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: June 30, 2005
-------------
ITEM 1. REPORTS TO STOCKHOLDERS.
FUND EXPENSES
- --------------------------------------------------------------------------------
FUND EXPENSES. As a shareholder of the Trust, you incur ongoing costs, including
management fees, 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 June 30, 2005.
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 for the class of
shares you hold with the 5% hypothetical examples that appear in the shareholder
reports of the other funds.
5 | CENTENNIAL MONEY MARKET TRUST
FUND EXPENSES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT 6 MONTHS
VALUE VALUE ENDED
(1/1/05) (6/30/05) JUNE 30, 2005
- --------------------------------------------------------------------------------
Actual $1,000.00 $1,010.40 $3.35
- --------------------------------------------------------------------------------
Hypothetical 1,000.00 1,021.47 3.36
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 181/365 (to reflect the
one-half year period). The annualized expense ratio based on the 6-month period
ended June 30, 2005 is as follows:
EXPENSE RATIO
- -------------
0.67%
- --------------------------------------------------------------------------------
6 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS June 30, 2005
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--20.3%
- --------------------------------------------------------------------------------
DOMESTIC CERTIFICATES OF DEPOSIT--5.9%
Bank of the West,
3.09%, 7/1/05 $190,000,000 $ 190,000,000
- --------------------------------------------------------------------------------
Citibank NA:
3.23%, 8/23/05 120,000,000 120,000,000
3.24%, 8/25/05 99,000,000 99,000,000
3.355%, 9/15/05 65,000,000 65,000,000
- --------------------------------------------------------------------------------
HSBC Bank USA,
3.19%, 8/12/05 125,000,000 125,000,000
- --------------------------------------------------------------------------------
M & I Marshall
& Ilsley Bank,
3.433%, 9/29/05 70,000,000 69,998,265
- --------------------------------------------------------------------------------
Suntrust Bank:
3.38%, 8/31/05 85,000,000 85,000,000
3.38%, 9/1/05 140,000,000 140,000,000
- --------------------------------------------------------------------------------
Washington Mutual
Bank FA:
3.15%, 8/3/05 75,000,000 75,000,000
3.19%, 8/11/05 125,000,000 125,000,000
3.19%, 8/19/05 85,000,000 84,994,977
3.21%, 8/16/05 32,000,000 32,000,191
----------------
1,210,993,433
- --------------------------------------------------------------------------------
YANKEE CERTIFICATES OF DEPOSIT--14.4%
Barclays Bank plc,
New York:
3.175%, 8/8/05 140,000,000 140,000,000
3.19%, 8/12/05 14,000,000 14,000,000
3.245%, 8/26/05 146,000,000 146,000,000
3.31%, 9/6/05 105,500,000 105,500,000
3.34%, 9/14/05 100,000,000 100,000,000
3.36%, 9/16/05 30,000,000 30,000,000
- --------------------------------------------------------------------------------
Calyon, New York,
3.17%, 8/12/05 100,000,000 100,000,000
- --------------------------------------------------------------------------------
Canadian Imperial
Bank of Commerce NY:
3.105%, 9/8/05 150,000,000 149,928,700
3.145%, 7/28/05 150,000,000 150,000,000
- --------------------------------------------------------------------------------
Dexia Credit Local,
New York,
3.19%, 8/12/05 130,000,000 130,000,000
- --------------------------------------------------------------------------------
HBOS Treasury
Services, New York:
3.27%, 9/2/05 45,300,000 45,300,000
3.39%, 9/20/05 86,000,000 86,000,000
3.44%, 9/29/05 75,000,000 75,000,000
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
YANKEE CERTIFICATES OF DEPOSIT Continued
Lloyds TSB Bank
plc, New York:
3.43%, 9/26/05 $150,000,000 $ 150,000,000
3.43%, 9/27/05 100,000,000 100,000,000
- --------------------------------------------------------------------------------
Royal Bank of
Scotland, New York:
3.27%, 9/1/05 150,000,000 150,000,000
3.27%, 9/2/05 200,000,000 200,000,000
- --------------------------------------------------------------------------------
Societe Generale,
New York:
3.25%, 8/18/05 83,000,000 83,000,000
3.34%, 9/15/05 160,000,000 160,000,000
- --------------------------------------------------------------------------------
Svenska
Handelsbanken NY:
3.165%, 8/10/05 140,000,000 140,000,000
3.17%, 8/5/05 50,000,000 50,000,000
3.21%, 8/15/05 50,000,000 50,000,000
3.39%, 9/8/05 89,083,000 89,083,000
- --------------------------------------------------------------------------------
Toronto Dominion
Bank, New York,
3.365%, 9/23/05 120,000,000 120,000,000
- --------------------------------------------------------------------------------
UBS AG Stamford CT:
3.21%, 8/15/05 150,000,000 150,000,000
3.25%, 8/19/05 80,000,000 80,000,000
3.315%, 8/25/05 125,000,000 125,000,949
----------------
2,918,812,649
----------------
Total Certificates of Deposit
(Cost $4,129,806,082) 4,129,806,082
- --------------------------------------------------------------------------------
DIRECT BANK OBLIGATIONS--19.5%
AB SPINTAB,
3.25%, 9/12/05 70,000,000 69,538,681
- --------------------------------------------------------------------------------
BNP Paribas
Finance, Inc.,
3.15%, 8/10/05 46,000,000 45,839,000
- --------------------------------------------------------------------------------
Calyon North
America, Inc.:
3.045%, 7/15/05 150,000,000 149,822,229
3.12%, 8/5/05 41,000,000 40,875,633
3.27%, 9/6/05 118,000,000 117,281,872
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Citicorp, 3.105%,
7/20/05 50,000,000 49,918,063
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Danske Corp.,
Series A,
3.01%, 7/7/05 300,000,000 299,849,500
7 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
DIRECT BANK OBLIGATIONS Continued
Dexia Delaware
LLC, 3.01%, 7/5/05 $175,000,000 $ 174,941,472
- --------------------------------------------------------------------------------
DnB NOR Bank ASA:
3.015%, 7/6/05 36,270,000 36,254,804
3.115%, 7/13/05 97,500,000 97,398,763
3.12%, 7/25/05 90,740,000 90,550,914
3.15%, 8/11/05 100,000,000 99,640,681
3.155%, 8/5/05 60,177,000 59,992,415
3.375%, 9/22/05 27,000,000 26,789,906
- --------------------------------------------------------------------------------
Governor & Co.
