-----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, JSaS1DaMxcttOYmPrZH7n3HPuN1cVRVMom5bOP/InIZkCClHletJAmiCHWpSWo7/ T+4Dan1YP2WUxB3bkE1iJw== 0000950133-00-000854.txt : 20000313 0000950133-00-000854.hdr.sgml : 20000313 ACCESSION NUMBER: 0000950133-00-000854 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000310 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: 565067 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 SAR: CENT. MONEY MARKET TRUST - DEC. 31, 1999 1 1999 SEMIANNUAL REPORT CENTENNIAL MONEY MARKET TRUST DECEMBER 31, 1999 2 DEAR SHAREHOLDER: Over the six-month period that ended December 31, 1999, Centennial Money Market Trust produced an annualized yield of 4.62% and an annualized yield including the effects of compounding of 4.74%. On December 31, 1999, the Fund's seven-day and compounded seven-day yields were 5.33% and 5.48%, respectively.1 These returns were generally higher than the yields reported one year ago, primarily because of higher short-term interest rates during the reporting period. When the reporting period began, the Federal Reserve had just initiated the first interest-rate increases of 1999. The rate hike was a pre-emptive response to concerns that stronger than expected economic growth might rekindle long dormant inflationary pressures. These concerns were fueled by positive economic news from overseas, where the worst of the economic malaise appeared to be over for Japan, Asia and Latin America, and within the United States, where unemployment reached historical lows and consumers appeared to be spending more than they were earning. The Federal Reserve Board subsequently raised interest rates twice more during the summer and fall, effectively offsetting all of 1998's rate cuts. The money markets were also affected by Y2K-related concerns during the reporting period. Although the investment community's consensus opinion appeared to be that the U.S. financial system was prepared for the advent of the year 2000, many issuers decided to play it safe by issuing relatively longer term money market securities over the summer and early fall of 1999. These securities generally featured maturity dates in January and February of 2000, reducing the need for issuers to return to the marketplace close to year-end 1999. However, because so many issuers came to market at the same time, they were compelled to increase their securities' yields in order to attract investor interest. Money market fund shareholders generally benefited from these higher yields. Under these market conditions, we focused primarily on enhancing the Fund's yield in a way that was consistent with maintaining liquidity and preserving capital. We generally found the most attractive yields in 1. Compounded yields assume reinvestment of dividends. Past performance is not indicative of future results. 3 high-quality asset-backed commercial paper, which comprised 23.1% of the portfolio as of December 31. The asset-backed commercial paper market has grown tremendously over the past several years, but we have invested only in highly liquid securities from seasoned issuers who have passed our rigorous credit analysis. We also found attractive income opportunities in commercial paper issued by financial companies, such as high-quality insurers and banks. On the other hand, we found few opportunities in U.S. Treasury bills, which were in relatively short supply because of the federal budget surplus. Thank you for your continued confidence and participation in Centennial Money Market Trust. We look forward to helping you achieve your financial goals in 2000 and beyond. 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 24, 2000 2 4 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- DIRECT BANK OBLIGATIONS--5.2% Bank of America NA: 5.93%, 2/28/00 ................................................................... $150,000,000 $150,000,000 6%, 1/5/00 ....................................................................... 100,000,000 100,000,000 6.12%, 1/6/00-1/7/00 ............................................................. 60,000,000 60,000,000 BankBoston NA: 5.93%, 3/6/00 .................................................................... 100,000,000 100,000,000 Credit Suisse First Boston: 5.07%, 1/28/00(1)(2) ............................................................. 50,000,000 49,998,379 Dresdner Bank AG: 5.93%, 1/12/00 ................................................................... 100,000,000 100,000,302 6.06%, 1/6/00 .................................................................... 80,000,000 80,000,110 6.09%, 1/5/00 .................................................................... 96,000,000 96,000,106 U.S. Bank NA Minneapolis: 5.96%, 3/22/00-4/6/00(3) ......................................................... 100,000,000 100,000,000 6.08%, 4/17/00(3) ................................................................ 100,000,000 100,000,000 -------------- Total Direct Bank Obligations ....................................................... 935,998,897 -------------- LETTERS OF CREDIT--4.6% Abbey National plc, guaranteeing commercial paper of Abbey National North America: 5.93%, 3/15/00 ................................................................... 50,000,000 49,390,528 5.96%, 3/29/00 ................................................................... 100,000,000 98,544,333 6.008%, 1/4/00 ................................................................... 57,000,000 56,971,462 6.18%, 1/10/00 ................................................................... 16,000,000 15,975,280 ABN Amro Bank NV, guaranteeing commercial paper of LaSalle Bank, NA: 5.75%, 2/2/00 .................................................................... 50,000,000 50,000,000 Bank of America NA, guaranteeing commercial paper of Formosa Plastics Corporation, USA-Series B: 5.95%, 3/10/00 ................................................................... 42,000,000 41,521,025 Bank of America NA, guaranteeing commercial paper of Formosa Plastics Corporation, USA-Series II: 5.80%, 3/24/00 ................................................................... 25,000,000 24,665,694 Bank One Indiana NA, guaranteeing commercial paper of Primex Funding Corp., Series 1997-A: 5.66%, 1/3/00(1)(4) .............................................................. 4,000,000 4,000,000
