-----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, QF0Ul7OGxg8a2S+CGRq2HAYvehvVAHHrUdEY8So4Wh+SXCjl0B0ZdlDP+xlHKEbM lD3w+1+GRXZpyH2vsMuklQ== /in/edgar/work/20000907/0000950130-00-004888/0000950130-00-004888.txt : 20000922 0000950130-00-004888.hdr.sgml : 20000922 ACCESSION NUMBER: 0000950130-00-004888 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000907 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL MONEY MARKET TRUST CENTRAL INDEX KEY: 0000312538 STANDARD INDUSTRIAL CLASSIFICATION: [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: 717744 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 0001.txt CENTENNIAL MONEY MARKET TRUST S/A/R Dear Shareholder: A series of six short-term interest rate hikes initiated by the Federal Reserve Board marked the fiscal year that ended June 30, 2000. Prompted by ongoing in- flation concerns, Fed Chairman Alan Greenspan took a gradual approach to slow- ing an overheated domestic economy, raising rates by a quarter point on five occasions, then recently making a more aggressive half-point increase. Although this measured course of action initially appeared to produce no tangible signs of cooling, reports toward the end of the period suggested a slight moderation in economic growth. Against this backdrop, Centennial Money Market Trust produced an annualized yield of 5.23%, and an annualized yield including the effects of compounding of 5.32%, for the fiscal year. The Trust's seven-day and compounded seven-day yields on June 30, 2000, were 6.03% and 6.22%, respectively./1/ While the Trust is managed to emphasize liquidity and safety, the reported yields for the period ended June 30, 2000, were generally higher than those re- ported six months ago, due primarily to higher short-term interest rates during the second half of the period. In anticipation of higher interest rates, we kept our average maturity consid- erably short. This enabled us to respond more effectively to changing condi- tions without incurring additional risk. However, because interest rates were rising at fairly frequent intervals, there was unprecedented demand for many securities with shorter maturities. As supply came under pressure, spreads or differences in yield, within our investment universe narrowed significantly. Whereas we had favored these variable-rate vehicles in the past, in our opinion they proved relatively unattractive throughout most of the year. An investment in the Trust is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Trust may seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Trust. 1. Compounded yields assume reinvestment of dividends. Past performance is not indicative of future results. We were able to find attractive yields in asset-backed commercial paper. These asset-backed programs purchased by our Fund are generally limited to well- structured, highly liquid programs. All told, asset-backed securities comprised 23.1% of net assets at year end, consti- tuting our largest area of concentration./2/ Other investments focused on commer- cial paper issued by high-quality financial services companies, insurance companies, banks and brokerage firms. Going forward, it's unclear whether the Federal Reserve will need to continue to pursue a tight monetary policy. The Fed took a wait-and-see approach at the June 28, 2000, Federal Open Market Committee meeting, and still maintains a close eye on stock market performance and consumer confidence. We have started to purchase securities with maturi- ties in excess of 90 days. Currently we expect to maintain the average maturityof the Fund between 35 and 45 days. In closing, we'd like thank you for your continued confidence and participation in Centennial Money Market Trust. We look forward to helping you seek your financial goals, while attempting to maintain the liquidity and safety of your investment. 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 24, 2000 2. Based on net assets. 2 Statement of Investments June 30, 2000 Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ ------------ Direct Bank Obligations--1.2% Canadian Imperial Bank of Commerce: 6.26%, 7/14/00..................................... $115,000,000 $115,000,000 6.71%, 9/12/00..................................... 26,000,000 25,999,157 6.74%, 9/11/00..................................... 32,000,000 32,001,021 Dresdner Bank AG: 6.25%, 7/19/00..................................... 50,000,000 50,000,246 ------------ Total Direct Bank Obligations....................... 223,000,424 ------------ Letters of Credit--8.6% Abbey National plc, guaranteeing commercial paper of Abbey National North America: 6.18%, 7/25/00..................................... 150,000,000 149,382,000 6.58%, 9/12/00..................................... 50,000,000 49,332,861 ABN Amro Bank NV, guaranteeing commercial paper of LaSalle Bank NA: 6.78%, 8/30/00..................................... 50,000,000 50,000,000 Bank of America NA, guaranteeing commercial paper of Formosa Plastics Corp. USA, Series II: 6.45%, 8/2/00...................................... 20,000,000 19,885,333 Barclays Bank plc, guaranteeing commercial paper of Banco Bradesco SA-Grand Cayman Branch, Series B: 6.61%, 9/19/00..................................... 31,000,000 30,544,645 Barclays Bank plc, guaranteeing commercial paper of Banco Bradesco SA-Grand Cayman Branch, Series A: 6.61%, 9/18/00..................................... 70,000,000 68,984,631 Barclays Bank plc, guaranteeing commercial paper of Petrobras International Finance Co.: 6.59%, 7/19/00..................................... 20,000,000 19,934,100 6.80%, 7/17/00..................................... 25,000,000 24,924,445 Credit Local de France, guaranteeing commercial paper of Dexia CLF Finance Co.: 6.59%, 9/13/00-9/14/00(/1/)........................ 118,000,000 116,387,830 6.60%, 9/15/00-9/18/00(/1/)........................ 120,000,000 118,306,000 Credit Suisse First Boston, guaranteeing commercial paper of Credit Suisse First Boston International (Guernsey) Ltd.: 6.65%, 8/16/00(/1/)................................ 30,000,000 29,745,083
