-----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, CukUN866Lw7MOvXQgLYX9ingknyxxdrPZIttDrTPw8n7ZHfGfcWE2/f83wLtHFbz Auf5nwzQ1AZbngjYioBfMg== 0000935069-04-001190.txt : 20040824 0000935069-04-001190.hdr.sgml : 20040824 20040824135426 ACCESSION NUMBER: 0000935069-04-001190 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20040630 FILED AS OF DATE: 20040824 DATE AS OF CHANGE: 20040824 EFFECTIVENESS DATE: 20040824 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-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-03104 FILM NUMBER: 04993647 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-CSR 1 ra0160_10958.txt RA0160_10958.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 811-3104 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 - June 30, 2004 ITEM 1. REPORTS TO STOCKHOLDERS.
STATEMENT OF INVESTMENTS JUNE 30, 2004 - --------------------------------------------------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS--100.6% - --------------------------------------------------------------------------------------------------------------------------- ALABAMA--2.0% AL HFA MH RB, Park Rocky Ridge Project, Series B, 1.21% 1 $ 9,980,000 $ 9,980,000 - --------------------------------------------------------------------------------------------------------------------------- Birmingham, AL Waterworks & Sewer Board RB, AAMC Series 2002-21, 1.07%, 9/1/04 2,3 10,000,000 10,000,000 - --------------------------------------------------------------------------------------------------------------------------- Demopolis, AL IDV Board RB, Del Mesa Farms Project, 1.20% 1 6,400,000 6,400,000 - --------------------------------------------------------------------------------------------------------------------------- Hoover, AL BOE Capital Outlay TANs, AAMC Series 2001-16, 1.12% 1,3 4,950,000 4,950,000 - --------------------------------------------------------------------------------------------------------------------------- Sylacauga, AL IDV Board RB, Harrells Fertilizer, Inc., 1.20% 1 3,400,000 3,400,000 ------------------ 34,730,000 - --------------------------------------------------------------------------------------------------------------------------- ALASKA--0.9% North Slope Borough, AK GOB, Series B, 1.13% 1 13,400,000 13,400,000 - --------------------------------------------------------------------------------------------------------------------------- Valdez, AK Marine Term RRB, BP Pipelines, Inc. Project-A, 1.10% 1 2,300,000 2,300,000 ------------------ 15,700,000 - --------------------------------------------------------------------------------------------------------------------------- ARIZONA--1.6% Phoenix, AZ Civic Improvement Corp. Waste WS BANs, Series 2003, 0.98%, 7/14/04 5,000,000 5,000,000 - --------------------------------------------------------------------------------------------------------------------------- Phoenix, AZ IDAU MH RRB, Paradise Lakes Apts. Project, Series 1995, 1.12% 1 22,500,000 22,500,000 ------------------ 27,500,000 - --------------------------------------------------------------------------------------------------------------------------- CALIFORNIA--9.3% Alameda/Contra Cost, CA School FAU COP, Capital Improvements Financing Project, Series G, 1.19% 1 835,000 835,000 - --------------------------------------------------------------------------------------------------------------------------- Alameda/Contra Cost, CA School FAU COP, Capital Improvements Financing Project, Series H, 1.19% 1 4,720,000 4,720,000 - --------------------------------------------------------------------------------------------------------------------------- CA Department of Water Resources Power Supply RB, Series C-2, 1.07% 1 1,900,000 1,900,000 - --------------------------------------------------------------------------------------------------------------------------- CA Department of Water Resources Power Supply RB, Series C-7, 1.08% 1 12,100,000 12,100,000 - --------------------------------------------------------------------------------------------------------------------------- CA Department of Water Resources Power Supply RB, Series C-9, 1.08% 1 12,600,000 12,600,000 - --------------------------------------------------------------------------------------------------------------------------- CA Department of Water Resources Power Supply RB, Series C-10, 1.09% 1 43,600,000 43,600,000 - --------------------------------------------------------------------------------------------------------------------------- CA Department of Water Resources Power Supply RB, Series C-12, 1.06% 1 12,000,000 12,000,000 - --------------------------------------------------------------------------------------------------------------------------- CA Department of Water Resources Power Supply RB, Series C-14, 1.08% 1 1,000,000 1,000,000 - --------------------------------------------------------------------------------------------------------------------------- CA Infrastructure & ED Bank RRB, Independent System Operator Corp. Project-C, 1.04% 1 1,000,000 1,000,000 - --------------------------------------------------------------------------------------------------------------------------- Lake Elsinore, CA Recreation Authority RB, Public Facilities, Series 2000A, 1.07% 1 13,535,000 13,535,000 - --------------------------------------------------------------------------------------------------------------------------- Los Angeles Cnty., CA Pension Obligation RRB, Series B, 1.04% 1 8,050,000 8,050,000 - --------------------------------------------------------------------------------------------------------------------------- Los Angeles, CA Community RA RB, Baldwin Hills Public Parking Facilities Project, Series 1984, 1.04% 1 15,000,000 15,000,000 - --------------------------------------------------------------------------------------------------------------------------- Los Angeles, CA Community RA RB, Skyline at Southpark Apts., Series 1985, 1.07% 1 1,900,000 1,900,000 - --------------------------------------------------------------------------------------------------------------------------- Oakland/Alameda Cntys., CA Coliseum Authority RB, Coliseum Project, Series C-2, 1.03% 1 14,000,000 14,000,000 5 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS CONTINUED - --------------------------------------------------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- CALIFORNIA Continued Orange Cnty., CA Apt. Development RB, Niguel Summit 2, Series B, 1.02% 1 $ 590,000 $ 590,000 - --------------------------------------------------------------------------------------------------------------------------- Orange Cnty., CA HAU MH RB, Lantern Pines Project-CC, 1.05% 1 300,000 300,000 - --------------------------------------------------------------------------------------------------------------------------- Sacramento Cnty., CA COP, Administration Center & Court House Project, 1.06% 1 11,250,000 11,250,000 - --------------------------------------------------------------------------------------------------------------------------- San Bernardino Cnty., CA MH HAU RRB, Somerset Apts.-A, 1.07% 1 1,500,000 1,500,000 - --------------------------------------------------------------------------------------------------------------------------- Santa Clara Cnty., CA El Camino Hospital FAU RB, 1.08% 1 1,338,000 1,338,000 - --------------------------------------------------------------------------------------------------------------------------- Santa Clara Cnty., CA El Camino Hospital FAU RB, 1.08% 1 600,000 600,000 - --------------------------------------------------------------------------------------------------------------------------- Santa Clara, CA Transportation District RRB, Series 1985 A, 1.04% 1 8,235,000 8,235,000 ------------------ 166,053,000 - --------------------------------------------------------------------------------------------------------------------------- COLORADO--2.4% Arapahoe Cnty., CO MH Senior RB, Centennial East Apt. Project, 2000 Series A-1, Revenue Bond Certificates Trust, Series 2004-13, 1.38% 1,3 3,115,000 3,115,000 - --------------------------------------------------------------------------------------------------------------------------- Arapahoe Cnty., CO Water & Wastewater Authority RRB, Series A, 1.11% 1 2,500,000 2,500,000 - --------------------------------------------------------------------------------------------------------------------------- Castle Rock, CO MH RB, Castlegate Apt. Project, Revenue Bond Certificates Trust, Series 2004-1, 1.38% 1,3 11,896,000 11,896,000 - --------------------------------------------------------------------------------------------------------------------------- Central Platte Valley & Denver Cnty., CO Metro District GOB, Series B, 1.30%, 12/1/04 2 3,000,000 3,000,000 - --------------------------------------------------------------------------------------------------------------------------- CO Educational & Cultural FA Public Radio RB, Community Wireless Park City, 1.10% 1 790,000 790,000 - --------------------------------------------------------------------------------------------------------------------------- Denver, CO Cty. & Cnty. Excise Tax RB, Colorado Convention Center Project, 1.08% 1 1,000,000 1,000,000 - --------------------------------------------------------------------------------------------------------------------------- Denver, CO Cty. & Cnty. REF COP, Wellington E. Webb Building, Series 2003C, 1.05% 1 3,550,000 3,550,000 - --------------------------------------------------------------------------------------------------------------------------- E-470 Public Highway, CO RRB, Vehicle Registration Fee, 1.05% 1 2,100,000 2,100,000 - --------------------------------------------------------------------------------------------------------------------------- Stapleton Business Center Metro District, CO RB, 1.18% 1 7,550,000 7,550,000 - --------------------------------------------------------------------------------------------------------------------------- Superior Metro District No. 1, CO WSS BANs, 1.18% 1 2,000,000 2,000,000 - --------------------------------------------------------------------------------------------------------------------------- Superior/McCaslin Interchange Metro District, CO GOB, Series 2004, 1.10%, 11/15/04 2 2,075,000 2,075,000 - --------------------------------------------------------------------------------------------------------------------------- Willow Trace Metro District, CO GOLB, Series A, 1.30%, 12/1/04 2 2,295,000 2,295,000 ------------------ 41,871,000 - --------------------------------------------------------------------------------------------------------------------------- CONNECTICUT--2.0% CT SPTX Obligations RRB, Transportation Infrastructure-1, 1.06% 1 33,830,000 33,830,000 - --------------------------------------------------------------------------------------------------------------------------- CT SPTX Obligations RRB, Transportation Infrastructure-2, 1.06% 1 1,410,000 1,410,000 ------------------ 35,240,000 - --------------------------------------------------------------------------------------------------------------------------- FLORIDA--7.7% Broward Cnty., FL Airport Facilities RB, Learjet, Inc. Project-2000, 1.20% 1 2,450,000 2,450,000 - --------------------------------------------------------------------------------------------------------------------------- Collier Cnty., FL IDAU RB, Gulf Coast American Blind, Series A, 1.18% 1 2,805,000 2,805,000 - --------------------------------------------------------------------------------------------------------------------------- Dade Cnty., FL WSS RB, ETET Series 96C0908, Cl. A, 1.14% 1,3 9,900,000 9,900,000 - --------------------------------------------------------------------------------------------------------------------------- FL Gulf Coast University Financing Corp./Capital Improvement RB, Series 2003, 1.08% 1 46,000,000 46,000,000 6 | CENTENNIAL TAX EXEMPT TRUST PRINCIPAL VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- FLORIDA Continued FL TUAU RB, Series A, ETET Series 96C0910, Cl. A, 1.14% 1,3 $14,850,000 $ 14,850,000 - --------------------------------------------------------------------------------------------------------------------------- Hillsborough Cnty., FL IDAU PC COP, Tampa Electric Co. Project, ETET Series 96C0911, Cl. A, 1.14% 1,3 17,795,000 17,795,000 - --------------------------------------------------------------------------------------------------------------------------- Hillsborough Cnty., FL IDAU PC COP, Tampa Electric Co. Project, ETET Series 97C0901, Cl. A, 1.14% 1,3 17,795,000 17,795,000 - --------------------------------------------------------------------------------------------------------------------------- Jacksonville, FL Sales Tax RB, MERLOTS Series 2003 B26, 1.12% 1,3 9,990,000 9,990,000 - --------------------------------------------------------------------------------------------------------------------------- Polk Cnty., FL School Board Master Lease Program COP, Series 2003A, 1.05% 1 15,200,000 15,200,000 ------------------ 136,785,000 - --------------------------------------------------------------------------------------------------------------------------- GEORGIA--5.9% Atlanta, GA TXAL Bonds, Westside Project, 1.09% 1 14,995,000 14,995,000 - --------------------------------------------------------------------------------------------------------------------------- Burke Cnty., GA PC RB, Series 98-B, 1.12%, 8/16/04 25,000,000 25,000,000 - --------------------------------------------------------------------------------------------------------------------------- Cherokee Cnty., GA WSS RRB, MERLOTS Series 2003 A14, 1.12% 1,3 7,035,000 7,035,000 - --------------------------------------------------------------------------------------------------------------------------- Cobb Cnty., GA DAU RB, Kennesaw St. University Foundation-Parking Facilities, 1.09% 1 11,150,000 11,150,000 - --------------------------------------------------------------------------------------------------------------------------- Dahlonega, GA Downtown DAU Student Housing RB, 1.07% 1 2,100,000 2,100,000 - --------------------------------------------------------------------------------------------------------------------------- East Point, GA HAU RB, Village Highlands Apts. Project, Series 2004, 1.13% 1 4,000,000 4,000,000 - --------------------------------------------------------------------------------------------------------------------------- Fulton, GA DAU RB, Woodard Academy, Inc. Project, 1.05% 1 10,200,000 10,200,000 - --------------------------------------------------------------------------------------------------------------------------- GA GOB, Series 1995B, ETET Series 96C1004, Cl. A, 1.14% 1,3 11,880,000 11,880,000 - --------------------------------------------------------------------------------------------------------------------------- GA GOB, Series E, 6%, 7/1/04 180,000 180,000 - --------------------------------------------------------------------------------------------------------------------------- Gainsville, GA RA EDLFA RRB, Riverside Military Project, 1.09% 1 6,250,000 6,250,000 - --------------------------------------------------------------------------------------------------------------------------- Kennesaw, GA DAU MH RB, Walton Ridenour Apts., 1.13% 1 6,000,000 6,000,000 - --------------------------------------------------------------------------------------------------------------------------- Valdosta/Lowndes Cntys., GA HA RB, South Georgia Medical Center Project, Series 1998, 1.08% 1 6,200,000 6,200,000 ------------------ 104,990,000 - --------------------------------------------------------------------------------------------------------------------------- IDAHO--1.2% Custer Cnty., ID PC RB, Amoco Standard Oil of Indiana, 0.90%, 10/1/04 2 20,375,000 20,375,000 - --------------------------------------------------------------------------------------------------------------------------- ILLINOIS--15.6% Chicago, IL BOE GOUN, AAMC Series 2002-4, 1.12% 1,3 9,225,000 9,225,000 - --------------------------------------------------------------------------------------------------------------------------- Chicago, IL General Obligation Nts., Series 2004, 1.05%, 1/13/05 2 5,000,000 5,000,000 - --------------------------------------------------------------------------------------------------------------------------- Chicago, IL GOB, AAMC Series 2001-34, 1.12% 1,3 10,975,000 10,975,000 - --------------------------------------------------------------------------------------------------------------------------- Chicago, IL GOUN, AAMC Series 1998-3, 1.12% 1,3 8,735,000 8,735,000 - --------------------------------------------------------------------------------------------------------------------------- Chicago, IL RB, Lakefront Millennium Parking Facility, ETET Series 981303, Cl. A, 1.14% 1,3 22,495,000 22,495,000 - --------------------------------------------------------------------------------------------------------------------------- Crestwood, IL HEAU RB, Trinity Christian College, Series 2003, 1.08% 1 7,480,000 7,480,000 - --------------------------------------------------------------------------------------------------------------------------- Crestwood, IL RB, Trinity Christian College, Series 2003, 1.13% 1 7,185,000 7,185,000 - --------------------------------------------------------------------------------------------------------------------------- IL Development FAU IDV RB, Knead Dough Baking Co. Project, Series A, 1.28% 1 3,000,000 3,000,000 - --------------------------------------------------------------------------------------------------------------------------- IL Development FAU RB, Jewish Federation of Chicago, Series 1999, 1.05% 1 1,270,000 1,270,000 - --------------------------------------------------------------------------------------------------------------------------- IL Development FAU SWD RB, Waste Management, Inc. Project, 1.15% 1 9,000,000 9,000,000 - --------------------------------------------------------------------------------------------------------------------------- IL EDLFA RN, Pooled Financing Program, Series 95, 1.10%, 8/12/04 32,000,000 32,000,000 7 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS CONTINUED - --------------------------------------------------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- ILLINOIS Continued IL EDLFA RN, Pooled Financing Program, Series 95, 1.12%, 8/11/04 $15,000,000 $ 15,000,000 - --------------------------------------------------------------------------------------------------------------------------- IL EDLFA RN, Pooled Financing Program, Series 95, 1.12%, 8/16/04 12,000,000 12,000,000 - --------------------------------------------------------------------------------------------------------------------------- IL EDLFA RN, Pooled Financing Program, Series 95, 1.12%, 8/18/04 11,840,000 11,840,000 - --------------------------------------------------------------------------------------------------------------------------- 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, 1.03%, 11/30/04 17,000,000 17,000,000 - --------------------------------------------------------------------------------------------------------------------------- IL HFAU RB, Evanston Hospital Corp., Series 1996, 1.40%, 11/12/04 5,000,000 5,000,000 - --------------------------------------------------------------------------------------------------------------------------- IL HFAU RB, Evanston Northwestern Corp., Series 1998, 1.03%, 11/1/04 2 50,000,000 50,000,000 - --------------------------------------------------------------------------------------------------------------------------- IL HFAU RB, Swedish Covenant Hospital Project, 1.04% 1 10,950,000 10,950,000 - --------------------------------------------------------------------------------------------------------------------------- IL RTA RB, MERLOTS Series 2003 B15, 1.12% 1,3 12,960,000 12,960,000 - --------------------------------------------------------------------------------------------------------------------------- Lombard, IL RB, Elmhurst Healthcare Project, Series 2004, 1.08% 1 6,482,000 6,482,000 - --------------------------------------------------------------------------------------------------------------------------- Macon Cnty., IL RB, Millikin University, Series 1999, 1.05% 1 4,500,000 4,500,000 - --------------------------------------------------------------------------------------------------------------------------- Mundelein, IL IDV RRB, Town Line Road, Series 1992, 1.05% 1 3,600,000 3,600,000 - --------------------------------------------------------------------------------------------------------------------------- Oak Forest, IL RB, Homewood Pool, 1.08% 1 4,500,000 4,500,000 - --------------------------------------------------------------------------------------------------------------------------- West Frankfort, IL IDV RRB, Kroger Co., 1.18% 1 800,000 800,000 - --------------------------------------------------------------------------------------------------------------------------- Will Cnty., IL Industrial Facilities RB, Amoco Chemical Co. Project, Series 2001, 1.13% 1 