-----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, NME9Iv+HBZ9eia0ms06iHL3A6jXiBs1fz43aEPrWFlGEAwjraXFy1RZKrrwGWf+h HOoj/1BfW1Hc1XGc6DG88Q== 0000950133-98-003240.txt : 19980907 0000950133-98-003240.hdr.sgml : 19980907 ACCESSION NUMBER: 0000950133-98-003240 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980904 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: 98704758 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 ANNUAL REPORT CENTENNIAL MONEY MARKET TRUST 1 1998 ANNUAL REPORT CENTENNIAL MONEY MARKET TRUST 2 DEAR SHAREHOLDER: In a year of excitement and volatility for stock markets here and abroad, money market funds, such as Centennial Money Market Trust, generally continued to provide stable returns. Yields moved in a very narrow range, as the Federal Reserve Board, which raises and lowers short-term interest rates based on its view of inflation, stayed on the sidelines for the entire fiscal year. Two opposing forces have kept the Fed from raising or lowering rates. On one hand, the U.S. economy continues to grow at a strong pace, with the unemployment rate at just 4.5% and consumer confidence soaring. On the other hand, the Asian financial crisis shows no signs of easing, which has weakened global demand for goods and services. Since the United States is a major exporter to Asia, slackening demand and devalued currencies in the Far East have created a dampening effect on inflation. Remarkably, seven years into an economic expansion, U.S. inflation is now trending below 2%. For the fiscal year ended June 30, 1998, Centennial Money Market Trust produced a compounded annual yield of 5.17%. Without compounding, the corresponding yield was 5.04%. The seven-day annualized yields, with and without compounding on June 30, 1998 were 5.11% and 4.99%, respectively.1 It is important to remember that an investment in the Trust is neither insured nor guaranteed by the U.S. government, and there is no assurance that the Trust will maintain a stable $1.00 share price in the future. The supply of money market securities varied considerably during the year. For example, in January 1998, corporations issued a great deal of commercial paper to take advantage of very low interest rates. By June, the excess supply had been absorbed by strong demand, which boosted prices and brought yields down. To be sure, there are still opportunities to add yield to the portfolio without taking material credit risk. For example, we recently purchased a security issued by a major insurance company that was offering a slightly higher yield than the market for commercial paper. In addition, the security carried a "put" option. In the event that interest rates rise, the put option gives us the right to sell the security back to the issuer at the price we originally paid for the security. The put option is important because, without it, rising interest rates would decrease the security's potential return. During the rest of 1998 and beyond, we plan to continue monitoring global events so that we can position the portfolio accordingly. We will also continue to invest conservatively, always keeping in mind your objectives of safety and liquidity. 1. Compounded yields assume reinvestment of dividends. Past performance is not indicative of future results. 3 Thank you for your confidence in Centennial Money Market Trust. We look forward to helping you reach your investment goals, part of our commitment to you as The Right Way to Invest. Sincerely, /s/ JAMES C. SWAIN - ------------------- James C. Swain Chairman Centennial Money Market Trust /s/ BRIDGET A. MACASKILL - ------------------------------ Bridget A. Macaskill President Centennial Money Market Trust July 22, 1998 2 4 STATEMENT OF INVESTMENTS June 30, 1998 Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- BANKERS' ACCEPTANCES--0.2% BankBoston, N.A., 5.37%, 7/14/98........................................................ $ 8,000,000 $ 7,984,486 Corestates Bank, N.A., 5.46%, 9/21/98................................................... 15,000,000 14,813,450 --------------- Total Bankers' Acceptances ............................................................. 22,797,936 --------------- CERTIFICATES OF DEPOSIT--4.5% DOMESTIC CERTIFICATES OF DEPOSIT--0.9% Bank of America, 5.50%, 7/22/98......................................................... 30,000,000 29,999,417 Lasalle National Bank: 5.53%, 8/2/98......................................................................... 25,000,000 25,000,000 5.61%, 9/11/98........................................................................ 30,000,000 30,000,000 5.62%, 10/26/98....................................................................... 50,000,000 50,000,000 --------------- 134,999,417 --------------- YANKEE CERTIFICATES OF DEPOSIT--3.6% Deutsche Bank AG: 5.65%, 1/22/99........................................................................ 35,000,000 35,000,000 5.71%, 1/29/99........................................................................ 25,000,000 25,000,000 5.85%, 10/20/98....................................................................... 25,000,000 25,008,335 Societe Generale: 5.54%, 7/24/98........................................................................ 25,000,000 25,000,000 5.54%, 8/17/98........................................................................ 10,000,000 9,998,689 5.60%, 10/8/98........................................................................ 25,000,000 24,998,224 5.60%, 10/5/98........................................................................ 15,000,000 15,000,389 5.63%, 11/4/98........................................................................ 20,000,000 20,000,000 5.76%, 10/8/98........................................................................ 18,000,000 17,996,382 5.77%, 10/7/98........................................................................ 12,750,000 12,749,294 5.77%, 10/7/98........................................................................ 15,000,000 14,998,475 5.77%, 10/7/98........................................................................ 35,500,000 35,495,559 5.77%, 10/7/98........................................................................ 20,000,000 20,000,595 5.775%, 10/9/98....................................................................... 25,000,000 24,999,486 5.775%, 10/9/98....................................................................... 25,000,000 24,998,163 5.775%, 10/9/98....................................................................... 25,000,000 24,998,715 5.86%, 10/5/98........................................................................ 25,000,000 25,015,800 5.86%, 11/18/98....................................................................... 26,000,000 26,011,545 5.89%, 10/14/98....................................................................... 20,000,000 20,004,877 5.89%, 8/14/98........................................................................ 25,000,000 25,002,832 5.91%, 10/15/98....................................................................... 15,000,000 15,003,128 5.96%, 9/15/98........................................................................ 25,000,000 25,009,863
3 5 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- YANKEE CERTIFICATES OF DEPOSIT (CONTINUED) Swiss Bank Corp.: 5.68%, 11/9/98........................................................................ $ 40,000,000 $ 40,000,706 5.69%, 7/2/98......................................................................... 20,000,000 20,000,096 --------------- 552,291,153 --------------- Total Certificates of Deposit........................................................... 687,290,570 --------------- DIRECT BANK OBLIGATIONS--5.4% Abbey National North America Corp.: 5.37%, 7/27/98........................................................................ 20,000,000 19,922,433 5.45%, 10/22/98....................................................................... 50,000,000 49,144,653 5.47%, 10/30/98....................................................................... 45,000,000 44,172,662 5.49%, 11/4/98........................................................................ 50,000,000 49,039,250 5.495%, 11/13/98...................................................................... 50,000,000 48,969,687 5.50%, 11/2/98........................................................................ 30,000,000 29,431,667 ABN Amro North America Finance, Inc.: 5.47%, 10/28/98....................................................................... 50,000,000 49,095,930 5.49%, 11/5/98........................................................................ 50,000,000 49,031,625 BankBoston, N.A.: 5.63%, 11/9/98........................................................................ 20,000,000 20,000,000 5.65%, 10/5/98........................................................................ 25,000,000 25,000,000 5.65%, 11/19/98....................................................................... 40,000,000 40,000,000 5.65%, 11/2/98........................................................................ 30,000,000 30,000,000 5.65%, 11/9/98........................................................................ 35,000,000 35,000,000 Bank of Scotland, 5.42%, 10/7/98 ....................................................... 30,000,000 29,557,367 Bankers Trust Co., New York: 5.65%, 7/4/98(1)...................................................................... 25,000,000 24,999,682 5.79%, 7/4/98(1)...................................................................... 20,000,000 19,999,745 5.79%, 8/7/98(1)...................................................................... 25,000,000 24,998,730 5.82%, 7/14/98(1)..................................................................... 20,000,000 19,999,857 FCC National Bank: 5.62%, 8/12/98(1)..................................................................... 18,000,000 17,990,950 5.62%, 9/1/98(1)...................................................................... 25,000,000 24,984,397 National Westminster Bank of Canada: 5.39%, 8/17/98........................................................................ 10,000,000 9,929,630 5.523%, 11/2/98....................................................................... 20,000,000 19,619,527 Societe Generale North America, Inc.: 5.45%, 10/7/98........................................................................ 30,000,000 29,554,917 5.455%, 10/23/98...................................................................... 50,000,000 49,136,292
