UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-02945
Centennial Money Market Trust
(Exact name of registrant as specified in charter)
6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)
Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)
Registrant's telephone number, including area code: (303) 768-3200
Date of fiscal year end: June 30
Date of reporting period: July 1, 2004 - December 31, 2004
ITEM 1. REPORTS TO STOCKHOLDERS.
FUND EXPENSES
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FUND EXPENSES. As a shareholder of the Trust, you incur two types of costs: (1)
transaction costs, which may include sales charges (loads) on purchase payments,
contingent deferred sales charges on redemptions; and redemption fees, if any;
and (2) ongoing costs, including management fees; distribution and service fees;
and other Trust expenses. These examples are intended to help you understand
your ongoing costs (in dollars) of investing in the Trust and to compare these
costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning
of the period and held for the entire 6-month period ended December 31, 2004.
ACTUAL EXPENSES. The "actual" lines of the table provide information about
actual account values and actual expenses. You may use the information on this
line, together with the amount you invested, to estimate the expense that you
paid over the period. Simply divide your account value by $1,000.00 (for
example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply
the result by the number in the "actual" line under the heading entitled
"Expenses Paid During Period" to estimate the expenses you paid on your account
during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the
table provide information about hypothetical account values and hypothetical
expenses based on the Trust's actual expense ratio, and an assumed rate of
return of 5% per year before expenses, which is not the Trust's actual return.
The hypothetical account values and expenses may not be used to estimate the
actual ending account balance or expenses you paid for the period. You may use
this information to compare the ongoing costs of investing in the Trust and
other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front-end
or contingent deferred sales charges (loads). Therefore, the "hypothetical"
lines of the table are useful in comparing ongoing costs only, and will not help
you determine the relative total costs of
5 | CENTENNIAL MONEY MARKET TRUST
FUND EXPENSES
- --------------------------------------------------------------------------------
owning different funds. In addition, if these transactional costs were included,
your costs would have been higher.
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(7/1/04) (12/31/04) DECEMBER 31, 2004
- -------------------------------------------------------------------------
Actual $ 1,000.00 $ 1,005.50 $ 3.43
- -------------------------------------------------------------------------
Hypothetical 1,000.00 1,021.72 3.46
Hypothetical assumes 5% annual return before expenses.
Expenses are equal to the Trust's annualized expense ratio, multiplied by the
average account value over the period, multiplied by 184/366 (to reflect the
one-half year period). The annualized expense ratio based on the 6-month period
ended December 31, 2004 is as follows:
EXPENSE RATIO
- -------------
0.68%
6 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- -----------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--14.1%
- ----------------------------------------------------------------------------------
DOMESTIC CERTIFICATES OF DEPOSIT--4.1%
Citibank NA:
2.305%, 2/23/05 $ 100,000,000 $ 100,000,000
2.305%, 2/24/05 125,000,000 125,000,000
2.32%, 2/25/05 30,000,000 30,000,000
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Washington
Mutual Bank,
2.39%, 2/14/05 41,000,000 41,000,000
- ----------------------------------------------------------------------------------
Washington
Mutual Bank FA:
2.29%, 2/11/05 73,000,000 73,000,000
2.33%, 2/2/05 100,000,000 100,000,000
2.33%, 2/3/05 42,000,000 42,000,000
2.35%, 2/10/05 70,000,000 70,000,000
- ----------------------------------------------------------------------------------
Wells Fargo
Bank NA:
2.27%, 1/6/05 45,000,000 45,000,000
2.33%, 1/4/05 50,000,000 50,000,000
2.33%, 1/6/05 64,000,000 64,000,000
2.36%, 1/27/05 100,000,000 100,000,000
-----------------
840,000,000
- ----------------------------------------------------------------------------------
YANKEE CERTIFICATES OF DEPOSIT--10.0%
Bank of Montreal
Chicago, 2.28%,
1/13/05 113,000,000 113,000,000
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Bank of Nova
Scotia, 2.338%,
6/29/05 1 150,000,000 149,970,391
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BNP Paribas,
Chicago, 2.465%,
3/25/05 100,000,000 100,000,000
- ----------------------------------------------------------------------------------
BNP Paribas,
New York:
1.475%, 1/11/05 49,600,000 49,588,623
2.02%, 1/24/05 120,000,000 119,982,902
2.17%, 1/12/05 49,700,000 49,699,534
2.328%, 6/22/05 1 125,000,000 124,973,322
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Canadian Imperial
Bank of Commerce
NY, 2.348%,
6/28/05 1 90,000,000 89,986,749
- ----------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- -----------------------------------------------------------------------------------
YANKEE CERTIFICATES OF DEPOSIT Continued
Danske Bank,
New York, 2.348%,
6/24/05 1 $ 100,000,000 $ 99,985,570
- ----------------------------------------------------------------------------------
Fortis Bank SA/NV,
New York, 2.10%,
1/5/05 117,500,000 117,500,000
- ----------------------------------------------------------------------------------
HBOS Treasury
Services, New York:
2.02%, 1/14/05 69,000,000 69,000,000
2.02%, 1/20/05 100,000,000 100,000,000
- ----------------------------------------------------------------------------------
Lloyds TSB Bank
plc, New York,
2.30%, 2/10/05 50,000,000 50,000,000
- ----------------------------------------------------------------------------------
Nordea Bank
Finland plc,
New York Branch,
2.343%, 6/29/05 1 73,000,000 72,987,392