of the Bank of
Ireland, 3.01%,
7/5/05 1 34,000,000 33,988,629
- --------------------------------------------------------------------------------
HBOS Treasury Services:
3.04%, 7/11/05 76,000,000 75,935,822
3.045%, 7/14/05 123,521,000 123,385,178
3.06%, 7/20/05 9,000,000 8,985,465
3.08%, 7/18/05 16,000,000 15,976,729
3.115%, 7/29/05 87,000,000 86,789,218
3.12%, 7/27/05 15,175,000 15,140,806
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HSBC USA, Inc.:
3.045%, 7/8/05 100,000,000 99,940,792
3.045%, 7/11/05 16,000,000 15,986,467
3.15%, 8/5/05 50,000,000 49,846,875
3.175%, 8/15/05 67,000,000 66,734,094
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LaSalle Bank NA:
3.13%, 7/21/05 112,000,000 112,000,000
3.26%, 8/17/05 65,000,000 65,000,000
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Nationwide
Building Society:
3.045%, 7/13/05 1 200,000,000 199,797,167
3.045%, 7/14/05 1 100,000,000 99,890,042
3.11%, 7/28/05 1 84,643,000 84,445,570
3.15%, 8/11/05 1 30,000,000 29,892,375
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Nordea North America, Inc.:
3.02%, 7/6/05 57,500,000 57,475,882
3.03%, 7/7/05 24,000,000 23,987,880
3.06%, 7/20/05 40,000,000 39,935,400
3.21%, 8/25/05 150,000,000 149,264,375
3.35%, 9/16/05 68,000,000 67,512,761
3.40%, 9/23/05 40,725,000 40,401,915
3.405%, 9/28/05 29,550,000 29,301,251
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Skandinaviska Enskilda
Banken AB:
3.045%, 7/1/05 1 172,300,000 172,300,000
3.10%, 7/18/05 1 50,000,000 49,926,806
3.18%, 8/19/05 1 147,420,000 146,779,911
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
DIRECT BANK OBLIGATIONS Continued
Societe Generale
North America:
3.15%, 8/10/05 $117,985,000 $ 117,572,053
3.155%, 8/9/05 100,000,000 99,658,208
3.27%, 9/6/05 22,945,000 22,805,361
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St. George Bank
Ltd., 3.18%,
8/2/05 1 50,000,000 49,858,667
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Stadshypotek
Delaware, Inc.,
3.155%, 7/20/05 1 80,000,000 79,866,789
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Swedbank AB:
3.015%, 7/8/05 80,000,000 79,953,100
3.155%, 8/8/05 100,000,000 99,666,972
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UBS Finance
(Delaware) LLC:
3.10%, 7/22/05 19,037,000 19,002,575
3.28%, 7/1/05 35,470,000 35,470,000
3.38%, 9/26/05 27,350,000 27,126,596
----------------
Total Direct Bank Obligations
(Cost $3,950,295,664) 3,950,295,664
- --------------------------------------------------------------------------------
LETTERS OF CREDIT--0.7%
- --------------------------------------------------------------------------------
Chase Manhattan
Bank, guaranteeing
commercial
paper of NATC
California LLC:
3.07%, 7/19/05 100,000,000 99,846,500
3.09%, 7/21/05 50,000,000 49,914,167
----------------
Total Letters of Credit
(Cost $149,760,667) 149,760,667
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SHORT-TERM NOTES--59.5%
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES--23.4%
Cable Beach LP,
3.115%, 7/14/05 1 75,000,000 74,915,635
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Chesham Finance LLC:
3.08%, 7/12/05 1 49,240,000 49,193,660
3.10%, 7/21/05 1 40,745,000 40,674,828
3.13%, 7/18/05 1 103,020,000 102,867,731
3.21%, 8/17/05 1 50,000,000 49,790,458
3.34%, 7/5/05 1 68,000,000 67,976,653
3.46%, 7/1/05 1 78,700,000 78,700,000
8 | CENTENNIAL MONEY MARKET TRUST
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES Continued
Crown Point
Capital Co.:
3.15%, 7/25/05 1 $ 35,534,000 $ 35,459,379
3.37%, 9/12/05 1 66,110,000 65,658,230
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Fairway Finance
Corp.:
3.355%, 9/15/05 1 49,217,000 48,868,407
3.40%, 9/26/05 1 26,921,000 26,699,799
- --------------------------------------------------------------------------------
FCAR Owner
Trust I:
3.04%, 7/8/05 102,500,000 102,439,411
3.37%, 9/19/05 171,275,000 169,992,341
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FCAR Owner
Trust II:
3.38%, 9/16/05 100,000,000 99,277,056
3.39%, 9/14/05 40,000,000 39,717,500
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Gemini
Securitization
Corp.:
3.14%, 7/14/05 1 53,060,000 52,999,836
3.16%, 7/15/05 1 51,645,000 51,581,534
3.27%, 8/19/05 1 50,000,000 49,777,458
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Gotham Funding
Corp.:
3.11%, 7/8/05 1 18,600,000 18,588,752
3.17%, 8/1/05 1 50,000,000 49,863,514
3.21%, 7/15/05 1 73,495,000 73,403,254
3.27%, 9/2/05 1 75,000,000 74,567,750
3.28%, 8/12/05 1 25,000,000 24,904,333
3.33%, 7/25/05 1 64,505,000 64,361,799
3.33%, 8/2/05 1 15,847,000 15,800,234
- --------------------------------------------------------------------------------
GOVCO, Inc.:
3.05%, 7/12/05 1 45,000,000 44,958,063
3.06%, 7/19/05 1 60,000,000 59,908,200
3.11%, 7/25/05 1 57,635,000 57,515,503
3.115%, 7/28/05 1 57,000,000 56,866,808
3.16%, 8/11/05 1 80,000,000 79,712,089
3.19%, 8/18/05 1 84,000,000 83,642,720
3.21%, 8/12/05 1 25,000,000 24,906,375
- --------------------------------------------------------------------------------
Legacy Capital LLC:
3.27%, 7/25/05 1 121,653,000 121,387,796
3.285%, 9/6/05 1 184,185,000 183,058,939
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES Continued
Lexington Parker
Capital Co. LLC:
3.055%, 7/6/05 1 $ 88,000,000 $ 87,962,661
3.12%, 7/19/05 1 76,100,000 75,981,284
3.14%, 7/26/05 1 60,500,000 60,368,076
3.17%, 8/8/05 1 42,500,000 42,357,790
3.215%, 8/17/05 1 23,793,000 23,693,328
3.225%, 8/22/05 1 49,000,000 48,771,742
3.29%, 9/6/05 1 13,480,000 13,397,461
3.315%, 9/9/05 1 58,000,000 57,626,142
- --------------------------------------------------------------------------------
Neptune Funding
Corp.:
3.08%, 7/11/05 1 25,000,000 24,978,611
3.08%, 7/13/05 1 41,516,000 41,473,377
3.09%, 7/20/05 1 64,000,000 63,895,627
3.16%, 7/27/05 1 9,262,000 9,240,862
3.20%, 8/5/05 1 5,901,000 5,882,641
3.33%, 8/25/05 1 22,681,000 22,565,610
3.36%, 9/12/05 1 20,000,000 19,863,733
3.37%, 9/16/05 1 45,843,000 45,512,561
3.385%, 9/19/05 1 21,559,000 21,396,828
3.42%, 9/21/05 1 20,000,000 19,844,200
3.42%, 9/23/05 1 127,271,000 126,256,389
- --------------------------------------------------------------------------------
New Center
Asset Trust:
3.27%, 8/24/05 142,200,000 141,503,259
3.28%, 8/29/05 263,647,000 262,232,187
- --------------------------------------------------------------------------------
Perry Global
Funding LLC,
Series A:
3.17%, 8/4/05 1 48,400,000 48,255,096
