-----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, R+48T9Jrb10pJF3nuuC9FDImVLG78LnKxnjMwsgg+3hGyeAmn1zNIgPN/bvlpkP1 XRA6Y+sss93aiyvbUFTDfQ== 0001005477-99-001044.txt : 19990308 0001005477-99-001044.hdr.sgml : 19990308 ACCESSION NUMBER: 0001005477-99-001044 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990305 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: 99557817 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 FORM N-30D 1998 Semiannual Report Centennial Money Market Trust December 31, 1998 Dear Shareholder: When international markets become unsteady, investors around the world often look to U.S. government securities for safety and security, bypassing high-quality money market instruments such as short-term borrowings issued by blue-chip corporations. That clearly took place in the latter half of 1998, as Asia's financial crisis continued to form a backdrop to the global economy. At various times during the year, demand for Treasury bills surged, boosting prices and reducing yields, particularly in late summer as Russia's economy weakened. After Russia defaulted on much of its debt and allowed its currency to fall sharply in value, emerging markets around the world were suddenly perceived as extremely risky. Even high-quality U.S. corporate debt suffered because of the slight credit risk involved. To attract new investors, corporations had to offer yields considerably higher than risk-free U.S. Treasury securities. The result? High-quality money market instruments that carried only slightly higher credit risk offered very attractive yields compared to Treasury bills. That's one reason why Centennial Money Market Trust, which invests in a mixture of certificates of deposit, letters of credit, commercial paper and other money market instruments, generally continued to provide stable returns. For the six months that ended December 31, 1998, Centennial Money Market Trust produced a compounded annualized yield of 5.00%. Without compounding, the corresponding yield was 4.88%. The seven-day annualized yields, with and without compounding, on December 31, 1998, were 4.78% and 4.67%, respectively.(1) It is important to remember that an investment in the Trust is neither insured nor guaranteed by the U.S. government, and there is no assurance that the Trust will be able to maintain a stable $1.00 share price in the future. 1. Compounded yields assume reinvestment of dividends. Past performance is not indicative of future results. As money-market investors, we keenly follow the actions of the Federal Reserve Board, which determines short-term interest rates for member banks. In the Fall, the Fed cut short-term interest rates three times to stimulate the economy, and dozens of central banks around the world followed suit. The result of this concerted action was a major rally in stock markets, as well as a likely continuation of moderate economic growth, at least in the United States. Although the Fed was able to stimulate economic growth here in America, much of Europe is sluggish while most of Asia remains in a recession. We continue to be especially diligent in our analysis of credit quality. During the period, we discontinued our investment in securities issued by certain multinational banks with heavy exposure to Asia. Although we will continue to search for yield, your objectives will always come first. Thank you for your confidence in Centennial Money Market Trust. We look forward to helping you reach your investment goals of safety, liquidity and attractive yield. Sincerely, /s/ James C. Swain James C. Swain Chairman Centennial Money Market Trust /s/ Bridget A. Macaskill Bridget A. Macaskill President Centennial Money Market Trust January 25, 1999 2 Statement of Investments December 31, 1998 (Unaudited) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Certificates of Deposit--0.1% Societe Generale: 5.55%, 2/9/99 ............................................................... $ 10,000,000 $ 9,997,325 5.80%, 3/31/99 .............................................................. 12,500,000 12,504,751 -------------- Total Certificates of Deposit .................................................. 22,502,076 -------------- Direct Bank Obligations--2.2% BankBoston, N.A.: 5.07%, 4/30/99 .............................................................. 40,000,000 40,000,000 5.07%, 5/13/99 .............................................................. 25,000,000 25,000,000 5.14%, 3/25/99 .............................................................. 15,000,000 15,000,000 5.58%, 2/18/99 .............................................................. 50,000,000 50,000,000 5.65%, 1/13/99 .............................................................. 20,000,000 20,001,398 5.65%, 1/21/99 .............................................................. 35,000,000 35,000,000 5.74%, 4/6/99 ............................................................... 25,000,000 25,024,428 FCC National Bank: 4.87%, 2/12/99(1) ........................................................... 18,000,000 17,996,236 4.87%, 3/1/99(1) ............................................................ 25,000,000 24,992,967 Morgan Guaranty Trust Co. of New York, 5.574%, 9/27/99(1) ...................... 45,000,000 44,983,905 Societe Generale: 4.84%, 2/23/99(1) ........................................................... 12,000,000 11,999,250 4.89%, 3/16/99(1) ........................................................... 15,000,000 14,999,083 5.505%, 1/7/99(1) ........................................................... 25,000,000 24,996,094 5.536%, 1/4/99(1) ........................................................... 17,000,000 16,994,542 -------------- Total Direct Bank Obligations .................................................. 366,987,903 -------------- Letters of Credit--3.0% Abbey National plc, guaranteeing commercial paper of Abbey National North America Corp., 5.50%, 2/4/99 ........................... 56,500,000 56,206,514 ABN Amro Bank NV, guaranteeing commercial paper of: Formosa Plastics Corp., USA, Series A, 4.95%, 3/25/99 ....................... 20,000,000 19,771,750 Lasalle National Bank, 5.03%, 4/5/99 ........................................ 50,000,000 50,000,000 Bank of America, NT & SA, guaranteeing commercial paper of: Formosa Plastics Corp., USA, Series II, 4.85%, 4/20/99 ...................... 25,000,000 24,632,882 Formosa Plastics Corp., USA, Series II, 4.88%, 4/28/99 ...................... 15,000,000 14,762,100 Formosa Plastics Corp., USA, Series II, 4.96%, 4/6/99 ....................... 9,500,000 9,375,656 Formosa Plastics Corp., USA, Series B, 5.07%, 5/10/99 ....................... 35,000,000 34,364,138 Minmetals Capitals & Securities, Inc., 5.50%, 1/22/99 ....................... 15,000,000 14,951,875 Minmetals Capitals & Securities, Inc., 4.95%, 3/8/99 ........................ 21,000,000 20,809,425 Bank One, Cleveland, N.A., guaranteeing commercial paper of: Capital One Funding Corp., Series 1995F, 5.57%, 1/4/99(1)(2) ................ 25,452,000 25,452,000 Capital One Funding Corp., Series 1996C, 5.57%, 1/4/99(1)(2) ................ 12,604,000 12,604,000 Capital One Funding Corp., Series 1997E, 5.57%, 1/4/99(1)(2) ................ 13,132,000 13,132,000
