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: DECEMBER 31, 2006
-----------------
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 December 31, 2006.
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
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
VALUE VALUE 6 MONTHS ENDED
(7/1/06) (12/31/06) DECEMBER 31, 2006
- --------------------------------------------------------------------------------
Actual $1,000.00 $1,023.90 $ 3.42
- --------------------------------------------------------------------------------
Hypothetical 1,000.00 1,021.83 3.41
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 184/365 (to reflect the
one-half year period). The annualized expense ratio based on the 6-month period
ended December 31, 2006 is as follows:
EXPENSE RATIO
- -------------
0.67%
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6 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS December 31, 2006 / Unaudited
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--19.9%
- --------------------------------------------------------------------------------
Abbey National
Treasury Services,
5.32%, 3/16/07 $ 161,000,000 $ 161,000,000
- --------------------------------------------------------------------------------
Bank of Montreal
Chicago:
5.295%, 1/12/07 79,000,000 79,000,000
5.30%, 2/2/07 200,000,000 200,000,000
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Bank of
Nova Scotia,
5.28%, 1/8/07 80,000,000 80,000,000
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Barclays Bank plc,
New York:
5.31%, 1/4/07 150,000,000 150,000,000
5.32%, 1/18/07 175,000,000 175,000,000
5.32%, 1/18/07 125,000,000 125,000,000
5.32%, 2/15/07 81,000,000 81,000,000
5.32%, 3/14/07 126,000,000 126,000,000
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BNP Paribas,
New York:
5.295%, 7/2/07 1 120,000,000 119,984,724
5.32%, 2/12/07 193,000,000 193,000,000
5.42%, 2/8/07 75,000,000 75,001,777
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Calyon, New York:
5.095%, 3/6/07 70,000,000 69,955,697
5.29%, 7/2/07 1 250,000,000 249,948,438
5.30%, 9/13/07 1 75,000,000 74,986,087
- --------------------------------------------------------------------------------
Canadian Imperial
Bank of Commerce
NY:
5.09%, 3/6/07 200,000,000 199,871,737
5.31%, 3/12/07 145,000,000 145,000,000
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Chase Bank USA,
N.A., 5.27%, 1/16/07 50,000,000 50,000,000
- --------------------------------------------------------------------------------
Citibank NA:
5.32%, 2/8/07 62,000,000 62,000,000
5.32%, 2/16/07 36,600,000 36,600,000
5.325%, 3/28/07 18,000,000 18,000,000
5.33%, 3/27/07 106,500,000 106,500,000
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Deutsche Bank,
New York,
5.40%, 12/12/07 174,000,000 174,000,000
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HSBC Bank
USA NA,
5.315%, 2/9/07 200,000,000 199,998,931
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT Continued
- --------------------------------------------------------------------------------
Lloyds TSB Bank plc,
New York:
5.29%, 1/19/07 $ 150,000,000 $ 150,000,000
5.29%, 1/22/07 200,000,000 200,000,000
5.29%, 1/23/07 18,500,000 18,500,000
5.30%, 1/31/07 34,520,000 34,519,455
- --------------------------------------------------------------------------------
M&I Marshall
& Ilsley Bank:
5.31%, 1/10/07 63,000,000 63,000,000
5.315%, 2/22/07 50,000,000 49,999,644
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Nordea Bank
Finland plc,
New York:
5.30%, 2/2/07 200,000,000 200,000,000
5.31%, 2/28/07 100,000,000 100,000,000
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Royal Bank of
Canada, New York:
5.30%, 1/31/07 215,000,000 215,000,000
5.30%, 2/5/07 174,000,000 174,000,000
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Skandinaviska
Enskilda Banken,
New York:
5.31%, 7/5/07 1 50,000,000 49,994,709
5.315%, 5/17/07 1 50,000,000 49,996,769
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Svenska
Handelsbanken
NY, 5.32%, 3/19/07 220,000,000 220,000,000
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Toronto Dominion
Bank, New York,
5.32%, 3/16/07 45,000,000 45,000,000
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UBS AG
Stamford CT,
5.30%, 1/3/07 41,000,000 41,000,000
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Washington
Mutual Bank FA:
5.30%, 1/16/07 72,000,000 72,000,000
5.30%, 1/17/07 50,000,000 50,000,000
5.32%, 2/15/07 262,500,000 262,500,000
5.33%, 3/19/07 50,000,000 50,000,000
----------------
Total Certificates of Deposit
(Cost $4,997,357,968) 4,997,357,968
7 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
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DIRECT BANK OBLIGATIONS--21.9%
- --------------------------------------------------------------------------------
Bank of
America NA,
5.32%, 2/16/07 $ 125,800,000 $ 125,800,000
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BNP Paribas
Finance, Inc.,
5.245%, 2/14/07 100,000,000 99,358,944
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Canadian Imperial
Holdings, Inc.,
5.255%, 1/24/07 100,000,000 99,664,264
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Danske Corp.:
