<PAGE> 1
1999 ANNUAL REPORT
CENTENNIAL
MONEY MARKET
TRUST
June 30, 1999
<PAGE> 2
DEAR SHAREHOLDER:
The fiscal year that ended June 30, 1999, encompassed two very different
economic pictures. The first picture included the fear of global recession and
deflation, which began with the Asian financial crisis in 1997 and intensified
in the summer of 1998. The crisis then spread to Russia, which was forced to
devalue its currency. These circumstances combined to produce a surge in demand
for the safety and liquidity of U.S. government securities. The Federal Reserve
Board lowered short-term interest rates last fall in an attempt to insulate the
U.S. economy from the crisis. (A lower interest-rate environment stimulates the
economy because it makes it more cost-effective for companies to borrow money to
finance their operations.) Central banks in Europe, Asia and Latin America
followed suit, and much of the world avoided a recession.
The second picture began to form in early 1999. While the rest of the world
struggled to generate economic growth, the U.S. economy remained strong.
However, too much economic growth can lead to inflation. So, with the Asian
economic crisis receding into the background and oil prices rebounding,
inflation fears were rekindled and in June the Fed raised short-term interest
rates. Money market yields rose about 10 basis points to reflect the new
environment.
Centennial Money Market Trust, which invests in a mixture of certificates of
deposit, letters of credit, commercial paper, floating rate notes and other
money market instruments, also produced returns that reflected this economic
environment. For the fiscal year that ended June 30, 1999, Centennial Money
Market Trust produced a compounded annual yield of 4.75%. Without compounding,
the corresponding yield was 4.64%. The seven-day annualized yields, with and
without compounding, on June 30, 1999, were 4.46% and 4.37%, respectively. (1)
It is important to remember that an investment in the Trust is neither insured
nor guaranteed by the U.S. government, and there is no assurance that the Trust
will maintain a $1.00 share price in the future.
Our investment strategy for the Trust is to manage maturity by "laddering" the
portfolio, rather than trying to predict the direction of interest rates. That
is, we diversify the Trust by investing in securities of various maturities that
are one year or less. By creating a laddered portfolio, regardless of the
direction of interest rate moves, we would own a significant number of
securities that could benefit from virtually any economic environment.
While managing interest-rate risk is an ongoing challenge, the Y2K computer
problem is a one-time event. Many well-known companies have issued short-term
debt, known as commercial paper, that comes due in early January, 2000. Because
of uncertainty surrounding potential computer problems, the yields they offer
are unusually high. However, we believe that these securities entail greater
risk, since computer problems could delay payment for investors. Instead, we
have opted to invest in commercial paper that matures later in January, 2000. We
believe that this decision is the prudent way to manage the Trust through this
transition period.
1. Compounded yields assume reinvestment of dividends. Past performance is not
indicative of future results.
<PAGE> 3
Thank you for your continuing confidence in Centennial Money Market Trust. We
look forward to helping you reach you investment goals of safety, liquidity and
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
July 22, 1999
2
<PAGE> 4
STATEMENT OF INVESTMENTS June 30, 1999
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
DIRECT BANK OBLIGATIONS--4.9%
<S> <C> <C>
Abbey National Treasury Services:
4.85%, 8/23/99....................................................................... $ 50,000,000 $ 49,642,986
4.85%, 8/25/99....................................................................... 50,000,000 49,629,514
Bank of Scotland:
4.88%, 8/25/99....................................................................... 50,000,000 49,627,222
4.88%, 8/26/99....................................................................... 45,000,000 44,658,400
Credit Suisse First Boston:
4.83%, 8/23/99(1).................................................................... 15,000,000 14,893,337
4.83%, 9/2/99(1)..................................................................... 35,000,000 34,704,163
4.83%, 9/8/99(1)..................................................................... 42,500,000 42,106,556
4.83%, 10/12/99(1)................................................................... 30,000,000 29,585,425
4.844%, 11/4/99(1)................................................................... 25,000,000 24,576,150
4.90%, 9/9/99(1)..................................................................... 50,000,000 49,523,611
5.02%, 7/8/99(1)..................................................................... 25,000,000 24,975,597
5.10%, 7/29/99(2)(3)................................................................. 50,000,000 49,995,852
FCC National Bank:
4.89%, 9/3/99........................................................................ 50,000,000 50,000,000
4.925%, 11/1/99...................................................................... 50,000,000 50,000,000
4.93%, 8/27/99....................................................................... 50,000,000 50,000,000
4.93%, 10/20/99...................................................................... 50,000,000 50,000,000
4.93%, 10/21/99...................................................................... 50,000,000 50,000,000
4.94%, 11/1/99....................................................................... 65,000,000 65,000,000
4.94%, 11/3/99....................................................................... 50,000,000 50,000,000
4.94%, 11/4/99....................................................................... 50,000,000 50,000,000
--------------
Total Direct Bank Obligations 878,918,813
--------------
LETTERS OF CREDIT--6.8%
Abbey National plc, guaranteeing commercial paper of Abbey National
North America Corp.:
4.80%, 7/7/99........................................................................ 100,000,000 99,919,833
4.80%, 7/8/99........................................................................ 50,000,000 49,953,333
4.81%, 7/21/99....................................................................... 50,000,000 49,866,389
4.81%, 7/22/99....................................................................... 50,000,000 49,859,708
4.84%, 11/12/99...................................................................... 50,000,000 49,099,222
4.89%, 8/31/99....................................................................... 50,000,000 49,585,708
5.05%, 12/6/99....................................................................... 50,000,000 48,891,806
ABN Amro Bank N.V., guaranteeing commercial paper of
Formosa Plastics Corp., USA, Series A, 4.89%, 8/12/99................................ 20,000,000 19,885,900
ABN Amro Bank N.V., guaranteeing commercial paper of
Lasalle National Bank:
4.93%, 10/21/99...................................................................... 50,000,000 50,000,000
4.93%, 10/28/99...................................................................... 50,000,000 50,000,000
</TABLE>
3
<PAGE> 5
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
LETTERS OF CREDIT (CONTINUED)
<S> <C> <C>
Bank of America NT & SA, guaranteeing commercial paper of
Formosa Plastics Corp., USA, Series B, 4.88%, 8/12/99................................ $ 33,000,000 $ 32,812,120
Bank One, Cleveland, N.A., guaranteeing commercial paper of
Capital One Funding Corp.:
Series 1995F, 5.18%, 7/2/99(2)(4).................................................... 5,602,000 5,602,000
Series 1995F, 5.18%, 7/5/99(2)(4).................................................... 19,400,000 19,400,000
Series 1996C, 5.18%, 7/2/99(2)(4).................................................... 12,205,000 12,205,000
Series 1997E, 5.18%, 7/2/99(2)(4).................................................... 12,584,000 12,584,000
Bank One, Indiana, N.A., guaranteeing commercial paper of
Primex Funding Corp., 5.18%, 7/1/99(2)(4)............................................ 4,250,000 4,250,000
Barclays Bank plc, guaranteeing commercial paper of Banca Serfin SA,
Institucion de Banca Multiple, Grupo Financiero Serfin, Nassau Branch,