3 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Letters of Credit (Continued) Bank One, Indiana, guaranteeing commercial paper of Primex Funding Corp., 5.57%, 1/4/99(1)(2) ................................... $ 4,500,000 $ 4,500,000 Barclays Bank plc, guaranteeing commercial paper of: Banca Serfin SA, Institucion de Banco Multiple Groupa Financiera Serfin, 4.87%, 4/28/99 ........................................... 15,000,000 14,762,588 Banco de Credito Nacionale SA, Series A, 5.50%, 4/16/99 ..................... 10,000,000 9,839,583 Banco Itau, SA, 5.23%, 3/16/99 .............................................. 12,000,000 11,870,993 Nacionale Financiera, SNC, 4.90%, 5/20/99 ................................... 35,000,000 34,337,819 Nacionale Financiera, SNC, 5.47%, 2/17/99 ................................... 10,000,000 9,928,586 Petroleo Brasileiro, SA, Petrobras II, Series C, 5.05%, 3/30/99 ................ 20,000,000 19,753,111 Bayerische Vereinsche AG, guaranteeing commercial paper of Banco Mercantile Del Norte SA, Series A, 5.24%, 3/3/99 ...................... 10,000,000 9,911,211 Credit Suisse, guaranteeing commercial paper of Daewoo International (America) Corp., 5%, 6/4/99 ................................... 20,000,000 19,572,222 Dresdner Bank AG, guaranteeing commercial paper of Galicia Buenos Aires Funding Corp., 5.26%, 2/25/99 .......................... 53,000,000 52,589,181 Societe Generale, guaranteeing commercial paper of Girsa Funding Corp., 5.51%, 1/27/99(3) ...................................... 15,000,000 14,940,308 -------------- Total Letters of Credit ........................................................ 498,067,942 -------------- Short-Term Notes--93.3% Asset-Backed--17.0% Asset Backed Capital Finance, Inc.: 4.90%, 1/8/99(1)(2) ......................................................... 19,000,000 19,000,000 5.50%, 1/15/99(3) ........................................................... 35,000,000 34,925,139 5.505%, 2/1/99(3) ........................................................... 50,495,000 50,255,633 5.51%, 1/22/99(3) ........................................................... 39,000,000 38,874,647 Atlantis One Funding Corp.: 5.17%, 4/26/99(3) ........................................................... 50,000,000 49,174,236 5.17%, 4/28/99(3) ........................................................... 40,500,000 39,819,499 5.20%, 5/14/99(3) ........................................................... 147,500,000 144,641,147 5.21%, 5/13/99(3) ........................................................... 100,000,000 98,089,667 Beta Finance, Inc.: 4.88%, 4/26/99(3) ........................................................... 21,500,000 21,164,839 4.95%, 2/26/99(3) ........................................................... 50,000,000 49,615,000 5.17%, 1/21/99(3) ........................................................... 16,600,000 16,552,321 5.26%, 3/9/99(3) ............................................................ 29,000,000 28,716,106 5.27%, 2/23/99(3) ........................................................... 5,500,000 5,457,328 CIESCO LP, 5.35%, 1/27/99 ...................................................... 32,131,000 32,006,849 Cooperative Assn. of Tractor Dealers, Inc., Series A, 5.51%, 1/31/99 ........... 25,100,000 25,053,900
4 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Asset-Backed (Continued) Corporate Asset Funding Co., Inc.: 4.95%, 2/26/99(3) ........................................................... $ 50,000,000 $ 49,615,000 5%, 2/10/99(3) .............................................................. 50,000,000 49,722,222 5.125%, 2/8/99(3) ........................................................... 75,000,000 74,594,271 5.125%, 2/18/99(3) .......................................................... 50,000,000 49,658,333 5.17%, 1/11/99(3) ........................................................... 50,000,000 49,928,194 5.17%, 3/5/99(3) ............................................................ 50,000,000 49,547,625 5.47%, 1/7/99(3) ............................................................ 50,000,000 49,954,417 Enterprise Funding Corp.: 4.90%, 4/27/99(3) ........................................................... 19,000,000 18,700,011 5.01%, 6/4/99(3) ............................................................ 16,371,000 16,020,142 5.10%, 3/19/99(3) ........................................................... 19,104,000 18,897,519 5.33%, 1/28/99(3) ........................................................... 19,364,000 19,286,592 5.37%, 1/4/99(3) ............................................................ 12,958,000 12,952,201 5.60%, 1/8/99(3) ............................................................ 50,000,000 49,945,556 Eureka Securitization, Inc.: 4.95%, 2/26/99(3) ........................................................... 40,000,000 39,692,000 5.05%, 2/12/99(3) ........................................................... 50,000,000 49,705,417 5.125%, 2/18/99(3) .......................................................... 50,000,000 49,658,333 5.22%, 1/19/99(3) ........................................................... 50,000,000 49,869,500 5.40%, 1/5/99(3) ............................................................ 50,000,000 49,970,000 5.40%, 1/28/99(3) ........................................................... 40,000,000 39,838,000 Falcon Asset Securitization Corp.: 5.38%, 1/8/99(3) ............................................................ 20,200,000 20,178,869 5.50%, 1/19/99(3) ........................................................... 25,000,000 24,931,250 MOAT Funding, LLC: 5.30%, 3/3/99(3) ............................................................ 25,000,000 24,775,486 5.30%, 3/9/99 ............................................................... 50,000,000 49,506,806 5.30%, 3/11/99(3) ........................................................... 35,000,000 34,644,458 5.40%, 2/18/99(3) ........................................................... 20,000,000 19,856,000 5.40%, 3/1/99(3) ............................................................ 50,000,000 49,557,500 5.41%, 1/28/99 .............................................................. 31,130,000 31,003,690 5.50%, 2/11/99(3) ........................................................... 35,000,000 34,780,764 Park Avenue Receivables Corp.: 5.48%, 2/16/99(3) ........................................................... 50,000,000 49,649,889 5.48%, 2/18/99(3) ........................................................... 31,000,000 30,773,493 5.60%, 1/7/99(3) ............................................................ 90,931,000 90,846,131 5.60%, 1/13/99(3) ........................................................... 77,839,000 77,693,886 5.60%, 1/14/99(3) ........................................................... 50,000,000 49,898,889
5 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Asset-Backed (Continued) Preferred Receivables Funding Corp.: 4.90%, 3/22/99(3) ........................................................... $ 25,410,000 $ 25,133,313 4.92%, 6/24/99(3) ........................................................... 20,845,000 20,349,306 4.93%, 6/21/99(3) ........................................................... 32,000,000 31,251,210 5.10%, 4/12/99(3) ........................................................... 8,180,000 8,062,958 5.15%, 4/23/99(3) ........................................................... 10,240,000 10,075,932 5.25%, 2/24/99(3) ........................................................... 5,000,000 4,960,625 5.34%, 1/14/99(3) ........................................................... 62,125,000 62,005,202 5.49%, 1/21/99(3) ........................................................... 15,000,000 14,954,250 5.49%, 1/29/99(3) ........................................................... 16,150,000 16,081,039 Sigma Finance, Inc.: 4.97%, 1/7/99(1)(3) ......................................................... 15,000,000 15,000,000 5.01%, 4/14/99(3) ........................................................... 20,000,000 19,713,317 5.03%, 4/7/99(3) ............................................................ 25,000,000 24,664,667 5.25%, 3/10/99(3) ........................................................... 25,000,000 24,752,083 5.26%, 5/12/99 .............................................................. 25,000,000 24,521,486 5.27%, 3/15/99(3) ........................................................... 30,000,000 29,679,408 5.50%, 1/22/99(3) ........................................................... 25,000,000 24,919,792 5.50%, 1/28/99(3) ........................................................... 61,000,000 60,750,437 5.50%, 1/29/99(3) ........................................................... 38,000,000 37,838,611 5.50%, 2/12/99(3) ........................................................... 15,500,000 15,400,542 5.51%, 2/4/99(3) ............................................................ 20,000,000 19,895,922 5.51%, 2/5/99(3) ............................................................ 45,000,000 44,758,937 5.52%, 2/10/99(3) ........................................................... 37,000,000 36,773,067 5.75%, 3/9/99 ............................................................... 50,000,000 50,031,541 Variable Funding Capital Corp.: 5.40%, 1/20/99(3) ........................................................... 50,000,000 49,857,500 5.41%, 1/14/99(3) ........................................................... 60,000,000 59,882,512 5.55%, 1/15/99(3) ........................................................... 50,000,000 49,892,083 5.65%, 1/4/99(3) ............................................................ 50,000,000 49,976,458 -------------- 2,860,180,953 -------------- Bank Holding Companies--7.8% Bank One Corp.: 4.87%, 6/30/99 .............................................................. 50,000,000 48,782,500 5.09%, 3/26/99 .............................................................. 33,000,000 32,608,070