3 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ -------------- Letters of Credit (Continued) Deutsche Bank AG, guaranteeing commercial paper of Deutsche Bank Financial, Inc.: 6.19%, 7/26/00................................... $ 50,000,000 $ 49,785,069 6.55%, 7/11/00................................... 100,000,000 99,818,056 6.58%, 9/21/00................................... 100,000,000 98,501,222 6.59%, 9/15/00................................... 82,000,000 80,859,198 6.61%, 7/31/00................................... 50,000,000 49,724,583 Dresdner Bank AG, guaranteeing commercial paper of Dresdner US Finance, Inc.: 6.68%, 8/31/00................................... 100,000,000 98,868,111 First Union Corp., guaranteeing commercial paper of First Union National Bank: 6.66%, 5/22/01(/2/).............................. 100,000,000 99,991,096 6.94%, 5/17/01(/2/).............................. 100,000,000 100,000,000 Keycorp, guaranteeing commercial paper of Key Bank NA: 6.603%, 6/5/01(/2/).............................. 100,000,000 99,934,986 Societe Generale, guaranteeing commercial paper of Societe Generale North America: 6.60%, 9/8/00.................................... 68,000,000 67,139,800 6.61%, 11/27/00.................................. 50,000,000 48,632,097 US Bancorp, guaranteeing commercial paper of US Bank NA, Minneapolis: 6.56%, 7/7/00.................................... 35,000,000 34,961,733 -------------- Total Letters of Credit........................... 1,605,642,879 -------------- Short-Term Notes--87.4% Aerospace/Defense--1.6% BAE Systems Holdings, Inc.: 6.18%, 7/24/00(/1/).............................. 50,000,000 49,802,583 6.59%, 9/14/00(/1/).............................. 30,000,000 29,588,125 6.60%, 9/18/00-9/20/00(/1/)...................... 126,942,000 125,067,498 6.61%, 9/13/00(/1/).............................. 15,000,000 14,796,192 Honeywell International, Inc.: 6.63%, 11/17/00-12/4/00.......................... 83,000,000 80,718,727 -------------- 299,973,125 --------------
4 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ ------------ Asset-Backed--23.1% AriesOne Metafolio Corp.: 6.58%, 7/5/00(/1/).................................. $ 60,200,000 $ 60,155,987 Asset Backed Capital Finance, Inc.: 6.20%, 7/26/00(/1/)................................. 84,000,000 83,638,333 6.44%, 7/10/00(/1/)................................. 38,000,000 37,938,820 6.63%, 7/31/00-9/11/00(/1/)......................... 27,000,000 26,796,680 6.64%, 10/2/00(/1/)................................. 25,000,000 24,571,167 6.66%, 8/2/00(/1/).................................. 40,000,000 39,763,200 Asset Portfolio Funding Corp.: 6.59%, 7/17/00(/1/)................................. 44,362,000 44,232,069 6.62%, 9/18/00(/1/)................................. 200,000,000 197,094,556 6.65%, 7/26/00(/1/)................................. 25,650,000 25,531,547 Asset Securitization Cooperative: 6.53%, 8/4/00(/1/).................................. 100,000,000 99,383,278 6.58%, 7/7/00-8/25/00(/1/).......................... 75,000,000 74,649,067 6.60%, 7/6/00-9/13/00(/1/).......................... 135,000,000 134,054,000 6.68%, 8/23/00(/1/)................................. 29,000,000 28,714,801 Barton Capital Corp.: 6.55%, 7/18/00(/1/)................................. 23,200,000 23,128,241 6.58%, 7/7/00-8/3/00(/1/)........................... 115,440,000 115,022,759 6.59%, 7/10/00(/1/)................................. 50,000,000 49,917,625 6.60%, 7/13/00(/1/)................................. 45,000,000 44,901,000 6.62%, 9/28/00(/1/)................................. 27,954,000 27,496,502 6.63%, 7/19/00(/1/)................................. 22,189,000 22,115,443 Breeds Hill Capital Co. LLC, Series A: 6.57%, 7/19/00(/1/)................................. 37,000,000 36,878,455 6.58%, 7/21/00(/1/)................................. 80,000,000 79,707,222 CIESCO LP: 6.41%, 7/7/00....................................... 100,000,000 99,893,167 6.52%, 8/14/00(/2/)(/3/)............................ 50,000,000 49,998,202 6.53%, 7/5/00-7/24/00............................... 48,400,000 48,247,706 6.62%, 7/28/00...................................... 75,000,000 74,627,625 6.66%, 8/21/00...................................... 50,000,000 49,528,250