- ----------------------------------------------------------------------------------
Royal Bank of
Canada, New York
Branch, 2.348%,
6/27/05 1 150,000,000 149,978,037
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Societe Generale,
New York:
2.30%, 2/3/05 69,300,000 69,300,000
2.328%, 6/14/05 1 117,000,000 116,981,871
- ----------------------------------------------------------------------------------
Svenska
Handelsbanken NY,
2.465%, 3/24/05 146,500,000 146,500,000
- ----------------------------------------------------------------------------------
Toronto Dominion
Bank, New York:
2.14%, 1/6/05 120,000,000 120,000,000
2.34%, 2/10/05 64,000,000 64,000,000
2.34%, 2/11/05 50,000,000 50,000,000
-----------------
2,023,434,391
-----------------
Total Certificates of Deposit
(Cost $2,863,434,391) 2,863,434,391
- ----------------------------------------------------------------------------------
DIRECT BANK OBLIGATIONS--16.8%
- ----------------------------------------------------------------------------------
AB SPINTAB:
2.10%, 1/3/05 31,000,000 30,996,383
2.36%, 2/11/05 100,000,000 99,731,222
2.385%, 2/23/05 67,000,000 66,764,746
7 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------
DIRECT BANK OBLIGATIONS Continued
- ----------------------------------------------------------------------------------
Barclays US Funding Corp.:
2.18%, 1/12/05 $ 50,000,000 $ 49,966,694
2.30%, 2/7/05 135,000,000 134,680,875
2.30%, 2/24/05 200,000,000 199,310,000
2.34%, 2/28/05 165,000,000 164,377,950
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BNP Paribas
Finance, Inc.,
2.48%, 3/30/05 125,000,000 124,242,222
- ----------------------------------------------------------------------------------
Calyon North
America, Inc.,
2%, 3/4/05 100,000,000 99,655,556
- ----------------------------------------------------------------------------------
Danske Corp.,
Series A, 2.19%,
1/12/05 100,000,000 99,933,694
- ----------------------------------------------------------------------------------
Danske Corp.,
Series B, 2.21%,
1/3/05 93,000,000 92,988,582
- ----------------------------------------------------------------------------------
DnB NOR
Bank ASA:
2.15%, 1/7/05 125,000,000 124,955,208
2.16%, 1/11/05 175,000,000 174,895,000
- ----------------------------------------------------------------------------------
Governor & Co. of
the Bank of Ireland:
2.08%, 3/29/05 2 148,000,000 147,256,053
2.28%, 2/11/05 2 16,900,000 16,856,116
- ----------------------------------------------------------------------------------
HBOS Treasury
Services:
2.13%, 2/2/05 150,000,000 149,716,000
2.14%, 2/3/05 50,000,000 49,901,917
2.33%, 2/28/05 82,750,000 82,439,366
- ----------------------------------------------------------------------------------
National Australia
Funding (Delaware),
Inc., 2.17%, 1/5/05 50,000,000 49,987,944
- ----------------------------------------------------------------------------------
Nationwide Building
Society:
1.91%, 2/25/05 115,000,000 114,664,424
2.06%, 1/28/05 2 35,000,000 34,945,925
2.12%, 2/1/05 2 103,000,000 102,812,812
- ----------------------------------------------------------------------------------
Nordea North America, Inc.:
2.15%, 1/10/05 111,650,000 111,593,701
2.15%, 1/12/05 23,425,000 23,409,611
2.27%, 2/17/05 50,000,000 49,851,819
2.285%, 2/24/05 60,000,000 59,794,350
2.31%, 2/23/05 10,500,000 10,464,291
- ----------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------
DIRECT BANK OBLIGATIONS Continued
Rabobank USA
Financial Corp.:
2.25%, 2/7/05 $ 35,000,000 $ 34,919,063
2.29%, 2/3/05 47,240,000 47,140,835
- ----------------------------------------------------------------------------------
Skandinaviska
Enskilda Banken AB,
2.45%, 3/23/05 2 50,000,000 49,724,375
- ----------------------------------------------------------------------------------
St. George Bank Ltd.:
2.15%, 4/4/05 2 80,000,000 79,555,667
2.33%, 2/7/05 2 42,500,000 42,398,224
2.37%, 2/14/05 2 50,000,000 49,855,167
2.45%, 3/14/05 2 20,000,000 19,902,000
- ----------------------------------------------------------------------------------
Stadshypotek
Delaware, Inc.,
2.26%, 1/28/05 2 44,500,000 44,424,573
- ----------------------------------------------------------------------------------
Standard Federal
Bank:
2.07%, 1/4/05 50,000,000 49,999,449
2.17%, 1/7/05 25,000,000 25,000,000
2.24%, 1/21/05 50,000,000 50,000,000
2.27%, 1/27/05 100,000,000 100,000,000
- ----------------------------------------------------------------------------------
Svenska
Handelsbanken,
Inc., Series S,
2.08%, 3/29/05 130,000,000 129,346,533
- ----------------------------------------------------------------------------------
Swedbank AB,
2.31%, 2/9/05 188,000,000 187,529,530
- ----------------------------------------------------------------------------------
UBS Finance
(Delaware) LLC,
2.295%, 2/28/05 36,000,000 35,866,890
-----------------
Total Direct Bank Obligations
(Cost $3,411,854,767) 3,411,854,767
- ----------------------------------------------------------------------------------
LETTERS OF CREDIT--0.8%
- ----------------------------------------------------------------------------------
Calyon, guaranteeing commercial
paper of Banco Nacional de Comercio
Exterior SNC, 2.30%, 1/18/05
(Cost $173,318,449) 73,500,000 73,419,949
- ----------------------------------------------------------------------------------
NATC California
LLC, 2.03%, 1/19/05 100,000,000 99,898,500
-----------------
173,318,449
8 | CENTENNIAL MONEY MARKET TRUST
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------
SHORT-TERM NOTES--66.6%
- ----------------------------------------------------------------------------------
ASSET-BACKED--25.1%
Amsterdam Funding Corp.:
2.24%, 1/6/05 2 $ 26,500,000 $ 26,491,811
2.38%, 2/14/05 2 90,000,000 89,738,200
- ----------------------------------------------------------------------------------
Barton Capital
Corp.:
2.17%, 1/7/05 2 25,000,000 24,990,958
2.20%, 1/3/05 2 28,796,000 28,792,480
- ----------------------------------------------------------------------------------
Cable Beach LP,
2.03%, 1/6/05 2 75,000,000 74,978,854