3 5 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- LETTERS OF CREDIT (CONTINUED) Bank One NA, guaranteeing commercial paper of Capital One Funding Corp., Series 1996C: 5.46%, 1/3/00(1)(4) .............................................................. $ 11,272,000 $ 11,272,000 Bank One NA, guaranteeing commercial paper of Capital One Funding Corp., Series 1995F: 6.60%, 1/3/00(1)(4) .............................................................. 24,094,000 24,094,000 Bank One Texas, guaranteeing commercial paper of Capital One Funding Corp., Series 1997E: 6.60%, 1/3/00(1)(4) .............................................................. 12,136,000 12,136,000 Barclays Bank plc, guaranteeing commercial paper of Nacional Financiera SNC: 5.82%, 5/10/00 ................................................................... 50,000,000 48,949,167 Credit Suisse First Boston, guaranteeing commercial paper of Credit Suisse First Boston International (Guernsey) Ltd.: 5.43%, 1/26/00-2/3/00(3) ......................................................... 90,000,000 89,600,292 5.80%, 3/17/00(3) ................................................................ 50,000,000 49,387,778 Deutsche Bank, guaranteeing commercial paper of Deutsche Bank Financial, Inc.: 5.89%, 2/3/00 .................................................................... 100,000,000 99,460,083 5.93%, 2/17/00 ................................................................... 100,000,000 99,225,806 5.94%, 1/14/00 ................................................................... 65,000,000 64,860,575 -------------- Total Letters of Credit ............................................................. 840,054,023 -------------- SHORT-TERM NOTES--89.0% AEROSPACE/DEFENSE--0.8% British Aerospace North America, Inc.: 5.91%, 3/15/00-3/16/00(3) ........................................................ 150,000,000 148,161,333 -------------- ASSET-BACKED--23.1% Asset Backed Capital Finance, Inc.: 5.73%, 1/18/00(1)(2) ............................................................. 45,000,000 45,000,000 5.86%, 3/23/00(3) ................................................................ 10,000,000 9,866,522 5.97%, 4/7/00(3) ................................................................. 45,000,000 44,276,137 5.98%, 2/15/00(3) ................................................................ 50,000,000 49,626,250 6.08%, 2/1/00(3) ................................................................. 30,000,000 29,842,933
4 6 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- ASSET-BACKED -- (CONTINUED) Asset-Securitization Cooperative: 5.82%, 2/23/00-2/24/00(3) ........................................................ $190,000,000 $188,348,588 5.85%, 2/9/00(3) ................................................................. 100,000,000 99,366,250 5.87%, 2/17/00(3) ................................................................ 50,000,000 49,616,819 5.98%, 1/27/00(3) ................................................................ 50,000,000 49,784,056 Beta Finance, Inc.: 5.73%, 2/10/00(3) ................................................................ 48,000,000 47,694,400 5.80%, 3/14/00-3/27/00(3) ........................................................ 80,000,000 78,996,277 5.81%, 3/10/00(3) ................................................................ 40,000,000 39,554,567 5.82%, 3/20/00(3) ................................................................ 130,000,000 128,343,194 5.97%, 1/24/00(3) ................................................................ 60,000,000 59,771,150 Breeds Hill Capital Co. LLC, Series A: 5.93%, 2/11/00(3) ................................................................ 50,000,000 49,662,319 6.15%, 4/10/00(3) ................................................................ 50,000,000 49,145,833 6.18%, 3/6/00(3) ................................................................. 11,965,000 11,831,491 CIESCO LP: 5.95%, 2/4/00 .................................................................... 75,000,000 74,578,542 6.15%, 2/24/00 ................................................................... 50,000,000 49,538,750 CIESCO LP, Series A: 5.483%, 1/14/00(1)(4) ............................................................ 50,000,000 49,990,763 Corporate Asset Funding Co., Inc.: 5.80%, 2/17/00(3) ................................................................ 60,000,000 59,545,667 5.88%, 2/9/00(3) ................................................................. 50,000,000 49,681,500 5.90%, 1/28/00-3/2/00(3) ......................................................... 150,000,000 148,779,028 Eureka Securitization, Inc.: 5.92%, 2/18/00(3) ................................................................ 50,000,000 49,605,333 5.95%, 1/27/00(3) ................................................................ 50,000,000 49,785,139 5.96%, 2/24/00(3) ................................................................ 50,000,000 49,553,000 5.98%, 1/28/00(3) ................................................................ 50,000,000 49,775,750 6%, 2/9/00(3) .................................................................... 50,000,000 49,675,000 6.02%, 2/11/00(3) ................................................................ 50,000,000 49,657,194 6.65%, 1/25/00(3) ................................................................ 100,000,000 99,556,667 Falcon Asset Securitization Corp.: 5.88%, 1/28/00(3) ................................................................ 100,000,000 99,559,000 6%, 2/1/00(3) .................................................................... 36,430,000 36,241,778 6.10%, 1/24/00(3) ................................................................ 83,000,000 82,676,531 6.13%, 1/21/00(3) ................................................................ 40,000,000 39,863,778