4 6 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- DIRECT BANK OBLIGATIONS (CONTINUED) Societe Generale: 5.55%, 7/1/98(1)...................................................................... $ 17,000,000 $ 16,987,891 5.59%, 8/24/98(1)..................................................................... 12,000,000 11,996,646 5.78%, 9/16/98(1)..................................................................... 15,000,000 14,996,802 5.78%, 8/27/98(1)..................................................................... 10,000,000 9,999,127 --------------- Total Direct Bank Obligations 813,559,467 --------------- LETTERS OF CREDIT--7.3% ABN Amro Bank NV, guaranteeing commercial paper of: Formosa Plastics Corp., Series A: 5.52%, 9/18/98........................................................................ 10,000,000 9,878,867 5.53%, 9/8/98......................................................................... 20,000,000 19,788,017 Glencore Finance (Bermuda) Ltd., Series B, 5.60%, 7/22/98 ............................ 35,000,000 34,885,667 Bank of America NT & SA, guaranteeing commercial of: Formosa Plastics Corp., USA, Series B, 5.51%, 9/18/98 ................................ 40,000,000 39,515,905 Minmetals Capitals & Securities, Inc., 5.41%, 7/23/98 ................................ 25,000,000 24,916,919 Bank One, Cleveland, guaranteeing commercial paper of Capital One Funding Corp.: Series 1995F, 5.63%, 7/1/98(1) (2).................................................... 20,100,000 20,100,000 Series 1995F, 5.63%, 7/1/98(1) (2).................................................... 5,738,000 5,738,000 Series 1996C, 5.63%, 7/1/98(1) (2).................................................... 16,900,000 16,900,000 Series 1997E, 5.63%, 7/1/98(1) (2).................................................... 13,580,000 13,580,000 Bank One, Indiana, guaranteeing commercial paper of Primex Funding Corp., 5.66%, 7/1/98(1) (2) ................................................................. 4,750,000 4,750,000 Barclays Bank PLC, guaranteeing commercial paper of: Banca Serfin SA, Institucion de Banco Multiple Groupa Financiera Serfin, Nassau Branch: 5.42%, 11/23/98....................................................................... 35,000,000 34,235,528 5.50%, 10/30/98....................................................................... 15,000,000 14,722,708 Banco Bradesco SA, Grand Cayman Branch: Series A, 5.50%, 12/18/98............................................................. 40,000,000 38,961,111 Series B, 5.51%, 11/20/98............................................................. 5,000,000 4,891,331 Banco de Credito Nacionale SA, Series A: 5.38%, 7/20/98........................................................................ 10,000,000 9,971,606 5.40%, 8/11/98........................................................................ 12,000,000 11,926,200 5.41%, 7/7/98......................................................................... 10,000,000 9,990,983 5.40%, 7/6/98......................................................................... 5,000,000 4,996,250 Banco Nacionale de Comericio Exterior, SNC, Series A: 5.465%, 10/15/98...................................................................... 30,000,000 29,517,258 5.47%, 10/13/98....................................................................... 20,000,000 19,683,956 5.47%, 10/14/98....................................................................... 20,000,000 19,680,917 5.48%, 10/19/98....................................................................... 25,000,000 24,581,389
5 7 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- LETTERS OF CREDIT (CONTINUED) Banco Nacionale de Mexico SA, Series B: 5.38%, 7/20/98........................................................................ $ 10,000,000 $ 9,971,606 5.38%, 7/22/98........................................................................ 30,000,000 29,905,850 5.40%, 8/24/98........................................................................ 15,000,000 14,878,500 Series A, 5.51%, 10/30/98............................................................. 10,000,000 9,814,803 Banco Real SA, Grand Cayman Branch: Series A, 5.455%, 9/11/98............................................................. 30,000,000 29,672,700 Series A, 5.48%, 10/19/98............................................................. 21,425,000 21,065,639 Series B, 5.46%, 9/16/98.............................................................. 12,000,000 11,859,860 Nacionale Financiera, SNC, 5.525%, 11/19/98 .......................................... 40,000,000 39,134,417 Petroleo Brasileiro S.A.: Petrobras, Series A, 5.50%, 12/21/98.................................................. 12,000,000 11,682,833 Pertobras, Series A, 5.51%, 8/27/98................................................... 15,000,000 14,869,137 Petrobras, Series B, 5.46%, 8/28/98................................................... 25,000,000 24,780,083 Petrobras II, Series C, 5.46%, 9/1/98................................................. 10,000,000 9,905,967 Petrobras II, Series C, 5.48%, 9/25/98................................................ 30,000,000 29,607,267 Petrobras II, Series C, 5.47%, 10/29/98............................................... 21,000,000 20,617,100 Bayerische Vereinsche AG, guaranteeing commercial paper of: Banco de Galicia y Buenos Aires S.A.: 5.46%, 9/11/98........................................................................ 5,000,000 4,945,400 5.47%, 9/18/98........................................................................ 25,000,000 24,699,910 Banco Mercantile Del Norte SA: 5.33%, 10/27/98....................................................................... 15,000,000 14,737,942 5.43%, 11 /24/98...................................................................... 10,000,000 9,779,783 Garanti Funding Corp.: I, Series A, 5.39%, 7/27/98........................................................... 5,000,000 4,980,536 I, Series B, 5.52%, 7/30/98........................................................... 5,000,000 4,977,767 II, Series A, 5.39%, 7/27/98.......................................................... 10,000,000 9,961,072 II, Series A, 5.525%, 7/29/98......................................................... 10,000,000 9,957,028 II, Series B, 5.53%, 7/30/98.......................................................... 10,000,000 9,955,453 II, Series B, 5.38%, 7/14/98.......................................................... 10,000,000 9,980,572 Unia Banco-Uniao de Bancos Brasileiros SA, Grand Cayman, Series A, 5.50%, 11/23/98 ............................................................ 10,000,000 9,778,472 Credit Suisse, guaranteeing commercial paper of: CEMEX SA de C.V.: Series A, 5.415%, 7/10/98 ............................................................ 10,000,000 9,986,462 Series A, 5.52%, 8/26/98.............................................................. 10,000,000 9,914,133 Series A, 5.53%, 10/19/98............................................................. 25,000,000 24,577,569 Series B, 5.51%, 9/17/98.............................................................. 15,000,000 14,820,925 Daewoo International (America) Corp.: 5.52%, 7/7/98......................................................................... 13,000,000 12,988,040 5.52%, 12/2/98........................................................................ 7,000,000 6,835,306 5.50%, 10/23/98....................................................................... 10,000,000 9,825,833
6 8 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- LETTERS OF CREDIT (CONTINUED) Guandong Enterprises (Holdings) Ltd., 5.53%, 9/4/98 ................................. $ 10,000,000 $ 9,900,153 Minmetals Capitals & Securities, Inc., 5.40%, 8/24/98 ............................... 40,000,000 39,673,525 Societe Generale, guaranteeing commercial paper of PEMEX Capital, Inc.: Series A, 5.54%, 11/5/98............................................................. 20,000,000 19,609,122 Series A, 5.49%, 7/17/98............................................................. 15,000,000 14,963,400 Series A, 5.51%, 11/24/98............................................................ 40,000,000 39,106,156 Series A, 5.515%, 10/2/98............................................................ 25,000,000 24,643,823 Series A, 5.52%, 8/28/98............................................................. 20,000,000 19,822,133 Series A, 5.55%, 9/21/98............................................................. 25,000,000 24,683,958 Swiss Bank Corp., guaranteeing commercial paper of PEMEX Capital, Inc., 5.52%, 9/18/98....................................................................... 10,000,000 9,878,867 --------------- Total Letters of Credit 1,095,961,714 --------------- SHORT-TERM NOTES--81.6% ASSET-BACKED--12.9% Asset Backed Capital Finance, Inc.: 5.39%, 7/22/98(3).................................................................... 54,400,000 54,228,815 5.41%, 8/3/98(3)..................................................................... 22,600,000 22,487,923 5.47%, 10/22/98(3)................................................................... 40,700,000 40,001,192 5.48%, 9/1/98(3)..................................................................... 30,900,000 30,608,373 5.51%, 7/1/98(3)..................................................................... 50,000,000 50,000,000 5.52%, 12/8/98(3).................................................................... 29,200,000 28,483,627 5.52%, 7/7/98(3)..................................................................... 20,700,000 20,680,956 5.55%, 11/2/98(3).................................................................... 65,000,000 63,760,000 5.70%, 9/15/98(1) (2)................................................................ 