1998 Semiannual Report
Centennial
Money Market
Trust
December 31, 1998
<PAGE>
Dear Shareholder:
When international markets become unsteady, investors around the world often
look to U.S. government securities for safety and security, bypassing
high-quality money market instruments such as short-term borrowings issued by
blue-chip corporations. That clearly took place in the latter half of 1998, as
Asia's financial crisis continued to form a backdrop to the global economy. At
various times during the year, demand for Treasury bills surged, boosting prices
and reducing yields, particularly in late summer as Russia's economy weakened.
After Russia defaulted on much of its debt and allowed its currency to fall
sharply in value, emerging markets around the world were suddenly perceived as
extremely risky. Even high-quality U.S. corporate debt suffered because of the
slight credit risk involved. To attract new investors, corporations had to offer
yields considerably higher than risk-free U.S. Treasury securities.
The result? High-quality money market instruments that carried only slightly
higher credit risk offered very attractive yields compared to Treasury bills.
That's one reason why Centennial Money Market Trust, which invests in a mixture
of certificates of deposit, letters of credit, commercial paper and other money
market instruments, generally continued to provide stable returns.
For the six months that ended December 31, 1998, Centennial Money Market Trust
produced a compounded annualized yield of 5.00%. Without compounding, the
corresponding yield was 4.88%. The seven-day annualized yields, with and without
compounding, on December 31, 1998, were 4.78% and 4.67%, 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
be able to maintain a stable $1.00 share price in the future.
1. Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
<PAGE>
As money-market investors, we keenly follow the actions of the Federal Reserve
Board, which determines short-term interest rates for member banks. In the Fall,
the Fed cut short-term interest rates three times to stimulate the economy, and
dozens of central banks around the world followed suit. The result of this
concerted action was a major rally in stock markets, as well as a likely
continuation of moderate economic growth, at least in the United States.
Although the Fed was able to stimulate economic growth here in America, much of
Europe is sluggish while most of Asia remains in a recession. We continue to be
especially diligent in our analysis of credit quality. During the period, we
discontinued our investment in securities issued by certain multinational banks
with heavy exposure to Asia. Although we will continue to search for yield, your
objectives will always come first.
Thank you for your confidence in Centennial Money Market Trust. We look forward
to helping you reach your investment goals of safety, liquidity and attractive
yield.
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 25, 1999
2
<PAGE>
Statement of Investments December 31, 1998 (Unaudited)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Certificates of Deposit--0.1%
Societe Generale:
5.55%, 2/9/99 ............................................................... $ 10,000,000 $ 9,997,325
5.80%, 3/31/99 .............................................................. 12,500,000 12,504,751
--------------
Total Certificates of Deposit .................................................. 22,502,076
--------------
Direct Bank Obligations--2.2%
BankBoston, N.A.:
5.07%, 4/30/99 .............................................................. 40,000,000 40,000,000
5.07%, 5/13/99 .............................................................. 25,000,000 25,000,000
5.14%, 3/25/99 .............................................................. 15,000,000 15,000,000
5.58%, 2/18/99 .............................................................. 50,000,000 50,000,000
5.65%, 1/13/99 .............................................................. 20,000,000 20,001,398
5.65%, 1/21/99 .............................................................. 35,000,000 35,000,000
5.74%, 4/6/99 ............................................................... 25,000,000 25,024,428
FCC National Bank:
4.87%, 2/12/99(1) ........................................................... 18,000,000 17,996,236
4.87%, 3/1/99(1) ............................................................ 25,000,000 24,992,967
Morgan Guaranty Trust Co. of New York, 5.574%, 9/27/99(1) ...................... 45,000,000 44,983,905
Societe Generale:
4.84%, 2/23/99(1) ........................................................... 12,000,000 11,999,250
4.89%, 3/16/99(1) ........................................................... 15,000,000 14,999,083
5.505%, 1/7/99(1) ........................................................... 25,000,000 24,996,094
5.536%, 1/4/99(1) ........................................................... 17,000,000 16,994,542
--------------
Total Direct Bank Obligations .................................................. 366,987,903
--------------
Letters of Credit--3.0%
Abbey National plc, guaranteeing commercial paper of
Abbey National North America Corp., 5.50%, 2/4/99 ........................... 56,500,000 56,206,514
ABN Amro Bank NV, guaranteeing commercial paper of:
Formosa Plastics Corp., USA, Series A, 4.95%, 3/25/99 ....................... 20,000,000 19,771,750
Lasalle National Bank, 5.03%, 4/5/99 ........................................ 50,000,000 50,000,000
Bank of America, NT & SA, guaranteeing commercial paper of:
Formosa Plastics Corp., USA, Series II, 4.85%, 4/20/99 ...................... 25,000,000 24,632,882
Formosa Plastics Corp., USA, Series II, 4.88%, 4/28/99 ...................... 15,000,000 14,762,100
Formosa Plastics Corp., USA, Series II, 4.96%, 4/6/99 ....................... 9,500,000 9,375,656
Formosa Plastics Corp., USA, Series B, 5.07%, 5/10/99 ....................... 35,000,000 34,364,138
Minmetals Capitals & Securities, Inc., 5.50%, 1/22/99 ....................... 15,000,000 14,951,875
Minmetals Capitals & Securities, Inc., 4.95%, 3/8/99 ........................ 21,000,000 20,809,425
Bank One, Cleveland, N.A., guaranteeing commercial paper of:
Capital One Funding Corp., Series 1995F, 5.57%, 1/4/99(1)(2) ................ 25,452,000 25,452,000
Capital One Funding Corp., Series 1996C, 5.57%, 1/4/99(1)(2) ................ 12,604,000 12,604,000
Capital One Funding Corp., Series 1997E, 5.57%, 1/4/99(1)(2) ................ 13,132,000 13,132,000
</TABLE>
3
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Letters of Credit (Continued)
Bank One, Indiana, guaranteeing commercial paper of
Primex Funding Corp., 5.57%, 1/4/99(1)(2) ................................... $ 4,500,000 $ 4,500,000
Barclays Bank plc, guaranteeing commercial paper of:
Banca Serfin SA, Institucion de Banco Multiple Groupa
Financiera Serfin, 4.87%, 4/28/99 ........................................... 15,000,000 14,762,588
Banco de Credito Nacionale SA, Series A, 5.50%, 4/16/99 ..................... 10,000,000 9,839,583
Banco Itau, SA, 5.23%, 3/16/99 .............................................. 12,000,000 11,870,993
Nacionale Financiera, SNC, 4.90%, 5/20/99 ................................... 35,000,000 34,337,819
