N-CSRS 1 rs150_12036ncsr.txt RS150_12036NCSR.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-02945 Centennial Money Market Trust (Exact name of registrant as specified in charter) 6803 South Tucson Way, Centennial, Colorado 80112-3924 (Address of principal executive offices) (Zip code) Robert G. Zack, Esq. OppenheimerFunds, Inc. Two World Financial Center, New York, New York 10281-1008 (Name and address of agent for service) Registrant's telephone number, including area code: (303) 768-3200 Date of fiscal year end: June 30 Date of reporting period: July 1, 2004 - December 31, 2004 ITEM 1. REPORTS TO STOCKHOLDERS. FUND EXPENSES -------------------------------------------------------------------------------- FUND EXPENSES. As a shareholder of the Trust, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and service fees; and other Trust expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Trust and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended December 31, 2004. ACTUAL EXPENSES. The "actual" lines of the table provide information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the "actual" line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The "hypothetical" lines of the table provide information about hypothetical account values and hypothetical expenses based on the Trust's actual expense ratio, and an assumed rate of return of 5% per year before expenses, which is not the Trust's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Trust and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads). Therefore, the "hypothetical" lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of 5 | CENTENNIAL MONEY MARKET TRUST FUND EXPENSES -------------------------------------------------------------------------------- owning different funds. In addition, if these transactional costs were included, your costs would have been higher. BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED (7/1/04) (12/31/04) DECEMBER 31, 2004 ------------------------------------------------------------------------- Actual $ 1,000.00 $ 1,005.50 $ 3.43 ------------------------------------------------------------------------- Hypothetical 1,000.00 1,021.72 3.46 Hypothetical assumes 5% annual return before expenses. Expenses are equal to the Trust's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The annualized expense ratio based on the 6-month period ended December 31, 2004 is as follows: EXPENSE RATIO ------------- 0.68% 6 | CENTENNIAL MONEY MARKET TRUST STATEMENT OF INVESTMENTS December 31, 2004 / Unaudited --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT SEE NOTE 1 ----------------------------------------------------------------------------------- CERTIFICATES OF DEPOSIT--14.1% ---------------------------------------------------------------------------------- DOMESTIC CERTIFICATES OF DEPOSIT--4.1% Citibank NA: 2.305%, 2/23/05 $ 100,000,000 $ 100,000,000 2.305%, 2/24/05 125,000,000 125,000,000 2.32%, 2/25/05 30,000,000 30,000,000 ---------------------------------------------------------------------------------- Washington Mutual Bank, 2.39%, 2/14/05 41,000,000 41,000,000 ---------------------------------------------------------------------------------- Washington Mutual Bank FA: 2.29%, 2/11/05 73,000,000 73,000,000 2.33%, 2/2/05 100,000,000 100,000,000 2.33%, 2/3/05 42,000,000 42,000,000 2.35%, 2/10/05 70,000,000 70,000,000 ---------------------------------------------------------------------------------- Wells Fargo Bank NA: 2.27%, 1/6/05 45,000,000 45,000,000 2.33%, 1/4/05 50,000,000 50,000,000 2.33%, 1/6/05 64,000,000 64,000,000 2.36%, 1/27/05 100,000,000 100,000,000 ----------------- 840,000,000 ---------------------------------------------------------------------------------- YANKEE CERTIFICATES OF DEPOSIT--10.0% Bank of Montreal Chicago, 2.28%, 1/13/05 113,000,000 113,000,000 ---------------------------------------------------------------------------------- Bank of Nova Scotia, 2.338%, 6/29/05 1 150,000,000 149,970,391 ---------------------------------------------------------------------------------- BNP Paribas, Chicago, 2.465%, 3/25/05 100,000,000 100,000,000 ---------------------------------------------------------------------------------- BNP Paribas, New York: 1.475%, 1/11/05 49,600,000 49,588,623 2.02%, 1/24/05 120,000,000 119,982,902 2.17%, 1/12/05 49,700,000 49,699,534 2.328%, 6/22/05 1 125,000,000 124,973,322 ---------------------------------------------------------------------------------- Canadian Imperial Bank of Commerce NY, 2.348%, 6/28/05 1 90,000,000 89,986,749 ---------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 ----------------------------------------------------------------------------------- YANKEE CERTIFICATES OF DEPOSIT Continued Danske Bank, New York, 2.348%, 6/24/05 1 $ 100,000,000 $ 99,985,570 ---------------------------------------------------------------------------------- Fortis Bank SA/NV, New York, 2.10%, 1/5/05 117,500,000 117,500,000 ---------------------------------------------------------------------------------- HBOS Treasury Services, New York: 2.02%, 1/14/05 69,000,000 69,000,000 2.02%, 1/20/05 100,000,000 100,000,000 ---------------------------------------------------------------------------------- Lloyds TSB Bank plc, New York, 2.30%, 2/10/05 50,000,000 50,000,000 ---------------------------------------------------------------------------------- Nordea Bank Finland plc, New York Branch, 2.343%, 6/29/05 1 73,000,000 72,987,392 ---------------------------------------------------------------------------------- Royal Bank of Canada, New York Branch, 2.348%, 6/27/05 1 150,000,000 149,978,037 ---------------------------------------------------------------------------------- Societe Generale, New York: 2.30%, 2/3/05 69,300,000 69,300,000 2.328%, 6/14/05 1 117,000,000 116,981,871 ---------------------------------------------------------------------------------- Svenska Handelsbanken NY, 2.465%, 3/24/05 146,500,000 146,500,000 ---------------------------------------------------------------------------------- Toronto Dominion Bank, New York: 2.14%, 1/6/05 120,000,000 120,000,000 2.34%, 2/10/05 64,000,000 64,000,000 2.34%, 2/11/05 50,000,000 50,000,000 ----------------- 2,023,434,391 ----------------- Total Certificates of Deposit (Cost $2,863,434,391) 2,863,434,391 ---------------------------------------------------------------------------------- DIRECT BANK OBLIGATIONS--16.8% ---------------------------------------------------------------------------------- AB SPINTAB: 2.10%, 1/3/05 31,000,000 30,996,383 2.36%, 2/11/05 100,000,000 99,731,222 2.385%, 2/23/05 67,000,000 66,764,746
