-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LjoTQfjYRv35UCMJDHwm9o5wRUhPFNRwUCBh7jybaByuhtmttUxlJ2C4/CtnP1Ho co6ly2hbO3YfDF0HXTJ9Pg== 0000935069-04-000353.txt : 20040303 0000935069-04-000353.hdr.sgml : 20040303 20040303163230 ACCESSION NUMBER: 0000935069-04-000353 CONFORMED SUBMISSION TYPE: N-CSRS/A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040303 EFFECTIVENESS DATE: 20040303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL TAX EXEMPT TRUST CENTRAL INDEX KEY: 0000319880 IRS NUMBER: 222328954 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-03104 FILM NUMBER: 04646438 BUSINESS ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY STREET 2: 34TH FLOOR CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 BUSINESS PHONE: 303-768-3200 MAIL ADDRESS: STREET 1: 6803 SOUTH TUCSON WAY CITY: CENTENNIAL STATE: CO ZIP: 80112-3924 FORMER COMPANY: FORMER CONFORMED NAME: CENTENNIAL TAX EXEMPT TRUST /CO/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: DAILY CASH TAX EXEMPT FUND INC DATE OF NAME CHANGE: 19851009 FORMER COMPANY: FORMER CONFORMED NAME: CENTENNIAL TAX EXEMPT CASH FUND INC DATE OF NAME CHANGE: 19820720 N-CSRS/A 1 rs0160_9484-a.txt RA0160_9484-A NOTE: REPLACEMENT TO ACCESSION NUMBER 0000935069-04-000261 - -------------------------------------------------------------------------------- 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 811-3104 CENTENNIAL TAX EXEMPT 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, 2003 - DECEMBER 31, 2003 ITEM 1. REPORTS TO STOCKHOLDERS. STATEMENT OF INVESTMENTS DECEMBER 31, 2003 / UNAUDITED - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ SHORT-TERM TAX-EXEMPT OBLIGATIONS--98.5% - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA--1.4% Birmingham, AL Waterworks & Sewer Board RB, AAMC Series 2002-21, MBIA Insured, 1.08%, 1/28/04 1 $10,000,000 $ 10,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Demopolis, AL IDV Board RB, Del Mesa Farms Project, 1.40% 2 6,400,000 6,400,000 - ------------------------------------------------------------------------------------------------------------------------------------ Hoover, AL BOE Capital Outlay TAN, AAMC Series 2001-16, MBIA Insured, 1.21% 2 4,950,000 4,950,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sylacauga, AL IDV Board RB, Harrells Fertilizer, Inc., 1.40% 2 3,600,000 3,600,000 --------------- 24,950,000 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA--0.8% North Slope Borough, AK GOB, Series B, FSA Insured, 1.32% 2 13,400,000 13,400,000 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA--3.6% Phoenix, AZ Civic Improvement Corp. Waste WS Revenue BAN, Series 2003, 1%, 2/19/04 20,000,000 20,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Phoenix, AZ Civic Improvement Corp. Waste WS Revenue BAN, Series 2003-A, 0.95%, 4/1/04 20,000,000 20,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Phoenix, AZ IDAU MH RRB, Paradise Lakes Apts. Project, Series 1995, 1.25% 2 22,500,000 22,500,000 --------------- 62,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA--3.5% CA Department of Water Resources Power Supply RB, Series C-4, 1.25% 2 800,000 800,000 - ------------------------------------------------------------------------------------------------------------------------------------ CA Department of Water Resources Power Supply RB, Series C-7, FSA Insured, 1.27% 2 10,000,000 10,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ CA Department of Water Resources Power Supply RB, Series C-9, 1.20% 2 20,000,000 20,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ CA M-S-R PPA RRB, San Juan Project, Sub. Lien, Series E, MBIA Insured, 1.20% 2 2,600,000 2,600,000 - ------------------------------------------------------------------------------------------------------------------------------------ CA SCDAU MH RB, Greentree Sr. Apts. Project-P, 1.26% 2 750,000 750,000 - ------------------------------------------------------------------------------------------------------------------------------------ Fremont, CA MH RB, Treetops Apts., Series A, 1.30% 2 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Huntington Park, CA RA MH RB, Casa Rita Apts., Series A, 1.26% 2 300,000 300,000 - ------------------------------------------------------------------------------------------------------------------------------------ Lodi, CA EU REF COP, Series A, MBIA Insured, 1.03% 2 3,400,000 3,400,000 - ------------------------------------------------------------------------------------------------------------------------------------ Los Angeles Cnty., CA MTAU Sales Tax RRB, Second Sr. Series A, MBIA Insured, 1.20% 2 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Los Angeles, CA USD GOB, AAMC Series 1999-7, MBIA Insured, 1.14% 2,3 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Northern CA Power Agency RRB, Hydroelectric Project 1-A, MBIA Insured, 1.11% 2 2,400,000 2,400,000 - ------------------------------------------------------------------------------------------------------------------------------------ Orange Cnty., CA HAU MH RB, Lantern Pines Project-CC, 1.15% 2 1,000,000 1,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Orange Cnty., CA Special FAU Teeter Plan RB, Series D, AMBAC Insured, 1.10% 2 6,300,000 6,300,000 - ------------------------------------------------------------------------------------------------------------------------------------ Orange Cnty., CA Special FAU Teeter Plan RB, Series E, AMBAC Insured, 1.10% 2 1,225,000 1,225,000 - ------------------------------------------------------------------------------------------------------------------------------------ Rancho Mirage, CA Joint Powers FA REF COP, Eisenhower Medical Center, Series B, MBIA Insured, 1.11% 2 1,100,000 1,100,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sacramento Cnty., CA HAU MH RRB, Bent Tree Apts., Series A, 1.20% 2 3,600,000 3,600,000 - ------------------------------------------------------------------------------------------------------------------------------------ San Diego, CA Water Utility Fund Net System GOB, AAMC Series 1998-10, FGIC Insured, 1.16% 2,3 2,200,000 2,200,000 - ------------------------------------------------------------------------------------------------------------------------------------ Southern CA PPAU RRB, Palo Verde Project, Series B, AMBAC Insured, 1.03% 2 700,000 700,000 --------------- 61,375,000
5 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO--1.2% Arapahoe Cnty., CO Water & Wastewater Authority RRB, Series A, 1.14% 2 $ 2,500,000 $ 2,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ Castlewood Ranch, CO Metro District GOLB, 1.22%, 1/2/04 1 3,250,000 3,250,000 - ------------------------------------------------------------------------------------------------------------------------------------ Central Platte Valley & Denver Cnty., CO Metro District GOB, Series B, 1.30%, 12/1/04 1 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ CO Educational & Cultural FA Public Radio RB, Community Wireless Park City, 1.20% 2 790,000 790,000 - ------------------------------------------------------------------------------------------------------------------------------------ Stapleton Business Center Metro District, CO RB, 1.21% 2 7,550,000 7,550,000 - ------------------------------------------------------------------------------------------------------------------------------------ Superior Metro District No. 1, CO WSS BAN, 1.21% 2 2,000,000 2,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Willow Trace Metro District, CO GOLB, Series A, 1.30%, 12/1/04 1 2,295,000 2,295,000 --------------- 21,385,000 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA--4.3% Collier Cnty., FL IDAU RB, Gulf Coast American Blind, Series A, 1.37% 2 2,875,000 2,875,000 - ------------------------------------------------------------------------------------------------------------------------------------ Dade Cnty., FL WSS RB, ETET