98 ......................................................... 15,000,000 14,980,900
------------
46,161,140
------------
CONSUMER FINANCE-1.1%
Commercial Credit Co., 5.50%, 5/15/98 .................................... 10,000,000 9,988,456
Island Finance Puerto Rico, Inc.:
5.68%, 3/31/98 ........................................................ 17,000,000 16,761,282
5.71%, 2/17/98 ........................................................ 10,000,000 9,925,453
5.98%, 1/23/98 ........................................................ 18,000,000 17,934,220
Sears Roebuck Acceptance Corp.:
5.56%, 4/13/98 ........................................................ 25,000,000 24,606,167
5.63%, 4/16/98 ........................................................ 30,000,000 29,507,375
5.71%, 3/20/98 ........................................................ 40,000,000 39,505,133
------------
148,228,086
------------
DIVERSIFIED FINANCIAL-6.9%
Associates Corp. of North America, 5.50%, 1/22/98 ........................ 40,000,000 39,871,667
Ford Motor Credit Corp.:
5.70%, 12/23/98(1) .................................................... 25,000,000 24,992,929
9%, 3/25/98 ........................................................... 6,100,000 6,144,170
General Electric Capital Corp.:
5.55%, 2/23/98 ........................................................ 15,000,000 14,877,437
5.555%, 3/10/98 ....................................................... 25,000,000 24,737,681
5.56%, 2/12/98 ........................................................ 50,000,000 49,675,667
5.56%, 3/11/98 ........................................................ 30,000,000 29,680,300
5.56%, 3/18/98 ........................................................ 45,000,000 44,471,800
5.66%, 4/8/98 ......................................................... 25,000,000 24,618,736
7.95%, 2/2/98 ......................................................... 10,000,000 10,017,520
8.12%, 1/20/98 ........................................................ 5,000,000 5,005,893
</TABLE>
12
<PAGE> 13
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
DIVERSIFIED FINANCIAL
General Electric Capital Services:
5.55%, 2/23/98 ........................................................ $ 50,000,000 $ 49,591,458
5.55%, 3/2/98 ......................................................... 35,000,000 34,676,250
5.56%, 1/30/98 ........................................................ 50,000,000 49,776,056
5.60%, 4/17/98 ........................................................ 30,000,000 29,505,333
5.60%, 4/20/98 ........................................................ 25,000,000 24,576,111
General Motors Acceptance Corp.:
5.56%, 1/26/98 ........................................................ 28,500,000 28,389,958
5.58%, 2/25/98 ........................................................ 18,000,000 17,846,550
5.60%, 3/27/98 ........................................................ 25,000,000 24,671,806
5.60%, 4/13/98 ........................................................ 95,000,000 93,491,392
5.60%, 4/20/98 ........................................................ 20,000,000 19,660,889
5.75%, 4/21/98(1) ..................................................... 45,000,000 44,993,050
5.875%, 2/23/98 ....................................................... 45,000,000 44,993,017
6.15%, 5/11/98 ........................................................ 7,000,000 7,004,753
6.15%, 5/11/98 ........................................................ 5,940,000 5,947,049
6.20%, 5/11/98 ........................................................ 5,550,000 5,557,550
Household Finance Corp.:
5.50%, 1/21/98 ........................................................ 50,000,000 49,847,222
5.55%, 3/16/98 ........................................................ 25,000,000 24,714,792
Prudential Funding Corp.:
5.55%, 3/3/98 ......................................................... 30,000,000 29,717,875
5.685%, 5/5/98(1) ..................................................... 45,000,000 44,996,311
5.72%, 4/1/98 ......................................................... 25,000,000 24,642,500
------------
928,693,722
------------
ELECTRONICS-0.9%
Avnet, Inc., 5.82%, 3/23/98 .............................................. 10,000,000 9,869,050
Mitsubishi Electric Finance America, Inc.:
5.55%, 1/28/98(2) ..................................................... 25,000,000 24,895,938
5.59%, 1/7/98(2) ...................................................... 62,000,000 61,942,219
5.60%, 1/14/98(2) ..................................................... 5,000,000 4,989,889