15,000,000 15,000,000 5.73%, 5/24/98(1) (2)................................................................ 40,000,000 40,000,000 5.73%, 9/18/98(1) (2)................................................................ 50,000,000 50,000,000 5.771%, 8/2/98(1) (2)................................................................ 10,000,000 10,001,899 Beta Finance, Inc.: 5.38%, 8/10/98(3).................................................................... 24,500,000 24,353,544 5.445%, 9/24/98(3)................................................................... 25,000,000 24,678,594 5.45%, 9/14/98(3).................................................................... 10,500,000 10,380,781 5.46%, 9/28/98(3).................................................................... 10,000,000 9,865,017 5.46%, 9/30/98(3).................................................................... 25,000,000 24,654,958 5.46%, 9/8/98(3)..................................................................... 30,000,000 29,686,050 5.39%, 7/27/98(3).................................................................... 14,500,000 14,443,555 CIESCO LP, 5.70%, 7/2/98 .............................................................. 12,175,000 12,173,072 Cooperative Assn. of Tractor Dealers: 5.45%, 9/28/98....................................................................... 4,919,000 4,852,723 Series A, 5.40%, 7/17/98............................................................. 13,000,000 12,968,800 Series A, 5.42%, 8/21/98............................................................. 11,000,000 10,915,538 Series A, 5.47%, 9/1/98.............................................................. 4,800,000 4,754,781
7 9 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- ASSET-BACKED (CONTINUED) Cooperative Assn. of Tractor Dealers: (Continued) Series A, 5.53%, 9/9/98.............................................................. $ 10,700,000 $ 10,584,945 Series A, 5.87%, 7/10/98............................................................. 8,000,000 7,988,260 CXC, Inc.: 5.45%, 9/14/98(3).................................................................... 15,000,000 14,829,687 5.48%, 8/17/98(3).................................................................... 5,000,000 4,964,228 5.50%, 12/16/98(3)................................................................... 33,000,000 32,153,000 5.51%, 9/25/98(3).................................................................... 50,000,000 49,341,861 5.515%, 12/7/98(3)................................................................... 43,000,000 41,952,610 5.52%, 9/11/98(3).................................................................... 35,000,000 34,613,600 5.52%, 9/28/98(3).................................................................... 30,000,000 29,590,600 5.523%, 11/16/98(3).................................................................. 35,000,000 34,258,997 Enterprise Funding Corp.: 5.39%, 8/20/98(3).................................................................... 22,987,000 22,814,917 5.45%, 8/27/98(3).................................................................... 26,419,000 26,191,026 5.45%, 9/21/98(3).................................................................... 23,759,000 23,464,058 5.45%, 9/9/98(3)..................................................................... 9,000,000 8,904,625 5.47%, 8/18/98(3).................................................................... 15,724,000 15,609,320 5.48%, 9/23/98(3).................................................................... 6,227,000 6,147,377 5.49%, 12/14/98(3)................................................................... 11,420,000 11,130,903 Eureka Securitization: 5.10%, 9/17/98(3).................................................................... 40,000,000 39,522,467 5.49%, 7/10/98(3).................................................................... 10,000,000 9,986,275 5.52%, 8/28/98(3).................................................................... 30,000,000 29,733,200 5.54%, 7/23/98(3).................................................................... 30,000,000 29,898,433 5.60%, 8/7/98(3)..................................................................... 30,000,000 29,827,333 5.65%, 7/9/98(3)..................................................................... 50,000,000 49,937,222 Falcon Asset Securitization Corp., 5.44%, 9/21/98(3) 22,025,000 21,752,086 New Center Asset Trust: 5.39%, 8/17/98....................................................................... 25,000,000 24,824,076 5.45%, 7/20/98....................................................................... 30,000,000 29,913,708 5.53%, 7/1/98........................................................................ 40,000,000 40,000,000 Preferred Receivables Funding Corp.: 5.40%, 8/12/98(3).................................................................... 25,000,000 24,842,500 5.45%, 9/21/98(3).................................................................... 10,000,000 9,875,861 5.49%, 11/23/98(3)................................................................... 7,000,000 6,845,212 5.49%, 12/17/98(3)................................................................... 22,340,000 21,764,242 5.495%, 12/21/98(3).................................................................. 8,400,000 8,178,185 5.51%, 10/13/98(3)................................................................... 11,875,000 11,685,976 5.51%, 9/28/98(3).................................................................... 8,165,000 8,053,777 5.52%, 11/12/98(3)................................................................... 27,500,000 26,935,860 5.52%, 9/25/98(3).................................................................... 13,000,000 12,828,573 RACERS Series 1998-MM-3-5 144A, 5.687%, 7/30/98(1) (2) 10,000,000 10,000,000
8 10 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- ASSET-BACKED (CONTINUED) Sigma Finance, Inc.: 5.39%, 7/15/98(3).................................................................... $ 55,000,000 $ 54,884,617 5.39%, 8/11/98(3).................................................................... 30,000,000 29,815,842 5.39%, 8/6/98(3)..................................................................... 40,000,000 39,784,400 5.395%, 8/18/98(3)................................................................... 20,000,000 19,856,133 5.40%, 7/28/98(3).................................................................... 11,730,000 11,682,493 5.41%, 7/30/98(3).................................................................... 25,000,000 24,891,049 5.41%, 8/4/98(3)..................................................................... 45,000,000 44,770,075 5.44%, 10/1/98(3).................................................................... 50,000,000 49,304,889 5.44%, 10/15/98(3)................................................................... 47,000,000 46,244,956 5.44%, 9/10/98(3).................................................................... 12,000,000 11,871,253 5.45%, 11/8/98(3).................................................................... 26,000,000 25,610,325 5.45%, 9/23/98(3).................................................................... 20,000,000 19,745,667 5.47%, 9/16/98(3).................................................................... 15,000,000 14,824,504 5.48%, 9/30/98(3).................................................................... 40,000,000 39,445,911 5.52%, 11/9/98(3).................................................................... 10,000,000 9,799,133 5.58%, 8/28/98(3).................................................................... 22,500,000 22,297,725 SMM Trust, 5.656%, 7/29/98(1) (2) ..................................................... 30,000,000 30,000,000 Ullswater Corp., 5.50%, 7/7/98 ........................................................ 18,000,000 17,983,500 --------------- 1,942,737,670 --------------- AUTOMOTIVE--4.0% BMW US Capital Corp.: 5.47%, 11/2/98....................................................................... 25,000,000 24,528,972 5.47%, 11/4/98....................................................................... 25,000,000 24,521,375 5.47%, 11/5/98....................................................................... 25,000,000 24,517,576 5.495%, 11/20/98..................................................................... 35,490,000 34,720,764 5.495%, 9/28/98...................................................................... 15,000,000 14,796,227 5.50%, 7/1/98........................................................................ 113,500,000 113,500,000 5.51%, 9/24/98....................................................................... 50,000,000 49,349,514 5.52%, 9/15/98....................................................................... 25,810,000 25,509,227 5.54%, 9/14/98....................................................................... 10,000,000 9,884,583 5.56%, 8/21/98....................................................................... 50,000,000 49,606,167 5.60%, 7/13/98....................................................................... 50,000,000 49,906,667 5.60%, 7/16/98....................................................................... 100,000,000 99,766,667 5.60%, 7/29/98....................................................................... 84,235,000 83,868,110 --------------- 604,475,849 --------------- BANK HOLDING COMPANIES--2.4% BankBoston Corp.: 5.576%, 9/29/98(1)................................................................... 25,000,000 24,992,717 5.71%, 9/10/98(1).................................................................... 20,000,000 20,000,000 Corestates Capital DTC, 5.47%, 9/30/98 ................................................ 20,000,000 19,723,461