5.25%, 1/8/07 2 12,000,000 11,987,750
5.25%, 1/30/07 2 30,600,000 30,470,588
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Dexia Delaware LLC:
5.24%, 2/5/07 30,000,000 29,847,167
5.24%, 3/13/07 139,000,000 137,563,512
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DnB NOR Bank ASA,
5.245%, 1/5/07 50,000,000 49,970,861
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Fortis Funding
LLC, 5.25%, 1/29/07 2 83,000,000 82,661,083
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Governor & Co. of
the Bank of Ireland:
5.24%, 2/28/07 2 196,000,000 194,345,324
5.24%, 3/1/07 2 50,000,000 49,570,611
5.25%, 1/31/07 2 20,000,000 19,912,500
5.26%, 2/14/07 2 200,000,000 198,714,222
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HBOS
Treasury Services:
5.205%, 2/12/07 50,000,000 49,696,375
5.24%, 1/4/07 147,029,000 146,964,797
5.24%, 1/5/07 100,000,000 99,941,778
5.24%, 1/8/07 50,000,000 49,949,056
5.24%, 1/16/07 24,000,000 23,947,600
5.25%, 2/14/07 30,000,000 29,807,500
5.25%, 2/15/07 61,600,000 61,195,750
5.25%, 3/16/07 50,000,000 49,460,417
5.255%, 1/26/07 81,500,000 81,202,582
5.255%, 3/20/07 69,300,000 68,510,962
5.26%, 3/15/07 23,010,000 22,764,573
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Marshall
& Ilsley Corp.:
5.25%, 1/31/07 25,000,000 24,890,625
5.30%, 2/14/07 35,600,000 35,369,391
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National Australia
Funding (Delaware),
Inc., 5.25%, 1/4/07 2 50,000,000 49,978,125
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
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DIRECT BANK OBLIGATIONS Continued
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Nationwide
Building Society:
5.20%, 4/10/07 2 $ 50,000,000 $ 49,285,000
5.21%, 4/13/07 2 80,000,000 78,819,067
5.22%, 3/12/07 2 73,000,000 72,259,050
5.23%, 2/12/07 2 82,500,000 81,996,613
5.24%, 1/11/07 2 33,539,000 33,490,182
5.245%, 3/6/07 2 43,000,000 42,599,049
5.25%, 3/15/07 2 40,000,000 39,574,167
5.494%, 7/20/07 1,3 35,660,000 35,687,857
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Nordea North
America, Inc.:
5.255%, 1/11/07 50,000,000 49,927,014
5.265%, 1/3/07 4,600,000 4,598,655
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Rabobank USA
Financial Corp.,
5.235%, 1/10/07 50,000,000 49,934,563
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Santander Central
Hispano Finance
(Delaware), Inc.:
5.25%, 1/16/07 167,200,000 166,834,250
5.26%, 1/5/07 72,500,000 72,457,628
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Skandinaviska
Enskilda Banken AB:
5.24%, 1/5/07 2 150,000,000 149,912,667
5.25%, 1/24/07 2 160,000,000 159,463,333
5.26%, 2/5/07 2 85,000,000 84,565,319
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Societe Generale
North America, Inc.:
5.16%, 4/5/07 100,000,000 98,652,667
5.19%, 3/6/07 193,000,000 191,219,253
5.25%, 3/14/07 74,075,000 73,297,213
5.25%, 4/2/07 31,585,000 31,165,841
5.27%, 2/1/07 73,800,000 73,465,092
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St. George Bank
Ltd., 5.25%, 1/10/07 2 50,000,000 49,934,375
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Stadshypotek
Delaware, Inc.:
5.24%, 2/21/07 2 49,900,000 49,529,576
5.255%, 1/30/07 2 100,000,000 99,576,681
5.26%, 1/11/07 2 75,500,000 75,389,686
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Swedbank AB:
5.245%, 2/22/07 98,000,000 97,257,541
5.25%, 2/21/07 6,000,000 5,955,375
5.26%, 2/7/07 118,800,000 118,157,754
8 | CENTENNIAL MONEY MARKET TRUST
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
DIRECT BANK OBLIGATIONS Continued
- --------------------------------------------------------------------------------
Swedbank
Mortgage AB:
5.25%, 1/26/07 $ 69,000,000 $ 68,748,438
5.25%, 1/29/07 146,500,000 145,901,972
5.25%, 1/30/07 10,350,000 10,306,228
5.26%, 2/5/07 50,000,000 49,744,306
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UBS Finance
(Delaware) LLC:
5.24%, 1/11/07 40,000,000 39,941,778
5.24%, 3/8/07 34,600,000 34,267,609
5.25%, 1/8/07 52,100,000 52,046,815
5.25%, 1/12/07 83,000,000 82,866,854
5.25%, 1/19/07 100,000,000 99,737,500
5.25%, 1/24/07 250,000,000 249,161,458
5.25%, 1/25/07 100,000,000 99,650,000
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Wachovia Corp.,
5.428%, 2/6/07 75,000,000 75,007,409
- --------------------------------------------------------------------------------
Westpac
Banking Corp.:
5.25%, 1/22/07 2 70,000,000 69,785,625
5.25%, 1/24/07 2 98,000,000 97,671,292
5.25%, 2/7/07 2 93,000,000 92,498,188
5.25%, 4/2/07 2 170,000,000 167,743,958
5.26%, 2/20/07 2 30,000,000 29,780,833
----------------
Total Direct Bank
Obligations
(Cost $5,523,412,088) 5,523,412,088
- --------------------------------------------------------------------------------
LETTERS OF CREDIT--0.9%
- --------------------------------------------------------------------------------
Fortis Bank SA/NV,
guaranteeing
commercial paper
of ICICI Bank Ltd.,
5.27%, 2/9/07 157,000,000 156,103,401
- --------------------------------------------------------------------------------
Suntrust Bank,
guaranteeing
commercial paper
of NATC California
LLC, 5.27%, 1/12/07 70,000,000 69,887,281
----------------