5 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ ------------ Asset-Backed (Continued) Corporate Receivables Corp.: 6.40%, 7/7/00(/1/).................................. $ 30,000,000 $ 29,968,000 6.57%, 8/11/00(/1/)................................. 97,000,000 96,274,197 6.58%, 7/6/00-8/10/00(/1/).......................... 210,000,000 209,410,541 6.60%, 9/7/00(/1/).................................. 30,000,000 29,626,000 6.63%, 8/7/00(/1/).................................. 40,000,000 39,727,433 Eureka Securitization, Inc.: 6.54%, 7/19/00-7/21/00(/1/)......................... 59,809,000 59,602,525 6.59%, 7/12/00(/1/)................................. 50,000,000 49,899,319 6.60%, 7/13/00(/1/)................................. 127,000,000 126,720,600 6.66%, 8/10/00(/1/)................................. 81,000,000 80,400,600 Lexington Parker Capital Co. LLC: 6.20%, 7/11/00-7/17/00(/1/)......................... 44,805,000 44,703,036 6.58%, 7/6/00(/1/).................................. 50,000,000 49,954,306 6.61%, 9/12/00(/1/)................................. 30,000,000 29,597,892 6.62%, 7/20/00(/1/)................................. 150,000,000 149,475,917 6.68%, 8/25/00(/1/)................................. 130,000,000 128,684,278 Moriarty Ltd.: 6.40%, 7/5/00(/1/).................................. 80,000,000 79,943,111 6.44%, 7/10/00(/1/)................................. 50,000,000 49,919,500 6.60%, 9/7/00(/1/).................................. 75,000,000 74,065,000 6.67%, 8/22/00(/1/)................................. 50,000,000 49,518,278 New Center Asset Trust: 6.24%, 7/17/00...................................... 25,000,000 24,930,667 6.52%, 7/19/00...................................... 40,000,000 39,869,600 6.60%, 7/5/00....................................... 50,000,000 49,963,333 Park Avenue Receivables Corp.: 6.55%, 7/6/00(/1/).................................. 70,440,000 70,375,919 6.56%, 7/14/00(/1/)................................. 51,750,000 51,627,410 6.58%, 7/20/00-7/26/00(/1/)......................... 180,886,000 180,113,937 Scaldis Capital LLC: 6.57%, 7/20/00(/1/)................................. 37,618,000 37,487,375 6.61%, 9/15/00(/1/)................................. 45,711,000 45,070,986 6.65%, 7/26/00(/1/)................................. 31,723,000 31,576,501
6 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ -------------- Asset-Backed (Continued) Sigma Finance, Inc.: 6.39%, 7/3/00(/1/)................................ $ 44,000,000 $ 43,984,380 6.60%, 8/30/00(/1/)............................... 47,000,000 46,483,000 6.61%, 7/27/00-9/7/00(/1/)........................ 68,000,000 67,343,774 6.62%, 7/31/00-9/5/00(/1/)........................ 120,000,000 119,205,600 6.65%, 10/2/00(/1/)............................... 22,001,000 21,623,041 6.68%, 9/1/00(/1/)................................ 40,000,000 39,539,822 6.70%, 8/24/00(/1/)............................... 61,000,000 60,386,950 Variable Funding Capital Corp.: 6.44%, 7/7/00(/1/)................................ 37,500,000 37,459,750 6.58%, 7/6/00-7/20/00(/1/)........................ 75,000,000 74,867,487 6.61%, 7/18/00-9/7/00(/1/)........................ 145,123,000 143,637,463 6.63%, 10/19/00(/1/).............................. 50,000,000 48,987,083 6.65%, 8/3/00(/1/)................................ 50,000,000 49,695,208 VVR Funding LLC: 6.60%, 7/19/00(/1/)............................... 50,000,000 49,835,000 6.63%, 8/4/00(/1/)................................ 15,000,000 14,906,075 -------------- 4,324,446,596 -------------- Automotive--3.1% BMW US Capital Corp.: 6.54%, 7/17/00.................................... 30,600,000 30,511,056 6.55%, 8/7/00..................................... 20,608,000 20,469,268 6.56%, 8/11/00.................................... 60,747,000 60,293,152 6.58%, 9/8/00-9/11/00............................. 109,015,000 107,592,975 DaimlerChrysler NA Holdings: 6.60%, 10/18/00................................... 100,000,000 98,001,667 6.61%, 11/20/00-11/30/00.......................... 168,000,000 163,472,885 6.62%, 11/27/00................................... 100,000,000 97,260,056 -------------- 577,601,059 -------------- Banks--2.6% Bank of America Corp.: 6.13%, 7/19/00.................................... 40,000,000 39,877,400 6.62%, 11/7/00.................................... 30,000,000 29,288,350
7 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ----------- ------------ Banks (Continued) Credit Suisse First Boston, Inc.: 6.50%, 8/4/00(/1/)................................... $50,000,000 $ 49,693,056 6.60%, 9/15/00(/1/).................................. 35,000,000 34,512,333 Wells Fargo Co.: 6.59%, 7/17/00....................................... 100,000,000 99,707,111 6.60%, 9/18/00....................................... 50,000,000 49,275,833 6.62%, 9/28/00-9/29/00............................... 150,000,000 147,526,694 6.67%, 8/28/00....................................... 38,000,000 37,591,648 ------------ 487,472,425 ------------ Beverages--1.0% Coca-Cola Enterprises, Inc.: 6.07%, 7/12/00(/1/).................................. 25,000,000 24,953,632 6.55%, 8/9/00(/1/)................................... 50,000,000 49,645,208 6.58%, 9/20/00(/1/).................................. 50,000,000 49,259,750 6.60%, 9/14/00(/1/).................................. 30,500,000 30,080,625 6.62%, 8/3/00(/1/)................................... 25,000,000 24,848,292 ------------ 178,787,507 ------------ Broker/Dealers--9.4% Banc of America Securities LLC: 7.325%, 8/5/28(/2/).................................. 20,000,000 20,000,000 Bear Stearns Cos., Inc., Series B: 6.381%, 10/13/00(/2/)................................ 50,000,000 50,000,000 6.691%, 4/12/01(/2/)................................. 30,000,000 30,000,000 6.698%, 6/21/01(/2/)................................. 50,000,000 50,000,000 6.70%, 3/6/01(/2/)................................... 50,000,000 50,000,000 6.706%, 3/8/01(/2/).................................. 40,000,000 40,000,000 6.712%, 3/2/01(/2/).................................. 50,000,000 50,000,000 6.72%, 6/27/01(/2/).................................. 50,000,000 50,000,000 6.734%, 3/30/01-5/31/01(/2/)......................... 90,000,000 90,000,000 Goldman Sachs Group LP: 6.78%, 9/13/00(/3/).................................. 75,000,000 75,000,000 6.90%, 12/4/00....................................... 100,000,000 100,000,000 6.90%, 12/8/00(/3/).................................. 40,000,000 40,000,000 6.92%, 12/6/00(/3/).................................. 140,000,000 140,000,000