4.82%, 8/26/99....................................................................... 10,000,000 9,925,022
Barclays Bank plc, guaranteeing commercial paper of Banca Nacional
de Comercio Exterior SNC, Series A, 4.83%, 8/4/99.................................... 50,000,000 49,771,917
Barclays Bank plc, guaranteeing commercial paper of Banco Nacional
de Mexico SA, Series A, 4.92%, 9/9/99................................................ 30,000,000 29,713,000
Barclays Bank plc, guaranteeing commercial paper of Nacional Financiera SNC:
4.84%, 8/16/99....................................................................... 13,500,000 13,416,510
4.97%, 11/18/99...................................................................... 7,000,000 6,864,706
Barclays Bank plc, guaranteeing commercial paper of Petro Brasiliero
SA, Petrobras, Series C, 4.90%, 9/8/99............................................... 20,000,000 19,812,167
Barclays Bank plc, guaranteeing commercial paper of Unibanco-Uniao
de Bancos Brasilierios SA, Series D, 4.81%, 10/21/99................................. 25,000,000 24,625,889
Barclays Bank plc, guaranteeing commercial paper of United Mexican States:
4.83%, 11/3/99....................................................................... 50,000,000 49,159,722
4.97%, 11/17/99...................................................................... 80,000,000 78,464,822
Credit Suisse First Boston, guaranteeing commercial paper of Credit Suisse
First Boston International Ltd.:
4.81%, 8/20/99....................................................................... 50,000,000 49,665,972
4.82%, 8/12/99....................................................................... 27,000,000 26,848,170
4.83%, 8/19/99....................................................................... 25,000,000 24,835,646
4.87%, 9/16/99....................................................................... 15,000,000 14,843,754
4.99%, 9/22/99(3).................................................................... 50,000,000 50,000,000
First Chicago NBD Corp., guaranteeing commercial paper of First Chicago Financial:
4.85%, 9/16/99....................................................................... 50,000,000 49,481,320
4.85%, 10/14/99...................................................................... 37,000,000 36,476,604
4.90%, 7/28/99....................................................................... 26,000,000 25,904,450
Morgan Guaranty Trust Co., guaranteeing commercial paper of
Morgan Guaranty Trust Co. of New York, 5.09%, 7/27/99(2)............................. 45,000,000 44,994,735
--------------
Total Letters of Credit 1,208,719,425
--------------
</TABLE>
4
<PAGE> 6
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
SHORT-TERM NOTES--88.3%
<S> <C> <C>
ASSET-BACKED--18.7%
Asset Backed Capital Finance, Inc.:
4.82%, 10/8/99(1).................................................................... $ 26,467,000 $ 26,116,180
4.90%, 7/6/99(2)(4).................................................................. 19,000,000 19,000,000
4.98%, 7/19/99(2)(4)................................................................. 45,000,000 45,000,000
Asset Securitization Cooperative:
5.25%, 8/25/99(1).................................................................... 70,000,000 69,438,542
5.25%, 8/27/99(1).................................................................... 93,000,000 92,226,937
5.10%, 9/2/99(1)..................................................................... 50,000,000 49,553,750
Atlantis One Funding Corp.:
4.82%, 9/23/99(1).................................................................... 50,000,000 49,437,667
4.84%, 8/18/99(1).................................................................... 97,718,000 97,087,393
4.89%, 8/17/99(1).................................................................... 50,000,000 49,680,792
4.90%, 8/19/99(1).................................................................... 100,000,000 99,333,056
Beta Finance, Inc.:
4.81%, 10/29/99(1)................................................................... 50,000,000 49,198,333
4.83%, 10/8/99(1).................................................................... 44,000,000 43,415,570
4.84%, 8/17/99(1).................................................................... 115,000,000 114,271,761
4.86%, 9/13/99(1).................................................................... 20,000,000 19,800,200
4.86%, 9/24/99(1).................................................................... 25,000,000 24,713,125
4.87%, 8/24/99(1).................................................................... 13,000,000 12,905,035
4.88%, 9/9/99(1)..................................................................... 18,500,000 18,324,456
4.94%, 7/26/99(1).................................................................... 36,000,000 35,876,500
Corporate Asset Funding Co., Inc.:
4.81%, 8/11/99(1).................................................................... 50,000,000 49,726,097
4.82%, 11/8/99(1).................................................................... 50,000,000 49,129,722
4.82%, 11/10/99(1)................................................................... 50,000,000 49,116,333
4.86%, 7/21/99(1).................................................................... 50,000,000 49,865,000
4.93%, 7/13/99(1).................................................................... 50,000,000 49,917,833
4.95%, 9/8/99(1)..................................................................... 25,000,000 24,762,813
5.04%, 7/28/99(1).................................................................... 50,000,000 49,811,000
5.08%, 9/24/99(1).................................................................... 50,000,000 49,399,097
5.11%, 9/20/99(1).................................................................... 31,000,000 30,643,578
Eureka Securitization, Inc.:
4.86%, 7/1/99(1)..................................................................... 50,000,000 50,000,000
4.94%, 8/11/99(1).................................................................... 40,000,000 39,774,956
4.94%, 8/12/99(1).................................................................... 50,000,000 49,711,833
5%, 7/14/99(1)....................................................................... 50,000,000 49,909,722
</TABLE>
5
<PAGE> 7
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
ASSET-BACKED(CONTINUED)
<S> <C> <C>
Eureka Securitization, Inc.: (continued)
5.09%, 9/14/99(1).................................................................... $ 50,000,000 $ 49,469,792
5.11%, 9/10/99(1).................................................................... 23,000,000 22,768,205
5.15%, 9/20/99(1).................................................................... 30,000,000 29,652,375
5.25%, 8/25/99(1).................................................................... 50,000,000 49,598,958
5.35%, 7/20/99(1).................................................................... 30,000,000 29,915,292
5.37%, 7/9/99(1)..................................................................... 10,100,000 10,087,947
Falcon Asset Securitization Corp.:
4.85%, 7/7/99(1)..................................................................... 70,000,000 69,942,750
4.93%, 7/12/99(1).................................................................... 50,000,000 49,924,681
4.93%, 7/26/99(1).................................................................... 50,000,000 49,828,819
Moat Funding LLC:
4.96%, 7/8/99(1)..................................................................... 35,177,000 35,143,074
4.98%, 7/20/99(1).................................................................... 50,000,000 49,868,583
5%, 8/30/99(1)....................................................................... 105,000,000 104,125,000
Park Avenue Receivables Corp.:
4.82%, 10/15/99(1)................................................................... 41,784,000 41,190,992
4.83%, 8/4/99(1)..................................................................... 76,522,000 76,171,170
4.94%, 7/21/99(1).................................................................... 29,580,000 29,498,819
5.05%, 7/20/99(1).................................................................... 50,000,000 49,866,736
5.15%, 8/23/99(1).................................................................... 36,244,000 35,969,200