Series 96C0908, Cl. A, FGIC Insured, 1.30% 2 9,900,000 9,900,000 - ------------------------------------------------------------------------------------------------------------------------------------ FL Gulf Coast University Financing Corp./Capital Improvement RB, Series 2003, 1.25% 2 2,250,000 2,250,000 - ------------------------------------------------------------------------------------------------------------------------------------ FL TUAU RB, Series A, ETET Series 96C0910, Cl. A, FGIC Insured, 1.30% 2 14,850,000 14,850,000 - ------------------------------------------------------------------------------------------------------------------------------------ Hillsborough Cnty., FL IDAU PC COP, Tampa Electric Co. Project, ETET Series 96C0911, Cl. A, 1.30% 2 17,795,000 17,795,000 - ------------------------------------------------------------------------------------------------------------------------------------ Hillsborough Cnty., FL IDAU PC COP, Tampa Electric Co. Project, ETET Series 97C0901, Cl. A, MBIA Insured, 1.30% 2 17,795,000 17,795,000 - ------------------------------------------------------------------------------------------------------------------------------------ Jacksonville, FL Sales Tax RB, MERLOT Series 2003 B26, MBIA Insured, 1.21% 2 9,995,000 9,995,000 --------------- 75,460,000 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA--7.6% Atlanta, GA TXAL Bonds, Westside Project, 1.25% 2 14,995,000 14,995,000 - ------------------------------------------------------------------------------------------------------------------------------------ Burke Cnty., GA PC RB, Series 98-A, 0.90%, 2/2/04 12,000,000 12,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Burke Cnty., GA PC RB, Series 98-B, 0.90%, 1/20/04 11,000,000 11,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Burke Cnty., GA PC RB, Series 98-B, 0.92%, 1/14/04 25,000,000 25,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Burke Cnty., GA PC RB, Series 98-B, 0.94%, 1/21/04 25,000,000 25,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Burke Cnty., GA PC RB, Series 98-B, 1.03%, 1/9/04 20,000,000 20,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Cherokee Cnty., GA WSS RRB, MERLOT Series 2003 A14, MBIA Insured, 1.21% 2 7,050,000 7,050,000 - ------------------------------------------------------------------------------------------------------------------------------------ GA GOB, Series 1995B, ETET Series 96C1004, Cl. A, 1.30% 2 11,880,000 11,880,000 - ------------------------------------------------------------------------------------------------------------------------------------ Gainsville, GA RA EDLFA RRB, Riverside Military Project, 1.25% 2 6,250,000 6,250,000 --------------- 133,175,000 - ------------------------------------------------------------------------------------------------------------------------------------ IDAHO--1.2% Custer Cnty., ID PC RB, Amoco Standard Oil of Indiana, 1.10%, 4/1/04 1 20,375,000 20,375,000 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS--14.7% Chicago, IL BOE GOUN, AAMC Series 2002-4, FSA Insured, 1.21% 2 9,225,000 9,225,000 - ------------------------------------------------------------------------------------------------------------------------------------ Chicago, IL GOB, AAMC Series 2002-12, 1.21% 2 10,975,000 10,975,000 - ------------------------------------------------------------------------------------------------------------------------------------ Chicago, IL GOUN, AAMC Series 1998-3, FGIC Insured, 1.21% 2,3 8,735,000 8,735,000 - ------------------------------------------------------------------------------------------------------------------------------------ Chicago, IL RB, Lakefront Millennium Parking Facility, ETET Series 981303, Cl. A, 1.30% 2 22,495,000 22,495,000 - ------------------------------------------------------------------------------------------------------------------------------------ Crestwood, IL HEAU RB, Trinity Christian College, Series 2003, 1.25% 2 5,000,000 5,000,000
6 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS Continued IL Development FAU RB, Evanston Northwestern Corp., 1.30% 2 $ 5,000,000 $ 5,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL Development FAU SWD RB, Waste Management, Inc. Project, 1.35% 2 9,000,000 9,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL EDLFA RB, 0.90%, 1/13/04 19,000,000 19,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL EDLFA RB, 0.90%, 1/20/04 11,840,000 11,840,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL EDLFA RB, 0.92%, 1/14/04 30,000,000 30,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL EDLFA RB, 0.94%, 1/21/04 12,000,000 12,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL EDLFA RB, 1.03%, 1/26/04 15,000,000 15,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL HFAU RB, Evanston Hospital Corp., Series 1985-B, 1.20%, 11/15/04 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL HFAU RB, Evanston Hospital Corp., Series 1992, 0.95%, 1/22/04 17,000,000 17,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL HFAU RB, Evanston Hospital Corp., Series 1995, 1%, 3/25/04 10,500,000 10,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL HFAU RB, Evanston Hospital Corp., Series 1996, 1.07%, 5/17/04 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL HFAU RB, Evanston Northwestern Corp., Series 1998, 1%, 2/26/04 50,000,000 50,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ IL RTA RB, MERLOT Series 2003 B15, 1.21% 2 12,975,000 12,975,000 --------------- 258,745,000 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA--7.0% Dyer, IN HCF RRB, Regency Place, Series A-1, 1.43% 2 2,770,000 2,770,000 - ------------------------------------------------------------------------------------------------------------------------------------ Fort Wayne, IN HCF RRB, Health Quest, Series X-A, 1.43% 2 1,920,000 1,920,000 - ------------------------------------------------------------------------------------------------------------------------------------ IN Bond Bank RB, Advance Funding Program Nts., Series A, AMBAC Insured, 2%, 1/27/04 66,500,000 66,542,272 - ------------------------------------------------------------------------------------------------------------------------------------ IN GOB, AAMC Series 2003-15, Single Asset Trust, 1.16%, 1/28/04 1 14,200,000 14,200,000 - ------------------------------------------------------------------------------------------------------------------------------------ IN MPA PPS RB, ETET Series 981401, Cl. A, MBIA Insured, 1.30% 2 13,600,000 13,600,000 - ------------------------------------------------------------------------------------------------------------------------------------ Indianapolis, IN AA Sub. RB, 0.92%, 2/2/04 10,000,000 10,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Indianapolis, IN HCF RRB, Health Quest, Series A, 1.43% 2 2,685,000 2,685,000 - ------------------------------------------------------------------------------------------------------------------------------------ Kokomo, IN ED RB, Village Community Partner IV Project, 1.34% 2 2,640,000 2,640,000 - ------------------------------------------------------------------------------------------------------------------------------------ Lawrence/Fort Harrison, IN Reuse Authority Tax Increment RB, Harrison Military Base, 1.30% 2 2,835,000 2,835,000 - ------------------------------------------------------------------------------------------------------------------------------------ Merrillville, IN HCF RRB, Southlake, Series A-1, 1.43% 2 2,710,000 2,710,000 - ------------------------------------------------------------------------------------------------------------------------------------ South Bend, IN HCF RRB, Regency Place, Series 1992A, 1.43% 2 2,590,000 2,590,000 --------------- 122,492,272 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA--1.5% IA School Cash Anticipation Program Nts., Series B, FSA Insured, 2.25%, 1/30/04 27,000,000 27,024,820 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA--3.2% LA Gas & Fuels Tax Nts., AAMC Series 2002-17, 1.21%, 6/1/04 1,3 15,000,000 15,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Lafayette Parish, LA School Board Sales Tax RB, FGIC Insured, 6%, 4/1/04 2,000,000 2,024,685 - ------------------------------------------------------------------------------------------------------------------------------------ New Orleans, LA IDV Board MH RB, Orleans LLC Project, Series 3700, 1.45% 2 29,000,000 29,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ St. James Parish, LA PC RRB, Texaco Project, Series A, 1.08%, 6/10/04 1 10,000,000 10,000,000 --------------- 56,024,685 - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND--1.6% MD Health & HEFAU RB, John Hopkins University, Series B, 1.50%, 1/8/04 1,500,000 1,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ Montgomery Cnty., MD Consolidated BAN, Series 2002, 0.90%, 1/21/04 12,000,000 12,000,000