8 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ -------------- Broker/Dealers (Continued) Merrill Lynch & Co., Inc.: 6.58%, 9/15/00.................................... $100,000,000 $ 98,610,889 Merrill Lynch & Co., Inc., Series B: 6.615%, 4/11/01(/2/).............................. 100,000,000 99,984,750 6.631%, 4/24/01(/2/).............................. 55,000,000 54,991,227 6.774%, 5/30/01(/2/).............................. 30,000,000 30,024,140 6.811%, 3/1/01(/2/)............................... 50,000,000 50,055,274 Morgan Stanley, Dean Witter Co.: 6.59%, 9/11/00.................................... 97,000,000 95,721,540 7.125%, 6/8/01(/2/)............................... 200,000,000 200,000,000 7.295%, 12/1/00(/2/).............................. 80,000,000 80,000,000 Salomon Smith Barney Holdings, Inc.: 6.17%, 7/12/00.................................... 34,000,000 33,935,901 6.39%, 7/13/00.................................... 45,000,000 44,904,150 6.50%, 8/2/00-8/3/00.............................. 100,000,000 99,412,736 6.61%, 9/13/00-10/4/00............................ 100,000,000 98,409,928 -------------- 1,771,050,535 -------------- Chemicals--1.2% BASF AG: 6.60%, 7/21/00(/1/)............................... 50,000,000 49,816,667 6.64%, 11/27/00(/1/).............................. 85,000,000 82,664,011 6.66%, 11/29/00(/1/).............................. 100,000,000 97,204,403 -------------- 229,685,081 -------------- Commercial Finance--6.3% Caterpillar Financial Services Corp.: 6.59%, 9/7/00..................................... 35,800,000 35,354,370 CIT Group, Inc.: 6.38%, 7/10/00.................................... 100,000,000 99,840,500 6.58%, 9/21/00.................................... 50,000,000 49,250,611 6.59%, 9/20/00.................................... 50,000,000 49,258,625 6.60%, 9/8/00-9/18/00............................. 145,000,000 143,024,583 6.67%, 8/28/00.................................... 75,000,000 74,194,042 Countrywide Home Loans: 6.59%, 8/22/00.................................... 80,000,000 79,238,489 6.60%, 8/18/00.................................... 37,980,000 37,645,776
9 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ -------------- Commercial Finance (Continued) Countrywide Home Loans, Series H: 6.696%, 6/8/01(/2/)............................... $100,000,000 $ 99,986,039 6.717%, 5/21/01(/2/).............................. 150,000,000 149,995,664 6.754%, 5/30/01(/2/).............................. 50,000,000 49,995,530 Heller Financial, Inc., Series I: 5.846%, 9/25/00(/2/).............................. 50,000,000 50,013,571 6.90%, 8/7/00(/2/)................................ 50,000,000 49,999,496 Homeside Lending, Inc.: 6.25%, 7/24/00.................................... 50,000,000 49,800,347 6.58%, 9/20/00.................................... 50,000,000 49,259,750 6.59%, 8/16/00.................................... 50,000,000 49,578,972 6.62%, 9/27/00.................................... 50,000,000 49,190,889 Private Export Fund Corp.: 6.50%, 8/2/00(/1/)................................ 24,000,000 23,861,333 -------------- 1,189,488,587 -------------- Consumer Finance--2.1% American Express Credit Corp.: 6.54%, 7/10/00.................................... 150,000,000 149,754,750 6.55%, 7/12/00-7/13/00............................ 150,000,000 149,681,598 American General Finance Corp.: 6.39%, 7/12/00.................................... 50,000,000 49,902,375 6.59%, 7/17/00.................................... 50,000,000 49,853,556 -------------- 399,192,279 -------------- Consumer Services--1.6% Block Financial Corp.: 6.59%, 7/14/00(/1/)............................... 50,000,000 49,880,906 6.63%, 7/27/00(/1/)............................... 30,000,000 29,855,700 6.66%, 7/28/00(/1/)............................... 20,000,000 19,900,100 6.70%, 8/4/00(/1/)................................ 50,000,000 49,683,611 Prudential Funding Corp.: 6.18%, 7/28/00.................................... 50,000,000 49,768,250 6.57%, 9/7/00..................................... 60,000,000 59,255,400 6.66%, 8/30/00.................................... 39,000,000 38,567,100 -------------- 296,911,067 --------------
10 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ ------------ Department Stores--0.3% Wal-Mart Stores, Inc.: 6.52%, 7/11/00(/1/)................................. $ 16,000,000 $ 15,971,022 6.56%, 9/6/00(/1/).................................. 49,000,000 48,401,764 ------------ 64,372,786 ------------ Diversified Financial--11.7% Associates Corp. of North America: 6.37%, 7/6/00-7/7/00................................ 100,000,000 99,902,681 6.38%, 7/10/00...................................... 50,000,000 49,920,250 6.60%, 7/14/00...................................... 100,000,000 99,761,667 6.65%, 8/24/00...................................... 50,000,000 49,501,250 6.67%, 9/1/00....................................... 100,000,000 98,851,278 6.94%, 7/3/00....................................... 69,670,000 69,643,293 Ford Motor Credit Co.: 6.52%, 7/20/00...................................... 50,000,000 49,827,944 6.53%, 7/12/00-7/21/00.............................. 150,000,000 149,537,458 GE Capital International Funding, Inc.: 6.40%, 7/12/00(/1/)................................. 100,000,000 99,804,444 6.56%, 8/7/00(/1/).................................. 