-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OzbRENselSw9i3JEDnVNzuJjLQO4Jy856C7W+cfPN4m9NC12rDWZFzgsrf+jJBTm bfYDl/eadz+SV1snWXxgaQ== 0000950133-98-000706.txt : 19980311 0000950133-98-000706.hdr.sgml : 19980311 ACCESSION NUMBER: 0000950133-98-000706 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980310 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL MONEY MARKET TRUST CENTRAL INDEX KEY: 0000312538 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 840856138 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-02945 FILM NUMBER: 98560692 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: ENGLEWOOD STATE: CO ZIP: 80112 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 2: 3410 SOUTH GALENA STREET CITY: DENVER STATE: CO ZIP: 80231 FORMER COMPANY: FORMER CONFORMED NAME: DAILY CASH INSTITUTIONAL TRUST DATE OF NAME CHANGE: 19810624 N-30D 1 OPPENHEIMER CENTENNIAL MONEY MARKET TRUST 1 DEAR SHAREHOLDER: Compared to the volatility in world stock markets during the past few months, short-term interest rates have remained relatively calm. As is often the case, U.S. money market instruments became a safe haven in times of stress. In addition to safety and liquidity, money market fund investors also enjoyed a modest increase in yields during the six-month period which ended December 31, 1997. One reason: the Federal Reserve Board raised short-term interest rates by 0.25 percentage points in late March of 1997. This new interest rate was in place for the period covered by this report. It's important to remember that an investment in the Trust is neither insured nor guaranteed by the U.S. government, and there is no assurance that the Trust will maintain a stable $1.00 share price in the future. For the six months ended December 31, 1997, Centennial Money Market Trust's compounded annualized yield was 5.11%. Without compounding, the corresponding yield was 4.98%. The seven-day annualized yields with and without compounding on December 31, 1997 were 5.28% and 5.15%, respectively.(1) Typically, long-term and short-term interest rates move in the same direction. During the past few months, long-term rates have fallen sharply. That's because investors worldwide increasingly invested in U.S. Treasury bonds of all maturities when they liquidated their Asia equity positions. Generally, when the demand for bonds rises, bond prices increase, and issuers can pay lower yields to attract the same number of investors. However, while long-term interest rates have been falling, U.S. money market yields have actually been rising in recent weeks. The main reason is that Japan, the world's second largest issuer of short-term debt, continues to have financial difficulties. Because investors perceive a lowered credit quality there, issuers have been required to pay higher interest rates to compensate for the additional risk. To compete, American issuers in both the government and corporate sectors have been forced to also raise their short-term rates. With this backdrop of heightened credit concerns, our strategy remains constant: to invest in securities that present minimal credit risk. Today, U.S. blue chip corporations offer a wide selection of commercial paper and other money market instruments that currently are paying attractive yields. All things considered, the U.S. economy is the envy of the world. Inflation is virtually nonexistent, long-term interest rates have fallen below 6%, the federal budget is nearly balanced, unemployment is under 5% and economic growth continues strong. True, Asia's devalued currencies and 1. Compounded yields assume reinvestment of dividends. Past performance is not indicative of future results. 2 uncertain business environment will slow our economy somewhat, because our exports to the Far East will be curtailed. However, our economy was beginning to overheat in 1997 and had the events in Asia not taken place, the Federal Reserve Board might have intervened by raising short-term interest rates to slow down the economy. As we have seen, world events can have a dramatic impact on interest rates as well as the investment markets. However, we don't try to predict the future course of interest rates and use those predictions to set our investment strategy. Instead, we "ladder" the portfolio with some securities maturing in a few days, some maturing in a month, some maturing in two months and so on. With a relatively broad maturity spectrum, the portfolio is widely diversified and able to take advantage of a variety of market conditions. Money market yields are often compared with the rate of inflation to determine a "real" rate of return. The real rate of return equals the stated money market yield minus the rate of inflation. At the same time, money market funds provide a strong combination of liquidity and safety of principal during times of volatility in other markets. Thank you for your confidence in Centennial Money Market Trust. We look forward to helping you reach your investment goals in the future. Sincerely, /s/ JAMES C. SWAIN James C. Swain Chairman Centennial Money Market Trust /s/ BRIDGET A. MACASKILL Bridget A. Macaskill President Centennial Money Market Trust January 23, 1998 2 3 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) Centennial Money Market Trust
Face Value Amount See Note 1 -------------- -------------- BANKERS' ACCEPTANCES-0.1% BankBoston, N.A.: 5.57%, 1/5/98 ......................................................... $ 5,000,000 $ 4,996,905 5.57%, 2/25/98 ........................................................ 10,000,000 9,914,903 -------------- Total Bankers' Acceptances (Cost $14,911,808) 14,911,808 -------------- CERTIFICATES OF DEPOSIT-2.9% DOMESTIC CERTIFICATES OF DEPOSIT-0.8% LaSalle National Bank: 5.70%, 1/22/98 ........................................................ 25,000,000 25,000,000 5.70%, 2/13/98 ........................................................ 30,000,000 30,000,348 5.70%, 2/5/98 ......................................................... 25,000,000 25,000,236 5.73%, 3/11/98 ........................................................ 20,000,000 20,000,000 Morgan Guaranty Trust Co. New York, 6.022%, 3/25/98 ...................... 5,300,000 5,301,524 -------------- 105,302,108 -------------- YANKEE CERTIFICATES OF DEPOSIT-2.1% Deutsche Bank AG, 5.76%, 4/20/98 ......................................... 25,000,000 25,000,000 Societe Generale: 5.70%, 1/12/98 ........................................................ 15,000,000 14,999,968 5.708%, 2/26/98 ....................................................... 40,000,000 40,000,000 5.71%, 2/27/98 ........................................................ 30,000,000 30,000,000 5.71%, 3/9/98 ......................................................... 25,000,000 25,000,000 5.72%, 2/26/98 ........................................................ 25,000,000 25,000,378 5.73%, 3/11/98 ........................................................ 25,000,000 25,000,000 5.85%, 3/3/98 ......................................................... 25,000,000 24,992,511 6.35%, 4/15/98 ........................................................ 45,000,000 45,057,238 Swiss Bank Corp., 5.77%, 4/23/98 ......................................... 25,000,000 25,000,756 -------------- 280,050,851 -------------- Total Certificates of Deposit (Cost $385,352,959) ........................ 385,352,959 -------------- DIRECT BANK OBLIGATIONS-7.8% Abbey National North America Corp.: 5.53%, 2/2/98 ......................................................... 100,000,000 99,508,445 5.54%, 1/23/98 ........................................................ 59,000,000 58,800,863 5.55%, 2/25/98 ........................................................ 40,000,000 39,660,833 5.55%, 3/17/98 ........................................................ 25,000,000 24,710,938 5.55%, 3/3/98 ......................................................... 35,000,000 34,670,854 5.56%, 3/11/98 ........................................................ 40,000,000 39,573,733 5.56%, 3/16/98 ........................................................ 25,000,000 24,714,278 8.25%, 1/2/98 ......................................................... 42,800,000 42,790,068