6 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Bank Holding Companies (Continued) BankBoston Corp., 5.17%, 3/29/99(1) ............................................ $ 25,000,000 $ 24,997,662 Bankers Trust Co., New York: 5%, 6/28/99 ................................................................. 45,000,000 43,887,500 5%, 7/1/99 .................................................................. 50,000,000 48,743,056 5%, 7/19/99 ................................................................. 30,000,000 29,170,833 5.01%, 6/18/99 .............................................................. 50,000,000 48,831,000 5.01%, 6/21/99 .............................................................. 50,000,000 48,810,125 5.01%, 6/24/99 .............................................................. 50,000,000 48,789,250 5.01%, 6/25/99 .............................................................. 43,000,000 41,952,771 5.01%, 7/15/99 .............................................................. 44,500,000 43,292,381 5.02%, 7/29/99 .............................................................. 100,000,000 97,068,194 5.03%, 6/7/99 ............................................................... 50,000,000 48,903,181 5.03%, 6/8/99 ............................................................... 50,000,000 48,896,194 5.03%, 6/17/99 .............................................................. 50,000,000 48,833,319 5.05%, 6/2/99 ............................................................... 75,000,000 73,400,833 5.05%, 6/9/99 ............................................................... 20,000,000 19,553,917 5.05%, 8/30/99 .............................................................. 50,000,000 48,309,653 Barnett Banks, Inc., 8.50%, 3/1/99 ............................................. 15,042,000 15,107,914 Chase Manhattan Corp.: 4.90%, 3/3/99 ............................................................... 50,000,000 49,584,861 8%, 6/15/99 ................................................................. 17,550,000 17,766,968 J. P. Morgan & Co., Inc.: 5.06%, 3/18/99 .............................................................. 50,000,000 49,465,889 4.82%, 3/30/99 .............................................................. 35,000,000 34,587,622 5.02%, 4/21/99 .............................................................. 39,670,000 39,061,506 5.06%, 4/5/99 ............................................................... 100,000,000 98,678,778 NationsBank Corp.: 5.495%, 1/20/99 ............................................................. 25,000,000 24,927,497 5.495%, 2/11/99 ............................................................. 50,000,000 49,687,090 Wells Fargo & Co.: 4.92%, 6/28/99 .............................................................. 50,000,000 48,783,667 4.92%, 6/30/99 .............................................................. 50,000,000 48,770,000 -------------- 1,321,252,231 -------------- Banks--0.2% First Chicago Financial Corp., 4.97%, 4/29/99 .................................. 40,200,000 39,545,120 --------------
7 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Beverages--2.1% Coca-Cola Enterprises, Inc.: 4.92%, 6/17/99(3) ........................................................... $ 35,000,000 $ 34,201,183 4.92%, 6/23/99(3) ........................................................... 50,000,000 48,817,833 4.93%, 6/16/99(3) ........................................................... 33,000,000 32,249,818 4.94%, 6/14/99(3) ........................................................... 30,000,000 29,324,867 5.09%, 4/16/99(3) ........................................................... 25,000,000 24,628,854 5.11%, 3/4/99(3) ............................................................ 33,500,000 33,205,526 5.225%, 1/12/99(3) .......................................................... 20,000,000 19,968,069 5.23%, 1/25/99(3) ........................................................... 15,000,000 14,947,700 5.25%, 1/14/99(3) ........................................................... 20,000,000 19,962,083 5.27%, 3/26/99(3) ........................................................... 40,000,000 39,508,133 5.30%, 3/5/99(3) ............................................................ 50,000,000 49,554,625 5.51%, 2/10/99(3) ........................................................... 15,000,000 14,908,167 -------------- 361,276,858 -------------- Broker/Dealers--24.2% Bear Stearns Cos., Inc.: 4.90%, 6/21/99 .............................................................. 42,000,000 41,022,450 4.92%, 2/18/99(1) ........................................................... 50,000,000 50,000,000 5%, 4/23/99 ................................................................. 30,000,000 29,533,333 5.03%, 1/20/99(1) ........................................................... 10,000,000 9,965,761 5.138%, 3/1/99(1) ........................................................... 25,000,000 25,000,000 5.158%, 2/3/99(1) ........................................................... 10,000,000 10,000,000 5.205%, 2/4/99(1) ........................................................... 35,000,000 35,000,000 5.23%, 4/30/99 .............................................................. 25,000,000 24,567,799 5.258%, 1/11/99(1) .......................................................... 15,000,000 15,000,000 5.262%, 1/5/99 .............................................................. 23,000,000 22,999,580 5.27%, 2/3/99(1) ............................................................ 10,000,000 9,997,920 5.342%, 2/14/99(1) .......................................................... 25,000,000 25,000,000 5.48%, 2/1/99 ............................................................... 30,000,000 29,858,433 5.48%, 2/8/99 ............................................................... 40,000,000 39,768,622 5.48%, 2/10/99 .............................................................. 40,000,000 39,756,444 5.489%, 3/9/99(1) ........................................................... 35,000,000 35,000,000 5.49%, 1/19/99 .............................................................. 100,000,000 99,725,500 5.49%, 2/5/99 ............................................................... 25,000,000 24,866,563 5.517%, 1/15/99(1) .......................................................... 15,000,000 15,000,000 5.524%, 1/13/99(1) .......................................................... 50,000,000 50,000,000