5.33%, 9/9/99(1)..................................................................... 100,000,000 98,963,611
Preferred Receivables Funding Corp.:
4.82%, 10/20/99(1)................................................................... 11,350,000 11,181,320
4.85%, 9/23/99(1).................................................................... 22,620,000 22,363,802
4.86%, 7/22/99(1).................................................................... 6,000,000 5,982,990
4.93%, 7/27/99(1).................................................................... 49,755,000 49,577,845
5.15%, 9/24/99(1).................................................................... 56,375,000 55,689,496
Sigma Finance, Inc.:
4.77%, 8/2/99(1)..................................................................... 50,000,000 49,788,000
4.78%, 7/30/99(1).................................................................... 32,500,000 32,374,917
4.82%, 8/19/99(1).................................................................... 20,000,000 19,868,789
4.82%, 10/29/99(1)................................................................... 25,000,000 24,598,333
4.825%, 8/11/99(1)................................................................... 38,030,000 37,821,020
4.85%, 10/8/99(1).................................................................... 36,000,000 35,519,850
4.86%, 9/21/99(1).................................................................... 50,000,000 49,446,500
4.86%, 11/12/99(1)................................................................... 20,000,000 19,638,200
4.87%, 8/18/99(1).................................................................... 50,000,000 49,675,333
4.90%, 9/10/99(1).................................................................... 100,000,000 99,025,722
4.94%, 7/8/99(1)..................................................................... 23,000,000 22,977,907
5.08%, 7/7/99(1)..................................................................... 15,000,000 15,000,000
</TABLE>
6
<PAGE> 8
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
ASSET-BACKED (CONTINUED)
<S> <C> <C>
Variable Funding Capital Corp.:
4.81%, 7/19/99(1).................................................................... $ 50,000,000 $ 49,879,750
4.81%, 7/20/99(1).................................................................... 18,750,000 18,702,401
4.86%, 7/13/99(1).................................................................... 50,000,000 49,919,000
4.93%, 7/8/99(1)..................................................................... 50,000,000 49,952,069
4.94%, 7/14/99(1).................................................................... 45,500,000 45,418,833
4.94%, 7/15/99(1).................................................................... 75,000,000 74,855,236
5.05%, 7/9/99(1)..................................................................... 50,000,000 49,943,889
--------------
3,328,334,487
BANK HOLDING COMPANIES--12.0% --------------
Bank One Corp.:
4.82%, 7/29/99....................................................................... 50,000,000 49,812,556
4.83%, 9/29/99....................................................................... 50,000,000 49,396,250
4.84%, 8/18/99....................................................................... 50,000,000 49,677,333
4.88%, 8/5/99........................................................................ 50,000,000 49,762,778
BankAmerica Corp.:
4.80%, 10/18/99...................................................................... 100,000,000 98,546,667
4.83%, 10/6/99....................................................................... 50,000,000 49,349,292
4.83%, 10/7/99....................................................................... 50,000,000 49,342,583
4.84%, 11/17/99...................................................................... 50,000,000 49,065,611
4.84%, 11/18/99...................................................................... 50,000,000 49,058,889
4.89%, 9/20/99....................................................................... 50,000,000 49,447,204
Bankers Trust Co., New York:
4.90%, 8/5/99........................................................................ 50,000,000 49,761,806
4.94%, 10/15/99...................................................................... 50,000,000 49,272,722
4.97%, 11/10/99...................................................................... 46,300,000 45,456,260
5%, 7/1/99........................................................................... 50,000,000 50,000,000
5%, 7/19/99.......................................................................... 30,000,000 29,925,000
5.01%, 7/15/99....................................................................... 44,500,000 44,413,299
5.02%, 7/29/99....................................................................... 100,000,000 99,607,222
5.04%, 12/15/99...................................................................... 70,000,000 68,363,400
5.05%, 8/30/99....................................................................... 50,000,000 49,579,167
Chase Manhattan Corp.:
4.80%, 10/20/99...................................................................... 50,000,000 49,260,000
4.80%, 10/21/99...................................................................... 50,000,000 49,253,333
J.P. Morgan & Co., Inc.:
4.75%, 7/26/99....................................................................... 90,000,000 89,703,125
4.79%, 7/19/99....................................................................... 50,000,000 49,880,250
4.79%, 7/21/99....................................................................... 95,613,000 95,359,577
4.80%, 10/18/99...................................................................... 100,000,000 98,546,667
</TABLE>
7
<PAGE> 9
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
BANK HOLDING COMPANIES (CONTINUED)
J.P. Morgan & Co., Inc.: (continued)
<S> <C> <C>
4.82%, 7/7/99........................................................................ $ 50,000,000 $ 49,959,833
4.83%, 7/12/99....................................................................... 50,000,000 49,926,208
4.83%, 10/4/99....................................................................... 50,000,000 49,362,708
4.84%, 9/27/99....................................................................... 154,385,000 152,559,783
4.85%, 7/14/99....................................................................... 50,000,000 49,912,431
4.85%, 7/15/99....................................................................... 40,000,000 39,924,556
Keycorp:
4.95%, 8/11/99....................................................................... 25,000,000 24,859,063
4.95%, 8/13/99....................................................................... 25,000,000 24,852,188
Wells Fargo & Co.:
4.81%, 8/23/99....................................................................... 90,000,000 89,358,553
4.84%, 7/21/99....................................................................... 50,000,000 49,865,556
4.88%, 7/30/99....................................................................... 50,000,000 49,803,444
4.90%, 7/22/99....................................................................... 50,000,000 49,857,083
--------------
2,142,082,397
BEVERAGES--2.1% --------------
Coca-Cola Enterprises, Inc.:
4.81%, 9/21/99(1).................................................................... 15,000,000 14,835,658
4.81%, 9/27/99(1).................................................................... 40,000,000 39,529,689
4.82%, 9/16/99(1).................................................................... 50,000,000 49,479,181
4.83%, 8/11/99(1).................................................................... 35,000,000 34,807,471
4.84%, 11/4/99(1).................................................................... 25,000,000 24,576,500
4.85%, 7/22/99(1).................................................................... 25,000,000 24,929,271
4.87%, 8/26/99(1).................................................................... 50,000,000 49,621,222
4.88%, 8/4/99(1)..................................................................... 35,000,000 34,838,689
4.90%, 9/9/99(1)..................................................................... 50,000,000 49,523,611
5.04%, 7/15/99(1).................................................................... 50,000,000 49,902,000
--------------
372,043,292