Total Letters of Credit
(Cost $225,990,682) 225,990,682
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
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SHORT-TERM NOTES--57.0%
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES--24.7%
Amsterdam
Funding Corp.:
5.26%, 2/9/07 2 $ 64,000,000 $ 63,635,307
5.27%, 1/10/07 2 80,000,000 79,894,600
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Aquinas Funding LLC:
5.27%, 1/25/07 2 84,955,000 84,656,525
5.28%, 2/23/07 2 58,000,000 57,549,147
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Barton Capital Corp.:
5.26%, 1/19/07 2 67,600,000 67,422,212
5.27%, 1/8/07 2 155,000,000 154,841,168
5.27%, 1/10/07 2 100,000,000 99,868,250
5.27%, 1/11/07 2 158,000,000 157,768,706
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Cancara Asset
Securitization LLC:
5.28%, 1/8/07 2 98,830,000 98,728,535
5.28%, 3/20/07 2 131,220,000 129,718,843
- --------------------------------------------------------------------------------
Capital Auto
Receivables Asset
Trust 2006-SN1A,
5.32%, 9/20/07 1 60,685,592 60,685,592
- --------------------------------------------------------------------------------
Chesham Finance LLC:
5.24%, 4/12/07 75,000,000 73,897,417
5.27%, 1/5/07 138,000,000 137,919,193
5.28%, 1/12/07 23,400,000 23,362,248
5.28%, 2/20/07 128,500,000 127,557,667
5.28%, 2/27/07 50,000,000 49,582,000
- --------------------------------------------------------------------------------
Concord
Minutemen Capital
Co. LLC:
5.26%, 2/23/07 2 98,454,000 97,691,583
5.29%, 1/11/07 2 90,183,000 90,050,593
- --------------------------------------------------------------------------------
Crown Point
Capital Co.:
5.27%, 1/18/07 2 100,000,000 99,751,139
5.28%, 1/5/07 2 50,469,000 50,439,392
- --------------------------------------------------------------------------------
Fairway Finance
Corp., 5.27%, 1/17/07 2 46,730,000 46,620,548
- --------------------------------------------------------------------------------
FCAR Owner Trust I:
5.185%, 4/16/07 35,000,000 34,470,698
5.26%, 2/23/07 75,000,000 74,418,546
5.27%, 1/18/07 100,000,000 99,751,139
5.27%, 1/19/07 39,000,000 38,897,235
5.27%, 3/23/07 58,100,000 57,411,079
9 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES Continued
FCAR Owner Trust II:
5.275%, 3/23/07 $ 50,000,000 $ 49,406,563
5.28%, 1/19/07 50,000,000 49,868,000
- --------------------------------------------------------------------------------
Gemini
Securitization Corp.:
5.27%, 1/4/07 2 58,629,000 58,603,252
5.27%, 1/9/07 2 33,843,000 33,803,366
5.27%, 2/5/07 2 25,000,000 24,871,910
5.27%, 2/12/07 2 25,356,000 25,200,103
5.28%, 1/8/07 2 38,000,000 37,960,987
5.32%, 1/29/07 2 39,785,000 39,620,379
- --------------------------------------------------------------------------------
Gotham
Funding Corp.:
5.30%, 1/3/07 2 50,000,000 49,985,278
5.30%, 1/12/07 2 73,520,000 73,400,938
5.31%, 1/5/07 2 50,000,000 49,970,500
5.31%, 2/2/07 2 71,200,000 70,863,936
5.33%, 1/26/07 2 22,547,000 22,463,545
5.33%, 2/1/07 2 50,000,000 49,770,514
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GOVCO, Inc.:
5.25%, 1/8/07 2 100,000,000 99,897,917
5.26%, 1/16/07 2 75,000,000 74,835,625
5.26%, 1/29/07 2 32,300,000 32,167,857
5.26%, 2/5/07 2 50,000,000 49,744,306
5.26%, 2/12/07 2 19,700,000 19,579,108
5.26%, 2/26/07 2 28,000,000 27,770,898
5.27%, 3/14/07 2 22,600,000 22,361,796
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Grampian
Funding LLC:
5.27%, 3/22/07 2 398,000,000 393,338,978
5.31%, 1/18/07 2 47,000,000 46,882,148
- --------------------------------------------------------------------------------
Legacy Capital LLC:
5.23%, 4/16/07 140,000,000 137,864,417
5.265%, 1/26/07 115,000,000 114,579,531
5.27%, 1/5/07 70,605,000 70,563,657
5.27%, 1/8/07 75,432,000 75,354,703
5.28%, 1/9/07 35,000,000 34,958,933
- --------------------------------------------------------------------------------
Lexington Parker
Capital Co. LLC:
5.19%, 4/5/07 2 62,742,000 61,891,741
5.265%, 2/21/07 2 34,650,000 34,391,554
5.27%, 1/4/07 2 47,000,000 46,979,359
5.27%, 1/18/07 2 150,000,000 149,626,708
5.27%, 1/19/07 2 183,000,000 182,517,795
- --------------------------------------------------------------------------------
Mont Blanc Capital
Corp., 5.27%, 1/23/07 2 50,000,000 49,838,972
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES Continued
New Center
Asset Trust:
5.25%, 1/29/07 $ 62,981,000 $ 62,723,828
5.26%, 2/21/07 125,000,000 124,068,542
5.27%, 1/31/07 179,100,000 178,314,037
5.29%, 1/9/07 66,100,000 66,022,296
- --------------------------------------------------------------------------------
Old Line Funding
Corp., 5.28%, 1/4/07 2 45,757,000 45,736,867
- --------------------------------------------------------------------------------
Ormond Quay
Funding LLC,
5.30%, 1/4/07 2 68,000,000 67,969,967
- --------------------------------------------------------------------------------
Perry Global
Funding LLC,
Series A:
5.25%, 3/12/07 2 84,978,000 84,110,516
5.27%, 1/22/07 2 50,000,000 49,846,292
5.28%, 1/18/07 2 20,000,000 19,950,133
- --------------------------------------------------------------------------------
Regency Markets
No. 1 LLC, 5.29%,