9 11 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- BANK HOLDING COMPANIES (CONTINUED) First Chicago Financial Corp.: 5.40%, 8/14/98....................................................................... $ 15,000,000 $ 14,901,000 5.46%, 10/9/98....................................................................... 25,000,000 24,620,833 5.46%, 9/11/98....................................................................... 22,000,000 21,759,760 5.52%, 9/16/98....................................................................... 46,958,000 46,403,583 Morgan (J.P.) & Co., Inc.: 5.37%, 7/17/98....................................................................... 80,000,000 79,808,933 5.39%, 7/10/98....................................................................... 44,400,000 44,340,171 NationsBank Corp.: 5.39%, 7/30/98....................................................................... 20,000,000 19,913,161 5.49%, 12/30/98...................................................................... 50,000,000 48,612,250 --------------- 365,075,869 --------------- BEVERAGES--3.7% Coca-Cola Enterprises, Inc.: 5.40%, 8/28/98(3).................................................................... 10,000,000 9,913,000 5.45%, 9/14/98(3).................................................................... 20,000,000 19,772,917 5.45%, 9/23/98(3).................................................................... 50,000,000 49,364,167 5.46%, 10/29/98(3)................................................................... 25,000,000 24,545,000 5.47%, 10/26/98(3)................................................................... 15,000,000 14,733,337 5.47%, 8/20/98(3).................................................................... 30,000,000 29,772,083 5.47%, 9/1/98(3)..................................................................... 15,000,000 14,858,692 5.48%, 10/16/98(3)................................................................... 25,000,000 24,592,806 5.48%, 10/23/98(3)................................................................... 40,000,000 39,307,450 5.48%, 10/28/98(3)................................................................... 28,000,000 27,492,796 5.50%, 12/14/98(3)................................................................... 50,000,000 48,731,944 5.50%, 12/16/98(3)................................................................... 30,000,000 29,230,000 5.50%, 12/17/98(3)................................................................... 25,000,000 24,354,514 5.50%, 12/18/98(3)................................................................... 25,000,000 24,350,694 5.50%, 12/21/98(3)................................................................... 36,000,000 35,048,500 5.50%, 12/23/98(3)................................................................... 8,000,000 7,786,111 5.52%, 11/16/98(3)................................................................... 22,000,000 21,534,480 5.53%, 9/29/98(3).................................................................... 49,000,000 48,323,325 5.54%, 9/18/98(3).................................................................... 25,000,000 24,696,069 5.55%, 11/10/98(3)................................................................... 25,000,000 24,491,250 5.55%, 8/7/98(3)..................................................................... 15,000,000 14,914,437 --------------- 557,813,572 --------------- BROKER/DEALERS--22.7% Bear Stearns Cos., Inc.: 5.39%, 7/10/98....................................................................... 50,000,000 49,932,375 5.39%, 7/24/98....................................................................... 30,000,000 29,896,692 5.39%, 8/7/98........................................................................ 50,000,000 49,722,500
10 12 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- BROKER/DEALERS (CONTINUED) Bear Stearns Cos., Inc.: (Continued) 5.395%, 7/16/98...................................................................... $ 25,000,000 $ 24,943,802 5.425%, 7/23/98...................................................................... 30,000,000 29,900,542 5.44%, 8/21/98....................................................................... 25,000,000 24,807,333 5.44%, 9/25/98....................................................................... 15,000,000 14,805,067 5.45%, 10/22/98...................................................................... 15,000,000 14,743,396 5.45%, 9/18/98....................................................................... 25,000,000 24,701,007 5.46%, 8/14/98....................................................................... 35,000,000 34,766,433 5.47%, 10/28/98...................................................................... 7,500,000 7,364,390 5.50%, 7/17/98....................................................................... 55,000,000 54,865,689 5.50%, 9/24/98....................................................................... 25,000,000 24,675,347 5.505%, 12/17/98..................................................................... 30,000,000 29,224,713 5.52%, 11/9/98....................................................................... 25,000,000 24,497,833 5.626%, 7/23/98(1)................................................................... 15,000,000 15,000,000 5.627%, 8/12/98(1)................................................................... 25,000,000 25,000,000 5.631%, 8/27/98(1)................................................................... 25,000,000 25,000,000 5.632%, 7/17/98(1)................................................................... 10,000,000 10,000,000 5.636%, 7/13/98(1)................................................................... 50,000,000 50,000,000 5.636%, 7/15/98(1)................................................................... 15,000,000 15,000,000 5.636%, 7/10/98(1)................................................................... 45,000,000 45,000,000 5.636%, 7/22/98(1)................................................................... 25,000,000 25,000,000 5.651%, 8/13/98(1)................................................................... 10,000,000 10,000,000 5.659%, 8/4/98(1).................................................................... 35,000,000 35,000,000 5.73%, 9/23/98(1).................................................................... 20,000,000 20,000,000 5.751%, 7/9/98(1).................................................................... 15,000,000 15,000,000 5.806%, 7/6/98(1).................................................................... 5,000,000 5,000,961 Credit Suisse First Boston: 5.631%, 9/18/98(1) (4)............................................................... 60,000,000 60,000,000 5.81%, 9/18/98(1) (4)................................................................ 65,000,000 65,000,000 Goldman Sachs Group, LP Promissory Nts.: 5.652%, 9/17/98(1)................................................................... 20,000,000 20,000,000 5.68%, 8/4/98(1)..................................................................... 30,000,000 30,000,000 Goldman Sachs Group, LP: 5.48%, 11/12/98...................................................................... 30,000,000 29,388,067 5.50%, 10/14/98...................................................................... 50,000,000 49,197,917 5.51%, 10/9/98....................................................................... 50,000,000 49,234,722 5.51%, 9/18/98....................................................................... 50,000,000 49,395,431 5.51%, 9/24/98....................................................................... 45,000,000 44,414,563 5.65%, 7/8/98........................................................................ 20,000,000 20,000,000 5.652%, 7/1/98(1).................................................................... 35,000,000 35,000,000 5.688%, 10/21/98..................................................................... 15,000,000 15,000,000 5.73%, 7/8/98........................................................................ 25,000,000 25,000,000 5.73%, 8/3/98........................................................................ 30,000,000 30,000,000
11 13 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- BROKER/DEALERS (CONTINUED) Lehman Brothers Holdings, Inc.: 5.40%, 7/15/98....................................................................... $ 25,000,000 $ 24,947,500 5.41%, 8/14/98....................................................................... 50,000,000 49,669,389 5.41%, 8/27/98....................................................................... 75,000,000 74,356,573 5.42%, 8/12/98....................................................................... 20,000,000 19,873,533 5.43%, 7/13/98....................................................................... 50,000,000 49,909,333 5.46%, 9/18/98....................................................................... 12,000,000 11,856,220 5.52%, 12/8/98....................................................................... 35,000,000 34,141,333 5.53%, 11/25/98...................................................................... 40,000,000 39,096,767 5.658%, 7/20/98(1)................................................................... 15,000,000 15,000,000 5.70%, 9/15/98(1).................................................................... 89,000,000 89,001,221 7.625%, 8/1/98....................................................................... 5,000,000 5,007,711 Merrill Lynch & Co., Inc.: 5.38%, 8/12/98....................................................................... 20,000,000 19,874,467 5.39%, 8/21/98....................................................................... 30,000,000 29,770,925 5.39%, 8/28/98....................................................................... 25,000,000 24,782,903 5.39%, 8/31/98....................................................................... 25,000,000 24,771,674 5.43%, 10/14/98...................................................................... 6,000,000 5,904,975 5.43%, 9/4/98........................................................................ 45,000,000 44,558,000 5.45%, 10/26/98...................................................................... 15,000,000 14,734,313 5.46%, 9/18/98....................................................................... 20,000,000 19,760,367 5.46%, 9/8/98........................................................................ 20,000,000 19,790,700 5.47%, 10/23/98...................................................................... 20,000,000 19,653,567 5.47%, 10/28/98...................................................................... 