7 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND Continued Montgomery Cnty., MD Consolidated BAN, Series 2002, 1.05%, 1/12/04 $15,000,000 $ 15,000,000 --------------- 28,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS--2.8% MA General Obligation BAN, Series 2003A, 1.75%, 1/15/04 50,000,000 50,015,673 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN--0.8% MI Grant Anticipation Nts., Series D, 1.08% 2 4,450,000 4,450,000 - ------------------------------------------------------------------------------------------------------------------------------------ MI Job DAU RB, East Lansing Residence Associates Project, 1.15% 2 1,900,000 1,900,000 - ------------------------------------------------------------------------------------------------------------------------------------ St. Clair Cnty., MI ED RRB, MSTFC Series 2000-282X, AMBAC Insured, 1.10%, 8/5/04 1 8,000,000 8,000,000 --------------- 14,350,000 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA--0.9% MN GOB, ETET Series 2000231, Cl. A, 1.30% 2 16,010,000 16,010,000 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI--0.2% Jackson Cnty., MS WS RB, 0.85%, 2/2/04 1 4,220,000 4,220,000 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI--0.9% Boatmens St. Louis, MO Grantor Trust COP, Series 1996A, 1.30%, 12/20/04 1 14,075,000 14,075,000 - ------------------------------------------------------------------------------------------------------------------------------------ MO Health & EDLFA RRB, Cox Health System, Series 1997, 1.32% 2 1,100,000 1,100,000 --------------- 15,175,000 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA--2.9% Clark Cnty., NV AIC RRB, Series A, 1.07% 2 13,635,000 13,635,000 - ------------------------------------------------------------------------------------------------------------------------------------ NV GOLB, SGMSTR Series 1997 SG114, 1.28% 2 20,350,000 20,350,000 - ------------------------------------------------------------------------------------------------------------------------------------ Washoe Cnty., NV GOLB, AAMC Series 2001-24, Single Asset Trust, FGIC Insured, 1.21% 2 16,090,000 16,090,000 --------------- 50,075,000 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK--5.1% Jay Street Development Corp. NYC Facilities Lease RB, Jay Street Project, Series A-3, 1.08% 2 600,000 600,000 - ------------------------------------------------------------------------------------------------------------------------------------ NYC GOB, Subseries B7, 1.10% 2 500,000 500,000 - ------------------------------------------------------------------------------------------------------------------------------------ NYC HDC MH RB, Monterey Project, Series A, 1.10% 2 1,300,000 1,300,000 - ------------------------------------------------------------------------------------------------------------------------------------ NYC IDA Civic Facility RB, Casa Project, 1.30% 2 500,000 500,000 - ------------------------------------------------------------------------------------------------------------------------------------ NYC IDA RB, Planned Parenthood, 1.20% 2 1,100,000 1,100,000 - ------------------------------------------------------------------------------------------------------------------------------------ NYC MTAU BAN, Series CP-1A, 1%, 2/6/04 15,400,000 15,400,000 - ------------------------------------------------------------------------------------------------------------------------------------ NYC MWFAU RB, 0.90%, 1/15/04 25,000,000 25,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ NYC MWFAU RB, 0.90%, 1/20/04 22,000,000 22,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ NYC MWFAU WSS RRB, Series F-1, 1.30% 2 400,000 400,000 - ------------------------------------------------------------------------------------------------------------------------------------ NYC TAN, Series 2004 A, 2%, 4/15/04 17,500,000 17,554,216 - ------------------------------------------------------------------------------------------------------------------------------------ NYC Transitional FAU RB, MERLOT Series 2003 B35, 1.17% 2 600,000 600,000 - ------------------------------------------------------------------------------------------------------------------------------------ NYS TBTAU SPO RRB, Series D, FSA Insured, 1.08% 2 5,265,000 5,265,000 --------------- 90,219,216
8 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO--2.7% Gallia Cnty., OH IDV Mtg. RRB, Jackson Pike Assn., 1.30%, 6/15/04 1 $ 2,475,000 $ 2,475,000 - ------------------------------------------------------------------------------------------------------------------------------------ Hamilton Cnty., OH HCF RB, Twin Towers & Twin Lakes Project, Series A, 1.29% 2 11,000,000 11,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ OH Air Quality DAU RB, Ohio Edison Project, Series A, 1.12% 2 8,500,000 8,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ OH Water DAU RRB, 1.30% 2 21,700,000 21,700,000 - ------------------------------------------------------------------------------------------------------------------------------------ Scioto Cnty., OH HCF RB, Hill View Retirement Center, 1.30%, 12/1/04 1 3,565,000 3,565,000 --------------- 47,240,000 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA--1.3% Berks Cnty., PA IDAU RB, Visiting Nurse Assn., Inc. Project, Series B, 1.35% 2 690,000 690,000 - ------------------------------------------------------------------------------------------------------------------------------------ Lehigh Cnty., PA IDAU RB, Allentown Airport, 1.25% 2 410,000 410,000 - ------------------------------------------------------------------------------------------------------------------------------------ PA GOUN, ETET Series 946802, Cl. A, 1.30% 2 17,800,000 17,800,000 - ------------------------------------------------------------------------------------------------------------------------------------ PA Public School Buildings RB, MERLOT Series 2003 A42, 1.21% 2 3,800,000 3,800,000 - ------------------------------------------------------------------------------------------------------------------------------------ Philadelphia, PA IDAU RB, Friends of Mast School, Inc. Project, 1.30% 2 975,000 975,000 --------------- 23,675,000 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA--0.7% SC Jobs EDAU RB, WUREF Development LLC Project, Series A, 1.25% 2 5,075,000 5,075,000 - ------------------------------------------------------------------------------------------------------------------------------------ SC POAU GOB, AAMC Series 1998-7, FSA Insured, 1.25% 2 7,325,000 7,325,000 --------------- 12,400,000 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE--0.1% Chattanooga, TN Health, Education & Housing RB, Tuff/Chattanooga Housing Project, 1.25% 2 1,655,000 1,655,000 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS--13.7% Calhoun Cnty., TX Navigation IDAU Port RB, 1.34% 2 2,400,000 2,400,000 - ------------------------------------------------------------------------------------------------------------------------------------ Gulf Coast, TX IDAU Marine Terminal RB, Amoco Oil Project, 1.10%, 6/1/04 1 4,000,000 4,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Harris Cnty., TX Criminal Justice Center RB, SGMSTR Series 1997 SG96, FGIC Insured, 1.28% 2 7,475,000 7,475,000 - ------------------------------------------------------------------------------------------------------------------------------------ Harris Cnty., TX TAN, 1.75%, 2/27/04 62,000,000 62,074,900 - ------------------------------------------------------------------------------------------------------------------------------------ Hockley Cnty., TX IDV Corp. PC RB, Amoco Project, 1.05%, 5/1/04 1 13,940,000 13,940,000 - ------------------------------------------------------------------------------------------------------------------------------------ Houston, TX GOB, Series B, 1.05%, 1/22/04 4,000,000 4,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Houston, TX Hotel Occupancy Tax & Parking RB, Sub. Lien, Series A, 0.97%, 1/9/04 22,500,000 22,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ Houston, TX IDV Corp. Air Cargo RB, Aero Houston East, 1.35% 2 5,335,000 5,335,000 - ------------------------------------------------------------------------------------------------------------------------------------ Houston, TX WSS RB, SGMSTR Series 1997 SG120, 1.28% 2 37,600,000 37,600,000 - ------------------------------------------------------------------------------------------------------------------------------------ Keller, TX ISD GOUN, AAMC Series 2001-26, 1.21% 2 3,000,000 3,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ TX TAN & RAN, Series 2003, 2%, 8/31/04 63,000,000 63,357,651 - ------------------------------------------------------------------------------------------------------------------------------------ TX TUAU RB, Dallas Northtollway, SGMSTR Series 1996 SG70, 1.28% 2 15,325,000 15,325,000 --------------- 241,007,551 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH--0.3% Salt Lake City, UT PC RRB, Amoco Project, 1.05%, 4/1/04 1 4,715,000 4,715,000 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA--0.2% Gloucester Cnty., VA IDAU SWD RB, Waste Management Services-A, 1.35% 2 3,000,000 3,000,000
9 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------
PRINCIPAL VALUE AMOUNT SEE NOTE 1 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON--4.7% Everett Cnty., WA Public Facilities District RAN, Series A, 0.98%, 2/19/04 $24,460,000 $ 24,460,000 - ------------------------------------------------------------------------------------------------------------------------------------ Everett Cnty., WA Public Facilities District TAN & RAN, 0.98%, 2/19/04 12,500,000 12,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ King Cnty., WA GOLB, AAMC Series 2001-1, MBIA Insured, 1.21% 2 12,770,000 12,770,000 - ------------------------------------------------------------------------------------------------------------------------------------ Seattle, WA Light & Power RRB, AAMC Series 2002-12, FSA Insured, 1.10%, 5/5/04 1 9,755,000 9,755,000 - ------------------------------------------------------------------------------------------------------------------------------------ Snohomish Cnty., WA GOLB, MERLOT Series 2003 B33, MBIA Insured, 1.21% 2 4,545,000 4,545,000 - ------------------------------------------------------------------------------------------------------------------------------------ Tacoma, WA Limited Tax BAN, Series 2B, 1.05%, 1/15/04 8,000,000 8,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Tacoma, WA Limited Tax BAN, Series 2B, 1.05%, 1/15/04 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ WA GOUN, MERLOT Series 2003 A11, MBIA Insured, 1.21% 2 2,870,000 2,870,000 - ------------------------------------------------------------------------------------------------------------------------------------ WA PPSS RRB, Nuclear Project No. 3, Series 3A-3, 1.07% 2 2,520,000 2,520,000 --------------- 82,420,000 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN--1.2% Franklin, WI Regional SWD Finance Commission RB, Waste Management, Inc. Project, 1.30% 2 5,200,000 5,200,000 - ------------------------------------------------------------------------------------------------------------------------------------ West Allis, WI RB, State Fair Park Exposition Center, 1.30% 2 3,555,000 3,555,000 - ------------------------------------------------------------------------------------------------------------------------------------ WI Health & EDLFA RB, Wheaton Franciscan Services-B, 1.10% 2 13,000,000 13,000,000 --------------- 21,755,000 - ------------------------------------------------------------------------------------------------------------------------------------ WYOMING--2.8% Lincoln Cnty., WY PC RRB, Amoco Oil Co. of Indiana Project, 1.05%, 4/1/04 1 9,250,000 9,250,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sweetwater Cnty., WY PC RB, Series 88-A, Pacificorp, 0.94%, 2/10/04 27,300,000 27,300,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sweetwater Cnty., WY PC RB, Series 88-A, Pacificorp, 0.95%, 1/14/04 10,000,000 10,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sweetwater Cnty., WY PC RB, Series 88-A, Pacificorp, 0.99%, 2/10/04 2,300,000 2,300,000 --------------- 48,850,000 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA--5.6% Washington D.C. Metropolitan AA RB, Series 99-A, 0.98%, 1/20/04 15,000,000 15,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Washington D.C. Metropolitan AA RB, Series 99-A, 1.02%, 1/15/04 22,600,000 22,600,000 - ------------------------------------------------------------------------------------------------------------------------------------ Washington D.C. Metropolitan AA RB, Series 99-A, 1.02%, 1/20/04 31,500,000 31,500,000 - ------------------------------------------------------------------------------------------------------------------------------------ Washington D.C. RB, National Academy of Science, Series 99-B, 1%, 1/15/04 11,000,000 11,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Washington D.C. RB, National Academy of Science, Series 99-B, 1%, 1/22/04 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Washington D.C. RB, National Academy of Science, Series 99-C, 1%, 1/15/04 5,000,000 5,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Washington D.C. RB, National Academy of Science, Series 99-C, 1%, 1/22/04 9,000,000 9,000,000 --------------- 99,100,000 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS, AT VALUE (COST $1,731,289,217) 98.5% 1,731,289,217 - ------------------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS NET OF LIABILITIES 1.5 26,777,660 ---------------------------------- NET ASSETS 100.0% $1,758,066,877 ==================================
10 | CENTENNIAL TAX EXEMPT TRUST FOOTNOTES TO STATEMENT OF INVESTMENTS To simplify the listings of securities, abbreviations are used per the table below:
