<PAGE> 1
1999 SEMIANNUAL REPORT
CENTENNIAL
MONEY MARKET
TRUST
DECEMBER 31, 1999
<PAGE> 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.
<PAGE> 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
<PAGE> 4
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
</TABLE>
3
<PAGE> 5
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
</TABLE>
4
<PAGE> 6
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
</TABLE>
5
<PAGE> 7
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
</TABLE>
6
<PAGE> 8
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
</TABLE>
7
<PAGE> 9
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
</TABLE>
8
<PAGE> 10
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
--------------
</TABLE>
9
<PAGE> 11
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
</TABLE>
10
<PAGE> 12
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
</TABLE>
11
<PAGE> 13
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
</TABLE>
12
<PAGE> 14
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
--------------
</TABLE>
13
<PAGE> 15
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
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
</TABLE>
14
<PAGE> 16
STATEMENT OF INVESTMENTS December 31, 1999 (Unaudited) (Continued)
Centennial Money Market Trust
<TABLE>
<CAPTION>
Face Value
Amount See Note 1
---------------- ---------------
<S> <C> <C>
(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
============== ===============
</TABLE>
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
<PAGE> 17
STATEMENT OF ASSETS AND LIABILITIES December 31, 1999 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
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
</TABLE>
See accompanying Notes to Financial Statements.
16
<PAGE> 18
STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1999 (Unaudited)
Centennial Money Market Trust
<TABLE>
<S> <C>
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
=============
</TABLE>
================================================================================
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1999 Year Ended
(Unaudited) June 30, 1999
------------------ ----------------
<S> <C> <C>
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
=============== ===============
</TABLE>
See accompanying Notes to Financial Statements.
17
<PAGE> 19
FINANCIAL HIGHLIGHTS
Centennial Money Market Trust
<TABLE>
<CAPTION>
Six Months
Ended
December 31,
(Unaudited) Year Ended June 30,
--------------------------------------------------------------------------
1999 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
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%
</TABLE>
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
<PAGE> 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
<PAGE> 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:
<TABLE>
<CAPTION>
Six Months Ended December 31, 1999 Year Ended June 30, 1999
------------------------------------ -----------------------------------
Shares Amount Shares Amount
--------------- ------------------ ----------------- ----------------
<S> <C> <C> <C> <C>
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
=============== =============== =============== ===============
</TABLE>
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
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<PAGE> 23
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<PAGE> 24
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<PAGE> 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