Nacionale Financiera, SNC, 5.47%, 2/17/99 ................................... 10,000,000 9,928,586
Petroleo Brasileiro, SA, Petrobras II, Series C, 5.05%, 3/30/99 ................ 20,000,000 19,753,111
Bayerische Vereinsche AG, guaranteeing commercial paper of
Banco Mercantile Del Norte SA, Series A, 5.24%, 3/3/99 ...................... 10,000,000 9,911,211
Credit Suisse, guaranteeing commercial paper of Daewoo
International (America) Corp., 5%, 6/4/99 ................................... 20,000,000 19,572,222
Dresdner Bank AG, guaranteeing commercial paper of
Galicia Buenos Aires Funding Corp., 5.26%, 2/25/99 .......................... 53,000,000 52,589,181
Societe Generale, guaranteeing commercial paper of
Girsa Funding Corp., 5.51%, 1/27/99(3) ...................................... 15,000,000 14,940,308
--------------
Total Letters of Credit ........................................................ 498,067,942
--------------
Short-Term Notes--93.3%
Asset-Backed--17.0%
Asset Backed Capital Finance, Inc.:
4.90%, 1/8/99(1)(2) ......................................................... 19,000,000 19,000,000
5.50%, 1/15/99(3) ........................................................... 35,000,000 34,925,139
5.505%, 2/1/99(3) ........................................................... 50,495,000 50,255,633
5.51%, 1/22/99(3) ........................................................... 39,000,000 38,874,647
Atlantis One Funding Corp.:
5.17%, 4/26/99(3) ........................................................... 50,000,000 49,174,236
5.17%, 4/28/99(3) ........................................................... 40,500,000 39,819,499
5.20%, 5/14/99(3) ........................................................... 147,500,000 144,641,147
5.21%, 5/13/99(3) ........................................................... 100,000,000 98,089,667
Beta Finance, Inc.:
4.88%, 4/26/99(3) ........................................................... 21,500,000 21,164,839
4.95%, 2/26/99(3) ........................................................... 50,000,000 49,615,000
5.17%, 1/21/99(3) ........................................................... 16,600,000 16,552,321
5.26%, 3/9/99(3) ............................................................ 29,000,000 28,716,106
5.27%, 2/23/99(3) ........................................................... 5,500,000 5,457,328
CIESCO LP, 5.35%, 1/27/99 ...................................................... 32,131,000 32,006,849
Cooperative Assn. of Tractor Dealers, Inc., Series A, 5.51%, 1/31/99 ........... 25,100,000 25,053,900
</TABLE>
4
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Asset-Backed (Continued)
Corporate Asset Funding Co., Inc.:
4.95%, 2/26/99(3) ........................................................... $ 50,000,000 $ 49,615,000
5%, 2/10/99(3) .............................................................. 50,000,000 49,722,222
5.125%, 2/8/99(3) ........................................................... 75,000,000 74,594,271
5.125%, 2/18/99(3) .......................................................... 50,000,000 49,658,333
5.17%, 1/11/99(3) ........................................................... 50,000,000 49,928,194
5.17%, 3/5/99(3) ............................................................ 50,000,000 49,547,625
5.47%, 1/7/99(3) ............................................................ 50,000,000 49,954,417
Enterprise Funding Corp.:
4.90%, 4/27/99(3) ........................................................... 19,000,000 18,700,011
5.01%, 6/4/99(3) ............................................................ 16,371,000 16,020,142
5.10%, 3/19/99(3) ........................................................... 19,104,000 18,897,519
5.33%, 1/28/99(3) ........................................................... 19,364,000 19,286,592
5.37%, 1/4/99(3) ............................................................ 12,958,000 12,952,201
5.60%, 1/8/99(3) ............................................................ 50,000,000 49,945,556
Eureka Securitization, Inc.:
4.95%, 2/26/99(3) ........................................................... 40,000,000 39,692,000
5.05%, 2/12/99(3) ........................................................... 50,000,000 49,705,417
5.125%, 2/18/99(3) .......................................................... 50,000,000 49,658,333
5.22%, 1/19/99(3) ........................................................... 50,000,000 49,869,500
5.40%, 1/5/99(3) ............................................................ 50,000,000 49,970,000
5.40%, 1/28/99(3) ........................................................... 40,000,000 39,838,000
Falcon Asset Securitization Corp.:
5.38%, 1/8/99(3) ............................................................ 20,200,000 20,178,869
5.50%, 1/19/99(3) ........................................................... 25,000,000 24,931,250
MOAT Funding, LLC:
5.30%, 3/3/99(3) ............................................................ 25,000,000 24,775,486
5.30%, 3/9/99 ............................................................... 50,000,000 49,506,806
5.30%, 3/11/99(3) ........................................................... 35,000,000 34,644,458
5.40%, 2/18/99(3) ........................................................... 20,000,000 19,856,000
5.40%, 3/1/99(3) ............................................................ 50,000,000 49,557,500
5.41%, 1/28/99 .............................................................. 31,130,000 31,003,690
5.50%, 2/11/99(3) ........................................................... 35,000,000 34,780,764
Park Avenue Receivables Corp.:
5.48%, 2/16/99(3) ........................................................... 50,000,000 49,649,889
5.48%, 2/18/99(3) ........................................................... 31,000,000 30,773,493
5.60%, 1/7/99(3) ............................................................ 90,931,000 90,846,131
5.60%, 1/13/99(3) ........................................................... 77,839,000 77,693,886
5.60%, 1/14/99(3) ........................................................... 50,000,000 49,898,889
</TABLE>
5
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Asset-Backed (Continued)
Preferred Receivables Funding Corp.:
4.90%, 3/22/99(3) ........................................................... $ 25,410,000 $ 25,133,313
4.92%, 6/24/99(3) ........................................................... 20,845,000 20,349,306
4.93%, 6/21/99(3) ........................................................... 32,000,000 31,251,210
5.10%, 4/12/99(3) ........................................................... 8,180,000 8,062,958
5.15%, 4/23/99(3) ........................................................... 10,240,000 10,075,932
5.25%, 2/24/99(3) ........................................................... 5,000,000 4,960,625
5.34%, 1/14/99(3) ........................................................... 62,125,000 62,005,202
5.49%, 1/21/99(3) ........................................................... 15,000,000 14,954,250
5.49%, 1/29/99(3) ........................................................... 16,150,000 16,081,039
Sigma Finance, Inc.:
4.97%, 1/7/99(1)(3) ......................................................... 15,000,000 15,000,000