- ----------------------------------------------------------------------------------
Chesham Finance
LLC:
2.25%, 1/19/05 2 145,000,000 144,836,875
2.30%, 1/12/05 2 100,000,000 99,929,722
2.35%, 2/2/05 2 90,000,000 89,812,000
2.38%, 2/28/05 2 40,000,000 39,846,622
2.49%, 3/17/05 2 44,500,000 44,269,156
- ----------------------------------------------------------------------------------
Crown Point
Capital Co.:
1.85%, 1/21/05 2 79,366,000 79,284,429
2.02%, 1/14/05 2 24,000,000 23,982,493
2.09%, 3/8/05 2 60,000,000 59,770,100
2.11%, 3/21/05 2 38,625,000 38,446,156
2.16%, 4/6/05 2 69,000,000 68,606,700
- ----------------------------------------------------------------------------------
Eiffel Funding LLC:
2.16%, 2/2/05 2 25,000,000 24,952,000
2.25%, 1/14/05 2 46,500,000 46,462,219
2.26%, 1/4/05 2 4,500,000 4,499,156
2.36%, 2/10/05 2 39,960,000 39,855,216
- ----------------------------------------------------------------------------------
Fairway Finance
Corp.:
1.92%, 2/23/05 2 27,126,000 27,049,324
2.19%, 1/5/05 2 4,139,000 4,137,993
- ----------------------------------------------------------------------------------
FCAR Owner
Trust I:
2.04%, 1/18/05 100,000,000 99,903,667
2.17%, 1/5/05 125,000,000 124,969,861
2.17%, 1/10/05 100,000,000 99,945,750
2.39%, 2/15/05 90,000,000 89,731,125
- ----------------------------------------------------------------------------------
Gemini
Securitization
Corp., 2.27%,
1/4/05 2 25,000,000 24,995,271
- ----------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------
ASSET-BACKED Continued
Gotham Funding
Corp.:
2.31%, 1/5/05 2 $ 95,000,000 $ 94,975,617
2.31%, 1/10/05 2 31,321,000 31,302,912
2.32%, 1/7/05 2 40,066,000 40,050,508
2.40%, 1/3/05 2 156,000,000 155,979,394
2.40%, 1/20/05 2 47,000,000 46,940,467
2.42%, 1/4/05 2 55,000,000 54,989,325
- ----------------------------------------------------------------------------------
GOVCO, Inc.:
2%, 1/10/05 2 50,000,000 49,975,000
2.05%, 1/21/05 2 100,000,000 99,886,111
2.06%, 1/25/05 2 69,000,000 68,905,240
2.11%, 1/5/05 2 75,000,000 74,982,417
2.46%, 3/21/05 2 50,000,000 49,730,083
- ----------------------------------------------------------------------------------
Grampian Funding
LLC, 2.12%,
3/24/05 2 246,000,000 244,812,093
- ----------------------------------------------------------------------------------
Legacy Capital LLC:
2.02%, 3/4/05 2 53,145,000 52,960,114
2.03%, 3/7/05 2 184,281,000 183,605,559
2.36%, 1/28/05 2 50,000,000 49,911,500
- ----------------------------------------------------------------------------------
Lexington Parker
Capital Co. LLC:
2%, 3/1/05 2 75,000,000 74,754,167
2.03%, 1/10/05 2 51,161,000 51,135,061
2.05%, 1/24/05 2 80,425,000 80,319,666
2.08%, 3/2/05 2 29,000,000 28,899,467
2.15%, 2/4/05 2 65,000,000 64,868,014
2.15%, 4/5/05 2 57,000,000 56,680,008
2.17%, 1/7/05 2 35,000,000 34,987,342
2.20%, 1/11/05 2 24,000,000 23,985,333
2.42%, 2/11/05 2 10,935,000 10,904,862
- ----------------------------------------------------------------------------------
Neptune Funding
Corp.:
2.04%, 1/14/05 2 47,000,000 46,965,377
2.05%, 1/18/05 2 97,000,000 96,906,099
2.08%, 3/24/05 3 25,000,000 24,881,556
2.10%, 1/26/05 2 45,000,000 44,934,375
2.18%, 1/4/05 2 37,450,000 37,443,197
2.24%, 1/3/05 2 14,700,000 14,698,163
2.30%, 1/5/05 2 30,000,000 29,992,333
2.34%, 1/27/05 2 10,454,000 10,436,333
2.34%, 1/31/05 2 32,042,000 31,979,518
2.38%, 2/2/05 2 32,127,000 32,059,034
2.53%, 3/7/05 2 24,000,000 23,911,600
9 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------
ASSET-BACKED Continued
New Center
Asset Trust:
2.17%, 1/7/05 $ 25,000,000 $ 24,990,958
2.21%, 1/14/05 69,900,000 69,844,216
- ----------------------------------------------------------------------------------
Old Line Funding
Corp., 2.25%,
1/7/05 2 25,000,000 24,990,625
- ----------------------------------------------------------------------------------
Perry Global
Funding LLC,
Series A:
2.03%, 1/13/05 2 100,574,000 100,506,212
2.055%, 1/20/05 2 150,000,000 149,837,312
2.08%, 1/26/05 2 25,000,000 24,963,889
2.32%, 2/4/05 2 40,000,000 39,912,356
2.33%, 2/7/05 2 17,153,000 17,111,923
2.34%, 1/19/05 2 44,037,000 43,985,477
- ----------------------------------------------------------------------------------
Regency Markets
No. 1 LLC:
2.37%, 1/7/05 2 104,661,000 104,619,959
2.37%, 1/14/05 2 43,729,000 43,691,575
2.37%, 1/20/05 2 29,840,000 29,802,518
- ----------------------------------------------------------------------------------
Sheffield
Receivables Corp.:
2.17%, 1/3/05 2 45,900,000 45,894,467
2.20%, 1/12/05 2 31,760,000 31,738,650
- ----------------------------------------------------------------------------------
Solitaire Funding
LLC:
1.935%, 2/15/05 2 45,481,000 45,370,993
1.96%, 2/4/05 2 150,000,000 149,722,333
1.96%, 2/8/05 2 20,276,000 20,234,051
2.31%, 2/11/05 2 80,413,000 80,201,447
- ----------------------------------------------------------------------------------
Thornburg
Mortgage Capital
Resources, 2.11%,
1/31/05 2 120,000,000 119,811,980
- ----------------------------------------------------------------------------------
Victory Receivables
Corp.:
2.22%, 1/14/05 2 39,000,000 38,968,735
2.25%, 1/10/05 2 15,000,000 14,991,750
2.29%, 1/3/05 2 27,286,000 27,282,529
2.37%, 1/20/05 2 46,124,000 46,066,307
2.37%, 1/21/05 2 45,127,000 45,067,583
2.37%, 1/26/05 2 79,600,000 79,468,992
2.38%, 1/25/05 2 20,794,000 20,761,007
- ----------------------------------------------------------------------------------
Windmill Funding
Corp., 2.25%,
1/6/05 2 25,000,000 24,992,188
- ----------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------
ASSET-BACKED Continued
Yorktown Capital
LLC, 2.20%,
1/13/05 2 $ 8,777,000 $ 8,770,564
-------------
5,113,626,579
- ----------------------------------------------------------------------------------
AUTOMOBILES--0.2%
BMW US Capital
LLC, 2.30%,
1/14/05 2 30,000,000 29,975,083
- ----------------------------------------------------------------------------------
BEVERAGES--0.1%
Diageo Capital plc,
2.22%, 1/5/05 2 14,800,000 14,796,349
- ----------------------------------------------------------------------------------
CAPITAL MARKETS--9.4%
Banc of America