2,000,000 2,000,000 ------------------ 277,997,000 - --------------------------------------------------------------------------------------------------------------------------- INDIANA--2.9% Goshen, IN ED RB, Goshen College Project, Series 2004, 1.10% 1 3,280,000 3,280,000 - --------------------------------------------------------------------------------------------------------------------------- IN Development HFA Education Facilities RB, Indianapolis Museum of Art, Series 2004, 1.05% 1 12,000,000 12,000,000 - --------------------------------------------------------------------------------------------------------------------------- IN GOB, AAMC Series 2003-15, Single Asset Trust, 1.08%, 10/6/04 2,3 14,200,000 14,200,000 - --------------------------------------------------------------------------------------------------------------------------- IN MPA PPS RB, ETET Series 981401, Cl. A, 1.14% 1,3 13,600,000 13,600,000 - --------------------------------------------------------------------------------------------------------------------------- Kokomo, IN ED RB, Village Community Partner IV Project, 1.15% 1 2,640,000 2,640,000 - --------------------------------------------------------------------------------------------------------------------------- Lawrence/Fort Harrison, IN Reuse Authority Tax Increment RB, Harrison Military Base, 1.11% 1 2,725,000 2,725,000 - --------------------------------------------------------------------------------------------------------------------------- Whiting, IN EFC RB, BP Products of North America, 1.13% 1 3,600,000 3,600,000 ------------------ 52,045,000 - --------------------------------------------------------------------------------------------------------------------------- KENTUCKY--1.4% Jackson/Clay/Magoffin Cntys., KY SFM RB, Series A, 1.27% 1 25,000,000 25,000,000 - --------------------------------------------------------------------------------------------------------------------------- LOUISIANA--3.9% LA Gas & Fuels Tax Nts., AAMC Series 2002-17, 1.12% 1,3 15,000,000 15,000,000 - --------------------------------------------------------------------------------------------------------------------------- LA PFFAU RB, Pennington Medical Foundation Project, 1.05% 1 9,950,000 9,950,000 - --------------------------------------------------------------------------------------------------------------------------- LA University & Mechanic College Auxillary RB, Series 2000, 1.06% 1 5,840,000 5,840,000 - --------------------------------------------------------------------------------------------------------------------------- New Orleans, LA IDV Board MH RB, Orleans LLC Project, Series 3700, 1.30% 1 29,000,000 29,000,000 - --------------------------------------------------------------------------------------------------------------------------- St. James Parish, LA PC RRB, Texaco Project, Series A, 1.12%, 7/13/04 2 10,000,000 10,000,000 ------------------ 69,790,000 8 | CENTENNIAL TAX EXEMPT TRUST PRINCIPAL VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- MARYLAND--1.8% MD Health & HEFAU RB, Johns Hopkins University, Series B, 1.12%, 8/19/04 $17,732,000 $ 17,732,000 - --------------------------------------------------------------------------------------------------------------------------- MD Health & HEFAU RB, Maryland Medical System, Series 2004A, 1.12%, 8/18/04 1,500,000 1,500,000 - --------------------------------------------------------------------------------------------------------------------------- MD Health & HEFAU RRB, University of Maryland Medical System-A, 1.08% 1 4,000,000 4,000,000 - --------------------------------------------------------------------------------------------------------------------------- Montgomery Cnty., MD Consolidated BANs, Series 2002, 0.97%, 8/11/04 8,000,000 8,000,000 ------------------ 31,232,000 - --------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS--0.9% MA Route 3 Transportation Improvement Assn. Lease RB, Series 2002B, 1.05% 1 8,400,000 8,400,000 - --------------------------------------------------------------------------------------------------------------------------- MA Water Resources Authority RB, Series A, 1.05% 1 6,990,000 6,990,000 ------------------ 15,390,000 - --------------------------------------------------------------------------------------------------------------------------- MICHIGAN--4.2% MI GANs, 1.04% 1 6,850,000 6,850,000 - --------------------------------------------------------------------------------------------------------------------------- MI GANs, 1.07% 1 6,000,000 6,000,000 - --------------------------------------------------------------------------------------------------------------------------- MI GANs, 1.07% 1 1,500,000 1,500,000 - --------------------------------------------------------------------------------------------------------------------------- MI GANs, 1.07% 1 2,400,000 2,400,000 - --------------------------------------------------------------------------------------------------------------------------- MI GANs, Series B, 1.07% 1 32,300,000 32,300,000 - --------------------------------------------------------------------------------------------------------------------------- MI GOB, 2%, 9/30/04 15,450,000 15,488,805 - --------------------------------------------------------------------------------------------------------------------------- MI Job DAU RB, East Lansing Residence Associates Project, 1.03% 1 1,900,000 1,900,000 - --------------------------------------------------------------------------------------------------------------------------- St. Clair Cnty., MI ED RRB, MSTFC Series 2000-282X, 1.10%, 8/5/04 2,3 8,000,000 8,000,000 ------------------ 74,438,805 - --------------------------------------------------------------------------------------------------------------------------- MINNESOTA--1.0% MN GOB, 4.75%, 8/1/04 250,000 250,785 - --------------------------------------------------------------------------------------------------------------------------- MN GOB, ETET Series 20002301, Cl. A, 1.14% 1,3 16,010,000 16,010,000 - --------------------------------------------------------------------------------------------------------------------------- North Suburban Hospital District, MN RB, Anoka/ Ramsey Cntys. Hospital Health Center, 1% 1 2,200,000 2,200,000 ------------------ 18,460,785 - --------------------------------------------------------------------------------------------------------------------------- MISSISSIPPI--0.5% Jackson Cnty., MS WS RB, 0.95%, 8/2/04 2 8,440,000 8,440,000 - --------------------------------------------------------------------------------------------------------------------------- MISSOURI--0.8% Boatmens St. Louis, MO Grantor Trust RB, Series 1996A, 1.20% 1,3 13,475,000 13,475,000 - --------------------------------------------------------------------------------------------------------------------------- MO Development Finance Board of Education Facilities RB, Southeast Missouri St. University, Series 2003B, 1.05% 1 1,210,000 1,210,000 ------------------ 14,685,000 - --------------------------------------------------------------------------------------------------------------------------- NEVADA--2.0% Clark Cnty., NV IDV RB, Nevada Cogeneration Assn. No. 2, 1.14% 1 4,000,000 4,000,000 - --------------------------------------------------------------------------------------------------------------------------- NV GOLB, SGMSTR Series 1997 SG114, 1.12% 1,3 15,000,000 15,000,000 - --------------------------------------------------------------------------------------------------------------------------- Washoe Cnty., NV GOLB, AAMC Series 2001-24, Single Asset Trust, 1.12% 1,3 16,090,000 16,090,000 ------------------ 35,090,000 9 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS CONTINUED - --------------------------------------------------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- NEW JERSEY--0.1% NJ Sports & Exposition Authority Contract Bonds, 2002 Series B-1, 1.03% 1 $ 2,000,000 $ 2,000,000 - --------------------------------------------------------------------------------------------------------------------------- NEW YORK--2.1% NYC GOUN, Subseries J3, 1.03% 1 5,200,000 5,200,000 - --------------------------------------------------------------------------------------------------------------------------- NYC HDC MH RB, Monterey Project, Series A, 1% 1 2,750,000 2,750,000 - --------------------------------------------------------------------------------------------------------------------------- NYC IDA Civic Facility RB, Casa Project, 1.09% 1 1,000,000 1,000,000 - --------------------------------------------------------------------------------------------------------------------------- NYC MTAU BANs, Series CP-1A, 0.95%, 7/7/04 3,000,000 3,000,000 - --------------------------------------------------------------------------------------------------------------------------- NYC MTAU RB, Series D-2, 1.06% 1 2,930,000 2,930,000 - --------------------------------------------------------------------------------------------------------------------------- NYC MTAU RRB, Series A, MERLOTS Series 2004 B-16, 1.11% 1,3 2,000,000 2,000,000 - --------------------------------------------------------------------------------------------------------------------------- NYS DA RRB, Municipal Securities Trust Receipts-CMC1B, 1.08% 1,3 800,000 800,000 - --------------------------------------------------------------------------------------------------------------------------- NYS HFA RB, Historic Front Street Housing, Series 2003A, 1.05% 1 3,550,000 3,550,000 - --------------------------------------------------------------------------------------------------------------------------- NYS MTAU BANs, Series CP-1A, 0.97%, 8/4/04 15,400,000 15,400,000 - --------------------------------------------------------------------------------------------------------------------------- NYS UDC RB, SGMSTR, Series 2003 SG163, 1.10% 1,3 900,000 900,000 ------------------ 37,530,000 - --------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA--0.9% Fayetteville, NC Public Works Commission RRB, Series 20003B, 1.07% 1 5,135,000 5,135,000 - --------------------------------------------------------------------------------------------------------------------------- NC Med Care Community Hospital RB, Northeast Medical Center Project, Series B, 1.05% 1 11,100,000 11,100,000 ------------------ 16,235,000 - --------------------------------------------------------------------------------------------------------------------------- OHIO--4.2% Columbus, OH Regional AA Capital