5.01%, 4/14/99(3) ........................................................... 20,000,000 19,713,317
5.03%, 4/7/99(3) ............................................................ 25,000,000 24,664,667
5.25%, 3/10/99(3) ........................................................... 25,000,000 24,752,083
5.26%, 5/12/99 .............................................................. 25,000,000 24,521,486
5.27%, 3/15/99(3) ........................................................... 30,000,000 29,679,408
5.50%, 1/22/99(3) ........................................................... 25,000,000 24,919,792
5.50%, 1/28/99(3) ........................................................... 61,000,000 60,750,437
5.50%, 1/29/99(3) ........................................................... 38,000,000 37,838,611
5.50%, 2/12/99(3) ........................................................... 15,500,000 15,400,542
5.51%, 2/4/99(3) ............................................................ 20,000,000 19,895,922
5.51%, 2/5/99(3) ............................................................ 45,000,000 44,758,937
5.52%, 2/10/99(3) ........................................................... 37,000,000 36,773,067
5.75%, 3/9/99 ............................................................... 50,000,000 50,031,541
Variable Funding Capital Corp.:
5.40%, 1/20/99(3) ........................................................... 50,000,000 49,857,500
5.41%, 1/14/99(3) ........................................................... 60,000,000 59,882,512
5.55%, 1/15/99(3) ........................................................... 50,000,000 49,892,083
5.65%, 1/4/99(3) ............................................................ 50,000,000 49,976,458
--------------
2,860,180,953
--------------
Bank Holding Companies--7.8%
Bank One Corp.:
4.87%, 6/30/99 .............................................................. 50,000,000 48,782,500
5.09%, 3/26/99 .............................................................. 33,000,000 32,608,070
</TABLE>
6
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Bank Holding Companies (Continued)
BankBoston Corp., 5.17%, 3/29/99(1) ............................................ $ 25,000,000 $ 24,997,662
Bankers Trust Co., New York:
5%, 6/28/99 ................................................................. 45,000,000 43,887,500
5%, 7/1/99 .................................................................. 50,000,000 48,743,056
5%, 7/19/99 ................................................................. 30,000,000 29,170,833
5.01%, 6/18/99 .............................................................. 50,000,000 48,831,000
5.01%, 6/21/99 .............................................................. 50,000,000 48,810,125
5.01%, 6/24/99 .............................................................. 50,000,000 48,789,250
5.01%, 6/25/99 .............................................................. 43,000,000 41,952,771
5.01%, 7/15/99 .............................................................. 44,500,000 43,292,381
5.02%, 7/29/99 .............................................................. 100,000,000 97,068,194
5.03%, 6/7/99 ............................................................... 50,000,000 48,903,181
5.03%, 6/8/99 ............................................................... 50,000,000 48,896,194
5.03%, 6/17/99 .............................................................. 50,000,000 48,833,319
5.05%, 6/2/99 ............................................................... 75,000,000 73,400,833
5.05%, 6/9/99 ............................................................... 20,000,000 19,553,917
5.05%, 8/30/99 .............................................................. 50,000,000 48,309,653
Barnett Banks, Inc., 8.50%, 3/1/99 ............................................. 15,042,000 15,107,914
Chase Manhattan Corp.:
4.90%, 3/3/99 ............................................................... 50,000,000 49,584,861
8%, 6/15/99 ................................................................. 17,550,000 17,766,968
J. P. Morgan & Co., Inc.:
5.06%, 3/18/99 .............................................................. 50,000,000 49,465,889
4.82%, 3/30/99 .............................................................. 35,000,000 34,587,622
5.02%, 4/21/99 .............................................................. 39,670,000 39,061,506
5.06%, 4/5/99 ............................................................... 100,000,000 98,678,778
NationsBank Corp.:
5.495%, 1/20/99 ............................................................. 25,000,000 24,927,497
5.495%, 2/11/99 ............................................................. 50,000,000 49,687,090
Wells Fargo & Co.:
4.92%, 6/28/99 .............................................................. 50,000,000 48,783,667
4.92%, 6/30/99 .............................................................. 50,000,000 48,770,000
--------------
1,321,252,231
--------------
Banks--0.2%
First Chicago Financial Corp., 4.97%, 4/29/99 .................................. 40,200,000 39,545,120
--------------
</TABLE>
7
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Beverages--2.1%
Coca-Cola Enterprises, Inc.:
4.92%, 6/17/99(3) ........................................................... $ 35,000,000 $ 34,201,183
4.92%, 6/23/99(3) ........................................................... 50,000,000 48,817,833
4.93%, 6/16/99(3) ........................................................... 33,000,000 32,249,818
4.94%, 6/14/99(3) ........................................................... 30,000,000 29,324,867
5.09%, 4/16/99(3) ........................................................... 25,000,000 24,628,854
5.11%, 3/4/99(3) ............................................................ 33,500,000 33,205,526
5.225%, 1/12/99(3) .......................................................... 20,000,000 19,968,069
5.23%, 1/25/99(3) ........................................................... 15,000,000 14,947,700
5.25%, 1/14/99(3) ........................................................... 20,000,000 19,962,083
5.27%, 3/26/99(3) ........................................................... 40,000,000 39,508,133
5.30%, 3/5/99(3) ............................................................ 50,000,000 49,554,625
5.51%, 2/10/99(3) ........................................................... 15,000,000 14,908,167
--------------
361,276,858
--------------
Broker/Dealers--24.2%
Bear Stearns Cos., Inc.:
4.90%, 6/21/99 .............................................................. 42,000,000 41,022,450
4.92%, 2/18/99(1) ........................................................... 50,000,000 50,000,000
5%, 4/23/99 ................................................................. 30,000,000 29,533,333
5.03%, 1/20/99(1) ........................................................... 10,000,000 9,965,761
5.138%, 3/1/99(1) ........................................................... 25,000,000 25,000,000
5.158%, 2/3/99(1) ........................................................... 10,000,000 10,000,000
5.205%, 2/4/99(1) ........................................................... 35,000,000 35,000,000
5.23%, 4/30/99 .............................................................. 25,000,000 24,567,799