40,000,000 39,276,744 5.49%, 11/6/98....................................................................... 20,000,000 19,609,600 5.50%, 12/4/98....................................................................... 30,000,000 29,285,000 5.50%, 7/31/98....................................................................... 75,000,000 74,660,375 5.51%, 9/28/98....................................................................... 30,000,000 29,591,342 5.51%, 9/30/98....................................................................... 20,000,000 19,721,439 5.52%, 11/30/98...................................................................... 15,000,000 14,650,400 5.52%, 9/25/98....................................................................... 10,000,000 9,868,133 5.592%, 7/8/98(1).................................................................... 22,000,000 22,000,000 5.618%, 7/20/98(1)................................................................... 15,000,000 15,000,000 5.68%, 9/22/98(1).................................................................... 20,000,000 19,999,556 5.71%, 7/13/98(1).................................................................... 25,000,000 25,000,000 5.72%, 9/22/98(1).................................................................... 25,000,000 25,000,000 5.89%, 8/17/98(1).................................................................... 25,000,000 25,004,562 5.96%, 10/9/98....................................................................... 25,000,000 25,015,030 6.07%, 8/17/98(1).................................................................... 25,000,000 25,039,581 Morgan Stanley Dean Witter & Co.: 5.38%, 8/17/98....................................................................... 40,000,000 39,719,044 5.40%, 7/29/98....................................................................... 25,000,000 24,895,000 5.45%, 10/19/98...................................................................... 40,000,000 39,333,889 5.45%, 9/2/98........................................................................ 50,000,000 49,523,125
12 14 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- BROKER/DEALERS (CONTINUED) Morgan Stanley Dean Witter & Co.: (Continued) 5.51%, 11/2/98....................................................................... $ 35,000,000 $ 34,335,739 5.616%, 7/28/98(1)................................................................... 40,000,000 40,000,656 5.75%, 7/6/98........................................................................ 50,000,000 49,960,069 6.50%, 7/1/98(1)..................................................................... 200,000,000 200,000,000 Salomon Smith Barney Holdings, Inc.: 5.45%, 10/19/98...................................................................... 45,000,000 44,250,625 5.40%, 8/6/98........................................................................ 25,000,000 24,865,000 5.41%, 7/20/98....................................................................... 30,000,000 29,914,342 5.43%, 10/5/98....................................................................... 25,000,000 24,638,000 5.45%, 9/8/98........................................................................ 25,000,000 24,738,854 5.46%, 9/4/98........................................................................ 25,000,000 24,753,542 5.49%, 11/3/98....................................................................... 25,000,000 24,523,438 5.50%, 10/15/98...................................................................... 50,000,000 49,190,278 5.50%, 11/16/98...................................................................... 43,000,000 42,093,417 5.50%, 7/10/98....................................................................... 80,000,000 79,888,500 5.515%, 9/10/98...................................................................... 70,000,000 69,238,229 5.52%, 10/13/98...................................................................... 25,000,000 24,601,333 5.52%, 11/13/98...................................................................... 50,000,000 48,967,813 5.52%, 7/30/98....................................................................... 40,000,000 39,822,133 5.53%, 7/13/98....................................................................... 25,000,000 24,953,917 5.717%, 7/20/98(1)................................................................... 30,000,000 30,000,000 5.739%, 7/30/98(1)................................................................... 20,000,000 20,000,000 6.04%, 7/9/98........................................................................ 7,000,000 7,000,217 --------------- 3,421,869,173 --------------- BUILDING MATERIALS--0.3% Compagnie de Saint Gobain, 5.49%, 12/15/98(3).......................................... 50,000,000 48,726,625 --------------- CHEMICALS--0.8% Henkel Corp.: 5.37%, 8/11/98(3).................................................................... 13,000,000 12,920,494 5.39%, 7/13/98(3).................................................................... 12,000,000 11,978,440 5.46%, 10/2/98(3).................................................................... 19,000,000 18,732,005 5.46%, 10/28/98(3)................................................................... 12,000,000 11,783,420 5.495%, 10/26/98(3).................................................................. 12,000,000 11,785,695 Monsanto Co.: 5.31%, 7/16/98(3).................................................................... 22,700,000 22,649,776 5.50%, 10/8/98....................................................................... 10,000,000 9,848,750 5.51%, 10/6/98....................................................................... 25,000,000 24,628,840 --------------- 124,327,420 ---------------
13 15 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- COMMERCIAL FINANCE--8.0% CIT Group Holdings, Inc.: 5.455%, 10/21/98..................................................................... $ 50,000,000 $ 49,151,444 5.48%, 9/30/98....................................................................... 25,000,000 24,653,694 5.50%, 9/14/98....................................................................... 20,000,000 19,770,833 5.50%, 9/28/98....................................................................... 50,000,000 49,320,139 5.56%, 8/22/98(1).................................................................... 15,000,000 14,994,336 5.89%, 9/18/98(1).................................................................... 25,000,000 25,003,859 Countrywide Home Loans: 5.53%, 8/31/98....................................................................... 50,000,000 49,531,486 5.535%, 9/8/98....................................................................... 25,000,000 24,734,781 5.54%, 7/9/98........................................................................ 50,000,000 49,938,444 5.54%, 8/25/98....................................................................... 15,000,000 14,873,042 5.54%, 8/26/98....................................................................... 50,000,000 49,569,111 5.54%, 8/27/98....................................................................... 50,000,000 49,561,417 5.55%, 7/23/98....................................................................... 50,000,000 49,828,889 5.56%, 8/18/98....................................................................... 45,000,000 44,666,400 5.60%, 7/13/98....................................................................... 50,000,000 49,906,667 5.60%, 7/29/98....................................................................... 50,000,000 49,782,222 5.891%, 5/28/98(1)................................................................... 10,000,000 10,003,890 FINOVA Capital Corp.: 5.44%, 7/24/98....................................................................... 50,000,000 49,826,222 5.47%, 10/30/98...................................................................... 28,000,000 27,485,212 5.47%, 9/18/98....................................................................... 35,000,000 34,579,874 5.48%, 9/10/98....................................................................... 15,000,000 14,837,883 5.48%, 9/11/98....................................................................... 55,000,000 54,397,200 5.48%, 9/4/98........................................................................ 15,000,000 14,851,583 5.49%, 10/22/98...................................................................... 30,000,000 29,483,025 5.49%, 8/25/98....................................................................... 25,000,000 24,790,313 5.49%, 8/28/98....................................................................... 8,000,000 7,929,240 5.52%, 11/2/98....................................................................... 20,000,000 19,619,733 5.52%, 8/7/98........................................................................ 15,000,000 14,914,900 5.53%, 10/5/98....................................................................... 10,000,000 9,852,533 5.53%, 11/23/98...................................................................... 30,000,000 29,331,792 5.53%, 9/14/98....................................................................... 10,000,000 9,884,792 5.55%, 11/12/98...................................................................... 15,000,000 14,690,125 5.55%, 11/13/98...................................................................... 30,000,000 29,378,438 5.55%, 11/9/98....................................................................... 23,000,000 22,535,496 5.55%, 7/16/98....................................................................... 25,000,000 24,942,188 5.56%, 11/6/98....................................................................... 14,500,000 14,213,351