Funding RB, Municipal Pooled Financing Program, 1.10% 1 6,660,000 6,660,000 - --------------------------------------------------------------------------------------------------------------------------- Gallia Cnty., OH IDV Mtg. RRB, Jackson Pike Assn., 1.55%, 12/15/04 2 2,475,000 2,475,000 - --------------------------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH HCF RB, Twin Towers & Twin Lakes Project, Series A, 1.11% 1 11,000,000 11,000,000 - --------------------------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH Hospital Facilities RB, Children's Hospital & Medical Center, Series 2000, 1.08% 1 1,500,000 1,500,000 - --------------------------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH Hospital Facilities RB, Children's Hospital & Medical Center, Series 2002-I, 1.08% 1 5,800,000 5,800,000 - --------------------------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH Hospital Facilities RB, Elizabeth Gamble Deaconess Home, Series 2002, 1.04% 1 7,800,000 7,800,000 - --------------------------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH Hospital Facilities RB, Elizabeth Gamble Deaconess Home, Series 2002, 1.08% 1 600,000 600,000 - --------------------------------------------------------------------------------------------------------------------------- Hamilton Cnty., OH Parking System RB, Series 2001, 1.08% 1 7,960,000 7,960,000 - --------------------------------------------------------------------------------------------------------------------------- Madeira, OH ED RRB, Kroger Co., 1.18% 1 2,050,000 2,050,000 - --------------------------------------------------------------------------------------------------------------------------- OH Air Quality DAU RB, Ohio Edison Project, Series A, 1.04% 1 3,500,000 3,500,000 - --------------------------------------------------------------------------------------------------------------------------- OH Water DAU RRB, 1.09% 1 18,585,000 18,585,000 - --------------------------------------------------------------------------------------------------------------------------- Scioto Cnty., OH HCF RB, Hill View Retirement Center, 1.55% 1 3,565,000 3,565,000 - --------------------------------------------------------------------------------------------------------------------------- Stark Cnty., OH IDV RRB, Kroger Co., 1.18% 1 3,100,000 3,100,000 ------------------ 74,595,000 10 | CENTENNIAL TAX EXEMPT TRUST PRINCIPAL VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA--2.1% Berks Cnty., PA IDAU RB, Visiting Nurse Assn., Inc. Project, Series B, 1.19% 1 $ 690,000 $ 690,000 - --------------------------------------------------------------------------------------------------------------------------- Harrisburg, PA School RB, SDI of Harrisburg, Series 2003, 1.08% 1 24,675,000 24,675,000 - --------------------------------------------------------------------------------------------------------------------------- Lehigh Cnty., PA IDAU RB, Allentown Airport, 1.16% 1 410,000 410,000 - --------------------------------------------------------------------------------------------------------------------------- PA Public School Buildings RB, MERLOTS Series 2003 A42, 1.12% 1,3 3,795,000 3,795,000 - --------------------------------------------------------------------------------------------------------------------------- Philadelphia, PA IDAU RB, Friends of Mast School, Inc. Project, 1.14% 1 975,000 975,000 - --------------------------------------------------------------------------------------------------------------------------- Philadelphia, PA IDV RB, Girard Estate Aramark Tower Acquisition Project, 1.08% 1 7,600,000 7,600,000 ------------------ 38,145,000 - --------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA--1.7% Myrtle Beach, SC Hospitality Fee RRB, Series A, AAMC Series 2004-27, 1.33%, 10/20/04 2,3 5,000,000 5,000,000 - --------------------------------------------------------------------------------------------------------------------------- SC Assn. of Governmental Organizations Nts., 2.75%, 4/15/05 10,000,000 10,095,000 - --------------------------------------------------------------------------------------------------------------------------- SC Jobs EDAU RB, WUREF Development LLC Project, Series A, 1.09% 1 7,700,000 7,700,000 - --------------------------------------------------------------------------------------------------------------------------- SC POAU GOB, AAMC Series 1998-7, 1.16% 1,3 7,325,000 7,325,000 ------------------ 30,120,000 - --------------------------------------------------------------------------------------------------------------------------- TENNESSEE--0.8% Chattanooga, TN Health, Education & Housing RB, Tuff/ Chattanooga Housing Project, 1.09% 1 1,655,000 1,655,000 - --------------------------------------------------------------------------------------------------------------------------- Chattanooga, TN IDV Board RB, Tennessee Aquarium Project, Series 2004, 1.08% 1 4,000,000 4,000,000 - --------------------------------------------------------------------------------------------------------------------------- Memphis/Shelby, TN IDV Board RB, YMCA Project, Series 2002, 1.08% 1 8,430,000 8,430,000 ------------------ 14,085,000 - --------------------------------------------------------------------------------------------------------------------------- TEXAS--11.0% Hockley Cnty., TX IDV Corp. PC RB, Amoco Project, 1.15%, 11/1/04 2 13,940,000 13,940,000 - --------------------------------------------------------------------------------------------------------------------------- Houston, TX General Obligation Nts., Series B, 1.12%, 8/11/04 3,000,000 3,000,000 - --------------------------------------------------------------------------------------------------------------------------- Houston, TX Hotel Occupancy Tax and Parking RB, Sub. Lien, Series A, 1.12%, 9/13/04 20,500,000 20,500,000 - --------------------------------------------------------------------------------------------------------------------------- Houston, TX WSS RB, SGMSTR Series 1997 SG120, 1.12% 1,3 32,600,000 32,600,000 - --------------------------------------------------------------------------------------------------------------------------- Keller, TX ISD GOUN, AAMC Series 2001-26, 1.12% 1,3 3,000,000 3,000,000 - --------------------------------------------------------------------------------------------------------------------------- Mansfield, TX ISD School Building Bond, Series 2003, 1.08% 1 10,000,000 10,000,000 - --------------------------------------------------------------------------------------------------------------------------- Mansfield, TX ISD School Building Bond, Series 2003, 1.12% 1,3 14,595,000 14,595,000 - --------------------------------------------------------------------------------------------------------------------------- Port of Port Arthur, TX Navigation PC RRB, Texaco, Inc. Project, Series 1994, 1.10% 1 6,700,000 6,700,000 - --------------------------------------------------------------------------------------------------------------------------- San Marcos, TX IDV Corp. RB, Butler Manufacturing Co. Project, 1.28% 1 6,250,000 6,250,000 - --------------------------------------------------------------------------------------------------------------------------- TX TANs & RANs, Series 2003, 2%, 8/31/04 74,000,000 74,111,721 - --------------------------------------------------------------------------------------------------------------------------- TX TUAU RB, Dallas Northtollway, SGMSTR Series 1996 SG70, 1.12% 1,3 11,000,000 11,000,000 ------------------ 195,696,721 11 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS CONTINUED - --------------------------------------------------------------------------------------------------------------------------- PRINCIPAL VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- UTAH--1.3% Eagle Mountain, UT Gas & Electric RRB, 1.07% 1 $ 9,500,000 $ 9,500,000 - --------------------------------------------------------------------------------------------------------------------------- Salt Lake City, UT PC RRB, Amoco Project, 0.95%, 10/1/04 2 4,715,000 4,715,000 - --------------------------------------------------------------------------------------------------------------------------- Salt Lake Cnty., UT HAU MH RB, Crossroads Apts. Project, 1.10% 1 4,435,000 4,435,000 - --------------------------------------------------------------------------------------------------------------------------- Salt Lake Cnty., UT TANs & RANs, 2.50%, 12/30/04 4,650,000 4,676,366 ------------------ 23,326,366 - --------------------------------------------------------------------------------------------------------------------------- WASHINGTON--4.6% Energy Northwest, WA Electric RRB, Project No. 3, Series A, 5%, 7/1/04 1,000,000 1,000,000 - --------------------------------------------------------------------------------------------------------------------------- Energy Northwest, WA Electric RRB, Project No. 3, Series E, 1.04% 1 3,200,000 3,200,000 - --------------------------------------------------------------------------------------------------------------------------- Everett, WA Public Facilities District RANs & TANs, 1%, 10/27/04 12,500,000 12,500,000 - --------------------------------------------------------------------------------------------------------------------------- Everett, WA Public Facilities District RANs, Series A, 1%, 10/27/04 24,460,000 24,460,000 - --------------------------------------------------------------------------------------------------------------------------- King Cnty., WA GOLB, AAMC Series 2001-1, 1.12% 1,3 12,770,000 12,770,000 - --------------------------------------------------------------------------------------------------------------------------- King Cnty., WA Sewer RB, Jr. Lien, Series B, 1.06% 1 5,215,000 5,215,000 - --------------------------------------------------------------------------------------------------------------------------- Snohomish Cnty., WA Public Utility District BANs, Generation System, Series A, 1.07% 1 2,100,000 2,100,000 - --------------------------------------------------------------------------------------------------------------------------- Snohomish Cnty., WA Public Utility District BANs, Generation System, Series A, 1.07% 1 9,500,000 9,500,000 - --------------------------------------------------------------------------------------------------------------------------- WA Housing Finance Commission Nonprofit RRB, Judson Park Project, Series A, 1.10% 1 10,200,000 10,200,000 - --------------------------------------------------------------------------------------------------------------------------- WA PPSS RRB, Nuclear Project No. 3, Series 3A-3, 1.07% 1 1,380,000 1,380,000 ------------------ 82,325,000 - --------------------------------------------------------------------------------------------------------------------------- WEST VIRGINIA--0.4% Marmet, WV CD RRB, Kroger Co., 1.18% 1 3,100,000 3,100,000 - --------------------------------------------------------------------------------------------------------------------------- Monogalia Cnty., WV Community Hospital Building RB, Monogalia General Hospital, Series 2002A, 1.10% 1 4,300,000 4,300,000 ------------------ 7,400,000 - --------------------------------------------------------------------------------------------------------------------------- WISCONSIN--1.6% West Allis, WI RB, State Fair Park Exposition Center, 1.13% 1 3,555,000 3,555,000 - --------------------------------------------------------------------------------------------------------------------------- WI Education & HFAU RB, Divine Savior Healthcare, Series 2002B, 1.07% 1 400,000 400,000 - --------------------------------------------------------------------------------------------------------------------------- WI Education & HFAU RB, Southwest Health Center, Inc., 1.07% 1 6,340,000 6,340,000 - --------------------------------------------------------------------------------------------------------------------------- WI Education & HFAU RB, Wheaton Franciscan Services-B, 1.08% 1 17,750,000 17,750,000 ------------------ 28,045,000 - --------------------------------------------------------------------------------------------------------------------------- WYOMING--0.5% Lincoln Cnty., WY PC RRB, Amoco Oil Co. of Indiana Project, 0.95%, 10/1/04 2 9,250,000 9,250,000 - --------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA--0.6% District of Columbia GOB, Series 2000A, 1.06% 1 11,345,000 11,345,000 - --------------------------------------------------------------------------------------------------------------------------- OTHER TERRITORIES--0.7% Class B RB Certificates Trust, Series 2004-1, 1.43% 1 3,740,000 3,740,000 - --------------------------------------------------------------------------------------------------------------------------- USBI 2002 Trust Pass-Through Certificates, Series 2002-A, 1.55% 1,3 9,278,000 9,278,000 ------------------ 13,018,000 12 | CENTENNIAL TAX EXEMPT TRUST PRINCIPAL VALUE AMOUNT SEE NOTE 1 - --------------------------------------------------------------------------------------------------------------------------- U.S. POSSESSIONS--0.0% PR CMWLTH HTAU RB, Putters Project-246, 1.09% 1,3 $ 450,000 $ 450,000 - --------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENTS, AT VALUE (COST $1,789,378,677) 100.6% 1,789,378,677 - --------------------------------------------------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS (0.6) (11,252,311) ------------------------------------ NET ASSETS 100.0% $1,778,126,366 ====================================
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 BANs Bond Anticipation Nts. BOE Board of Education CD Commercial Development CMWLTH Commonwealth COP Certificates of Participation DA Dormitory Authority DAU Development Authority ED Economic Development EDAU Economic Development Authority EDLFA Educational Facilities Authority EFC Environmental Facilities Corp. ETET Eagle Tax-Exempt Trust FA Facilities Authority FAU Finance Authority GANs Grant Anticipation Nts. GOB General Obligation Bonds GOLB General Obligation Ltd. Bonds GOUN General Obligation Unlimited Nts. HA Hospital Authority HAU Housing Authority HCF Health Care Facilities HDC Housing Development Corp. HEAU Higher Education Authority HEFAU Higher Educational Facilities Authority HFA Housing Finance Agency/Authority HFAU Health Facilities Authority HTAU Highway & Transportation Authority IDA Industrial Development Agency IDAU Industrial Development Authority IDV Industrial Development ISD Independent School District MERLOTS 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 NYC New York City NYS New York State PC Pollution Control PFFAU Public Facilities Finance Authority POAU Port Authority PPS Public Power System PPSS Public Power Supply System RA Redevelopment Agency/Authority RANs Revenue Anticipation Nts. RB Revenue Bonds REF Refunding RN Revenue Nts. RRB Revenue Refunding Bonds RTA Regional Transportation Authority/Agency SDI School District SFM Single Family Mtg. SGMSTR Societe Generale, NY Branch Municipal Security Trust Receipts SPTX Special Tax SWD Solid Waste Disposal TANs Tax Anticipation Nts. TUAU Turnpike Authority TXAL Tax Allocation UDC Urban Development Corp. WS Water System WSS Water & Sewer System YMCA Young Men's Christian Association 13 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS CONTINUED - -------------------------------------------------------------------------------- FOOTNOTES TO STATEMENT OF INVESTMENTS Continued 1. 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 June 30, 2004. 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. 2. Put obligation redeemable at full principal value on the date reported. 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 $398,484,000 or 22.41% of the Trust's net assets as of June 30, 2004. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 14 | CENTENNIAL TAX EXEMPT TRUST
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 2004 - ------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------ ASSETS - ------------------------------------------------------------------------------------------------------------------ Investments, at value (cost $1,789,378,677)--see accompanying statement of investments $1,789,378,677 - ------------------------------------------------------------------------------------------------------------------ Cash 4,685,064 - ------------------------------------------------------------------------------------------------------------------ Receivables and other assets: Interest 4,657,573 Investments sold 3,425,361 Shares of beneficial interest sold 3,006,582 Other 83,105 ---------------- Total assets 1,805,236,362 - ------------------------------------------------------------------------------------------------------------------ LIABILITIES - ------------------------------------------------------------------------------------------------------------------ Payables and other liabilities: Investments purchased 14,771,366 Shares of beneficial interest redeemed 11,782,868 Dividends 275,923 Distribution and service plan fees 136,098 Shareholder communications 48,198 Transfer and shareholder servicing agent fees 43,318 Trustees' compensation 7,489 Other 44,736 ---------------- Total liabilities 27,109,996 - ------------------------------------------------------------------------------------------------------------------ NET ASSETS $1,778,126,366 ================ - ------------------------------------------------------------------------------------------------------------------ COMPOSITION OF NET ASSETS - ------------------------------------------------------------------------------------------------------------------ Paid-in capital $1,778,228,184 - ------------------------------------------------------------------------------------------------------------------ Accumulated net realized loss on investments (101,818) ---------------- NET ASSETS--applicable to 1,778,257,819 shares of beneficial interest outstanding $1,778,126,366 ================ - ------------------------------------------------------------------------------------------------------------------ NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND OFFERING PRICE PER SHARE $1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 15 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF OPERATIONS FOR THE YEAR ENDED JUNE 30, 2004 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- INVESTMENT INCOME - -------------------------------------------------------------------------------- Interest $18,838,298 - -------------------------------------------------------------------------------- EXPENSES - -------------------------------------------------------------------------------- Management fees 7,801,969 - -------------------------------------------------------------------------------- Service plan fees 3,697,181 - -------------------------------------------------------------------------------- Transfer and shareholder servicing agent fees 544,922 - -------------------------------------------------------------------------------- Custodian fees and expenses 50,685 - -------------------------------------------------------------------------------- Shareholder communications 49,584 - -------------------------------------------------------------------------------- Trustees' compensation 13,325 - -------------------------------------------------------------------------------- Other 202,056 -------------- Total expenses 12,359,722 Less reduction to custodian expenses (13,848) -------------- Net expenses 12,345,874 - -------------------------------------------------------------------------------- NET INVESTMENT INCOME 6,492,424 - -------------------------------------------------------------------------------- NET REALIZED LOSS ON INVESTMENTS (79,810) - -------------------------------------------------------------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 6,412,614 ============== SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 16 | CENTENNIAL TAX EXEMPT TRUST
STATEMENTS OF CHANGES IN NET ASSETS - ----------------------------------------------------------------------------------------------------- YEAR ENDED JUNE 30, 2004 2003 - ----------------------------------------------------------------------------------------------------- OPERATIONS - ----------------------------------------------------------------------------------------------------- Net investment income $ 6,492,424 $ 12,882,236 - ----------------------------------------------------------------------------------------------------- Net realized gain (loss) (79,810) 32,171 -------------------------------------- Net increase in net assets resulting from operations 6,412,614 12,914,407 - ----------------------------------------------------------------------------------------------------- DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS - ----------------------------------------------------------------------------------------------------- Dividends from net investment income (6,492,424) (12,882,236) - ----------------------------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS - ----------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from beneficial interest transactions (98,384,454) 53,057,495 - ----------------------------------------------------------------------------------------------------- NET ASSETS - ----------------------------------------------------------------------------------------------------- Total increase (decrease) (98,464,264) 53,089,666 - ----------------------------------------------------------------------------------------------------- Beginning of period 1,876,590,630 1,823,500,964 -------------------------------------- End of period $1,778,126,366 $1,876,590,630 ======================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 17 | CENTENNIAL TAX EXEMPT TRUST