5.258%, 1/11/99(1) .......................................................... 15,000,000 15,000,000
5.262%, 1/5/99 .............................................................. 23,000,000 22,999,580
5.27%, 2/3/99(1) ............................................................ 10,000,000 9,997,920
5.342%, 2/14/99(1) .......................................................... 25,000,000 25,000,000
5.48%, 2/1/99 ............................................................... 30,000,000 29,858,433
5.48%, 2/8/99 ............................................................... 40,000,000 39,768,622
5.48%, 2/10/99 .............................................................. 40,000,000 39,756,444
5.489%, 3/9/99(1) ........................................................... 35,000,000 35,000,000
5.49%, 1/19/99 .............................................................. 100,000,000 99,725,500
5.49%, 2/5/99 ............................................................... 25,000,000 24,866,563
5.517%, 1/15/99(1) .......................................................... 15,000,000 15,000,000
5.524%, 1/13/99(1) .......................................................... 50,000,000 50,000,000
</TABLE>
8
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Broker/Dealers (Continued)
Bear Stearns Cos., Inc.: (continued)
5.545%, 1/23/99(1) .......................................................... $ 15,000,000 $ 15,000,000
5.562%, 1/9/99(1) ........................................................... 15,000,000 14,971,187
5.594%, 1/28/99(1) .......................................................... 30,000,000 30,000,000
5.596%, 1/4/99(1) ........................................................... 55,500,000 55,495,599
5.749%, 2/19/99(1) .......................................................... 45,000,000 45,000,000
Credit Suisse First Boston International Ltd.:
4.92%, 3/18/99(1)(4) ........................................................ 65,000,000 65,000,000
5.138%, 3/18/99(1)(4) ....................................................... 60,000,000 60,000,000
Credit Suisse First Boston:
4.925%, 5/7/99(3) ........................................................... 16,000,000 15,724,200
5.02%, 4/15/99(3) ........................................................... 42,000,000 41,390,907
5.02%, 4/16/99(3) ........................................................... 50,000,000 49,267,917
5.05%, 4/8/99(3) ............................................................ 45,000,000 44,387,688
5.15%, 2/11/99(3) ........................................................... 50,000,000 49,706,736
5.15%, 2/12/99(3) ........................................................... 50,000,000 49,699,583
5.225%, 5/6/99 .............................................................. 50,000,000 50,000,000
5.491%, 1/19/99(1) .......................................................... 65,000,000 64,982,778
Goldman Sachs Group, LP Promissory Nts.:
5%, 3/25/99 ................................................................. 35,000,000 35,000,000
5.39%, 2/4/99(1) ............................................................ 30,000,000 30,000,000
5.40%, 3/18/99 .............................................................. 30,000,000 30,000,000
Goldman Sachs Group, LP:
5%, 4/20/99 ................................................................. 36,000,000 35,455,000
5.03%, 4/12/99 .............................................................. 50,000,000 49,294,403
5.03%, 4/14/99 .............................................................. 50,000,000 49,280,431
5.04%, 5/14/99 .............................................................. 35,000,000 34,348,300
5.05%, 5/27/99 .............................................................. 140,000,000 137,163,139
5.05%, 5/28/99 .............................................................. 40,000,000 39,175,167
5.07%, 3/19/99 .............................................................. 100,000,000 98,912,375
5.09%, 6/11/99 .............................................................. 45,000,000 45,000,000
5.10%, 3/18/99 .............................................................. 44,000,000 43,526,267
5.10%, 3/22/99 .............................................................. 50,000,000 49,433,333
5.15%, 2/18/99 .............................................................. 50,000,000 49,656,667
5.246%, 2/4/99 .............................................................. 35,000,000 35,000,000
</TABLE>
9
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Broker/Dealers (Continued)
Lehman Brothers Holdings, Inc.:
5.475%, 1/11/99 ............................................................. $ 23,500,000 $ 23,464,260
5.49%, 2/26/99 .............................................................. 40,000,000 39,658,400
5.495%, 2/25/99 ............................................................. 49,000,000 48,588,638
5.50%, 1/22/99 .............................................................. 60,000,000 59,807,092
5.52%, 1/15/99 .............................................................. 50,000,000 49,892,667
5.53%, 1/29/99 .............................................................. 20,000,000 19,913,978
5.535%, 1/25/99 ............................................................. 10,000,000 9,963,100
5.573%, 1/13/99(1) .......................................................... 89,000,000 89,000,075
Merrill Lynch & Co., Inc.:
4.85%, 3/22/99 .............................................................. 50,000,000 49,461,111
4.92%, 3/4/99 ............................................................... 50,000,000 49,576,333
4.92%, 3/5/99 ............................................................... 50,000,000 49,569,500
4.95%, 3/23/99(1) ........................................................... 35,000,000 35,000,000
4.96%, 1/13/99(1) ........................................................... 25,000,000 25,000,000
5%, 1/8/99(1) ............................................................... 50,000,000 50,000,000
5.04%, 5/5/99 ............................................................... 50,000,000 49,132,000
5.18%, 2/16/99(1) ........................................................... 25,000,000 25,007,916
5.24%, 1/8/99(1) ............................................................ 22,000,000 22,000,000
5.27%, 3/12/99 .............................................................. 35,000,000 34,641,347
5.50%, 2/26/99 .............................................................. 14,000,000 13,880,222
5.51%, 2/12/99 .............................................................. 45,000,000 44,710,725
5.624%, 1/28/99(1) .......................................................... 50,000,000 50,000,000
6.375%, 3/30/99 ............................................................. 21,000,000 21,034,841
Morgan Stanley Dean Witter & Co.:
5.08%, 4/1/99 ............................................................... 50,000,000 49,365,000
5.30%, 2/26/99 .............................................................. 50,000,000 49,587,778
5.467%, 1/15/99(1) .......................................................... 50,000,000 49,956,635
5.48%, 1/19/99 .............................................................. 50,000,000 49,863,000
5.49%, 1/25/99 .............................................................. 50,000,000 49,817,000