Securities LLC,
2.32%, 1/3/05 1 180,000,000 180,000,000
- ----------------------------------------------------------------------------------
Bear Stearns Cos.,
Inc.:
2.14%, 1/6/05 100,000,000 99,970,278
2.31%, 2/7/05 100,000,000 99,762,583
2.31%, 2/9/05 225,000,000 224,436,938
- ----------------------------------------------------------------------------------
Citigroup Global
Markets Holdings,
Inc.:
1.99%, 1/10/05 115,400,000 115,342,589
2.05%, 1/24/05 50,000,000 49,934,514
2.29%, 2/7/05 100,000,000 99,764,639
2.31%, 2/8/05 171,000,000 170,584,628
- ----------------------------------------------------------------------------------
First Clearing LLC,
2.41%, 6/6/05 1 140,000,000 140,000,000
- ----------------------------------------------------------------------------------
Goldman Sachs
Group, Inc., 2.23%,
4/6/05 165,000,000 165,000,000
- ----------------------------------------------------------------------------------
Lehman Brothers,
Inc., 2.38%,
12/15/05 1 152,000,000 152,000,000
- ----------------------------------------------------------------------------------
Morgan Stanley:
2.25%, 1/25/05 8,900,000 8,886,650
2.30%, 2/22/05 200,000,000 199,335,556
2.33%, 1/26/05 145,000,000 144,765,382
2.37%, 2/14/05 70,000,000 69,797,233
-----------------
1,919,580,990
10 | CENTENNIAL MONEY MARKET TRUST
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------
COMMERCIAL BANKS--4.2%
Bank of America
Corp.:
2.05%, 1/19/05 $ 150,000,000 $ 149,846,250
2.19%, 1/13/05 202,500,000 202,354,518
2.32%, 2/4/05 80,000,000 79,824,711
- ----------------------------------------------------------------------------------
HSBC USA, Inc.:
2.10%, 1/28/05 87,500,000 87,362,188
2.11%, 1/31/05 200,000,000 199,648,333
2.16%, 1/7/05 90,000,000 89,967,600
- ----------------------------------------------------------------------------------
Marshall & Ilsey
Corp., 2.29%,
1/21/05 35,000,000 34,955,472
- ----------------------------------------------------------------------------------
National City
Credit Corp.,
2.29%, 1/14/05 15,000,000 14,987,596
-----------------
858,946,668
- ----------------------------------------------------------------------------------
COMMERCIAL FINANCE--0.5%
Caterpillar Financial
Services Corp.,
Series F:
2.158%, 1/14/05 1 20,000,000 20,001,020
2.38%, 4/25/05 1 35,000,000 35,035,478
- ----------------------------------------------------------------------------------
Private Export
Funding Corp.:
1.80%, 1/13/05 2 47,200,000 47,171,680
2.15%, 3/1/05 2 5,000,000 4,982,382
-----------------
107,190,560
- ----------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES--0.2%
First Data Corp.,
2.27%, 1/12/05 38,600,000 38,573,227
- ----------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--8.9%
American Express
Credit Corp.,
Series B:
2.428%, 10/26/05 1 10,000,000 10,002,580
2.43%, 9/30/05 1 125,000,000 125,037,727
2.47%, 8/11/05 1 25,000,000 25,016,891
- ----------------------------------------------------------------------------------
General Electric
Capital Corp.:
2.18%, 1/14/05 150,000,000 149,881,917
2.32%, 2/25/05 147,000,000 146,478,967
2.33%, 2/10/05 94,000,000 93,756,644
2.45%, 3/22/05 83,150,000 82,697,294
- ----------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES Continued
General Electric
Capital Services:
2%, 3/8/05 $ 30,000,000 $ 29,890,000
2.33%, 2/10/05 42,250,000 42,140,619
2.46%, 3/21/05 200,000,000 198,920,333
- ----------------------------------------------------------------------------------
Greenwich Capital
Holdings, Inc.:
2.02%, 1/20/05 50,000,000 49,946,694
2.02%, 1/21/05 90,000,000 89,899,000
2.05%, 1/19/05 50,000,000 49,948,750
2.10%, 1/28/05 32,000,000 31,949,600
2.15%, 1/7/05 29,000,000 28,989,608
2.45%, 3/23/05 190,000,000 188,952,625
- ----------------------------------------------------------------------------------
Household
Finance Corp.:
2%, 1/12/05 145,000,000 144,911,389
2%, 1/13/05 95,000,000 94,936,667
2.34%, 2/25/05 100,000,000 99,642,500
2.34%, 2/28/05 50,000,000 49,811,500
- ----------------------------------------------------------------------------------
Prudential Funding
LLC, 2.13%, 4/4/05 79,000,000 78,565,303
-----------------
1,811,376,608
- ----------------------------------------------------------------------------------
INSURANCE--3.0%
ING America
Insurance Holdings,
Inc., 2.46%, 3/21/05 14,600,000 14,521,184
- ----------------------------------------------------------------------------------
Jackson National
Life Global
Funding, Series
2004-6, 2.403%,
1/17/05 1,3 50,000,000 50,000,000
- ----------------------------------------------------------------------------------
Jackson National
Life Insurance Co.:
2.28%, 3/1/05 1 70,000,000 70,000,000
2.29%, 1/1/05 1 48,000,000 48,000,000
- ----------------------------------------------------------------------------------
Metropolitan Life
Global Funding I,
Series 2003-5,
2.443%, 1/17/05 1,4 69,400,000 69,400,000
- ----------------------------------------------------------------------------------
Prudential Insurance
Co. of America,
2.056%, 1/31/05 1 165,000,000 165,000,000
- ----------------------------------------------------------------------------------
Security Life of
Denver Insurance
Co., 2.535%,
1/24/05 1,4 115,000,000 115,000,000
11 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------
INSURANCE Continued
United of Omaha
Life Insurance Co.:
2.38%, 1/1/05 1,4 $ 50,000,000 $ 50,000,000
2.38%, 11/17/05 1,4 16,000,000 16,000,000
2.38%, 12/29/05 1,4 15,000,000 15,000,000
-----------------
612,921,184
- ----------------------------------------------------------------------------------
LEASING & FACTORING--2.2%
American Honda
Finance Corp.:
2.15%, 1/7/05 25,000,000 24,991,042
2.296%, 12/6/05 1,3 35,000,000 34,998,375
- ----------------------------------------------------------------------------------
Toyota Motor
Credit Corp.:
2.17%, 1/12/05 35,000,000 34,976,793
2.28%, 1/26/05 150,000,000 149,762,500
2.29%, 2/3/05 200,000,000 199,580,167
-----------------
444,308,877
- ----------------------------------------------------------------------------------
OIL & GAS--0.6%
BP Capital Markets
plc, 2.25%, 1/5/05 35,000,000 34,991,250