8 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Broker/Dealers (Continued) Bear Stearns Cos., Inc.: (continued) 5.545%, 1/23/99(1) .......................................................... $ 15,000,000 $ 15,000,000 5.562%, 1/9/99(1) ........................................................... 15,000,000 14,971,187 5.594%, 1/28/99(1) .......................................................... 30,000,000 30,000,000 5.596%, 1/4/99(1) ........................................................... 55,500,000 55,495,599 5.749%, 2/19/99(1) .......................................................... 45,000,000 45,000,000 Credit Suisse First Boston International Ltd.: 4.92%, 3/18/99(1)(4) ........................................................ 65,000,000 65,000,000 5.138%, 3/18/99(1)(4) ....................................................... 60,000,000 60,000,000 Credit Suisse First Boston: 4.925%, 5/7/99(3) ........................................................... 16,000,000 15,724,200 5.02%, 4/15/99(3) ........................................................... 42,000,000 41,390,907 5.02%, 4/16/99(3) ........................................................... 50,000,000 49,267,917 5.05%, 4/8/99(3) ............................................................ 45,000,000 44,387,688 5.15%, 2/11/99(3) ........................................................... 50,000,000 49,706,736 5.15%, 2/12/99(3) ........................................................... 50,000,000 49,699,583 5.225%, 5/6/99 .............................................................. 50,000,000 50,000,000 5.491%, 1/19/99(1) .......................................................... 65,000,000 64,982,778 Goldman Sachs Group, LP Promissory Nts.: 5%, 3/25/99 ................................................................. 35,000,000 35,000,000 5.39%, 2/4/99(1) ............................................................ 30,000,000 30,000,000 5.40%, 3/18/99 .............................................................. 30,000,000 30,000,000 Goldman Sachs Group, LP: 5%, 4/20/99 ................................................................. 36,000,000 35,455,000 5.03%, 4/12/99 .............................................................. 50,000,000 49,294,403 5.03%, 4/14/99 .............................................................. 50,000,000 49,280,431 5.04%, 5/14/99 .............................................................. 35,000,000 34,348,300 5.05%, 5/27/99 .............................................................. 140,000,000 137,163,139 5.05%, 5/28/99 .............................................................. 40,000,000 39,175,167 5.07%, 3/19/99 .............................................................. 100,000,000 98,912,375 5.09%, 6/11/99 .............................................................. 45,000,000 45,000,000 5.10%, 3/18/99 .............................................................. 44,000,000 43,526,267 5.10%, 3/22/99 .............................................................. 50,000,000 49,433,333 5.15%, 2/18/99 .............................................................. 50,000,000 49,656,667 5.246%, 2/4/99 .............................................................. 35,000,000 35,000,000
9 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Broker/Dealers (Continued) Lehman Brothers Holdings, Inc.: 5.475%, 1/11/99 ............................................................. $ 23,500,000 $ 23,464,260 5.49%, 2/26/99 .............................................................. 40,000,000 39,658,400 5.495%, 2/25/99 ............................................................. 49,000,000 48,588,638 5.50%, 1/22/99 .............................................................. 60,000,000 59,807,092 5.52%, 1/15/99 .............................................................. 50,000,000 49,892,667 5.53%, 1/29/99 .............................................................. 20,000,000 19,913,978 5.535%, 1/25/99 ............................................................. 10,000,000 9,963,100 5.573%, 1/13/99(1) .......................................................... 89,000,000 89,000,075 Merrill Lynch & Co., Inc.: 4.85%, 3/22/99 .............................................................. 50,000,000 49,461,111 4.92%, 3/4/99 ............................................................... 50,000,000 49,576,333 4.92%, 3/5/99 ............................................................... 50,000,000 49,569,500 4.95%, 3/23/99(1) ........................................................... 35,000,000 35,000,000 4.96%, 1/13/99(1) ........................................................... 25,000,000 25,000,000 5%, 1/8/99(1) ............................................................... 50,000,000 50,000,000 5.04%, 5/5/99 ............................................................... 50,000,000 49,132,000 5.18%, 2/16/99(1) ........................................................... 25,000,000 25,007,916 5.24%, 1/8/99(1) ............................................................ 22,000,000 22,000,000 5.27%, 3/12/99 .............................................................. 35,000,000 34,641,347 5.50%, 2/26/99 .............................................................. 14,000,000 13,880,222 5.51%, 2/12/99 .............................................................. 45,000,000 44,710,725 5.624%, 1/28/99(1) .......................................................... 50,000,000 50,000,000 6.375%, 3/30/99 ............................................................. 21,000,000 21,034,841 Morgan Stanley Dean Witter & Co.: 5.08%, 4/1/99 ............................................................... 50,000,000 49,365,000 5.30%, 2/26/99 .............................................................. 50,000,000 49,587,778 5.467%, 1/15/99(1) .......................................................... 50,000,000 49,956,635 5.48%, 1/19/99 .............................................................. 50,000,000 49,863,000 5.49%, 1/25/99 .............................................................. 50,000,000 49,817,000 5.49%, 1/27/99 .............................................................. 50,000,000 49,801,750 5.49%, 2/5/99 ............................................................... 50,000,000 49,733,125 5.50%, 1/4/99(1) ............................................................ 72,340,000 72,340,000 NationsBanc Montgomery Securities, LLC, 5.70%, 1/4/99(1) ....................... 20,000,000 20,000,000
10 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Broker/Dealers (Continued) Salomon Smith Barney Holdings, Inc.: 4.90%, 6/18/99 .............................................................. $ 50,000,000 $ 48,856,667 4.91%, 6/4/99 ............................................................... 50,000,000 48,949,806 4.91%, 6/7/99 ............................................................... 50,000,000 48,929,347 4.91%, 6/9/99 ............................................................... 50,000,000 48,915,708 4.96%, 6/3/99 ............................................................... 50,000,000 48,946,000 5%, 4/21/99 ................................................................. 50,000,000 49,236,111 5%, 4/22/99 ................................................................. 50,000,000 49,229,167 5.05%, 3/9/99 ............................................................... 40,000,000 39,624,056 5.08%, 3/4/99 ............................................................... 50,000,000 49,562,556 5.10%, 4/19/99 .............................................................. 50,000,000 49,235,000 5.15%, 2/18/99 .............................................................. 43,000,000 42,704,733 5.27%, 2/11/99 .............................................................. 50,000,000 49,699,903 5.47%, 2/12/99 .............................................................. 68,000,000 67,570,247 5.48%, 2/1/99 ............................................................... 50,000,000 49,764,056 5.49%, 1/25/99 .............................................................. 50,000,000 49,817,000 -------------- 4,084,740,932 -------------- Chemicals--0.2% Henkel Corp.: 4.82%, 4/14/99(3) ........................................................... 14,000,000 13,806,932 5.28%, 2/8/99(3) ............................................................ 15,000,000 14,916,400 -------------- 28,723,332 -------------- Computer Software/Services--0.1% First Data Corp., 6.40%, 4/28/99 ............................................... 13,500,000 13,552,445 -------------- Commercial Finance--13.5% Caterpillar Financial Services Corp., 4.95%, 2/18/99(1) ........................ 15,000,000 15,008,659 CIT Group Holdings, Inc.: 4.81%, 2/22/99(1) ........................................................... 15,000,000 14,998,752 5.04%, 3/19/99 .............................................................. 135,000,000 133,580,206 5.07%, 3/24/99 .............................................................. 50,000,000 49,422,583 5.07%, 3/25/99 .............................................................. 25,000,000 24,707,771 5.265%, 2/25/99 ............................................................. 50,000,000 49,597,813 5.455%, 2/12/99 ............................................................. 50,000,000 49,681,792