50,000,000 49,662,889 6.59%, 9/20/00(/1/)................................. 50,000,000 49,258,625 General Electric Capital Corp.: 6.68%, 8/30/00-8/31/00.............................. 120,000,000 118,651,011 General Motors Acceptance Corp.: 6.57%, 9/15/00...................................... 75,000,000 73,959,750 6.58%, 8/1/00....................................... 40,000,000 39,773,356 6.60%, 7/24/00...................................... 50,000,000 49,789,167 Household Finance Corp.: 6.18%, 7/24/00...................................... 90,000,000 89,644,650 6.56%, 7/7/00....................................... 75,000,000 74,918,000 6.62%, 11/3/00-12/8/00.............................. 100,000,000 97,379,583 6.68%, 8/28/00...................................... 45,000,000 44,515,700 7.10%, 9/14/00(/2/)................................. 100,000,000 99,987,705
11 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ -------------- Diversified Financial (Continued) National Rural Utilities Cooperative Finance Corp.: 6.07%, 7/13/00................................... $100,000,000 $ 99,797,667 6.12%, 7/7/00.................................... 41,065,000 41,023,082 6.14%, 7/19/00................................... 25,000,000 24,923,250 6.18%, 7/17/00-7/18/00........................... 70,000,000 69,800,008 6.61%, 9/14/00................................... 65,000,000 64,107,708 6.62%, 12/7/00-12/8/00........................... 80,000,000 77,651,739 6.66%, 8/17/00................................... 18,000,000 17,843,490 Textron Financial Corp.: 6.57%, 7/20/00................................... 50,000,000 49,826,625 6.58%, 8/9/00.................................... 50,000,000 49,643,583 6.61%, 8/23/00-8/24/00........................... 120,500,000 119,323,513 6.62%, 7/27/00................................... 16,500,000 16,421,112 -------------- 2,184,652,478 -------------- Diversified Media--0.4% Omnicom Finance, Inc.: 6.63%, 7/17/00-7/19/00(/1/)...................... 40,000,000 39,874,767 6.70%, 8/9/00(/1/)............................... 39,000,000 38,716,925 -------------- 78,591,692 -------------- Electric Utilities--0.5% Edison International: 6.55%, 8/17/00(/1/).............................. 50,000,000 49,572,431 6.58%, 8/16/00(/1/).............................. 24,000,000 23,798,213 6.63%, 9/5/00(/1/)............................... 20,000,000 19,756,900 -------------- 93,127,544 -------------- Healthcare/Drugs--0.2% American Home Products Corp.: 6.53%, 7/14/00(/1/).............................. 39,000,000 38,908,036 -------------- Insurance--8.5% Aegon Funding Corp.: 6.58%, 9/5/00(/1/)............................... 50,000,000 49,396,833 6.59%, 9/8/00(/1/)............................... 56,500,000 55,785,821 6.60%, 9/13/00(/1/).............................. 50,000,000 49,321,667 6.62%, 12/7/00(/1/).............................. 35,000,000 33,976,658 6.65%, 8/22/00(/1/).............................. 50,000,000 49,519,722 6.66%, 8/28/00(/1/).............................. 19,000,000 18,796,130
12 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ -------------- Insurance (Continued) AIG Life Insurance Co.: 6.13%, 5/31/01(/2/)(/3/)......................... $ 20,000,000 $ 20,000,000 Allstate Life Insurance Co.: 6.696%, 8/1/00(/2/).............................. 50,000,000 50,000,000 American General Annuity Insurance: 6.641%, 4/1/03(/2/).............................. 50,000,000 50,000,000 American General Corp.: 6.50%, 7/14/00................................... 40,000,000 39,906,111 Cooperative Assn. of Tractor Dealers, Inc., Series A: 7.00%, 7/3/00.................................... 50,000,000 49,980,556 Cooperative Assn. of Tractor Dealers, Inc., Series B: 7.05%, 7/3/00.................................... 34,000,000 33,986,683 Jackson National Life Insurance Co.: 6.64%, 3/1/01(/2/)............................... 70,000,000 70,000,000 6.65%, 8/1/00(/2/)............................... 48,000,000 48,000,000 Marsh U.S.A., Inc.: 6.50%, 8/2/00(/1/)............................... 50,000,000 49,711,111 Metropolitan Life Insurance Co.: 6.86%, 12/31/22(/2/)............................. 220,500,000 220,500,000 Pacific Life Insurance Co.: 6.661%, 2/14/03(/2/)(/3/)........................ 71,000,000 71,000,000 Protective Life Insurance Co.: 6.791%, 3/14/24(/2/)............................. 30,000,000 30,000,000 Prudential Life Insurance Co.: 6.29%, 1/31/03(/2/).............................. 165,000,000 165,000,000 Teachers Insurance & Annuity Assn. of America: 6.62%, 8/1/00(/1/)............................... 109,000,000 108,380,362 TransAmerica Life Insurance & Annuity Co.: 6.641%, 8/31/00(/2/)............................. 100,000,000 100,000,000 Travelers Insurance Co.: 6.615%, 9/16/00-2/2/01(/2/)(/3/)................. 73,000,000 73,000,000 6.635%, 10/5/00(/2/)(/3/)........................ 40,000,000 40,000,000 6.685%, 9/16/00(/2/)(/3/)........................ 25,000,000 25,000,000 Western Southern Life Insurance Co.: 6.641%, 12/1/02(/2/)............................. 100,000,000 100,000,000 -------------- 1,601,261,654 --------------