- ----------------------------------------------------------------------------------
Koch Industries LLC:
2.27%, 1/7/05 2 25,000,000 24,990,542
2.29%, 1/11/05 2 33,000,000 32,979,008
- ----------------------------------------------------------------------------------
Shell Finance UK
plc, 2.20%, 1/3/05 35,000,000 34,995,722
-----------------
127,956,522
- ----------------------------------------------------------------------------------
PERSONAL PRODUCTS--0.3%
Colgate-Palmolive
Co., 2.27%, 1/21/05 2 35,000,000 34,955,861
- ----------------------------------------------------------------------------------
Procter & Gamble
Co., 2.24%, 2/2/05 2 25,000,000 24,950,222
-----------------
59,906,083
- ----------------------------------------------------------------------------------
PHARMACEUTICALS--0.4%
Alcon Capital
Corp., 2.22%,
1/10/05 2 37,150,000 37,129,382
- ----------------------------------------------------------------------------------
Pfizer, Inc., 2.23%,
2/1/05 2 35,000,000 34,932,790
-----------------
72,062,172
- ----------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------
SPECIAL PURPOSE FINANCIAL--11.5%
Blue Spice LLC,
2.07%, 1/24/05 2 $ 175,000,000 $ 174,768,563
- ----------------------------------------------------------------------------------
Cooperative Assn
of Tractor Dealers,
Inc., Series B:
2.15%, 3/28/05 9,500,000 9,451,207
2.15%, 3/30/05 15,100,000 15,020,641
- ----------------------------------------------------------------------------------
K2 (USA) LLC:
2%, 1/10/05 2 36,000,000 35,982,000
2.07%, 3/22/05 2 45,000,000 44,793,000
2.13%, 1/31/05 2 19,500,000 19,465,388
2.14%, 2/3/05 2 28,000,000 27,945,073
2.305%, 11/8/05 1,3 120,000,000 119,974,438
2.38%, 6/30/05 1,3 65,500,000 65,493,432
2.44%, 3/15/05 2 17,800,000 17,711,930
- ----------------------------------------------------------------------------------
LINKS Finance LLC:
2.353%, 10/17/05 1,4 150,000,000 149,964,564
2.353%, 12/15/05 1,3 187,000,000 186,946,513
2.37%, 1/21/05 1,3 90,000,000 89,999,019
2.37%, 10/31/05 1,3 175,000,000 174,956,655
- ----------------------------------------------------------------------------------
Parkland (USA) LLC:
2.35%, 12/12/05 1,3 50,000,000 49,995,300
2.383%, 1/14/05 1,3 23,000,000 22,999,918
- ----------------------------------------------------------------------------------
RACERS Trust,
Series 2004-6-MM,
2.413%, 1/24/05 1,3 156,500,000 156,500,000
- ----------------------------------------------------------------------------------
Sigma Finance, Inc.:
2.006%, 1/6/05 1,3 90,000,000 89,980,155
2.12%, 2/4/05 2 35,960,000 35,888,000
2.353%, 6/17/05 1,3 90,000,000 89,991,764
2.353%, 12/14/05 1,3 80,000,000 79,976,994
2.353%, 12/15/05 1,3 214,000,000 213,940,885
2.36%, 12/16/05 1,3 80,000,000 79,976,989
2.365%, 5/17/05 1,3 50,000,000 49,995,342
- ----------------------------------------------------------------------------------
Ticonderoga
Funding LLC:
2.38%, 2/11/05 3 33,500,000 33,409,196
2.38%, 2/14/05 3 132,441,000 132,055,744
2.41%, 2/22/05 3 75,000,000 74,738,917
2.42%, 2/28/05 3 38,167,000 38,018,191
12 | CENTENNIAL MONEY MARKET TRUST
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- ----------------------------------------------------------------------------------
SPECIAL PURPOSE FINANCIAL Continued
Wachovia Asset Securitization
Issuance, Series 2004-HEMM1,
Cl. A, 2.408%,
1/25/05 1 $ 70,000,000 $ 69,999,425
-----------------
2,349,939,243
-----------------
Total Short-Term Notes
(Cost $13,561,160,145) 13,561,160,145
- ----------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--1.9%
- ----------------------------------------------------------------------------------
Federal Home
Loan Bank:
1.40%, 4/1/05 35,000,000 34,995,920
1.50%, 2/28/05 50,000,000 50,000,000
- ----------------------------------------------------------------------------------
Federal Home Loan
Mortgage Corp.,
2.14%, 1/11/05 20,000,000 19,988,111
- ----------------------------------------------------------------------------------
Federal National
Mortgage Assn.:
1.375%, 2/18/05 50,000,000 50,000,000
1.40%, 2/25/05 25,000,000 25,000,000
1.55%, 5/4/05 35,000,000 35,000,000
1.60%, 5/13/05 25,000,000 25,000,000
1.66%, 5/20/05 50,000,000 50,000,000
1.75%, 5/23/05 100,000,000 100,000,000
-----------------
Total U.S. Government Agencies
(Cost $389,984,031) 389,984,031
- ----------------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $20,399,751,783) 100.2% 20,399,751,783
- ----------------------------------------------------------------------------------
LIABILITIES
IN EXCESS OF
OTHER ASSETS (0.2) (43,193,223)
---------------------------------
NET ASSETS 100.0% $ 20,356,558,560
=================================
FOOTNOTES TO STATEMENT OF INVESTMENTS
SHORT-TERM NOTES, DIRECT BANK OBLIGATIONS AND LETTERS OF CREDIT ARE GENERALLY
TRADED ON A DISCOUNT BASIS; THE INTEREST RATE SHOWN IS THE DISCOUNT RATE
RECEIVED BY THE TRUST AT THE TIME OF PURCHASE. OTHER SECURITIES NORMALLY BEAR
INTEREST AT THE RATES SHOWN.
1. Represents the current interest rate for a variable or increasing rate
security.
2. Security issued in an exempt transaction without registration under the
Securities Act of 1933. Such securities amount to $5,810,507,604, or 28.54% of
the Trust's net assets, and have been determined to be liquid pursuant to
guidelines adopted by the Board of Trustees.
3. 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 $1,858,829,383 or 9.13% of the Trust's net
assets as of December 31, 2004.
4. Illiquid security. The aggregate value of illiquid securities as of December
31, 2004 was $415,364,564, which represents 2.04% of the Trust's net assets. See
Note 4 of Notes to Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
December 31, 2004
- ------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------
Investments, at value (cost $20,399,751,783)
- --see accompanying statement of investments $ 20,399,751,783
- ------------------------------------------------------------------------------------------------------
Cash 28,307,871
- ------------------------------------------------------------------------------------------------------