5.80%, 2/11/98(2) ..................................................... 15,000,000 14,900,917
------------
116,598,013
------------
HEALTHCARE/SUPPLIES & SERVICES-0.5%
A.H. Robins Co., Inc., 5.55%, 1/8/98(2) .................................. 31,327,000 31,293,193
AC Acquisition Holding Co., 5.54%, 1/23/98(2) ............................ 40,000,000 39,864,333
------------
71,157,526
------------
</TABLE>
13
<PAGE> 14
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
<S> <C> <C>
INDUSTRIAL SERVICES-0.8%
PHH Corp.:
5.939%, 1/27/98(1) .................................................... $ 55,000,000 $ 54,998,782
5.939%, 1/27/98(1) .................................................... 27,000,000 26,999,619
5.96%, 1/15/98(1) ..................................................... 25,000,000 24,999,907
--------------
106,998,308
--------------
INSURANCE-12.0%
Allstate Life Insurance Co., 5.687%, 1/2/98(1) ........................... 50,000,000 50,000,000
Combined Insurance Co. of America, 5.75%, 1/2/98(1) ...................... 50,000,000 50,000,000
GE Financial Assurance Holdings, Inc.:
5.68%, 5/20/98 ........................................................ 30,000,000 29,342,067
5.68%, 5/21/98 ........................................................ 20,000,000 19,558,222
5.73%, 4/2/98 ......................................................... 30,000,000 29,565,475
General American Life Insurance Co., 5.89%, 1/2/98(1) .................... 80,000,000 80,000,000
Jackson National Life Insurance Co.:
5.68%, 3/1/98(1) ...................................................... 70,000,000 70,000,000
5.71%, 8/1/98(1) ...................................................... 45,000,000 45,000,000
John Hancock Capital Corp., 5.989%, 1/2/98(1)(3) ......................... 100,000,000 100,000,000
Pacific Mutual Life Insurance Co., 5.647%, 1/2/98(1)(3) .................. 90,000,000 90,000,000
Principal Mutual Life Insurance Co., 6%, 1/2/98(1)(3) .................... 95,000,000 95,000,000
Protective Life Insurance Co.:
5.708%, 8/25/98(1) .................................................... 25,000,000 25,000,000
5.748%, 4/1/98(1) ..................................................... 25,000,000 25,000,000
5.837%, 1/2/98(1)(3) .................................................. 30,000,000 30,000,000
5.777%, 1/2/98 ........................................................ 200,000,000 200,000,000
Safeco Insurance Co.:
5.62%, 1/29/98 ........................................................ 10,000,000 9,956,289
5.77%, 3/19/98 ........................................................ 20,000,000 19,753,172
TransAmerica Life Insurance & Annuity Co.:
5.687%, 10/15/98(1) ................................................... 75,000,000 75,000,000
5.687%, 3/22/98(1) .................................................... 43,000,000 43,000,000
5.687%, 5/15/98(1) .................................................... 50,000,000 50,000,000
5.687%, 8/3/98(1) ..................................................... 25,000,000 25,000,000
5.687%, 9/30/98(1) .................................................... 50,000,000 50,000,000
5.984%, 1/28/98 ....................................................... 150,000,000 150,000,000
Transamerica Occidental Corp., 5.687%, 9/29/98(1) ........................ 50,000,000 50,000,000
Travelers Insurance Co.:
5.708%, 10/3/98(1)(3) ................................................. 40,000,000 40,000,000
5.708%, 9/16/98(1)(3) ................................................. 48,000,000 48,000,000
Western-Southern Life Funding, 5.969%, 1/2/98(1) ......................... 100,000,000 100,000,000
--------------
1,599,175,225
--------------
</TABLE>
14
<PAGE> 15
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
-------------- --------------
<S> <C> <C>
LEASING & FACTORING-1.7%
American Honda Finance Corp.:
5.58%, 1/22/98 ........................................................ $ 10,000,000 $ 9,967,158
5.719%, 4/9/98(1) ..................................................... 10,000,000 10,000,000
5.812%, 7/27/98(1) .................................................... 10,000,000 10,000,000
5.90%, 1/29/98 ........................................................ 50,000,000 49,770,556
5.906%, 6/16/98(1) .................................................... 20,000,000 20,000,000
5.92%, 1/28/98 ........................................................ 35,000,000 34,844,600
5.95%, 1/13/98 ........................................................ 15,120,000 15,090,012
6.05%, 1/12/98 ........................................................ 30,000,000 29,944,542