3.22%, 8/22/05 1 85,000,000 84,604,656
3.25%, 8/17/05 1 106,081,000 105,630,892
- --------------------------------------------------------------------------------
Regency Markets
No. 1 LLC,
3.22%, 8/15/05 1 57,900,000 57,666,953
- --------------------------------------------------------------------------------
Solitaire
Funding LLC:
3.335%, 9/15/05 1 74,500,000 73,975,479
3.34%, 9/16/05 1 60,000,000 59,571,367
3.38%, 9/12/05 1 62,000,000 61,575,059
3.41%, 9/21/05 1 124,000,000 123,036,864
3.42%, 9/26/05 1 98,500,000 97,685,898
9 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES Continued
Thornburg
Mortgage
Capital Resources:
3.19%, 7/22/05 1 $116,221,000 $ 116,004,732
3.33%, 8/19/05 1 85,000,000 84,614,738
- --------------------------------------------------------------------------------
Victory Receivables
Corp.:
3.09%, 7/5/05 1 50,000,000 49,982,833
3.155%, 8/5/05 1 87,185,000 86,917,572
3.20%, 7/15/05 1 37,182,000 37,135,729
3.28%, 8/16/05 1 90,000,000 89,622,800
3.29%, 8/1/05 1 39,970,000 39,861,581
3.38%, 9/21/05 1 59,161,000 58,705,526
- --------------------------------------------------------------------------------
Yorktown Capital
LLC, 3.24%,
8/25/05 1 14,926,000 14,852,116
----------------
4,744,540,305
- --------------------------------------------------------------------------------
BEVERAGES--0.1%
Better Brands of
South Georgia LLP,
Series 2003,
3.40%, 7/7/05 2 11,600,000 11,600,000
- --------------------------------------------------------------------------------
CAPITAL MARKETS--10.2%
Banc of America
Securities LLC,
3.28%, 7/1/05 2 180,000,000 180,000,000
- --------------------------------------------------------------------------------
Bear Stearns
Cos., Inc.:
3.04%, 7/11/05 92,000,000 91,922,311
3.15%, 8/8/05 95,000,000 94,684,125
3.16%, 8/10/05 200,000,000 199,297,778
3.40%, 9/26/05 24,000,000 23,803,960
- --------------------------------------------------------------------------------
Citigroup Global
Markets Holdings,
Inc.:
3.01%, 7/8/05 50,000,000 49,970,736
3.13%, 8/3/05 115,000,000 114,670,046
3.165%, 8/12/05 50,000,000 49,815,375
- --------------------------------------------------------------------------------
First Clearing LLC,
3.37%, 7/1/05 2 180,000,000 180,000,000
- --------------------------------------------------------------------------------
Goldman Sachs
Group, Inc.:
3.18%, 10/31/05 2,3 180,000,000 180,000,000
3.18%, 10/31/05 2,3 70,000,000 70,000,000
3.20%, 7/6/05 2,3 160,000,000 160,000,000
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
CAPITAL MARKETS Continued
Lehman Brothers,
Inc., 3.50%,
12/15/05 2 $229,000,000 $ 229,000,000
- --------------------------------------------------------------------------------
Morgan Stanley:
3.05%, 7/7/05 100,000,000 99,949,167
3.05%, 7/8/05 40,000,000 39,976,278
3.05%, 7/11/05 100,000,000 99,915,278
3.12%, 7/20/05 6,000,000 5,990,120
3.13%, 8/1/05 100,000,000 99,730,472
3.23%, 8/11/05 60,000,000 59,779,283
3.26%, 8/17/05 50,000,000 49,787,194
----------------
2,078,292,123
- --------------------------------------------------------------------------------
COMMERCIAL FINANCE--0.9%
Countrywide
Financial Corp.:
3.30%, 7/26/05 37,465,000 37,379,143
3.30%, 7/28/05 50,000,000 49,876,250
3.32%, 7/27/05 100,000,000 99,761,667
----------------
187,017,060
- --------------------------------------------------------------------------------
CONSUMER FINANCE--2.0%
American Express
Credit Corp.:
3.12%, 8/2/05 117,285,000 116,959,730
3.15%, 8/8/05 130,000,000 129,567,750
- --------------------------------------------------------------------------------
American Express
Credit Corp.,
Series B:
3.29%, 8/11/05 2 25,000,000 25,003,120
3.324%, 10/26/05 2 10,000,000 10,001,013
3.34%, 9/30/05 2 125,000,000 125,012,622
----------------
406,544,235
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--7.2%
General Electric
Capital Corp.:
3.04%, 7/11/05 75,000,000 74,936,667
3.11%, 7/20/05 141,000,000 140,768,564
3.22%, 8/26/05 140,000,000 139,298,756
3.38%, 9/26/05 30,085,000 29,839,256
10 | CENTENNIAL MONEY MARKET TRUST
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES Continued
General Electric
Capital Services:
3.02%, 7/5/05 $ 46,500,000 $ 46,484,397
3.08%, 7/21/05 79,000,000 78,864,822
3.24%, 8/31/05 27,400,000 27,249,574
3.36%, 9/19/05 175,000,000 173,693,333
3.36%, 9/20/05 50,000,000 49,622,000
- --------------------------------------------------------------------------------
Greenwich Capital
Holdings, Inc.:
3.08%, 7/22/05 50,000,000 49,910,167
3.10%, 7/18/05 100,000,000 99,853,611
3.18%, 8/15/05 2 71,000,000 71,000,000
- --------------------------------------------------------------------------------
HSBC Finance
Corp.:
3.055%, 7/18/05 235,000,000 234,658,749
3.12%, 7/28/05 65,000,000 64,847,900
3.35%, 9/16/05 100,000,000 99,283,472
- --------------------------------------------------------------------------------
Prudential Funding
LLC, 3.39%,
9/22/05 87,590,000 86,905,411
----------------
1,467,216,679
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--0.1%
Mississippi Business
Finance Corp.,
3.40%, 7/1/05 2 15,300,000 15,300,000
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--0.0%
Cambridge-
Southlake Partners
LP, Series 2003,
3.40%, 7/7/05 2 8,875,000 8,875,000
- --------------------------------------------------------------------------------
INSURANCE--4.6%
ING America
Insurance
Holdings, Inc.:
3.05%, 7/7/05 30,000,000 29,984,750
3.05%, 7/11/05 30,000,000 29,974,583
3.245%, 8/30/05 60,000,000 59,675,500
3.27%, 9/1/05 30,000,000 29,831,050
3.30%, 9/7/05 65,000,000 64,594,833
3.34%, 9/14/05 65,000,000 64,547,708
3.35%, 9/13/05 60,000,000 59,586,833
3.41%, 9/26/05 45,000,000 44,629,163
- --------------------------------------------------------------------------------
ING Verzekeringen
NV, 3.24%,
8/26/05 25,000,000 24,874,000
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
INSURANCE Continued
Jackson National
Life Global
Funding, Series
2004-6, 3.26%,
7/15/05 2,3 $ 50,000,000 $ 50,000,000
- --------------------------------------------------------------------------------
Jackson National
Life Insurance Co.,
3.121%, 7/1/05 2 48,000,000 48,000,000
- --------------------------------------------------------------------------------
Metropolitan Life
Global Funding I,
Series 2003-5,
3.28%, 7/15/05 2,3 69,400,000 69,400,000
- --------------------------------------------------------------------------------
Prudential
Insurance Co.