7 | CENTENNIAL MONEY MARKET TRUST STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT SEE NOTE 1 ---------------------------------------------------------------------------------- DIRECT BANK OBLIGATIONS Continued ---------------------------------------------------------------------------------- Barclays US Funding Corp.: 2.18%, 1/12/05 $ 50,000,000 $ 49,966,694 2.30%, 2/7/05 135,000,000 134,680,875 2.30%, 2/24/05 200,000,000 199,310,000 2.34%, 2/28/05 165,000,000 164,377,950 ---------------------------------------------------------------------------------- BNP Paribas Finance, Inc., 2.48%, 3/30/05 125,000,000 124,242,222 ---------------------------------------------------------------------------------- Calyon North America, Inc., 2%, 3/4/05 100,000,000 99,655,556 ---------------------------------------------------------------------------------- Danske Corp., Series A, 2.19%, 1/12/05 100,000,000 99,933,694 ---------------------------------------------------------------------------------- Danske Corp., Series B, 2.21%, 1/3/05 93,000,000 92,988,582 ---------------------------------------------------------------------------------- DnB NOR Bank ASA: 2.15%, 1/7/05 125,000,000 124,955,208 2.16%, 1/11/05 175,000,000 174,895,000 ---------------------------------------------------------------------------------- Governor & Co. of the Bank of Ireland: 2.08%, 3/29/05 2 148,000,000 147,256,053 2.28%, 2/11/05 2 16,900,000 16,856,116 ---------------------------------------------------------------------------------- HBOS Treasury Services: 2.13%, 2/2/05 150,000,000 149,716,000 2.14%, 2/3/05 50,000,000 49,901,917 2.33%, 2/28/05 82,750,000 82,439,366 ---------------------------------------------------------------------------------- National Australia Funding (Delaware), Inc., 2.17%, 1/5/05 50,000,000 49,987,944 ---------------------------------------------------------------------------------- Nationwide Building Society: 1.91%, 2/25/05 115,000,000 114,664,424 2.06%, 1/28/05 2 35,000,000 34,945,925 2.12%, 2/1/05 2 103,000,000 102,812,812 ---------------------------------------------------------------------------------- Nordea North America, Inc.: 2.15%, 1/10/05 111,650,000 111,593,701 2.15%, 1/12/05 23,425,000 23,409,611 2.27%, 2/17/05 50,000,000 49,851,819 2.285%, 2/24/05 60,000,000 59,794,350 2.31%, 2/23/05 10,500,000 10,464,291 ---------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 ---------------------------------------------------------------------------------- DIRECT BANK OBLIGATIONS Continued Rabobank USA Financial Corp.: 2.25%, 2/7/05 $ 35,000,000 $ 34,919,063 2.29%, 2/3/05 47,240,000 47,140,835 ---------------------------------------------------------------------------------- Skandinaviska Enskilda Banken AB, 2.45%, 3/23/05 2 50,000,000 49,724,375 ---------------------------------------------------------------------------------- St. George Bank Ltd.: 2.15%, 4/4/05 2 80,000,000 79,555,667 2.33%, 2/7/05 2 42,500,000 42,398,224 2.37%, 2/14/05 2 50,000,000 49,855,167 2.45%, 3/14/05 2 20,000,000 19,902,000 ---------------------------------------------------------------------------------- Stadshypotek Delaware, Inc., 2.26%, 1/28/05 2 44,500,000 44,424,573 ---------------------------------------------------------------------------------- Standard Federal Bank: 2.07%, 1/4/05 50,000,000 49,999,449 2.17%, 1/7/05 25,000,000 25,000,000 2.24%, 1/21/05 50,000,000 50,000,000 2.27%, 1/27/05 100,000,000 100,000,000 ---------------------------------------------------------------------------------- Svenska Handelsbanken, Inc., Series S, 2.08%, 3/29/05 130,000,000 129,346,533 ---------------------------------------------------------------------------------- Swedbank AB, 2.31%, 2/9/05 188,000,000 187,529,530 ---------------------------------------------------------------------------------- UBS Finance (Delaware) LLC, 2.295%, 2/28/05 36,000,000 35,866,890 ----------------- Total Direct Bank Obligations (Cost $3,411,854,767) 3,411,854,767 ---------------------------------------------------------------------------------- LETTERS OF CREDIT--0.8% ---------------------------------------------------------------------------------- Calyon, guaranteeing commercial paper of Banco Nacional de Comercio Exterior SNC, 2.30%, 1/18/05 (Cost $173,318,449) 73,500,000 73,419,949 ---------------------------------------------------------------------------------- NATC California LLC, 2.03%, 1/19/05 100,000,000 99,898,500 ----------------- 173,318,449
8 | CENTENNIAL MONEY MARKET TRUST
PRINCIPAL VALUE AMOUNT SEE NOTE 1 ---------------------------------------------------------------------------------- SHORT-TERM NOTES--66.6% ---------------------------------------------------------------------------------- ASSET-BACKED--25.1% Amsterdam Funding Corp.: 2.24%, 1/6/05 2 $ 26,500,000 $ 26,491,811 2.38%, 2/14/05 2 90,000,000 89,738,200 ---------------------------------------------------------------------------------- Barton Capital Corp.: 2.17%, 1/7/05 2 25,000,000 24,990,958 2.20%, 1/3/05 2 28,796,000 28,792,480 ---------------------------------------------------------------------------------- Cable Beach LP, 2.03%, 1/6/05 2 75,000,000 74,978,854 ---------------------------------------------------------------------------------- Chesham Finance LLC: 2.25%, 1/19/05 2 145,000,000 144,836,875 2.30%, 1/12/05 2 100,000,000 99,929,722 2.35%, 2/2/05 2 90,000,000 89,812,000 2.38%, 2/28/05 2 40,000,000 39,846,622 2.49%, 3/17/05 2 44,500,000 44,269,156 ---------------------------------------------------------------------------------- Crown Point Capital Co.: 1.85%, 1/21/05 2 79,366,000 79,284,429 2.02%, 1/14/05 2 24,000,000 23,982,493 2.09%, 3/8/05 2 60,000,000 59,770,100 2.11%, 3/21/05 2 38,625,000 38,446,156 2.16%, 4/6/05 2 69,000,000 68,606,700 ---------------------------------------------------------------------------------- Eiffel Funding LLC: 2.16%, 2/2/05 2 25,000,000 24,952,000 2.25%, 1/14/05 2 46,500,000 46,462,219 2.26%, 1/4/05 2 4,500,000 4,499,156 2.36%, 2/10/05 2 39,960,000 39,855,216 ---------------------------------------------------------------------------------- Fairway Finance Corp.: 1.92%, 2/23/05 2 27,126,000 27,049,324 2.19%, 1/5/05 2 4,139,000 4,137,993 ---------------------------------------------------------------------------------- FCAR Owner Trust I: 2.04%, 1/18/05 100,000,000 99,903,667 2.17%, 1/5/05 125,000,000 124,969,861 2.17%, 1/10/05 100,000,000 99,945,750 2.39%, 2/15/05 90,000,000 89,731,125 ---------------------------------------------------------------------------------- Gemini Securitization Corp., 2.27%, 1/4/05 2 25,000,000 24,995,271 ---------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 ---------------------------------------------------------------------------------- ASSET-BACKED Continued Gotham Funding Corp.: 2.31%, 1/5/05 2 $ 95,000,000 $ 94,975,617 2.31%, 1/10/05 2 31,321,000 31,302,912 2.32%, 1/7/05 2 40,066,000 40,050,508 2.40%, 1/3/05 2 156,000,000 155,979,394 2.40%, 1/20/05 2 47,000,000 46,940,467 2.42%, 1/4/05 2 55,000,000 54,989,325 ---------------------------------------------------------------------------------- GOVCO, Inc.: 2%, 1/10/05 2 50,000,000 49,975,000 2.05%, 1/21/05 2 100,000,000 99,886,111 2.06%, 1/25/05 2 69,000,000 68,905,240 2.11%, 1/5/05 2 75,000,000 74,982,417 2.46%, 3/21/05 2 50,000,000 49,730,083 ---------------------------------------------------------------------------------- Grampian Funding LLC, 2.12%, 3/24/05 2 246,000,000 244,812,093 ---------------------------------------------------------------------------------- Legacy Capital LLC: 2.02%, 3/4/05 2 53,145,000 52,960,114 2.03%, 3/7/05 2 184,281,000 183,605,559 2.36%, 1/28/05 2 50,000,000 49,911,500 ---------------------------------------------------------------------------------- Lexington Parker Capital Co. LLC: 2%, 3/1/05 2 75,000,000 74,754,167 2.03%, 1/10/05 2 51,161,000 51,135,061 2.05%, 1/24/05 2 80,425,000 80,319,666 2.08%, 3/2/05 2 29,000,000 28,899,467 2.15%, 2/4/05 2 65,000,000 64,868,014 2.15%, 4/5/05 2 57,000,000 56,680,008 2.17%, 1/7/05 2 35,000,000 34,987,342 2.20%, 1/11/05 2 24,000,000 23,985,333 2.42%, 2/11/05 2 10,935,000 10,904,862 ---------------------------------------------------------------------------------- Neptune Funding Corp.: 2.04%, 1/14/05 2 47,000,000 46,965,377 2.05%, 1/18/05 2 97,000,000 96,906,099 2.08%, 3/24/05 3 25,000,000 24,881,556 2.10%, 1/26/05 2 45,000,000 44,934,375 2.18%, 1/4/05 2 37,450,000 37,443,197 2.24%, 1/3/05 2 14,700,000 14,698,163 2.30%, 1/5/05 2 30,000,000 29,992,333 2.34%, 1/27/05 2 10,454,000 10,436,333 2.34%, 1/31/05 2 32,042,000 31,979,518 2.38%, 2/2/05 2 32,127,000 32,059,034 2.53%, 3/7/05 2 24,000,000 23,911,600
9 | CENTENNIAL MONEY MARKET TRUST STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT SEE NOTE 1 ---------------------------------------------------------------------------------- ASSET-BACKED Continued New Center Asset Trust: 2.17%, 1/7/05 $ 25,000,000 $ 24,990,958 2.21%, 1/14/05 69,900,000 69,844,216 ---------------------------------------------------------------------------------- Old Line Funding Corp., 2.25%, 1/7/05 2 25,000,000 24,990,625 ---------------------------------------------------------------------------------- Perry Global Funding LLC, Series A: 2.03%, 1/13/05 2 100,574,000 100,506,212 2.055%, 1/20/05 2 150,000,000 149,837,312 2.08%, 1/26/05 2 25,000,000 24,963,889 2.32%, 2/4/05 2 40,000,000 39,912,356 2.33%, 2/7/05 2 17,153,000 17,111,923 2.34%, 1/19/05 2 44,037,000 43,985,477 ---------------------------------------------------------------------------------- Regency Markets No. 1 LLC: 2.37%, 1/7/05 2 104,661,000 104,619,959 2.37%, 1/14/05 2 43,729,000 43,691,575 2.37%, 1/20/05 2 29,840,000 29,802,518 ---------------------------------------------------------------------------------- Sheffield Receivables Corp.: 2.17%, 1/3/05 2 45,900,000 45,894,467 2.20%, 1/12/05 2 31,760,000 31,738,650 ---------------------------------------------------------------------------------- Solitaire Funding LLC: 1.935%, 2/15/05 2 45,481,000 45,370,993 1.96%, 2/4/05 2 150,000,000 149,722,333 1.96%, 2/8/05 2 20,276,000 20,234,051 2.31%, 2/11/05 2 80,413,000 80,201,447 ---------------------------------------------------------------------------------- Thornburg Mortgage Capital Resources, 2.11%, 1/31/05 2 120,000,000 119,811,980 ---------------------------------------------------------------------------------- Victory Receivables Corp.: 2.22%, 1/14/05 2 39,000,000 38,968,735 2.25%, 1/10/05 2 15,000,000 14,991,750 2.29%, 1/3/05 2 27,286,000 27,282,529 2.37%, 1/20/05 2 46,124,000 46,066,307 2.37%, 1/21/05 2 45,127,000 45,067,583 2.37%, 1/26/05 2 79,600,000 79,468,992 2.38%, 1/25/05 2 20,794,000 20,761,007 ---------------------------------------------------------------------------------- Windmill Funding Corp., 2.25%, 1/6/05 2 25,000,000 24,992,188 ---------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 ---------------------------------------------------------------------------------- ASSET-BACKED Continued Yorktown Capital LLC, 2.20%, 1/13/05 2 $ 8,777,000 $ 8,770,564 ------------- 5,113,626,579 ---------------------------------------------------------------------------------- AUTOMOBILES--0.2% BMW US Capital LLC, 2.30%, 1/14/05 2 30,000,000 29,975,083 ---------------------------------------------------------------------------------- BEVERAGES--0.1% Diageo Capital plc, 2.22%, 1/5/05 2 14,800,000 14,796,349 ---------------------------------------------------------------------------------- CAPITAL MARKETS--9.4% Banc of America Securities LLC, 2.32%, 1/3/05 1 180,000,000 180,000,000 ---------------------------------------------------------------------------------- Bear Stearns Cos., Inc.: 2.14%, 1/6/05 100,000,000 99,970,278 2.31%, 2/7/05 100,000,000 99,762,583 2.31%, 2/9/05 225,000,000 224,436,938 ---------------------------------------------------------------------------------- Citigroup Global Markets Holdings, Inc.: 1.99%, 1/10/05 115,400,000 115,342,589 2.05%, 1/24/05 50,000,000 49,934,514 2.29%, 2/7/05 100,000,000 99,764,639 2.31%, 2/8/05 171,000,000 170,584,628 ---------------------------------------------------------------------------------- First Clearing LLC, 2.41%, 6/6/05 1 140,000,000 140,000,000 ---------------------------------------------------------------------------------- Goldman Sachs Group, Inc., 2.23%, 4/6/05 165,000,000 165,000,000 ---------------------------------------------------------------------------------- Lehman Brothers, Inc., 2.38%, 12/15/05 1 152,000,000 152,000,000 ---------------------------------------------------------------------------------- Morgan Stanley: 2.25%, 1/25/05 8,900,000 8,886,650 2.30%, 2/22/05 200,000,000 199,335,556 2.33%, 1/26/05 145,000,000 144,765,382 2.37%, 2/14/05 70,000,000 69,797,233 ----------------- 1,919,580,990