6.05%, 1/15/98 ........................................................ 35,000,000 34,917,653
6.30%, 1/8/98 ......................................................... 4,000,000 3,995,100
International Lease Finance Corp., 5.75%, 3/15/98 ........................ 5,000,000 4,999,567
--------------
223,529,188
--------------
MANUFACTURING-0.0%
Rexam PLC, 5.85%, 1/16/98(2) ............................................. 5,950,000 5,935,497
--------------
METALS/MINING-1.4%
Rio Tinto America, Inc.:
5.52%, 2/4/98(2) ...................................................... 16,900,000 16,811,735
5.54%, 1/23/98(2) ..................................................... 40,000,000 39,864,578
5.55%, 2/26/98(2) ..................................................... 17,600,000 17,448,053
5.55%, 3/19/98(2) ..................................................... 22,300,000 22,035,280
5.55%, 3/2/98(2) ...................................................... 17,600,000 17,437,200
5.56%, 2/9/98(2) ...................................................... 17,400,000 17,295,194
5.655%, 5/27/98(2) .................................................... 20,000,000 19,541,317
5.67%, 4/3/98(2) ...................................................... 28,500,000 28,086,652
5.74%, 2/23/98(2) ..................................................... 5,000,000 4,957,747
--------------
183,477,756
--------------
NONDURABLE HOUSEHOLD GOODS-0.4%
Newell Co.:
5.61%, 1/26/98(2) ..................................................... 10,000,000 9,961,042
6.80%, 1/2/98(2) ...................................................... 46,655,000 46,646,187
--------------
56,607,229
--------------
</TABLE>
15
<PAGE> 16
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
OIL-INTEGRATED-0.6%
Fina Oil & Chemical Co.:
5.57%, 1/20/98(2) ..................................................... $ 15,000,000 $ 14,955,904
5.59%, 2/26/98(2) ..................................................... 14,000,000 13,878,262
5.70%, 4/10/98(2) ..................................................... 5,000,000 4,921,625
5.80%, 1/23/98(2) ..................................................... 10,000,000 9,964,556
Repsol International Finance BV, 5.50%, 1/22/98 .......................... 30,000,000 29,903,750
------------
73,624,097
------------
SPECIAL PURPOSE FINANCIAL-18.1%
Asset Backed Capital Finance, Inc.:
5.58%, 2/2/98(2) ...................................................... 49,900,000 49,646,383
5.58%, 3/2/98(2) ...................................................... 9,900,000 9,807,930
5.58%, 3/9/98(2) ...................................................... 35,400,000 35,031,612
5.60%, 2/9/98(2) ...................................................... 68,800,000 68,382,613
5.60%, 4/1/98(2) ...................................................... 48,100,000 47,421,350
5.68%, 1/8/98(2) ...................................................... 2,000,000 1,997,791
5.70%, 9/15/98(1)(3) .................................................. 15,000,000 15,000,000
5.73%, 11/23/98(1)(3) ................................................. 40,000,000 40,000,000
5.73%, 12/8/98(1)(3) .................................................. 50,000,000 50,000,000
6.16%, 3/16/98(1)(3) .................................................. 20,000,000 19,998,183
Asset Backed Securities Investment Trust-Series 1997A, 6.03%, 2/16/98(1)(3) 35,000,000 34,999,563
Asset Securitization Cooperative Corp.:
5.75%, 3/26/98(2) ..................................................... 25,000,000 24,664,583
5.89%, 1/29/98(2) ..................................................... 40,000,000 39,816,756
Beta Finance, Inc.:
5.53%, 2/9/98(2) ...................................................... 10,000,000 9,940,092
5.54%, 2/17/98(2) ..................................................... 29,400,000 29,187,356
5.55%, 2/23/98(2) ..................................................... 17,000,000 16,861,096
5.55%, 2/27/98(2) ..................................................... 10,000,000 9,912,125
5.56%, 3/12/98(2) ..................................................... 107,000,000 105,840,392
5.56%, 3/16/98(2) ..................................................... 35,000,000 34,599,989
5.56%, 3/3/98(2) ...................................................... 30,000,000 29,717,367
5.56%, 3/4/98(2) ...................................................... 50,000,000 49,521,222
5.56%, 3/9/98(2) ...................................................... 94,500,000 93,522,135
5.56%, 4/14/98(2) ..................................................... 15,000,000 14,761,383
5.56%, 4/22/98(2) ..................................................... 31,500,000 30,954,158
5.57%, 4/29/98(2) ..................................................... 2,000,000 1,963,486
5.66%, 5/19/98(2) ..................................................... 30,000,000 29,349,100
5.67%, 5/11/98(2) ..................................................... 30,000,000 29,385,750
Cooperative Assn. of Tractor Dealers:
Series A, 5.62%, 4/15/98 .............................................. 10,000,000 9,837,644
</TABLE>
16
<PAGE> 17
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ------------
<S> <C> <C>
SPECIAL PURPOSE FINANCIAL
Cooperative Assn. of Tractor Dealers: (Continued)
Series B, 5.63%, 3/19/98 .............................................. $ 15,000,000 $ 14,819,371
Series B, 5.72%, 3/25/98 .............................................. 11,200,000 11,052,297
Corporate Asset Funding Co., Inc.:
5.53%, 1/15/98(2) ..................................................... 22,000,000 21,952,688
5.73%, 1/23/98(2) ..................................................... 75,000,000 74,737,375
CXC, Inc.:
5.54%, 1/16/98(2) ..................................................... 20,000,000 19,953,833
5.57%, 3/16/98(2) ..................................................... 5,000,000 4,942,753
5.59%, 2/17/98(2) ..................................................... 7,000,000 6,948,914
5.61%, 2/13/98(2) ..................................................... 25,000,000 24,832,479
5.65%, 4/6/98(2) ...................................................... 30,000,000 29,552,708
5.68%, 3/25/98(2) ..................................................... 55,000,000 54,279,744
5.68%, 3/26/98(2) ..................................................... 17,000,000 16,774,693
5.69%, 4/29/98(2) ..................................................... 25,000,000 24,533,736
5.70%, 3/6/98(2) ...................................................... 25,000,000 24,746,667
5.72%, 3/27/98(2) ..................................................... 30,000,000 29,594,833
5.72%, 4/16/98(2) ..................................................... 50,000,000 49,165,833
5.85%, 1/20/98(2) ..................................................... 8,100,000 8,074,991
5.85%, 1/21/98(2) ..................................................... 35,000,000 34,886,250
5.85%, 1/28/98(2) ..................................................... 30,000,000 29,868,375
Enterprise Funding Corp.:
5.54%, 2/19/98(2) ..................................................... 10,127,000 10,050,637
5.55%, 3/20/98(2) ..................................................... 3,910,000 3,862,982
5.56%, 2/9/98(2) ...................................................... 6,087,000 6,050,402
5.62%, 4/21/98 ........................................................ 14,000,000 13,759,589
5.67%, 4/8/98(2) ...................................................... 19,510,000 19,213,303
5.68%, 3/25/98(2) ..................................................... 13,434,000 13,258,074
5.72%, 5/13/98(2) ..................................................... 26,964,000 26,398,095
5.73%, 5/18/98(2) ..................................................... 10,000,000 9,781,942
5.75%, 1/16/98(2) ..................................................... 5,734,000 5,720,262
5.85%, 1/14/98 ........................................................ 50,000,000 49,894,375
5.85%, 1/23/98(2) ..................................................... 5,008,000 4,990,096
5.90%, 1/7/98(2) ...................................................... 7,747,000 7,739,382
Falcon Asset Securitization Corp.:
5.57%, 4/29/98(2) ..................................................... 25,750,000 25,279,877
5.65%, 1/15/98(2) ..................................................... 6,425,000 6,410,883
5.75%, 1/23/98(2) ..................................................... 24,519,000 24,432,843
5.90%, 1/2/98(2) ...................................................... 25,125,000 25,120,882
Fleet Funding Corp.:
5.65%, 1/2/98(2) ...................................................... 50,000,000 49,992,153
5.82%, 1/23/98(2) ..................................................... 5,340,000 5,321,007
</TABLE>
17
<PAGE> 18
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
--------------- ---------------
<S> <C> <C>
SPECIAL PURPOSE FINANCIAL (CONTINUED)
New Center Asset Trust:
5.55%, 1/30/98 ........................................................ $ 30,000,000 $ 29,865,875
5.685%, 5/21/98 ....................................................... 50,000,000 48,894,583
5.735%, 4/16/98 ....................................................... 40,000,000 39,330,917
6.30%, 1/28/98 ........................................................ 7,100,000 7,066,453
6.40%, 1/15/98 ........................................................ 14,800,000 14,763,164
Preferred Receivables Funding Corp.:
5.55%, 2/26/98 ........................................................ 5,000,000 4,956,833
5.55%, 2/5/98 ......................................................... 24,500,000 24,367,802
5.68%, 4/10/98(2) ..................................................... 10,775,000 10,606,695
RACERS Series 1997-MM-1-1, 5.98%, 1/15/98(1)(3) .......................... 50,000,000 49,999,239
Receivables Capital Corp.:
5.62%, 1/5/98(2) ...................................................... 7,249,000 7,244,345
5.82%, 1/26/98(2) ..................................................... 20,000,000 19,919,167
5.85%, 1/22/98(2) ..................................................... 30,000,000 29,897,625
5.87%, 1/20/98(2) ..................................................... 15,325,000 15,277,522
5.90%, 1/16/98(2) ..................................................... 50,000,000 49,877,083
5.90%, 1/29/98(2) ..................................................... 25,000,000 24,885,278
Sigma Finance, Inc.:
5.54%, 2/20/98(2) ..................................................... 25,000,000 24,807,639
5.55%, 1/15/98(2) ..................................................... 101,420,000 101,200,838
5.57%, 3/25/98(2) ..................................................... 9,000,000 8,884,423
5.58%, 1/6/98(2) ...................................................... 33,000,000 32,974,425
5.58%, 2/25/98(2) ..................................................... 5,000,000 4,957,375
5.58%, 3/19/98(2) ..................................................... 11,000,000 10,868,715
5.58%, 4/14/98(2) ..................................................... 24,000,000 23,616,840
5.59%, 3/10/98(2) ..................................................... 15,000,000 14,841,617
5.59%, 5/6/98(2) ...................................................... 26,000,000 25,495,347
5.60%, 2/11/98(2) ..................................................... 20,500,000 20,369,256
5.60%, 2/4/98(2) ...................................................... 17,000,000 16,910,089
SMM Trust 1997-I, 5.969%, 5/29/98(1)(3) .................................. 40,000,000 40,000,000
---------------
2,421,993,528
---------------
Total Short-Term Notes (Cost $10,741,207,969) ............................ 10,741,207,969
---------------
</TABLE>
18
<PAGE> 19
STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
--------------- ---------------
<S> <C> <C>
U.S. GOVERNMENT OBLIGATIONS-0.2%
Student Loan Marketing Assn., 5.82%, 1/23/98 (Cost $29,999,729) .......... $ 30,000,000 $ 29,999,729
---------------
FOREIGN GOVERNMENT OBLIGATIONS-1.1%
Finnish Export Credit Ltd.:
5.55%, 7/15/98 ........................................................ 8,000,000 7,759,500
5.56%, 7/7/98 ......................................................... 5,000,000 4,855,594
5.73%, 5/19/98 ........................................................ 20,000,000 19,560,700
Westdeutsche Landesbank Girozentrale:
5.53%, 2/5/98 ......................................................... 50,000,000 49,731,181
5.56%, 3/11/98 ........................................................ 25,000,000 24,733,583
5.85%, 1/15/98 ........................................................ 30,000,000 29,931,750
Westdeutsche Landesbank Girozentrale, guaranteeing commercial paper of
Unibanco-Uniao de Brancos Brasileiros S.A.-Grand Cayman-Series A,
5.75%, 3/30/98 ........................................................ 10,000,000 9,859,445
---------------
Total Foreign Government Obligations (Cost $146,431,753) 146,431,753
---------------
Total Investments, at Value .............................................. 99.8% 13,346,100,671
Other Assets Net of Liabilities .......................................... 0.2 25,654,462
----- ---------------
Net Assets ............................................................... 100.0% $13,371,755,133
===== ===============
</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 December 31, 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. Security issued in exempt transaction without registration under the
Securities Act of 1933. Such securities amount to $2,834,960,326, or 21.20%
of the Trust's net assets and have been determined to be liquid pursuant to
guidelines adopted by the Trustees.
3. 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 $809,645,411, or 6.05% of the Trust's net
assets. The Trust may not invest more than 10% of its net assets (determined
at the time of purchase) in illiquid securities.
See accompanying Notes to Financial Statements.
19
<PAGE> 20
STATEMENT OF ASSETS AND LIABILITIES December 31, 1997 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
ASSETS:
Investments, at value ................................................................. $13,346,100,671
Cash .................................................................................. 524,197
Receivables:
Shares of beneficial interest sold .................................................. 143,232,601
Interest ............................................................................ 36,945,860
Other ................................................................................. 789,187
---------------
Total assets ...................................................................... 13,527,592,516
---------------
LIABILITIES:
Payables and other liabilities:
Shares of beneficial interest redeemed .............................................. 153,489,024
Service plan fees ................................................................... 1,082,048
Dividends ........................................................................... 43,725
Trustees' fees ...................................................................... 4,807
Other ................................................................................. 1,217,779
---------------
Total liabilities ................................................................. 155,837,383
---------------
NET ASSETS ............................................................................ $13,371,755,133
===============
COMPOSITION OF NET ASSETS:
Paid-in capital ....................................................................... $13,371,671,117
Accumulated net realized gain on investment transactions .............................. 84,016
---------------
NET ASSETS-applicable to 13,371,671,117 shares of beneficial interest outstanding ..... $13,371,755,133
===============
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE ........................ $1.00
</TABLE>
See accompanying Notes to Financial Statements.
20
<PAGE> 21
STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1997 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
INVESTMENT INCOME-Interest ........................................................... $ 304,709,831
-------------
EXPENSES
Management fees-Note 3 ............................................................... 20,511,640
Service plan fees-Note 3 ............................................................. 10,682,513
Transfer and shareholder servicing agent fees-Note 3 ................................. 5,070,691
Custodian fees and expenses .......................................................... 581,075
Shareholder reports .................................................................. 541,641
Registration and filing fees ......................................................... 389,677
Legal and auditing fees .............................................................. 122,608
Trustees' fees and expenses .......................................................... 30,463
Insurance expenses ................................................................... 5,530
Other ................................................................................ 10,599
-------------
Total expenses ..................................................................... 37,946,437
-------------
Less reimbursement of expenses by Centennial Asset Management Corporation-Note 3 ..... (2,382,437)
-------------
Net expenses ......................................................................... 35,564,000
-------------
NET INVESTMENT INCOME ................................................................ 269,145,831
-------------
NET REALIZED GAIN ON INVESTMENTS ..................................................... 21,976
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................................. $ 269,167,807
=============
</TABLE>
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1997 Year Ended
(Unaudited) June 30, 1997
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Net investment income ............................................. $ 269,145,831 $ 390,168,132
Net realized gain ................................................. 21,976 12,890
---------------- ----------------
Net increase in net assets resulting from operations .............. 269,167,807 390,181,022
---------------- ----------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS ....................... (269,145,831) (390,443,351)
---------------- ----------------
BENEFICIAL INTEREST TRANSACTIONS:
Net increase in net assets resulting from beneficial interest
transactions-Note 2 ............................................ 4,308,766,276 2,310,345,177
---------------- ----------------
NET ASSETS:
Total increase .................................................... 4,308,788,252 2,310,082,848
Beginning of period ............................................... 9,062,966,881 6,752,884,033
---------------- ----------------
End of period ..................................................... $ 13,371,755,133 $ 9,062,966,881
================ ================
</TABLE>
See accompanying Notes to Financial Statements.