3 4 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 -------------- -------------- DIRECT BANK OBLIGATIONS (CONTINUED) Abbey National Treasury Services PLC, 5.65%, 4/15/98(1)(3) ............... $ 8,000,000 $ 7,999,426 ABN Amro Bank, N.V., 6.05%, 3/27/98 ...................................... 20,000,000 20,007,287 ABN Amro North America Finance, Inc.: 5.53%, 2/5/98 ......................................................... 40,000,000 39,784,944 5.54%, 5/1/98 ......................................................... 56,000,000 54,965,000 5.71%, 4/20/98 ........................................................ 25,000,000 24,577,625 Bank of Scotland Treasury Services: 5.52%, 2/2/98 ......................................................... 30,000,000 29,851,733 5.585%, 4/21/98 ....................................................... 50,000,000 49,146,736 BankBoston, N.A.: 5.84%, 6/17/98 ........................................................ 25,000,000 25,000,000 5.84%, 6/5/98 ......................................................... 50,000,000 50,000,000 5.66%, 1/29/98 ........................................................ 20,000,000 20,000,000 5.71%, 12/10/98(1) .................................................... 20,000,000 20,000,000 Bankers Trust Co., New York: 5.65%, 7/13/98(1) ..................................................... 25,000,000 24,994,882 5.66%, 6/9/98(1) ...................................................... 25,000,000 24,994,716 5.69%, 4/23/98(1) ..................................................... 10,000,000 9,998,803 5.70%, 4/3/98(1) ...................................................... 10,000,000 9,998,936 5.71%, 4/15/98(1) ..................................................... 5,000,000 5,000,000 6.17%, 7/13/98(1) ..................................................... 20,000,000 19,995,904 6.17%, 8/18/98(1) ..................................................... 25,000,000 24,993,941 6.18%, 5/1/98(1) ...................................................... 38,000,000 37,995,696 6.20%, 7/14/98(1) ..................................................... 20,000,000 19,997,864 FCC National Bank: 5.62%, 2/20/98(1) ..................................................... 15,000,000 14,998,995 5.65%, 1/28/98 ........................................................ 15,000,000 15,000,000 5.66%, 1/26/98 ........................................................ 35,000,000 35,000,013 5.66%, 1/26/98 ........................................................ 20,000,000 19,999,597 5.67%, 2/18/98 ........................................................ 9,000,000 8,999,831 6.15%, 5/8/98(1) ...................................................... 30,000,000 29,995,918 Societe Generale: 6.16%, 6/18/98(1) ..................................................... 10,000,000 9,996,934 6.16%, 8/25/98(1) ..................................................... 10,000,000 9,996,254 6.17%, 6/12/98(1) ..................................................... 15,000,000 14,997,171 -------------- Total Direct Bank Obligations (Cost $1,042,718,218) ...................... 1,042,718,218 --------------
4 5 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ ------------ LETTERS OF CREDIT-7.4% ABN Amro Bank NV, guaranteeing commercial paper of Formosa Plastics Corp., USA-Series A: 5.55%, 2/23/98 .......................................................... $ 25,000,000 $ 24,795,729 5.55%, 2/27/98 .......................................................... 18,000,000 17,841,825 5.56%, 1/23/98 .......................................................... 25,000,000 24,915,056 Bank of America NT & SA, guaranteeing commercial paper of Hyundai Motor Finance Co., 5.59%, 1/6/98 .............................................. 6,700,000 6,694,798 Bank of America, guaranteeing commercial paper of Formosa Plastics Corp., USA-Series B, 5.55%, 1/23/98 ............................................ 10,000,000 9,966,083 Bank One Indiana, guaranteeing commercial paper of Primex Funding Corp., 6%, 1/2/98(2) ........................................................... 5,000,000 5,000,000 Bank One, Cleveland, guaranteeing commercial paper of Capital One Funding Corp.-Series 1995F: 6%, 1/2/98(1)(2) ........................................................ 20,600,000 20,600,000 6%, 1/2/98(1)(2) ........................................................ 17,200,000 17,200,000 Bank One, Texas, guaranteeing commercial paper of Capital One Funding Corp.: Series 1997E, 6%, 1/2/98(1)(2) .......................................... 14,128,000 14,128,000 Series 1997F, 6%, 1/2/98(1)(2) .......................................... 16,721,000 16,721,000 Barclays Bank PLC, guaranteeing commercial paper of: Banco Bradesco SA-Grand Cayman Branch: Series A, 5.56%, 3/2/98 ................................................. 25,000,000 24,768,333 Series A, 5.56%, 3/3/98 ................................................. 10,000,000 9,905,789 Series A, 5.59%, 6/18/98 ................................................ 10,000,000 9,739,133 Series A, 5.72%, 6/17/98 ................................................ 30,000,000 29,203,967 Series B, 5.65%, 6/16/98 ................................................ 20,000,000 19,478,945 Banco de Credito Nacional SA-Series A, 5.54%, 1/20/98 ................... 10,000,000 9,970,761 Banco Nacionale de Mexico SA-Series A, 6.20%, 1/22/98 ................... 20,000,000 19,927,667 Banco Real SA-Grand Cayman Branch: Series A, 5.62%, 4/17/98 ................................................ 20,000,000 19,669,044 Series A, 5.63%, 4/20/98 ................................................ 23,000,000 22,608,660 Petroleo Brasiliero SA Petrobras: Series A, 5.69%, 5/15/98 ................................................ 15,000,000 14,682,308 Series A, 5.74%, 4/6/98 ................................................. 15,000,000 14,772,792 Petroleo Brasiliero SA Petrobras II: Series C, 5.54%, 1/13/98 ................................................ 10,000,000 9,981,533 Series C, 5.55%, 3/4/98 ................................................. 15,000,000 14,856,625 Series D, 5.52%, 1/13/98 ................................................ 15,000,000 14,972,300 Series D, 5.55%, 3/30/98 ................................................ 5,000,000 4,932,167 Series D, 5.57%, 3/31/98 ................................................ 20,000,000 19,724,594
5 6 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ ------------ LETTERS OF CREDIT (CONTINUED) Bayerische Vereinsbank AG, guaranteeing commercial paper of: Banco Rio de la Plata S.A.-Series A, 5.75%, 1/22/98 ..................... $ 6,500,000 $ 6,478,198 Galicia Funding Corp.-Series A, 5.77%, 2/27/98(2) ....................... 25,000,000 24,771,604 Garanti Funding Corp.: I-Series A, 5.65%, 2/4/98 ............................................... 5,000,000 4,973,320 II-Series A, 5.65%, 2/4/98 .............................................. 10,000,000 9,946,639 Credit Suisse, guaranteeing commercial paper of: CEMEX, S.A. de C.V.-Series B, 5.55%, 2/23/98 ............................ 25,000,000 24,795,729 Daewoo International Corp.: 5.55%, 2/23/98 .......................................................... 20,000,000 19,836,583 5.55%, 2/26/98 .......................................................... 10,000,000 9,913,667 5.55%, 3/27/98 .......................................................... 10,000,000 9,868,958 5.63%, 4/22/98 .......................................................... 10,000,000 9,826,408 Minmetals Capitals & Securities, Inc.: 5.57%, 2/11/98 .......................................................... 37,000,000 36,765,286 5.57%, 3/2/98 ........................................................... 10,000,000 9,907,167 5.57%, 3/4/98 ........................................................... 10,000,000 9,904,072 5.69%, 3/18/98 .......................................................... 10,000,000 9,879,878 PEMEX Capital, Inc.: 5.67%, 3/23/98 .......................................................... 25,000,000 24,681,063 Series A: 5.64%, 6/24/98 .......................................................... 50,000,000 48,637,000 5.655%, 6/18/98 ......................................................... 40,000,000 38,944,400 5.68%, 5/14/98 .......................................................... 25,000,000 24,475,389 5.68%, 6/4/98 ........................................................... 19,000,000 18,538,342 5.715%, 4/22/98 ......................................................... 25,000,000 24,559,469 Societe Generale, guaranteeing commercial paper of Nacional Financiera SNC: Series A, 5.54%, 2/18/98 ................................................ 28,000,000 27,793,173 Series A, 5.55%, 3/16/98 ................................................ 11,300,000 11,171,086 Series A, 5.57%, 4/14/98 ................................................ 40,000,000 39,361,829 Series A, 5.60%, 4/20/98 ................................................ 35,000,000 34,405,042 Series A, 5.675%, 5/14/98 ............................................... 30,000,000 29,371,021 Series B, 5.535%, 2/17/98 ............................................... 35,000,000 34,747,081 Union Bank of Switzerland, guaranteeing commercial paper of Glencore Finance Ltd.-Series A, 5.56%, 2/4/98 .................................... 25,000,000 24,868,722 ------------ Total Letters of Credit (Cost $985,478,235) ................................ 985,478,235 ------------