AA Airport Authority AAMC ABN AMRO Munitops Certificates AIC Airports Improvement Corp. BAN Bond Anticipation Nts. BOE Board of Education COP Certificates of Participation DAU Development Authority ED Economic Development EDAU Economic Development Authority EDLFA Educational Facilities Authority ETET Eagle Tax-Exempt Trust EU Electric Utilities FA Facilities Authority FAU Finance Authority GOB General Obligation Bonds GOLB General Obligation Ltd. Bonds GOUN General Obligation Unlimited Nts. HAU Housing Authority HCF Health Care Facilities HDC Housing Development Corp. HEAU Higher Education Authority HEFAU Higher Educational Facilities Authority HFAU Health Facilities Authority IDA Industrial Development Agency IDAU Industrial Development Authority IDV Industrial Development ISD Independent School District MERLOT Municipal Exempt Receipts Liquidity Option Tender MH Multifamily Housing MPA Municipal Power Agency MSTFC Morgan Stanley & Co., Inc. Trust Floater Certificates MTAU Metropolitan Transportation Authority MWFAU Municipal Water Finance Authority NYC New York City NYS New York State PC Pollution Control POAU Port Authority PPA Public Power Agency PPAU Public Power Authority PPS Public Power System PPSS Public Power Supply System RA Redevelopment Agency RAN Revenue Anticipation Nts. RB Revenue Bonds REF Refunding RRB Revenue Refunding Bonds RTA Regional Transportation Authority SCDAU Statewide Communities Development Authority SGMSTR Societe Generale, NYBranch Municipal Security Trust Receipts SPO Special Obligations SWD Solid Waste Disposal TAN Tax Anticipation Nts. TBTAU Triborough Bridge & Tunnel Authority TUAU Turnpike Authority TXAL Tax Allocation USD Unified School District WS Water System WSS Water & Sewer System 1. Put obligation redeemable at full principal value on the date reported. 2. Floating or variable rate obligation maturing in more than one year. The interest rate, which is based on specific, or an index of, market interest rates, is subject to change periodically and is the effective rate on December 31, 2003. This instrument has a demand feature which allows, on up to 30 days' notice, the recovery of principal at any time, or at specified intervals not exceeding one year. 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 $26,935,000 or 1.53% of the Trust's net assets as of December 31, 2003.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 11 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF ASSETS AND LIABILITIES UNAUDITED - -------------------------------------------------------------------------------- DECEMBER 31, 2003
-------------------------------------------------------------------------------------------------- ASSETS -------------------------------------------------------------------------------------------------- Investments, at value (cost $1,731,289,217)--see accompanying statement $1,731,289,217 -------------------------------------------------------------------------------------------------- Cash 4,653,988 -------------------------------------------------------------------------------------------------- Receivables and other assets: Shares of beneficial interest sold 36,967,028 Interest 7,046,632 Other 126,831 -------------- Total assets 1,780,083,696 -------------------------------------------------------------------------------------------------- LIABILITIES -------------------------------------------------------------------------------------------------- Payables and other liabilities: Shares of beneficial interest redeemed 21,756,817 Service plan fees 138,613 Shareholder reports 55,144 Transfer and shareholder servicing agent fees 49,544 Trustees' compensation 3,015 Other 13,686 -------------- Total liabilities 22,016,819 -------------------------------------------------------------------------------------------------- NET ASSETS $1,758,066,877 ============== -------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS -------------------------------------------------------------------------------------------------- Paid-in capital $1,758,194,497 -------------------------------------------------------------------------------------------------- Accumulated net realized loss on investments (127,620) -------------- NET ASSETS--applicable to 1,758,224,132 shares of beneficial interest outstanding $1,758,066,877 - --------------------------------------------------------------------------------------------------- NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND OFFERING PRICE PER SHARE $1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 12 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF OPERATIONS UNAUDITED - -------------------------------------------------------------------------------- FOR THE SIX MONTHS ENDED DECEMBER 31, 2003 ------------------------------------------------------------------------------- INVESTMENT INCOME ------------------------------------------------------------------------------- Interest $9,549,169 ------------------------------------------------------------------------------- EXPENSES ------------------------------------------------------------------------------- Management fees 3,994,416 ------------------------------------------------------------------------------- Service plan fees 1,898,201 ------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees 291,071 ------------------------------------------------------------------------------- Custodian fees and expenses 18,023 ------------------------------------------------------------------------------- Shareholder reports 16,836 ------------------------------------------------------------------------------- Trustees' compensation 7,326 ------------------------------------------------------------------------------- Other 88,789 ----------- Total expenses 6,314,662 Less reduction to custodian expenses (8,265) ----------- Net expenses 6,306,397 ------------------------------------------------------------------------------- NET INVESTMENT INCOME 3,242,772 ------------------------------------------------------------------------------- NET REALIZED LOSS ON INVESTMENTS (105,612) ------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $3,137,160 =========== SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 13 | CENTENNIAL TAX EXEMPT TRUST STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2003 JUNE 30, (UNAUDITED) 2003 ---------------------------------------------------------------------------------------------- OPERATIONS ---------------------------------------------------------------------------------------------- Net investment income $ 3,242,772 $ 12,882,236 ---------------------------------------------------------------------------------------------- Net realized gain (loss) (105,612) 32,171 ------------------------------------- Net increase in net assets resulting from operations 3,137,160 12,914,407 ---------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS ---------------------------------------------------------------------------------------------- Dividends from net investment income (3,242,772) (12,882,236) ---------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ---------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions (118,418,141) 53,057,495 ---------------------------------------------------------------------------------------------- NET ASSETS ---------------------------------------------------------------------------------------------- Total increase (decrease) (118,523,753) 53,089,666 ---------------------------------------------------------------------------------------------- Beginning of period 1,876,590,630 1,823,500,964 ------------------------------------- End of period $1,758,066,877 $1,876,590,630 =====================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 14 | CENTENNIAL TAX EXEMPT TRUST FINANCIAL HIGHLIGHTS