5 7 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- ASSET-BACKED (CONTINUED) Lexington Parker Capital Co. LLC: 5.92%, 3/17/00(3) ................................................................ $138,000,000 $136,278,473 6%, 3/2/00(3) .................................................................... 25,000,000 24,745,833 6.05%, 1/31/00-2/25/00(3) ........................................................ 135,500,000 134,598,802 6.14%, 3/16/00(3) ................................................................ 50,000,000 49,360,417 6.15%, 1/21/00(3) ................................................................ 45,000,000 44,846,250 6.17%, 1/25/00(3) ................................................................ 35,000,000 34,856,033 Moat Funding LLC: 6.05%, 1/20/00(3) ................................................................ 100,000,000 99,680,694 6.17%, 1/21/00(3) ................................................................ 40,000,000 39,862,889 New Center Asset Trust: 5.81%, 3/13/00 ................................................................... 50,000,000 49,419,000 5.88%, 3/6/00 .................................................................... 50,000,000 49,474,583 5.89%, 2/18/00 ................................................................... 50,000,000 49,607,333 5.99%, 3/30/00 ................................................................... 75,000,000 73,889,354 Park Avenue Receivables Corp.: 5.89%, 2/7/00(3) ................................................................. 100,000,000 99,394,639 5.92%, 2/14/00(3) ................................................................ 49,277,000 48,920,454 Preferred Receivables Funding Corp.: 5.83%, 3/23/00(3) ................................................................ 56,620,000 55,868,118 5.87%, 2/17/00(3) ................................................................ 30,225,000 29,993,367 5.88%, 2/14/00-2/29/00(3) ........................................................ 56,120,000 55,701,691 5.95%, 2/11/00(3) ................................................................ 50,000,000 49,661,181 5.98%, 2/22/00(3) ................................................................ 86,450,000 85,703,264 6.03%, 2/1/00-2/2/00(3) .......................................................... 89,730,000 89,255,702 Sigma Finance, Inc.: 5.87%, 1/26/00-2/22/00(3) ........................................................ 150,000,000 149,054,279 5.88%, 1/20/00-2/28/00(3) ........................................................ 101,500,000 100,856,956 5.95%, 3/24/00-3/29/00(3) ........................................................ 82,000,000 80,842,064 6.01%, 2/7/00(3) ................................................................. 25,000,000 24,845,576 6.055%, 1/18/00(3) ............................................................... 33,500,000 33,404,213 6.07%, 1/21/00(3) ................................................................ 30,000,000 29,898,833 Variable Funding Capital Corp.: 5.90%, 1/26/00(3) ................................................................ 50,000,000 49,795,139
6 8 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- ASSET-BACKED (CONTINUED) Variable Funding Capital Corp.: (Continued) 5.98%, 1/27/00(3) ................................................................ $100,000,000 $ 99,567,389 6.02%, 3/23/00(3) ................................................................ 50,000,000 49,314,389 6.04%, 3/6/00(3) ................................................................. 50,000,000 49,454,722 6.05%, 3/7/00(3) ................................................................. 25,000,000 24,722,708 6.08%, 1/20/00(3) ................................................................ 25,000,000 24,919,778 6.14%, 1/19/00(3) ................................................................ 50,000,000 49,846,500 -------------- 4,186,430,829 -------------- AUTOMOTIVE--0.4% BMW US Capital Corp.: 6.01%, 3/21/00 ................................................................... 77,500,000 76,464,944 -------------- BANKS--8.0% Banc One Financial Corp.: 5.77%, 3/10/00(3) ................................................................ 30,000,000 29,668,225 5.80%, 2/11/00-2/14/00(3) ........................................................ 100,000,000 99,315,278 6.05%, 1/13/00(3) ................................................................ 50,000,000 49,899,167 6.07%, 1/7/00(3) ................................................................. 35,000,000 34,964,592 Bank of America Corp.: 5.82%, 3/7/00 .................................................................... 50,000,000 49,466,500 5.92%, 4/3/00 .................................................................... 100,000,000 98,470,667 5.95%, 1/5/00 .................................................................... 50,000,000 49,966,944 Bank One Corp.: 5.76%, 2/16/00-2/17/00 ........................................................... 100,000,000 99,256,000 5.79%, 3/17/00 ................................................................... 50,000,000 49,388,833 5.91%, 3/30/00 ................................................................... 50,000,000 49,269,458 Credit Suisse First Boston, Inc.: 5.61%, 2/11/00(3) ................................................................ 35,000,000 34,776,379 5.77%, 3/15/00(3) ................................................................ 50,000,000 49,406,972 5.79%, 2/3/00-2/22/00(3) ......................................................... 150,000,000 149,010,875 First Chicago Financial Corp.: 5.79%, 1/20/00-1/27/00(3) ........................................................ 110,000,000 109,607,567 Wells Fargo Co.: 5.75%, 3/3/00 .................................................................... 100,000,000 99,009,722 5.77%, 2/28/00 ................................................................... 50,000,000 49,535,194 5.93%, 2/10/00-2/11/00 ........................................................... 150,000,000 148,991,209 5.95%, 2/25/00-3/2/00 ............................................................ 100,000,000 99,041,389