6 7 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ ------------ SHORT-TERM NOTES-80.3% AUTOMOTIVE-1.4% BMW US Capital Corp.: 5.54%, 2/17/98 ........................................................ $ 30,000,000 $ 29,783,017 5.62%, 2/2/98 ......................................................... 18,500,000 18,407,582 6.25%, 1/9/98 ......................................................... 50,000,000 49,930,556 6.80%, 1/2/98 ......................................................... 90,727,000 90,709,863 ------------ 188,831,018 ------------ BANKS-2.5% BankBoston Corp., 5.74%, 4/22/98(1) ...................................... 30,000,000 30,004,212 Bankers Trust New York Corp.: 5.54%, 2/17/98 ........................................................ 12,000,000 11,913,207 5.54%, 2/18/98 ........................................................ 15,000,000 14,889,200 5.58%, 2/23/98 ........................................................ 50,000,000 49,589,250 Barnett Banks, Inc., 5.92%, 1/16/98 ...................................... 107,000,000 106,732,458 First Chicago Financial Corp.: 5.655%, 5/29/98 ....................................................... 15,000,000 14,651,275 5.66%, 5/28/98 ........................................................ 25,000,000 24,422,208 5.67%, 3/26/98 ........................................................ 25,000,000 24,669,250 5.72%, 4/1/98 ......................................................... 15,000,000 14,785,500 5.73%, 1/29/98 ........................................................ 15,000,000 14,933,150 Morgan (J.P.) & Co., Inc., 5.64%, 6/19/98 ................................ 25,000,000 24,338,083 ------------ 330,927,793 ------------ BEVERAGES-1.9% Coca-Cola Enterprises, Inc.: 5.53%, 1/16/98(2) ..................................................... 30,000,000 29,930,875 5.54%, 1/20/98(2) ..................................................... 25,000,000 24,926,903 5.62%, 2/11/98(2) ..................................................... 25,000,000 24,839,701 5.62%, 4/17/98(2) ..................................................... 30,000,000 29,503,567 5.70%, 3/27/98(2) ..................................................... 15,000,000 14,798,125 5.70%, 4/6/98(2) ...................................................... 25,000,000 24,623,958 5.71%, 4/8/98(2) ...................................................... 15,000,000 14,769,221 5.71%, 4/9/98(2) ...................................................... 30,000,000 29,533,683 5.73%, 3/6/98(2) ...................................................... 40,000,000 39,592,533 5.80%, 4/3/98(2) ...................................................... 15,000,000 14,777,667 ------------ 247,296,233 ------------
7 8 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ ------------ BROKER/DEALERS-17.5% Bear Stearns Cos., Inc.: 5.53%, 2/11/98 ........................................................ $ 35,000,000 $ 34,779,568 5.55%, 1/12/98 ........................................................ 50,000,000 49,915,208 5.55%, 1/30/98 ........................................................ 65,000,000 64,710,040 5.55%, 2/24/98 ........................................................ 25,000,000 24,791,875 5.55%, 2/25/98 ........................................................ 25,000,000 24,788,021 5.55%, 2/27/98 ........................................................ 50,000,000 49,560,625 5.55%, 3/23/98 ........................................................ 25,000,000 24,687,812 5.56%, 2/19/98 ........................................................ 30,000,000 29,772,967 5.56%, 3/2/98 ......................................................... 25,000,000 24,768,333 5.57%, 2/18/98 ........................................................ 6,000,000 5,955,440 5.57%, 3/30/98 ........................................................ 20,000,000 19,727,689 5.67%, 5/22/98 ........................................................ 30,000,000 29,333,775 5.73%, 12/23/98(1) .................................................... 20,000,000 20,000,000 5.75%, 4/1/98(1) ...................................................... 10,000,000 10,000,000 5.789%, 4/21/98(1) .................................................... 5,000,000 4,999,968 5.799%, 5/22/98(1) .................................................... 25,000,000 25,000,000 5.941%, 7/17/98(1) .................................................... 10,000,000 10,000,000 5.949%, 4/3/98(1) ..................................................... 15,000,000 15,000,000 5.949%, 9/22/98(1) .................................................... 25,000,000 25,000,000 5.98%, 7/10/98(1) ..................................................... 45,000,000 45,000,000 5.99%, 2/9/98(1) ...................................................... 20,000,000 20,004,397 6.115%, 8/14/98(1) .................................................... 5,000,000 5,004,917 6.13%, 5/14/98(1) ..................................................... 7,000,000 7,004,087 9.125%, 4/15/98 ....................................................... 5,725,000 5,777,826 CS First Boston, Inc.: 5.54%, 1/22/98(2) ..................................................... 33,000,000 32,893,355 5.639%, 3/13/98(1)(3) ................................................. 25,000,000 25,000,000 5.779%, 5/12/98(1)(3) ................................................. 25,000,000 25,000,000 5.789%, 6/2/98(1)(3) .................................................. 25,000,000 25,000,000 Dean Witter, Discover & Co.: 6%, 3/1/98 ............................................................ 6,000,000 6,001,781 6%, 3/1/98 ............................................................ 10,000,000 10,002,618 Goldman Sachs Group, L.P.: 5.56%, 1/23/98 ........................................................ 55,000,000 54,804,261 5.65%, 5/22/98 ........................................................ 35,000,000 34,225,479 5.85%, 1/22/98 ........................................................ 50,000,000 49,829,375 Goldman Sachs Group, L.P., Promissory Nts.: 5.78%, 3/16/98 ........................................................ 40,000,000 40,000,000 5.86%, 3/26/98 ........................................................ 30,000,000 30,000,000 5.87%, 4/10/98 ........................................................ 35,000,000 35,000,000 5.96%, 5/13/98 ........................................................ 30,000,000 30,000,000
8 9 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 -------------- -------------- BROKER/DEALERS Lehman Brothers Holdings, Inc.: 4.975%, 8/14/98(1) .................................................... $ 15,000,000 $ 15,000,000 5.226%, 6/18/98(1) .................................................... 45,000,000 45,065,528 5.58%, 2/11/98 ........................................................ 50,000,000 49,682,250 5.58%, 2/9/98 ......................................................... 50,000,000 49,697,750 5.59%, 2/3/98(1) ...................................................... 25,000,000 25,000,000 5.64%, 3/13/98 ........................................................ 25,000,000 24,721,917 5.70%, 4/10/98 ........................................................ 27,000,000 26,576,775 5.875%, 1/28/98 ....................................................... 30,000,000 29,867,812 5.90%, 1/9/98 ......................................................... 20,000,000 19,973,778 6.12%, 1/9/98 ......................................................... 50,000,000 49,932,000 6.169%, 3/27/98(1) .................................................... 25,000,000 25,011,596 6.744%, 6/22/98(1) .................................................... 20,000,000 20,069,304 Merrill Lynch & Co., Inc.: 5.55%, 1/15/98 ........................................................ 10,000,000 9,978,417 5.55%, 1/28/98 ........................................................ 18,000,000 17,925,345 5.56%, 2/18/98 ........................................................ 25,000,000 24,814,667 5.56%, 3/2/98 ......................................................... 10,000,000 9,907,333 5.57%, 1/9/98 ......................................................... 35,000,000 34,956,678 5.57%, 2/19/98 ........................................................ 25,000,000 24,810,465 5.57%, 4/30/98 ........................................................ 20,000,000 19,631,761 5.58%, 3/26/98 ........................................................ 30,000,000 29,609,400 5.62%, 4/8/98 ......................................................... 20,000,000 19,697,144 5.67%, 5/22/98 ........................................................ 23,750,000 23,222,572 5.68%, 3/18/98(1) ..................................................... 20,000,000 19,999,186 5.68%, 9/22/98(1) ..................................................... 20,000,000 19,998,588 5.685%, 5/26/98(1) .................................................... 25,000,000 24,998,522 5.70%, 4/16/98 ........................................................ 50,000,000 49,168,750 5.70%, 5/5/98 ......................................................... 10,000,000 9,803,667 5.703%, 7/20/98(1) .................................................... 15,000,000 15,000,000 5.72%, 12/23/98(1) .................................................... 25,000,000 25,000,000 5.98%, 1/8/98(1) ...................................................... 40,000,000 39,999,850 6.27%, 11/16/98(1) .................................................... 25,000,000 25,010,545 Morgan Stanley, Dean Witter, Discover & Co.: 5.73%, 3/31/98 ........................................................ 25,000,000 24,645,854 5.85%, 1/20/98 ........................................................ 50,000,000 49,845,625 6.75%, 3/24/98 ........................................................ 94,500,000 94,500,000 Salomon Smith Barney, Inc.: 5.62%, 1/29/98 ........................................................ 43,000,000 42,812,042 5.62%, 2/18/98 ........................................................ 40,000,000 39,700,267