of America,
3.141%, 7/1/05 2 165,000,000 165,000,000
- --------------------------------------------------------------------------------
Security Life of
Denver Insurance
Co., 3.40%,
7/23/05 2 115,000,000 115,000,000
- --------------------------------------------------------------------------------
United of Omaha
Life Insurance Co.:
3.211%, 7/1/05 2,3 50,000,000 50,000,000
3.211%, 11/17/05 2,3 16,000,000 16,000,000
3.211%, 12/29/05 2,3 15,000,000 15,000,000
----------------
936,098,420
- --------------------------------------------------------------------------------
LEASING & FACTORING--1.3%
American Honda
Finance Corp.:
3.115%, 12/6/05 2,4 35,000,000 34,999,242
3.16%, 8/11/05 50,000,000 49,820,056
- --------------------------------------------------------------------------------
Toyota Motor
Credit Corp.:
3.12%, 8/5/05 100,000,000 99,696,667
3.36%, 9/22/05 73,000,000 72,434,493
----------------
256,950,458
- --------------------------------------------------------------------------------
SPECIAL PURPOSE FINANCIAL--9.7%
Blue Spice LLC:
3.08%, 7/22/05 1 75,000,000 74,865,250
3.33%, 9/16/05 1 60,000,000 59,572,650
11 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIAL PURPOSE FINANCIAL Continued
K2 (USA) LLC:
3.125%, 11/8/05 2,4 $120,000,000 $ 119,989,315
3.18%, 8/15/05 1 24,372,000 24,275,121
3.21%, 7/20/05 2,4 90,000,000 89,984,984
3.30%, 9/12/05 1 37,000,000 36,752,408
3.30%, 9/13/05 1 20,000,000 19,864,333
- --------------------------------------------------------------------------------
LINKS Finance LLC:
3.17%, 10/17/05 2,4 150,000,000 149,986,757
3.17%, 12/15/05 2,4 187,000,000 186,974,332
3.18%, 7/15/05 1 46,200,000 46,142,866
3.28%, 10/31/05 2,4 175,000,000 174,982,548
3.29%, 9/8/05 1 22,000,000 21,861,272
3.38%, 9/21/05 1 40,000,000 39,692,044
- --------------------------------------------------------------------------------
Parkland (USA) LLC:
3.17%, 12/12/05 2,4 50,000,000 49,997,766
3.24%, 7/15/05 2,4 42,000,000 41,997,687
- --------------------------------------------------------------------------------
RACERS Trust,
Series 2004-6-MM,
3.28%, 7/22/05 2 156,500,000 156,500,000
- --------------------------------------------------------------------------------
Sigma Finance, Inc.:
3.11%, 7/22/05 1 24,000,000 23,956,460
3.16%, 8/9/05 1 83,000,000 82,715,863
3.17%, 7/15/05 2,4 29,000,000 28,994,512
3.17%, 12/14/05 2,4 80,000,000 79,988,994
3.17%, 12/15/05 2,4 100,000,000 99,986,781
3.17%, 12/15/05 2,4 114,000,000 113,984,850
3.17%, 12/16/05 2,4 80,000,000 79,988,919
3.19%, 8/15/05 1 27,300,000 27,191,141
3.37%, 9/19/05 1 76,500,000 75,927,100
- --------------------------------------------------------------------------------
Wachovia Asset
Securitization Issuance,
Series 2004-HM1A,
3.304%, 7/25/05 2 58,862,659 58,862,185
----------------
1,965,036,138
----------------
Total Short-Term Notes
(Cost $12,077,470,418) 12,077,470,418
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $20,307,332,831) 100.0% 20,307,332,831
- --------------------------------------------------------------------------------
LIABILITIES
IN EXCESS OF
OTHER ASSETS -- (593,627)
--------------------------------
NET ASSETS 100.0% $20,306,739,204
================================
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. Security issued in an exempt transaction without registration under the
Securities Act of 1933. Such securities amount to $5,408,941,015, or 26.64% of
the Trust's net assets, and have been determined to be liquid pursuant to
guidelines adopted by the Board of Trustees.
2. Represents the current interest rate for a variable or increasing rate
security.
3. Illiquid security. The aggregate value of illiquid securities as of June 30,
2005 was $610,400,000, which represents 3.01% of the Trust's net assets. See
Note 4 of Notes to Financial Statements.
4. Represents securities sold under Rule 144A, which are exempt from
registration under the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by the Board of
Trustees. These securities amount to $1,251,856,687 or 6.16% of the Trust's net
assets as of June 30, 2005.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF ASSETS AND LIABILITIES June 30, 2005
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
ASSETS
- ------------------------------------------------------------------------------------------------------
Investments, at value (cost $20,307,332,831)--see accompanying
statement of investments $20,307,332,831
- ------------------------------------------------------------------------------------------------------
Cash 870,053
- ------------------------------------------------------------------------------------------------------
Receivables and other assets:
Interest 16,933,212
Shares of beneficial interest sold 1,850,074
Other 676,021
----------------
Total assets 20,327,662,191
- ------------------------------------------------------------------------------------------------------
LIABILITIES
- ------------------------------------------------------------------------------------------------------
Payables and other liabilities:
Dividends 15,813,133
Transfer and shareholder servicing agent fees 2,259,518
Service plan fees 1,364,757
Shareholder communications 1,088,666
Trustees' compensation 79,824
Shares of beneficial interest redeemed 54,332
Other 262,757
----------------
Total liabilities 20,922,987
- ------------------------------------------------------------------------------------------------------
NET ASSETS $20,306,739,204
================
- ------------------------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- ------------------------------------------------------------------------------------------------------
Paid-in capital $20,306,725,061
- ------------------------------------------------------------------------------------------------------
Accumulated net realized gain on investments 14,143
----------------
NET ASSETS--applicable to 20,307,136,989 shares of beneficial interest outstanding $20,306,739,204
================
- ------------------------------------------------------------------------------------------------------
NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND OFFERING PRICE PER SHARE $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF OPERATIONS For the Year Ended June 30, 2005
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $471,392,646
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 69,864,089
- --------------------------------------------------------------------------------
Service plan fees 41,831,209
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 27,201,089
- --------------------------------------------------------------------------------
Shareholder communications 996,454
- --------------------------------------------------------------------------------
Custodian fees and expenses 349,769
- --------------------------------------------------------------------------------
Trustees' compensation 85,129
- --------------------------------------------------------------------------------
Other 1,459,687
-------------
Total expenses 141,787,426
Less reduction to custodian expenses (31,387)
-------------
Net expenses 141,756,039
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 329,636,607
- --------------------------------------------------------------------------------
NET REALIZED GAIN ON INVESTMENTS 14,143
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $329,650,750
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14 | CENTENNIAL MONEY MARKET TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
YEAR ENDED JUNE 30, 2005 2004
- --------------------------------------------------------------------------------------------
OPERATIONS
- --------------------------------------------------------------------------------------------
Net investment income $ 329,636,607 $ 137,747,546
- --------------------------------------------------------------------------------------------
Net realized gain 14,143 35,294
------------------------------------
Net increase in net assets resulting from operations 329,650,750 137,782,840
- --------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- --------------------------------------------------------------------------------------------
Dividends from net investment income (329,636,607) (137,747,546)
- --------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- --------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
beneficial interest transactions (884,153,729) (1,827,754,177)
- --------------------------------------------------------------------------------------------
NET ASSETS
- --------------------------------------------------------------------------------------------
Total decrease (884,139,586) (1,827,718,883)
- --------------------------------------------------------------------------------------------
Beginning of period 21,190,878,790 23,018,597,673
------------------------------------
End of period $20,306,739,204 $21,190,878,790
====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15 | CENTENNIAL MONEY MARKET TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
YEAR ENDED JUNE 30, 2005 2004 2003 2002 2001
- ------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ------------------------------------------------------------------------------------------------------------------
Income from investment operations--net
investment income and net realized gain .02 1 .01 .01 .02 .06
- ------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to shareholders:
Dividends from net investment income (.02) (.01) (.01) (.02) (.06)
Distributions from net realized gain -- -- -- 2 -- 2 --
---------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.02) (.01) (.01) (.02) (.06)
- ------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
===============================================================
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN 3 1.59% 0.61% 1.20% 1.99% 5.51%
- ------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $20,307 $21,191 $23,019 $21,736 $22,210
- ------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $20,966 $22,509 $22,783 $22,947 $20,830
- ------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 1.57% 0.61% 1.19% 1.97% 5.34%
Total expenses 0.68% 0.67% 0.66% 0.69% 0.67%
Expenses after payments and waivers and
reduction to custodian expenses N/A 5 0.51% 0.40% 0.66% 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.
16 | CENTENNIAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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 to shareholders,
therefore, no federal income or excise tax provision is required.
The tax components of capital shown in the table below represent distribution
requirements the Trust must satisfy under the income tax regulations, losses the
Trust may be able to offset against income and gains realized in future years
for federal income tax purposes.
UNDISTRIBUTED NET UNDISTRIBUTED ACCUMULATED LOSS
INVESTMENT INCOME LONG-TERM GAINS CARRYFORWARD 1
----------------------------------------------------------------
$15,914,714 $-- $--
1. During the fiscal years ended June 30, 2005 and June 30, 2004, the Trust did
not utilize any capital loss carryforwards.
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.
The tax character of distributions paid during the years ended June 30, 2005 and
June 30, 2004 were as follows:
YEAR ENDED YEAR ENDED
JUNE 30, 2005 JUNE 30, 2004
----------------------------------------------------------------
Distributions paid from:
Ordinary income $329,636,607 $137,747,546
17 | CENTENNIAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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 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.
18 | CENTENNIAL MONEY MARKET TRUST
- --------------------------------------------------------------------------------
2. SHARES OF BENEFICIAL INTEREST
The Trust has authorized an unlimited number of no par value shares of
beneficial interest. Transactions in shares of beneficial interest were as
follows:
YEAR ENDED JUNE 30, 2005 YEAR ENDED JUNE 30, 2004
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------
Sold 56,763,898,768 $ 56,763,898,768 56,512,425,972 $ 56,512,425,972
Dividends and/or
distributions
reinvested 313,495,015 313,495,015 137,480,535 137,480,535
Redeemed (57,961,547,512) (57,961,547,512) (58,477,660,684) (58,477,660,684)
------------------------------------------------------------------------------
Net decrease (884,153,729) $ (884,153,729) (1,827,754,177) $ (1,827,754,177)
==============================================================================
- --------------------------------------------------------------------------------
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 year ended June 30,
2005, the Trust paid $27,137,386 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.
- --------------------------------------------------------------------------------
WAIVERS AND REIMBURSEMENTS 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.
19 | CENTENNIAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
4. ILLIQUID SECURITIES
As of June 30, 2005, 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. Securities that are
illiquid are marked with the applicable footnote on the Statement of
Investments.
20 | CENTENNIAL MONEY MARKET TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF CENTENNIAL MONEY MARKET TRUST:
We have audited the accompanying statement of assets and liabilities of
Centennial Money Market Trust, including the statement of investments, as of
June 30, 2005, and the related statement of operations for the year then ended,
the statements of changes in net assets for each of the two years in the period
then ended, and the financial highlights for each of the five years in the
period then ended. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
The Trust is not required to have, nor were we engaged to perform, an audit of
its internal control over financial reporting. Our audit includes consideration
of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Trust's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of June 30, 2005, by correspondence with the custodian
and brokers; where replies were not received from brokers, we performed other
auditing procedures. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Centennial Money Market Trust as of June 30, 2005, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the five
years in the period then ended, in conformity with accounting principles
generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Denver, Colorado
August 15, 2005
21 | CENTENNIAL MONEY MARKET TRUST
FEDERAL INCOME TAX INFORMATION Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
In early 2006, if applicable, shareholders of record will receive information
regarding all dividends and distributions paid to them by the Trust during
calendar year 2005. Regulations of the U.S. Treasury Department require the
Trust to report this information to the Internal Revenue Service.
The foregoing information is presented to assist shareholders in reporting
distributions received from the Trust to the Internal Revenue Service. Because
of the complexity of the federal regulations which may affect your individual
tax return and the many variations in state and local tax regulations, we
recommend that you consult your tax advisor for specific guidance.
22 | 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 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 voting record is available (i) without charge, upon
request, by calling the Trust toll-free at 1.800.525.7048, and (ii) in Form N-PX
filing 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.
23 | CENTENNIAL MONEY MARKET TRUST
BOARD APPROVAL OF THE TRUST'S INVESTMENT
ADVISORY AGREEMENT Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each year, the Board of Trustees (the "Board"), including a majority of the
independent Trustees, is required to determine whether to renew the Trust's
advisory agreement. The Investment Company Act of 1940, as amended, requires
that the Board request and evaluate, and that the Manager provide, such
information as may be reasonably necessary to evaluate the terms of the advisory
agreement. The Board employs an independent consultant to prepare a report that
provides information, including comparative information, that the Board requests
for this purpose. In addition, the Board receives information throughout the
year regarding Trust services, fees, expenses and performance.
NATURE AND EXTENT OF SERVICES. In considering the renewal of the Trust's
advisory agreement for the current year, the Board evaluated the nature and
extent of the services provided by the Manager and its affiliates. The Manager
provides the Trust with office space, facilities and equipment; administrative,
accounting, clerical, legal and compliance personnel; securities trading
services; oversight of third party service providers and the services of the
portfolio managers and the Manager's investment team, who provide research,
analysis and other advisory services in regard to the Trust's investments.
QUALITY OF SERVICES. The Board also considered the quality of the services
provided and the quality of the Manager's resources that are available to the
Trust. The Board noted that the Manager has had over twenty years of experience
as an investment adviser. The Board evaluated the Manager's administrative,
accounting, legal and compliance services and information the Board received
regarding the experience and professional qualifications of the Manager's
personnel and the size and functions of its staff. The Board members also
considered their experiences as directors or trustees of the Trust and other
funds advised by the Manager. The Board received and reviewed information
regarding the quality of services provided by affiliates of the Manager, which
it also reviews at other times during the year in connection with the renewal of
the Trust's service agreements. The Board was aware that there are alternatives
to retaining the Manager.
PORTFOLIO MANAGEMENT SERVICES AND PERFORMANCE. In its evaluation of the
quality of the portfolio management services to be provided, the Board
considered the experience of Carol E. Wolf and Barry D. Weiss and the Manager's
money market investment team and analysts. The Trust's portfolio is managed by
Ms. Wolf and Mr. Weiss who are primarily responsible for the day-to-day
management of the Trust's investments. Ms. Wolf has been a manager of the
Trust's portfolio since October 1990 and has been a Senior Vice President of the
Manager since June 2000 and of HarbourView Asset Management Corporation since
June 2003. She is an officer of other portfolios in the OppenheimerFunds
24 | CENTENNIAL MONEY MARKET TRUST
complex. Mr. Weiss has been a manager of the Trust's portfolio since August 2001
and has been a Vice President of the Manager since July 2001 and of HarbourView
Asset Management Corporation since June 2003. He is also an officer of other
portfolios in the OppenheimerFunds complex. Ms. Wolf has had over twenty years
of experience and Mr. Weiss has had over five years of experience managing money
market investments.
The Board also reviewed information, prepared by the Manager and by the
independent consultant, comparing the Trust's historical performance to relevant
market indices and to the performance of other money market funds (including
both funds advised by the Manager and funds advised by other investment
advisers). The Board also receives and reviews comparative performance
information regarding the Trust and other funds at each Board meeting. The Board
noted that the Trust's one-year, three-year, five-year and ten-year performance
were better than its peer group average.
MANAGEMENT FEES AND EXPENSES. The Board also reviewed information,
including comparative information, regarding the fees paid to the Manager and
its affiliates and the other expenses borne by the Trust. The independent
consultant provided comparative data in regard to the fees and expenses of the
Trust, other money market funds and other funds with comparable asset levels and
distribution features. The Board noted that the Trust's management fees and its
total expenses are both lower than its peer group average. In addition, the
Board evaluated the comparability of the fees charged and the services provided
to the Trust to the fees charged and services provided to other types of
entities advised by the Manager.
PROFITABILITY OF THE MANAGER AND AFFILIATES. The Board also reviewed
information regarding the cost of services provided by the Manager and its
affiliates and the Manager's profitability. The Board considered that the
Manager must be able to pay and retain experienced professional personnel at
competitive rates to provide services to the Trust and that maintaining the
financial viability of the Manager is important in order for the Manager to
continue to provide significant services to the Trust and its shareholders. In
addition the Board considered information that was provided regarding the direct
and indirect benefits the Manager receives as a result of its relationship with
the Trust, including compensation paid to the Manager's affiliates.
ECONOMIES OF SCALE. The Board reviewed the extent to which the Manager may
realize economies of scale in managing and supporting the Trust and the current
level of Trust assets in relation to the Trust's breakpoint schedule for its
management fees. The Board considered that the Trust has not experienced any
recent asset growth and that, based on current asset levels, the Trust has
passed its last management fee breakpoint.
25 | CENTENNIAL MONEY MARKET TRUST
BOARD APPROVAL OF THE TRUST'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
- --------------------------------------------------------------------------------
CONCLUSIONS. These factors were also considered by the independent
Trustees meeting separately from the full Board, assisted by experienced counsel
to the Trust and to the independent Trustees. Trust counsel and the independent
Trustees' counsel are both independent of the Manager within the meaning and
intent of the Securities and Exchange Commission Rules.
Based on its review of the information it received and its evaluations
described above, the Board, including a majority of the independent Trustees,
concluded that the nature, extent and quality of the services provided to the
Trust by the Manager are a benefit to the Trust and in the best interest of the
Trust's shareholders and that the amount and structure of the compensation
received by the Manager and its affiliates are reasonable in relation to the
services provided. Accordingly, the Board elected to continue the advisory
agreement for another year. In arriving at this decision, the Board did not
single out any factor or factors as being more important than others, but
considered all of the factors together. The Board judged the terms and
conditions of the advisory agreement, including the management fee, in light of
all of the surrounding circumstances.
26 | CENTENNIAL MONEY MARKET TRUST
TRUSTEES AND OFFICERS Unaudited
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
NAME, POSITION(S) HELD WITH Principal Occupation(s) During Past 5 Years; Other Trusteeships/Directorships Held;
TRUST, LENGTH OF SERVICE, AGE Number of Portfolios in the Fund Complex Currently Overseen
INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW, EXCEPT MR. ARMSTRONG, IS 6803 S.
TRUSTEES TUCSON WAY, CENTENNIAL, CO 80112-3924. MR. ARMSTRONG'S ADDRESS IS 1625 BROADWAY,
SUITE 780, DENVER, CO 80202. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, UNTIL
HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL.
WILLIAM L. ARMSTRONG, Chairman of the following private mortgage banking companies: Cherry Creek
Chairman (since 2003) Mortgage Company (since 1991), Centennial State Mortgage Company (since 1994),
and Trustee (since 2000) and The El Paso Mortgage Company (since 1993); Chairman of the following private
Age: 68 companies: Ambassador Media Corporation (since 1984) and Broadway Ventures
(since 1984); Director of the following: Helmerich & Payne, Inc. (oil and gas
drilling/production company) (since 1992), Campus Crusade for Christ (since
1991) and the Bradley Foundation (since 2002); former Chairman of the following:
Transland Financial Services, Inc. (private mortgage banking company)
(1997-2003), Great Frontier Insurance (insurance agency) (1995-2000), Frontier
Real Estate, Inc. (residential real estate brokerage) (1994-2000) and Frontier
Title (title insurance agency) (1995-2000); former Director of the following:
UNUMProvident (insurance company) (1991-2004), Storage Technology Corporation
(computer equipment company) (1991-2003) and International Family Entertainment
(television channel) (1992-1997); U.S. Senator (January 1979-January 1991).
Oversees 38 portfolios in the OppenheimerFunds complex.
ROBERT G. AVIS, Director and President of A.G. Edwards Capital, Inc. (General Partner of private
Trustee (since 1990) equity funds) (until February 2001); Chairman, President and Chief Executive
Age: 74 Officer of A.G. Edwards Capital, Inc. (until March 2000); Director of A.G.
Edwards & Sons, Inc. (brokerage company) (until 2000) and A.G. Edwards Trust
Company (investment adviser) (until 2000); Vice Chairman and Director of A.G.
Edwards, Inc. (until March 1999); Vice Chairman of A.G. Edwards & Sons, Inc.
(until March 1999); Chairman of A.G. Edwards Trust Company (until March 1999)
and A.G.E. Asset Management (investment adviser) (until March 1999). Oversees 38
portfolios in the OppenheimerFunds complex.
GEORGE C. BOWEN, Assistant Secretary and Director of the Manager (December 1991-April 1999);
Trustee (since 1998) President, Treasurer and Director of Centennial Capital Corporation (June
Age: 68 1989-April 1999); Chief Executive Officer and Director of MultiSource Services,
Inc. (March 1996-April 1999); Mr. Bowen held several positions with
OppenheimerFunds, Inc. and with subsidiary or affiliated companies of
OppenheimerFunds, Inc. (September 1987-April 1999). Oversees 38 portfolios in
the OppenheimerFunds complex.
EDWARD L. CAMERON, Member of The Life Guard of Mount Vernon (George Washington historical site)
Trustee (since 2000) (since June 2000); Director of Genetic ID, Inc. (biotech company) (March
Age: 66 2001-May 2002); Partner at PricewaterhouseCoopers LLP (accounting firm) (July
1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management
Industry Services Group (July 1994-June 1998). Oversees 38 portfolios in the
OppenheimerFunds complex.
JON S. FOSSEL, Director of UNUMProvident (insurance company) (since June 2002); Director of
Trustee (since 1990) Northwestern Energy Corp. (public utility corporation) (since November 2004);
Age: 63 Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky
Mountain Elk Foundation (February 1998-February 2003); Chairman and Director
(until 1996) and President and Chief Executive Officer (until October 1995) of
OppenheimerFunds, Inc.; President, Chief Executive Officer and Director of the
following: Oppenheimer Acquisition Corp. ("OAC") (parent holding
27 | CENTENNIAL MONEY MARKET TRUST
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
JON S. FOSSEL, company of OppenheimerFunds, Inc.), Shareholder Services, Inc. and Shareholder
Continued Financial Services, Inc. (until October 1995). Oversees 38 portfolios in the
OppenheimerFunds complex.
SAM FREEDMAN, Director of Colorado Uplift (charitable organization) (since September 1984).
Trustee (since 1996) Mr. Freedman held several positions with OppenheimerFunds, Inc. and with
Age: 64 subsidiary or affiliated companies of OppenheimerFunds, Inc. (until October
1994). Oversees 38 portfolios in the OppenheimerFunds complex.
BEVERLY L. HAMILTON, Trustee of Monterey Institute for International Studies (educational
Trustee (since 2002) organization) (since February 2000); Director of The California Endowment
Age: 58 (philanthropic organization) (since April 2002); Director of Community Hospital
of Monterey Peninsula (since February 2002); Director of Emerging Markets Growth
Fund Inc. (mutual fund) (since October 1991); President of ARCO Investment
Management Company (February 1991-April 2000); Member of the investment
committees of The Rockefeller Foundation and The University of Michigan; Advisor
at Credit Suisse First Boston's Sprout venture capital unit (venture capital
fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment
company) (1996-June 2004); Trustee of MML Series Investment Fund (investment
company) (April 1989-June 2004); Member of the investment committee of Hartford
Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund
(2000-2003). Oversees 38 portfolios in the OppenheimerFunds complex.
ROBERT J. MALONE, Chairman, Chief Executive Officer and Director of Steele Street State Bank
Trustee (since 2002) (commercial banking) (since August 2003); Director of Colorado UpLIFT
Age: 60 (charitable organization) (since 1986); Trustee of the Gallagher Family
Foundation (nonprofit organization) (since 2000); Former Chairman of U.S.
Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank)
(July 1996-April 1999); Director of Commercial Assets, Inc. (REIT) (1993-2000);
Director of Jones Knowledge, Inc. (2001-July 2004); and Director of U.S.
Exploration, Inc. (oil and gas exploration) (1997-February 2004). Oversees 38
portfolios in the OppenheimerFunds complex.
F. WILLIAM MARSHALL, JR., Trustee of MassMutual Select Funds (formerly MassMutual Institutional Funds)
Trustee (since 2000) (investment company) (since 1996) and MML Series Investment Fund (investment
Age: 63 company) (since 1996), the Springfield Library and Museum Association (museums)
(since 1995) and the Community Music School of Springfield (music school) (since
1996); Chairman and Trustee (since 2003) and Chairman of the Investment
Committee (since 1994) of the Worcester Polytech Institute (private university);
President and Treasurer of the SIS Funds (private charitable fund) (since
January 1999); Chairman of SIS & Family Bank, F.S.B. (formerly SIS Bank)
(commercial bank) (January 1999-July 1999); Member of the Investment Committee
of the Community Foundation of Western Massachusetts (1998-2003); and Executive
Vice President of Peoples Heritage Financial Group, Inc. (commercial bank)
(January 1999-July 1999). Oversees 38 portfolios in the OppenheimerFunds
complex.
- -----------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE THE ADDRESS OF MR. GRABISH IS 6803 S. TUCSON WAY, CENTENNIAL, CO 80112-3924. MR.
GRABISH SERVES FOR AN INDEFINITE TERM, UNTIL HIS RESIGNATION, RETIREMENT, DEATH
OR REMOVAL. MR. GRABISH IS AN INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH A.G.
EDWARDS & SONS, INC. WHICH IS A PARTIAL OWNER OF THE MANAGER'S PARENT COMPANY.
RICHARD F. GRABISH, Senior Vice President and Assistant Director of Sales and Marketing (since March
Trustee (since 2001) 1997), Director (since March 1987) and Manager of Private Client Services (since
Age:56 June 1985) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm);
28 | CENTENNIAL MONEY MARKET TRUST
RICHARD F. GRABISH, Chairman and Chief Executive Officer of A.G. Edwards Trust Company (since
Continued March 2001); President and Vice Chairman of A.G. Edwards Trust Company
(investment adviser) (April 1987-March 2001). Oversees 5 portfolios in the
OppenheimerFunds complex.
- -----------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IN THE CHART BELOW IS TWO WORLD FINANCIAL CENTER, 225
AND OFFICER LIBERTY STREET, NEW YORK, NY 10281-1008. MR. MURPHY SERVES FOR AN INDEFINITE TERM,
UNTIL HIS RESIGNATION, DEATH OR REMOVAL. MR. MURPHY IS AN INTERESTED TRUSTEE DUE TO
HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES.
JOHN V. MURPHY, Chairman, Chief Executive Officer and Director (since June 2001) and President
President (since 2001) and (since September 2000) of OppenheimerFunds, Inc.; President and Director or Trustee
Trustee (since 2003) of other Oppenheimer funds; President and Director of OAC and of Oppenheimer
Age: 55 Partnership Holdings, Inc. (holding company subsidiary of OppenheimerFunds, Inc.)
(since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of
OppenheimerFunds, Inc.) (since November 2001); Chairman and Director of Shareholder
Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent
subsidiaries of OppenheimerFunds, Inc.) (since July 2001); President and Director
of OppenheimerFunds Legacy Program (charitable trust program established by
OppenheimerFunds, Inc.) (since July 2001); Director of the following investment
advisory subsidiaries of OppenheimerFunds, Inc.: the Manager, OFI Institutional
Asset Management, Inc., Trinity Investment Management Corporation and Tremont
Capital Management, Inc. (since November 2001), HarbourView Asset Management
Corporation and OFI Private Investments, Inc. (since July 2001); President (since
November 2001) and Director (since July 2001) of Oppenheimer Real Asset Management,
Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company
(OAC's parent company) (since February 1997); Director of DLB Acquisition
Corporation (holding company parent of Babson Capital Management LLC) (since June
1995); Member of the Investment Company Institute's Board of Governors (since
October 3, 2003); Chief Operating Officer of OppenheimerFunds, Inc. (September
2000-June 2001); President and Trustee of MML Series Investment Fund and MassMutual
Select Funds (open-end investment companies) (November 1999-November 2001);
Director of C.M. Life Insurance Company (September 1999-August 2000); President,
Chief Executive Officer and Director of MML Bay State Life Insurance Company
(September 1999-August 2000); Director of Emerald Isle Bancorp and Hibernia Savings
Bank (wholly-owned subsidiary of Emerald Isle Bancorp) (June 1989-June 1998).
Oversees 66 portfolios as trustee or director and 20 additional portfolios as
Officer in the OppenheimerFunds complex.
- -----------------------------------------------------------------------------------------------------------------
OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS FOLLOWS: FOR MR. ZACK, TWO
WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008,
FOR MS. WOLF, MR. WEISS, MR. WIXTED, AND MR. VANDEHEY, 6803 S. TUCSON WAY,
CENTENNIAL, CO 80112-3924. EACH OFFICER SERVES FOR AN ANNUAL TERM OR UNTIL HIS
OR HER EARLIER RESIG- NATION, DEATH OR REMOVAL.
CAROL E. WOLF, Senior Vice President of OppenheimerFunds, Inc. (since June 2000) and of
Vice President (since 1988) HarbourView Asset Management Corporation (since June 2003); Vice President of
Age: 53 OppenheimerFunds, Inc. (June 1990 - June 2000). Ms. Wolf is an officer of 5
portfolios in the OppenheimerFunds complex.
29 | CENTENNIAL MONEY MARKET TRUST
TRUSTEES AND OFFICERS Unaudited / Continued
- --------------------------------------------------------------------------------
BARRY D. WEISS, Vice President of OppenheimerFunds, Inc. (since July 2001) and of HarbourView
Vice President (since 2001) Asset Management Corporation (since June 2003); Assistant Vice President and
Age: 41 Senior Credit Analyst of the Manager (February 2000-June 2001). Prior to joining
the Manager in February 2000, he was Associate Director, Structured Finance,
Fitch IBCA Inc. (April 1998 - February 2000). Mr. Weiss is an officer of 5
portfolios in the OppenheimerFunds complex.
BRIAN W. WIXTED, Senior Vice President and Treasurer of OppenheimerFunds, Inc. (since March
Treasurer (since 1999) 1999); Treasurer of the following: Shareholder Services Inc., HarbourView Asset
Age: 45 Management Corporation, Shareholder Financial Services, Inc., Oppenheimer Real
Asset Management Corporation, and Oppenheimer Partnership Holdings, Inc. (since
March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds
International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional
Asset Management, Inc. (since November 2000), and OppenheimerFunds Legacy
Program (since June 2003); Treasurer and Chief Financial Officer of OFI Trust
Company (trust company subsidiary of OppenheimerFunds, Inc.) (since May 2000);
Assistant Treasurer of OAC (since March 1999); and Assistant Treasurer of the
Manager and Distributor (March 1999-October 2003) and OppenheimerFunds Legacy
Program (April 2000-June 2003); Principal and Chief Operating Officer of Bankers
Trust Company-Mutual Fund Services Division (March 1995-March 1999). An officer
of 86 portfolios in the OppenheimerFunds complex.
ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since March
Vice President and Secretary 2002) of OppenheimerFunds, Inc.; General Counsel of the Manager and Distributor
(since 2001) (since December 2001); General Counsel and Director of OppenheimerFunds
Age: 56 Distributor, Inc. (since December 2001); Senior Vice President, General Counsel
and Director of the Transfer Agent, Shareholder Financial Services, Inc., OFI
Private Investments, Inc. and OFI Trust Company (since November 2001); Senior
Vice President and General Counsel of HarbourView Asset Management Corporation
(since December 2001); Secretary and General Counsel of OAC (since November
2001); Assistant Secretary (since September 1997) and Director (since November
2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice
President and Director of Oppenheimer Partnership Holdings, Inc. (since December
2002); Director of Oppenheimer Real Asset Management, Inc. (since November
2001); Vice President of OppenheimerFunds Legacy Program (since June 2003);
Senior Vice President and General Counsel of OFI Institutional Asset Management,
Inc. (since Novem-ber 2001); Director of OppenheimerFunds (Asia) Limited (since
December 2003); Senior Vice President (May 1985-December 2003), Acting General
Counsel (November 2001-February 2002) and Associate General Counsel (May
1981-October 2001) of OppenheimerFunds, Inc.; Assistant Secretary of the
following: the Transfer Agent (May 1985-November 2001), Shareholder Financial
Services, Inc. (November 1989-November 2001), and OppenheimerFunds International
Ltd. (September 1997-November 2001). An officer of 86 portfolios in the
OppenheimerFunds complex.
MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer of OppenheimerFunds, Inc.
Vice President and (since March 2004); Vice President of the Manager, OppenheimerFunds Distributor,
Chief Compliance Officer Inc., and Shareholder Services, Inc. (since June 1983); Vice President and
(since 2004) Director of Internal Audit of OppenheimerFunds, Inc. (1997-February 2004). An
Age: 54 officer of 86 portfolios in the Oppenheimer funds complex.
THE TRUST'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION
ABOUT THE TRUST'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST.
30 | CENTENNIAL MONEY MARKET TRUST
ITEM 2. CODE OF ETHICS.
The registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller or persons performing similar functions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees of the registrant has determined that Edward L. Cameron,
the Chairman of the Board's Audit Committee, and George C. Bowen, a member of
the Board's Audit Committee, possess the technical attributes identified in
Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit committee
financial experts," and has designated Messrs. Cameron and Bowen as the Audit
Committee's financial experts. Messrs. Cameron and Bowen are "independent"
Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees
The principal accountant for the audit of the registrant's annual financial
statements billed $57,000 in fiscal 2005 and $55,000 in fiscal 2004.
(b) Audit-Related Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during fiscal 2005 and $5,525 in fiscal 2004 to
the registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
Such services include: internal control reviews.
(c) Tax Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years to the registrant's investment adviser or any entity controlling,
controlled by, or under common control with the adviser that provides ongoing
services to the registrant.
(d) All Other Fees
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees to the registrant during the last two fiscal
years.
The principal accountant for the audit of the registrant's annual financial
statements billed no such fees during the last two fiscal years to the
registrant's investment adviser or any entity controlling, controlled by, or
under common control with the adviser that provides ongoing services to the
registrant.
(e) (1) During its regularly scheduled periodic meetings, the registrant's
audit committee will pre-approve all audit, audit-related, tax and other
services to be provided by the principal accountants of the registrant.
The audit committee has delegated pre-approval authority to its Chairman
for any subsequent new engagements that arise between regularly scheduled
meeting dates provided that any fees such pre-approved are presented to
the audit committee at its next regularly scheduled meeting.
Under applicable laws, pre-approval of non-audit services maybe waived
provided that: 1) the aggregate amount of all such services provided
constitutes no more than five percent of the total amount of fees paid by
the registrant to it principal accountant during the fiscal year in which
services are provided 2) such services were not recognized by the
registrant at the time of engagement as non-audit services and 3) such
services are promptly brought to the attention of the audit committee of
the registrant and approved prior to the completion of the audit.
(2) 100%
(f) Not applicable as less than 50%.
(g) The principal accountant for the audit of the registrant's annual
financial statements billed no such fees during fiscal 2005 and $5,525 in
fiscal 2004 to the registrant and the registrant's investment adviser or
any entity controlling, controlled by, or under common control with the
adviser that provides ongoing services to the registrant related to
non-audit fees. Those billings did not include any prohibited non-audit
services as defined by the Securities Exchange Act of 1934.
(h) The registrant's audit committee of the board of trustees has considered
whether the provision of non-audit services that were rendered to the
registrant's investment adviser, and any entity controlling, controlled
by, or under common control with the investment adviser that provides
ongoing services to the registrant that were not pre-approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with
maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE FUNDS' GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Funds' Governance Committee (the "Committee") will evaluate
potential Board candidates to assess their qualifications. The
Committee shall have the authority, upon approval of the Board, to
retain an executive search firm to assist in this effort. The
Committee may consider recommendations by business and personal
contacts of current Board members and by executive search firms
which the Committee may engage from time to time and may also
consider shareholder recommendations. The Committee may consider
the advice and recommendation of the Funds' investment manager and
its affiliates in making the selection.
2. The Committee shall screen candidates for Board membership. The
Committee has not established specific qualifications that it
believes must be met by a trustee nominee. In evaluating trustee
nominees, the Committee considers, among other things, an
individual's background, skills, and experience; whether the
individual is an "interested person" as defined in the Investment
Company Act of 1940; and whether the individual would be deemed an
"audit committee financial expert" within the meaning of applicable
SEC rules. The Committee also considers whether the individual's
background, skills, and experience will complement the background,
skills, and experience of other nominees and will contribute to the
Board. There are no differences in the manner in which the
Committee evaluates nominees for trustees based on whether the
nominee is recommended by a shareholder.
3. The Committee may consider nominations from shareholders for the
Board at such times as the Committee meets to consider new nominees
for the Board. The Committee shall have the sole discretion to
determine the candidates to present to the Board and, in such cases
where required, to shareholders. Recommendations for trustee
nominees should, at a minimum, be accompanied by the following:
o the name, address, and business, educational, and/or
other pertinent background of the person being
recommended;
o a statement concerning whether the person is an
"interested person" as defined in the Investment
Company Act of 1940;
o any other information that the Funds would be required
to include in a proxy statement concerning the person
if he or she was nominated; and
o the name and address of the person submitting the
recommendation and, if that person is a shareholder,
the period for which that person held Fund shares.
The recommendation also can include any additional information
which the person submitting it believes would assist the Committee
in evaluating the recommendation.
4. Shareholders should note that a person who owns securities issued
by Massachusetts Mutual Life Insurance Company (the parent company
of the Funds' investment adviser) would be deemed an "interested
person" under the Investment Company Act of 1940. In addition,
certain other relationships with Massachusetts Mutual Life
Insurance Company or its subsidiaries, with registered
broker-dealers, or with the Funds' outside legal counsel may cause
a person to be deemed an "interested person."
5. Before the Committee decides to nominate an individual as a
trustee, Committee members and other directors customarily
interview the individual in person. In addition, the individual
customarily is asked to complete a detailed questionnaire which is
designed to elicit information which must be disclosed under SEC
and stock exchange rules and to determine whether the individual is
subject to any statutory disqualification from serving as a trustee
of a registered investment company.
ITEM 11. CONTROLS AND PROCEDURES.
Based on their evaluation of the 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 June 30, 2005, the registrant's principal executive officer
and principal financial officer found the
registrant's disclosure controls and procedures to provide reasonable assurances
that information required to be disclosed by the 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.
There have been no changes in the registrant's internal controls over financial
reporting that occurred during the registrant's second fiscal quarter of the
period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Exhibit attached hereto.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Centennial Money Market Trust
By: /s/John V. Murphy
-----------------
John V. Murphy
Principal Executive Officer
Date: August 10, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/John V. Murphy
-----------------
John V. Murphy
Principal Executive Officer
Date: August 10, 2005
By: /s/Brian W. Wixted
-----------------
Brian W. Wixted
Principal Financial Officer
Date: August 10, 2005