7 9 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- BANKS (CONTINUED) Wells Fargo Co.: (Continued) 5.96%, 2/23/00 ................................................................... $ 50,000,000 $ 49,561,278 6%, 2/9/00 ....................................................................... 50,000,000 49,675,000 -------------- 1,448,281,249 -------------- BEVERAGES--0.3% Coca-Cola Enterprises, Inc.: 5.47%, 1/31/00(3) ................................................................ 45,000,000 44,794,875 -------------- BROKER/DEALERS--18.4% Banc of America Securities LLC: 4.70%, 1/3/00(1) ................................................................. 20,000,000 20,000,000 Bear Stearns Cos., Inc.: 5.13%, 3/16/00(1) ................................................................ 50,000,000 50,000,000 5.45%, 2/2/00-2/7/00 ............................................................. 55,000,000 54,710,847 5.461%, 1/13/00(1) ............................................................... 35,000,000 35,000,000 5.651%, 1/19/00(1) ............................................................... 50,000,000 50,000,000 5.75%, 1/20/00 ................................................................... 24,000,000 23,927,167 5.76%, 3/3/00 .................................................................... 50,000,000 49,504,000 5.78%, 1/12/00 ................................................................... 92,500,000 92,335,726 5.83%, 1/11/00-1/14/00 ........................................................... 78,500,000 78,348,582 5.86%, 3/2/00 .................................................................... 50,000,000 49,503,528 5.93%, 3/29/00 ................................................................... 50,000,000 49,275,222 6.28%, 1/7/00(1) ................................................................. 30,000,000 30,000,000 6.481%, 1/27/00(1) ............................................................... 50,000,000 50,000,000 6.499%, 1/10/00(1) ............................................................... 100,000,000 100,000,000 6.604%, 1/6/00(1) ................................................................ 25,000,000 25,003,259 Bear Stearns Cos., Inc., Series B: 6.51%, 1/22/00(1) ................................................................ 50,000,000 50,008,072 6.275%, 1/18/00(1) ............................................................... 50,000,000 50,000,000 6.582%, 1/3/00(1) ................................................................ 20,000,000 20,000,760 Goldman Sachs Group LP: 5.60%, 1/27/00 ................................................................... 32,000,000 31,870,578 5.79%, 3/23/00 ................................................................... 75,000,000 74,010,875 5.91%, 3/22/00-3/24/00 ........................................................... 150,000,000 147,988,958 5.95%, 2/25/00-3/13/00 ........................................................... 330,000,000 326,682,486
8 10 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- BROKER/DEALERS (CONTINUED) Goldman Sachs Group LP Promissory Note: 6.01%, 3/27/00(4) ................................................................ $ 72,500,000 $ 72,500,000 6.14%, 3/13/00 ................................................................... 50,000,000 50,000,000 6.20%, 3/17/00(4) ................................................................ 50,000,000 50,000,000 Goldman Sachs Group LP, Series A: 5.43%, 1/13/00(1)(4) ............................................................. 40,000,000 40,001,385 6.286%, 1/10/00(1)(4) ............................................................ 25,000,000 25,000,494 6.33%, 1/7/00(1)(4) .............................................................. 50,000,000 50,001,485 Merrill Lynch & Co., Inc.: 5.85%, 2/7/00-3/15/00 ............................................................ 135,000,000 133,731,362 5.90%, 1/18/00 ................................................................... 149,750,000 149,333,960 5.96%, 1/27/00 ................................................................... 89,000,000 88,616,904 6%, 1/31/00 ...................................................................... 90,000,000 89,550,000 Morgan Stanley, Dean Witter & Co.: 4.50%, 1/3/00(1) ................................................................. 56,500,000 56,500,000 5.13%, 2/14/00(1) ................................................................ 50,000,000 50,000,000 5.44%, 1/31/00 ................................................................... 100,000,000 99,546,667 5.79%, 2/28/00 ................................................................... 75,600,000 74,894,778 5.81%, 3/8/00 .................................................................... 100,000,000 98,918,694 5.98%, 1/20/00-1/21/00 ........................................................... 100,000,000 99,676,083 6%, 2/3/00-2/4/00 ................................................................ 100,000,000 99,441,667 6.02%, 2/9/00 .................................................................... 50,000,000 49,673,917 6.08%, 1/10/00 ................................................................... 45,000,000 44,931,600 6.10%, 1/14/00 ................................................................... 50,000,000 49,889,861 Salomon Smith Barney Holdings, Inc.: 5.44%, 1/26/00 ................................................................... 40,000,000 39,848,889 5.50%, 2/8/00 .................................................................... 35,000,000 34,796,806 5.70%, 2/10/00 ................................................................... 35,000,000 34,778,333 5.77%, 2/25/00 ................................................................... 50,000,000 49,558,472 5.80%, 2/4/00 .................................................................... 45,000,000 44,753,500 5.86%, 1/19/00 ................................................................... 100,000,000 99,707,000 5.92%, 3/1/00 .................................................................... 100,000,000 99,014,167 -------------- 3,332,836,084 --------------