5.49%, 1/27/99 .............................................................. 50,000,000 49,801,750
5.49%, 2/5/99 ............................................................... 50,000,000 49,733,125
5.50%, 1/4/99(1) ............................................................ 72,340,000 72,340,000
NationsBanc Montgomery Securities, LLC, 5.70%, 1/4/99(1) ....................... 20,000,000 20,000,000
</TABLE>
10
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Broker/Dealers (Continued)
Salomon Smith Barney Holdings, Inc.:
4.90%, 6/18/99 .............................................................. $ 50,000,000 $ 48,856,667
4.91%, 6/4/99 ............................................................... 50,000,000 48,949,806
4.91%, 6/7/99 ............................................................... 50,000,000 48,929,347
4.91%, 6/9/99 ............................................................... 50,000,000 48,915,708
4.96%, 6/3/99 ............................................................... 50,000,000 48,946,000
5%, 4/21/99 ................................................................. 50,000,000 49,236,111
5%, 4/22/99 ................................................................. 50,000,000 49,229,167
5.05%, 3/9/99 ............................................................... 40,000,000 39,624,056
5.08%, 3/4/99 ............................................................... 50,000,000 49,562,556
5.10%, 4/19/99 .............................................................. 50,000,000 49,235,000
5.15%, 2/18/99 .............................................................. 43,000,000 42,704,733
5.27%, 2/11/99 .............................................................. 50,000,000 49,699,903
5.47%, 2/12/99 .............................................................. 68,000,000 67,570,247
5.48%, 2/1/99 ............................................................... 50,000,000 49,764,056
5.49%, 1/25/99 .............................................................. 50,000,000 49,817,000
--------------
4,084,740,932
--------------
Chemicals--0.2%
Henkel Corp.:
4.82%, 4/14/99(3) ........................................................... 14,000,000 13,806,932
5.28%, 2/8/99(3) ............................................................ 15,000,000 14,916,400
--------------
28,723,332
--------------
Computer Software/Services--0.1%
First Data Corp., 6.40%, 4/28/99 ............................................... 13,500,000 13,552,445
--------------
Commercial Finance--13.5%
Caterpillar Financial Services Corp., 4.95%, 2/18/99(1) ........................ 15,000,000 15,008,659
CIT Group Holdings, Inc.:
4.81%, 2/22/99(1) ........................................................... 15,000,000 14,998,752
5.04%, 3/19/99 .............................................................. 135,000,000 133,580,206
5.07%, 3/24/99 .............................................................. 50,000,000 49,422,583
5.07%, 3/25/99 .............................................................. 25,000,000 24,707,771
5.265%, 2/25/99 ............................................................. 50,000,000 49,597,813
5.455%, 2/12/99 ............................................................. 50,000,000 49,681,792
</TABLE>
11
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Commercial Finance (Continued)
Countrywide Home Loans:
4.94%, 1/24/99(1) ........................................................... $ 35,000,000 $ 35,000,000
5.20%, 1/11/99 .............................................................. 41,450,000 41,388,715
5.204%, 1/25/99(1) .......................................................... 50,000,000 49,996,214
5.222%, 1/29/99(1) .......................................................... 50,000,000 49,993,539
5.25%, 2/27/99(1) ........................................................... 25,000,000 25,000,000
5.29%, 2/16/99 .............................................................. 50,000,000 49,662,028
5.30%, 2/3/99 ............................................................... 50,000,000 49,757,083
5.30%, 2/4/99 ............................................................... 50,000,000 49,749,722
5.312%, 1/6/99(1) ........................................................... 25,000,000 24,990,479
5.469%, 1/12/99(1) .......................................................... 25,000,000 25,000,000
5.472%, 1/29/99(1) .......................................................... 23,000,000 22,996,207
5.50%, 1/8/99 ............................................................... 46,000,000 45,950,806
5.594%, 1/14/99(1) .......................................................... 40,000,000 40,000,000
FINOVA Capital Corp.:
5.15%, 4/30/99 .............................................................. 45,000,000 44,233,938
5.26%, 3/12/99 .............................................................. 65,000,000 64,334,028
5.30%, 3/4/99 ............................................................... 55,000,000 54,504,431
5.32%, 5/7/99 ............................................................... 32,700,000 32,091,126
5.33%, 2/26/99 .............................................................. 38,750,000 38,428,136
5.33%, 4/14/99 .............................................................. 40,000,000 39,390,011
5.36%, 5/14/99 .............................................................. 25,000,000 24,504,944
5.38%, 5/21/99 .............................................................. 49,000,000 47,980,411
5.47%, 3/5/99 ............................................................... 21,500,000 21,294,191
5.51%, 1/13/99 .............................................................. 10,000,000 9,981,633
5.515%, 1/26/99 ............................................................. 10,000,000 9,961,701
5.515%, 1/29/99 ............................................................. 30,000,000 29,871,258
5.515%, 2/12/99 ............................................................. 40,000,000 39,742,633
Heller Financial, Inc.:
5.15%, 4/8/99 ............................................................... 50,000,000 49,306,181
5.15%, 4/9/99 ............................................................... 25,000,000 24,649,514
5.20%, 4/29/99 .............................................................. 50,000,000 49,147,778
5.20%, 5/6/99 ............................................................... 50,000,000 49,097,222
5.20%, 5/13/99 .............................................................. 40,000,000 39,237,333
5.289%, 1/11/99(1) .......................................................... 50,000,000 50,000,000
5.35%, 4/7/99 ............................................................... 50,000,000 49,286,667
5.362%, 1/6/99(1) ........................................................... 13,000,000 12,989,772
5.44%, 3/8/99 ............................................................... 50,000,000 49,501,333
5.459%, 1/27/99(1) .......................................................... 5,000,000 4,992,277
5.594%, 1/13/99(1) .......................................................... 50,000,000 50,000,000
</TABLE>
12
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Commercial Finance (Continued)
Homeside Lending, Inc.:
4.88%, 6/14/99 .............................................................. $ 40,000,000 $ 39,110,756