FINANCIAL HIGHLIGHTS - ------------------------------------------------------------------------------------------------------ YEAR ENDED JUNE 30, 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 - ------------------------------------------------------------------------------------------------------ Income from investment operations--net investment income and net realized gain -- 1 .01 .01 .03 .03 Dividends and/or distributions to shareholders -- 1 (.01) (.01) (.03) (.03) - ------------------------------------------------------------------------------------------------------ Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ==================================================== - ------------------------------------------------------------------------------------------------------ TOTAL RETURN 2 0.35% 0.69% 1.17% 3.26% 3.01% - ------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA - ------------------------------------------------------------------------------------------------------ Net assets, end of period (in millions) $1,778 $1,877 $1,824 $1,822 $1,692 - ------------------------------------------------------------------------------------------------------ Average net assets (in millions) $1,851 $1,882 $1,904 $1,779 $1,737 - ------------------------------------------------------------------------------------------------------ Ratios to average net assets: 3 Net investment income 0.35% 0.68% 1.16% 3.21% 2.94% Total expenses 0.67% 0.66% 0.69% 0.70% 0.72% Expenses after payments and waivers and reduction to custodian expenses N/A 4 N/A 4 N/A 4 0.69% 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 and distributions 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. 18 | CENTENNIAL TAX EXEMPT TRUST NOTES TO FINANCIAL STATEMENTS - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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. The net asset value of shares of the Trust is normally determined twice each day, at 12:00 Noon Eastern time and at 4:00 P.M. Eastern time on each day The New York Stock Exchange (the Exchange) is open for trading. Portfolio securities are valued on the basis of amortized cost, which approximates market value. - -------------------------------------------------------------------------------- FEDERAL TAXES. The Trust intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income to shareholders, therefore, no federal income or excise tax provision is required. The tax components of capital shown in the table below represent distribution requirements the Trust must satisfy under the income tax regulations, losses the Trust may be able to offset against income and gains realized in future years for federal income tax purposes. UNDISTRIBUTED NET UNDISTRIBUTED ACCUMULATED LOSS INVESTMENT INCOME LONG-TERM GAIN CARRYFORWARD 1,2,3 -------------------------------------------------------- $307,724 $-- $101,818 1. As of June 30, 2004, the Trust had $101,818 of net capital loss carryforwards available to offset future realized capital gains, if any, and thereby reduce future taxable gain distributions. As of June 30, 2004, details of the capital loss carryforwards were as follows: EXPIRING ---------------------- 2008 $ 22,008 2012 79,810 -------- Total $101,818 ======== 2. During the fiscal year ended June 30, 2004, the Trust did not utilize any capital loss carryforward. 3. During the fiscal year ended June 30, 2003, the Trust utilized $32,171 of capital loss carryforward to offset capital gains realized in that fiscal year. 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. 19 | CENTENNIAL TAX EXEMPT TRUST NOTES TO FINANCIAL STATEMENTS CONTINUED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 1. SIGNIFICANT ACCOUNTING POLICIES Continued The tax character of distributions paid during the years ended June 30, 2004 and June 30, 2003 were as follows: YEAR ENDED YEAR ENDED JUNE 30, 2004 JUNE 30, 2003 ------------------------------------------------------- Distributions paid from: Exempt-interest dividends $6,492,424 $12,882,236 - -------------------------------------------------------------------------------- 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 does purchase shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Trust asset equal to the deferred compensation liability. Such assets are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Trust, and will not materially affect the Trust's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the Plan. - -------------------------------------------------------------------------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually. - -------------------------------------------------------------------------------- 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 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. 20 | CENTENNIAL TAX EXEMPT TRUST - -------------------------------------------------------------------------------- 2. SHARES OF BENEFICIAL INTEREST The Trust has authorized an unlimited number of no par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
YEAR ENDED JUNE 30, 2004 YEAR ENDED JUNE 30, 2003 SHARES AMOUNT SHARES AMOUNT - ----------------------------------------------------------------------------------------------------- Sold 5,127,413,724 $ 5,127,413,724 4,883,642,642 $ 4,883,642,642 Dividends and/or distributions reinvested 6,338,791 6,338,791 12,855,713 12,855,713 Redeemed (5,232,136,969) (5,232,136,969) (4,843,440,860) (4,843,440,860) ------------------------------------------------------------------------ Net increase (decrease) (98,384,454) $ (98,384,454) 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. - -------------------------------------------------------------------------------- ADMINISTRATION SERVICES. The Trust pays the Manager a fee of $1,500 per year for preparing and filing the Trust's tax returns. - -------------------------------------------------------------------------------- TRANSFER AGENT FEES. Shareholder Services, Inc. (SSI) acts as the transfer and shareholder servicing agent for the Trust and for other registered investment companies. The Trust pays SSI a per account fee. For the year ended June 30, 2004, the Trust paid $547,773 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. Under the investment advisory 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. 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. 21 | CENTENNIAL TAX EXEMPT TRUST REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF CENTENNIAL TAX EXEMPT TRUST: We have audited the accompanying statement of assets and liabilities of Centennial Tax Exempt Trust, including the statement of investments, as of June 30, 2004, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. 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 as of June 30, 2004, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. 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, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Centennial Tax Exempt Trust as of June 30, 2004, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. DELOITTE & TOUCHE LLP Denver, Colorado August 13, 2004 22 | CENTENNIAL TAX EXEMPT TRUST FEDERAL INCOME TAX INFORMATION UNAUDITED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- In early 2005, if applicable, shareholders of record will receive information regarding all dividends and distributions paid to them by the Trust during calendar year 2004. Regulations of the U.S. Treasury Department require the Trust to report this information to the Internal Revenue Service. None of the dividends paid by the Trust during the year ended June 30, 2004 are qualified dividend income or eligible for the corporate dividend-received deduction. The foregoing information is presented to assist shareholders in reporting distributions received from the Trust to the Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for specific guidance. - -------------------------------------------------------------------------------- PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES UNAUDITED - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities ("portfolio proxies") held by the Fund. A description of the Fund's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Fund 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 Fund's Form N-PX filing is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) on the SEC's website at www.sec.gov. 23 | CENTENNIAL TAX EXEMPT TRUST