10 | CENTENNIAL MONEY MARKET TRUST
PRINCIPAL VALUE AMOUNT SEE NOTE 1 ---------------------------------------------------------------------------------- COMMERCIAL BANKS--4.2% Bank of America Corp.: 2.05%, 1/19/05 $ 150,000,000 $ 149,846,250 2.19%, 1/13/05 202,500,000 202,354,518 2.32%, 2/4/05 80,000,000 79,824,711 ---------------------------------------------------------------------------------- HSBC USA, Inc.: 2.10%, 1/28/05 87,500,000 87,362,188 2.11%, 1/31/05 200,000,000 199,648,333 2.16%, 1/7/05 90,000,000 89,967,600 ---------------------------------------------------------------------------------- Marshall & Ilsey Corp., 2.29%, 1/21/05 35,000,000 34,955,472 ---------------------------------------------------------------------------------- National City Credit Corp., 2.29%, 1/14/05 15,000,000 14,987,596 ----------------- 858,946,668 ---------------------------------------------------------------------------------- COMMERCIAL FINANCE--0.5% Caterpillar Financial Services Corp., Series F: 2.158%, 1/14/05 1 20,000,000 20,001,020 2.38%, 4/25/05 1 35,000,000 35,035,478 ---------------------------------------------------------------------------------- Private Export Funding Corp.: 1.80%, 1/13/05 2 47,200,000 47,171,680 2.15%, 3/1/05 2 5,000,000 4,982,382 ----------------- 107,190,560 ---------------------------------------------------------------------------------- COMMERCIAL SERVICES & SUPPLIES--0.2% First Data Corp., 2.27%, 1/12/05 38,600,000 38,573,227 ---------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES--8.9% American Express Credit Corp., Series B: 2.428%, 10/26/05 1 10,000,000 10,002,580 2.43%, 9/30/05 1 125,000,000 125,037,727 2.47%, 8/11/05 1 25,000,000 25,016,891 ---------------------------------------------------------------------------------- General Electric Capital Corp.: 2.18%, 1/14/05 150,000,000 149,881,917 2.32%, 2/25/05 147,000,000 146,478,967 2.33%, 2/10/05 94,000,000 93,756,644 2.45%, 3/22/05 83,150,000 82,697,294 ---------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 ---------------------------------------------------------------------------------- DIVERSIFIED FINANCIAL SERVICES Continued General Electric Capital Services: 2%, 3/8/05 $ 30,000,000 $ 29,890,000 2.33%, 2/10/05 42,250,000 42,140,619 2.46%, 3/21/05 200,000,000 198,920,333 ---------------------------------------------------------------------------------- Greenwich Capital Holdings, Inc.: 2.02%, 1/20/05 50,000,000 49,946,694 2.02%, 1/21/05 90,000,000 89,899,000 2.05%, 1/19/05 50,000,000 49,948,750 2.10%, 1/28/05 32,000,000 31,949,600 2.15%, 1/7/05 29,000,000 28,989,608 2.45%, 3/23/05 190,000,000 188,952,625 ---------------------------------------------------------------------------------- Household Finance Corp.: 2%, 1/12/05 145,000,000 144,911,389 2%, 1/13/05 95,000,000 94,936,667 2.34%, 2/25/05 100,000,000 99,642,500 2.34%, 2/28/05 50,000,000 49,811,500 ---------------------------------------------------------------------------------- Prudential Funding LLC, 2.13%, 4/4/05 79,000,000 78,565,303 ----------------- 1,811,376,608 ---------------------------------------------------------------------------------- INSURANCE--3.0% ING America Insurance Holdings, Inc., 2.46%, 3/21/05 14,600,000 14,521,184 ---------------------------------------------------------------------------------- Jackson National Life Global Funding, Series 2004-6, 2.403%, 1/17/05 1,3 50,000,000 50,000,000 ---------------------------------------------------------------------------------- Jackson National Life Insurance Co.: 2.28%, 3/1/05 1 70,000,000 70,000,000 2.29%, 1/1/05 1 48,000,000 48,000,000 ---------------------------------------------------------------------------------- Metropolitan Life Global Funding I, Series 2003-5, 2.443%, 1/17/05 1,4 69,400,000 69,400,000 ---------------------------------------------------------------------------------- Prudential Insurance Co. of America, 2.056%, 1/31/05 1 165,000,000 165,000,000 ---------------------------------------------------------------------------------- Security Life of Denver Insurance Co., 2.535%, 1/24/05 1,4 115,000,000 115,000,000
11 | CENTENNIAL MONEY MARKET TRUST STATEMENT OF INVESTMENTS Unaudited / Continued --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT SEE NOTE 1 ---------------------------------------------------------------------------------- INSURANCE Continued United of Omaha Life Insurance Co.: 2.38%, 1/1/05 1,4 $ 50,000,000 $ 50,000,000 2.38%, 11/17/05 1,4 16,000,000 16,000,000 2.38%, 12/29/05 1,4 15,000,000 15,000,000 ----------------- 612,921,184 ---------------------------------------------------------------------------------- LEASING & FACTORING--2.2% American Honda Finance Corp.: 2.15%, 1/7/05 25,000,000 24,991,042 2.296%, 12/6/05 1,3 35,000,000 34,998,375 ---------------------------------------------------------------------------------- Toyota Motor Credit Corp.: 2.17%, 1/12/05 35,000,000 34,976,793 2.28%, 1/26/05 150,000,000 149,762,500 2.29%, 2/3/05 200,000,000 199,580,167 ----------------- 444,308,877 ---------------------------------------------------------------------------------- OIL & GAS--0.6% BP Capital Markets plc, 2.25%, 1/5/05 35,000,000 34,991,250 ---------------------------------------------------------------------------------- Koch Industries LLC: 2.27%, 1/7/05 2 25,000,000 24,990,542 2.29%, 1/11/05 2 33,000,000 32,979,008 ---------------------------------------------------------------------------------- Shell