SIX MONTHS YEAR ENDED ENDED DECEMBER 31, 2003 JUNE 30, (UNAUDITED) 2003 2002 2001 2000 1999 ------------------------------------------------------------------------------------------------------------ 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 -- 1 .01 .01 .03 .03 .03 Dividends to shareholders -- 1 (.01) (.01) (.03) (.03) (.03) ------------------------------------------------------------------------------------------------------------ Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ================================================================ ------------------------------------------------------------------------------------------------------------ TOTAL RETURN 2 0.17% 0.69% 1.17% 3.26% 3.01% 2.61% ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------------ Net assets, end of period (in millions) $1,758 $1,877 $1,824 $1,822 $1,692 $1,749 ------------------------------------------------------------------------------------------------------------ Average net assets (in millions) $1,888 $1,882 $1,904 $1,779 $1,737 $1,896 ------------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 0.34% 0.68% 1.16% 3.21% 2.94% 2.58% Total expenses 0.66% 0.66% 0.69% 0.70% 0.72% 0.69% Expenses after expense reimbursement or fee waiver and reduction to custodian expenses N/A 4 N/A 4 N/A 4 0.69% N/A 4 N/A 4 1. Less than $0.005 per share. 2. 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 full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the redemption of Trust shares. 3. Annualized for periods of less than one full year. 4. Reduction to custodian expenses less than 0.01%.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 15 | CENTENNIAL TAX EXEMPT TRUST NOTES TO FINANCIAL STATEMENTS UNAUDITED - -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Centennial Tax Exempt 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 short-term interest income exempt from federal income taxes 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. 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. As of December 31, 2003, the Trust had available for federal income tax purposes an estimated unused capital loss carryforward of $127,620 expiring by 2012. 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. During the six months ended December 31, 2003 and the year ended June 30, 2003, the Trust used $0 and $32,171, respectively, of carryforward to offset capital gains realized. As of June 30, 2003, the Trust had available for federal income tax purposes unused capital loss carryforwards as follows: EXPIRING ---------------------- 2008 $22,008 ------------------------------------------------------------------------------- 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. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Trust or are invested in other Oppenheimer funds selected by the Trustee. 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. 16 | CENTENNIAL TAX EXEMPT TRUST ------------------------------------------------------------------------------- EXPENSE OFFSET ARRANGEMENT. The reduction of custodian fees, if applicable, represents earnings on cash balances maintained by the Trust. ------------------------------------------------------------------------------- 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 accounting principles generally accepted in the United States of America 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, 2003 YEAR ENDED JUNE 30, 2003 SHARES AMOUNT SHARES AMOUNT - --------------------------------------------------------------------------------------------------- Sold 2,460,932,283 $ 2,460,932,283 4,883,642,642 $ 4,883,642,642 Dividends and/or distributions reinvested 3,435,046 3,435,046 12,855,713 12,855,713 Redeemed (2,582,785,470) (2,582,785,470) (4,843,440,860) (4,843,440,860) - --------------------------------------------------------------------------------------------------- Net increase (decrease) (118,418,141) $ (118,418,141) 53,057,495 $ 53,057,495 =====================================================================
------------------------------------------------------------------------------- 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. Under the agreement, when the value of the Trust's net assets is less than $1.5 billion, the annual fee payable to the Manager shall be reduced by $100,000 based on average net assets computed daily and paid monthly at the annual rates, however, the annual fee cannot be less than $0. ------------------------------------------------------------------------------- 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, 2003, the Trust paid $287,696 to SSI for services to the Trust. SSI has voluntarily agreed to limit transfer and shareholder servicing agent fees up to an annual rate of 0.35% of average net assets of the Trust. This undertaking may be amended or withdrawn at any time. 17 | CENTENNIAL TAX EXEMPT TRUST NOTES TO FINANCIAL STATEMENTS UNAUDITED / CONTINUED - -------------------------------------------------------------------------------- ------------------------------------------------------------------------------- 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Continued 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 at an annual rate up to 0.20% of the average annual net assets of the Trust. Fees incurred by the Trust under the plan are detailed in the Statement of Operations. PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES 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 1.800.225.5677, (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 will be 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 first such filing is due no later than August 31, 2004, for the twelve months ended June 30, 2004. Once filed, the Trust's Form N-PX filing will be available (i) without charge, upon request, by calling the Trust toll-free at 1.800.225.5677, and (ii) on the SEC's website at www.sec.gov. 18 | CENTENNIAL TAX EXEMPT TRUST ITEM 2. CODE OF ETHICS The registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT The Board of Trustees of the Trust has determined that Edward L. Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a member of the Board's Audit Committee, possess the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Messrs. Cameron and Bowen as the Audit Committee's financial experts. Messrs. Cameron and Bowen are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES Not applicable to semiannual reports. ITEM 5. NOT APPLICABLE ITEM 6. RESERVED ITEM 7. NOT APPLICABLE ITEM 8. NOT APPLICABLE Item 9. Submission of Matters to a Vote of Security Holders Not applicable for fiscal periods ending December 31, 2003. ITEM 10. CONTROLS AND PROCEDURES (a) Based on their evaluation of registrant's disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940 (17 CFR 270.30a-2(c)) as of December 31, 2003, 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 significant changes in registrant's internal controls over financial reporting that occurred during the registrant's last fiscal half-year 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) (B) EXHIBITS ATTACHED HERETO. (ATTACH CERTIFICATIONS AS EXHIBITS) EX-99.CODE ETH 3 ex99_code-160.txt EX99_CODE-160 EX-99.CODE ETH CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS OF THE OPPENHEIMER FUNDS AND OF OPPENHEIMERFUNDS, INC. This Code of Ethics for Principal Executive and Senior Financial Officers (referred to in this document as the "Code") has been adopted by each of the investment companies for which OppenheimerFunds, Inc. or one of its subsidiaries or affiliates (referred to collectively in this document as "OFI") acts as investment adviser (individually, a "Fund" and collectively, the "Funds"), and by OFI to effectuate compliance with Section 406 under the Sarbanes-Oxley Act of 2002 and the rules adopted to implement Section 406. This Code applies to each Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Covered Officers"). A listing of positions currently within the ambit of Covered Officers is attached as EXHIBIT A.