11 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Commercial Finance (Continued) Countrywide Home Loans: 4.94%, 1/24/99(1) ........................................................... $ 35,000,000 $ 35,000,000 5.20%, 1/11/99 .............................................................. 41,450,000 41,388,715 5.204%, 1/25/99(1) .......................................................... 50,000,000 49,996,214 5.222%, 1/29/99(1) .......................................................... 50,000,000 49,993,539 5.25%, 2/27/99(1) ........................................................... 25,000,000 25,000,000 5.29%, 2/16/99 .............................................................. 50,000,000 49,662,028 5.30%, 2/3/99 ............................................................... 50,000,000 49,757,083 5.30%, 2/4/99 ............................................................... 50,000,000 49,749,722 5.312%, 1/6/99(1) ........................................................... 25,000,000 24,990,479 5.469%, 1/12/99(1) .......................................................... 25,000,000 25,000,000 5.472%, 1/29/99(1) .......................................................... 23,000,000 22,996,207 5.50%, 1/8/99 ............................................................... 46,000,000 45,950,806 5.594%, 1/14/99(1) .......................................................... 40,000,000 40,000,000 FINOVA Capital Corp.: 5.15%, 4/30/99 .............................................................. 45,000,000 44,233,938 5.26%, 3/12/99 .............................................................. 65,000,000 64,334,028 5.30%, 3/4/99 ............................................................... 55,000,000 54,504,431 5.32%, 5/7/99 ............................................................... 32,700,000 32,091,126 5.33%, 2/26/99 .............................................................. 38,750,000 38,428,136 5.33%, 4/14/99 .............................................................. 40,000,000 39,390,011 5.36%, 5/14/99 .............................................................. 25,000,000 24,504,944 5.38%, 5/21/99 .............................................................. 49,000,000 47,980,411 5.47%, 3/5/99 ............................................................... 21,500,000 21,294,191 5.51%, 1/13/99 .............................................................. 10,000,000 9,981,633 5.515%, 1/26/99 ............................................................. 10,000,000 9,961,701 5.515%, 1/29/99 ............................................................. 30,000,000 29,871,258 5.515%, 2/12/99 ............................................................. 40,000,000 39,742,633 Heller Financial, Inc.: 5.15%, 4/8/99 ............................................................... 50,000,000 49,306,181 5.15%, 4/9/99 ............................................................... 25,000,000 24,649,514 5.20%, 4/29/99 .............................................................. 50,000,000 49,147,778 5.20%, 5/6/99 ............................................................... 50,000,000 49,097,222 5.20%, 5/13/99 .............................................................. 40,000,000 39,237,333 5.289%, 1/11/99(1) .......................................................... 50,000,000 50,000,000 5.35%, 4/7/99 ............................................................... 50,000,000 49,286,667 5.362%, 1/6/99(1) ........................................................... 13,000,000 12,989,772 5.44%, 3/8/99 ............................................................... 50,000,000 49,501,333 5.459%, 1/27/99(1) .......................................................... 5,000,000 4,992,277 5.594%, 1/13/99(1) .......................................................... 50,000,000 50,000,000
12 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Commercial Finance (Continued) Homeside Lending, Inc.: 4.88%, 6/14/99 .............................................................. $ 40,000,000 $ 39,110,756 4.88%, 6/17/99 .............................................................. 50,000,000 48,868,111 4.90%, 6/16/99 .............................................................. 50,000,000 48,870,278 4.96%, 5/24/99 .............................................................. 45,000,000 44,113,400 5%, 7/15/99 ................................................................. 50,000,000 48,645,833 5.05%, 5/5/99 ............................................................... 50,000,000 49,130,278 Safeco Credit Co.: 4.90%, 6/17/99 .............................................................. 39,000,000 38,113,508 4.93%, 6/16/99 .............................................................. 20,000,000 19,545,344 4.95%, 5/17/99 .............................................................. 35,000,000 34,345,500 4.95%, 6/11/99 .............................................................. 40,000,000 39,114,500 4.95%, 6/21/99 .............................................................. 50,000,000 48,824,375 4.95%, 6/25/99 .............................................................. 20,000,000 19,518,750 TransAmerica Finance Corp.: 4.90%, 6/10/99 .............................................................. 12,530,000 12,257,124 5.11%, 3/1/99 ............................................................... 26,000,000 25,782,257 5.45%, 1/22/99(1) ........................................................... 35,000,000 35,000,000 -------------- 2,282,248,901 -------------- Consumer Finance--1.8% Sears Roebuck Acceptance Corp.: 4.90%, 6/16/99 .............................................................. 50,000,000 48,870,278 4.90%, 6/23/99 .............................................................. 41,000,000 40,034,564 4.91%, 6/24/99 .............................................................. 50,000,000 48,813,417 4.91%, 6/25/99 .............................................................. 50,000,000 48,806,597 5.02%, 2/17/99 .............................................................. 50,000,000 49,672,306 5.43%, 2/25/99 .............................................................. 50,000,000 49,585,208 5.43%, 2/26/99 .............................................................. 24,000,000 23,797,280 -------------- 309,579,650 -------------- Diversified Financial--10.6% Associates Corp. of North America: 4.88%, 3/10/99 .............................................................. 50,000,000 49,539,111 4.88%, 3/11/99 .............................................................. 50,000,000 49,532,333 4.90%, 3/22/99 .............................................................. 50,000,000 49,455,556 4.90%, 3/24/99 .............................................................. 40,000,000 39,553,556 4.91%, 3/12/99 .............................................................. 50,000,000 49,522,639 4.91%, 3/15/99 .............................................................. 50,000,000 49,502,181 4.95%, 4/7/99 ............................................................... 50,000,000 49,340,000 4.95%, 4/8/99 ............................................................... 50,000,000 49,333,125 5.01%, 2/11/99 .............................................................. 50,000,000 49,714,708