9 11 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- COMPUTER SOFTWARE--0.1% First Data Corp.: 6%, 1/25/00 ...................................................................... $ 25,000,000 $ 24,900,000 -------------- COMMERCIAL FINANCE--6.7% Caterpillar Financial Services Corp.: 6.10%, 4/3/00 .................................................................... 19,000,000 18,700,592 CIT Group, Inc.: 5.86%, 2/14/00 ................................................................... 50,000,000 49,641,889 5.92%, 3/22/00-3/27/00 ........................................................... 215,000,000 212,038,728 Countrywide Home Loans: 6.20%, 2/16/00 ................................................................... 84,282,000 83,614,299 6.45%, 1/24/00 ................................................................... 50,000,000 49,793,958 FINOVA Capital Corp.: 5.50%, 3/10/00 ................................................................... 20,000,000 19,789,167 5.55%, 2/3/00 .................................................................... 44,000,000 43,776,150 5.80%, 2/4/00(1) ................................................................. 25,000,000 25,000,000 6.12%, 2/4/00(1) ................................................................. 25,000,000 25,000,000 6.15%, 2/14/00(1) ................................................................ 25,000,000 25,000,000 6.24%, 1/13/00-3/10/00(1) ........................................................ 50,000,000 50,000,000 Heller Financial, Inc.: 5.85%, 3/10/00 ................................................................... 20,000,000 19,775,750 5.87%, 3/23/00 ................................................................... 25,000,000 24,665,736 5.88%, 2/17/00 ................................................................... 25,000,000 24,808,083 5.90%, 3/2/00 .................................................................... 42,500,000 42,075,118 5.95%, 2/14/00 ................................................................... 50,000,000 49,636,389 5.98%, 3/16/00 ................................................................... 50,000,000 49,377,083 6%, 3/20/00 ...................................................................... 50,000,000 49,341,667 6.10%, 2/18/00 ................................................................... 25,000,000 24,796,667 6.12%, 2/16/00 ................................................................... 50,000,000 49,609,000 6.15%, 1/20/00 ................................................................... 25,000,000 24,918,854 Heller Financial, Inc., Series H: 6.33%, 3/1/00(1) ................................................................. 37,500,000 37,509,863 Heller Financial, Inc., Series I: 5.846%, 3/27/00(1) ............................................................... 50,000,000 50,042,292 5.90%, 2/7/00(1) ................................................................. 50,000,000 49,997,016
10 12 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- COMMERCIAL FINANCE (CONTINUED) Homeside Lending, Inc.: 5.77%, 2/28/00 ................................................................... $100,000,000 $ 99,070,389 5.82%, 1/31/00 ................................................................... 25,000,000 24,878,750 -------------- 1,222,857,440 -------------- CONSUMER FINANCE--3.7% American Express Credit Corp.: 5.85%, 2/18/00 ................................................................... 150,000,000 148,826,667 5.90%, 2/17/00 ................................................................... 50,000,000 49,614,861 5.97%, 1/27/00-2/1/00 ............................................................ 200,000,000 199,029,875 5.98%, 1/20/00 ................................................................... 50,000,000 49,842,194 American General Finance Corp.: 5.81%, 3/1/00 .................................................................... 50,000,000 49,515,833 5.82%, 3/3/00 .................................................................... 25,000,000 24,749,417 5.87%, 2/24/00 ................................................................... 50,000,000 49,559,750 5.91%, 3/10/00-3/16/00 ........................................................... 100,000,000 98,818,479 -------------- 669,957,076 -------------- CONSUMER SERVICES--1.4% Prudential Funding Corp.: 5.78%, 1/18/00 ................................................................... 100,000,000 99,727,056 5.79%, 1/26/00 ................................................................... 95,500,000 95,114,622 5.93%, 4/5/00 .................................................................... 25,000,000 24,608,785 6.07%, 1/10/00 ................................................................... 32,000,000 31,951,440 -------------- 251,401,903 -------------- DIVERSIFIED FINANCIAL--10.5% Ford Motor Credit Co.: 6.50%, 1/10/00 ................................................................... 50,000,000 49,918,750 6.52%, 1/14/00 ................................................................... 50,000,000 49,882,278 GE Capital International Funding, Inc.: 5.77%, 2/22/00-3/8/00(3) ......................................................... 225,000,000 222,932,516 5.96%, 2/18/00(3) ................................................................ 100,000,000 99,205,333 General Electric Capital Corp.: 5.80%, 3/10/00 ................................................................... 80,000,000 79,110,667 5.85%, 2/11/00 ................................................................... 30,000,000 29,800,125 5.91%, 3/9/00 .................................................................... 50,000,000 49,441,833
11 13 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- DIVERSIFIED FINANCIAL (CONTINUED) General Electric Capital Corp.: (Continued) 5.92%, 3/8/00 .................................................................... $ 50,000,000 $ 49,449,111 5.96%, 3/3/00 .................................................................... 50,000,000 49,486,778 General Electric Capital Services: 5.83%, 3/16/00 ................................................................... 25,000,000 24,692,708 5.89%, 2/25/00 ................................................................... 50,000,000 49,550,069 5.90%, 3/10/00 ................................................................... 40,000,000 39,547,667 6.04%, 1/26/00 ................................................................... 50,000,000 49,790,278 General Motors Acceptance Corp.: 5.78%, 2/23/00 ................................................................... 40,000,000 39,659,622 5.81%, 3/10/00 ................................................................... 