13 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ ------------ Leasing & Factoring--2.4% American Honda Finance Corp.: 6.17%, 7/13/00-7/17/00.............................. $ 50,000,000 $ 49,880,027 6.19%, 7/28/00...................................... 40,000,000 39,814,300 6.60%, 9/5/00-9/13/00............................... 173,950,000 171,710,576 6.62%, 2/8/01(/2/)(/4/)............................. 50,000,000 49,992,974 6.66%, 1/16/01(/2/)(/4/)............................ 45,000,000 44,997,296 Hertz Corp.: 6.56%, 7/7/00....................................... 50,000,000 49,945,333 6.57%, 9/13/00...................................... 50,000,000 49,324,750 ------------ 455,665,256 ------------ Manufacturing--1.9% Eaton Corp.: 6.50%, 8/3/00(/1/).................................. 45,000,000 44,731,875 6.63%, 8/30/00(/1/)................................. 55,000,000 54,391,417 6.64%, 9/11/00(/1/)................................. 50,000,000 49,336,000 6.65%, 9/21/00(/1/)................................. 25,000,000 24,621,319 6.68%, 10/16/00(/1/)................................ 75,000,000 73,507,944 6.70%, 11/8/00-12/7/00(/1/)......................... 53,000,000 51,582,764 6.72%, 8/21/00(/1/)................................. 50,000,000 49,524,000 ------------ 347,695,319 ------------ Metals/Mining--0.8% Alcoa, Inc.: 6.63%, 10/26/00..................................... 65,000,000 63,599,412 6.65%, 8/14/00-8/24/00.............................. 80,100,000 79,393,363 ------------ 142,992,775 ------------ Nondurable Household Goods--0.6% Newell Rubbermaid, Inc.: 6.58%, 9/20/00(/1/)................................. 40,000,000 39,407,800 6.60%, 8/22/00(/1/)................................. 40,000,000 39,618,667 6.62%, 7/26/00(/1/)................................. 25,000,000 24,885,069 ------------ 103,911,536 ------------
14 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ ------------- Oil: Domestic--0.4% Motiva Enterprises LLC: 6.17%, 7/17/00..................................... $ 40,000,000 $ 39,890,311 6.41%, 7/7/00...................................... 30,000,000 29,967,950 ------------- 69,858,261 ------------- Photography--0.1% Eastman Kodak Co.: 6.54%, 8/1/00...................................... 20,000,000 19,887,367 ------------- Publishing--1.5% Tribune Co.: 6.17%, 7/6/00(/1/)................................. 89,000,000 88,923,732 6.59%, 8/23/00(/1/)................................ 35,000,000 34,660,432 6.60%, 9/11/00(/1/)................................ 25,000,000 24,670,000 6.62%, 9/27/00-10/2/00(/1/)........................ 136,500,000 134,245,155 ------------- 282,499,319 ------------- Special Purpose Financial--0.9% Forrestal Funding Master Trust, Series 2000-A: 6.60%, 8/11/00(/4/)................................ 35,000,000 34,736,917 6.63%, 7/28/00(/4/)................................ 41,219,000 41,014,039 KZH-KMS Corp.: 6.55%, 7/21/00(/1/)................................ 30,159,000 30,049,255 6.56%, 7/14/00(/1/)................................ 25,000,000 24,940,778 RACERS, Series 2000-7-MM: 6.707%, 5/30/01(/2/)(/3/).......................... 36,000,000 35,983,862 ------------- 166,724,851 ------------- Telecommunications--Technology--3.6% Alcatel SA: 6.60%, 9/7/00(/1/)................................. 8,000,000 7,900,267 GTE Corp.: 6.48%, 7/25/00(/1/)................................ 30,000,000 29,868,000 6.60%, 7/5/00-7/21/00(/1/)......................... 130,000,000 129,679,166 6.63%, 7/6/00(/1/)................................. 39,000,000 38,964,087 6.64%, 7/11/00-7/28/00(/1/)........................ 82,000,000 81,733,115 6.65%, 8/2/00(/1/)................................. 58,800,000 58,452,427
15 Statement of Investments June 30, 2000 (Continued) Centennial Money Market Trust
Principal Value Amount See Note 1 ------------ --------------- Telecommunications--Technology (Continued) SBC Communications, Inc.: 6.17%, 7/17/00(/1/)............................. $ 50,000,000 $ 49,862,889 6.52%, 8/4/00(/1/).............................. 50,000,000 49,692,111 6.55%, 8/3/00(/1/).............................. 25,000,000 24,849,896 6.56%, 8/21/00(/1/)............................. 50,000,000 49,535,333 6.61%, 7/24/00(/1/)............................. 49,000,000 48,793,070 Vodafone Air Touch plc-MTC: 6.862%, 6/5/01(/2/)(/3/)........................ 110,000,000 109,990,929 --------------- 679,321,290 --------------- Telephone Utilities--1.6% AT&T Corp.: 6.58%, 9/11/00-9/14/00.......................... 300,000,000 295,978,889 --------------- Total Short-Term Notes........................... 16,380,057,314 --------------- Total Investments, at Value...................... 97.2% 18,208,700,617 --------------- Other Assets Net of Liabilities.................. 2.8 525,097,954 ------------ --------------- Net Assets....................................... 100.0% $18,733,798,571 ============ ===============
Short-term notes, direct bank obligations and letters of credit are generally traded on a discount basis; the interest rate is the discount rate received by the Trust at the time of purchase. Other securities normally bear interest at the rates shown. 1. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $7,283,981,872, or 38.88% of the Trust's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. 2. Represents the current interest rate for a variable or increasing rate security. 3. 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 $679,972,993, or 3.63% 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. 4. Represents a security sold under Rule 144A, which is 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 $170,741,226 or 0.91% of the Trust's net assets as of June 30, 2000. See accompanying Notes to Financial Statements. 16 Statement of Assets and Liabilities June 30, 2000 Centennial Money Market Trust ASSETS Investments, at value--see accompanying statement............. $18,208,700,617 Cash.......................................................... 80,692,757 Receivables and other assets: Shares of beneficial interest sold........................... 650,847,996 Interest..................................................... 