13 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Diversified Financial (Continued) General Electric Capital Corp.: 4.82%, 3/3/99(1) ............................................................ $ 30,000,000 $ 29,993,831 4.89%, 5/19/99 .............................................................. 50,000,000 49,062,750 4.90%, 3/18/99 .............................................................. 50,000,000 49,482,778 4.93%, 3/12/99 .............................................................. 50,000,000 49,520,694 4.93%, 3/15/99 .............................................................. 50,000,000 49,500,153 5.43%, 2/23/99 .............................................................. 50,000,000 49,600,292 5.45%, 2/19/99 .............................................................. 50,000,000 49,629,097 5.49%, 2/3/99 ............................................................... 50,000,000 49,748,375 General Electric Capital Services: 4.88%, 3/10/99 .............................................................. 50,000,000 49,539,111 4.90%, 3/19/99 .............................................................. 50,000,000 49,475,972 5.49%, 2/5/99 ............................................................... 50,000,000 49,733,125 General Motors Acceptance Corp.: 5.125%, 2/17/99 ............................................................. 50,000,000 49,665,451 5.48%, 1/27/99 .............................................................. 50,000,000 49,802,111 5.48%, 1/28/99 .............................................................. 50,000,000 49,794,500 5.485%, 1/25/99 ............................................................. 75,000,000 74,725,250 5.487%, 1/14/99 ............................................................. 50,000,000 49,900,938 5.50%, 1/21/99 .............................................................. 50,000,000 49,847,222 5.50%, 2/19/99 .............................................................. 30,000,000 29,775,417 5.505%, 2/1/99 .............................................................. 45,000,000 44,786,681 5.52%, 1/20/99 .............................................................. 92,000,000 91,740,682 8.625%, 6/15/99 ............................................................. 12,000,000 12,185,701 Household Finance Corp.: 4.948%, 3/29/99(1) .......................................................... 15,000,000 14,997,535 5.157%, 2/2/99 .............................................................. 50,000,000 49,770,800 5.25%, 2/12/99 .............................................................. 50,000,000 49,693,750 5.438%, 3/9/99(1) ........................................................... 40,000,000 40,000,000 5.568%, 3/30/99(1) .......................................................... 25,000,000 24,995,870 Household International, Inc.: 5.19%, 3/5/99(3) ............................................................ 25,000,000 24,772,938 5.25%, 3/18/99(3) ........................................................... 15,000,000 14,833,750 Prudential Funding Corp.: 4.87%, 3/1/99 ............................................................... 50,000,000 49,600,931 4.87%, 3/3/99 ............................................................... 50,000,000 49,587,403 -------------- 1,781,256,317 --------------
14 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Electrical Equipment--0.3% Xerox Capital (Europe) plc, 5.50%, 1/22/99 ..................................... $ 50,000,000 $ 49,839,583 -------------- Industrial Services--0.3% Atlas Copco AB: 5.36%, 2/19/99(3) ........................................................... 10,000,000 9,927,044 5.36%, 2/23/99(3) ........................................................... 20,000,000 19,842,178 5.40%, 2/26/99(3) ........................................................... 7,000,000 6,941,200 5.41%, 1/11/99(3) ........................................................... 15,000,000 14,977,458 -------------- 51,687,880 -------------- Insurance--10.1% AIG Life Insurance Co., 5.62%, 1/4/99(1)(2) .................................... 20,000,000 20,000,000 Allstate Life Insurance Co., 5.22%, 1/4/99(1) .................................. 50,000,000 50,000,000 Combined Insurance Co. of America, 5.393%, 1/4/99(1)(2) ........................ 50,000,000 50,000,000 First Allmerica Financial Life Insurance Co., 5.547%, 1/4/99(1) ................ 30,000,000 30,000,000 GE Financial Assurance Holdings, Inc.: 4.90%, 6/24/99 .............................................................. 50,000,000 48,815,833 4.90%, 6/28/99 .............................................................. 50,000,000 48,788,611 General American Life Insurance Co., 5.24%, 1/4/99(1) .......................... 235,000,000 235,000,000 Jackson National Life Insurance Co., 5.56%, 1/4/99(1) .......................... 115,000,000 115,000,000 John Hancock Mutual Life Insurance Co., 5.054%, 1/4/99(1) ...................... 100,000,000 100,000,000 Pacific Life Insurance Co., 4.73%, 1/4/99(1)(2) ................................ 90,000,000 90,000,000 Principal Mutual Life Insurance Co., 5.577%, 1/4/99(1)(2) ...................... 95,000,000 95,000,000 Protective Life Insurance Co.: 5.577%, 1/4/99(1) ........................................................... 20,000,000 20,000,000 5.77%, 1/4/99(1) ............................................................ 30,000,000 30,000,000 Prudential Life Insurance Co., 5.312%, 1/2/99(1) ............................... 200,000,000 200,000,000 Safeco Corp.: 4.88%, 7/12/99 .............................................................. 30,000,000 29,219,200 4.90%, 6/17/99 .............................................................. 76,000,000 74,272,478 4.95%, 6/8/99 ............................................................... 37,000,000 36,196,175 4.95%, 6/11/99 .............................................................. 50,000,000 48,893,125 Security Benefit Life Insurance Co., 5.577%, 1/4/99(1) ......................... 100,000,000 100,000,000 TransAmerica Life Insurance & Annuity Co., 5.62%, 1/4/99(1) .................... 38,000,000 38,000,000 Travelers Insurance Co.: 5.034%, 1/4/99(1)(2) ........................................................ 23,000,000 23,000,000 5.054%, 1/4/99(1)(2) ........................................................ 65,000,000 65,000,000 Western & Southern Life Insurance Co., 5.547%, 1/4/99(1) ....................... 100,000,000 100,000,000 Western National Life Insurance Co., 5.547%, 1/4/99(1) ......................... 50,000,000 50,000,000 -------------- 1,697,185,422 --------------
15 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ -------------- Short-Term Notes (Continued) Leasing & Factoring--2.4% American Honda Finance Corp.: 5.189%, 1/27/99(1) .......................................................... $ 25,000,000 $ 25,000,000 5.20%, 1/13/99 .............................................................. 23,000,000 22,960,133 5.219%, 1/20/99(1)(4) ....................................................... 35,000,000 35,000,000 5.30%, 1/8/99(1) ............................................................ 30,000,000 30,000,000 5.341%, 1/9/99(1)(4) ........................................................ 10,000,000 9,999,869 5.53%, 1/8/99(1)(4) ......................................................... 25,000,000 25,000,000 5.55%, 6/16/99(1) ........................................................... 25,000,000 25,004,482 Hertz Corp.: 4.935%, 6/10/99 ............................................................. 50,000,000 48,903,333 4.96%, 7/9/99 ............................................................... 50,000,000 48,698,000 4.975%, 6/23/99 ............................................................. 50,000,000 48,804,618 Sanwa Business Credit Corp.: 5.95%, 1/28/99 .............................................................. 35,000,000 34,843,813 6%, 1/29/99 ................................................................. 