(1) 1. Purpose of the Code This Code sets forth standards and procedures that are reasonably designed to deter wrongdoing and promote: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o full, fair, accurate, timely, and understandable disclosure in reports and documents that a Fund files with, or submits to, the U.S. Securities and Exchange Commission ("SEC") and in other public ommunications made by the Fund; o compliance with applicable governmental laws, rules and regulations; o the prompt internal reporting of violations of this Code to the Code Administrator identified below; and o accountability for adherence to this Code. In general, the principles that govern honest and ethical conduct, including the avoidance of conflicts of interest between personal and professional relationships, reflect, at the minimum, the following: (1) the duty at all times in performing any responsibilities as a Fund financial officer, controller, accountant or principal executive officer to place the interests of the Funds ahead of personal interests; (2) the fundamental standard that Covered Officers should not take inappropriate advantage of their positions; (3) the duty to assure that a Fund's financial statements and reports to its shareholders are prepared honestly and accurately in accordance with applicable rules, regulations and accounting standards; and (4) the duty to conduct the Funds' business and affairs in an honest and ethical manner. - -------- 1 The obligations imposed by this Code on Covered Officers are separate from and in addition to any obligations that may be imposed on such persons as Covered Persons under the Code of Ethics adopted by the Oppenheimer Funds dated May 15, 2002, under Rule 17j-1 of the Investment Company Act of 1940, as amended and any other code of conduct applicable to Covered Officers in whatever capacity they serve. This Code does not incorporate by reference any provisions of the Rule 17j-1 Code of Ethics and accordingly, any violations or waivers granted under the Rule 17j-1 Code of Ethics will not be considered a violation or waiver under this Code. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. It is acknowledged that, as a result of the contractual relationship between each Fund and OFI, of which the Covered Officers are also officers or employees, and subject to OFI's fiduciary duties to each Fund, the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on OFI and the Funds. It is further acknowledged that the participation of the Covered Officers in such activities is inherent in the contractual relationship between each Fund and OFI and is consistent with the expectations of the Board of Trustees/Directors of the performance by the Covered Officers of their duties as officers of the Funds. 2. Prohibitions The specific provisions and reporting requirements of this Code are concerned primarily with promoting honest and ethical conduct and avoiding conflicts of interest in personal and professional relationships. No Covered Officer may use information concerning the business and affairs of a Fund, including the investment intentions of a Fund, or use his or her ability to influence such investment intentions, for personal gain to himself or herself, his or her family or friends or any other person or in a manner detrimental to the interests of a Fund or its shareholders. No Covered Officer may use his or her personal influence or personal relationships to influence the preparation and issuance of financial reports of a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund and its shareholders. No Covered Officer shall intentionally for any reason take any action or fail to take any action in connection with his or her official acts on behalf of a Fund that causes the Fund to violate applicable laws, rules and regulations. No Covered Officer shall, in connection with carrying out his or her official duties and responsibilities on behalf of a Fund: (i) employ any device, scheme or artifice to defraud a Fund or its shareholders; (ii) intentionally cause a Fund to make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading in its official documents, regulatory filings, financial statements or communications to the public; (iii) engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any Fund or its shareholders; (iv) engage in any manipulative practice with respect to any Fund; (v) use his or her personal influence or personal relationships to influence any business decision, investment decisions, or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund or its shareholders; (vi) intentionally cause a Fund to fail to comply with applicable laws, rules and regulations, including failure to comply with the requirement of full, fair, accurate, understandable and timely disclosure in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by the Fund; (vii) intentionally mislead or omit to provide material information to the Fund's independent auditors or to the Board of Trustees/Directors or the officers of the Fund or its investment adviser in connection with financial reporting matters; (viii) fail to notify the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser promptly if he or she becomes aware of any existing or potential violations of this Code or applicable laws; (ix) retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of this Code; or (x) fails to acknowledge or certify compliance with this Code if requested to do so. 3. Reports of Conflicts of Interests If a Covered Officer becomes aware of a conflict of interest under this Code or, to the Covered Officer's reasonable belief, the appearance of one, he or she must immediately report the matter to the Code's Administrator. If the Code Administrator is involved or believed to be involved in the conflict of interest or appearance of conflict of interest, the Covered Officer shall report the matter directly to the OFI's Chief Executive Officer. Upon receipt of a report of a conflict, the Code Administrator will take prompt steps to determine whether a conflict of interest exists. If the Code Administrator determines that an actual conflict of interest exists, the Code Administrator will take steps to resolve the conflict. If the Code Administrator determines that the appearance of a conflict exists, the Code Administrator will take appropriate steps to remedy such appearance. If the Code Administrator determines that no conflict or appearance of a conflict exists, the Code Administrator shall meet with the Covered Officer to advise him or her of such finding and of his or her reason for taking no action. In lieu of determining whether a conflict or appearance of conflict exists, the Code Administrator may in his or her discretion refer the matter to the Fund's Board of Trustees/Directors. 4. Waivers Any Covered Officer requesting a waiver of any of the provisions of this Code must submit a written request for such waiver to the Code Administrator, setting forth the basis of such request and all necessary facts upon which such request can be evaluated. The Code Administrator shall review such request and make a written determination thereon, which shall be binding. The Code Administrator may in reviewing such request, consult at his discretion with legal counsel to OFI or to the Fund. In determining whether to waive any of the provisions of this Code, the Code Administrator shall consider hether the proposed waiver: : (i) is prohibited by this Code; (ii) is consistent with honest and ethical conduct; and (iii) will result in a conflict of interest between the Covered Officer's personal and professional obligations to a Fund. In lieu of determining whether to grant a waiver, the Code Administrator in his or her discretion may refer the matter to the appropriate Fund's Board of Trustees/Directors. 5. Reporting Requirements (a) Each Covered Officer shall, upon becoming subject to this Code, be provided with a copy of this Code and shall affirm in writing that he or she has received, read, understands and shall adhere to this Code. (b) At least annually, all Covered Officers shall be provided with a copy of this Code and shall certify that they have read and understand this Code and recognize that they are subject thereto. (c) At least annually, all Covered Officers shall certify that they have complied with the requirements of this Code and that they have disclosed or reported any violations of this Code to the Code Administrator or the Chief Executive Officer of the Fund or its investment adviser. (d) The Code Administrator shall submit a quarterly report to the Board of Trustees/Directors of each Fund containing (i) a description of any report of a conflict of interest or apparent conflict and the disposition thereof; (ii) a description of any request for a waiver from this Code and the disposition thereof; (iii) any violation of the Code that has been reported or found and the sanction imposed; (iv) interpretations issued under the Code by the Code Administrator; and (v) any other significant information arising under the Code including any proposed amendments. (e) Each Covered Officer shall notify the Code Administrator promptly if he or she knows of or has a reasonable belief that any violation of this Code has occurred or is likely to occur. Failure to do so is itself a violation of this Code. (f) Any changes to or waivers of this Code, including "implicit" waivers as defined in applicable SEC rules, will, to the extent required, be disclosed by the Code Administrator or his or her designee as provided by applicable SEC rules.