TRUSTEES AND OFFICERS UNAUDITED - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- NAME, POSITION(S) HELD WITH PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD TRUST, LENGTH OF SERVICE, AGE BY TRUSTEE; NUMBER OF PORTFOLIOS IN TRUST COMPLEX CURRENTLY OVERSEEN BY TRUSTEE INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, TRUSTEES CO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, UNTIL HIS OR HER RESIGNA- TION, RETIREMENT, DEATH OR REMOVAL. WILLIAM L. ARMSTRONG, Chairman of the following private mortgage banking companies: Cherry Creek Chairman of the Board Mortgage Company (since 1991), Centennial State Mortgage Company (since (since 2003) and Trustee 1994), The El Paso Mortgage Company (since 1993), Transland Financial Services, (since 2000) Inc. (since 1997); Chairman of the following private companies: Great Frontier Age: 67 Insurance (insurance agency) (since 1995), Ambassador Media Corporation and Broadway Ventures (since 1984); a director of the following public companies: Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992) and UNUMProvident (insurance company) (since 1991). Mr. Armstrong is also a Director/Trustee of Campus Crusade for Christ and the Bradley Foundation. Formerly a director of the following: Storage Technology Corporation (a publicly- held computer equipment company) (1991-February 2003), and International Family Entertainment (television channel) (1992-1997), Frontier Real Estate, Inc. (residential real estate brokerage) (1994-1999), and Frontier Title (title insurance agency) (1995-June 1999); a U.S. Senator (January 1979-January 1991). Oversees 38 portfolios in the OppenheimerFunds complex. ROBERT G. AVIS, Formerly, Director and President of A.G. Edwards Capital, Inc. (General Partner Trustee (since 1990) of private equity funds) (until February 2001); Chairman, President and Chief Age: 73 Executive Officer of A.G. Edwards Capital, Inc. (until March 2000); Vice Chairman and Director of A.G. Edwards, Inc. and Vice Chairman of A.G. Edwards & Sons, Inc. (its brokerage company subsidiary) (until March 1999); Chairman of A.G. Edwards Trust Company and A.G.E. Asset Management (investment advisor) (until March 1999); and a Director (until March 2000) of A.G. Edwards & Sons and A.G. Edwards Trust Company. Oversees 38 portfolios in the OppenheimerFunds complex. GEORGE C. BOWEN, Formerly Assistant Secretary and a director (December 1991-April 1999) of Trustee (since 1998) Centennial Asset Management Corporation; President, Treasurer and a director Age: 67 (June 1989-April 1999) of Centennial Capital Corporation; Chief Executive Officer and a director of MultiSource Services, Inc. (March 1996-April 1999). Until April 1999 Mr. Bowen held several positions in subsidiary or affiliated companies of the Manager. Oversees 38 portfolios in the OppenheimerFunds complex. EDWARD L. CAMERON, A member of The Life Guard of Mount Vernon, George Washington's home (since Trustee (since 2000) June 2000). Formerly Director (March 2001-May 2002) of Genetic ID, Inc. and its Age: 65 subsidiaries (a privately held biotech company); a partner (July 1974-June 1999) with PricewaterhouseCoopers LLP (an accounting firm); and Chairman (July 1994- June 1998) of Price Waterhouse LLP Global Investment Management Industry Services Group. Oversees 38 portfolios in the OppenheimerFunds complex. JON S. FOSSEL, Director (since February 1998) of Rocky Mountain Elk Foundation (a not-for- Trustee (since 1990) profit foundation); a director (since 1997) of Putnam Lovell Finance (finance Age: 62 company); a director (since June 2002) of UNUMProvident (an insurance com- pany). Formerly a director (October 1999-October 2003) of P.R. Pharmaceuticals (a privately held company); Chairman and a director (until October 1996) and President and Chief Executive Officer (until October 1995) of the Manager; President, Chief Executive Officer and a director (until October 1995) of Oppenheimer Acquisition Corp., Shareholders Services Inc. and Shareholder Financial Services, Inc. Oversees 38 portfolios in the OppenheimerFunds complex. 24 | CENTENNIAL TAX EXEMPT TRUST SAM FREEDMAN, Director of Colorado Uplift (a non-profit charity) (since September 1984). Trustee (since 1996) Formerly (until October 1994) Mr. Freedman held several positions in subsidiary Age: 63 or affiliated companies of the Manager. Oversees 38 portfolios in the OppenheimerFunds complex. BEVERLY L. HAMILTON, Trustee of Monterey International Studies (an educational organization) (since Trustee (since 2002) February 2000); a director of The California Endowment (a philanthropic organi- Age: 57 zation) (since April 2002) and of Community Hospital of Monterey Peninsula (educational organization) (since February 2002); a director of America Funds Emerging Markets Growth Fund (since October 1991) (an investment company); an advisor to Credit Suisse First Boston's Sprout venture capital unit. Mrs. Hamilton also is a member of the investment committees of the Rockefeller Foundation and of the University of Michigan. Formerly, Trustee of MassMutual Institutional Funds (open-end investment company) (1996-May 2004); a director of MML Series Investment Fund (April 1989-May 2004) and MML Services (April 1987-May 2004) (investment companies); member of the investment committee (2000-2003) of Hartford Hospital; an advisor (2000-2003) to Unilever (Holland)'s pension fund; and President (February 1991-April 2000) of ARCO Investment Management Company. Oversees 37 portfolios in the OppenheimerFunds complex. ROBERT J. MALONE, Chairman, Chief Executive Officer and director of Steele Street State Bank (a Trustee (since 2002) commercial banking entity) (since August 2003), Colorado UpLIFT (a non-profit Age: 59 organization) (since 1986); a trustee (since 2000) of the Gallagher Family Foundation (non-profit organization). Formerly a director of Jones Knowledge, Inc. (a privately held company) (2001-July 2004), and U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004), Chairman of U.S. Bank-Colorado (a subsidiary of U.S. Bancorp and formerly Colorado National Bank,) (July 1996- April 1999) and a director of Commercial Assets, Inc. (a REIT) (1993-2000). Oversees 37 portfolios in the OppenheimerFunds complex. F. WILLIAM MARSHALL, JR., Trustee of MassMutual Institutional Funds (since 1996) and MML Series Trustee (since 2002) Investment Fund (since 1987) (both open-end investment companies) and the Age: 62 Springfield Library and Museum Association (since 1995) (museums) and the Community Music School of Springfield (music school) (since 1996); Trustee (since 1987), Chairman of the Board (since 2003) and Chairman of the invest- ment committee (since 1994) for the Worcester Polytech Institute (private university); and President and Treasurer (since January 1999) of the SIS Fund (a private not for profit charitable fund). Formerly, member of the investment committee of the Community Foundation of Western Massachusetts (1998 - 2003); Chairman (January 1999-July 1999) of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank); and Executive Vice President (January 1999-July 1999) of Peoples Heritage Financial Group, Inc. (commercial bank). Oversees 38 portfolios in the OppenheimerFunds complex. - --------------------------------------------------------------------------------------------------------------------------- INTERESTED TRUSTEE THE ADDRESS OF MR. GRABISH IN THE CHART BELOW IS 6803 S. TUCSON WAY, CENTENNIAL, CO 80112-3924. MR. GRABISH SERVES FOR AN INDEFINITE TERM, UNTIL HIS RESIGNATION, RETIRE- MENT, DEATH OR REMOVAL. RICHARD GRABISH, Senior Vice President, Assistant Director of Sales and Marketing (since March Trustee (since 2001) 1997), and Manager of Private Client Services (since June 1985) for A.G. Edwards Age: 55 & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer (since March 2001) of A.G. Edwards Trust Company; Director (since March 1988) of A.G. Edwards & Sons, Inc. Formerly (until March 1987) President and Vice Chairman of A.G. Edwards Trust Company. Oversees 6 portfolios in the OppenheimerFunds complex. 25 | CENTENNIAL TAX EXEMPT TRUST TRUSTEES AND OFFICERS UNAUDITED / CONTINUED - --------------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------------- INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IN THE CHART BELOW IS TWO WORLD FINANCIAL CENTER, 225 AND OFFICER LIBERTY STREET, NEW YORK, NY 10281-1008. MR. MURPHY SERVES FOR AN INDEFINITE TERM, UNTIL HIS RESIGNATION, DEATH OR REMOVAL. JOHN V. MURPHY, Chairman, Chief Executive Officer and director (since June 2001) and President President (since 2001) (since September 2000) of the Manager; President and a director or trustee and Trustee (since 2003) of other Oppenheimer funds; President and a director (since July 2001) of Age: 55 Oppenheimer Acquisition Corp. (the Manager's parent holding company) and of Oppenheimer Partnership Holdings, Inc. (a holding company subsidiary of the Manager); a director (since November 2001) of OppenheimerFunds Distributor, Inc. (a subsidiary of the Manager); Chairman and a director (since July 2001) of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of the Manager); President and a director (since July 2001) of OppenheimerFunds Legacy Program (a charitable trust program established by the Manager); a director of the following investment advisory subsidiaries of the Manager: OFI Institutional Asset Management, Inc., Centennial Asset Management Corporation, Trinity Investment Management Corporation and Tremont Capital Management, Inc. (since November 2001), HarbourView Asset Management Corporation and OFI Private Investments, Inc. (since July 2001); President (since November 1, 2001) and a director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President (since February 1997) of Massachusetts Mutual Life Insurance Company (the Manager's parent company); a director (since June 1995) of DLB Acquisition Corporation (a holding company that owns the shares of Babson Capital Management LLC); a member of the Investment Company Institute's Board of Governors (elected to serve from October 3, 2003 through September 30, 2006). Formerly, Chief Operating Officer (September 2000-June 2001) of the Manager; President and trustee (November 1999-November 2001) of MML Series Investment Fund and MassMutual Institutional Funds (open-end investment companies); a director (September 1999-August 2000) of C.M. Life Insurance Company; President, Chief Executive Officer and director (September 1999- August 2000) of MML Bay State Life Insurance Company; a director (June 1989-June 1998) of Emerald Isle Bancorp and Hibernia Savings Bank (a wholly- owned subsidiary of Emerald Isle Bancorp). Oversees 73 portfolios as Trustee/ Director and 10 portfolios as Officer in the OppenheimerFunds complex. - --------------------------------------------------------------------------------------------------------------------------- OFFICERS THE ADDRESS OF THE OFFICERS IN THE CHART BELOW IS AS FOLLOWS: FOR MR. ZACK, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NY 10281-1008, FOR MR. BONNELL, MR. WIXTED, AND MR. VANDEHEY, 6803 S. TUCSON WAY, CENTENNIAL, CO 80112- 3924. EACH OFFICER SERVES FOR AN ANNUAL TERM OR UNTIL HIS OR HER EARLIER RESIGNATION, DEATH OR REMOVAL. JOHN BONNELL, Vice President (since May 2004) of OppenheimerFunds, Inc.; an officer of Vice President (since 2004) 2 other portfolios in the OppenheimerFunds complex; formerly a portfolio Age: 39 manager at Strong Financial Corp. (1999-2004). BRIAN W. WIXTED, Senior Vice President and Treasurer (since March 1999) of the Manager; Treasurer (since 1999) Treasurer of HarbourView Asset Management Corporation, Shareholder Financial Age: 44 Services, Inc., Shareholder Services, Inc., Oppenheimer Real Asset Management Corporation, and Oppenheimer Partnership Holdings, Inc. (since March 1999), of OFI Private Investments, Inc. (since March 2000), of OppenheimerFunds