4.88%, 6/17/99 .............................................................. 50,000,000 48,868,111
4.90%, 6/16/99 .............................................................. 50,000,000 48,870,278
4.96%, 5/24/99 .............................................................. 45,000,000 44,113,400
5%, 7/15/99 ................................................................. 50,000,000 48,645,833
5.05%, 5/5/99 ............................................................... 50,000,000 49,130,278
Safeco Credit Co.:
4.90%, 6/17/99 .............................................................. 39,000,000 38,113,508
4.93%, 6/16/99 .............................................................. 20,000,000 19,545,344
4.95%, 5/17/99 .............................................................. 35,000,000 34,345,500
4.95%, 6/11/99 .............................................................. 40,000,000 39,114,500
4.95%, 6/21/99 .............................................................. 50,000,000 48,824,375
4.95%, 6/25/99 .............................................................. 20,000,000 19,518,750
TransAmerica Finance Corp.:
4.90%, 6/10/99 .............................................................. 12,530,000 12,257,124
5.11%, 3/1/99 ............................................................... 26,000,000 25,782,257
5.45%, 1/22/99(1) ........................................................... 35,000,000 35,000,000
--------------
2,282,248,901
--------------
Consumer Finance--1.8%
Sears Roebuck Acceptance Corp.:
4.90%, 6/16/99 .............................................................. 50,000,000 48,870,278
4.90%, 6/23/99 .............................................................. 41,000,000 40,034,564
4.91%, 6/24/99 .............................................................. 50,000,000 48,813,417
4.91%, 6/25/99 .............................................................. 50,000,000 48,806,597
5.02%, 2/17/99 .............................................................. 50,000,000 49,672,306
5.43%, 2/25/99 .............................................................. 50,000,000 49,585,208
5.43%, 2/26/99 .............................................................. 24,000,000 23,797,280
--------------
309,579,650
--------------
Diversified Financial--10.6%
Associates Corp. of North America:
4.88%, 3/10/99 .............................................................. 50,000,000 49,539,111
4.88%, 3/11/99 .............................................................. 50,000,000 49,532,333
4.90%, 3/22/99 .............................................................. 50,000,000 49,455,556
4.90%, 3/24/99 .............................................................. 40,000,000 39,553,556
4.91%, 3/12/99 .............................................................. 50,000,000 49,522,639
4.91%, 3/15/99 .............................................................. 50,000,000 49,502,181
4.95%, 4/7/99 ............................................................... 50,000,000 49,340,000
4.95%, 4/8/99 ............................................................... 50,000,000 49,333,125
5.01%, 2/11/99 .............................................................. 50,000,000 49,714,708
</TABLE>
13
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Diversified Financial (Continued)
General Electric Capital Corp.:
4.82%, 3/3/99(1) ............................................................ $ 30,000,000 $ 29,993,831
4.89%, 5/19/99 .............................................................. 50,000,000 49,062,750
4.90%, 3/18/99 .............................................................. 50,000,000 49,482,778
4.93%, 3/12/99 .............................................................. 50,000,000 49,520,694
4.93%, 3/15/99 .............................................................. 50,000,000 49,500,153
5.43%, 2/23/99 .............................................................. 50,000,000 49,600,292
5.45%, 2/19/99 .............................................................. 50,000,000 49,629,097
5.49%, 2/3/99 ............................................................... 50,000,000 49,748,375
General Electric Capital Services:
4.88%, 3/10/99 .............................................................. 50,000,000 49,539,111
4.90%, 3/19/99 .............................................................. 50,000,000 49,475,972
5.49%, 2/5/99 ............................................................... 50,000,000 49,733,125
General Motors Acceptance Corp.:
5.125%, 2/17/99 ............................................................. 50,000,000 49,665,451
5.48%, 1/27/99 .............................................................. 50,000,000 49,802,111
5.48%, 1/28/99 .............................................................. 50,000,000 49,794,500
5.485%, 1/25/99 ............................................................. 75,000,000 74,725,250
5.487%, 1/14/99 ............................................................. 50,000,000 49,900,938
5.50%, 1/21/99 .............................................................. 50,000,000 49,847,222
5.50%, 2/19/99 .............................................................. 30,000,000 29,775,417
5.505%, 2/1/99 .............................................................. 45,000,000 44,786,681
5.52%, 1/20/99 .............................................................. 92,000,000 91,740,682
8.625%, 6/15/99 ............................................................. 12,000,000 12,185,701
Household Finance Corp.:
4.948%, 3/29/99(1) .......................................................... 15,000,000 14,997,535
5.157%, 2/2/99 .............................................................. 50,000,000 49,770,800
5.25%, 2/12/99 .............................................................. 50,000,000 49,693,750
5.438%, 3/9/99(1) ........................................................... 40,000,000 40,000,000
5.568%, 3/30/99(1) .......................................................... 25,000,000 24,995,870
Household International, Inc.:
5.19%, 3/5/99(3) ............................................................ 25,000,000 24,772,938
5.25%, 3/18/99(3) ........................................................... 15,000,000 14,833,750
Prudential Funding Corp.:
4.87%, 3/1/99 ............................................................... 50,000,000 49,600,931
4.87%, 3/3/99 ............................................................... 50,000,000 49,587,403
--------------
1,781,256,317
--------------
</TABLE>
14
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Electrical Equipment--0.3%
Xerox Capital (Europe) plc, 5.50%, 1/22/99 ..................................... $ 50,000,000 $ 49,839,583
--------------
Industrial Services--0.3%
Atlas Copco AB:
5.36%, 2/19/99(3) ........................................................... 10,000,000 9,927,044
5.36%, 2/23/99(3) ........................................................... 20,000,000 19,842,178
5.40%, 2/26/99(3) ........................................................... 7,000,000 6,941,200
5.41%, 1/11/99(3) ........................................................... 15,000,000 14,977,458
--------------
51,687,880