50,000,000 49,766,667 -------------- 403,980,915 -------------- Oil: International--0.1% Fina Oil & Chemical Co., 5.28%, 3/16/99(3) ..................................... 15,000,000 14,837,200 -------------- Special Purpose Financial--2.3% Intrepid Funding Master Trust: 5.175%, 1/11/99(4) .......................................................... 40,000,000 39,942,500 5.20%, 3/31/99(4) ........................................................... 100,000,000 98,714,444 5.39%, 3/26/99(4) ........................................................... 50,000,000 49,371,167 LINCS, Series 1998-3, 5.537%, 1/15/99(1)(2) .................................... 35,000,000 35,000,000 RACERS: Series 1998 MM-3-5, 5.077%, 2/1/99(1)(2) .................................... 10,000,000 10,000,000 Series 1998 MM-8-3, 5.16%, 1/20/99(1)(2) .................................... 37,000,000 37,000,000 Series 1998 MM-8-5, 5.616%, 1/4/99(1)(2) .................................... 95,000,000 95,000,000 SMM Trust, Series 1998-I, 5.624%, 1/28/99(1)(2) ................................ 30,000,000 30,000,000 -------------- 395,028,111 -------------- Telecommunications/Technology--0.3% GTE Corp.: 5.55%, 1/13/99(3) ........................................................... 25,000,000 24,953,750 6%, 1/11/99(3) .............................................................. 22,461,000 22,423,565 -------------- 47,377,315 -------------- Total Short-Term Notes ......................................................... 15,742,293,165
16 Statement of Investments December 31, 1998 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ------------ --------------- U.S. Government Agencies--0.3% Student Loan Marketing Assn., guaranteeing commercial paper of Nebraska Higher Education Loan Program, 6.25%, 1/5/99(3) .................... $ 49,165,000 $ 49,130,858 --------------- Foreign Government Obligations--0.4% Bayerische Landesbank Girozentrale, 5.494%, 1/28/99(1) ......................... 25,000,000 24,997,455 Westdeutsche Landesbank Girozentrale, 5.18%, 1/21/99 ........................... 50,000,000 49,856,111 --------------- Total Foreign Government Obligations ........................................... 74,853,566 --------------- Total Investments, at Value .................................................... 99.3% 16,753,835,510 Other Assets Net of Liabilities ................................................ 0.7 113,033,930 ------------ --------------- Net Assets ..................................................................... 100.0% $16,866,869,440 ============ ===============
Short-term notes, direct bank obligations, letters of credit, U.S. government agencies and foreign government obligations are generally traded on a discount basis; the interest rate is the discount rate received by the Trust at the time of purchase. Other securities normally bear interest at the rates shown. 1. Floating or variable rate obligation. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on December 31, 1998. This instrument may also have a demand feature which allows, on up to 30 days' notice, the recovery of principal at any time, or at specified intervals not exceeding one year. Maturity date shown represents effective maturity based on variable rate and, if applicable, demand feature. 2. Represents a restricted security which is considered illiquid, by virtue of the absence of a readily available market or because of legal or contractual restrictions on resale. Such securities amount to $624,688,000, or 3.70% of the Trust's net assets. The Trust may not invest more than 10% of its net assets (determined at the time of purchase) in illiquid securities. 3. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $3,486,814,151, or 20.67% of the Trust's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. 4. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $383,027,980 or 2.27% of the Trust's net assets as of December 31, 1998. See accompanying Notes to Financial Statements. 17 Statement of Assets and Liabilities December 31, 1998 (Unaudited) Centennial Money Market Trust ASSETS Investments, at value--see accompanying statement .................................... $16,753,835,511 Cash ................................................................................. 15,206,689 Receivables and other assets: Shares of beneficial interest sold ................................................. 216,155,941 Interest ........................................................................... 33,449,481 Other .............................................................................. 592,486 --------------- Total assets ..................................................................... 17,019,240,108 --------------- LIABILITIES Payables and other liabilities: Shares of beneficial interest redeemed ............................................. 149,351,055 Service plan fees .................................................................. 1,409,117 Transfer and shareholder servicing agent fees ...................................... 66,016 Dividends .......................................................................... 47,570 Other .............................................................................. 1,496,910 --------------- Total liabilities ................................................................ 152,370,668 --------------- NET ASSETS ........................................................................... $16,866,869,440 =============== COMPOSITION OF NET ASSETS Paid-in capital ...................................................................... $16,866,792,998 Accumulated net realized gain on investment transactions ............................. 76,442 --------------- NET ASSETS--applicable to 16,867,325,713 shares of beneficial interest outstanding ... $16,866,869,440 =============== NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE ....................... $1.00
See accompanying Notes to Financial Statements. 18 Statement of Operations For the Six Months Ended December 31, 1998 (Unaudited) Centennial Money Market Trust INVESTMENT INCOME--Interest .................................. $451,003,406 ------------ EXPENSES Management fees--Note 3 ...................................... 27,367,053 Service plan fees--Note 3 .................................... 16,251,669 Transfer and shareholder servicing agent fees--Note 3 ........ 7,917,209 Registration and filing fees ................................. 902,039 Shareholder reports .......................................... 755,497 Custodian fees and expenses .................................. 717,922 Legal, auditing and other professional fees .................. 53,613 Trustees' fees and expenses .................................. 28,696 Other ........................................................ 15,686 ------------ Total expenses ............................................... 54,009,384 ------------ NET INVESTMENT INCOME ........................................ 396,994,022 ------------ NET REALIZED GAIN ON INVESTMENTS ............................. 12,825 ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ......... $397,006,847 ============ See accompanying Notes to Financial Statements. 19 Statements of Changes in Net Assets Centennial Money Market Trust
Six Months Ended December 31, 1998 Year Ended (Unaudited) June 30, 1998 ---------------- ---------------- OPERATIONS Net investment income ................................. $ 396,994,022 $ 635,961,061 Net realized gain ..................................... 12,825 42,303 ---------------- ---------------- Net increase in net assets resulting from operations .. 397,006,847 636,003,364 ---------------- ---------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS ........... (397,034,748) (635,961,061) ---------------- ---------------- BENEFICIAL INTEREST TRANSACTIONS Net increase in net assets resulting from beneficial interest transactions--Note 2 ............ 1,752,739,055 6,051,149,102 ---------------- ---------------- NET ASSETS Total increase ........................................ 1,752,711,154 6,051,191,405 Beginning of period ................................... 15,114,158,286 9,062,966,881 ---------------- ---------------- End of period ......................................... $ 16,866,869,440 $ 15,114,158,286 ================ ================