50,000,000 49,443,208 5.84%, 2/15/00 ................................................................... 50,000,000 49,635,000 5.95%, 2/17/00-2/18/00 ........................................................... 200,000,000 198,440,736 5.99%, 1/26/00 ................................................................... 42,000,000 41,825,292 Household Finance Corp.: 5.22%, 3/14/00(1) ................................................................ 100,000,000 99,957,869 5.77%, 2/7/00-2/9/00 ............................................................. 100,000,000 99,390,944 5.96%, 2/3/00-2/4/00 ............................................................. 100,000,000 99,445,389 6%, 1/20/00-1/21/00 .............................................................. 100,000,000 99,675,000 6.04%, 1/19/00 ................................................................... 100,000,000 99,698,250 6.05%, 1/24/00 ................................................................... 50,000,000 49,806,736 National Rural Utilities Cooperative Finance Corp.: 5.94%, 3/27/00 ................................................................... 103,700,000 102,221,808 6%, 3/28/00 ...................................................................... 40,000,000 39,420,000 -------------- 1,911,427,967 -------------- HEALTHCARE/DRUGS--0.4% Glaxo Wellcome plc: 5.885%, 2/7/00(3) ................................................................ 67,195,000 66,788,573 -------------- INSURANCE--9.0% AIG Life Insurance Co.: 6.476%, 1/3/00(1)(4) ............................................................. 20,000,000 20,000,000 Allstate Life Insurance Co.: 6.476%, 1/3/00(1) ................................................................ 50,000,000 50,000,000 American General Annuity Insurance: 6.476%, 1/3/00(1) ................................................................ 50,000,000 50,000,000
12 14 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- INSURANCE (CONTINUED) American General Corp.: 5.81%, 3/9/00 .................................................................... $ 50,000,000 $ 49,451,278 5.82%, 3/2/00 .................................................................... 50,000,000 49,506,917 Combined Insurance Co. of America: 6.205%, 2/2/00(1)(4) ............................................................. 50,000,000 50,000,000 GE Financial Assurance Holdings, Inc.: 5.59%, 2/10/00(3) ................................................................ 50,000,000 49,689,444 6.06%, 1/20/00-1/21/00(3) ........................................................ 100,000,000 99,671,750 Jackson National Life Insurance Co.: 6.49%, 1/3/00(1) ................................................................. 118,000,000 118,000,000 Marsh U.S.A., Inc.: 5.60%, 1/26/00-1/27/00(3) ........................................................ 94,000,000 93,626,667 MetLife Funding, Inc.: 5.90%, 2/4/00 .................................................................... 43,657,000 43,413,733 6.01%, 1/28/00 ................................................................... 73,743,000 73,413,530 Metropolitan Life Insurance Co.: 5.839%, 1/3/00(1) ................................................................ 220,500,000 220,500,000 Pacific Mutual Life Insurance Co.: 5.53%, 1/3/00(1)(4) .............................................................. 90,000,000 90,000,000 Protective Life Insurance Co.: 5.758%, 1/3/00(1) ................................................................ 30,000,000 30,000,000 Prudential Insurance Co. of America: 6%, 1/31/00(1) ................................................................... 200,000,000 200,000,000 TransAmerica Life Insurance and Annuity Co.: 6.476%, 1/3/00(1) ................................................................ 100,000,000 100,000,000 Travelers Insurance Co.: 5.608%, 1/3/00(1)(4) ............................................................. 23,000,000 23,000,000 5.627%, 1/3/00(1)(4) ............................................................. 65,000,000 65,000,000 5.658%, 1/3/00(1)(4) ............................................................. 50,000,000 50,000,000 Western and Southern Life Insurance Co.: 6.476%, 1/3/00(1) ................................................................ 100,000,000 100,000,000 -------------- 1,625,273,319 --------------
13 15 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- LEASING & FACTORING--0.8% American Honda Finance Corp.: 6.11%, 3/20/00(1) ................................................................ $ 65,000,000 $ 64,995,778 6.132%, 3/22/00(1) ............................................................... 35,000,000 34,996,948 6.223%, 1/25/00(1) ............................................................... 43,000,000 42,998,615 -------------- 142,991,341 -------------- MANUFACTURING--0.9% Eaton Corp.: 5.50%, 2/2/00(3) ................................................................. 50,000,000 49,755,556 5.90%, 3/30/00(3) ................................................................ 25,000,000 24,635,347 5.95%, 1/31/00-4/3/00(3) ......................................................... 70,600,000 69,833,442 5.98%, 3/24/00(3) ................................................................ 25,000,000 24,655,319 -------------- 168,879,664 -------------- OIL-DOMESTIC--0.2% Motiva Enterprises LLC: 5.78%, 2/8/00 .................................................................... 40,000,000 39,755,956 -------------- SPECIAL PURPOSE FINANCIAL--1.2% Forrestal Funding Master Trust, Series 1999-A: 6.30%, 1/14/00(2) ................................................................ 50,000,000 49,886,250 Intrepid Funding Master Trust, Series 1999A: 6.05%, 2/2/00(2) ................................................................. 50,000,000 49,731,111 KZH-KMS Corp.: 5.83%, 3/29/00(3) ................................................................ 14,631,000 14,422,492 5.86%, 4/6/00(3) ................................................................. 70,000,000 68,893,067 5.97%, 3/13/00(3) ................................................................ 30,510,000 30,145,711 -------------- 213,078,631 -------------- TELECOMMUNICATIONS: TECHNOLOGY--3.1% GTE Corp.: 5.97%, 3/8/00-3/13/00(3) ......................................................... 195,000,000 192,742,179 5.98%, 3/6/00(3) ................................................................. 47,815,000 47,298,731 6%, 3/10/00(3) ................................................................... 50,000,000 49,425,000 6.155%, 3/13/00(1) ............................................................... 100,000,000 99,971,331