Finance UK plc, 2.20%, 1/3/05 35,000,000 34,995,722 ----------------- 127,956,522 ---------------------------------------------------------------------------------- PERSONAL PRODUCTS--0.3% Colgate-Palmolive Co., 2.27%, 1/21/05 2 35,000,000 34,955,861 ---------------------------------------------------------------------------------- Procter & Gamble Co., 2.24%, 2/2/05 2 25,000,000 24,950,222 ----------------- 59,906,083 ---------------------------------------------------------------------------------- PHARMACEUTICALS--0.4% Alcon Capital Corp., 2.22%, 1/10/05 2 37,150,000 37,129,382 ---------------------------------------------------------------------------------- Pfizer, Inc., 2.23%, 2/1/05 2 35,000,000 34,932,790 ----------------- 72,062,172 ---------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 ---------------------------------------------------------------------------------- SPECIAL PURPOSE FINANCIAL--11.5% Blue Spice LLC, 2.07%, 1/24/05 2 $ 175,000,000 $ 174,768,563 ---------------------------------------------------------------------------------- Cooperative Assn of Tractor Dealers, Inc., Series B: 2.15%, 3/28/05 9,500,000 9,451,207 2.15%, 3/30/05 15,100,000 15,020,641 ---------------------------------------------------------------------------------- K2 (USA) LLC: 2%, 1/10/05 2 36,000,000 35,982,000 2.07%, 3/22/05 2 45,000,000 44,793,000 2.13%, 1/31/05 2 19,500,000 19,465,388 2.14%, 2/3/05 2 28,000,000 27,945,073 2.305%, 11/8/05 1,3 120,000,000 119,974,438 2.38%, 6/30/05 1,3 65,500,000 65,493,432 2.44%, 3/15/05 2 17,800,000 17,711,930 ---------------------------------------------------------------------------------- LINKS Finance LLC: 2.353%, 10/17/05 1,4 150,000,000 149,964,564 2.353%, 12/15/05 1,3 187,000,000 186,946,513 2.37%, 1/21/05 1,3 90,000,000 89,999,019 2.37%, 10/31/05 1,3 175,000,000 174,956,655 ---------------------------------------------------------------------------------- Parkland (USA) LLC: 2.35%, 12/12/05 1,3 50,000,000 49,995,300 2.383%, 1/14/05 1,3 23,000,000 22,999,918 ---------------------------------------------------------------------------------- RACERS Trust, Series 2004-6-MM, 2.413%, 1/24/05 1,3 156,500,000 156,500,000 ---------------------------------------------------------------------------------- Sigma Finance, Inc.: 2.006%, 1/6/05 1,3 90,000,000 89,980,155 2.12%, 2/4/05 2 35,960,000 35,888,000 2.353%, 6/17/05 1,3 90,000,000 89,991,764 2.353%, 12/14/05 1,3 80,000,000 79,976,994 2.353%, 12/15/05 1,3 214,000,000 213,940,885 2.36%, 12/16/05 1,3 80,000,000 79,976,989 2.365%, 5/17/05 1,3 50,000,000 49,995,342 ---------------------------------------------------------------------------------- Ticonderoga Funding LLC: 2.38%, 2/11/05 3 33,500,000 33,409,196 2.38%, 2/14/05 3 132,441,000 132,055,744 2.41%, 2/22/05 3 75,000,000 74,738,917 2.42%, 2/28/05 3 38,167,000 38,018,191
12 | CENTENNIAL MONEY MARKET TRUST
PRINCIPAL VALUE AMOUNT SEE NOTE 1 ---------------------------------------------------------------------------------- SPECIAL PURPOSE FINANCIAL Continued Wachovia Asset Securitization Issuance, Series 2004-HEMM1, Cl. A, 2.408%, 1/25/05 1 $ 70,000,000 $ 69,999,425 ----------------- 2,349,939,243 ----------------- Total Short-Term Notes (Cost $13,561,160,145) 13,561,160,145 ---------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCIES--1.9% ---------------------------------------------------------------------------------- Federal Home Loan Bank: 1.40%, 4/1/05 35,000,000 34,995,920 1.50%, 2/28/05 50,000,000 50,000,000 ---------------------------------------------------------------------------------- Federal Home Loan Mortgage Corp., 2.14%, 1/11/05 20,000,000 19,988,111 ---------------------------------------------------------------------------------- Federal National Mortgage Assn.: 1.375%, 2/18/05 50,000,000 50,000,000 1.40%, 2/25/05 25,000,000 25,000,000 1.55%, 5/4/05 35,000,000 35,000,000 1.60%, 5/13/05 25,000,000 25,000,000 1.66%, 5/20/05 50,000,000 50,000,000 1.75%, 5/23/05 100,000,000 100,000,000 ----------------- Total U.S. Government Agencies (Cost $389,984,031) 389,984,031 ---------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $20,399,751,783) 100.2% 20,399,751,783 ---------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.2) (43,193,223) --------------------------------- NET ASSETS 100.0% $ 20,356,558,560 =================================
FOOTNOTES TO STATEMENT OF INVESTMENTS SHORT-TERM NOTES, DIRECT BANK OBLIGATIONS AND LETTERS OF CREDIT ARE GENERALLY TRADED ON A DISCOUNT BASIS; THE INTEREST RATE SHOWN IS THE DISCOUNT RATE RECEIVED BY THE TRUST AT THE TIME OF PURCHASE. OTHER SECURITIES NORMALLY BEAR INTEREST AT THE RATES SHOWN. 1. Represents the current interest rate for a variable or increasing rate security. 2. Security issued in an exempt transaction without registration under the Securities Act of 1933. Such securities amount to $5,810,507,604, or 28.54% of the Trust's net assets, and have been determined to be liquid pursuant to guidelines adopted by the Board of Trustees. 3. Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $1,858,829,383 or 9.13% of the Trust's net assets as of December 31, 2004. 4. Illiquid security. The aggregate value of illiquid securities as of December 31, 2004 was $415,364,564, which represents 2.04% of the Trust's net assets. See Note 4 of Notes to Financial Statements. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 13 | CENTENNIAL MONEY MARKET TRUST STATEMENT OF ASSETS AND LIABILITIES Unaudited --------------------------------------------------------------------------------