1/4/07 2 25,000,000 24,988,979
- --------------------------------------------------------------------------------
Sheffield
Receivables Corp.,
5.265%, 1/4/07 2 47,575,000 47,554,126
- --------------------------------------------------------------------------------
Solitaire
Funding LLC:
5.26%, 2/23/07 2 178,500,000 177,117,716
5.27%, 2/27/07 2 80,000,000 79,332,467
5.29%, 1/10/07 2 150,000,000 149,801,625
- --------------------------------------------------------------------------------
Victory
Receivables Corp.:
5.28%, 1/10/07 2 46,700,000 46,638,356
5.28%, 1/22/07 2 32,077,000 31,978,203
5.30%, 1/9/07 2 13,325,000 13,309,306
5.33%, 1/23/07 2 82,276,000 82,008,009
5.33%, 2/1/07 2 100,000,000 99,541,028
- --------------------------------------------------------------------------------
Windmill Funding
Corp., 5.245%,
3/2/07 2 59,500,000 58,979,871
- --------------------------------------------------------------------------------
Yorktown
Capital LLC:
5.29%, 1/19/07 2 68,763,000 68,581,122
5.29%, 2/22/07 2 55,000,000 54,579,739
5.29%, 3/2/07 2 59,233,000 58,710,762
---------------
6,209,388,423
10 | CENTENNIAL MONEY MARKET TRUST
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
BEVERAGES--0.0%
Better Brands of
South Georgia LLP,
Series 2003, 5.35%,
1/4/07 1 $ 11,350,000 $ 11,350,000
- --------------------------------------------------------------------------------
CAPITAL MARKETS--4.2%
Banc of America
Securities LLC,
5.32%, 1/2/07 1 180,000,000 180,000,000
- --------------------------------------------------------------------------------
Bear Stearns Cos.,
Inc., 5.25%, 2/16/07 120,000,000 119,195,000
- --------------------------------------------------------------------------------
Citigroup Funding,
Inc., 5.25%, 2/12/07 49,000,000 48,699,875
- --------------------------------------------------------------------------------
Goldman Sachs
Group, Inc.:
5.38%, 1/29/07 1,4 200,000,000 200,000,000
5.40%, 4/6/07 1,4 180,000,000 180,000,000
- --------------------------------------------------------------------------------
Lehman Brothers,
Inc., 5.50%, 1/2/07 1 43,000,000 43,000,000
- --------------------------------------------------------------------------------
Merrill Lynch &
Co., Inc., Series C:
5.48%, 8/27/07 1 70,000,000 70,059,674
5.499%, 10/19/07 1 50,000,000 50,059,933
- --------------------------------------------------------------------------------
Morgan Stanley:
5.25%, 1/12/07 50,000,000 49,919,792
5.25%, 3/23/07 111,000,000 109,688,813
----------------
1,050,623,087
- --------------------------------------------------------------------------------
CHEMICALS--1.4%
BASF AG:
5.25%, 2/14/07 2 35,300,000 35,073,492
5.255%, 1/25/07 2 179,500,000 178,871,152
5.255%, 2/5/07 2 150,000,000 149,233,646
----------------
363,178,290
- --------------------------------------------------------------------------------
COMMERCIAL BANKS--3.1%
Bank of
America Corp.:
5.25%, 2/15/07 50,000,000 49,671,875
5.25%, 3/15/07 339,500,000 335,885,492
5.25%, 3/16/07 192,500,000 190,422,604
- --------------------------------------------------------------------------------
Deutsche Bank
Financial LLC,
5.25%, 1/10/07 50,000,000 49,934,375
- --------------------------------------------------------------------------------
HSBC Bank USA
NA, 5.435%, 9/21/07 1 50,000,000 50,035,127
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
COMMERCIAL BANKS Continued
HSBC USA, Inc.:
5.24%, 2/9/07 $ 67,000,000 $ 66,619,663
5.25%, 4/3/07 33,000,000 32,557,250
----------------
775,126,386
- --------------------------------------------------------------------------------
COMMERCIAL FINANCE--0.9%
Caterpillar Financial
Services Corp.,
Series F, 5.386%,
2/12/07 27,810,000 27,812,076
- --------------------------------------------------------------------------------
Countrywide
Financial Corp.:
5.30%, 1/4/07 49,000,000 48,978,358
5.30%, 1/22/07 50,000,000 49,845,417
5.30%, 1/25/07 50,000,000 49,823,333
5.35%, 1/3/07 37,800,000 37,788,660
- --------------------------------------------------------------------------------
Private Export
Funding Corp.,
5.24%, 1/2/07 2 25,000,000 24,996,361
----------------
239,244,205
- --------------------------------------------------------------------------------
CONSUMER FINANCE--0.2%
American Express
Credit Corp., 5.23%,
1/10/07 50,000,000 49,934,625
- --------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES--4.3%
General Electric
Capital Services,
5.25%, 1/25/07 208,000,000 207,272,000
- --------------------------------------------------------------------------------
Greenwich Capital
Holdings, Inc.,
5.525%, 2/15/07 1 170,000,000 170,000,000
- --------------------------------------------------------------------------------
HSBC Finance Corp.:
5.24%, 3/9/07 129,000,000 127,741,963
5.25%, 1/26/07 198,000,000 197,278,125
5.25%, 4/4/07 150,000,000 147,965,625
5.525%, 2/9/07 27,635,000 27,640,946
- --------------------------------------------------------------------------------
Prudential Funding
LLC, 5.26%, 1/31/07 200,000,000 199,123,333
----------------
1,077,021,992
11 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES--0.1%
Mississippi Business
Finance Corp.