9 10 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 -------------- -------------- BROKER/DEALERS (CONTINUED) Salomon Smith Barney, Inc.: (Continued) 5.63%, 4/29/98 ........................................................ $ 50,000,000 $ 49,077,306 5.64%, 1/28/98 ........................................................ 65,000,000 64,724,300 5.67%, 2/19/98 ........................................................ 40,000,000 39,691,300 5.69%, 3/24/98 ........................................................ 15,000,000 14,805,592 5.70%, 1/2/98 ......................................................... 10,000,000 9,998,425 5.70%, 4/17/98 ........................................................ 10,000,000 9,832,167 5.74%, 5/26/98 ........................................................ 20,000,000 19,537,611 5.75%, 3/31/98 ........................................................ 7,310,000 7,306,940 5.77%, 3/30/98 ........................................................ 15,000,000 14,788,433 5.801%, 11/2/98(1) .................................................... 20,000,000 20,000,000 5.884%, 10/20/98(1) ................................................... 30,000,000 30,000,000 6.022%, 6/2/98(1) ..................................................... 6,000,000 6,001,874 6.04%, 7/9/98 ......................................................... 7,000,000 7,005,138 -------------- 2,341,743,891 -------------- CHEMICALS-0.7% Henkel Corp., 5.52%, 1/30/98(2) .......................................... 14,000,000 13,937,747 Monsanto Co., Series B: 5.55%, 3/4/98(2) ...................................................... 30,000,000 29,713,250 5.55%, 3/5/98(2) ...................................................... 12,000,000 11,883,450 5.57%, 2/3/98(2) ...................................................... 40,000,000 39,795,767 -------------- 95,330,214 -------------- COMMERCIAL FINANCE--10.5% CIT Group Holdings, Inc.: 5.60%, 5/22/98(1) ..................................................... 50,000,000 49,986,945 5.902%, 3/11/98(1) .................................................... 49,500,000 49,500,000 Countrywide Home Loans: 5.63%, 1/2/98 ......................................................... 80,000,000 79,985,760 5.83%, 1/28/98 ........................................................ 66,625,000 66,333,682 6.80%, 1/5/98 ......................................................... 79,000,000 78,940,311 FINOVA Capital Corp.: 5.52%, 4/16/98 ........................................................ 20,000,000 19,670,417 5.54%, 2/26/98 ........................................................ 10,000,000 9,913,356 5.57%, 2/20/98 ........................................................ 25,000,000 24,806,597 5.57%, 3/20/98 ........................................................ 20,000,000 19,758,633 5.58%, 1/13/98 ........................................................ 15,000,000 14,972,100 5.58%, 2/12/98 ........................................................ 15,000,000 14,902,350 5.59%, 1/5/98 ......................................................... 10,000,000 9,993,789
10 11 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 -------------- -------------- COMMERCIAL FINANCE FINOVA Capital Corp.: (Continued) 5.60%, 1/13/98 ........................................................ $ 36,000,000 $ 35,932,900 5.60%, 1/14/98 ........................................................ 2,525,000 2,519,894 5.60%, 1/5/98 ......................................................... 20,000,000 19,987,556 5.60%, 1/8/98 ......................................................... 16,000,000 15,982,578 5.60%, 2/18/98 ........................................................ 5,000,000 4,962,667 5.60%, 3/30/98 ........................................................ 15,000,000 14,793,933 5.60%, 4/17/98 ........................................................ 10,000,000 9,835,111 5.60%, 4/30/98 ........................................................ 45,000,000 44,167,000 5.60%, 4/14/98 ........................................................ 18,000,000 17,711,600 5.60%, 4/20/98 ........................................................ 15,000,000 14,745,667 5.62%, 1/6/98 ......................................................... 10,000,000 9,992,194 5.62%, 5/14/98 ........................................................ 20,000,000 19,609,722 5.65%, 4/6/98 ......................................................... 20,000,000 19,701,806 5.695%, 5/26/98 ....................................................... 15,000,000 14,655,927 5.71%, 3/24/98 ........................................................ 60,000,000 59,220,317 5.72%, 3/23/98 ........................................................ 40,000,000 39,485,200 5.72%, 5/29/98 ........................................................ 15,000,000 14,647,267 5.72%, 5/4/98 ......................................................... 15,000,000 14,706,850 5.73%, 3/6/98 ......................................................... 15,000,000 14,847,200 5.75%, 5/14/98 ........................................................ 10,000,000 9,787,569 5.85%, 1/21/98 ........................................................ 10,000,000 9,967,500 5.85%, 1/23/98 ........................................................ 18,500,000 18,433,862 6.188%, 3/6/98(1) ..................................................... 52,950,000 52,972,637 8.50%, 5/1/98 ......................................................... 8,490,000 8,562,218 8.50%, 5/1/98 ......................................................... 6,890,000 6,946,158 Heller Financial, Inc.: 5.65%, 1/7/98 ......................................................... 7,000,000 6,993,408 5.65%, 1/8/98 ......................................................... 45,000,000 44,950,562 5.66%, 2/19/98 ........................................................ 75,000,000 74,422,208 5.69%, 1/16/98 ........................................................ 45,000,000 44,893,312 5.70%, 1/28/98 ........................................................ 55,000,000 54,755,500 5.70%, 10/16/98(1) .................................................... 45,000,000 44,996,449 5.70%, 10/7/98(1) ..................................................... 50,000,000 50,000,000 5.90%, 3/30/98 ........................................................ 35,000,000 34,495,222 5.926%, 9/29/98(1) .................................................... 25,000,000 24,996,288 6%, 4/2/98 ............................................................ 22,000,000 21,666,333 6%, 4/29/98 ........................................................... 50,000,000 49,016,667 6.156%, 12/16/98(1) ................................................... 20,000,000 20,000,000 9.375%, 3/15/98 ....................................................... 3,100,000 3,121,571 -------------- 1,407,246,793 --------------
11 12 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 -------------- -------------- COMPUTER SOFTWARE/SERVICES-1.1% First Data Corp.: 5.55%, 2/18/98 ........................................................ $ 30,000,000 $ 29,778,000 5.59%, 5/5/98 ......................................................... 30,000,000 29,422,367 5.605%, 1/27/98 ....................................................... 25,000,000 24,898,799 5.67%, 5/19/98 ........................................................ 35,000,000 34,239,275 5.675%, 5/26/98 ....................................................... 30,000,000 29,314,271 ------------ 147,652,712 ------------ CONGLOMERATES-0.3% Mitsubishi International Corp.: 5.70%, 1/5/98 ......................................................... 31,200,000 31,180,240 5.73%, 1/9/98 ......................................................... 15,000,000 14,980,900 ------------ 46,161,140 ------------ CONSUMER FINANCE-1.1% Commercial Credit Co., 5.50%, 5/15/98 .................................... 10,000,000 9,988,456 Island Finance Puerto Rico, Inc.: 5.68%, 3/31/98 ........................................................ 17,000,000 16,761,282 5.71%, 2/17/98 ........................................................ 10,000,000 9,925,453 5.98%, 1/23/98 ........................................................ 18,000,000 17,934,220 Sears Roebuck Acceptance Corp.: 5.56%, 4/13/98 ........................................................ 25,000,000 24,606,167 5.63%, 4/16/98 ........................................................ 30,000,000 29,507,375 5.71%, 3/20/98 ........................................................ 40,000,000 39,505,133 ------------ 148,228,086 ------------ DIVERSIFIED FINANCIAL-6.9% Associates Corp. of North America, 5.50%, 1/22/98 ........................ 40,000,000 39,871,667 Ford Motor Credit Corp.: 5.70%, 12/23/98(1) .................................................... 25,000,000 24,992,929 9%, 3/25/98 ........................................................... 6,100,000 6,144,170 General Electric Capital Corp.: 5.55%, 2/23/98 ........................................................ 15,000,000 14,877,437 5.555%, 3/10/98 ....................................................... 25,000,000 24,737,681 5.56%, 2/12/98 ........................................................ 50,000,000 49,675,667 5.56%, 3/11/98 ........................................................ 30,000,000 29,680,300 5.56%, 3/18/98 ........................................................ 45,000,000 44,471,800 5.66%, 4/8/98 ......................................................... 25,000,000 24,618,736 7.95%, 2/2/98 ......................................................... 10,000,000 10,017,520 8.12%, 1/20/98 ........................................................ 5,000,000 5,005,893