21
<PAGE> 22
FINANCIAL HIGHLIGHTS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Six Months Ended Year Ended June 30,
December 31, 1997 ---------------------------------------------------------
(Unaudited) 1997 1996 1995 1994 1993
----------------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA:
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment
operations-net investment
income and net realized gain .... .03 .05 .05 .05 .03 .03
Dividends and distributions to
shareholders .................... (.03) (.05) (.05) (.05) (.03) (.03)
----- ----- ----- ----- ----- -----
Net asset value, end of period ..... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
TOTAL RETURN, AT
NET ASSET VALUE(1) .............. 2.60% 4.97% 5.11% 5.07% 2.82% 2.91%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(in millions) ................... $13,372 $9,063 $6,753 $4,812 $2,559 $1,991
Average net assets (in millions) ... $10,533 $8,033 $6,077 $3,342 $2,346 $1,701
Ratios to average net assets:
Net investment income .............. 5.07%(2) 4.86% 4.99% 5.01% 2.84% 2.82%
Expenses, before voluntary
assumption by the manager ....... 0.72%(2) 0.73% 0.74% 0.77% 0.81% 0.83%
Expenses, net of voluntary
assumption by the manager ....... 0.67%(2) 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 are
not annualized for periods of less than one full year. Total returns reflect
changes in net investment income only.
2. Annualized.
See accompanying Notes to Financial Statements.
22
<PAGE> 23
NOTES TO FINANCIAL STATEMENTS (Unaudited)
Centennial Money Market Trust
1. SIGNIFICANT ACCOUNTING POLICIES
Centennial Money Market Trust (the Trust) is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end management
investment company. The Trust's investment objective is to seek the maximum
current income that is consistent with low capital risk and the maintenance
of liquidity. The Trust seeks to achieve this objective by investing in
"money market" securities meeting specified quality standards. The Trust's
investment 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> 24
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
Centennial Money Market Trust
2. SHARES OF BENEFICIAL INTEREST
The Trust has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Six Months Ended December 31, 1997 Year Ended June 30, 1997
------------------------------------- --------------------------------------
Shares Amount Shares Amount
--------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Sold ......................... 17,407,693,893 $ 17,407,693,893 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 3,461,468,087 -- --
Dividends and
distributions reinvested ... 277,024,148 277,024,148 378,092,268 378,092,268
Redeemed ..................... (16,837,419,852) (16,837,419,852) (25,860,498,168) (25,860,498,168)
--------------- ---------------- ---------------- ----------------
Net increase ................. 4,308,766,276 $ 4,308,766,276 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 had
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 breakpoints which were previously voluntary.
24
<PAGE> 25
NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 $3,461,468,087, in exchange for the net assets,
resulting in combined net assets of $13,332,998,832 on November 21, 1997.
The exchange qualified as a tax-free reorganization for federal income tax
purposes.
25
<PAGE> 26
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26
<PAGE> 27
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27
<PAGE> 28
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
Dorothy G. Warmack, Vice President
Carol E. Wolf, Vice President
Arthur J. Zimmer, Vice President
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Robert G. Zack, Assistant Secretary
Investment Advisor and Distributor
Centennial Asset Management Corporation
Transfer and Shareholder Servicing Agent
Shareholder Services, Inc.
Custodian of Portfolio Securities
Citibank, N.A.
Independent Auditors
Deloitte & Touche LLP
Legal Counsel
Myer, Swanson, Adams & Wolf, P.C.
The financial statements included herein have been taken from
the records of the Trust without examination of the independent
auditors. This is a copy of a report to shareholders of
Centennial Money Market Trust. This report must be preceded or
accompanied by a Prospectus of Centennial Money Market Trust.
For material information concerning the Trust, see the
Prospectus.
For shareholder servicing call:
1-800-525-9310 (in U.S.)
303-671-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5143
Denver, CO 80217-5143
RS0150.001.1297 [RECYCLE LOGO] Printed on recycled paper
1997 SEMIANNUAL REPORT
CENTENNIAL
MONEY MARKET
TRUST
DECEMBER 31, 1997