14 16 STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued) Centennial Money Market Trust
Face Value Amount See Note 1 ---------------- --------------- (TELECOMMUNICATIONS: TECHNOLOGY (CONTINUED) Vodafone AirTouch plc: 5.77%, 3/24/00-3/31/00(3) ........................................................ $130,000,000 $ 128,225,725 5.78%, 2/15/00(3) ................................................................ 50,000,000 49,638,750 -------------- 567,301,716 -------------- Total Short-Term Notes .............................................................. 16,141,582,900 -------------- U.S. GOVERNMENT AGENCIES--1.1% Federal Farm Credit Bank: 5.74%, 2/23/00 ................................................................... 50,000,000 49,577,472 Federal Home Loan Bank: 5.68%, 1/13/00 ................................................................... 100,000,000 99,810,667 Federal National Mortgage Assn.: 5.64%, 1/6/00 .................................................................... 20,000,000 19,984,333 5.76%, 3/9/00 .................................................................... 26,700,000 26,409,504 -------------- Total U.S. Government Agencies ...................................................... 195,781,976 -------------- Total Investments, at Value ......................................................... 99.9% 18,113,417,796 -------------- Other Assets Net of Liabilities ..................................................... 0.1 24,046,735 -------------- --------------- Net Assets .......................................................................... 100.0% $18,137,464,531 ============== ===============
Short-term notes, direct bank obligations and letters of credit are generally traded on a discount basis; the interest rate is the discount rate received by the Fund at the time of purchase. Other securities normally bear interest at the rates shown. 1. Represents the current interest rate for a variable rate security. 2. 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 $194,615,740 or 1.07% of the Trust's net assets as of December 31, 1999. 3. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $6,315,082,770 or 34.82% of the Trust's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. 4. Represents a restricted security which is considered illiquid, by virtue of the absence of a readily available market or because of legal or contractual restrictions on resale. Such securities amount to $636,996,127, or 3.51% of the Trust's net assets. The Trust may not invest more than 10% of its net assets (determined at the time of purchase) in illiquid securities. See accompanying Notes to Financial Statements. 15 17 STATEMENT OF ASSETS AND LIABILITIES December 31, 1999 (Unaudited) Centennial Money Market Trust ASSETS Investments, at value--see accompanying statement ................................................... $18,113,417,796 Cash ................................................................................................ 72,697,392 Receivables and other assets: Shares of beneficial interest sold ............................................................... 1,289,226,368 Interest ......................................................................................... 29,873,592 Other ............................................................................................ 726,376 ---------------- Total assets ................................................................................... 19,505,941,524 ---------------- LIABILITIES Payables and other liabilities: Shares of beneficial interest redeemed ........................................................... 1,361,745,521 Dividends ........................................................................................ 2,654,290 Service plan fees ................................................................................ 1,587,548 Transfer and shareholder servicing agent fees .................................................... 593,111 Trustees' compensation ........................................................................... 4,361 Other ............................................................................................ 1,892,162 ---------------- Total liabilities .............................................................................. 1,368,476,993 ---------------- NET ASSETS .......................................................................................... $18,137,464,531 ================ COMPOSITION OF NET ASSETS Paid-in capital ..................................................................................... $18,137,394,171 Accumulated net realized gain on investment transactions ............................................ 70,360 ---------------- Net assets--applicable to 18,137,926,886 shares of beneficial interest outstanding .................. $18,137,464,531 ================ NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE ...................................... $1.00