12 13 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ ------------ DIVERSIFIED FINANCIAL General Electric Capital Services: 5.55%, 2/23/98 ........................................................ $ 50,000,000 $ 49,591,458 5.55%, 3/2/98 ......................................................... 35,000,000 34,676,250 5.56%, 1/30/98 ........................................................ 50,000,000 49,776,056 5.60%, 4/17/98 ........................................................ 30,000,000 29,505,333 5.60%, 4/20/98 ........................................................ 25,000,000 24,576,111 General Motors Acceptance Corp.: 5.56%, 1/26/98 ........................................................ 28,500,000 28,389,958 5.58%, 2/25/98 ........................................................ 18,000,000 17,846,550 5.60%, 3/27/98 ........................................................ 25,000,000 24,671,806 5.60%, 4/13/98 ........................................................ 95,000,000 93,491,392 5.60%, 4/20/98 ........................................................ 20,000,000 19,660,889 5.75%, 4/21/98(1) ..................................................... 45,000,000 44,993,050 5.875%, 2/23/98 ....................................................... 45,000,000 44,993,017 6.15%, 5/11/98 ........................................................ 7,000,000 7,004,753 6.15%, 5/11/98 ........................................................ 5,940,000 5,947,049 6.20%, 5/11/98 ........................................................ 5,550,000 5,557,550 Household Finance Corp.: 5.50%, 1/21/98 ........................................................ 50,000,000 49,847,222 5.55%, 3/16/98 ........................................................ 25,000,000 24,714,792 Prudential Funding Corp.: 5.55%, 3/3/98 ......................................................... 30,000,000 29,717,875 5.685%, 5/5/98(1) ..................................................... 45,000,000 44,996,311 5.72%, 4/1/98 ......................................................... 25,000,000 24,642,500 ------------ 928,693,722 ------------ ELECTRONICS-0.9% Avnet, Inc., 5.82%, 3/23/98 .............................................. 10,000,000 9,869,050 Mitsubishi Electric Finance America, Inc.: 5.55%, 1/28/98(2) ..................................................... 25,000,000 24,895,938 5.59%, 1/7/98(2) ...................................................... 62,000,000 61,942,219 5.60%, 1/14/98(2) ..................................................... 5,000,000 4,989,889 5.80%, 2/11/98(2) ..................................................... 15,000,000 14,900,917 ------------ 116,598,013 ------------ HEALTHCARE/SUPPLIES & SERVICES-0.5% A.H. Robins Co., Inc., 5.55%, 1/8/98(2) .................................. 31,327,000 31,293,193 AC Acquisition Holding Co., 5.54%, 1/23/98(2) ............................ 40,000,000 39,864,333 ------------ 71,157,526 ------------
13 14 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 -------------- -------------- INDUSTRIAL SERVICES-0.8% PHH Corp.: 5.939%, 1/27/98(1) .................................................... $ 55,000,000 $ 54,998,782 5.939%, 1/27/98(1) .................................................... 27,000,000 26,999,619 5.96%, 1/15/98(1) ..................................................... 25,000,000 24,999,907 -------------- 106,998,308 -------------- INSURANCE-12.0% Allstate Life Insurance Co., 5.687%, 1/2/98(1) ........................... 50,000,000 50,000,000 Combined Insurance Co. of America, 5.75%, 1/2/98(1) ...................... 50,000,000 50,000,000 GE Financial Assurance Holdings, Inc.: 5.68%, 5/20/98 ........................................................ 30,000,000 29,342,067 5.68%, 5/21/98 ........................................................ 20,000,000 19,558,222 5.73%, 4/2/98 ......................................................... 30,000,000 29,565,475 General American Life Insurance Co., 5.89%, 1/2/98(1) .................... 80,000,000 80,000,000 Jackson National Life Insurance Co.: 5.68%, 3/1/98(1) ...................................................... 70,000,000 70,000,000 5.71%, 8/1/98(1) ...................................................... 45,000,000 45,000,000 John Hancock Capital Corp., 5.989%, 1/2/98(1)(3) ......................... 100,000,000 100,000,000 Pacific Mutual Life Insurance Co., 5.647%, 1/2/98(1)(3) .................. 90,000,000 90,000,000 Principal Mutual Life Insurance Co., 6%, 1/2/98(1)(3) .................... 95,000,000 95,000,000 Protective Life Insurance Co.: 5.708%, 8/25/98(1) .................................................... 25,000,000 25,000,000 5.748%, 4/1/98(1) ..................................................... 25,000,000 25,000,000 5.837%, 1/2/98(1)(3) .................................................. 30,000,000 30,000,000 5.777%, 1/2/98 ........................................................ 200,000,000 200,000,000 Safeco Insurance Co.: 5.62%, 1/29/98 ........................................................ 10,000,000 9,956,289 5.77%, 3/19/98 ........................................................ 20,000,000 19,753,172 TransAmerica Life Insurance & Annuity Co.: 5.687%, 10/15/98(1) ................................................... 75,000,000 75,000,000 5.687%, 3/22/98(1) .................................................... 43,000,000 43,000,000 5.687%, 5/15/98(1) .................................................... 50,000,000 50,000,000 5.687%, 8/3/98(1) ..................................................... 25,000,000 25,000,000 5.687%, 9/30/98(1) .................................................... 50,000,000 50,000,000 5.984%, 1/28/98 ....................................................... 150,000,000 150,000,000 Transamerica Occidental Corp., 5.687%, 9/29/98(1) ........................ 50,000,000 50,000,000 Travelers Insurance Co.: 5.708%, 10/3/98(1)(3) ................................................. 40,000,000 40,000,000 5.708%, 9/16/98(1)(3) ................................................. 48,000,000 48,000,000 Western-Southern Life Funding, 5.969%, 1/2/98(1) ......................... 100,000,000 100,000,000 -------------- 1,599,175,225 --------------
14 15 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 -------------- -------------- LEASING & FACTORING-1.7% American Honda Finance Corp.: 5.58%, 1/22/98 ........................................................ $ 10,000,000 $ 9,967,158 5.719%, 4/9/98(1) ..................................................... 10,000,000 10,000,000 5.812%, 7/27/98(1) .................................................... 10,000,000 10,000,000 5.90%, 1/29/98 ........................................................ 50,000,000 49,770,556 5.906%, 6/16/98(1) .................................................... 20,000,000 20,000,000 5.92%, 1/28/98 ........................................................ 35,000,000 34,844,600 5.95%, 1/13/98 ........................................................ 15,120,000 15,090,012 6.05%, 1/12/98 ........................................................ 30,000,000 29,944,542 6.05%, 1/15/98 ........................................................ 35,000,000 34,917,653 6.30%, 1/8/98 ......................................................... 4,000,000 3,995,100 International Lease Finance Corp., 5.75%, 3/15/98 ........................ 5,000,000 4,999,567 -------------- 223,529,188 -------------- MANUFACTURING-0.0% Rexam PLC, 5.85%, 1/16/98(2) ............................................. 5,950,000 5,935,497 -------------- METALS/MINING-1.4% Rio Tinto America, Inc.: 5.52%, 2/4/98(2) ...................................................... 16,900,000 16,811,735 5.54%, 1/23/98(2) ..................................................... 40,000,000 39,864,578 5.55%, 2/26/98(2) ..................................................... 17,600,000 17,448,053 5.55%, 3/19/98(2) ..................................................... 22,300,000 22,035,280 5.55%, 3/2/98(2) ...................................................... 17,600,000 17,437,200 5.56%, 2/9/98(2) ...................................................... 17,400,000 17,295,194 5.655%, 5/27/98(2) .................................................... 20,000,000 19,541,317 5.67%, 4/3/98(2) ...................................................... 28,500,000 28,086,652 5.74%, 2/23/98(2) ..................................................... 5,000,000 4,957,747 -------------- 183,477,756 -------------- NONDURABLE HOUSEHOLD GOODS-0.4% Newell Co.: 5.61%, 1/26/98(2) ..................................................... 10,000,000 9,961,042 6.80%, 1/2/98(2) ...................................................... 46,655,000 46,646,187 -------------- 56,607,229 --------------