--------------
Insurance--10.1%
AIG Life Insurance Co., 5.62%, 1/4/99(1)(2) .................................... 20,000,000 20,000,000
Allstate Life Insurance Co., 5.22%, 1/4/99(1) .................................. 50,000,000 50,000,000
Combined Insurance Co. of America, 5.393%, 1/4/99(1)(2) ........................ 50,000,000 50,000,000
First Allmerica Financial Life Insurance Co., 5.547%, 1/4/99(1) ................ 30,000,000 30,000,000
GE Financial Assurance Holdings, Inc.:
4.90%, 6/24/99 .............................................................. 50,000,000 48,815,833
4.90%, 6/28/99 .............................................................. 50,000,000 48,788,611
General American Life Insurance Co., 5.24%, 1/4/99(1) .......................... 235,000,000 235,000,000
Jackson National Life Insurance Co., 5.56%, 1/4/99(1) .......................... 115,000,000 115,000,000
John Hancock Mutual Life Insurance Co., 5.054%, 1/4/99(1) ...................... 100,000,000 100,000,000
Pacific Life Insurance Co., 4.73%, 1/4/99(1)(2) ................................ 90,000,000 90,000,000
Principal Mutual Life Insurance Co., 5.577%, 1/4/99(1)(2) ...................... 95,000,000 95,000,000
Protective Life Insurance Co.:
5.577%, 1/4/99(1) ........................................................... 20,000,000 20,000,000
5.77%, 1/4/99(1) ............................................................ 30,000,000 30,000,000
Prudential Life Insurance Co., 5.312%, 1/2/99(1) ............................... 200,000,000 200,000,000
Safeco Corp.:
4.88%, 7/12/99 .............................................................. 30,000,000 29,219,200
4.90%, 6/17/99 .............................................................. 76,000,000 74,272,478
4.95%, 6/8/99 ............................................................... 37,000,000 36,196,175
4.95%, 6/11/99 .............................................................. 50,000,000 48,893,125
Security Benefit Life Insurance Co., 5.577%, 1/4/99(1) ......................... 100,000,000 100,000,000
TransAmerica Life Insurance & Annuity Co., 5.62%, 1/4/99(1) .................... 38,000,000 38,000,000
Travelers Insurance Co.:
5.034%, 1/4/99(1)(2) ........................................................ 23,000,000 23,000,000
5.054%, 1/4/99(1)(2) ........................................................ 65,000,000 65,000,000
Western & Southern Life Insurance Co., 5.547%, 1/4/99(1) ....................... 100,000,000 100,000,000
Western National Life Insurance Co., 5.547%, 1/4/99(1) ......................... 50,000,000 50,000,000
--------------
1,697,185,422
--------------
</TABLE>
15
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
<S> <C> <C>
Short-Term Notes (Continued)
Leasing & Factoring--2.4%
American Honda Finance Corp.:
5.189%, 1/27/99(1) .......................................................... $ 25,000,000 $ 25,000,000
5.20%, 1/13/99 .............................................................. 23,000,000 22,960,133
5.219%, 1/20/99(1)(4) ....................................................... 35,000,000 35,000,000
5.30%, 1/8/99(1) ............................................................ 30,000,000 30,000,000
5.341%, 1/9/99(1)(4) ........................................................ 10,000,000 9,999,869
5.53%, 1/8/99(1)(4) ......................................................... 25,000,000 25,000,000
5.55%, 6/16/99(1) ........................................................... 25,000,000 25,004,482
Hertz Corp.:
4.935%, 6/10/99 ............................................................. 50,000,000 48,903,333
4.96%, 7/9/99 ............................................................... 50,000,000 48,698,000
4.975%, 6/23/99 ............................................................. 50,000,000 48,804,618
Sanwa Business Credit Corp.:
5.95%, 1/28/99 .............................................................. 35,000,000 34,843,813
6%, 1/29/99 ................................................................. 50,000,000 49,766,667
--------------
403,980,915
--------------
Oil: International--0.1%
Fina Oil & Chemical Co., 5.28%, 3/16/99(3) ..................................... 15,000,000 14,837,200
--------------
Special Purpose Financial--2.3%
Intrepid Funding Master Trust:
5.175%, 1/11/99(4) .......................................................... 40,000,000 39,942,500
5.20%, 3/31/99(4) ........................................................... 100,000,000 98,714,444
5.39%, 3/26/99(4) ........................................................... 50,000,000 49,371,167
LINCS, Series 1998-3, 5.537%, 1/15/99(1)(2) .................................... 35,000,000 35,000,000
RACERS:
Series 1998 MM-3-5, 5.077%, 2/1/99(1)(2) .................................... 10,000,000 10,000,000
Series 1998 MM-8-3, 5.16%, 1/20/99(1)(2) .................................... 37,000,000 37,000,000
Series 1998 MM-8-5, 5.616%, 1/4/99(1)(2) .................................... 95,000,000 95,000,000
SMM Trust, Series 1998-I, 5.624%, 1/28/99(1)(2) ................................ 30,000,000 30,000,000
--------------
395,028,111
--------------
Telecommunications/Technology--0.3%
GTE Corp.:
5.55%, 1/13/99(3) ........................................................... 25,000,000 24,953,750
6%, 1/11/99(3) .............................................................. 22,461,000 22,423,565
--------------
47,377,315
--------------
Total Short-Term Notes ......................................................... 15,742,293,165
</TABLE>
16
<PAGE>
Statement of Investments December 31, 1998 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ ---------------
<S> <C> <C>
U.S. Government Agencies--0.3%
Student Loan Marketing Assn., guaranteeing commercial paper of
Nebraska Higher Education Loan Program, 6.25%, 1/5/99(3) .................... $ 49,165,000 $ 49,130,858
---------------
Foreign Government Obligations--0.4%
Bayerische Landesbank Girozentrale, 5.494%, 1/28/99(1) ......................... 25,000,000 24,997,455
Westdeutsche Landesbank Girozentrale, 5.18%, 1/21/99 ........................... 50,000,000 49,856,111
---------------
Total Foreign Government Obligations ........................................... 74,853,566
---------------
Total Investments, at Value .................................................... 99.3% 16,753,835,510
Other Assets Net of Liabilities ................................................ 0.7 113,033,930
------------ ---------------
Net Assets ..................................................................... 100.0% $16,866,869,440
============ ===============
</TABLE>
Short-term notes, direct bank obligations, letters of credit, U.S. government
agencies and foreign government obligations are generally traded on a discount
basis; the interest rate is the discount rate received by the Trust at the time
of purchase. Other securities normally bear interest at the rates shown.
1. Floating or variable rate obligation. 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, 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 $624,688,000, or 3.70% 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 $3,486,814,151, or 20.67% 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 $383,027,980 or 2.27% of the Trust's net
assets as of December 31, 1998.