14 16 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- COMMERCIAL FINANCE (CONTINUED) Heller Financial, Inc.: 5.668%, 9/29/98(1)................................................................... $ 25,000,000 $ 24,998,767 5.70%, 7/16/98(1).................................................................... 45,000,000 44,998,681 5.70%, 7/7/98(1)..................................................................... 50,000,000 50,000,000 5.938%, 9/16/98(1)................................................................... 20,000,000 20,000,000 --------------- 1,212,832,002 --------------- CONSUMER FINANCE--1.9% Beneficial Corp.: 5.50%, 7/14/98....................................................................... 35,000,000 34,930,486 5.505%, 9/23/98...................................................................... 35,000,000 34,550,425 5.52%, 9/11/98....................................................................... 50,000,000 49,448,000 5.525%, 9/3/98....................................................................... 50,000,000 49,508,889 5.55%, 8/6/98........................................................................ 45,000,000 44,750,250 Island Finance Puerto Rico, Inc.: 5.63%, 8/3/98........................................................................ 10,400,000 10,346,327 5.51%, 9/24/98....................................................................... 10,000,000 9,869,903 Sears Roebuck Acceptance Corp., 5.41%, 8/21/98 ........................................ 50,000,000 49,616,792 --------------- 283,021,072 --------------- DIVERSIFIED FINANCIAL--8.2% Associates Corp. of North America, 5.51%, 9/4/98 ...................................... 50,000,000 49,502,569 Ford Motor Credit Co.: 5.70%, 9/25/98(1).................................................................... 25,000,000 24,998,501 5.70%, 9/25/98(1).................................................................... 25,000,000 24,996,524 General Electric Capital Services: 5.36%, 9/1/98........................................................................ 30,000,000 29,723,067 5.41%, 8/10/98....................................................................... 50,000,000 49,699,444 5.46%, 10/16/98...................................................................... 50,000,000 49,188,583 5.47%, 11/6/98....................................................................... 50,000,000 49,027,556 5.49%, 12/14/98...................................................................... 50,000,000 48,734,250 5.50%, 10/16/98...................................................................... 50,000,000 49,182,639 5.50%, 12/7/98....................................................................... 50,000,000 48,785,417 5.50%, 7/2/98........................................................................ 25,000,000 24,996,181 5.50%, 9/28/98....................................................................... 50,000,000 49,320,139 5.51%, 11/16/98...................................................................... 40,000,000 39,155,133 5.57%, 9/3/98(1)..................................................................... 30,000,000 29,986,411 6.50%, 7/1/98........................................................................ 171,000,000 171,000,000 General Motors Acceptance Corp.: 5.36%, 9/1/98........................................................................ 25,000,000 24,769,222 5.375%, 8/28/98...................................................................... 25,000,000 24,783,507
15 17 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- DIVERSIFIED FINANCIAL (CONTINUED) General Motors Acceptance Corp.: (Continued) 5.455%, 8/21/98...................................................................... $ 50,000,000 $ 49,613,604 5.51%, 7/1/98........................................................................ 25,000,000 25,000,000 5.568%, 9/23/98(1)................................................................... 15,000,000 15,000,000 5.70%, 7/22/98(1).................................................................... 25,000,000 25,000,863 Household Finance Corp.: 5.556%, 7/29/98(1)................................................................... 15,000,000 14,992,321 5.568%, 8/28/98(1)................................................................... 25,000,000 24,987,235 5.637%, 9/9/98(1).................................................................... 40,000,000 40,000,000 Prudential Funding Corp.: 5.35%, 7/10/98....................................................................... 25,000,000 24,966,563 5.44%, 9/16/98....................................................................... 25,000,000 24,709,111 5.49%, 12/11/98...................................................................... 50,000,000 48,757,125 5.49%, 12/9/98....................................................................... 40,000,000 39,017,900 5.50%, 11/18/98...................................................................... 36,500,000 35,719,306 5.50%, 11/9/98....................................................................... 50,000,000 48,999,306 5.51%, 11/3/98....................................................................... 40,000,000 39,234,722 --------------- 1,243,847,199 --------------- ELECTRONICS--0.0% Avnet, Inc., 5.49%, 7/10/98............................................................ 5,000,000 4,993,138 --------------- HEALTHCARE/SUPPLIES & SERVICES--1.6% Baxter International, Inc.: 5.55%, 7/27/98(3).................................................................... 7,500,000 7,469,938 5.57%, 7/8/98(3)..................................................................... 20,000,000 19,978,339 5.58%, 7/1/98........................................................................ 30,000,000 30,000,000 5.59%, 8/12/98(3).................................................................... 27,000,000 26,823,915 5.625%, 8/14/98...................................................................... 29,000,000 28,800,625 5.64%, 7/10/98(3).................................................................... 25,000,000 24,964,750 5.64%, 7/31/98....................................................................... 21,000,000 20,901,300 5.64%, 7/9/98(3)..................................................................... 25,000,000 24,968,667 5.65%, 8/5/98........................................................................ 10,000,000 9,945,069 6.25%, 7/2/98(3)..................................................................... 22,000,000 21,996,181 6.30%, 7/1/98(3)..................................................................... 32,000,000 32,000,000 --------------- 247,848,784 ---------------
16 18 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- INDUSTRIAL SERVICES--0.3% Atlas Copco AB: 5.55%, 8/31/98(3).................................................................... $ 25,000,000 $ 24,764,896 5.55%, 9/11/98(3).................................................................... 10,000,000 9,889,000 5.58%, 7/28/98(3).................................................................... 7,850,000 7,817,148 --------------- 42,471,044 --------------- INSURANCE--10.0% AIG Life Insurance Co., 5.645%, 7/1/98(1) ............................................. 20,000,000 20,000,000 Allstate Life Insurance Co., 5.652%, 7/1/98(1) ........................................ 50,000,000 50,000,000 Combined Insurance Co. of America, 5.71%, 7/1/98(1)(2) ................................ 50,000,000 50,000,000 First All America Financial, 5.666%, 7/1/98(1) ........................................ 30,000,000 30,000,000 GE Financial Assurance Holdings, Inc.: 5.51%, 8/31/98....................................................................... 25,000,000 24,766,590 5.52%, 7/1/98........................................................................ 28,000,000 28,000,000 5.52%, 7/29/98....................................................................... 30,000,000 29,871,200 General American Life Insurance Co., 5.85%, 7/1/98(1) ................................. 155,000,000 155,000,000 Jackson National Life Insurance Co.: 5.67%, 7/30/98(1).................................................................... 70,000,000 70,000,000 5.67%, 7/1/98(1)..................................................................... 45,000,000 45,000,000 John Hancock Capital Corp., 5.672%, 7/1/98(1) ......................................... 100,000,000 100,000,000 Pacific Mutual Life Insurance Co., 5.649%, 7/1/98(1) (2) .............................. 90,000,000 90,000,000 Principal Mutual Life Insurance Co., 5.68%, 7/1/98(1) ................................. 95,000,000 95,000,000 Protective Life Insurance Co.: 5.708%, 7/1/98(1).................................................................... 25,000,000 25,000,000 5.802%, 7/1/98(1).................................................................... 30,000,000 30,000,000 Prudential Life Insurance Co., 5.691%, 7/1/98(1) ...................................... 200,000,000 200,000,000 TransAmerica Life Insurance & Annuity Co.: 5.652%, 7/1/98(1).................................................................... 75,000,000 75,000,000 5.652%, 7/1/98(1).................................................................... 25,000,000 25,000,000 5.652%, 7/1/98(1).................................................................... 50,000,000 50,000,000 5.865%, 7/1/98(1).................................................................... 38,000,000 38,000,000 Transamerica Occidental Corp., 5.652%, 7/1/98(1) ...................................... 50,000,000 50,000,000 Travelers Insurance Co.: 5.664%, 7/1/98(1) (2)................................................................ 40,000,000 40,000,000 5.664%, 7/1/98(1) (2)................................................................ 48,000,000 48,000,000 Western National Life Insurance Company, 5.652%, 7/1/98(1) ............................ 50,000,000 50,000,000 Western-Southern Life Funding, 5.652%, 7/1/98(1)....................................... 100,000,000 100,000,000 --------------- 1,518,637,790 ---------------
17 19 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust
FACE VALUE AMOUNT SEE NOTE 1 ------------- ---------------- LEASING & FACTORING--2.8% American Honda Finance Corp.: 5.52%, 7/30/98....................................................................... $ 23,500,000 $ 23,395,503 5.52%, 9/11/98....................................................................... 35,000,000 34,613,600 5.626%, 7/8/98(1) (2)................................................................ 25,000,000 25,000,000 5.658%, 7/9/98(1) (2)................................................................ 10,000,000 9,999,622 5.687%, 7/20/98(1) (2)............................................................... 17,000,000 17,000,000 5.687%, 7/20/98(1) (2)............................................................... 18,000,000 18,000,000 5.687%, 7/27/98(1)................................................................... 10,000,000 10,000,000 5.70%, 7/17/98....................................................................... 12,460,000 12,428,435 Hertz Corp.: 5.38%, 9/4/98........................................................................ 25,000,000 24,757,153 5.39%, 8/7/98........................................................................ 50,000,000 49,720,830 5.40%, 8/31/98....................................................................... 20,000,000 19,817,000 5.52%, 8/28/98....................................................................... 75,000,000 74,332,396 5.53%, 8/21/98....................................................................... 30,000,000 29,764,975 5.63%, 7/7/98........................................................................ 50,000,000 49,953,083 International Lease Finance Corp., 5.36%, 7/24/98 ..................................... 20,000,000 19,931,511 --------------- 418,714,108 --------------- NONDURABLE HOUSEHOLD GOODS--0.4% Avon Capital Corp., 5.70%, 7/6/98(3) .................................................. 20,000,000 19,984,167 Newell Co.: 5.54%, 7/13/98(3).................................................................... 20,000,000 19,963,067 5.55%, 7/10/98(3).................................................................... 20,000,000 19,972,250 --------------- 59,919,484 --------------- OIL-INTEGRATED--1.6% Fina Oil & Chemical Co.: 5.52%, 11/19/98(3)................................................................... 10,000,000 9,783,800 5.54%, 7/22/98(3).................................................................... 15,000,000 14,951,525 Koch Industries, Inc.: 5.70%, 7/8/98(3)..................................................................... 21,765,000 21,740,877 6.30%, 7/1/98(3)..................................................................... 200,000,000 200,000,000 --------------- 246,476,202 --------------- Total Short-Term Notes ................................................................ 12,343,787,001 --------------- U.S. GOVERNMENT AGENCIES--0.4% Federal Home Loan Bank, 5.525%, 1/27/99 ............................................... 50,000,000 50,000,000 Student Loan Marketing Assn., 5.56%, 1/27/99 .......................................... 5,595,000 5,595,000 --------------- Total U.S. Government Agencies ........................................................ 55,595,000 ---------------
18 20 STATEMENT OF INVESTMENTS June 30, 1998 (Continued) Centennial Money Market Trust FOREIGN GOVERNMENT OBLIGATIONS--0.9% Bayerische Landesbank Girozentrale: 5.526%, 7/25/98(1) .................................................................. $ 25,000,000 $ 24,988,939 6%, 10/15/98......................................................................... 25,000,000 25,021,662 Comision Federal de Electricidad: 5.51%, 8/17/98 ...................................................................... 15,000,000 14,892,096 Series A, 5.56%, 8/25/98 ............................................................ 10,000,000 9,915,055 Finnish Export Credit Ltd.: 5.55%, 7/15/98 ...................................................................... 8,000,000 7,982,733 5.56%, 7/7/98 ....................................................................... 5,000,000 4,995,367 Swedish Export Credit Corp., 5.47%, 10/22/98 .......................................... 20,000,000 19,656,606 Westdeutsche Landesbank Girozentrale, 5.43%, 10/7/98 .................................. 35,000,000 34,482,642 --------------- Total Foreign Government Obligations .................................................. 141,935,100 --------------- Total Investments, at Value ........................................................... 100.3% 15,160,926,788 Liabilities in Excess of Other Assets ................................................. (0.3) (46,768,502) ----- --------------- Net Assets ............................................................................ 100.0% $15,114,158,286 ===== ===============
Short-term notes, bankers' acceptances, direct bank obligations and letters of credit are generally traded on a discount basis; the interest rate is the discount rate received by the Trust at the time of purchase. Other securities normally bear interest at the rates shown. 1. Floating or variable rate obligation. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on June 30, 1998. This instrument may also have a demand feature which allows, on up to 30 days' notice, the recovery of principal at any time, or at specified intervals not exceeding one year. Maturity date shown represents effective maturity based on variable rate and, if applicable, demand feature. 2. Represents a restricted security which is considered illiquid, by virtue of the absence of a readily available market or because of legal or contractual restrictions on resale. Such securities amount to $514,069,521, or 3.40% of the Trust's net assets. The Trust may not invest more than 10% of its net assets (determined at the time of purchase) in illiquid securities. 3. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $2,814,234,915, or 18.62% of the Trust's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. 4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $125,000,000, or 0.83% of the Trust's net assets as of June 30, 1998. See accompanying Notes to Financial Statements. 19 21 STATEMENT OF ASSETS AND LIABILITIES June 30, 1998 Centennial Money Market Trust ASSETS Investments, at value-see accompanying statement .............................. $15,160,926,788 Cash .......................................................................... 16,076,089 Receivables: Shares of beneficial interest sold .......................................... 80,326,622 Interest .................................................................... 44,937,871 Other ......................................................................... 613,936 --------------- Total assets .............................................................. 15,302,881,306 --------------- LIABILITIES Payables and other liabilities: Shares of beneficial interest redeemed ...................................... 159,898,463 Dividends ................................................................... 24,616,987 Service plan fees ........................................................... 1,078,515 Trustees' fees .............................................................. 1,806 Other ......................................................................... 3,127,249 --------------- Total liabilities ......................................................... 188,723,020 --------------- NET ASSETS .................................................................... $15,114,158,286 =============== COMPOSITION OF NET ASSETS Paid-in capital ............................................................... $15,114,053,943 Accumulated net realized gain on investment transactions ...................... 104,343 --------------- NET ASSETS-applicable to 15,114,586,658 shares of beneficial interest outstanding ........................................................ $15,114,158,286 =============== NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE ................ $1.00
See accompanying Notes to Financial Statements. 20 22 STATEMENT OF OPERATIONS For the Year Ended June 30, 1998 Centennial Money Market Trust INVESTMENT INCOME-Interest .............................................................. $719,829,894 ------------ EXPENSES Management fees-Note 3 .................................................................. 45,145,160 Service plan fees-Note 3 ................................................................ 25,239,796 Transfer and shareholder servicing agent fees-Note 3 .................................... 11,121,197 Registration and filing fees ............................................................ 2,298,939 Shareholder reports ..................................................................... 1,210,218 Custodian fees and expenses ............................................................. 985,706 Legal, auditing and other professional fees ............................................. 175,594 Trustees' fees and expenses ............................................................. 59,675 Insurance expenses ...................................................................... 12,262 Other ................................................................................... 2,723 ------------ Total expenses ........................................................................ 86,251,270 Less reimbursement of expenses by Centennial Asset Management Corporation-Note 3 ........ (2,382,437) ------------ Net expenses ............................................................................ 83,868,833 ------------ NET INVESTMENT INCOME ................................................................... 635,961,061 ------------ NET REALIZED GAIN ON INVESTMENTS ........................................................ 42,303 ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .................................... $636,003,364 ============
- -------------------------------------------------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS
Year Ended June 30, 1998 1997 ------------- ------------ OPERATIONS Net investment income ............................................... $ 635,961,061 $ 390,168,132 Net realized gain ................................................... 42,303 12,890 --------------- -------------- Net increase in net assets resulting from operations ................ 636,003,364 390,181,022 --------------- -------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS ......................... (635,961,061) (390,443,351) --------------- -------------- BENEFICIAL INTEREST TRANSACTIONS Net increase in net assets resulting from beneficial interest transactions-Note 2 ............................................... 6,051,149,102 2,310,345,177 --------------- -------------- NET ASSETS Total increase ...................................................... 6,051,191,405 2,310,082,848 Beginning of period ................................................. 9,062,966,881 6,752,884,033 --------------- -------------- End of period ....................................................... $15,114,158,286 $9,062,966,881 =============== ==============
See accompanying Notes to Financial Statements. 21 23 FINANCIAL HIGHLIGHTS Centennial Money Market Trust
Year Ended June 30, ------------------------------------------------------- 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- PER SHARE OPERATING DATA Net asset value, beginning of period................. $1.00 $1.00 $1.00 $1.00 $1.00 Income from investment operations-net investment income and net realized gain ...................... .05 .05 .05 .05 .03 Dividends and distributions to shareholders.......... (.05) (.05) (.05) (.05) (.03) ---- ---- ---- ---- ---- Net asset value, end of period....................... $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== TOTAL RETURN(1)...................................... 5.16% 4.97% 5.11% 5.07% 2.82% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in millions).............. $15,114 $9,063 $6,753 $4,812 $2,559 Average net assets (in millions)..................... $12,617 $8,033 $6,077 $3,342 $2,346 Ratios to average net assets: Net investment income ............................... 5.04% 4.86% 4.99% 5.01% 2.84% Expenses, before voluntary assumption by the manager..................................... 0.68% 0.73% 0.74% 0.77% 0.81% Expenses, net of voluntary assumption by the manager..................................... 0.66% 0.67% 0.69% 0.73% 0.76%
1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns reflect changes in net investment income only. See accompanying Notes to Financial Statements. 22 24 NOTES TO FINANCIAL STATEMENTS Centennial Money Market Trust 1. SIGNIFICANT ACCOUNTING POLICIES Centennial Money Market Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Trust's investment objective is to seek the maximum current income that is consistent with low capital risk and the maintenance of liquidity. The Trust seeks to achieve this objective by investing in "money market" securities meeting specified quality standards. The Trust's investment advisor is Centennial Asset Management Corporation (the Manager), a subsidiary of OppenheimerFunds, Inc. (OFI). The following is a summary of significant accounting policies consistently followed by the Trust. Investment Valuation-Portfolio securities are valued on the basis of amortized cost, which approximates market value. Repurchase Agreements-The Trust requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian's vault, all securities held as collateral for repurchase agreements. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Trust may be delayed or limited. Federal Taxes-The Trust intends to continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income or excise tax provision is required. Distributions to Shareholders-The Trust intends to declare dividends from net investment income each day the New York Stock Exchange is open for business and pay such dividends monthly. To effect its policy of maintaining a net asset value of $1.00 per share, the Trust may withhold dividends or make distributions of net realized gains. Other-Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses on investments are determined on an identified cost basis, which is the same basis used for federal income tax purposes. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates. 23 25 NOTES TO FINANCIAL STATEMENTS (Continued) Centennial Money Market Trust 2. SHARES OF BENEFICIAL INTEREST The Trust has authorized an unlimited number of no par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
Year Ended June 30, 1998 Year Ended June 30, 1997 ------------------------------ ------------------------------ Shares Amount Shares Amount ------------ ------------ ------------ ------------ Sold ........................ 40,408,988,871 $ 40,408,988,871 27,792,751,077 $ 27,792,751,077 Issued in connection with the acquisition of Daily Cash Accumulation Fund, Inc.-Note 4 ......... 3,461,468,087 3,460,935,372 -- -- Dividends and distributions reinvested .. 613,194,479 613,194,479 378,092,268 378,092,268 Redeemed .................... (38,431,969,620) (38,431,969,620) (25,860,498,168) (25,860,498,168) --------------- ---------------- --------------- ---------------- Net increase .............. 6,051,681,817 $ 6,051,149,102 2,310,345,177 $ 2,310,345,177 =============== ================ =============== ================
3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreement with the Trust which provides for a fee of 0.50% of the first $250 million of net assets; 0.475% of the next $250 million of net assets; 0.45% of the next $250 million of net assets; 0.425% of the next $250 million of net assets; and 0.40% on net assets in excess of $1 billion. The Manager has agreed to reimburse the Trust if aggregate expenses (with specified exceptions) exceed the lesser of 1.5% of the first $30 million of average annual net assets of the Trust, plus 1% of average annual net assets in excess of $30 million; or 25% of the total annual investment income of the Trust. Independently of the investment advisory agreement, the Manager has voluntarily agreed to waive a portion of the management fee otherwise payable to it by the Trust to the extent necessary to reduce, on an annual basis, the management fee paid on the average net assets of the Trust in excess of $1 billion from 0.40% to: 0.40% of average net assets in excess of $1 billion but less than $1.25 billion; 0.375% of average net assets in excess of $1.25 billion but less than $1.50 billion; 0.35% of average net assets in excess of $1.50 billion but less than $2 billion; and 0.325% of average net assets in excess of $2 billion. The investment advisory agreement was amended on November 21, 1997 to include in the contractual management fee those additional break points which were previously voluntary. 24 26 NOTES TO FINANCIAL STATEMENTS (Continued) Centennial Money Market Trust Shareholder Services, Inc. (SSI), a subsidiary of OFI, is the transfer and shareholder servicing agent for the Trust and for other registered investment companies. SSI's total costs of providing such services are allocated ratably to these companies. Under an approved service plan, the Trust may expend up to 0.20% of its net assets annually to reimburse certain securities dealers and other financial institutions and organizations for costs incurred in distributing Trust shares. 4. ACQUISITION OF DAILY CASH ACCUMULATION FUND, INC. On November 21, 1997 the Trust acquired the net assets of Daily Cash Accumulation Fund, Inc. The Trust issued 3,461,468,087 shares of beneficial interest, valued at $3,460,935,372, in exchange for the net assets, resulting in combined net assets of $13,332,466,315 on November 21, 1997. The exchange qualified as a tax-free reorganization for federal income tax purposes. 25 27 INDEPENDENT AUDITORS' REPORT Centennial Money Market Trust The Board of Trustees and Shareholders of Centennial Money Market Trust: We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Centennial Money Market Trust as of June 30, 1998, the related statement of operations for the year then ended, the statements of changes in net assets for the years ended June 30, 1998 and 1997, and the financial highlights for the period July 1, 1993 to June 30, 1998. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned at June 30, 1998 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of Centennial Money Market Trust at June 30, 1998, the results of its operations, the changes in its net assets, and the financial highlights for the respective stated periods, in conformity with generally accepted accounting principles. DELOITTE & TOUCHE LLP Denver, Colorado July 22, 1998 26 28 FEDERAL INCOME TAX INFORMATION (Unaudited) Centennial Money Market Trust In early 1999, shareholders will receive information regarding all dividends and distributions paid to them by the Trust during calendar year 1998. Regulations of the U.S. Treasury Department require the Trust to report this information to the Internal Revenue Service. None of the dividends paid by the Trust during the fiscal year ended June 30, 1998 are eligible for the corporate dividend-received deduction. The foregoing information is presented to assist shareholders in reporting distributions received from the Trust to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. 27 29 CENTENNIAL MONEY MARKET TRUST Officers and Trustees James C. Swain, Chairman and Chief Executive Officer Bridget A. Macaskill, Trustee and President Robert G. Avis, Trustee William A. Baker, Trustee Charles Conrad, Jr., Trustee Jon S. Fossel, Trustee Sam Freedman, Trustee Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee George C. Bowen, Trustee, Vice President, Treasurer and Assistant Secretary Andrew J. Donohue, Vice President and Secretary Carol E. Wolf, Vice President Arthur J. Zimmer, Vice President Robert J. Bishop, Assistant Treasurer Scott T. Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary Investment Advisor and Distributor Centennial Asset Management Corporation Transfer and Shareholder Servicing Agent Shareholder Services, Inc. Custodian of Portfolio Securities Citibank, N.A. Independent Auditors Deloitte & Touche LLP Legal Counsel Myer, Swanson, Adams & Wolf, P.C. This is a copy of a report to shareholders of Centennial Money Market Trust. This report must be preceded or accompanied by a Prospectus of Centennial Money Market Trust. For material information concerning the Trust, see the Prospectus. For shareholder servicing call: 1-800-525-9310 (in U.S.) 303-671-3200 (outside U.S.) Or write: Shareholder Services, Inc. P.O. Box 5143 Denver, CO 80217-5143 RA0150.001.0698 [RECYCLE LOGO] Printed on recycled paper -----END PRIVACY-ENHANCED MESSAGE-----