Receivables and other assets:
Shares of beneficial interest sold 119,565,285
Interest 12,582,786
Other 972,377
-----------------
Total assets 20,561,180,102
- ------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Shares of beneficial interest redeemed 195,056,086
Dividends 4,253,321
Transfer and shareholder servicing agent fees 2,539,870
Distribution and service plan fees 1,822,775
Shareholder communications 781,945
Trustees' compensation 69,371
Other 98,174
-----------------
Total liabilities 204,621,542
- ------------------------------------------------------------------------------------------------------
NET ASSETS $ 20,356,558,560
=================
- ------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------
Paid-in capital $ 20,356,565,517
- ------------------------------------------------------------------------------------------------------
Accumulated net realized loss on investments (6,957)
-----------------
NET ASSETS--applicable to 20,347,977,445 shares of beneficial interest outstanding $ 20,356,558,560
=================
- ------------------------------------------------------------------------------------------------------
NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND OFFERING PRICE PER SHARE $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended December 31, 2004
- ------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
- ------------------------------------------------------------------------------------------------------
Interest $ 185,500,932
- ------------------------------------------------------------------------------------------------------
EXPENSES
- ------------------------------------------------------------------------------------------------------
Management fees 35,480,905
- ------------------------------------------------------------------------------------------------------
Service plan fees 21,272,101
- ------------------------------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 14,504,539
- ------------------------------------------------------------------------------------------------------
Shareholder communications 431,604
- ------------------------------------------------------------------------------------------------------
Custodian fees and expenses 114,311
- ------------------------------------------------------------------------------------------------------
Trustees' compensation 42,751
- ------------------------------------------------------------------------------------------------------
Other 730,964
-----------------
Total expenses 72,577,175
Less reduction to custodian expenses (19,257)
-----------------
Net expenses 72,557,918
- ------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 112,943,014
- ------------------------------------------------------------------------------------------------------
NET REALIZED LOSS ON INVESTMENTS (6,957)
- ------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 112,936,057
=================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15 | CENTENNIAL MONEY MARKET TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2004 JUNE 30,
(UNAUDITED) 2004
- --------------------------------------------------------------------------------------------------------------------------
OPERATIONS
- --------------------------------------------------------------------------------------------------------------------------
Net investment income $ 112,943,014 $ 137,747,546
- -------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) (6,957) 35,294
------------------------------------
Net increase in net assets resulting from operations 112,936,057 137,782,840
- -------------------------------------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- -------------------------------------------------------------------------------------------------------------------------
Dividends from net investment income (112,943,014) (137,747,546)
- -------------------------------------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- -------------------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
beneficial interest transactions (834,313,273) (1,827,754,177)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSETS
- -------------------------------------------------------------------------------------------------------------------------
Total decrease (834,320,230) (1,827,718,883)
- -------------------------------------------------------------------------------------------------------------------------
Beginning of period 21,190,878,790 23,018,597,673
------------------------------------
End of period $ 20,356,558,560 $ 21,190,878,790
====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16 | CENTENNIAL MONEY MARKET TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2004 JUNE 30,
(UNAUDITED) 2004 2003 2002 2001 2000
- --------------------------------------------------------------------------------------------------------------------
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 (loss) .01 1 .01 .01 .02 .06 .05
- --------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions
to shareholders:
Dividends from net investment income (.01) (.01) (.01) (.02) (.06) (.05)
Distributions from net realized gain -- -- -- 2 -- 2 -- --
----------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.01) (.01) (.01) (.02) (.06) (.05)
- --------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=======================================================================
- --------------------------------------------------------------------------------------------------------------------
TOTAL RETURN 3 0.55% 0.61% 1.20% 1.99% 5.51% 5.36%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 20,357 $ 21,191 $ 23,019 $ 21,736 $ 22,210 $ 18,734
- --------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 21,153 $ 22,509 $ 22,783 $ 22,947 $ 20,830 $ 18,537
- --------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 1.06% 0.61% 1.19% 1.97% 5.34% 5.20%
Total expenses 0.68% 0.67% 0.66% 0.69% 0.67% 0.67%
Expenses after payments and waivers and
reduction to custodian expenses N/A 5 0.51% 0.40% 0.66% N/A 5 N/A 5