BROKER/DEALERS--16.3% --------------
Bear Stearns Cos., Inc.:
4.75%, 7/28/99....................................................................... 50,000,000 49,821,875
4.76%, 10/13/99...................................................................... 50,000,000 49,312,444
4.82%, 8/12/99....................................................................... 50,000,000 49,718,833
4.83%, 8/26/99....................................................................... 50,000,000 49,624,333
4.85%, 11/22/99...................................................................... 10,000,000 9,806,000
4.87%, 8/30/99....................................................................... 50,000,000 49,594,167
4.88%, 7/8/99........................................................................ 25,000,000 24,976,278
4.912%, 7/5/99(2).................................................................... 12,500,000 12,500,000
4.964%, 7/12/99(2)................................................................... 35,000,000 35,000,000
</TABLE>
8
<PAGE> 10
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------- --------------
BROKER/DEALERS (CONTINUED)
Bear Stearns Cos., Inc.: (continued)
<S> <C> <C>
4.983%, 7/12/99(2)...................................................................$ 100,000,000 $ 100,000,000
4.994%, 7/20/99(2)................................................................... 10,000,000 9,992,589
5.02%, 7/19/99(2).................................................................... 50,000,000 50,000,000
5.03%, 8/18/99(2).................................................................... 50,000,000 50,000,000
5.078%, 7/6/99(2).................................................................... 25,000,000 25,012,484
5.11%, 7/27/99(2).................................................................... 30,000,000 30,000,000
5.14%, 7/26/99(2).................................................................... 50,000,000 50,000,000
5.15%, 7/7/99(2)..................................................................... 30,000,000 30,000,000
5.16%, 9/16/99(2).................................................................... 50,000,000 50,000,000
5.18%, 9/8/99(2)..................................................................... 30,000,000 30,000,000
5.349%, 9/9/99(2).................................................................... 35,000,000 35,000,000
5.378%, 8/18/99(2)................................................................... 45,000,000 45,000,000
Goldman Sachs Group, LP Promissory Nt.:
4.892%, 10/27/99..................................................................... 50,000,000 50,000,000
5.07%, 9/9/99........................................................................ 50,000,000 50,000,000
Goldman Sachs Group, LP:
4.80%, 10/28/99...................................................................... 150,000,000 147,613,389
4.82%, 10/25/99...................................................................... 50,000,000 49,223,444
4.82%, 10/27/99...................................................................... 45,000,000 44,289,050
4.83%, 10/6/99....................................................................... 50,000,000 49,349,292
4.83%, 10/13/99...................................................................... 50,000,000 49,302,333
4.87%, 9/2/99........................................................................ 50,000,000 49,573,875
4.94%, 11/18/99...................................................................... 40,000,000 39,231,556
5.11%, 7/12/99(2)(4)................................................................. 25,000,000 25,010,594
5.12%, 7/13/99(2)(4)................................................................. 40,000,000 40,022,629
5.12%, 9/21/99....................................................................... 50,000,000 49,416,889
5.20%, 7/7/99(2)(4).................................................................. 50,000,000 50,047,010
Lehman Brothers Holdings:
4.93%, 7/8/99........................................................................ 96,000,000 95,907,973
4.94%, 7/6/99........................................................................ 70,000,000 69,951,972
4.95%, 7/14/99....................................................................... 100,000,000 99,821,250
Merrill Lynch & Co., Inc.:
5.06%, 9/23/99(2).................................................................... 35,000,000 35,000,000
5.11%, 7/8/99(2)..................................................................... 50,000,000 50,000,000
5.14%, 7/28/99(2).................................................................... 50,000,000 50,000,000
5.35%, 7/1/99........................................................................ 191,400,000 191,400,000
Morgan Stanley Dean Witter & Co.:
4.81%, 8/26/99....................................................................... 50,000,000 49,625,889
4.82%, 8/25/99....................................................................... 50,000,000 49,631,806
5.057%, 7/16/99(2)................................................................... 50,000,000 49,983,984
5.16%, 9/14/99(2).................................................................... 50,000,000 50,000,000
6%, 9/13/99(2)....................................................................... 21,730,000 21,730,000
</TABLE>
9
<PAGE> 11
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ -------------
<S> <C> <C>
BROKER/DEALERS (CONTINUED)
NationsBanc Montgomery Securities LLC, 6.20%, 9/1/99(2) $ 20,000,000 $ 20,000,000
Salomon Smith Barney Holdings, Inc.:
4.79%, 11/10/99...................................................................... 100,000,000 98,238,167
4.80%, 10/12/99...................................................................... 50,000,000 49,313,333
4.80%, 10/13/99 ..................................................................... 50,000,000 49,306,667
4.80%, 10/18/99...................................................................... 50,000,000 49,273,333
4.80%, 10/25/99...................................................................... 50,000,000 49,226,667
4.80%, 11/15/99...................................................................... 50,000,000 49,086,667
4.83%, 10/5/99....................................................................... 50,000,000 49,356,000
5.02%, 7/29/99....................................................................... 50,000,000 49,804,778
5.03%, 7/26/99....................................................................... 50,000,000 49,825,347
5.08%, 9/13/99....................................................................... 50,000,000 49,477,889
--------------
2,904,400,786
--------------
CHEMICALS--1.2%
Henkel Corp.:
4.80%, 7/16/99(1).................................................................... 15,000,000 14,970,000
4.80%, 10/25/99(1)................................................................... 13,000,000 12,798,933
4.88%, 9/3/99(1)..................................................................... 12,000,000 11,895,893
Monsanto Co.:
4.75%, 8/3/99(1)..................................................................... 23,000,000 22,899,854
4.83%, 9/29/99(1).................................................................... 19,236,000 19,003,725
4.835%, 10/8/99(1)................................................................... 25,000,000 24,667,594
4.835%, 10/13/99..................................................................... 25,000,000 24,650,806
4.84%, 8/19/99(1).................................................................... 16,550,000 16,440,972
4.85%, 9/2/99........................................................................ 20,000,000 19,830,250
4.85%, 9/15/99....................................................................... 23,500,000 23,259,386
4.85%, 9/20/99....................................................................... 28,591,000 28,279,001
--------------
218,696,414
--------------
COMMERCIAL FINANCE--11.0%
Caterpillar Financial Services Corp.:
4.88%, 8/25/99....................................................................... 38,500,000 38,212,961
5.06%, 8/16/99(2).................................................................... 15,000,000 15,001,755
CIT Group Holdings, Inc.:
4.75%, 7/28/99....................................................................... 22,000,000 21,921,625
