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<PAGE> PAGE 2
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<PAGE> PAGE 7
SIGNATURE GEORGE C. BOWEN
TITLE TREASURER
Independent Auditors' Report
Centennial Government Trust
The Board of Trustees and Shareholders of
Centennial Government Trust:
<TABLE>
<S> <C>
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of Centennial Government Trust as of
June 30, 1995, the related statement of operations for the year then ended,
the statements of changes in net assets for the years ended June 30, 1995 and
1994, and the financial highlights for the period July 1, 1985 to June 30,
1995. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned at June 30, 1995 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Centennial
Government Trust at June 30, 1995, the results of its operations, the changes
in its net assets, and the financial highlights for the respective stated
periods, in conformity with generally accepted accounting principles.
</TABLE>
DELOITTE & TOUCHE LLP
Denver, Colorado
July 24, 1995
<TABLE> <S> <C>
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<FISCAL-YEAR-END> JUN-30-1995
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<PERIOD-END> JUN-30-1995
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