1. Per share amounts calculated based on the average shares outstanding during
the period.
2. Less than $0.005 per share.
3. Assumes an 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 are not annualized for periods less than one
year. Returns do not reflect the deduction of taxes that a shareholder would pay
on Trust distributions or the redemption of Trust shares.
4. Annualized for periods of less than one full year.
5. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17 | CENTENNIAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Centennial Money Market Trust (the Trust) is registered under the Investment
Company Act of 1940, as amended, as an 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. The net asset value of shares of the Trust is normally
determined twice each day, at 12:00 Noon Eastern time and at 4:00 P.M. Eastern
time on each day The New York Stock Exchange (the Exchange) is open for trading.
Portfolio securities are valued on the basis of amortized cost, which
approximates market value.
- --------------------------------------------------------------------------------
FEDERAL TAXES. The Trust intends to comply with provisions of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its investment company taxable income, including any net
realized gain on investments not offset by capital loss carryforwards, if any,
to shareholders, therefore, no federal income or excise tax provision is
required.
Net investment income (loss) and net realized gain (loss) may differ for
financial statement and tax purposes. The character of dividends and
distributions made during the fiscal year from net investment income or net
realized gains may differ from their ultimate characterization for federal
income tax purposes. Also, due to timing of dividends and distributions, the
fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or net realized gain was recorded by the Trust. During the six
months ended December 31, 2004 and the year ended June 30, 2004, the Trust did
not utilize any capital loss carryforward.
As of December 31, 2004, the Trust had available for federal income tax
purposes an estimated capital loss carryforward of $6,957 expiring by 2013. This
estimated capital loss carryforward represents carryforward as of the end of the
last fiscal year, increased for losses deferred under tax accounting rules to
the current fiscal year and is increased or decreased by capital losses or gains
realized in the first six months of the current fiscal year.
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred
compensation plan for independent trustees that enables trustees to elect to
defer receipt of all or a portion of the annual compensation they are entitled
to receive from the Trust. For purposes of determining the amount owed to the
Trustee under the plan, deferred amounts are treated as though equal dollar
amounts had been invested in shares of the Trust or in other Oppenheimer funds
selected by the Trustee. The Trust purchases shares of the funds selected for
deferral by the Trustee in amounts equal to his or her deemed investment,
resulting in a Trust asset equal to the deferred compensation liability. Such
assets
18 | CENTENNIAL MONEY MARKET TRUST
are included as a component of "Other" within the asset section of the Statement
of Assets and Liabilities. Deferral of trustees' fees under the plan will not
affect the net assets of the Trust, and will not materially affect the Trust's
assets, liabilities or net investment income per share. Amounts will be deferred
until distributed in accordance to the Plan.
- --------------------------------------------------------------------------------
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. Income distributions, if any, are declared
daily and paid monthly. Capital gain distributions, if any, are declared and
paid annually but may be paid at other times to maintain the net asset value per
share at $1.00.
- --------------------------------------------------------------------------------
CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of
Operations may include interest expense incurred by the Trust on any cash
overdrafts of its custodian account during the period. Such cash overdrafts may
result from the effects of failed trades in portfolio securities and from cash
outflows resulting from unanticipated shareholder redemption activity. The Trust
pays interest to its custodian on such cash overdrafts at a rate equal to the
Federal Funds Rate plus 0.50%. The Reduction to Custodian Expenses line item, if
applicable, represents earnings on cash balances maintained by the Trust during
the period. Such interest expense and other custodian fees may be paid with
these earnings.
- --------------------------------------------------------------------------------
SECURITY TRANSACTIONS. Security transactions are recorded on the trade date.
Realized gains and losses on securities sold are determined on the basis of
identified cost.
- --------------------------------------------------------------------------------
OTHER. The preparation of financial statements in conformity with U.S. 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.
- --------------------------------------------------------------------------------
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, 2004 YEAR ENDED JUNE 30, 2004
SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------------------------------------------------------------
Sold 27,042,112,365 $ 27,042,112,365 56,512,425,972 $ 56,512,425,972
Dividends and/or
distributions
reinvested 110,908,091 110,908,091 137,480,535 137,480,535
Redeemed (27,987,333,729) (27,987,333,729) (58,477,660,684) (58,477,660,684)
--------------------------------------------------------------------------
Net decrease (834,313,273) $ (834,313,273) (1,827,754,177) $ (1,827,754,177)
==========================================================================
19 | CENTENNIAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the
investment advisory agreement with the Trust which provides for a fee at an
annual rate 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.