15 16 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ ------------ OIL-INTEGRATED-0.6% Fina Oil & Chemical Co.: 5.57%, 1/20/98(2) ..................................................... $ 15,000,000 $ 14,955,904 5.59%, 2/26/98(2) ..................................................... 14,000,000 13,878,262 5.70%, 4/10/98(2) ..................................................... 5,000,000 4,921,625 5.80%, 1/23/98(2) ..................................................... 10,000,000 9,964,556 Repsol International Finance BV, 5.50%, 1/22/98 .......................... 30,000,000 29,903,750 ------------ 73,624,097 ------------ SPECIAL PURPOSE FINANCIAL-18.1% Asset Backed Capital Finance, Inc.: 5.58%, 2/2/98(2) ...................................................... 49,900,000 49,646,383 5.58%, 3/2/98(2) ...................................................... 9,900,000 9,807,930 5.58%, 3/9/98(2) ...................................................... 35,400,000 35,031,612 5.60%, 2/9/98(2) ...................................................... 68,800,000 68,382,613 5.60%, 4/1/98(2) ...................................................... 48,100,000 47,421,350 5.68%, 1/8/98(2) ...................................................... 2,000,000 1,997,791 5.70%, 9/15/98(1)(3) .................................................. 15,000,000 15,000,000 5.73%, 11/23/98(1)(3) ................................................. 40,000,000 40,000,000 5.73%, 12/8/98(1)(3) .................................................. 50,000,000 50,000,000 6.16%, 3/16/98(1)(3) .................................................. 20,000,000 19,998,183 Asset Backed Securities Investment Trust-Series 1997A, 6.03%, 2/16/98(1)(3) 35,000,000 34,999,563 Asset Securitization Cooperative Corp.: 5.75%, 3/26/98(2) ..................................................... 25,000,000 24,664,583 5.89%, 1/29/98(2) ..................................................... 40,000,000 39,816,756 Beta Finance, Inc.: 5.53%, 2/9/98(2) ...................................................... 10,000,000 9,940,092 5.54%, 2/17/98(2) ..................................................... 29,400,000 29,187,356 5.55%, 2/23/98(2) ..................................................... 17,000,000 16,861,096 5.55%, 2/27/98(2) ..................................................... 10,000,000 9,912,125 5.56%, 3/12/98(2) ..................................................... 107,000,000 105,840,392 5.56%, 3/16/98(2) ..................................................... 35,000,000 34,599,989 5.56%, 3/3/98(2) ...................................................... 30,000,000 29,717,367 5.56%, 3/4/98(2) ...................................................... 50,000,000 49,521,222 5.56%, 3/9/98(2) ...................................................... 94,500,000 93,522,135 5.56%, 4/14/98(2) ..................................................... 15,000,000 14,761,383 5.56%, 4/22/98(2) ..................................................... 31,500,000 30,954,158 5.57%, 4/29/98(2) ..................................................... 2,000,000 1,963,486 5.66%, 5/19/98(2) ..................................................... 30,000,000 29,349,100 5.67%, 5/11/98(2) ..................................................... 30,000,000 29,385,750 Cooperative Assn. of Tractor Dealers: Series A, 5.62%, 4/15/98 .............................................. 10,000,000 9,837,644
16 17 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ ------------ SPECIAL PURPOSE FINANCIAL Cooperative Assn. of Tractor Dealers: (Continued) Series B, 5.63%, 3/19/98 .............................................. $ 15,000,000 $ 14,819,371 Series B, 5.72%, 3/25/98 .............................................. 11,200,000 11,052,297 Corporate Asset Funding Co., Inc.: 5.53%, 1/15/98(2) ..................................................... 22,000,000 21,952,688 5.73%, 1/23/98(2) ..................................................... 75,000,000 74,737,375 CXC, Inc.: 5.54%, 1/16/98(2) ..................................................... 20,000,000 19,953,833 5.57%, 3/16/98(2) ..................................................... 5,000,000 4,942,753 5.59%, 2/17/98(2) ..................................................... 7,000,000 6,948,914 5.61%, 2/13/98(2) ..................................................... 25,000,000 24,832,479 5.65%, 4/6/98(2) ...................................................... 30,000,000 29,552,708 5.68%, 3/25/98(2) ..................................................... 55,000,000 54,279,744 5.68%, 3/26/98(2) ..................................................... 17,000,000 16,774,693 5.69%, 4/29/98(2) ..................................................... 25,000,000 24,533,736 5.70%, 3/6/98(2) ...................................................... 25,000,000 24,746,667 5.72%, 3/27/98(2) ..................................................... 30,000,000 29,594,833 5.72%, 4/16/98(2) ..................................................... 50,000,000 49,165,833 5.85%, 1/20/98(2) ..................................................... 8,100,000 8,074,991 5.85%, 1/21/98(2) ..................................................... 35,000,000 34,886,250 5.85%, 1/28/98(2) ..................................................... 30,000,000 29,868,375 Enterprise Funding Corp.: 5.54%, 2/19/98(2) ..................................................... 10,127,000 10,050,637 5.55%, 3/20/98(2) ..................................................... 3,910,000 3,862,982 5.56%, 2/9/98(2) ...................................................... 6,087,000 6,050,402 5.62%, 4/21/98 ........................................................ 14,000,000 13,759,589 5.67%, 4/8/98(2) ...................................................... 19,510,000 19,213,303 5.68%, 3/25/98(2) ..................................................... 13,434,000 13,258,074 5.72%, 5/13/98(2) ..................................................... 26,964,000 26,398,095 5.73%, 5/18/98(2) ..................................................... 10,000,000 9,781,942 5.75%, 1/16/98(2) ..................................................... 5,734,000 5,720,262 5.85%, 1/14/98 ........................................................ 50,000,000 49,894,375 5.85%, 1/23/98(2) ..................................................... 5,008,000 4,990,096 5.90%, 1/7/98(2) ...................................................... 7,747,000 7,739,382 Falcon Asset Securitization Corp.: 5.57%, 4/29/98(2) ..................................................... 25,750,000 25,279,877 5.65%, 1/15/98(2) ..................................................... 6,425,000 6,410,883 5.75%, 1/23/98(2) ..................................................... 24,519,000 24,432,843 5.90%, 1/2/98(2) ...................................................... 25,125,000 25,120,882 Fleet Funding Corp.: 5.65%, 1/2/98(2) ...................................................... 50,000,000 49,992,153 5.82%, 1/23/98(2) ..................................................... 5,340,000 5,321,007
17 18 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 --------------- --------------- SPECIAL PURPOSE FINANCIAL (CONTINUED) New Center Asset Trust: 5.55%, 1/30/98 ........................................................ $ 30,000,000 $ 29,865,875 5.685%, 5/21/98 ....................................................... 50,000,000 48,894,583 5.735%, 4/16/98 ....................................................... 40,000,000 39,330,917 6.30%, 1/28/98 ........................................................ 7,100,000 7,066,453 6.40%, 1/15/98 ........................................................ 14,800,000 14,763,164 Preferred Receivables Funding Corp.: 5.55%, 2/26/98 ........................................................ 5,000,000 4,956,833 5.55%, 2/5/98 ......................................................... 24,500,000 24,367,802 5.68%, 4/10/98(2) ..................................................... 10,775,000 10,606,695 RACERS Series 1997-MM-1-1, 5.98%, 1/15/98(1)(3) .......................... 50,000,000 49,999,239 Receivables Capital Corp.: 5.62%, 1/5/98(2) ...................................................... 7,249,000 7,244,345 5.82%, 1/26/98(2) ..................................................... 20,000,000 19,919,167 5.85%, 1/22/98(2) ..................................................... 30,000,000 29,897,625 5.87%, 1/20/98(2) ..................................................... 15,325,000 15,277,522 5.90%, 1/16/98(2) ..................................................... 50,000,000 49,877,083 5.90%, 1/29/98(2) ..................................................... 25,000,000 24,885,278 Sigma Finance, Inc.: 5.54%, 2/20/98(2) ..................................................... 25,000,000 24,807,639 5.55%, 1/15/98(2) ..................................................... 101,420,000 101,200,838 5.57%, 3/25/98(2) ..................................................... 9,000,000 8,884,423 5.58%, 1/6/98(2) ...................................................... 33,000,000 32,974,425 5.58%, 2/25/98(2) ..................................................... 5,000,000 4,957,375 5.58%, 3/19/98(2) ..................................................... 11,000,000 10,868,715 5.58%, 4/14/98(2) ..................................................... 24,000,000 23,616,840 5.59%, 3/10/98(2) ..................................................... 15,000,000 14,841,617 5.59%, 5/6/98(2) ...................................................... 26,000,000 25,495,347 5.60%, 2/11/98(2) ..................................................... 20,500,000 20,369,256 5.60%, 2/4/98(2) ...................................................... 17,000,000 16,910,089 SMM Trust 1997-I, 5.969%, 5/29/98(1)(3) .................................. 40,000,000 40,000,000 --------------- 2,421,993,528 --------------- Total Short-Term Notes (Cost $10,741,207,969) ............................ 10,741,207,969 ---------------
18 19 STATEMENT OF INVESTMENTS December 31, 1997 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 --------------- --------------- U.S. GOVERNMENT OBLIGATIONS-0.2% Student Loan Marketing Assn., 5.82%, 1/23/98 (Cost $29,999,729) .......... $ 30,000,000 $ 29,999,729 --------------- FOREIGN GOVERNMENT OBLIGATIONS-1.1% Finnish Export Credit Ltd.: 5.55%, 7/15/98 ........................................................ 8,000,000 7,759,500 5.56%, 7/7/98 ......................................................... 5,000,000 4,855,594 5.73%, 5/19/98 ........................................................ 20,000,000 19,560,700 Westdeutsche Landesbank Girozentrale: 5.53%, 2/5/98 ......................................................... 50,000,000 49,731,181 5.56%, 3/11/98 ........................................................ 25,000,000 24,733,583 5.85%, 1/15/98 ........................................................ 30,000,000 29,931,750 Westdeutsche Landesbank Girozentrale, guaranteeing commercial paper of Unibanco-Uniao de Brancos Brasileiros S.A.-Grand Cayman-Series A, 5.75%, 3/30/98 ........................................................ 10,000,000 9,859,445 --------------- Total Foreign Government Obligations (Cost $146,431,753) 146,431,753 --------------- Total Investments, at Value .............................................. 99.8% 13,346,100,671 Other Assets Net of Liabilities .......................................... 0.2 25,654,462 ----- --------------- Net Assets ............................................................... 100.0% $13,371,755,133 ===== ===============
Short-term notes, bankers' acceptances, direct bank obligations and letters of credit are generally traded on a discount basis; the interest rate is the discount rate received by the Trust at the time of purchase. Other securities normally bear interest at the rates shown. 1. Floating or variable rate obligation. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on December 31, 1997. This instrument may also have a demand feature which allows the recovery of principal at any time, or at specified intervals not exceeding one year, on up to 30 days' notice. Maturity date shown represents effective maturity based on variable rate and, if applicable, demand feature. 2. Security issued in exempt transaction without registration under the Securities Act of 1933. Such securities amount to $2,834,960,326, or 21.20% of the Trust's net assets and have been determined to be liquid pursuant to guidelines adopted by the Trustees. 3. Restricted securities which are considered illiquid, by virtue of the absence of a readily available market or because of legal or contractual restrictions on resale, amount to $809,645,411, or 6.05% of the Trust's net assets. The Trust may not invest more than 10% of its net assets (determined at the time of purchase) in illiquid securities. See accompanying Notes to Financial Statements. 19 20 STATEMENT OF ASSETS AND LIABILITIES December 31, 1997 (Unaudited) Centennial Money Market Trust ASSETS: Investments, at value ................................................................. $13,346,100,671 Cash .................................................................................. 524,197 Receivables: Shares of beneficial interest sold .................................................. 143,232,601 Interest ............................................................................ 36,945,860 Other ................................................................................. 789,187 --------------- Total assets ...................................................................... 13,527,592,516 --------------- LIABILITIES: Payables and other liabilities: Shares of beneficial interest redeemed .............................................. 153,489,024 Service plan fees ................................................................... 1,082,048 Dividends ........................................................................... 43,725 Trustees' fees ...................................................................... 4,807 Other ................................................................................. 1,217,779 --------------- Total liabilities ................................................................. 155,837,383 --------------- NET ASSETS ............................................................................ $13,371,755,133 =============== COMPOSITION OF NET ASSETS: Paid-in capital ....................................................................... $13,371,671,117 Accumulated net realized gain on investment transactions .............................. 84,016 --------------- NET ASSETS-applicable to 13,371,671,117 shares of beneficial interest outstanding ..... $13,371,755,133 =============== NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE ........................ $1.00
See accompanying Notes to Financial Statements. 20 21 STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1997 (Unaudited) Centennial Money Market Trust INVESTMENT INCOME-Interest ........................................................... $ 304,709,831 ------------- EXPENSES Management fees-Note 3 ............................................................... 20,511,640 Service plan fees-Note 3 ............................................................. 10,682,513 Transfer and shareholder servicing agent fees-Note 3 ................................. 5,070,691 Custodian fees and expenses .......................................................... 581,075 Shareholder reports .................................................................. 541,641 Registration and filing fees ......................................................... 389,677 Legal and auditing fees .............................................................. 122,608 Trustees' fees and expenses .......................................................... 30,463 Insurance expenses ................................................................... 5,530 Other ................................................................................ 10,599 ------------- Total expenses ..................................................................... 37,946,437 ------------- Less reimbursement of expenses by Centennial Asset Management Corporation-Note 3 ..... (2,382,437) ------------- Net expenses ......................................................................... 35,564,000 ------------- NET INVESTMENT INCOME ................................................................ 269,145,831 ------------- NET REALIZED GAIN ON INVESTMENTS ..................................................... 21,976 ------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................................. $ 269,167,807 =============
================================================================================ STATEMENTS OF CHANGES IN NET ASSETS
Six Months Ended December 31, 1997 Year Ended (Unaudited) June 30, 1997 ---------------- ---------------- OPERATIONS: Net investment income ............................................. $ 269,145,831 $ 390,168,132 Net realized gain ................................................. 21,976 12,890 ---------------- ---------------- Net increase in net assets resulting from operations .............. 269,167,807 390,181,022 ---------------- ---------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS ....................... (269,145,831) (390,443,351) ---------------- ---------------- BENEFICIAL INTEREST TRANSACTIONS: Net increase in net assets resulting from beneficial interest transactions-Note 2 ............................................ 4,308,766,276 2,310,345,177 ---------------- ---------------- NET ASSETS: Total increase .................................................... 4,308,788,252 2,310,082,848 Beginning of period ............................................... 9,062,966,881 6,752,884,033 ---------------- ---------------- End of period ..................................................... $ 13,371,755,133 $ 9,062,966,881 ================ ================
See accompanying Notes to Financial Statements. 21 22 FINANCIAL HIGHLIGHTS Centennial Money Market Trust
Six Months Ended Year Ended June 30, December 31, 1997 --------------------------------------------------------- (Unaudited) 1997 1996 1995 1994 1993 ----------------- ------ ------ ------ ------ ------ PER SHARE OPERATING DATA: Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 Income from investment operations-net investment income and net realized gain .... .03 .05 .05 .05 .03 .03 Dividends and distributions to shareholders .................... (.03) (.05) (.05) (.05) (.03) (.03) ----- ----- ----- ----- ----- ----- Net asset value, end of period ..... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== TOTAL RETURN, AT NET ASSET VALUE(1) .............. 2.60% 4.97% 5.11% 5.07% 2.82% 2.91% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in millions) ................... $13,372 $9,063 $6,753 $4,812 $2,559 $1,991 Average net assets (in millions) ... $10,533 $8,033 $6,077 $3,342 $2,346 $1,701 Ratios to average net assets: Net investment income .............. 5.07%(2) 4.86% 4.99% 5.01% 2.84% 2.82% Expenses, before voluntary assumption by the manager ....... 0.72%(2) 0.73% 0.74% 0.77% 0.81% 0.83% Expenses, net of voluntary assumption by the manager ....... 0.67%(2) 0.67% 0.69% 0.73% 0.76% 0.78%
1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods of less than one full year. Total returns reflect changes in net investment income only. 2. Annualized. See accompanying Notes to Financial Statements. 22 23 NOTES TO FINANCIAL STATEMENTS (Unaudited) Centennial Money Market Trust 1. SIGNIFICANT ACCOUNTING POLICIES Centennial Money Market Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Trust's investment objective is to seek the maximum current income that is consistent with low capital risk and the maintenance of liquidity. The Trust seeks to achieve this objective by investing in "money market" securities meeting specified quality standards. The Trust's investment advisor is Centennial Asset Management Corporation (the Manager), a subsidiary of OppenheimerFunds, Inc. (OFI). The following is a summary of significant accounting policies consistently followed by the Trust. Investment Valuation-Portfolio securities are valued on the basis of amortized cost, which approximates market value. Repurchase Agreements-The Trust requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian's vault, all securities held as collateral for repurchase agreements. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Trust may be delayed or limited. Federal Taxes-The Trust intends to continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income or excise tax provision is required. Distributions to Shareholders-The Trust intends to declare dividends from net investment income each day the New York Stock Exchange is open for business and pay such dividends monthly. To effect its policy of maintaining a net asset value of $1.00 per share, the Trust may withhold dividends or make distributions of net realized gains. Other-Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses on investments are determined on an identified cost basis, which is the same basis used for federal income tax purposes. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates. 23 24 NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) Centennial Money Market Trust 2. SHARES OF BENEFICIAL INTEREST The Trust has authorized an unlimited number of no par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
Six Months Ended December 31, 1997 Year Ended June 30, 1997 ------------------------------------- -------------------------------------- Shares Amount Shares Amount --------------- ---------------- ---------------- ---------------- Sold ......................... 17,407,693,893 $ 17,407,693,893 27,792,751,077 $ 27,792,751,077 Issued in connection with the acquisition of: Daily Cash Accumulation Fund, Inc.-Note 4 .......... 3,461,468,087 3,461,468,087 -- -- Dividends and distributions reinvested ... 277,024,148 277,024,148 378,092,268 378,092,268 Redeemed ..................... (16,837,419,852) (16,837,419,852) (25,860,498,168) (25,860,498,168) --------------- ---------------- ---------------- ---------------- Net increase ................. 4,308,766,276 $ 4,308,766,276 2,310,345,177 $ 2,310,345,177 =============== ================ ================ ================
3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreement with the Trust which provides for a fee of 0.50% of the first $250 million of net assets; 0.475% of the next $250 million of net assets; 0.45% of the next $250 million of net assets; 0.425% of the next $250 million of net assets; and 0.40% on net assets in excess of $1 billion. The Manager has agreed to reimburse the Trust if aggregate expenses (with specified exceptions) exceed the lesser of 1.5% of the first $30 million of average annual net assets of the Trust, plus 1% of average annual net assets in excess of $30 million; or 25% of the total annual investment income of the Trust. Independently of the investment advisory agreement, the Manager had voluntarily agreed to waive a portion of the management fee otherwise payable to it by the Trust to the extent necessary to reduce, on an annual basis, the management fee paid on the average net assets of the Trust in excess of $1 billion from 0.40% to: 0.40% of average net assets in excess of $1 billion but less than $1.25 billion; 0.375% of average net assets in excess of $1.25 billion but less than $1.50 billion; 0.35% of average net assets in excess of $1.50 billion but less than $2 billion; and 0.325% of average net assets in excess of $2 billion. The investment advisory agreement was amended on November 21, 1997 to include in the contractual management fee those additional breakpoints which were previously voluntary. 24 25 NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) Centennial Money Market Trust Shareholder Services, Inc. (SSI), a subsidiary of OFI, is the transfer and shareholder servicing agent for the Trust and for other registered investment companies. SSI's total costs of providing such services are allocated ratably to these companies. Under an approved service plan, the Trust may expend up to 0.20% of its net assets annually to reimburse certain securities dealers and other financial institutions and organizations for costs incurred in distributing Trust shares. 4. ACQUISITION OF DAILY CASH ACCUMULATION FUND, INC. On November 21, 1997 the Trust acquired the net assets of Daily Cash Accumulation Fund, Inc. The Trust issued 3,461,468,087 shares of beneficial interest, valued at $3,461,468,087, in exchange for the net assets, resulting in combined net assets of $13,332,998,832 on November 21, 1997. The exchange qualified as a tax-free reorganization for federal income tax purposes. 25 26 (This Page Intentionally Left Blank) 26 27 (This Page Intentionally Left Blank) 27 28 CENTENNIAL MONEY MARKET TRUST Officers and Trustees James C. Swain, Chairman and Chief Executive Officer Bridget A. Macaskill, Trustee and President Robert G. Avis, Trustee William A. Baker, Trustee Charles Conrad, Jr., Trustee Jon S. Fossel, Trustee Sam Freedman, Trustee Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee George C. Bowen, Trustee, Vice President, Treasurer and Assistant Secretary Andrew J. Donohue, Vice President and Secretary Dorothy G. Warmack, Vice President Carol E. Wolf, Vice President Arthur J. Zimmer, Vice President Robert J. Bishop, Assistant Treasurer Scott T. Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary Investment Advisor and Distributor Centennial Asset Management Corporation Transfer and Shareholder Servicing Agent Shareholder Services, Inc. Custodian of Portfolio Securities Citibank, N.A. Independent Auditors Deloitte & Touche LLP Legal Counsel Myer, Swanson, Adams & Wolf, P.C. The financial statements included herein have been taken from the records of the Trust without examination of the independent auditors. This is a copy of a report to shareholders of Centennial Money Market Trust. This report must be preceded or accompanied by a Prospectus of Centennial Money Market Trust. For material information concerning the Trust, see the Prospectus. For shareholder servicing call: 1-800-525-9310 (in U.S.) 303-671-3200 (outside U.S.) Or write: Shareholder Services, Inc. P.O. Box 5143 Denver, CO 80217-5143 RS0150.001.1297 [RECYCLE LOGO] Printed on recycled paper 1997 SEMIANNUAL REPORT CENTENNIAL MONEY MARKET TRUST DECEMBER 31, 1997 -----END PRIVACY-ENHANCED MESSAGE-----