December 31, 2004 ------------------------------------------------------------------------------------------------------ ASSETS ------------------------------------------------------------------------------------------------------ Investments, at value (cost $20,399,751,783) --see accompanying statement of investments $ 20,399,751,783 ------------------------------------------------------------------------------------------------------ Cash 28,307,871 ------------------------------------------------------------------------------------------------------ Receivables and other assets: Shares of beneficial interest sold 119,565,285 Interest 12,582,786 Other 972,377 ----------------- Total assets 20,561,180,102 ------------------------------------------------------------------------------------------------------ LIABILITIES ------------------------------------------------------------------------------------------------------ Payables and other liabilities: Shares of beneficial interest redeemed 195,056,086 Dividends 4,253,321 Transfer and shareholder servicing agent fees 2,539,870 Distribution and service plan fees 1,822,775 Shareholder communications 781,945 Trustees' compensation 69,371 Other 98,174 ----------------- Total liabilities 204,621,542 ------------------------------------------------------------------------------------------------------ NET ASSETS $ 20,356,558,560 ================= ------------------------------------------------------------------------------------------------------ COMPOSITION OF NET ASSETS ------------------------------------------------------------------------------------------------------ Paid-in capital $ 20,356,565,517 ------------------------------------------------------------------------------------------------------ Accumulated net realized loss on investments (6,957) ----------------- NET ASSETS--applicable to 20,347,977,445 shares of beneficial interest outstanding $ 20,356,558,560 ================= ------------------------------------------------------------------------------------------------------ NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND OFFERING PRICE PER SHARE $ 1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 14 | CENTENNIAL MONEY MARKET TRUST STATEMENT OF OPERATIONS Unaudited --------------------------------------------------------------------------------
For the Six Months Ended December 31, 2004 ------------------------------------------------------------------------------------------------------ INVESTMENT INCOME ------------------------------------------------------------------------------------------------------ Interest $ 185,500,932 ------------------------------------------------------------------------------------------------------ EXPENSES ------------------------------------------------------------------------------------------------------ Management fees 35,480,905 ------------------------------------------------------------------------------------------------------ Service plan fees 21,272,101 ------------------------------------------------------------------------------------------------------ Transfer and shareholder servicing agent fees 14,504,539 ------------------------------------------------------------------------------------------------------ Shareholder communications 431,604 ------------------------------------------------------------------------------------------------------ Custodian fees and expenses 114,311 ------------------------------------------------------------------------------------------------------ Trustees' compensation 42,751 ------------------------------------------------------------------------------------------------------ Other 730,964 ----------------- Total expenses 72,577,175 Less reduction to custodian expenses (19,257) ----------------- Net expenses 72,557,918 ------------------------------------------------------------------------------------------------------ NET INVESTMENT INCOME 112,943,014 ------------------------------------------------------------------------------------------------------ NET REALIZED LOSS ON INVESTMENTS (6,957) ------------------------------------------------------------------------------------------------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 112,936,057 =================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 15 | CENTENNIAL MONEY MARKET TRUST STATEMENTS OF CHANGES IN NET ASSETS --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2004 JUNE 30, (UNAUDITED) 2004 -------------------------------------------------------------------------------------------------------------------------- OPERATIONS -------------------------------------------------------------------------------------------------------------------------- Net investment income $ 112,943,014 $ 137,747,546 ------------------------------------------------------------------------------------------------------------------------- Net realized gain (loss) (6,957) 35,294 ------------------------------------ Net increase in net assets resulting from operations 112,936,057 137,782,840 ------------------------------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS ------------------------------------------------------------------------------------------------------------------------- Dividends from net investment income (112,943,014) (137,747,546) ------------------------------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ------------------------------------------------------------------------------------------------------------------------- Net decrease in net assets resulting from beneficial interest transactions (834,313,273) (1,827,754,177) ------------------------------------------------------------------------------------------------------------------------- NET ASSETS ------------------------------------------------------------------------------------------------------------------------- Total decrease (834,320,230) (1,827,718,883) ------------------------------------------------------------------------------------------------------------------------- Beginning of period 21,190,878,790 23,018,597,673 ------------------------------------ End of period $ 20,356,558,560 $ 21,190,878,790 ====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 16 | CENTENNIAL MONEY MARKET TRUST FINANCIAL HIGHLIGHTS --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2004 JUNE 30, (UNAUDITED) 2004 2003 2002 2001 2000 -------------------------------------------------------------------------------------------------------------------- PER SHARE OPERATING DATA -------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------------------------------------------------------------------------------------------------------------------- Income from investment operations-- net investment income and net realized gain (loss) .01 1 .01 .01 .02 .06 .05 -------------------------------------------------------------------------------------------------------------------- Dividends and/or distributions to shareholders: Dividends from net investment income (.01) (.01) (.01) (.02) (.06) (.05) Distributions from net realized gain -- -- -- 2 -- 2 -- -- ---------------------------------------------------------------------- Total dividends and/or distributions to shareholders (.01) (.01) (.01) (.02) (.06) (.05) -------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======================================================================= -------------------------------------------------------------------------------------------------------------------- TOTAL RETURN 3 0.55% 0.61% 1.20% 1.99% 5.51% 5.36% -------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA -------------------------------------------------------------------------------------------------------------------- Net assets, end of period (in millions) $ 20,357 $ 21,191 $ 23,019 $ 21,736 $ 22,210 $ 18,734 -------------------------------------------------------------------------------------------------------------------- Average net assets (in millions) $ 21,153 $ 22,509 $ 22,783 $ 22,947 $ 20,830 $ 18,537 -------------------------------------------------------------------------------------------------------------------- Ratios to average net assets: 4 Net investment income 1.06% 0.61% 1.19% 1.97% 5.34% 5.20% Total expenses 0.68% 0.67% 0.66% 0.69% 0.67% 0.67% Expenses after payments and waivers and reduction to custodian expenses N/A 5 0.51% 0.40% 0.66% N/A 5 N/A 5
1. Per share amounts calculated based on the average shares outstanding during the period. 2. Less than $0.005 per share. 3. Assumes an investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods less than one year. Returns do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the redemption of Trust shares. 4. Annualized for periods of less than one full year. 5. Reduction to custodian expenses less than 0.01%. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 17 | CENTENNIAL MONEY MARKET TRUST NOTES TO FINANCIAL STATEMENTS Unaudited -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Centennial Money Market Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust's investment objective is to seek the maximum current income that is consistent with low capital risk and the maintenance of liquidity. The Trust's investment advisor is Centennial Asset Management Corporation (the Manager), a subsidiary of OppenheimerFunds, Inc. (OFI). The following is a summary of significant accounting policies consistently followed by the Trust. -------------------------------------------------------------------------------- SECURITIES VALUATION. The net asset value of shares of the Trust is normally determined twice each day, at 12:00 Noon Eastern time and at 4:00 P.M. Eastern time on each day The New York Stock Exchange (the Exchange) is open for trading. Portfolio securities are valued on the basis of amortized cost, which approximates market value. -------------------------------------------------------------------------------- FEDERAL TAXES. The Trust intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders, therefore, no federal income or excise tax provision is required. Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Trust. During the six months ended December 31, 2004 and the year ended June 30, 2004, the Trust did not utilize any capital loss carryforward. As of December 31, 2004, the Trust had available for federal income tax purposes an estimated capital loss carryforward of $6,957 expiring by 2013. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. -------------------------------------------------------------------------------- TRUSTEES' COMPENSATION. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Trust. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Trust or in other Oppenheimer funds selected by the Trustee. The Trust purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Trust asset equal to the deferred compensation liability. Such assets 18 | CENTENNIAL MONEY MARKET TRUST are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Trust, and will not materially affect the Trust's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the Plan. -------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually but may be paid at other times to maintain the net asset value per share at $1.00. -------------------------------------------------------------------------------- CUSTODIAN FEES. Custodian Fees and Expenses in the Statement of Operations may include interest expense incurred by the Trust on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Trust pays interest to its custodian on such cash overdrafts at a rate equal to the Federal Funds Rate plus 0.50%. The Reduction to Custodian Expenses line item, if applicable, represents earnings on cash balances maintained by the Trust during the period. Such interest expense and other custodian fees may be paid with these earnings. -------------------------------------------------------------------------------- SECURITY TRANSACTIONS. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. -------------------------------------------------------------------------------- OTHER. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Trust has authorized an unlimited number of no par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
SIX MONTHS ENDED DECEMBER 31, 2004 YEAR ENDED JUNE 30, 2004 SHARES AMOUNT SHARES AMOUNT --------------------------------------------------------------------------------------------- Sold 27,042,112,365 $ 27,042,112,365 56,512,425,972 $ 56,512,425,972 Dividends and/or distributions reinvested 110,908,091 110,908,091 137,480,535 137,480,535 Redeemed (27,987,333,729) (27,987,333,729) (58,477,660,684) (58,477,660,684) -------------------------------------------------------------------------- Net decrease (834,313,273) $ (834,313,273) (1,827,754,177) $ (1,827,754,177) ==========================================================================