18,674,480 Other........................................................ 3,207,170 --------------- Total assets................................................ 18,962,123,020 --------------- LIABILITIES Payables and other liabilities: Shares of beneficial interest redeemed....................... 175,424,521 Dividends.................................................... 45,180,041 Transfer and shareholder servicing agent fees................ 4,311,671 Service plan fees............................................ 1,474,979 Trustees' compensation....................................... 14,535 Other........................................................ 1,918,702 --------------- Total liabilities........................................... 228,324,449 --------------- NET ASSETS.................................................... $18,733,798,571 =============== COMPOSITION OF NET ASSETS Paid-in capital............................................... $18,733,718,429 Accumulated net realized gain on investment transactions...... 80,142 --------------- NET ASSETS--applicable to 18,734,251,144 shares of beneficial interest outstanding......................................... $18,733,798,571 =============== NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE........................................................ $1.00
See accompanying Notes to Financial Statements. 17 Statement of Operations For the Year Ended June 30, 2000 Centennial Money Market Trust INVESTMENT INCOME Interest........................................................ $1,088,473,436 -------------- EXPENSES Management fees................................................. 62,139,589 Service plan fees............................................... 36,929,811 Transfer and shareholder servicing agent fees................... 20,051,451 Custodian fees and expenses..................................... 884,954 Trustees' compensation.......................................... 64,644 Other........................................................... 4,570,179 -------------- Total expenses................................................ 124,640,628 Less expenses paid indirectly................................... (113,968) -------------- Net expenses.................................................... 124,526,660 -------------- NET INVESTMENT INCOME........................................... 963,946,776 -------------- NET REALIZED GAIN ON INVESTMENTS................................ 1,668 -------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ $ 963,948,444 ==============
Statements of Changes in Net Assets
Year Ended June 30, -------------------------------- 2000 1999 --------------- --------------- OPERATIONS Net investment income....................... $ 963,946,776 $ 792,499,233 Net realized gain........................... 1,668 14,857 --------------- --------------- Net increase in net assets resulting from operations................................. 963,948,444 792,514,090 --------------- --------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLD- ERS........................................ (963,946,776) (792,539,959) --------------- --------------- BENEFICIAL INTEREST TRANSACTIONS Net increase in net assets resulting from beneficial interest transactions........... 913,155,440 2,706,509,046 --------------- --------------- NET ASSETS Total increase.............................. 913,157,108 2,706,483,177 Beginning of period......................... 17,820,641,463 15,114,158,286 --------------- --------------- End of period............................... $18,733,798,571 $17,820,641,463 =============== ===============
See accompanying Notes to Financial Statements. 18 Financial Highlights Centennial Money Market Trust
Year Ended June 30, --------------------------------------------------- 2000 1999 1998 1997 1996 ------- ------- ------- ------ ------ PER SHARE OPERATING DATA Net asset value, beginning of period.... $1.00 $1.00 $1.00 $1.00 $1.00 Income from investment operations--net investment income and net realized gain...... .05 .05 .05 .05 .05 Dividends and/or distributions to shareholders........... (.05) (.05) (.05) (.05) (.05) ------- ------- ------- ------ ------ Net asset value, end of period................. $1.00 $1.00 $1.00 $1.00 $1.00 ======= ======= ======= ====== ====== TOTAL RETURN(/1/)....... 5.36% 4.75% 5.16% 4.97% 5.11% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in millions)... $18,734 $17,821 $15,114 $9,063 $6,753 Average net assets (in millions).............. $18,537 $17,128 $12,617 $8,033 $6,077 Ratios to average net assets:(/2/) Net investment income... 5.20% 4.63% 5.04% 4.86% 4.99% Expenses................ 0.67% 0.66% 0.68%(/3/) 0.73%(/3/) 0.74%(/3/) Expenses, net of voluntary assumption of expenses............... N/A N/A 0.66% 0.67% 0.69%
1. Assumes a $1,000 hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns reflect changes in net investment income only. Total returns are not annualized for periods less than one year. 2. Annualized for periods of less than one full year. 3. Expense ratio has not been grossed up to reflect the effect of expenses paid indirectly. See accompanying Notes to Financial Statements. 19 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's investment advisor is Centennial Asset Management Corporation (the Manager), a subsidiary of OppenheimerFunds, Inc. (OFI). The following is a summary of significant accounting policies consistently followed by the Trust. Securities Valuation. Portfolio securities are valued on the basis of amortized cost, which approximates market value. Repurchase Agreements. The Trust requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian's vault, all securities held as collateral for repurchase agreements. The market value of the underlying securities is required to be at least 102% of the resale price at the time of purchase. If the seller of the agreement defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the value of the collateral by the Trust may be delayed or limited. Federal Taxes. The Trust intends to continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income or excise tax provision is required. Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Expense Offset Arrangements. Expenses paid indirectly represent a reduction of custodian fees for earnings on cash balances maintained by the Trust. Other. Investment transactions are accounted for as of trade date. Realized gains and losses on investments are determined on an identified cost basis, which is the same basis used for federal income tax purposes. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 20 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, 2000 Year Ended June 30, 1999 --------------------------------- --------------------------------- Shares Amount Shares Amount --------------- ---------------- --------------- ---------------- Sold.................... 59,623,565,708 $ 59,623,565,708 50,615,000,093 $ 50,615,000,093 Dividends and/or distributions reinvested............. 928,419,736 928,419,736 776,439,225 776,439,225 Redeemed................ (59,638,830,004) (59,638,830,004) (48,684,930,272) (48,684,930,272) --------------- ---------------- --------------- ---------------- Net increase............ 913,155,440 $ 913,155,440 2,706,509,046 $ 2,706,509,046 =============== ================ =============== ================
3. Fees and Other Transactions with Affiliates Management Fees. 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 the Trust's net assets, 0.475% of the next $250 million, 0.45% of the next $250 million, 0.425% of the next $250 million, 0.40% of the next $250 million, 0.375% of the next $250 million, 0.35% of the next $500 million and 0.325% of net assets in excess of $2 billion. The Manager has agreed to reimburse the Trust if aggregate expenses (with specified exceptions) exceed the lesser of 1.50% of average annual net assets of the Trust up to $30 million, and 1% of its average annual net assets in excess of $30 million; or 25% of the total annual investment income of the Trust. The Trust's management fee for the year ended June 30, 2000 was an annualized rate of 0.34%, before any waiver by the Manager if applicable. Transfer Agent Fees. Shareholder Services, Inc. (SSI) acts as the transfer and shareholder servicing agent for the Trust and for other registered investment companies on an "at-cost" basis. Service Plan Fees. Under an approved service plan, the Trust may expend up to 0.20% of its average annual net assets annually to reimburse the Manager, as distributor, for costs incurred in connection with the personal service and maintenance of accounts that hold shares of the Trust, including amounts paid to brokers, dealers, banks and other financial institutions. During the year ended June 30, 2000, the Trust paid $1,208 to a broker/dealer affiliated with the Manager as reimbursement for distribution-related expenses. 21 Independent Auditors' Report Centennial Money Market Trust To the Board of Trustees and Shareholders of Centennial Money Market Trust: We have audited the accompanying statement of assets and liabilities of Cen- tennial Money Market Trust, including the statement of investments, as of June 30, 2000, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the pe- riod then ended. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally ac- cepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the finan- cial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2000, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting princi- ples used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits pro- vide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Cen- tennial Money Market Trust as of June 30, 2000, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. Deloitte & Touche LLP Denver, Colorado July 24, 2000 22 Federal Income Tax Information (Unaudited) Centennial Money Market Trust In early 2001 shareholders will receive information regarding all dividends and distributions paid to them by the Trust during calendar year 2000. 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 year ended June 30, 2000 are eligible for the corporate dividend-received deduction. The foregoing information is presented to assist shareholders in reporting dis- tributions 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. 23 Centennial Money Market Trust Officers and Trustees James C. Swain, Trustee and Chairman of the Board Bridget A. Macaskill, Trustee and President Robert G. Avis, Trustee William A. Baker, Trustee George C. Bowen, Trustee Jon S. Fossel, Trustee Sam Freedman, Trustee Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee Carol E. Wolf, Vice President Andrew J. Donohue, Vice President and Secretary Brian W. Wixted, Treasurer 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 other 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 RA0150.001.0600 Printed on recycled paper 2000 Annual Report Centennial Money Market Trust June 30, 2000 -----END PRIVACY-ENHANCED MESSAGE-----