4.75%, 7/29/99....................................................................... 50,000,000 49,815,278
Countrywide Home Loans:
4.93%, 7/7/99........................................................................ 73,102,000 73,041,135
4.93%, 7/13/99....................................................................... 25,661,000 25,617,804
4.93%, 7/15/99....................................................................... 23,460,000 23,415,022
4.94%, 7/26/99(2).................................................................... 35,000,000 35,000,000
5%, 7/6/99(2)........................................................................ 25,000,000 24,996,678
5%, 7/26/99(2)....................................................................... 50,000,000 49,999,541
</TABLE>
10
<PAGE> 12
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
COMMERCIAL FINANCE (CONTINUED)
Countrywide Home Loans: (continued)
<S> <C> <C>
5%, 7/29/99(2)....................................................................... $ 50,000,000 $ 49,999,134
5.042%, 8/30/99(2)................................................................... 25,000,000 25,000,000
5.05%, 7/12/99....................................................................... 30,589,000 30,541,799
5.05%, 7/29/99....................................................................... 50,000,000 49,803,222
5.125%, 7/12/99(2)................................................................... 25,000,000 25,000,000
5.246%, 7/29/99(2)................................................................... 23,000,000 22,998,488
5.25%, 10/14/99(2)................................................................... 40,000,000 40,000,000
FINOVA Capital Corp.:
4.85%, 8/24/99....................................................................... 35,000,000 34,745,375
4.87%, 11/9/99....................................................................... 50,000,000 49,113,931
4.89%, 7/15/99....................................................................... 65,000,000 64,875,458
4.89%, 7/16/99....................................................................... 34,000,000 33,930,725
4.91%, 9/21/99....................................................................... 48,750,000 48,204,785
4.91%, 9/22/99....................................................................... 46,000,000 45,479,267
4.93%, 7/13/99 ...................................................................... 25,000,000 24,958,917
4.98%, 9/9/99........................................................................ 28,000,000 27,728,867
5%, 9/15/99.......................................................................... 39,500,000 39,083,056
5%, 9/16/99.......................................................................... 20,000,000 19,786,111
5.05%, 8/16/99(2).................................................................... 25,000,000 25,000,000
5.05%, 8/16/99(2).................................................................... 25,000,000 25,000,000
5.097%, 8/24/99(2)................................................................... 25,000,000 25,000,000
5.255%, 9/16/99(2)................................................................... 25,000,000 25,000,000
5.50%, 3/10/00....................................................................... 20,000,000 19,226,944
Heller Financial, Inc.:
4.83%, 7/21/99....................................................................... 50,000,000 49,865,833
4.90%, 8/12/99....................................................................... 60,000,000 59,655,425
4.90%, 8/13/99....................................................................... 50,000,000 49,707,361
4.93%, 8/11/99....................................................................... 25,000,000 24,859,632
4.95%, 7/22/99....................................................................... 40,000,000 39,884,500
5.05%, 7/6/99(2) .................................................................... 13,000,000 12,999,725
5.075%, 7/19/99(2)................................................................... 50,000,000 50,004,291
5.149%, 9/9/99(2).................................................................... 50,000,000 50,000,000
5.25%, 7/13/99(2).................................................................... 50,000,000 50,000,000
5.35%, 7/8/99........................................................................ 20,000,000 19,979,194
Homeside Lending, Inc.:
4.84%, 7/12/99....................................................................... 25,000,000 24,963,028
4.85%, 7/9/99........................................................................ 40,980,000 40,934,285
5%, 7/15/99.......................................................................... 75,000,000 74,855,431
5.02%, 7/13/99....................................................................... 20,000,000 19,966,533
5.03%, 7/14/99....................................................................... 50,000,000 49,909,181
5.04%, 7/29/99....................................................................... 50,000,000 49,804,000
</TABLE>
11
<PAGE> 13
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
COMMERCIAL FINANCE (CONTINUED)
Safeco Credit Co.:
<S> <C> <C>
4.85%, 7/9/99........................................................................ $ 27,000,000 $ 26,971,122
4.92%, 9/9/99........................................................................ 25,000,000 24,760,833
5.06%, 7/19/99....................................................................... 21,100,000 21,046,617
5.125%, 7/26/99...................................................................... 28,000,000 27,900,347
5.16%, 9/17/99....................................................................... 36,000,000 35,596,220
5.27%, 9/3/99........................................................................ 25,000,000 24,765,778
TransAmerica Finance Corp., 5.25%, 7/22/99(2)........................................... 35,000,000 35,000,000
--------------
1,970,927,214
--------------
CONSUMER FINANCE--1.4%
American Express Credit Corp.:
4.79%, 9/15/99....................................................................... 50,000,000 49,494,389
4.79%, 9/16/99....................................................................... 50,000,000 49,487,736
Sears Roebuck Acceptance Corp.:
4.90%, 9/3/99........................................................................ 50,000,000 49,564,444
4.97%, 7/26/99....................................................................... 50,000,000 49,827,431
5.14%, 8/26/99....................................................................... 50,000,000 49,600,222
--------------
247,974,222
--------------
DIVERSIFIED FINANCIAL--6.2%
Ford Motor Credit Co.:
4.93%, 7/22/99....................................................................... 100,000,000 99,712,417
6.375%, 9/15/99...................................................................... 10,000,000 10,031,171
General Electric Capital Corp.:
4.80%, 7/29/99....................................................................... 50,000,000 49,813,333
4.81%, 9/9/99........................................................................ 30,000,000 29,719,417
4.82%, 7/21/99....................................................................... 50,000,000 49,866,111
4.83%, 10/22/99...................................................................... 40,000,000 39,393,567
4.83%, 10/28/99...................................................................... 50,000,000 49,201,708
General Electric Capital Services:
4.74%, 8/5/99........................................................................ 50,000,000 49,769,583
4.80%, 10/21/99...................................................................... 50,000,000 49,253,333
4.82%, 9/2/99........................................................................ 50,000,000 49,578,250
4.83%, 10/13/99...................................................................... 50,000,000 49,302,333
4.90%, 7/23/99....................................................................... 100,000,000 99,700,556
General Motors Acceptance Corp.:
4.80%, 7/6/99........................................................................ 50,000,000 49,966,667
4.80%, 7/7/99........................................................................ 50,000,000 49,960,000
4.81%, 8/12/99....................................................................... 50,000,000 49,719,417
4.91%, 7/19/99....................................................................... 50,000,000 49,877,250
5.06%, 9/23/99....................................................................... 50,000,000 49,409,667
</TABLE>
12
<PAGE> 14
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
DIVERSIFIED FINANCIAL (CONTINUED)
Household International, Inc.:
<S> <C> <C>
4.83%, 8/5/99(1)..................................................................... $ 25,000,000 $ 24,882,604
4.90%, 8/23/99(1).................................................................... 25,000,000 24,819,653
Prudential Funding Corp.:
4.82%, 7/14/99....................................................................... 50,000,000 49,912,972
4.83%, 7/15/99....................................................................... 50,000,000 49,906,083
4.83%, 7/16/99....................................................................... 50,000,000 49,899,375
4.83%, 9/29/99....................................................................... 26,000,000 25,686,050
-------------
1,099,381,517
DIVERSIFIED MEDIA--0.2%
Omnicom Finance, Inc.:
5.10%, 8/27/99(1).................................................................... 20,000,000 19,838,500
5.16%, 9/24/99(1).................................................................... 10,000,000 9,878,167
-------------
29,716,667
-------------
INDUSTRIAL SERVICES--0.1%
Atlas Copco AB, 4.875%, 7/23/99(1) 15,000,000 14,955,313
-------------
INSURANCE--9.1%
AIG Life Insurance Co., 4.93%, 7/1/99(2)(4)............................................. 20,000,000 20,000,000
Allstate Life Insurance Co., 4.94%, 7/1/99(2)........................................... 50,000,000 50,000,000
American General Corp., 4.81%, 8/2/99................................................... 50,000,000 49,786,222
Combined Insurance Co. of America, 4.995%, 7/5/99(2)(4)................................. 50,000,000 50,000,000
First Allmerica Financial Life Insurance Co., 4.94%, 7/1/99(2).......................... 30,000,000 30,000,000
GE Financial Assurance Holdings, Inc., 4.75%, 7/26/99................................... 50,000,000 49,835,069
General American Life Insurance Co., 5.12%, 7/1/99(2)................................... 235,000,000 235,000,000
Jackson National Life Insurance Co.:
4.94%, 7/1/99(2)..................................................................... 70,000,000 70,000,000
4.94%, 7/1/99(2)..................................................................... 45,000,000 45,000,000
John Hancock Mutual Life Insurance Co., 4.95%, 7/1/99(2)................................ 100,000,000 100,000,000
Pacific Mutual Life Insurance Co., 4.941%, 7/1/99(2)(4) ................................ 90,000,000 90,000,000
Principal Mutual Life Insurance Co., 4.96%, 7/1/99(2)(4)................................ 95,000,000 95,000,000
Protective Life Insurance Co.:
4.96%, 7/1/99(2)..................................................................... 20,000,000 20,000,000
5.07%, 7/1/99(2)..................................................................... 70,000,000 70,000,000
5.08%, 7/1/99(2)..................................................................... 30,000,000 30,000,000
Prudential Life Insurance Co., 5%, 7/1/99(2)............................................ 200,000,000 200,000,000
Safeco Corp., 4.88%, 7/12/99............................................................ 30,000,000 29,955,267
Security Benefit Life Insurance Co., 4.96%, 7/1/99(2)................................... 100,000,000 100,000,000
</TABLE>
13
<PAGE> 15
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
INSURANCE (CONTINUED)
Travelers Insurance Co.:
<S> <C> <C>
4.917%, 7/1/99(2)(4)................................................................. $ 23,000,000 $ 23,000,000
4.938%, 7/1/99(2)(4)................................................................. 25,000,000 25,000,000
4.938%, 7/1/99(2)(4)................................................................. 40,000,000 40,000,000
4.967%, 7/1/99(2)(4)................................................................. 50,000,000 50,000,000
Western & Southern Life Insurance Co., 4.93%, 7/1/99(2)................................ 100,000,000 100,000,000
Western National Life Insurance Co., 4.93%, 7/1/99(2).................................. 50,000,000 50,000,000
-------------
1,622,576,558
-------------
LEASING & FACTORING--3.6%
American Honda Finance Corp.:
4.975%, 7/27/99(2)................................................................... 25,000,000 25,000,000
4.98%, 7/8/99(2)..................................................................... 30,000,000 30,000,000
5%, 7/26/99(2)....................................................................... 43,000,000 42,987,993
5.135%, 9/22/99(2)................................................................... 35,000,000 34,990,015
5.144%, 9/20/99(2)................................................................... 65,000,000 64,985,943
Hertz Corp.:
4.82%, 7/15/99....................................................................... 50,000,000 49,906,278
4.82%, 7/22/99....................................................................... 50,000,000 49,859,417
4.85%, 7/8/99........................................................................ 100,000,000 99,905,694
4.91%, 7/23/99....................................................................... 50,000,000 49,849,972
4.96%, 7/9/99........................................................................ 150,000,000 149,837,222
International Lease Finance Corp., 4.80%, 7/6/99........................................ 50,000,000 49,966,667
-------------
647,289,201
-------------
MANUFACTURING--1.4%
Eaton Corp.:
4.83%, 8/23/99....................................................................... 50,000,000 49,644,458
4.83%, 8/30/99....................................................................... 34,000,000 33,726,300
4.83%, 9/3/99........................................................................ 35,000,000 34,698,756
4.83%, 9/16/99....................................................................... 50,000,000 49,483,458
4.83%, 11/4/99....................................................................... 50,000,000 49,154,750
4.84%, 11/5/99....................................................................... 20,500,000 20,149,974
5.12%, 9/24/99....................................................................... 20,000,000 19,758,222
-------------
256,615,918
-------------
OIL: DOMESTIC--0.2%
Equilon Enterprises LLC, 4.88%, 8/12/99 35,000,000 34,800,733
-------------
</TABLE>
14
<PAGE> 16
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
------------ --------------
OIL: INTERNATIONAL--0.7%
Fina Oil & Chemical Co.:
<S> <C> <C>
4.80%, 8/2/99(1)..................................................................... $ 30,000,000 $ 29,872,000
4.84%, 8/4/99(1)..................................................................... 20,000,000 19,908,578
4.84%, 9/24/99(1).................................................................... 20,000,000 19,771,444
4.85%, 9/16/99(1).................................................................... 20,000,000 19,792,528
4.92%, 7/23/99(1).................................................................... 20,000,000 19,939,867
5.12%, 9/22/99....................................................................... 10,000,000 9,881,956
Statoil, 5.70%, 7/1/99(1)............................................................... 11,508,000 11,508,000
---------------
130,674,373
---------------
SPECIAL PURPOSE FINANCIAL--3.5%
Forrestal Funding Master Trust, Series 1999, 4.96%, 7/21/99(3).......................... 44,000,000 43,878,756
Intrepid Funding Corp., Master Trust, Series 1998A:
4.85%, 8/5/99(3)..................................................................... 35,000,000 34,834,965
4.87%, 10/14/99(3)................................................................... 83,773,000 82,583,074
Intrepid Funding Corp., Series 1999A:
4.83%, 10/5/99(3).................................................................... 45,000,000 44,420,400
4.84%, 8/19/99(3).................................................................... 48,169,000 47,851,673
4.85%, 9/27/99(3).................................................................... 50,000,000 49,407,222
4.85%, 11/12/99(3)................................................................... 42,000,000 41,241,783
4.86%, 11/18/99(3)................................................................... 50,000,000 49,055,000
4.91%, 8/31/99(3).................................................................... 30,000,000 29,750,408
4.93%, 9/9/99(3)..................................................................... 100,000,000 99,036,528
RACERS, Series 1998-MM-8-5, 4.934%, 7/2/99(2)(4)........................................ 95,000,000 95,000,000
---------------
617,059,809
---------------
TELECOMMUNICATIONS: TECHNOLOGY--0.6%
GTE Corp., 5.135%, 9/13/99(2)........................................................... 100,000,000 99,938,968
---------------
Total Short-Term Notes 15,737,467,869
---------------
FOREIGN GOVERNMENT OBLIGATIONS--0.3%
Swedish Export Credit Corp. (Kingdom of Sweden), 4.80%, 10/26/99........................ 50,000,000 49,220,000
---------------
Total Investments, at Value............................................................. 100.3% 17,874,326,107
Liabilities in Excess of Other Assets................................................... (0.3) (53,684,644)
---------- ---------------
Net Assets.............................................................................. 100.0% $17,820,641,463
========== ===============
</TABLE>
15
<PAGE> 17
STATEMENT OF INVESTMENTS June 30, 1999 (Continued)
Centennial Money Market Trust
Short-term notes, direct bank obligations and letters of credit are generally
traded on a discount basis; the interest rate is the discount rate received by
the Fund at the time of purchase. Other securities normally bear interest at the
rates shown.
1. Security issued in an exempt transaction without registration under the
Securities Act of 1933. Such securities amount to $4,194,586,244, or 23.54%
of the Trust's net assets, and have been determined to be liquid pursuant
to guidelines adopted by the Board of Trustees.
2. Floating or variable rate obligation. The interest rate, which is based on
specific, or an index of, market interest rates, is subject to change
periodically and is the effective rate on June 30, 1999. 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.
3. 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 $622,055,661 or 3.49% of the
Trust's net assets as of June 30, 1999.
4. 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 $721,121,233,
or 4.05% 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.
16
<PAGE> 18
STATEMENT OF ASSETS AND LIABILITIES June 30, 1999
Centennial Money Market Trust
<TABLE>
<CAPTION>
<S> <C>
Assets
Investments, at value--see accompanying statement ................................................... $17,874,326,107
Cash ................................................................................................ 15,509,363
Receivables and other assets:
Shares of beneficial interest sold ............................................................... 107,797,278
Interest ......................................................................................... 29,577,328
Other ............................................................................................ 761,042
---------------
Total assets .................................................................................... 18,027,971,118
---------------
LIABILITIES
Payables and other liabilities:
Shares of beneficial interest redeemed ........................................................... 174,120,672
Dividends ........................................................................................ 27,758,713
Transfer and shareholder servicing agent fees .................................................... 1,763,740
Service plan fees ................................................................................ 1,392,396
Shareholder reports .............................................................................. 1,183,653
Custodian fees ................................................................................... 65,744
Other ............................................................................................ 1,044,737
---------------
Total liabilities .............................................................................. 207,329,655
---------------
NET ASSETS .......................................................................................... $17,820,641,463
===============
COMPOSITION OF NET ASSETS
Paid-in capital ..................................................................................... $17,820,562,989
Accumulated net realized gain on investment transactions ............................................ 78,474
---------------
NET ASSETS--applicable to 17,821,095,704 shares of beneficial
interest outstanding ............................................................................. $17,820,641,463
===============
NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE ...................................... $1.00
</TABLE>
See accompanying Notes to Financial Statements.
17
<PAGE> 19
STATEMENT OF OPERATIONS For the Year Ended June 30, 1999
Centennial Money Market Trust
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Interest ............................................................................................ $906,322,780
------------
EXPENSES
Management fees--Note 3 ............................................................................. 57,461,310
Service plan fees--Note 3 ........................................................................... 34,170,025
Transfer and shareholder servicing agent fees--Note 3 ............................................... 17,191,545
Shareholder reports ................................................................................. 2,054,892
Registration and filing fees ........................................................................ 1,728,853
Custodian fees and expenses ......................................................................... 943,731
Legal, auditing and other professional fees ......................................................... 113,814
Trustees' compensation .............................................................................. 53,416
Insurance expenses .................................................................................. 27,440
Other ............................................................................................... 126,358
------------
Total expenses .................................................................................... 113,871,384
Less expenses paid indirectly--Note 1 ........................................................... (47,837)
------------
Net expenses ...................................................................................... 113,823,547
------------
NET INVESTMENT INCOME ............................................................................... 792,499,233
------------
NET REALIZED GAIN ON INVESTMENTS .................................................................... 14,857
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................................................ $792,514,090
============
</TABLE>
See accompanying Notes to Financial Statements.
18
<PAGE> 20
STATEMENTS OF CHANGES IN NET ASSETS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Year Ended June 30,
1999 1998
--------------- ---------------
OPERATIONS
<S> <C> <C>
Net investment income ....................................................... $ 792,499,233 $ 635,961,061
Net realized gain ........................................................... 14,857 42,303
--------------- ---------------
Net increase in net assets resulting from operations ........................ 792,514,090 636,003,364
--------------- ---------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS ................................. (792,539,959) (635,961,061)
--------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS
Net increase in net assets resulting from
beneficial interest transactions--Note 2 ................................. 2,706,509,046 6,051,149,102
--------------- ---------------
NET ASSETS
Total increase .............................................................. 2,706,483,177 6,051,191,405
Beginning of period ......................................................... 15,114,158,286 9,062,966,881
--------------- ---------------
End of period ............................................................... $17,820,641,463 $15,114,158,286
=============== ===============
</TABLE>
See accompanying Notes to Financial Statements.
19
<PAGE> 21
FINANCIAL HIGHLIGHTS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Year Ended June 30,
-------------------------------------------------------
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING DATA
Net asset value, beginning of period................. $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment operations--
net investment income and net realized gain ...... .05 .05 .05 .05 .05
Dividends and distributions to shareholders.......... (.05) (.05) (.05) (.05) (.05)
---- ---- ---- ---- ----
Net asset value, end of period....................... $1.00 $1.00 $1.00 $1.00 $1.00
==== ==== ==== ==== ====
TOTAL RETURN(1)...................................... 4.75 % 5.16 % 4.97 % 5.11 % 5.07 %
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in millions).............. $17,821 $15,114 $9,063 $6,753 $4,812
Average net assets (in millions)..................... $17,128 $12,617 $8,033 $6,077 $3,342
Ratios to average net assets:(2)
Net investment income ............................... 4.63 % 5.04 % 4.86 % 4.99 % 5.01 %
Expenses, before voluntary assumption
by the Manager(3)................................. 0.66 % 0.68 % 0.73 % 0.74 % 0.77 %
Expenses, net of voluntary assumption
by the Manager.................................... N/A 0.66 % 0.67 % 0.69 % 0.73 %
</TABLE>
1. Assumes a $1,000 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 of less than one year.
2. Annualized for periods less than one full year.
3. The expense ratio reflects the effect of expenses paid indirectly by the
Trust.
See accompanying Notes to Financial Statements.
20
<PAGE> 22
NOTES TO FINANCIAL STATEMENTS
Centennial Money Market Trust
1. SIGNIFICANT ACCOUNTING POLICIES
Centennial Money Market Trust (the Trust) is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end management
investment company. The Trust's investment objective is to seek the maximum
current income that is consistent with low capital risk and the maintenance of
liquidity. The Trust seeks to achieve this objective by investing in "money
market" securities meeting specified quality, maturity and diversification
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.
Securities 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. Distributions to shareholders, which are
determined in accordance with income tax regulations, are recorded on the
ex-dividend date.
Expense Offset Arrangements. Expenses paid indirectly represent a reduction of
custodian fees for earnings on cash balances maintained by the Trust.
Other. Investment transactions are accounted for as of 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 expenses during the reporting period. Actual
results could differ from those estimates.
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NOTES TO FINANCIAL STATEMENTS (Continued)
Centennial Money Market Trust
2. SHARES OF BENEFICIAL INTEREST
The Trust has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
<TABLE>
<CAPTION>
Year Ended June 30, 1999 Year Ended June 30, 1998
--------------------------------- ---------------------------------
Shares Amount Shares Amount
-------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C>
Sold .......................... 50,615,000,093 $ 50,615,000,093 40,408,988,871 $ 40,408,988,871
Dividends and distributions
reinvested .................. 776,439,225 776,439,225 613,194,479 613,194,479
Issued in connection with
the acquisition of
Daily Cash Accumulation
Fund, Inc.--Note 4 ............ -- -- 3,461,468,087 3,460,935,372
Redeemed ...................... (48,684,930,272) (48,684,930,272) (38,431,969,620) (38,431,969,620)
-------------- ----------------- -------------- ----------------
Net increase .................. 2,706,509,046 $ 2,706,509,046 6,051,681,817 $ 6,051,149,102
============== ================= ============== ================
</TABLE>
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NOTES TO FINANCIAL STATEMENTS (Continued)
Centennial Money Market Trust
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, 0.40% of the next $250 million of net assets, 0.375% of the next $250
million of net assets, 0.35% of the next $500 million of net assets and 0.325%
of 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 in excess of $30 million; or 25% of the total
annual investment income of the Trust. The Trust's management fee for the year
ended June 30, 1999 was 0.34% of average annual net assets.
Shareholder Services, Inc. (SSI), a subsidiary of the OFI, is the transfer and
shareholder servicing agent for the Trust and for other registered investment
companies. SSI's total costs of providing such services are allocated ratably to
these companies.
Under an approved service plan, the Trust may expend up to 0.20% of its net
assets annually to reimburse certain securities dealers and other financial
institutions and organizations for costs incurred in distributing Trust shares.
4. ACQUISITION OF DAILY CASH ACCUMULATION FUND, INC.
On November 21, 1997, the Trust acquired the net assets of Daily Cash
Accumulation Fund, Inc. The Trust issued 3,461,468,087 shares of beneficial
interest, valued at $3,460,935,372, in exchange for the net assets, resulting in
combined net assets of $13,332,466,315 on November 21, 1997. The exchange
qualified as a tax-free reorganization for federal income tax purposes.
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INDEPENDENT AUDITORS' REPORT
Centennial Money Market Trust
The Board of Trustees and Shareholders of Centennial Money Market Trust:
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Centennial Money Market Trust as of June 30,
1999, the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended June 30, 1999 and 1998,
and the financial highlights for the period July 1, 1994 to June 30, 1999. These
financial statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1999, by correspondence with the custodian and brokers; where replies were
not received from brokers, we performed other auditing procedures. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Centennial Money
Market Trust as of June 30, 1999, the results of its operations, the changes in
its net assets, and the financial highlights for the respective stated periods,
in conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Denver, Colorado
July 22, 1999
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FEDERAL INCOME TAX INFORMATION (Unaudited)
Centennial Money Market Trust
In early 2000 shareholders will receive information regarding all dividends and
distributions paid to them by the Trust during calendar year 1999. Regulations
of the U.S. Treasury Department require the Trust to report this information to
the Internal Revenue Service.
None of the dividends paid by the Trust during the fiscal year ended June 30,
1999, are eligible for the corporate dividend-received deduction.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Trust to the Internal Revenue Service. Because
of the complexity of the federal regulations which may affect your individual
tax return and the many variations in state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
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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
George C. Bowen, Trustee
Jon S. Fossel, Trustee
Sam Freedman, Trustee
Raymond J. Kalinowski, Trustee
C. Howard Kast, Trustee
Robert M. Kirchner, Trustee
Ned M. Steel, Trustee
Carol E. Wolf, Vice President
Arthur J. Zimmer, Vice President
Andrew J. Donohue, Vice President
and Secretary
Brian W. Wixted, Vice President
and Treasurer
Robert G. Zack, Assistant Secretary
Robert J. Bishop, Assistant Treasurer
Scott T. Farrar, Assistant Treasurer
Investment Advisor and Distributor
Centennial Asset Management Corporation
Transfer and Shareholder Servicing Agent
Shareholder Services, Inc.
Custodian of Portfolio Securities
Citibank, N.A.
Independent Auditors
Deloitte & Touche LLP
Legal Counsel
Myer, Swanson, Adams & Wolf, P.C.
This is a copy of a report to shareholders of Centennial Money
Market Trust. This report must be preceded or accompanied by a
Prospectus of Centennial Money Market Trust. For material
information concerning the Trust, see the Prospectus.
For shareholder servicing call:
1-800-525-9310 (in U.S.)
303-671-3200 (outside U.S.)
Or write:
Shareholder Services, Inc.
P.O. Box 5143
Denver, CO 80217-5143
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