Revenue Bonds,
Signal International
LLC Project,
Series 2004A,
5.35%, 1/2/07 1 $ 14,000,000 $ 14,000,000
- --------------------------------------------------------------------------------
FOOD PRODUCTS--0.2%
Nestle Capital
Corp., 5.21%, 1/11/07 2 50,000,000 49,927,639
- --------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES--0.0%
Cambridge-Southlake
Partners LP,
Series 2003,
5.35%, 1/4/07 1 8,675,000 8,675,000
- --------------------------------------------------------------------------------
INSURANCE--3.1%
ING America
Insurance
Holdings, Inc.:
5.245%, 1/10/07 25,000,000 24,967,219
5.25%, 1/11/07 49,250,000 49,178,177
5.25%, 1/22/07 38,900,000 38,780,869
5.25%, 1/26/07 95,000,000 94,653,646
5.25%, 1/30/07 50,000,000 49,788,542
5.25%, 2/26/07 20,900,000 20,729,317
5.25%, 2/28/07 40,000,000 39,661,667
5.25%, 3/19/07 100,000,000 98,877,083
5.255%, 1/9/07 46,306,000 46,251,925
- --------------------------------------------------------------------------------
Jackson National
Life Global Funding,
Series 2004-6,
5.42%, 1/16/07 1,4 50,000,000 50,000,000
- --------------------------------------------------------------------------------
MetLife Funding,
Inc., 5.25%, 1/16/07 25,457,000 25,401,313
- --------------------------------------------------------------------------------
Metropolitan Life
Global Funding I,
Series 2003-5,
5.44%, 1/16/07 1,4 69,400,000 69,400,000
- --------------------------------------------------------------------------------
Prudential Insurance
Co. of America,
5.379%, 2/1/07 1 165,000,000 165,000,000
----------------
772,689,758
- --------------------------------------------------------------------------------
LEASING & FACTORING--2.5%
American Honda
Finance Corp.:
5.323%, 12/6/07 1,3 140,000,000 140,000,000
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
LEASING & FACTORING Continued
American Honda
Finance Corp.: Continued
5.326%, 6/25/07 1,3 $ 75,000,000 $ 74,995,169
5.336%, 9/26/07 1,3 65,000,000 65,000,000
5.345%, 11/9/07 1,3 50,000,000 50,000,000
5.346%, 10/30/07 1,3 30,000,000 30,000,000
5.484%, 10/22/07 1,3 20,000,000 20,021,955
- --------------------------------------------------------------------------------
Toyota Motor
Credit Corp.:
5.245%, 2/8/07 100,000,000 99,446,361
5.245%, 2/9/07 50,000,000 49,715,896
5.25%, 2/5/07 97,000,000 96,504,896
----------------
625,684,277
- --------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS--0.1%
Prattville, AL
Cooperative District
Ltd. Economic
Development
Revenue Bonds,
Bass Pro Project,
Series 2006,
5.35%, 1/4/07 1 23,370,000 23,370,000
- --------------------------------------------------------------------------------
MUNICIPAL--0.1%
Intrepid Museum
Foundation Revenue
Bonds, 5.37%, 1/2/07 1 7,080,000 7,080,000
- --------------------------------------------------------------------------------
Private Colleges
and Universities
Authority Revenue
Bonds, Mercer
University Project,
5.43%, 1/2/07 1 8,185,000 8,185,000
----------------
15,265,000
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS--3.2%
Procter & Gamble
Co. International
Funding:
5.25%, 1/4/07 2 25,000,000 24,989,063
5.25%, 1/11/07 2 72,432,000 72,326,169
5.26%, 1/12/07 2 170,000,000 169,727,078
5.265%, 1/16/07 2 158,500,000 158,152,551
5.28%, 2/9/07 2 41,200,000 40,964,336
12 | CENTENNIAL MONEY MARKET TRUST
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS Continued
Reckitt
Benckiser plc:
5.27%, 2/1/07 2 $ 48,000,000 $ 47,782,173
5.27%, 2/7/07 2 64,925,000 64,573,341
5.27%, 2/9/07 2 24,000,000 23,862,980
5.27%, 2/14/07 50,000,000 49,677,944
5.27%, 2/23/07 2 40,000,000 39,689,656
5.27%, 2/26/07 2 25,500,000 25,290,957
5.27%, 3/19/07 2 40,000,000 39,549,122
5.29%, 1/26/07 2 40,000,000 39,853,056
----------------
796,438,426
- --------------------------------------------------------------------------------
PHARMACEUTICALS--0.5%
Alcon Capital Corp.,
5.21%, 1/11/07 2 45,000,000 44,934,875
- --------------------------------------------------------------------------------
Pfizer Investment
Capital plc,
5.24%, 1/5/07 2 50,000,000 49,970,889
- --------------------------------------------------------------------------------
Sanofi-Aventis,
5.24%, 1/12/07 2 41,500,000 41,433,554
----------------
136,339,318
- --------------------------------------------------------------------------------
SPECIAL PURPOSE FINANCIAL--8.4%
Blue Spice LLC,
5.30%, 1/2/07 2 329,000,000 328,951,591
- --------------------------------------------------------------------------------
Cooperative Assn.
of Tractor Dealers,
Inc., Series B,
5.27%, 3/5/07 11,000,000 10,898,553
- --------------------------------------------------------------------------------
K2 (USA) LLC:
5.19%, 4/10/07 50,000,000 49,286,375
5.21%, 4/17/07 65,000,000 64,002,864
5.26%, 2/13/07 67,000,000 66,579,054
5.375%, 10/26/07 1,3 50,000,000 50,006,123
- --------------------------------------------------------------------------------
LINKS Finance LLC:
5.26%, 2/20/07 46,000,000 45,663,944
5.32%, 12/20/07 1,3 89,000,000 88,983,109
5.326%, 9/25/07 1,3 100,000,000 99,989,027
5.329%, 12/3/07 1 85,000,000 84,984,436
- --------------------------------------------------------------------------------
Parkland (USA) LLC:
5.326%, 12/12/07 1,3 40,000,000 39,992,438
5.33%, 2/15/07 1,3 50,000,000 49,999,396
- --------------------------------------------------------------------------------
Premier Asset
Collateralized
Entity LLC:
5.33%, 4/23/07 1,3 75,000,000 74,997,766
5.33%, 9/17/07 1,3 100,000,000 100,000,000
PRINCIPAL VALUE
AMOUNT SEE NOTE 1
- --------------------------------------------------------------------------------
SPECIAL PURPOSE FINANCIAL Continued
Premier Asset
Collateralized
Entity LLC 1:
5.26%, 2/20/07 3 $ 44,400,00 $ 44,075,633
5.29%, 3/22/07 35,000,000 34,588,556
5.33%, 1/25/07 43,100,000 42,947,766
- --------------------------------------------------------------------------------
RACERS Trust,
Series 2004-6-MM,
5.37%, 1/22/07 1 156,500,000 156,500,000
- --------------------------------------------------------------------------------
Sigma Finance, Inc.:
5.25%, 2/20/07 20,000,000 19,854,167
5.26%, 1/17/07 30,000,000 29,929,867
5.26%, 1/22/07 200,000,000 199,386,333
5.26%, 1/29/07 42,000,000 41,828,160
- --------------------------------------------------------------------------------
Ticonderoga
Funding LLC,
5.30%, 1/24/07 90,870,000 90,562,304
- --------------------------------------------------------------------------------
Union Hamilton
Special Purpose
Funding LLC:
5.36%, 6/15/07 1 50,000,000 50,000,000
5.363%, 3/28/07 1,3 100,000,000 100,000,000
- --------------------------------------------------------------------------------
Wachovia Asset
Securitization, Inc.,
Series 2004-HM1A,
5.34%, 1/25/07 1 26,355,487 26,355,277
- --------------------------------------------------------------------------------
ZAIS Leveraged
Loan Fund, Series
2006-1A 1, 5.43%,
3/1/07 1,3 125,000,000 125,000,000
----------------
2,115,362,739
----------------
Total Short-Term
Notes
(Cost $14,333,619,165) 14,333,619,165
- --------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--0.1%
- --------------------------------------------------------------------------------
Federal Home
Loan Mortgage
Corp., 5.35%,
12/19/07
(Cost $25,000,000) 25,000,000 25,000,000
13 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF INVESTMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
VALUE
SEE NOTE 1
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS,
AT VALUE
(COST $25,105,379,903) 99.8% $25,105,379,903
- --------------------------------------------------------------------------------
OTHER ASSETS
NET OF LIABILITIES 0.2 48,359,986
----------------------------------
NET ASSETS 100.0% $25,153,739,889
==================================
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 $8,279,379,647, or 32.92% 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 $1,188,748,473 or 4.73% of the Trust's net
assets as of December 31, 2006.
4. Illiquid security. The aggregate value of illiquid securities as of December
31, 2006 was $499,400,000, which represents 1.99% of the Trust's net assets. See
Note 4 of accompanying Notes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
14 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF ASSETS AND LIABILITIES Unaudited
- --------------------------------------------------------------------------------
December 31, 2006
- --------------------------------------------------------------------------------
ASSETS
- --------------------------------------------------------------------------------
Investments, at value (cost $25,105,379,903)--see
accompanying statement of investments $ 25,105,379,903
- --------------------------------------------------------------------------------
Cash 149,910
- --------------------------------------------------------------------------------
Receivables and other assets:
Interest 50,441,470
Shares of beneficial interest sold 34,789,612
Investments sold 36,405
Other 930,341
------------------
Total assets 25,191,727,641
- --------------------------------------------------------------------------------
LIABILITIES
- --------------------------------------------------------------------------------
Payables and other liabilities:
Dividends 30,852,281
Transfer and shareholder servicing agent fees 2,581,338
Distribution and service plan fees 2,047,720
Shareholder communications 1,398,892
Shares of beneficial interest redeemed 843,442
Trustees' compensation 82,094
Other 181,985
------------------
Total liabilities 37,987,752
- --------------------------------------------------------------------------------
NET ASSETS $ 25,153,739,889
==================
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS
- --------------------------------------------------------------------------------
Paid-in capital $ 25,153,742,004
- --------------------------------------------------------------------------------
Accumulated net realized loss on investments (2,115)
------------------
NET ASSETS--applicable to 25,154,201,975 shares
of beneficial interest outstanding $ 25,153,739,889
==================
- --------------------------------------------------------------------------------
NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND
OFFERING PRICE PER SHARE $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15 | CENTENNIAL MONEY MARKET TRUST
STATEMENT OF OPERATIONS Unaudited
- --------------------------------------------------------------------------------
For the Six Months Ended December 31, 2006
- --------------------------------------------------------------------------------
INVESTMENT INCOME
- --------------------------------------------------------------------------------
Interest $ 651,143,608
- --------------------------------------------------------------------------------
EXPENSES
- --------------------------------------------------------------------------------
Management fees 40,173,029
- --------------------------------------------------------------------------------
Service plan fees 24,160,784
- --------------------------------------------------------------------------------
Transfer and shareholder servicing agent fees 14,546,697
- --------------------------------------------------------------------------------
Shareholder communications 587,753
- --------------------------------------------------------------------------------
Trustees' compensation 51,852
- --------------------------------------------------------------------------------
Administration service fees 750
- --------------------------------------------------------------------------------
Custodian fees and expenses 623
- --------------------------------------------------------------------------------
Other 1,284,773
-------------------
Total expenses 80,806,261
Less reduction to custodian expenses (623)
-------------------
Net expenses 80,805,638
- --------------------------------------------------------------------------------
NET INVESTMENT INCOME 570,337,970
- --------------------------------------------------------------------------------
NET REALIZED LOSS ON INVESTMENTS (2,115)
- --------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 570,335,855
===================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16 | CENTENNIAL MONEY MARKET TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2006 JUNE 30,
(UNAUDITED) 2006
- ---------------------------------------------------------------------------------------------
OPERATIONS
- ---------------------------------------------------------------------------------------------
Net investment income $ 570,337,970 $ 780,290,558
- ---------------------------------------------------------------------------------------------
Net realized gain (loss) (2,115) 75,893
--------------------------------------
Net increase in net assets resulting from operations 570,335,855 780,366,451
- ---------------------------------------------------------------------------------------------
DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS
- ---------------------------------------------------------------------------------------------
Dividends from net investment income (570,337,970) (780,304,698)
- ---------------------------------------------------------------------------------------------
Distributions from realized gain (75,893) --
- ---------------------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS
- ---------------------------------------------------------------------------------------------
Net increase in net assets resulting from beneficial
interest transactions 2,729,795,587 2,117,221,353
- ---------------------------------------------------------------------------------------------
NET ASSETS
- ---------------------------------------------------------------------------------------------
Total increase 2,729,717,579 2,117,283,106
- ---------------------------------------------------------------------------------------------
Beginning of period 22,424,022,310 20,306,739,204
--------------------------------------
End of period $ 25,153,739,889 $ 22,424,022,310
======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17 | CENTENNIAL MONEY MARKET TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED
DECEMBER 31, 2006 JUNE 30,
(UNAUDITED) 2006 2005 2004 2003 2002
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE OPERATING DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
Income from investment operations--
net investment income and net
realized gain .03 1 .04 1 .02 1 .01 .01 .02
- ------------------------------------------------------------------------------------------------------------------------------------
Dividends and/or distributions to
shareholders:
Dividends from net investment income (.03) (.04) (.02) (.01) (.01) (.02)
Distributions from net realized gain -- 2 -- -- -- -- 2 -- 2
--------------------------------------------------------------------------------
Total dividends and/or distributions
to shareholders (.03) (.04) (.02) (.01) (.01) (.02)
- ------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN 3 2.39% 3.70% 1.59% 0.61% 1.20% 1.99%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $ 25,154 $ 22,424 $ 20,307 $ 21,191 $ 23,019 $ 21,736
- ------------------------------------------------------------------------------------------------------------------------------------
Average net assets (in millions) $ 23,977 $ 21,527 $ 20,966 $ 22,509 $ 22,783 $ 22,947
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to average net assets: 4
Net investment income 4.72% 3.62% 1.57% 0.61% 1.19% 1.97%
Total expenses 0.67% 0.67% 0.68% 0.67% 0.66% 0.69%
Expenses after payments and waivers
and reduction to custodian expenses 0.67% 0.67% 0.68% 0.51% 0.40% 0.66%
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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
18 | 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
wholly owned 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. As permitted under Rule 2a-7 of the Investment Company Act of 1940,
portfolio securities are valued on the basis of amortized cost, which
approximates market value. If amortized cost is determined not to approximate
market value, the fair value of the portfolio securities will be determined
under procedures approved by the Trust's Board of Trustees.
- --------------------------------------------------------------------------------
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.
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.
- --------------------------------------------------------------------------------
TRUSTEES' COMPENSATION. The Board of Trustees has adopted a compensation
deferral 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.
19 | CENTENNIAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES Continued
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, to the extent they are not
offset by positive cash balances maintained by the Trust, 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.
- --------------------------------------------------------------------------------
INDEMNIFICATIONS. The Trust's organizational documents provide current and
former trustees and officers with a limited indemnification against liabilities
arising in connection with the performance of their duties to the Trust. In the
normal course of business, the Trust may also enter into contracts that provide
general indemnifications. The Trust's maximum exposure under these arrangements
is unknown as this would be dependent on future claims that may be made against
the Trust. The risk of material loss from such claims is considered remote.
- --------------------------------------------------------------------------------
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, 2006 YEAR ENDED JUNE 30, 2006
SHARES AMOUNT SHARES AMOUNT
- --------------------------------------------------------------------------------------------------------
Sold 34,295,713,363 $ 34,295,713,363 66,530,186,460 $ 66,530,186,460
Dividends and/or
distributions reinvested 160,899,490 160,899,490 175,850,368 175,802,322
Redeemed (31,726,817,266) (31,726,817,266) (64,588,767,429) (64,588,767,429)
--------------------------------------------------------------------------
Net increase 2,729,795,587 $ 2,729,795,587 2,117,269,399 $ 2,117,221,353
==========================================================================
20 | CENTENNIAL MONEY MARKET TRUST
- --------------------------------------------------------------------------------
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 average net assets as shown in the following table:
FEE SCHEDULE
----------------------------------------
Up to $250 million 0.500%
Next $250 million 0.475
Next $250 million 0.450
Next $250 million 0.425
Next $250 million 0.400
Next $250 million 0.375
Next $500 million 0.350
Over $2 billion 0.325
- --------------------------------------------------------------------------------
ADMINISTRATION SERVICE FEES. 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, 2006, the Trust paid $14,168,096 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 periodically 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 periodically 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.
- --------------------------------------------------------------------------------
4. ILLIQUID SECURITIES
As of December 31, 2006, 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.
21 | CENTENNIAL MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS Unaudited / Continued
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
5. RECENT ACCOUNTING PRONOUNCEMENTS
In June 2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48 ("FIN 48"), ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in an
enterprise's financial statements in accordance with FASB Statement No. 109,
ACCOUNTING FOR INCOME TAXES. FIN 48 requires the evaluation of tax positions
taken in the course of preparing the Trust's tax returns to determine whether it
is "more-likely-than-not" that tax positions taken in the Trust's tax return
will be ultimately sustained. A tax liability and expense must be recorded in
respect of any tax position that, in OFI's judgment, will not be fully realized.
FIN 48 is effective for fiscal years beginning after December 15, 2006. As of
December 31, 2006, OFI has evaluated the implications of FIN 48 and does not
currently anticipate a material impact to the Trust's financial statements. OFI
will continue to monitor the Trust's tax positions prospectively for potential
future impacts.
In September 2006, the FASB issued Statement of Financial Accounting
Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a
single authoritative definition of fair value, sets out a framework for
measuring fair value and expands disclosures about fair value measurements. SFAS
No. 157 applies to fair value measurements already required or permitted by
existing standards. SFAS No. 157 is effective for financial statements issued
for fiscal years beginning after November 15, 2007, and interim periods within
those fiscal years. As of December 31, 2006, OFI does not believe the adoption
of SFAS No. 157 will materially impact the financial statement amounts; however,
additional disclosures may be required about the inputs used to develop the
measurements and the effect of certain of the measurements on changes in net
assets for the period.
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 the 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
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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
investment advisory agreement (the "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 Agreement. The Board employs an independent consultant to prepare a
report that provides information, including comparative information that the
Board requests for that purpose. In addition, the Board receives information
throughout the year regarding Trust services, fees, expenses and performance.
The Manager and the independent consultant provided information to the
Board on the following factors: (i) the nature, quality and extent of the
Manager's services, (ii) the investment performance of the Trust and the
Manager, (iii) the fees and expenses of the Trust, including comparative expense
information, (iv) the profitability of the Manager and its affiliates, including
an analysis of the cost of providing services, (v) whether economies of scale
are realized as the Trust grows and whether fee levels reflect these economies
of scale for Trust investors and (vi) other benefits to the Manager from its
relationship with the Trust. Outlined below is a summary of the principal
information considered by the Board as well as the Board's conclusions.
The Board was aware that there are alternatives to retaining the Manager.
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered information
about the nature and extent of the services provided to the Trust and
information regarding the Manager's key personnel who provide such services. The
Manager's duties include providing the Trust with 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; securities trading
services; oversight of third party service providers; monitoring compliance with
applicable Trust policies and procedures and adherence to the Trust's investment
restrictions. The Manager is responsible for providing certain administrative
services to the Trust as well. Those services include providing and supervising
all administrative and clerical personnel who are necessary in order to provide
effective corporate administration for the Trust; compiling and maintaining
records with respect to the Trust's operations; preparing and filing reports
required by the Securities and Exchange Commission; preparing periodic reports
regarding the operations of the Trust for its shareholders; preparing proxy
materials for shareholder meetings; and preparing the registration statements
required by Federal and state securities laws for the sale of the Trust's
shares. The Manager also provides the Trust with office space, facilities and
equipment.
24 | CENTENNIAL MONEY MARKET TRUST
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
took account of the fact that the Manager has had over twenty-five years of
experience as an investment adviser and that its assets under management rank it
among the top mutual fund managers in the United States. The Board evaluated the
Manager's administrative, accounting, legal and compliance services, and
information the Board has received regarding the experience and professional
qualifications of the Manager's key personnel and the size and functions of its
staff providing investment management services to the Trust. In its evaluation
of the quality of the portfolio management services provided, the Board
considered the experience of Barry D. Weiss and Carol E. Wolf and the Manager's
Money Market investment team and analysts. Ms. Wolf has been the portfolio
manager of the Trust since October 1990 and Mr. Weiss has been the portfolio
manager of the Trust since July 2001. The Board members also considered the
totality of their experiences with the Manager as directors or trustees of the
Trust and other funds advised by the Manager. In light of the foregoing, the
Board concluded that the Trust benefits from the services provided under the
Agreement as a result of the Manager's experience, reputation, personnel,
operations, and resources.
INVESTMENT PERFORMANCE OF THE MANAGER AND THE TRUST. During the year, the
Manager provided information on the investment performance of the Trust and the
Manager at each Board meeting, including comparative performance information.
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 all other retail front-end load and
no-load money market funds (including both funds advised by the Manager and
funds advised by other investment advisers). The Board noted that the Trust's
three-year, five-year and ten-year performance was better than its peer group
median while its one-year performance equaled its peer group median.
COSTS OF SERVICES AND PROFITS REALIZED BY THE MANAGER. The Board
considered information regarding the Manager's costs in serving as the Trust's
investment adviser, including the costs associated with the personnel and
systems necessary to manage the Trust, and information regarding the Manager's
profitability from its relationship with the Trust. The Board reviewed the fees
paid to the Manager and the other expenses borne by the Trust. The Board also
evaluated the comparability of the fees charged and the services provided to the
Trust to the fees and services for other clients or accounts advised by the
Manager. 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 contractual and actual management fees are higher than its peer group
median.
25 | CENTENNIAL MONEY MARKET TRUST
BOARD APPROVAL OF THE TRUST'S INVESTMENT
ADVISORY AGREEMENT Unaudited / Continued
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ECONOMIES OF SCALE. The Board reviewed whether the Manager may realize
economies of scale in managing and supporting the Trust, whether those economies
of scale benefit the Trust's shareholders and the current level of Trust assets
in relation to the Trust's management fee breakpoints, which are intended to
share with shareholders economies of scale that may exist as the Trust grows.
OTHER BENEFITS TO THE MANAGER. In addition to considering the profits
realized by the Manager, 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. The Board also 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.
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,
decided to continue the 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 Agreement, including the management fee,
in light of all of the surrounding circumstances.
26 | 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. 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 FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF
DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS
1. The Fund's 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 December 31, 2006, 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 have materially affected, or are reasonably
likely to materially affect, the registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS.
(a) (1) Not applicable to semiannual reports.
(2) Exhibits attached hereto.
(3) Not applicable.
(b) Exhibit attached hereto.
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: February 8, 2007
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: February 8, 2007
By: /s/ Brian W. Wixted
---------------------------
Brian W. Wixted
Principal Financial Officer
Date: February 8, 2007