Inter- national Ltd. and OppenheimerFunds plc (since May 2000), of OFI Institutional Asset Management, Inc. (since November 2000), and of OppenheimerFunds Legacy Program (a Colorado non-profit corporation) (since June 2003); Treasurer and Chief Financial Officer (since May 2000) of OFI Trust Company (a trust 26 | CENTENNIAL TAX EXEMPT TRUST BRIAN W. WIXTED, company subsidiary of the Manager); Assistant Treasurer (since March 1999) of Continued Oppenheimer Acquisition Corp. Formerly Assistant Treasurer of Centennial Asset Management Corporation (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003); Principal and Chief Operating Officer (March 1995-March 1999) at Bankers Trust Company-Mutual Fund Services Division. An officer of 83 portfolios in the OppenheimerFunds complex. ROBERT G. ZACK, Executive Vice President (since January 2004) and General Counsel (since Vice President and Secretary February 2002) of the Manager; General Counsel and a director (since November (since 2001) 2001) of the Distributor; General Counsel (since November 2001) of Centennial Age: 56 Asset Management Corporation; Senior Vice President and General Counsel (since November 2001) of HarbourView Asset Management Corporation; Secretary and General Counsel (since November 2001) of Oppenheimer Acquisition Corp.; Assistant Secretary and a director (since October 1997) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and a director (since November 2001) of Oppenheimer Partnership Holdings, Inc.; a director (since November 2001) of Oppenheimer Real Asset Management, Inc.; Senior Vice President, General Counsel and a director (since November 2001) of Shareholder Financial Services, Inc., Shareholder Services, Inc., OFI Private Investments, Inc. and OFI Trust Company; Vice President (since November 2001) of OppenheimerFunds Legacy Program; Senior Vice President and General Counsel (since November 2001) of OFI Institutional Asset Management, Inc.; a director (since June 2003) of OppenheimerFunds (Asia) Limited. Formerly Senior Vice President (May 1985-December 2003), Acting General Counsel (November 2001-February 2002) and Associate General Counsel (May 1981-October 2001) of the Manager; Assistant Secretary of Shareholder Services, Inc. (May 1985- November 2001), Shareholder Financial Services, Inc. (November 1989-November 2001); and OppenheimerFunds International Ltd. (October 1997-November 2001). An officer of 83 portfolios in the OppenheimerFunds complex. MARK S. VANDEHEY, Senior Vice President and Chief Compliance Officer (since March 2004) of Vice President (since 2004) the Manager; Vice President (since June 1983) of OppenheimerFunds Age: 53 Distributor, Inc., Centennial Asset Management Corporation and Shareholder Services, Inc. Formerly (until February 2004) Vice President and Director of Internal Audit of OppenheimerFunds, Inc. An officer of 83 portfolios in the OppenheimerFunds complex.
THE TRUST'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE TRUST'S TRUSTEES AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST. 27 | 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 registrant has determined that Edward L. Cameron, the Chairman of the Board's Audit Committee, and George C. Bowen, a member of the Board's Audit Committee, possess the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Messrs. Cameron and Bowen as the Audit Committee's financial experts. Messrs. Cameron and Bowen are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES (a) Audit Fees The principal accountant for the audit of the registrant's annual financial statements billed $26,000 in fiscal 2004 and $25,000 in fiscal 2003. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $5,525 in fiscal 2004 and $45,744 in fiscal 2003 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include, among others: due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews and consultation concerning financial accounting and reporting standards. (c) Tax Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $0 in fiscal 2004 and $7,370 in fiscal 2003 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include, among others: tax compliance, tax planning and tax advice. Tax compliance generally involves preparation of original and amended tax returns, claims for a refund and tax payment-planning services. Tax planning and tax advice includes assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees to the registrant during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed $0 in fiscal 2004 and $3,500 in fiscal 2003 to the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. Such fees would include services provided to the registrant's Board of Trustees with respect to the annual renewal of the registrant's investment advisory agreement. (e) (1) During its regularly scheduled periodic meetings, the registrant's audit committee will pre-approve all audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has delegated pre-approval authority to its Chairman for any subsequent new engagements that arise between regularly scheduled meeting dates provided that any fees such pre-approved are presented to the audit committee at its next regularly scheduled meeting. Pre-approval of non-audit services is waived provided that: 1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to it principal accountant during the fiscal year in which services are provided 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit. (2) 100% (f) Not applicable as less than 50%. (g) The principal accountant for the audit of the registrant's annual financial statements billed $5,525 in fiscal 2004 and $56,614 in fiscal 2003 to the registrant and the registrant's investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant related to non-audit fees. Those billings did not include any prohibited non-audit services as defined by the Securities Exchange Act of 1934. (h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal account's independence. No such services were rendered. 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 Board is responsible for approving nominees for election as trustees. To assist in this task, the Board has designated the Audit Committee as the nominating committee for the Board. It reviews and recommends nominees to the Board. The Committee is comprised entirely of disinterested trustees as defined in Section 2(a)(19) of the Investment Company Act of 1940. The Audit Committee charter describes the responsibilities of the Committee in nominating candidates for election as independent Trustees of the Registrant. The Registrant's Board has adopted a written charter for the Committee. A current copy of the Audit Committee charter is available to shareholders on the OppenheimerFunds website at www.oppenheimerfunds.com. Under the current policy, if the Board determines that a vacancy exists or is likely to exist on the Board, the Audit Committee of the Board will consider candidates for Board membership including recommended by Registrant shareholders. The Audit Committee will consider nominees recommended by independent Board members or recommended by any other Board members including Board members affiliated with the Registrant's investment advisors. The Committee may, upon Board approval, retain an executive search firm to assist in screening potential candidates. Upon Board approval, the Audit Committee may also use the services of legal, financial, or other external counsel that it deems necessary or desirable in the screening process. Shareholders wishing to submit a nominee for election to the Board may do so by mailing their submission to the offices of OppenheimerFunds, Inc., 6803 South Tucson Way, Centennial, CO 80112, to the attention of the Board of Trustees of the named Registrant, c/o the Secretary of the Registrant. The Committee's process for identifying and evaluating nominees for trustees includes a number of factors. In screening candidates for board membership, whether the candidate is suggested by Board members, shareholders or others, the Committee considers the candidate's professional experience, soundness of judgment, integrity, ability to make independent, analytical inquiries, collegiality, willingness and ability to devote the time required to perform Board activities adequately, ability to represent the interests of all shareholders of the Registrant, and diversity relative to the board's composition. Candidates are expected to provide a mix of attributes, experience, perspective and skills necessary to effectively advance the interests of shareholders. 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 June 30, 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 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 2 ex99_code-160.txt EX99_CODE-160.TXT 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 communications 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. Each Covered Officer should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. - -------- 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. 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 whether 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 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 - --------- 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. 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 3 ex99_302cert-160.txt EX99_302CERT-160.TXT 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-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) 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 d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 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 control over financial reporting 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: 8/13/04 /s/John V. Murphy ---------------------------- John V. Murphy Chief Executive Officer EX-99.906 4 ex99_906cert-160.txt EX99_906CERT-160.TXT 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-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) 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 d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 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 control over financial reporting 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: 8/13/04 /s/Brian W. Wixted ---------------------------- Brian W. Wixted Chief Financial Officer 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 2002 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 June 30, 2004 (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: 8/13/04 Date: 8/13/04 -----END PRIVACY-ENHANCED MESSAGE-----