See accompanying Notes to Financial Statements.
17
<PAGE>
Statement of Assets and Liabilities December 31, 1998 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
ASSETS
Investments, at value--see accompanying statement .................................... $16,753,835,511
Cash ................................................................................. 15,206,689
Receivables and other assets:
Shares of beneficial interest sold ................................................. 216,155,941
Interest ........................................................................... 33,449,481
Other .............................................................................. 592,486
---------------
Total assets ..................................................................... 17,019,240,108
---------------
LIABILITIES
Payables and other liabilities:
Shares of beneficial interest redeemed ............................................. 149,351,055
Service plan fees .................................................................. 1,409,117
Transfer and shareholder servicing agent fees ...................................... 66,016
Dividends .......................................................................... 47,570
Other .............................................................................. 1,496,910
---------------
Total liabilities ................................................................ 152,370,668
---------------
NET ASSETS ........................................................................... $16,866,869,440
===============
COMPOSITION OF NET ASSETS
Paid-in capital ...................................................................... $16,866,792,998
Accumulated net realized gain on investment transactions ............................. 76,442
---------------
NET ASSETS--applicable to 16,867,325,713 shares of beneficial interest outstanding ... $16,866,869,440
===============
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE ....................... $1.00
</TABLE>
See accompanying Notes to Financial Statements.
18
<PAGE>
Statement of Operations For the Six Months Ended December 31, 1998 (Unaudited)
Centennial Money Market Trust
INVESTMENT INCOME--Interest .................................. $451,003,406
------------
EXPENSES
Management fees--Note 3 ...................................... 27,367,053
Service plan fees--Note 3 .................................... 16,251,669
Transfer and shareholder servicing agent fees--Note 3 ........ 7,917,209
Registration and filing fees ................................. 902,039
Shareholder reports .......................................... 755,497
Custodian fees and expenses .................................. 717,922
Legal, auditing and other professional fees .................. 53,613
Trustees' fees and expenses .................................. 28,696
Other ........................................................ 15,686
------------
Total expenses ............................................... 54,009,384
------------
NET INVESTMENT INCOME ........................................ 396,994,022
------------
NET REALIZED GAIN ON INVESTMENTS ............................. 12,825
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ......... $397,006,847
============
See accompanying Notes to Financial Statements.
19
<PAGE>
Statements of Changes in Net Assets
Centennial Money Market Trust
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1998 Year Ended
(Unaudited) June 30, 1998
---------------- ----------------
<S> <C> <C>
OPERATIONS
Net investment income ................................. $ 396,994,022 $ 635,961,061
Net realized gain ..................................... 12,825 42,303
---------------- ----------------
Net increase in net assets resulting from operations .. 397,006,847 636,003,364
---------------- ----------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS ........... (397,034,748) (635,961,061)
---------------- ----------------
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from
beneficial interest transactions--Note 2 ............ 1,752,739,055 6,051,149,102
---------------- ----------------
NET ASSETS
Total increase ........................................ 1,752,711,154 6,051,191,405
Beginning of period ................................... 15,114,158,286 9,062,966,881
---------------- ----------------
End of period ......................................... $ 16,866,869,440 $ 15,114,158,286
================ ================
</TABLE>
See accompanying Notes to Financial Statements.
20
<PAGE>
Financial Highlights
Centennial Money Market Trust
<TABLE>
<CAPTION>
Six Months Ended
December 31,
(Unaudited) Year Ended June 30,
----------- ---------------------------------------------------
1998 1998 1997 1996 1995 1994
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period ...... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment operations--
net investment income and net
realized gain ........................... .02 .05 .05 .05 .05 .03
Dividends and distributions to shareholders (.02) (.05) (.05) (.05) (.05) (.03)
------- ------- ------- ------- ------- -------
Net asset value, end of period ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======= ======= ======= ======= ======= =======
TOTAL RETURN(1) ........................... 2.53% 5.16% 4.97% 5.11% 5.07% 2.82%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions) ... $16,867 $15,114 $9,063 $6,753 $4,812 $2,559
Average net assets (in millions) .......... $16,156 $12,617 $8,033 $6,077 $3,342 $2,346
Ratios to average net assets:
Net investment income ..................... 4.87%(2) 5.04% 4.86% 4.99% 5.01% 2.84%
Expenses, before voluntary
assumption by the Manager ............... 0.66%(2) 0.68% 0.73% 0.74% 0.77% 0.81%
Expenses, net of voluntary
assumption by the Manager ............... N/A 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. Total returns are not annualized for
periods less than one year.
2. Annualized.
See accompanying Notes to Financial Statements.
21
<PAGE>
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.
22
<PAGE>
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, 1998 Year Ended June 30, 1998
---------------------------------- ----------------------------------
Shares Amount Shares Amount
--------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C>
Sold .......................... 23,194,541,848 $ 23,194,541,848 40,408,988,871 $ 40,408,988,871
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 .................. 414,959,315 414,959,315 613,194,479 613,194,479
Redeemed ...................... (21,856,762,108) (21,856,762,108) (38,431,969,620) (38,431,969,620)
--------------- ---------------- --------------- ----------------
Net increase .................. 1,752,739,055 $ 1,752,739,055 6,051,681,817 $ 6,051,149,102
=============== ================ =============== ================
</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 average annual net assets; 0.475% of the next $250 million of
average annual net assets; 0.45% of the next $250 million of average annual net
assets; 0.425% of the next $250 million of average annual net assets; 0.40% of
the next $250 million of average annual net assets; 0.375% of the next $250
million of average annual net assets; 0.35% of the next $500 million of average
annual net assets; and 0.325% of average annual net assets in excess of $2
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
up to $30 million; or 25% of the total annual investment income of the Trust.
The Trust's management fee for the six months ended December 31, 1998, was 0.34%
of the average annual net assets of the Trust.
Shareholder Services, Inc. (SSI), a subsidiary of OFI, is the transfer and
shareholder servicing agent for the Trust and other Oppenheimer funds. SSI's
total costs of providing such services are allocated ratably to these funds.
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.
23
<PAGE>
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.
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
RS0150.001.1298 [RECYCLE LOGO] Printed on recycled paper