See accompanying Notes to Financial Statements. 16 18 STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1999 (Unaudited) Centennial Money Market Trust INVESTMENT INCOME Interest ............................................................................................ $503,400,275 ------------- EXPENSES Management fees ..................................................................................... 30,647,835 Service plan fees ................................................................................... 18,205,152 Transfer and shareholder servicing agent fees ....................................................... 7,773,598 Custodian fees and expenses ......................................................................... 248,537 Trustees' compensation .............................................................................. 41,709 Other ............................................................................................... 1,964,709 ------------- Total expenses ................................................................................... 58,881,540 Less expenses paid indirectly .................................................................... (33,280) ------------- Net expenses ........................................................................................ 58,848,260 ------------- NET INVESTMENT INCOME ............................................................................... 444,552,015 ------------- NET REALIZED LOSS ON INVESTMENTS ..................................................................... (8,114) ------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................................................ $444,543,901 =============
================================================================================ STATEMENTS OF CHANGES IN NET ASSETS
Six Months Ended December 31, 1999 Year Ended (Unaudited) June 30, 1999 ------------------ ---------------- OPERATIONS Net investment income ................................................... $ 444,552,015 $ 792,499,233 Net realized gain (loss) ................................................ (8,114) 14,857 --------------- --------------- Net increase in net assets resulting from operations .................... 444,543,901 792,514,090 --------------- --------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS .......................... (444,552,015) (792,539,959) --------------- --------------- BENEFICIAL INTEREST TRANSACTIONS Net increase in net assets resulting from beneficial interest transactions ..................................... 316,831,182 2,706,509,046 --------------- --------------- NET ASSETS Total increase .......................................................... 316,823,068 2,706,483,177 Beginning of period ..................................................... 17,820,641,463 15,114,158,286 --------------- --------------- End of period ........................................................... $18,137,464,531 $17,820,641,463 =============== ===============
See accompanying Notes to Financial Statements. 17 19 FINANCIAL HIGHLIGHTS Centennial Money Market Trust
Six Months Ended December 31, (Unaudited) Year Ended June 30, -------------------------------------------------------------------------- 1999 1999 1998 1997 1996 1995 ---- ---- ---- ---- ---- ---- PER SHARE OPERATING DATA Net asset value, beginning of period........ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 Income from investment operations-- net investment income and net realized gain......................... .03 .05 .05 .05 .05 .05 Dividends and/or distributions to shareholders............................. (.03) (.05) (.05) (.05) (.05) (.05) ---- ---- ---- ---- ---- ---- Net asset value, end of period.............. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== TOTAL RETURN(1)............................. 2.50% 4.75% 5.16% 4.97% 5.11% 5.07% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in millions)..... $18,137 $17,821 $15,114 $9,063 $6,753 $4,812 Average net assets (in millions)............ $18,151 $17,128 $12,617 $8,033 $6,077 $3,342 Ratios to average net assets:(2) Net investment income ...................... 4.86% 4.63% 5.04% 4.86% 4.99% 5.01% Expenses.................................... 0.64% 0.66% 0.68%(3) 0.73%(3) 0.74%(3) 0.77%(3) Expenses, net of voluntary assumption of expenses.............................. N/A N/A 0.66% 0.67% 0.69% 0.73%
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 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. 18 20 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'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. 19 21 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, 1999 Year Ended June 30, 1999 ------------------------------------ ----------------------------------- Shares Amount Shares Amount --------------- ------------------ ----------------- ---------------- Sold.......................... 26,776,435,760 $26,776,435,760 50,615,000,093 $50,615,000,093 Dividends and/or distributions reinvested.... 461,653,960 461,653,960 776,439,225 776,439,225 Redeemed...................... (26,921,258,538) (26,921,258,538) (48,684,930,272) (48,684,930,272) --------------- --------------- --------------- --------------- Net increase.................. 316,831,182 $ 316,831,182 2,706,509,046 $ 2,706,509,046 =============== =============== =============== ===============
3. MANAGEMENT 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 1.5% of the first $30 million of average annual net assets of the Trust, plus 1% of average annual net assets in excess of $30 million; or 25% of the total annual investment income of the Trust. The Trust's management fee for the six months ended December 31, 1999 was 0.33% of average annual net assets, annualized for periods of less than one full year. TRANSFER AGENT FEES. Shareholder Services, Inc. (SSI), a subsidiary of the Manager, is the transfer and shareholder servicing agent for the Trust and for other registered investment companies. SSI's total costs of providing such services are allocated ratably to these companies. SERVICE PLAN FEES. 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. 20 22 This page intentionally left blank. 23 This page intentionally left blank. 24 This page intentionally left blank. 25 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 Arthur J. Zimmer, Vice President Andrew J. Donohue, Vice President and Secretary Brian W. Wixted, Treasurer Robert G. Zack, Assistant Secretary Robert J. Bishop, Assistant Treasurer Scott T. Farrar, Assistant Treasurer Investment Advisor and Distributor Centennial Asset Management Corporation Transfer and Shareholder Servicing Agent Shareholder Services, Inc. Custodian of Portfolio Securities Citibank, N.A. Independent Auditors Deloitte & Touche LLP Legal Counsel Myer, Swanson, Adams & Wolf, P.C. 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 RS0150.001.1299 [ICON] Printed on recycled paper 24 -----END PRIVACY-ENHANCED MESSAGE-----