See accompanying Notes to Financial Statements. 20 Financial Highlights Centennial Money Market Trust
Six Months Ended December 31, (Unaudited) Year Ended June 30, ----------- --------------------------------------------------- 1998 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 $1.00 Income from investment operations-- net investment income and net realized gain ........................... .02 .05 .05 .05 .05 .03 Dividends and distributions to shareholders (.02) (.05) (.05) (.05) (.05) (.03) ------- ------- ------- ------- ------- ------- Net asset value, end of period ............ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ======= ======= ======= ======= ======= ======= TOTAL RETURN(1) ........................... 2.53% 5.16% 4.97% 5.11% 5.07% 2.82% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in millions) ... $16,867 $15,114 $9,063 $6,753 $4,812 $2,559 Average net assets (in millions) .......... $16,156 $12,617 $8,033 $6,077 $3,342 $2,346 Ratios to average net assets: Net investment income ..................... 4.87%(2) 5.04% 4.86% 4.99% 5.01% 2.84% Expenses, before voluntary assumption by the Manager ............... 0.66%(2) 0.68% 0.73% 0.74% 0.77% 0.81% Expenses, net of voluntary assumption by the Manager ............... N/A 0.66% 0.67% 0.69% 0.73% 0.76%
1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns reflect changes in net investment income only. Total returns are not annualized for periods less than one year. 2. Annualized. See accompanying Notes to Financial Statements. 21 Notes to Financial Statements (Unaudited) Centennial Money Market Trust 1. Significant Accounting Policies Centennial Money Market Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Trust's investment objective is to seek the maximum current income that is consistent with low capital risk and the maintenance of liquidity. The Trust seeks to achieve this objective by investing in "money market" securities meeting specified quality standards. The Trust's investment advisor is Centennial Asset Management Corporation (the Manager), a subsidiary of OppenheimerFunds, Inc. (OFI). The following is a summary of significant accounting policies consistently followed by the Trust. Investment Valuation. Portfolio securities are valued on the basis of amortized cost, which approximates market value. Repurchase Agreements. The Trust requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian's vault, all securities held as collateral for repurchase agreements. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Trust may be delayed or limited. Federal Taxes. The Trust intends to continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income or excise tax provision is required. Distributions to Shareholders. The Trust intends to declare dividends from net investment income each day the New York Stock Exchange is open for business and pay such dividends monthly. To effect its policy of maintaining a net asset value of $1.00 per share, the Trust may withhold dividends or make distributions of net realized gains. Other. Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses on investments are determined on an identified cost basis, which is the same basis used for federal income tax purposes. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates. 22 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, 1998 Year Ended June 30, 1998 ---------------------------------- ---------------------------------- Shares Amount Shares Amount --------------- ---------------- --------------- ---------------- Sold .......................... 23,194,541,848 $ 23,194,541,848 40,408,988,871 $ 40,408,988,871 Issued in connection with the acquisition of Daily Cash Accumulation Fund, Inc.--Note 4 ................ -- -- 3,461,468,087 3,460,935,372 Dividends and distributions reinvested .................. 414,959,315 414,959,315 613,194,479 613,194,479 Redeemed ...................... (21,856,762,108) (21,856,762,108) (38,431,969,620) (38,431,969,620) --------------- ---------------- --------------- ---------------- Net increase .................. 1,752,739,055 $ 1,752,739,055 6,051,681,817 $ 6,051,149,102 =============== ================ =============== ================
3. Management Fees and Other Transactions with Affiliates Management fees paid to the Manager were in accordance with the investment advisory agreement with the Trust which provides for a fee of 0.50% of the first $250 million of average annual net assets; 0.475% of the next $250 million of average annual net assets; 0.45% of the next $250 million of average annual net assets; 0.425% of the next $250 million of average annual net assets; 0.40% of the next $250 million of average annual net assets; 0.375% of the next $250 million of average annual net assets; 0.35% of the next $500 million of average annual net assets; and 0.325% of average annual net assets in excess of $2 billion. The Manager has agreed to reimburse the Trust if aggregate expenses (with specified exceptions) exceed the lesser of 1.5% of the first $30 million of average annual net assets of the Trust, plus 1% of average annual net assets up to $30 million; or 25% of the total annual investment income of the Trust. The Trust's management fee for the six months ended December 31, 1998, was 0.34% of the average annual net assets of the Trust. Shareholder Services, Inc. (SSI), a subsidiary of OFI, is the transfer and shareholder servicing agent for the Trust and other Oppenheimer funds. SSI's total costs of providing such services are allocated ratably to these funds. Under an approved service plan, the Trust may expend up to 0.20% of its net assets annually to reimburse certain securities dealers and other financial institutions and organizations for costs incurred in distributing Trust shares. 4. Acquisition of Daily Cash Accumulation Fund, Inc. On November 21, 1997, the Trust acquired the net assets of Daily Cash Accumulation Fund, Inc. The Trust issued 3,461,468,087 shares of beneficial interest, valued at $3,460,935,372, in exchange for the net assets, resulting in combined net assets of $13,332,466,315 on November 21, 1997. The exchange qualified as a tax-free reorganization for federal income tax purposes. 23 Centennial Money Market Trust Officers and Trustees James C. Swain, Chairman and Chief Executive Officer Bridget A. Macaskill, Trustee and President Robert G. Avis, Trustee William A. Baker, Trustee Charles Conrad, Jr., Trustee Jon S. Fossel, Trustee Sam Freedman, Trustee Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee George C. Bowen, Trustee, Vice President, Treasurer and Assistant Secretary Andrew J. Donohue, Vice President and Secretary Carol E. Wolf, Vice President Arthur J. Zimmer, Vice President Robert J. Bishop, Assistant Treasurer Scott T. Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary Investment Advisor and Distributor Centennial Asset Management Corporation Transfer and Shareholder Servicing Agent Shareholder Services, Inc. Custodian of Portfolio Securities Citibank, N.A. Independent Auditors Deloitte & Touche LLP Legal Counsel Myer, Swanson, Adams & Wolf, P.C. The financial statements included herein have been taken from the records of the Trust without examination of the independent auditors. This is a copy of a report to shareholders of Centennial Money Market Trust. This report must be preceded or accompanied by a Prospectus of Centennial Money Market Trust. For material information concerning the Trust, see the Prospectus. For shareholder servicing, call: 1-800-525-9310 (in U.S.) 303-671-3200 (outside U.S.) Or write: Shareholder Services, Inc. P.O. Box 5143 Denver, CO 80217-5143 RS0150.001.1298 [RECYCLE LOGO] Printed on recycled paper -----END PRIVACY-ENHANCED MESSAGE-----