- --------------------------------------------------------------------------------
ADMINISTRATION SERVICES. The Trust pays the Manager a fee of $1,500 per year for
preparing and filing the Trust's tax returns.
- --------------------------------------------------------------------------------
TRANSFER AGENT FEES. Shareholder Services, Inc. (SSI) acts as the transfer and
shareholder servicing agent for the Trust and for other registered investment
companies. The Trust pays SSI a per account fee. For the six months ended
December 31, 2004, the Trust paid $14,160,484 to SSI for services to the Trust.
- --------------------------------------------------------------------------------
SERVICE PLAN (12b-1) FEES. The Trust has adopted a service plan. It reimburses
Centennial Asset Management Corporation, the Distributor, for a portion of its
costs incurred for services provided to accounts that hold shares of the Trust.
Reimbursement is made quarterly, or monthly depending on asset size, at an
annual rate of up to 0.20% of the average annual net assets of the Trust. The
Distributor currently uses all of those fees to pay dealers, brokers, banks and
other financial institutions quarterly for providing personal services and
maintenance of accounts of their customers that hold shares of the Trust. Fees
incurred by the Trust under the Plan are detailed in the Statement of
Operations.
- --------------------------------------------------------------------------------
PAYMENTS AND WAIVERS OF EXPENSES. SSI has voluntarily agreed to limit transfer
and shareholder servicing agent fees to 0.35% of average annual net assets of
the Trust. This undertaking may be amended or withdrawn at any time.
- --------------------------------------------------------------------------------
4. ILLIQUID SECURITIES
As of December 31, 2004, investments in securities included issues that are
illiquid. A security may be considered illiquid if it lacks a readily available
market or if its valuation has not changed for a certain period of time. The
Trust will not invest more than 10% of its net assets (determined at the time of
purchase and reviewed periodically) in illiquid securities.
20 | CENTENNIAL MONEY MARKET TRUST
PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES;
UPDATES TO STATEMENTS OF INVESTMENTS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Trust has adopted Portfolio Proxy Voting Policies and Procedures under which
the Trust votes proxies relating to securities ("portfolio proxies") held by the
Trust. A description of the Trust's Portfolio Proxy Voting Policies and
Procedures is available (i) without charge, upon request, by calling the Trust
toll-free at 1.800.525.7048, (ii) on the Trust's website at
www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In
addition, the Trust is required to file new Form N-PX, with its complete proxy
voting record for the 12 months ended June 30th, no later than August 31st of
each year. The Trust's Form N-PX filing is available (i) without charge, upon
request, by calling the Trust toll-free at 1.800.525.7048, and (ii) on the SEC's
website at www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the SEC
for the first quarter and the third quarter of each fiscal year on Form N-Q. The
Trust's Form N-Q filings are available on the SEC's website at
http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public
Reference Room in Washington D.C. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
21 | CENTENNIAL MONEY MARKET TRUST
ITEM 2. CODE OF ETHICS
Not applicable to semiannual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable to semiannual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable to semiannual reports.
ITEM 5. NOT APPLICABLE
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable
ITEM 7. NOT APPLICABLE
ITEM 8. NOT APPLICABLE
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The registrant's Board of Trustees has established a Governance Committee,
one function of which is to create and oversee the process by which shareholders
can submit nominees for positions on the Board. The Governance Committee has not
yet adopted a charter, but anticipates that it will do so by the end of this
calendar year. The Committee has temporarily adopted the process previously
adopted by the Audit Committee regarding shareholder submission of nominees for
board positions. Shareholders may submit names of individuals, accompanied by
complete and properly supported resumes, for the Governance Committee's
consideration by mailing such information to the Committee in care of the Fund.
The Committee may consider such persons at such time as it meets to consider
possible nominees. The Committee, however, reserves solo discretion to determine
the candidates for trustees and independent trustees to recommend to the Board
and/or shareholders and may identify candidates other than those submitted by
Shareholders. The Committee may, but need not, consider the advice and
recommendation of the Manager and its affiliates in selecting nominees. The full
Board elects new trustees except for those instances when a shareholder vote is
required.
Shareholders who desire to communicate with the Board should address
correspondence to the Board of Trustees of the registrant, or to an individual
Trustee c/o the Secretary of the Fund at 6803 South Tucson Way, Centennial,
Colorado 80112 and may submit their correspondence electronically at
WWW.OPPENHEIMERFUNDS.COM under the caption "contact us." If your correspondence
is intended for a particular Trustee, please indicate the name of the Trustee
for whom it is intended. The sender should indicate in the address whether it is
intended for the entire board, the Independent Trustees as group, or to an
individual Trustee. The Governance Committee will consider if a different
process should be recommended to the Board.
ITEM 10. CONTROLS AND PROCEDURES
(a) Based on their evaluation of registrant's disclosure controls and
procedures (as defined in rule 30a-3(c) under the Investment Company
Act of 1940 (17 CFR 270.30a-3(c)) as of December 31, 2004,
registrant's principal executive officer and principal financial
officer found registrant's disclosure controls and procedures to
provide reasonable assurances that information required to be
disclosed by registrant in the reports that it files under the
Securities Exchange Act of 1934 (a) is accumulated and communicated
to registrant's management, including its principal executive
officer and principal financial officer, to allow timely decisions
regarding required disclosure, and (b) is recorded, processed,
summarized and reported, within the time periods specified in the
rules and forms adopted by the U.S. Securities and Exchange
Commission.
(b) There have been no changes in registrant's internal controls over
financial reporting that occurred during the registrant's last
fiscal quarter that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
(A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)(NOT
APPLICABLE TO SEMIANNUAL REPORTS)
(B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)