(2) 6. Annual Renewal At least annually, the Board of Trustees/Directors of each Fund shall review the Code and determine whether any amendments (including any amendments that may be recommended by OFI or the Fund's legal counsel) are necessary or desirable, and shall consider whether to renew and/or amend the Code. 7. Sanctions Any violation of this Code of Ethics shall be subject to the imposition of such sanctions by OFI as may be deemed appropriate under the circumstances to achieve the purposes of this Code and may include, without limitation, a letter of censure, suspension from employment or termination of employment, in the sole discretion of OFI. 8. Administration and Construction (a) The administration of this Code of Ethics shall be the responsibility of OFI's General Counsel or his designee as the "Code Administrator" of this Code, acting under the terms of this Code and the oversight of the Trustees/Directors of the Funds. (b) The duties of such Code Administrator will include: (i) Continuous maintenance of a current list of the names of all Covered Officers; (ii) Furnishing all Covered Officers a copy of this Code and initially and periodically informing them of their duties and obligations thereunder; (iii) Maintaining or supervising the maintenance of all records required by this Code, including records of waivers granted hereunder; (iv) Issuing interpretations of this Code which appear to the Code Administrator to be consistent with the objectives of this Code and any applicable laws or regulations; (v) Conducting such inspections or investigations as shall reasonably be required to detect and report any violations of this Code, with his or her recommendations, to the Chief Executive Officer of OFI and to the Trustees/Directors of the - ----------- 2 An "implicit waiver" is the failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the General Counsel, the Code Administrator, an executive officer of the Fund or OFI. affected Fund(s) or any committee appointed by them to deal with such information; and (vi) Periodically conducting educational training programs as needed to explain and reinforce the terms of this Code. (c) In carrying out the duties and responsibilities described under this Code, the Code Administrator may consult with legal counsel, who may include legal counsel to the applicable Funds, and such other persons as the Administrator shall deem necessary or desirable. The Code Administrator shall be protected from any liability hereunder or under any applicable law, rule or regulation, for decisions made in good faith based upon his or her reasonable judgment. 9. Required Records The Administrator shall maintain and cause to be maintained in an easily accessible place, the following records for the period required by applicable SEC rules (currently six years following the end of the fiscal year of OFI in which the applicable event or report occurred): (a) A copy of any Code which has been in effect during the period; (b) A record of any violation of any such Code and of any action taken as a result of such violation, during the period; (c) A copy of each annual report pursuant to the Code made by a Covered Officer during the period; (d) A copy of each report made by the Code Administrator pursuant to this Code during the period; (e) A list of all Covered Officers who are or have been required to make reports pursuant to this Code during the period, plus those person(s) who are or were responsible for reviewing these reports; (f) A record of any request to waive any requirement of this Code, the decision thereon and the reasons supporting the decision; and (g) A record of any report of any conflict of interest or appearance of a conflict of interest received by the Code Administrator or discovered by the Code Administrator during the period, the decision thereon and the reasons supporting the decision. 10. Amendments and Modifications This Code may not be amended or modified except by an amendment in writing which is approved or ratified by OFI and by a majority vote of the Independent Trustees/Directors of each of the applicable Funds. 11. Confidentiality. This Code is identified for the internal use of the Funds and OFI. Reports and records prepared or maintained under this Code are considered confidential and shall be maintained and protected accordingly to the extent permitted by applicable laws, rules and regulations. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees/Directors of the affected Fund(s) and their counsel, the independent auditors of the affected Funds and/or OFI, and to OFI, except as such disclosure may be required pursuant to applicable judicial or regulatory process. Dated as of: June 25, 2003 Adopted by Board I of the Oppenheimer Funds June 13, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board II of the Oppenheimer/Centennial Funds June 24, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board III of the Oppenheimer Funds June 9, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by Board IV of the Oppenheimer Funds May 21, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Secretary Adopted by the Boards of Directors of OppenheimerFunds, Inc. and its subsidiaries and affiliates that act as investment adviser to the Oppenheimer or Centennial funds June 1, 2003 /S/ ROBERT G. ZACK Robert G. Zack, Senior Vice President and General Counsel EXHIBIT A POSITIONS COVERED BY THIS CODE OF ETHICS FOR SENIOR OFFICERS Each Oppenheimer or Centennial fund Principal Executive Officer Principal Financial Officer Treasurer Assistant Treasurer Personnel of OFI who by virtue of their jobs perform critical financial and accounting functions for OFI on behalf of a Fund, including: Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting EX-99.CERT 4 ex99_302cert-160.txt EX99_302CERT-160 Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, JOHN V. MURPHY, certify that: -------------- 1. I have reviewed this report on Form N-CSR of Centennial Tax Exempt Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 2/11/04 /s/John V. Murphy --------------------------- John V. Murphy Chief Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, BRIAN W. WIXTED, certify that: --------------- 1. I have reviewed this report on Form N-CSR of Centennial Tax Exempt Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 2/11/04 /s/Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer EX-99.906 5 ex99_906cert-160.txt EX99_906CERT-160 EX-99.906CERT Section 906 Certifications CERTIFICATION PURSUANT TO 18 U.S.C SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2003 JOHN V. MURPHY, Chief Executive Officer, and BRIAN W. WIXTED, Chief Financial Officer, of Centennial Tax Exempt Trust (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2003 (the "Form N-CSR") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Chief Executive Officer Chief Financial Officer Centennial Tax Exempt Trust Centennial Tax Exempt Trust /s/John V. Murphy /s/Brian W. Wixted - ---------------------------- --------------------------- John V. Murphy Brian W. Wixted Date: 2/11/04 Date: 2/11/04 -----END PRIVACY-ENHANCED MESSAGE-----