19 | CENTENNIAL MONEY MARKET TRUST NOTES TO FINANCIAL STATEMENTS Unaudited / Continued -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Management fees paid to the Manager were in accordance with the investment advisory agreement with the Trust which provides for a fee at an annual rate of 0.50% of the first $250 million of the Trust's net assets, 0.475% of the next $250 million, 0.45% of the next $250 million, 0.425% of the next $250 million, 0.40% of the next $250 million, 0.375% of the next $250 million, 0.35% of the next $500 million, and 0.325% of net assets in excess of $2 billion. -------------------------------------------------------------------------------- ADMINISTRATION SERVICES. The Trust pays the Manager a fee of $1,500 per year for preparing and filing the Trust's tax returns. -------------------------------------------------------------------------------- TRANSFER AGENT FEES. Shareholder Services, Inc. (SSI) acts as the transfer and shareholder servicing agent for the Trust and for other registered investment companies. The Trust pays SSI a per account fee. For the six months ended December 31, 2004, the Trust paid $14,160,484 to SSI for services to the Trust. -------------------------------------------------------------------------------- SERVICE PLAN (12b-1) FEES. The Trust has adopted a service plan. It reimburses Centennial Asset Management Corporation, the Distributor, for a portion of its costs incurred for services provided to accounts that hold shares of the Trust. Reimbursement is made quarterly, or monthly depending on asset size, at an annual rate of up to 0.20% of the average annual net assets of the Trust. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions quarterly for providing personal services and maintenance of accounts of their customers that hold shares of the Trust. Fees incurred by the Trust under the Plan are detailed in the Statement of Operations. -------------------------------------------------------------------------------- PAYMENTS AND WAIVERS OF EXPENSES. SSI has voluntarily agreed to limit transfer and shareholder servicing agent fees to 0.35% of average annual net assets of the Trust. This undertaking may be amended or withdrawn at any time. -------------------------------------------------------------------------------- 4. ILLIQUID SECURITIES As of December 31, 2004, investments in securities included issues that are illiquid. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. The Trust will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. 20 | CENTENNIAL MONEY MARKET TRUST PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- The Trust has adopted Portfolio Proxy Voting Policies and Procedures under which the Trust votes proxies relating to securities ("portfolio proxies") held by the Trust. A description of the Trust's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Trust toll-free at 1.800.525.7048, (ii) on the Trust's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Trust is required to file new Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Trust's Form N-PX filing is available (i) without charge, upon request, by calling the Trust toll-free at 1.800.525.7048, and (ii) on the SEC's website at www.sec.gov. The Trust files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Trust's Form N-Q filings are available on the SEC's website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 21 | CENTENNIAL MONEY MARKET TRUST ITEM 2. CODE OF ETHICS Not applicable to semiannual reports. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT Not applicable to semiannual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not applicable to semiannual reports. ITEM 5. NOT APPLICABLE ITEM 6. SCHEDULE OF INVESTMENTS Not applicable ITEM 7. NOT APPLICABLE ITEM 8. NOT APPLICABLE ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The registrant's Board of Trustees has established a Governance Committee, one function of which is to create and oversee the process by which shareholders can submit nominees for positions on the Board. The Governance Committee has not yet adopted a charter, but anticipates that it will do so by the end of this calendar year. The Committee has temporarily adopted the process previously adopted by the Audit Committee regarding shareholder submission of nominees for board positions. Shareholders may submit names of individuals, accompanied by complete and properly supported resumes, for the Governance Committee's consideration by mailing such information to the Committee in care of the Fund. The Committee may consider such persons at such time as it meets to consider possible nominees. The Committee, however, reserves solo discretion to determine the candidates for trustees and independent trustees to recommend to the Board and/or shareholders and may identify candidates other than those submitted by Shareholders. The Committee may, but need not, consider the advice and recommendation of the Manager and its affiliates in selecting nominees. The full Board elects new trustees except for those instances when a shareholder vote is required. Shareholders who desire to communicate with the Board should address correspondence to the Board of Trustees of the registrant, or to an individual Trustee c/o the Secretary of the Fund at 6803 South Tucson Way, Centennial, Colorado 80112 and may submit their correspondence electronically at WWW.OPPENHEIMERFUNDS.COM under the caption "contact us." If your correspondence is intended for a particular Trustee, please indicate the name of the Trustee for whom it is intended. The sender should indicate in the address whether it is intended for the entire board, the Independent Trustees as group, or to an individual Trustee. The Governance Committee will consider if a different process should be recommended to the Board. ITEM 10. CONTROLS AND PROCEDURES (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of December 31, 2004, registrant's principal executive officer and principal financial officer found registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. (b) There have been no changes in registrant's internal controls over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. (A) EXHIBIT ATTACHED HERETO. (ATTACH CODE OF ETHICS AS EXHIBIT)(NOT APPLICABLE TO SEMIANNUAL REPORTS) (B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS)