-----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, PSdIPhw4UfF8Cxavzp9AKWq7y+Boj+wxewVqE1nu2X5tmF44Ut3G4BYA2EnKbH0L 8vP83O52I4yyXPfdR419Qg== 0000935069-08-001894.txt : 20080827 0000935069-08-001894.hdr.sgml : 20080827 20080826173601 ACCESSION NUMBER: 0000935069-08-001894 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20080630 FILED AS OF DATE: 20080827 DATE AS OF CHANGE: 20080826 EFFECTIVENESS DATE: 20080827 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: 081040123 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 0000319880 S000008466 CENTENNIAL TAX EXEMPT TRUST C000023200 A N-CSR 1 ra160_48342ncsr.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: 06/30/2008 ---------- ITEM 1. REPORTS TO STOCKHOLDERS. June 30, 2008 Centennial Annual Report Tax Exempt Trust and Management Commentaries TRUST EXPENSES TRUST EXPENSES. As a shareholder of the Trust, you incur ongoing costs, including management fees; service fees; and other Trust expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Trust and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended June 30, 2008. ACTUAL EXPENSES. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Trust's actual expense ratio, and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Trust and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the "hypothetical" section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. 5 | CENTENNIAL TAX EXEMPT TRUST TRUST EXPENSES Continued
BEGINNING ENDING EXPENSES ACCOUNT ACCOUNT PAID DURING VALUE VALUE 6 MONTHS ENDED ACTUAL JANUARY 1, 2008 JUNE 30, 2008 JUNE 30, 2008 - ------ --------------- ------------- -------------- HYPOTHETICAL $1,000.00 $1,008.90 $3.20 (5% return before expenses) 1,000.00 1,021.68 3.22
Expenses are equal to the Trust's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The annualized expense ratio based on the 6-month period ended June 30, 2008 is as follows: EXPENSE RATIO - ------------- 0.64% The expense ratio reflects reduction to custodian fees. The "Financial Highlights" table in the Trust's financial statements, included in this report, also show the gross expense ratio, without such waivers or reimbursements and reduction to custodian expenses, if applicable. 6 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS June 30, 2008
PRINCIPAL AMOUNT VALUE ----------- -------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS--100.8% ALABAMA--2.7% AL IDAU RB, Scientific Utilization Project, Series 1996, 2.16%(1) $ 810,000 $ 810,000 AL IDAU RB, Well Built Cabinet, Inc. Project, 1.81%(1) 220,000 220,000 AL IDAU RB, Whitesell Project, 1.90%(1) 1,085,000 1,085,000 Autauga Cnty., AL IDAU RB, Marshall Prattville, 1.91%(1) 2,205,000 2,205,000 Berry, AL IDAU RB, Berry Wood Products LLC, 2.30%(1) 725,000 725,000 Birmingham, AL Medical Clinic Board RB, University of Alabama Health Service Facilities, Series 1998, 1.53%(1) 11,525,000 11,525,000 Birmingham, AL Special Care Facilities FAU RB, United Cerebral Palsy Project, 1.61%(1) 1,610,000 1,610,000 Calhoun Cnty., AL ED Council RB, Southern Bag Corp. Ltd. Expansion Project, Series 1998, 1.86%(1) 2,500,000 2,500,000 Cullman Cnty., AL SWD Authority RB, Cullman Environmental, Inc. Project, Series 2003-A, 2.30%(1) 1,440,000 1,440,000 Fairhope, AL AA Airport Improvement RB, Series 2007, 1.86%(1) 8,845,000 8,845,000 Florence, AL IDB IDV RB, Nichols Wire, Inc. Project, Series A, 1.90%(1) 2,535,000 2,535,000 Gardendale, AL MH RRB, Ascot Place Apts., 1.52%(1) 1,465,000 1,465,000 Gardendale, AL MH RRB, Meadow Wood Apts., 1.52%(1) 1,484,000 1,484,000 Gardendale, AL MH RRB, Woodbrook Apts. Project, 1.52%(1) 2,925,000 2,925,000 Hoover, AL MH RB, Royal Oaks Apts. Project, Series 2004, 1.60%(1) 5,200,000 5,200,000 Lee Cnty., AL IDAU RB, LifeSouth Community Blood Centers, Inc. Project, 1.58%(1) 345,000 345,000 Mobile, AL IDB RB, HighProv LLC Project 2006, 1.86%(1) 6,000,000 6,000,000 Montgomery, AL IDB RB, Asphalt Contractors, Inc., 1.90%(1) 200,000 200,000 Shelby Cnty., AL Economic & IDAU RB, M.D. Henry Co., Inc. Project, 2.55%(1) 625,000 625,000 Spanish Fort, AL RA RB, MACON Trust Certificates Series 2007-306, 1.59%(1, 2) 4,295,000 4,295,000 Tuscaloosa Cnty., AL BOE RB, Series 97-B, 1.61%(1) 900,000 900,000 Tuscaloosa Cnty., AL IDAU RB, Gulf Opportunity Zone Hunt Refining Project, Series 2007, 1.71%(1) 10,000,000 10,000,000 -------------- 66,939,000 ARIZONA--2.7% AZ First Matrix Charter School Trust II Pass-Through Certificates, Series 2005, Cl. A, 1.75%(1, 2) 11,681,000 11,681,000 AZ HFAU Hospital System RB, BNP Paribas STARS Certificate Trust- Series 2007-8, 1.71%(1, 2) 12,450,000 12,450,000 Chandler, AZ IDAU RB, Tri-City Baptist Church Project, Series 2007, 1.63%(1) 5,200,000 5,200,000 Phoenix, AZ Civic Improvement Corp. WS BANs, Series 2007A, 1.60%, 9/4/08 5,000,000 5,000,000 Phoenix, AZ IDAU RB, Pilgrim Rest Foundation, Inc. Project, Series A, 1.80%(1) 4,500,000 4,500,000 Phoenix, AZ IDAU Student Hsg. RB, MSTFC Series 2079, 1.61%(1, 2) 9,745,000 9,745,000
F1 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS Continued
PRINCIPAL AMOUNT VALUE ----------- -------------- ARIZONA Continued Pima Cnty., AZ GOUN, P-Floats Series PZ-195, 1.57%(1, 2) $10,720,000 $ 10,720,000 Tempe, AZ IDAU MH RB, P-Floats Series MT-067, 1.69%(1, 2) 8,295,000 8,295,000 -------------- 67,591,000 CALIFORNIA--4.5% CA GOUN, Series DC8035, 1.57%(1, 2) 15,000,000 15,000,000 CA GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-363, 1.53%(1, 2) 3,480,000 3,480,000 CA GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DBE-637, 1.62%(1, 2) 20,860,000 20,860,000 CA Northstar Community Housing Corp. RB, MH Project, Series 2006A, 1.55%(1) 3,000,000 3,000,000 CA SCDAU MH RRB, PTTR, IAC Project, Series 2680, 1.65%(1, 2) 18,000,000 18,000,000 CA SCDAU RB, MSTFC Series 2008-2742, 1.61%(1, 2) 5,010,000 5,010,000 Foothill-De Anza, CA Community College District GOUN, Series 1844, 1.61%(1, 2) 26,000,000 26,000,000 Irvine, CA USD SPTX Bonds, Austin Trust Certificates- Series BOA 315, 1.62%(1, 2) 1,575,000 1,575,000 Los Angeles, CA Water & Power RB, ETET Series 2006-0010, Cl. A, 1.56%(1, 2) 6,000,000 6,000,000 Oxnard, CA FAU Water RB, Eclipse Funding Trust Solar Eclipse Certificates-Series 2006-0085, 1.58%(1, 2) 3,000,000 3,000,000 San Bernardino, CA GOUN, Austin Trust Certificates- Series 2008-1072, 1.56%(1, 2) 3,865,000 3,865,000 San Diego, CA PFFAU Water RB, PTTR, Series 2595, 1.55%(1, 2) 6,445,000 6,445,000 -------------- 112,235,000 COLORADO--5.5% Arista, CO Metro District Special Ltd. RB, Broomfield Event Center Parking Project, Series 2006A, 1.65%(1) 4,980,000 4,980,000 Aurora, CO Centretech Metropolitan District Improvement REF GOUN, Series A, 1.55%(1) 3,535,000 3,535,000 Brighton, CO Crossing Metro District No. 4 RB, Series 2004, 1.67%(1) 5,000,000 5,000,000 CO Centerra Metropolitan District No. 1 Improvement RRB, 1.60%(1) 14,000,000 14,000,000 CO ECFA RB, St. Mary's Academy Project, Series 1999, 1.70%(1) 2,895,000 2,895,000 CO Harvest Junction Metropolitan District GOLB, 1.60%(1) 2,600,000 2,600,000 CO HFA ED RB, Certex Co. Project, Series 2007, 1.75%(1) 2,200,000 2,200,000 CO HFA ED RB, YRC LLC Project, Series 2005, 1.75%(1) 1,530,000 1,530,000 CO Park 70 Metropolitan District GOLB, 1.80%, 12/1/08(3) 4,075,000 4,075,000 CO Regional Transportation District Sales Tax RB, ETET Series 2006-0120, Cl. A, 1.61%(1, 2) 1,510,000 1,510,000 Colorado Springs, CO SPO RB, Heating & Plumbing Engineers Project, 1.75%(1) 2,100,000 2,100,000 Commerce City, CO GOUN, Northern Infrastructure General Improvement District, Series 2006, 1.55%(1) 9,650,000 9,650,000
F2 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL AMOUNT VALUE ----------- -------------- COLORADO Continued Concord Metro District, CO REF GOB, Improvement Projects, Series 2004, 3.50%, 12/1/08(3) $ 2,500,000 $ 2,500,000 Cornerstar Metro District, CO Special RB, Series 2007, 1.63%(1) 6,500,000 6,500,000 Denver, CO Urban Renewal Authority Tax Increment RRB, Downtown Denver Project, Series A-1, 1.60%(1) 4,000,000 4,000,000 Denver, CO Urban Renewal Authority Tax Increment RRB, Downtown Denver Project, Series C, 1.60%(1) 8,000,000 8,000,000 Denver, CO Urban Renewal Authority Tax Increment RRB, Stapleton Project, Series A-1, 1.57%(1) 4,000,000 4,000,000 Ebert Metro District, CO Securitization Trust GOLB, Series 2004-S1, Cl. A2, 1.67%(1) 8,500,000 8,500,000 Ebert Metro District, CO Securitization Trust RB, Series 2005-S1, Cl. A2, 1.67%(1, 2) 3,000,000 3,000,000 Jefferson Cnty., CO SDI No. R-001 GOUN, PTTR, Series 2691, 1.63%(1, 2) 5,080,000 5,080,000 Midcities Metro District No. 1, CO RRB, Series 2004A, 1.60%(1) 14,420,000 14,420,000 Parker, CO Automotive Metro District GOLB, Series 2005, 3.50%(1) 4,510,000 4,510,000 Prairie Center Metro District No. 3, CO RB, Austin Trust Certificates-Series BOA 2007-319, 1.59%(1, 2) 9,810,000 9,810,000 Westminster, CO MH RB, P-Floats Series MT-068, 1.74%(1, 2) 14,670,000 14,670,000 -------------- 139,065,000 CONNECTICUT--0.8% CT RB, Austin Trust Certificates-Series 2008-352, 1.57%(1, 2) 19,870,000 19,870,000 -------------- DELAWARE--0.5% DE EDAU RB, Catholic Diocese of Wilmington Project, Series 2002, 1.55%(1) 11,300,000 11,300,000 -------------- FLORIDA--5.2% Brevard Cnty., FL IDV RB, Designers Choice Cabinetry, Series 2006, 1.80%(1) 1,870,000 1,870,000 Brevard Cnty., FL RB, Holy Trinity Episcopal Academy, Series 1999, 1,530,000 1,530,000 1.57%(1) Clay Cnty., FL DAU Educational Facilities RB, St. John's Country Day School Project, Series 2002, 1.53%(1) 2,995,000 2,995,000 Collier Cnty., FL IDAU RB, Gulf Coast American Blind, Series A, 1.70%(1) 2,460,000 2,460,000 Coral Gables, FL HFAU Hospital RB, Baptist Health of South Florida, 5%, 8/15/08 1,000,000 1,001,878 Dade Cnty., FL IDAU RB, U.S. Holdings, Inc. Project, Series 1996A, 1.98%(1) 1,200,000 1,200,000 Duval Cnty., FL School Board COP, Reset Option Certificates II-R Trust-Series 11305, 1.60%(1, 2) 11,450,000 11,450,000 FL Capital Projects FAU RB, Capital Projects Loan Program, Series 1997A, 1.65%(1) 1,030,000 1,030,000 FL Development Finance Corp. IDV RRB, Charlotte Community Project, Series 2001A3, 1.58%(1) 1,190,000 1,190,000 FL Higher Educational Facilities FAU RRB, Flagler College Project, Series 2005, 1.53%(1) 5,295,000 5,295,000
F3 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS Continued
PRINCIPAL AMOUNT VALUE ----------- -------------- FLORIDA Continued FL Local Government Finance Commission RB, Series A, 1.70%, 9/9/08 $ 3,449,000 $ 3,449,000 Fort Pierce, FL HF RB, New Horizons, 1.63%(1) 2,285,000 2,285,000 Gulfstream Park, FL CDD SPAST RB, Goldman Sachs Pool Trust-Series 2008-2G, 1.58%(1, 2) 12,060,000 12,060,000 Jacksonville, FL ED Commission RB, Goodwill Industries North Florida Project, Series 3, 1.57%(1) 3,470,000 3,470,000 Jacksonville, FL EDLFA RB, Edward Waters College Project, Series 2001, 1.52%(1) 1,455,000 1,455,000 Jacksonville, FL IDV RB, University of Florida Health Science Center Project 1989, 1.80%(1) 2,100,000 2,100,000 Lake Cnty., FL Capital Improvement RB, SPEARS Deutsche Bank/Lifers Trust-Series DB-492, 1.60%(1, 2) 7,000,000 7,000,000 Miami-Dade Cnty., FL EDLFA RB, MSTFC Series 2008-27 1.61%(1, 2) 7,410,000 7,410,000 Miami-Dade Cnty., FL EDLFA RRB, MSTFC Series 2006-2055, 1.61%(1, 2) 10,145,000 10,145,000 Miami-Dade Cnty., FL IDAU RB, United Way of Miami-Dade, Inc. Project, Series 2008, 1.52%(1) 5,000,000 5,000,000 Miami-Dade, FL SPO RB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-538, 1.58%(1, 2) 2,265,000 2,265,000 Orange Cnty., FL HFAU RB, Presbyterian Retirement Communities Project, Series A, 1.60%(1) 5,300,000 5,300,000 Orange Cnty., FL IDAU RB, Independent Blood & Tissue Services of Florida, Series 2002, 1.53%(1) 2,530,000 2,530,000 Orange Cnty., FL IDAU RB, Trinity Preparatory School, Series 1998, 1.57%(1) 800,000 800,000 Orange Cnty., FL School Board COP, SPEARS Deutsche Bank/Lifers Trust-Series DBE-553, 1.58%(1, 2) 3,445,000 3,445,000 Palm Beach, FL School Board COP, PTTR, Series 2089, 1.63%(1, 2) 1,445,000 1,445,000 Panama City Beach, FL TXAL Bonds, Eclipse Funding Trust Solar Eclipse Certificates-Series 2006-0129, 1.58%(1, 2) 8,045,000 8,045,000 Pinellas Cnty., FL EDLFA RRB, Series 1985, 1.40%, 7/8/08 11,700,000 11,700,000 Sarasota Cnty., FL Public Hospital District RRB, Sarasota Memorial Hospital Project, Series 2007B, 1.52%(1) 3,000,000 3,000,000 Sarasota Cnty., FL RB, Sarasota Family YMCA Project, 1.50%(1) 1,760,000 1,760,000 St. John's, FL Water Management District Land Acquisition RRB, Series 2005, 3.25%, 7/1/08 500,000 500,000 University Athletic Assoc., Inc., FL Capital Improvement RB, University of Florida Stadium, 3.30%, 10/1/08(3) 1,450,000 1,449,944 University of North Florida Financing Corp. RB, SPEARS Deutsche Bank/ Lifers Trust-Series DBE-594, 1.58%(1, 2) 5,305,000 5,305,000 ------------- 131,940,822
F4 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL AMOUNT VALUE ----------- -------------- GEORGIA--4.3% Atlanta, GA Urban Residential FAU MH RB, Parcel 25 Project, Series A, 1.62%(1) $ 2,310,000 $ 2,310,000 Augusta, GA WSS RRB, PTTR, Series 2621, 1.63%(1) 4,780,000 4,780,000 Bibb Cnty., GA DAU RB, Methodist Homes of South Georgia Conference Project, 1.58%(1) 800,000 800,000 Clayton, GA HA RANs, Southern Regional Medical Center Project, Series 1998B, 1.53%(1) 28,075,000 28,075,000 Cobb Cnty., GA HA RANs, Equipment Pool Project, Series 2006, 1.57%(1) 1,100,000 1,100,000 DeKalb Cnty., GA DAU IDV RB, A.G. Rhodes Home, Inc. Project, 1.53%(1) 2,350,000 2,350,000 DeKalb Cnty., GA HAU MH RB, Crow Wood Arbor Assn., 1.52%(1) 1,760,000 1,760,000 DeKalb Cnty., GA HAU MH RRB, Stone Mill Run Apts. Project, Series 2000, 1.85%(1) 1,310,000 1,310,000 DeKalb, Newton, & Gwinnett Cntys., GA Joint Development RB, GPC Real Estate Student, 1.52%(1) 3,760,000 3,760,000 Fulton Cnty., GA DAU RB, Lovett School Project, 1.53%(1) 8,000,000 8,000,000 Fulton Cnty., GA DAU RB, Piedmont Healthcare, Inc., 1.53%(1) 1,800,000 1,800,000 Fulton Cnty., GA DAU RB, Trinity School, Inc. Project, 1.53%(1) 1,000,000 1,000,000 GA GOUN, MSTFC Series 1881, 1.20%(1, 4) 11,560,000 11,560,000 GA GOUN, Series 1993C, 5.25%, 7/1/08 740,000 740,000 GA GOUN, Series 1995D, 6.25%, 9/1/08 2,000,000 2,012,356 GA GOUN, Series 1996B, 6.25%, 4/1/09 500,000 516,327 GA GOUN, Series 1997C, 6.25%, 8/1/08 410,000 411,244 GA GOUN, Series 2006D, 4.50%, 7/1/08 500,000 500,000 GA GOUN, Series B, 5%, 7/1/08 1,000,000 1,000,000 GA GOUN, Series B, 5%, 7/1/08 600,000 600,000 GA Private Colleges & Universities Authority RRB, Mercer University Project, Series 2006A, 1.65%(1) 5,540,000 5,540,000 GA Private Colleges & Universities Authority RRB, Mercer University Project, Series 2006C, 1.65%(1) 8,750,000 8,750,000 GA REF GOUN, Reset Option Certificates II-R Trust-Series 11491, 1.55%(1) 4,000,000 4,000,000 Gwinnett Cnty., GA HA RANs, Gwinnett Hospital System, Inc. Project, Series 2008B, 1.50%(1) 9,000,000 9,000,000 Macon-Bibb Cnty., GA HA RANs, Medical Center of Central Georgia, 1.53%(1) 1,100,000 1,100,000 Roswell, GA HAU MH RRB, Azalea Park Apts., 1.57%(1) 4,100,000 4,100,000 Thomasville, GA HA RANs, John D. Archbold Hospital, 1.53%(1) 1,200,000 1,200,000 ------------- 108,074,927 IDAHO--0.3% Cassia Cnty., ID IDC RB, East Valley Cattle LLC Project, 1.75%(1) 7,000,000 7,000,000 Hailey, ID IDC RB, Rocky Mountain Hardware Project, Series 2006, 1.75%(1) 1,210,000 1,210,000 ------------- 8,210,000
F5 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS Continued
PRINCIPAL AMOUNT VALUE ----------- -------------- ILLINOIS--4.8% Chicago, IL Board of Education GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DBE-653, 1.58%(1, 2) $ 8,615,000 $ 8,615,000 Chicago, IL O'Hare International Airport RB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-534, 1.58%(1, 2) 2,285,000 2,285,000 Chicago, IL O'Hare International Airport RRB, PTTR, Series 2500, 1.63%(1, 2) 3,010,000 3,010,000 Chicago, IL O'Hare International Airport RRB, PTTR, Series 2501, 1.63%(1, 2) 1,850,000 1,850,000 Chicago, IL RB, Boys & Girls Clubs of Chicago Project, Series 2000, 3.05%(1) 600,000 600,000 Crestwood, IL Tax Increment RB, Series 2004, 1.61%(1) 14,370,000 14,370,000 East Peoria, IL CDAU RRB, The Kroger Co., Series 2003, 1.65%(1) 3,125,000 3,125,000 Hamilton Memorial Hospital, IL RB, 1.61%(1) 18,500,000 18,500,000 IL DFA IDV RB, Knead Dough Baking Co. Project, 2.55%(1) 800,000 800,000 IL DFA RB, Chicago Educational TV Assn., Series 1994A, 1.80%(1) 1,500,000 1,500,000 IL DFA RB, Foundation for Safety Project, Series 1992, 1.55%(1) 4,750,000 4,750,000 IL DFA RB, Oak Crest Residence Project, Series 2000, 2.30%(1) 2,800,000 2,800,000 IL DFA RB, Shelby Memorial Hospital Assn., Inc., Series 1999B-1, 1.70%(1) 3,325,000 3,325,000 IL FAU IDV RB, E. Kinast Project, Series 2005A, 2.53%(1) 700,000 700,000 IL FAU RB, Sauk Valley Community College Project, Series 2004A, 1.60%(1) 6,725,000 6,725,000 IL HFAU RB, Swedish Covenant Hospital, 1.45%(1) 5,875,000 5,875,000 IL PCFAU RRB, Commonwealth Edison Co., Series 2008 D, 1.50%(1) 8,000,000 8,000,000 IL SDI No. 308 GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-651, 1.58%(1, 2) 6,455,000 6,455,000 Lake Zurich, IL IDV RB, Rose Road LLC Project, Series 2004, 2.55%(1) 400,000 400,000 Lakemoor, IL MH RB, Lakemoor Apts. Project, Series 1985B, 1.76%(1) 15,330,486 15,330,486 Schaumburg, IL MH RRB, Treehouse II Apts. Project, 1.80%(1) 5,210,000 5,210,000 West Frankfort, IL IDV RRB, The Kroger Co., Series 2004, 1.65%(1) 800,000 800,000 Wheeling, IL Industrial Project RB, V-S Industries, Inc. Project, 1.95%(1) 1,200,000 1,200,000 Will Cnty., IL Community High SDI No. 210 Lincoln-Way GOUN, Reset Option Certificates II-R Trust-Series 631, 1.61%(1, 2) 4,355,000 4,355,000 ------------- 120,580,486 INDIANA--3.1% Brownstown District, IN School Building Corp. First Mortgage RB, Series 1999, 4.55%, 7/1/08 300,000 307,052 Carmel, IN RED District Tax Increment RB, Merchants' Pointe Project, Series 2001A, 1.64%(1) 590,000 590,000 Hammond, IN ED RB, Castle & Co. Project, Series 1994, 2.55%(1) 300,000 300,000 IN DFA ED RB, IVC Industrial Coatings, Inc. Project, 2.55%(1) 1,465,000 1,465,000 IN EDLFA RB, Indiana Wesleyan University Project, Series B, 1.55%(1) 1,000,000 1,000,000 IN EDLFA RB, University of Evansville Project, Series 2001B, 1.81%(1) 500,000 500,000 IN FAU Highway RRB, P-Floats Series PT-3986, 1.56%(1, 2) 10,035,000 10,035,000
F6 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL AMOUNT VALUE ----------- -------------- INDIANA Continued IN FAU RB, Educational Facilities University of Indianapolis Project, 1.57%(1) $ 6,900,000 $ 6,900,000 IN H&EFA RRB, PTTR, Series 2842, 1.60%(1, 2) 13,645,000 13,645,000 IN HFFAU Hospital RB, Community Hospitals Project, Series B, 1.55%(1) 590,000 590,000 IN HFFAU RB, Ascension Health, Series 2003E-6, 1.75%, 11/15/08(3) 7,125,000 7,125,000 IN HFFAU RB, Clark Memorial Hospital Project, Series 2001, 1.55%(1) 6,840,000 6,840,000 IN HFFAU RRB, Ascension Health, Series 2002F, 5.50%, 11/15/08 500,000 503,576 IN Multi-School Building Corp. RRB, Eclipse Funding Trust Solar Eclipse Certificates-Series 2007-0026, 1.58%(1, 2) 4,435,000 4,435,000 Indianapolis, IN ED RB, Visiting Nurse Service Foundation, 1.75%(1) 965,000 965,000 Mt. Vernon of Hancock Cnty., IN RB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-584, 1.58%(1, 2) 9,420,000 9,420,000 St. Joseph Cnty., IN ED RB, Hannah & Friends Project, 1.60%(1) 2,210,000 2,210,000 Valpraiso, IN ED RB, Pines Village Retirement Community Project, Series 2008, 1.62%(1) 10,595,000 10,595,000 -------------- 77,425,628 IOWA--0.1% Le Mars, IA IDV RB, Feuerhelm Properties LP Project, Series 2000A, 1.75%(1) 1,850,000 1,850,000 -------------- KANSAS--0.1% Wichita, KS Recreational Facilities RB, YMCA of Wichita Project, Series XI 1998, 1.60%(1) 3,300,000 3,300,000 -------------- KENTUCKY--2.1% Bath Cnty., KY Industrial Building RB, Cintas Sales Corp. Project, Series 1992, 1.81%(1) 420,000 420,000 Christian Cnty., KY Assn. of Cntys. Leasing Trust RB, Series B, 1.70%(1) 2,000,000 2,000,000 Hancock Cnty., KY Industrial Building RRB, Southwire Co. Project, Series 1992A, 1.65%(1) 10,000,000 10,000,000 Hancock Cnty., KY SWD RB, NSA Ltd. Project, Series 1998, 1.85%(1) 7,815,000 7,815,000 KY TUAU ED Road RRB, Revitalization Project, 5.75%, 7/1/08 1,000,000 1,000,000 Louisville & Jefferson Cnty., KY RB, Eclipse Funding Trust Solar Eclipse Certificates-Series 2006-0087, 1.58%(1, 2) 8,755,000 8,755,000 Louisville & Jefferson Cnty., KY RRB, Reset Option Certificates II-R Trust-Series 672CE, 1.59%(1, 2) 3,565,000 3,565,000 Montgomery Cnty., KY Industrial Building RB, Connecticut Fineblanking Corp. Project, 1.72%(1) 2,000,000 2,000,000 Morgantown, KY SWD Facilities RB, IMCO Recycling, Inc. Project, Series 2004, 1.80%(1) 5,000,000 5,000,000 Oldham Cnty., KY Industrial Building RB, Parts Unlimited, Inc. Project, Series 2005, 1.91%(1) 1,963,000 1,963,000 Somerset, KY Industrial Building RB, Tibbals Flooring Co. Project, Series 1989, 1.90%(1) 10,000,000 10,000,000 -------------- 52,518,000
F7 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS Continued
PRINCIPAL AMOUNT VALUE ----------- -------------- LOUISIANA--1.6% LA HFA MH RB, Walmsley Housing Corp. Project, Series 2004, 1.60%(1) $ 2,300,000 $ 2,300,000 LA Local Government Environmental Facilities CDAU RB, Hollybrook Cottonseed Processing, 1.75%(1) 1,800,000 1,800,000 LA Local Government Environmental Facilities CDAU RB, Hollybrook Enterprises LLC, 1.75%(1) 2,240,000 2,240,000 LA Local Government RB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-656, 1.58%(1, 2) 10,495,000 10,495,000 LA Public FA Hospital RRB, Franciscan Missionaries, Series A, 5.50%, 7/1/08 915,000 915,000 LA Public FA RB, Blood Center Properties, Inc. Project, 2.30%(1) 1,000,000 1,000,000 LA Public FA RB, Municipal Trust Securities, Series 4000, 1.63%(1, 2) 4,240,000 4,240,000 LA Public FA RRB, BNP Paribas STARS Certificate Trust-Series 2006-153, 1.63%(1, 2) 2,185,000 2,185,000 Monroe, LA Sales & Use Tax RRB, Series 2007A, 1.62%(1) 2,700,000 2,700,000 St. John Baptist Parish, LA RB, MSTFC Series 2006-2116, 1.61%(1, 2) 12,270,000 12,270,000 -------------- 40,145,000 MAINE--0.2% Biddeford, ME RB, DK Assoc. LLC & Volk Packaging Corp. Project, 1.72%(1) 400,000 400,000 Dover-Foxcroft, ME RB, Pleasant River Lumber Co., Series 2002, 1.91%(1) 1,600,000 1,600,000 ME FAU RB, Kents Hill School, Series 2006, 1.60%(1) 2,375,000 2,375,000 -------------- 4,375,000 MARYLAND--2.2% Baltimore Cnty., MD RB, Maryvale Prep School Facilities, Series 2005A, 1.21%(1) 2,940,000 2,940,000 MD EDC RB, Goodwill Industries Project, Series 1999, 1.53%(1) 2,075,000 2,075,000 MD EDC RRB, YMCA of Central MD, Inc. Project, 1.61%(1) 2,465,000 2,465,000 MD HE&HFA RB, Howard County General Hospital, Series 2008, 1.52%(1) 6,000,000 6,000,000 MD HE&HFA RB, Woodmont Academy, 1.62%(1) 3,775,000 3,775,000 MD HE&HFA RRB, University of MD Medical System, Series 2008E, 1.50%(1) 6,800,000 6,800,000 MD Health & HEFAU RB, Sheppard Pratt Health, Series 2003B, 1.53%(1) 5,000,000 5,000,000 MD Transportation Authority RB, Transportation Facility Projects, Reset Option Certificates II-R Trust-Series 11436, 1.59%(1, 2) 4,000,000 4,000,000 Montgomery Cnty., MD Consolidated Public Improvement GOUN, Series 2002A, 5%, 2/1/09 1,240,000 1,262,996 Montgomery Cnty., MD ED RB, Sandy Spring Friends School Facility, Series 2004, 1.53%(1) 1,000,000 1,000,000 Prince Georges Cnty., MD SPO Bonds, MSTFC Series 2128, 1.61%(1, 2) 13,710,000 13,710,000 University System of Maryland COP, College Park Business School, Series 2000, 1.21%(1) 5,670,000 5,670,000 -------------- 54,697,996
F8 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL AMOUNT VALUE ----------- -------------- MASSACHUSETTS--2.2% MA DFA RB, MACON Trust Certificates Series 2007-344, 1.66%(1, 2) $ 8,000,000 $ 8,000,000 MA GOUN, PTTR, Series 2648, 1.61%(1, 2) 1,850,000 1,850,000 MA H&EFA RB, Harvard Vanguard Medical, MACON Trust Certificates Series 2007-310, 1.59%(1, 2) 3,450,000 3,450,000 MA Health & Education RRB, Wells Fargo Stage Trust-Series 2008-22C, 1.61%(1, 2) 23,000,000 23,000,000 MA REF GOUN, Dexia Credit Local Certificates Trust-Series 2008-042, 1.59%(1, 2) 5,005,000 5,005,000 MA REF GOUN, P-Floats Series PT-2758, 1.57%(1, 2) 4,515,000 4,515,000 University of Massachusetts Building Authority RRB, Series 3, 1.53%(1) 10,000,000 10,000,000 -------------- 55,820,000 MICHIGAN--2.4% Detroit, MI SDI GOUN, Series DC8032, 1.60%(1, 2) 2,900,000 2,900,000 Detroit, MI Water Supply System RB, Reset Option Certificates II-R Trust-Series 11224, 1.60%(1, 2) 4,855,000 4,855,000 Lakewood, MI Public Schools GOUN, PTTR, Series 2624Z, 1.63%(1) 5,215,000 5,215,000 MI Comprehensive Transportation RRB, P-Floats Series PT-2754, 1.56%(1, 2) 3,500,000 3,500,000 MI HEFA RRB, Law School Project, Series A, 1.47%(1) 3,000,000 3,000,000 MI HOFA RB, Healthcare Equipment Loan Program, Series C, Subseries C-19, 1.61%(1) 1,000,000 1,000,000 MI HOFA RB, Reset Option Certificates II-R Trust-Series 10317CE, 1.61%(1, 2) 16,815,000 16,815,000 MI RRB, Holland Home, Series 1998, 5.75%, 7/1/08 1,000,000 1,021,663 MI Strategic Funding Ltd. RB, Methodist Children's Home, 2.30%(1) 1,900,000 1,900,000 MI Strategic Funding Ltd. RRB, Grand Rapids Christian School, Series 2008, 1.59%(1) 7,000,000 7,000,000 MI Strategic Funding Ltd. RRB, Spectrum Human Services, Inc. Project, 1.61%(1) 2,855,000 2,855,000 MI Wayne State University RB, PTTR, Series 2664, 1.63%(1, 2) 1,770,000 1,770,000 Oakland Cnty., MI EDC RB, Highland United Methodist, 1.59%(1) 2,500,000 2,500,000 Oakland Cnty., MI EDC RB, Rose Hill Center, Inc. Project, 3.05%(1) 200,000 200,000 Parchment, MI SDI GOUN, PTTR, Series 2836, 1.63%(1, 2) 4,960,000 4,960,000 -------------- 59,491,663 MINNESOTA--2.5% Anoka-Hennepin, MN ISD No. 11 REF GOUN, Series A, 5%, 2/1/09 1,500,000 1,523,890 Big Lake, MN ISD No. 727 GOUN, AAC, Series 2007A, 4%, 9/16/08 3,400,000 3,401,853 Bloomington, MN CD RB, 94th Street Associates Project, Series 1985, 1.60%(1) 3,405,000 3,405,000 Bloomington, MN CD RB, James Avenue Associates Project, Series 1985, 1.60%(1) 3,310,000 3,310,000 Buffalo, MN ISD No. 877 GOUN, AAC, Series A, 4.125%, 8/18/08 3,200,000 3,201,308 Cass Lake, MN ISD No. 115 GOUN, AAC, Series 2007A, 4%, 9/8/08 2,080,000 2,080,940
F9 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS Continued
PRINCIPAL AMOUNT VALUE ----------- -------------- MINNESOTA Continued Dakota Cnty., MN Community Development Agency RB, Catholic Finance Corp., Series 2002, 1.80%(1) $ 1,000,000 $ 1,000,000 East Grand Forks, MN SWD RB, American Crystal Sugar Co. Project, 1.75%(1) 5,000,000 5,000,000 Eden Prairie, MN MH RRB, Lake Place Apts. Project, 1.65%(1) 565,000 565,000 Fridley, MN ISD No. 14 GOUN, Tax Anticipation Certificates of Indebtedness, Series 2008A, 3%, 3/5/09 2,910,000 2,915,747 Jackson Cnty., MN Central ISD No. 2895 GOUN, AAC, Series 2007A, 4%, 9/8/08 1,585,000 1,585,716 Jenkins, MN IDV RB, Pequot Tool & Manufacturing, Inc. Project, Series 2007, 1.75%(1) 1,035,000 1,035,000 Kittson, MN Central ISD No. 2171 GOUN, School Building, Series 2008A, 4%, 2/1/09 170,000 171,152 MN GOUN, Series 2001, 5%, 10/1/08 1,500,000 1,512,044 MN GOUN, Series 2003, 5%, 8/1/08 295,000 295,477 MN REF GOUN, Series 1998, 5%, 7/1/08 315,000 317,469 MN REF GOUN, Series 2004, 5%, 11/1/08 1,300,000 1,312,084 Park Rapids, MN ISD No. 309 GOUN, AAC, Series 2007 A, 4%, 9/23/08 5,225,000 5,228,449 Prior Lake, MN ISD No. 719 GOUN, Series A, 3%, 7/29/08 4,600,000 4,601,047 Robbinsdale, MN ISD No. 281 GOUN, School Building, Series 2001, 5%, 2/1/09 750,000 762,100 Rochester, MN IDV RRB, Seneca Foods Corp. Project, Series 1992, 1.80%(1) 4,675,000 4,675,000 Roseville, MN ISD No. 623 GOUN, AAC, Series A, 4%, 9/30/08 3,000,000 3,002,001 Spring Lake Park, MN ISD No. 016 GOUN, AAC, Series A, 4%, 9/30/08 5,000,000 5,003,378 West St. Paul, MN ISD No. 197 GOUN, Tax Anticpiation Certificates of Indebtedness, Series 2008A, 3%, 3/19/09 4,500,000 4,515,710 West St. Paul, MN ISD No. 197 REF GOUN, Series 2008B, 3%, 2/1/09 1,890,000 1,896,527 -------------- 62,316,892 MISSISSIPPI--1.5% MS Business Finance Corp. RB, CPS Gulfport ES OPAG LLC Project, Series A, 1.55%(1) 12,300,000 12,300,000 MS Business Finance Corp. RB, Hattiesburg Clinic Professional Assn. Project, 1.61%(1) 3,900,000 3,900,000 MS Business Finance Corp. RB, JKW Real Estate LLC Project, 1.62%(1) 2,145,000 2,145,000 MS Development Bank SPO RB, Morgan Keegan Municipal Products, Inc., Series 2007H1, 1.80%(1) 10,995,000 10,995,000 Newton, MS IDV RRB, La-Z-Boy Chair Co. Project, Series 1991, 1.57%(1) 5,350,000 5,350,000 Panola Cnty., MS IDV RRB, The Kroger Co., Series 2003, 1.65%(1) 3,250,000 3,250,000 -------------- 37,940,000 MISSOURI--1.3% Brentwood, MO TXAL Bonds, 8300 Eager Rd. Project, Series 1-A, 1.62%(1, 2) 7,675,000 7,675,000 Jackson Cnty., MO IDA RB, Linda Hall Library Project, 1.72%(1) 6,700,000 6,700,000
F10 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL AMOUNT VALUE ----------- -------------- MISSOURI Continued St. Charles Cnty., MO IDAU RB, National Cart Project, Series A, 1.73%(1) $ 960,000 $ 960,000 St. Louis Cnty., MO IDAU MH RB, Heatherbrook Gardens Apts., Series 1992, 1.69%(1) 1,765,000 1,765,000 St. Louis, MO Airport RB, Dexia Credit Local Trust Certificates-Series 2007-004, 1.59%(1, 2) 4,320,000 4,320,000 St. Louis, MO DA Tudor Building RB, Austin Trust Certificates-Series BOA 2007-309, 1.59%(1, 2) 9,995,000 9,995,000 -------------- 31,415,000 MONTANA--0.0% Billings, MT GOUN, Series 2007A, 4.25%, 7/1/08 175,000 175,000 -------------- NEBRASKA--0.5% Omaha, NE PP District RB, Eclipse Funding Trust Solar Eclipse Certificates-Series 2006-0025, 1.58%(1, 2) 12,600,000 12,600,000 -------------- NEVADA--0.2% NV Housing Division MH RB, Golden Apts. Project, Series 2007, 1.75%(1) 3,500,000 3,500,000 NV Housing Division MH RB, Southwest Village Project, Series 2005, 1.75%(1) 1,000,000 1,000,000 -------------- 4,500,000 NEW JERSEY--1.3% NJ EDAU RB, Paddock Realty LLC Project, Series 2006, 1.75%(1) 1,205,000 1,205,000 NJ EDAU RRB, Dexia Credit Local Certificates Trust-Series 005, 1.65%(1, 2) 10,855,000 10,855,000 NJ Transportation Trust Fund Authority RRB, Dexia Credit Local Certificates Trust-Series 2008-041, 1.60%(1, 2) 11,110,000 11,110,000 NJ Transportation Trust Fund Authority, Series DC8033, 1.60%(1, 2) 8,445,000 8,445,000 -------------- 31,615,000 NEW MEXICO--0.3% NM FAU SFM RB, Series 2008, 2.46%, 8/1/08(3) 7,900,000 7,900,000 -------------- NEW YORK--3.2% Erie Cnty., NY IDA Civic Facilities RB, Buffalo Canisius High School, 1.21%(1) 14,450,000 14,450,000 Nassau Cnty., NY IFA RRB, Series B, 1.70%(1) 5,235,000 5,235,000 NY MTAU RRB, 1.58%(1, 2) 2,665,000 2,665,000 NY TBTAU RRB, PTTR, Series 2763, 1.58%(1, 2) 3,000,000 3,000,000 NY Upstate Telecommunications Corp. RB, Series 2005, 1.21%(1) 5,115,000 5,115,000 NYC MTAU RRB, Puttable Floating Option Tax Exempt Receipts, Series PA-1077, 1.54%(1, 2) 7,250,000 7,250,000 NYC MWFAU WSS RB, PTTR, Series 2540, 1.58%(1, 2) 1,940,000 1,940,000 NYC MWFAU WSS RB, Reset Option Certificates II-R Trust-Series 10265, 1.60%(1, 2) 900,000 900,000 NYC RB, Austin Trust Certificates-Series 2008-1074, 1.57%(1, 2) 2,150,000 2,150,000 NYC TFA RRB, MERLOTS Series 2008 D98, 1.61%(1, 2) 900,000 900,000
F11 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENS Continued
PRINCIPAL AMOUNT VALUE ----------- -------------- NEW YORK Continued NYS DA RB, MERLOTS Series D201, 1.61%(1, 2) $ 5,250,000 $ 5,250,000 NYS DA RB, Reset Option Certificates II-R Trust-Series 11479, 1.53%(1, 2) 2,380,000 2,380,000 NYS HFA RB, Helena Housing, 1.85%(1) 10,450,000 10,450,000 NYS UDC COP, Reset Option Certificates II-R Trust-Series 10011CE, 1.60%(1, 2) 1,500,000 1,500,000 NYS UDC RB, PTTR, Series 2887, 1.58%(1, 2) 3,500,000 3,500,000 Oneida Cnty., NY IDA Civic Facilities RB, Rome Memorial Hospital, Inc. Project, Series 2005, 1.21%(1) 4,600,000 4,600,000 Onondaga Cnty., NY IDA Civic Facilities RB, Syracuse Resch Corp. Project, Series 2005, 1.21%(1) 9,700,000 9,700,000 -------------- 80,985,000 NORTH CAROLINA--1.4% NC Capital Facilities Finance Agency Educational Facilities RB, Charlotte Country Day School, 1.55%(1) 12,690,000 12,690,000 NC Capital Facilities Finance Agency Educational Facilities RB, High Point University Project, 1.61%(1) 4,000,000 4,000,000 NC Infrastructure Finance Corp. COP, Reset Option Certificates II-R Trust-Series 8502, 1.61%(1, 2) 5,260,000 5,260,000 NC Medical Care Community Hospital RB, Randolph Hospital Series 2007, 1.47%(1) 9,700,000 9,700,000 New Hanover Cnty., NC Hospital RB, New Hanover Regional Medical Center, Series 2005 B-1, 1.70%(1) 1,280,000 1,280,000 Sampson Cnty., NC COP, Eclipse Funding Trust Solar Eclipse Certificates-Series 2006-0160, 3.60%, 7/3/08(2, 3) 2,500,000 2,500,000 -------------- 35,430,000 OHIO--4.8% Buckeye, OH TS FAU RB, PTTR, Series 2311, 1.60%(1, 2) 3,995,000 3,995,000 Cuyahoga Cnty., OH Civic Facilities RB, 700 Prospect Corp. Project, 1.61%(1) 2,750,000 2,750,000 Darke Cnty., OH HCF RB, Wayne Hospital Project, Series 2007, 1.59%(1) 46,865,000 46,865,000 Hamilton Cnty., OH Health Care RB, Life Enriching Communities Project, Series B, 1.57%(1) 1,000,000 1,000,000 Lakewood, OH EDLFA RB, St. Edward High School Project, Series 2000, 1.59%(1) 2,665,000 2,665,000 Madeira, OH ED RRB, The Kroger Co., Series 2004, 1.65%(1) 2,050,000 2,050,000 Medina Cnty., OH IDV RB, Mode-Fire-Dex, Inc. Project, 1.86%(1) 715,000 715,000 OH Higher Education Facility Commission RB, Higher Education Pooled Financing 2001 Program, Series A, 2.26%(1) 800,000 800,000 Pike Cnty., OH HCF RB, Traditions Healthcare, 1.61%(1) 2,100,000 2,100,000 Reynoldsburg, OH RB, P-Floats Series PT-4481, 1.55%(1, 2) 9,535,000 9,535,000 Rickenbacker, OH POAU Capital Funding RB, Reset Option Certificates II-R Trust-Series 591CE, 1.59%(1, 2) 5,620,000 5,620,000
F12 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL AMOUNT VALUE ----------- -------------- OHIO Continued Stark Cnty., OH IDV RRB, The Kroger Co., Series 2004, 1.65%(1) $ 3,100,000 $ 3,100,000 Toledo-Lucas Cnty., OH POAU Cultural Facilities RB, Toledo Museum of Art Project, 1.60%(1) 1,305,000 1,305,000 Washington Cnty., OH Hospital RB, Marietta Area Health Care, Inc., 1.67%(1) 2,000,000 2,000,000 Wood Cnty., OH Hospital Facilities RRB, Wood Cnty. Hospital Assoc. Project, Series 2008, 1.60%(1) 35,525,000 35,525,000 -------------- 120,025,000 OKLAHOMA--0.6% Cleveland Cnty., OK Home Loan Authority SFM RRB, Series 2006, 2.85%, 7/25/08(3) 8,769,000 8,769,000 Oklahoma City, OK Water Utility Trust RB, Series A, 1.90%, 7/16/08 1,000,000 1,000,000 Oklahoma Cnty., OK FA IDV RB, Factory Direct Project, Series 2001A, 2.55%(1) 1,000,000 1,000,000 Tulsa, OK Industrial Authority RB, SGMSTR Series SGC-41, Cl. A, 1.58%(1, 2) 4,390,000 4,390,000 -------------- 15,159,000 OREGON--0.2% Eugene, OR EU RRB, ETET Series 2003-0022, Cl. A, 1.61%(1, 2) 5,880,000 5,880,000 -------------- PENNSYLVANIA--3.3% Beaver Cnty., PA IDAU PC RRB, First Energy Nuclear, Series A, 1.55%(1) 22,900,000 22,900,000 Butler Cnty., PA General Authority RB, SGMSTR Series 2007 SGB14, Cl. A, 1.59%(1, 2) 7,280,000 7,280,000 Butler Cnty., PA General Authority RB, SGMSTR Series 2007 SGB72, Cl. A, 1.70%(1, 2) 3,985,000 3,985,000 Emmaus, PA General Authority RB, 1.47%(1) 3,700,000 3,700,000 Gateway, PA Allegheny SDI REF GOUN, PTTR, Series 2315, 1.61%(1, 2) 2,845,000 2,845,000 PA HEFAU RB, Assn. of Independent Colleges, Series K-1, 3.38%(1) 1,660,000 1,660,000 PA Horizon HA Senior Health & Housing Facilities RRB, St. Paul Homes Project, 1.21%(1) 9,200,000 9,200,000 PA Public School Building Authority RB, Reset Option Certificates II-R Trust-Series 11396, 1.61%(1, 2) 7,600,000 7,600,000 PA Public School Building Authority RRB, PTTR, Series 2837, 1.61%(1, 2) 5,000,000 5,000,000 Philadelphia, PA SDI GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DBE-554, 1.58%(1, 2) 970,000 970,000 Pittsburgh, PA WSS Authority RRB, First Lien, Series B, 1.55%(1) 9,000,000 9,000,000 Shaler, PA Area SDI REF GOUN, Series 2004, 1.50%(1) 3,690,000 3,690,000 Westmoreland Cnty., PA IDA RRB, Greensburg Thermal Project LLC, Series A, 1.54%(1) 915,000 915,000 Westmoreland Cnty., PA RB, SPEARS Deutsche Bank/Lifers Trust-Series DB-301, 1.58%(1, 2) 4,930,000 4,930,000 -------------- 83,675,000
F13 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS Continued
PRINCIPAL AMOUNT VALUE ----------- -------------- SOUTH CAROLINA--0.5% Beaufort Cnty., SC SDI GOUN, Series 2000B, 5.50%, 7/1/08 $ 1,000,000 $ 1,024,024 Kershaw Cnty., SC SDI GOUN, Series 2000, 7%, 2/1/09 710,000 730,099 Lancaster Cnty., SC SDI REF GOUN, 4%, 3/1/09 1,925,000 1,948,234 Lexington & Richland Cntys., SC SDI No. 005 GOUN, 4%, 3/1/09 200,000 201,700 Lexington Cnty., SC SDI No. 001 GOUN, Series 2007A, 5%, 2/1/09 1,000,000 1,012,379 SC Jobs EDAU RB, Boozer Lumber LLC Project, 1.75%(1) 1,220,000 1,220,000 SC Jobs EDAU RB, Shannon Forest Project, 1.61%(1) 2,420,000 2,420,000 SC Jobs EDAU RB, Supreme Machined Products Co., 1.70%(1) 2,300,000 2,300,000 Sumter Cnty., SC SDI No. 17 REF GOUN, 3%, 3/1/09 590,000 593,667 York Cnty., SC Rock Hill SDI No. 003 REF GOUN, PTTR, Series 1881, 1.63%(1, 2) 1,745,000 1,745,000 -------------- 13,195,103 SOUTH DAKOTA--0.4% SD H&EFA RRB, Sanford Health & Hospital, Series 2001B, 1.85%(1) 2,000,000 2,000,000 SD H&EFA RRB, Sanford Health & Hospital, Series 2001C, 1.60%(1) 7,500,000 7,500,000 -------------- 9,500,000 TENNESSEE--4.7% Blount Cnty., TN Public Building Authority RB, Morgan Keegan Municipal Products, Inc., Series 2008B, 1.65%(1, 2) 6,900,000 6,900,000 Chattanooga, TN HE&HFB RB, McCallie School Project, Series 1998, 1.53%(1) 600,000 600,000 Dickson Cnty., TN IDB RB, Renaissance Learning Center Project, Series 1997, 1.58%(1) 3,500,000 3,500,000 Franklin Cnty., TN H&EFA RB, University of the South Project, Series 1998B, 1.65%(1) 5,855,000 5,855,000 Jackson, TN Energy Authority WS RB, 1.59%(1) 10,070,000 10,070,000 Jackson, TN H&EFA HFB RB, University School of Jackson Project, 1.61%(1) 1,200,000 1,200,000 Jackson, TN H&EFA HFB RB, University School of Jackson Project, 1.61%(1) 5,100,000 5,100,000 Jackson, TN H&EFA HFB RB, University School of Jackson Project, 1.61%(1) 3,725,000 3,725,000 Jackson, TN H&EFA HFB RRB, Trinity Christian Academy, 1.61%(1) 2,820,000 2,820,000 Knox Cnty., TN HE&HFB Educational Facilities RB, Webb School Knoxville Project, 1.53%(1) 5,170,000 5,170,000 Knox Cnty., TN HE&HFB RB, Johnson Bible College, 1.61%(1) 3,650,000 3,650,000 Knox Cnty., TN HE&HFB RB, Episcopal School Knoxville Project, 1.53%(1) 3,200,000 3,200,000 Nashville & Davidson Cnty., TN IDB RB, Donelson Christian Academy, Series 2003, 1.60%(1) 3,415,000 3,415,000 Nashville & Davidson Cnty., TN IDB RB, Second Harvest Food Bank Project, Series 2002, 1.62%(1) 1,000,000 1,000,000 Nashville & Davidson Cnty., TN IDV RRB, Trevecca Nazarene Project, Series 2003, 1.53%(1) 3,450,000 3,450,000
F14 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL AMOUNT VALUE ----------- -------------- TENNESSEE Continued Nashville & Davidson Cnty., TN RB, Belmont University Project, Series 2005, 1.50%(1) $11,975,000 $ 11,975,000 Nashville & Davidson Cnty., TN RB, Fisk University Project, Series 2000, 1.61%(1) 5,035,000 5,035,000 Nashville & Davidson Cnty., TN RB, Nashville Christian School Project, 1.57%(1) 1,805,000 1,805,000 Nashville & Davidson Cnty., TN RRB, Belmont University Project, Series 1997, 1.53%(1) 10,300,000 10,300,000 Shelby Cnty., TN HE&HFB MH RRB, Wynride III Apts. Project, Series 2005, 2.05%(1) 4,760,000 4,760,000 Shelby Cnty., TN HE&HFB RB, Kings Daughter & Sons Project, 1.61%(1) 7,845,000 7,845,000 Springfield, TN H&EFA Hospital RB, Northcrest Medical Center-A, 1.61%(1) 5,000,000 5,000,000 Springfield, TN IDB RB, Nashville Wire Products Manufacturing, Series 1994, 1.75%(1) 600,000 600,000 Springfield, TN IDB RRB, The Kroger Co., Series 2004, 1.65%(1) 4,500,000 4,500,000 Sullivan Cnty., TN HE&HFB RRB, Wellmont Health Systems Project, Series 2005, 1.50%(1) 5,700,000 5,700,000 Sumner Cnty., TN HE&HFB RB, Sumner Academy Project, Series 1998, 1.95%(1) 350,000 350,000 -------------- 117,525,000 TEXAS--16.8% Aledo, TX ISD School Building GOUN, 3.75%(1) 4,900,000 4,900,000 Arlington, TX ISD School Building REF GOUN, Series 1999, 5%, 7/1/08 6,965,000 7,103,458 Austin, TX HFC MH RRB, Stassney Woods Apts., Series 2004A, 1.55%(1) 1,100,000 1,100,000 Austin, TX Water & Wastewater System RRB, P-Floats Series PZ-157, 1.58%(1, 2) 8,450,000 8,450,000 Beaumont, TX GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-615, 1.58%(1, 2) 6,690,000 6,690,000 Bexar Cnty., TX HFDC Health Care RB, El Centro del Barrio, Series 2007A, 1.62%(1) 14,755,000 14,755,000 Bexar Cnty., TX HFDC Health Care RB, El Centro del Barrio, Series 2007B, 1.62%(1) 2,000,000 2,000,000 Birdville, TX ISD REF GOUN, 5%, 2/15/09 1,600,000 1,627,857 Brazos River, TX Harbor Navigation District RB, BASF Corp. Project, 2.10%(1) 500,000 500,000 Brazos, TX IDV Corp. RRB, BASF Corp. Project, 2.10%(1) 4,400,000 4,400,000 Brownsville, TX Utility System RRB, PTTR, Series 1132, 1.63%(1) 7,370,000 7,370,000 Cameron Cnty., TX GOLB, PTTR, Series 1028, 1.63%(1, 2) 5,595,000 5,595,000 Carrollton-Farmers Branch, TX ISD GOUN, Series 2006, 4.25%, 2/15/09 2,280,000 2,312,642 Carrollton-Farmers Branch, TX ISD School Building GOUN, Series 2004, 5%, 2/15/09 2,160,000 2,199,829 Clear Creek, TX ISD REF GOUN, PTTR, Series 2746, 1.63%(1, 2) 3,555,000 3,555,000
F15 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS Continued
PRINCIPAL AMOUNT VALUE ----------- -------------- TEXAS Continued Conroe, TX ISD GOUN, PTTR, Series 2487, 1.63%(1, 2) $ 2,250,000 $ 2,250,000 Corpus Christi, TX REF GOLB, 5%, 3/1/09 2,000,000 2,039,483 Cypress-Fairbanks, TX ISD REF GOUN, MERLOTS Series 2008 D155, 1.61%(1, 2) 6,000,000 6,000,000 Cypress-Fairbanks, TX ISD REF GOUN, Series 2005, 5%, 8/15/08(3) 2,385,000 2,393,665 Dallam Cnty., TX IDV Corp. ED RB, Rick & Janice Van Ryn Project, Series 2007, 1.75%(1) 2,600,000 2,600,000 Dallam Cnty., TX IDV Corp. RB, Consolidated Dairy Management LLC Project, 1.75%(1) 2,100,000 2,100,000 Del Valle, TX ISD GOUN, PTTR, Series 1946, 1.63%(1, 2) 2,995,000 2,995,000 Denton, TX ISD GOUN, PTTR, Series 2603, 1.63%(1, 2) 3,700,000 3,700,000 Fort Bend Cnty., TX GOLB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-556, 1.58%(1, 2) 1,120,000 1,120,000 Fort Bend, TX ISD REF GOUN, Wells Fargo Stage Trust-Series 2008-25C, 1.58%(1, 2) 9,905,000 9,905,000 Fort Bend, TX ISD School Building GOUN, Series 2000, 7%, 8/15/08 500,000 503,146 Fort Worth, TX ISD Unlimited Tax Refund & Improvement GOUN, Series 2008, 4%, 2/15/09 2,015,000 2,038,480 Fort Worth, TX ISD Unlimited Tax Refund & Improvement REF GOUN, Series 1999, 5%, 7/1/08 1,355,000 1,382,968 Frisco, TX ISD GOUN, PTTR, Series 2687, 1.63%(1, 2) 5,780,000 5,780,000 Harris Cnty., TX HFDC Hospital RRB, Baylor College of Medicine, Series A, 1.50%(1) 6,400,000 6,400,000 Houston, TX GOLB, SPEARS Deutsche Bank/Lifers Trust-Series DB-611, 1.58%(1, 2) 4,160,000 4,160,000 Houston, TX ISD GOUN, PTTR, Series 1189, 1.63%(1, 2) 1,495,000 1,495,000 Houston, TX ISD REF GOUN, PTTR, Series 2802, 1.63%(1, 2) 7,775,000 7,775,000 Houston, TX ISD Schoolhouse REF GOLB, Series 1999A, 5%, 7/1/08 1,500,000 1,527,660 Houston, TX Utility System RB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-551, 1.58%(1, 2) 4,570,000 4,570,000 Houston, TX Utility System RRB, PTTR, Series 2502, 1.63%(1, 2) 2,330,000 2,330,000 Houston, TX WSS RRB, Reset Option Certificates II-R Trust-Series 787, 1.61%(1, 2) 3,635,000 3,635,000 Humble, TX ISD GOUN, School Building, Series 2003, 1.60%(1) 1,515,000 1,515,000 Huntsville, TX ISD REF GOUN, 5%, 2/15/09 1,050,000 1,069,317 Hurst Euless Bedford, TX ISD School Building REF GOUN, Series 1998, 4.90%, 7/1/08 980,000 983,393 Hutto, TX ISD GOUN, UBS Municipal Custodial Residual & Variable Securities, Series 1001, 1.61%(1, 2) 1,000,000 1,000,000 Katy, TX ISD GOUN, PTTR, Series 2942, 1.63%(1, 2) 3,000,000 3,000,000 Keller, TX ISD GOUN, PTTR, Series 2616, 1.63%(1, 2) 3,550,000 3,550,000 Killeen, TX ISD REF GOUN, Series 2005, 3%, 2/15/09 500,000 502,540 Klein, TX ISD Schoolhouse GOUN, Series 2007, 5.50%, 8/1/08 2,300,000 2,305,378
F16 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL AMOUNT VALUE ----------- -------------- TEXAS Continued Lake Travis, TX ISD REF GOUN, Series 2008, 3.50%, 2/15/09 $ 30,000 $ 30,091 Lamar, TX Consolidated ISD Schoolhouse GOUN, Series 1999, 5.10%, 2/15/09 1,000,000 1,021,320 Lamar, TX Consolidated ISD Schoolhouse GOUN, Series 2004, 3.75%, 12/15/08 (3) 10,905,000 10,905,000 Lamar, TX ISD REF GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-512, 1.58%(1, 2) 6,500,000 6,500,000 Leander, TX ISD REF GOUN, ETET Series 2008-0001, 1.53%(1, 2) 3,395,000 3,395,000 Leander, TX ISD REF GOUN, MERLOTS Series D195, 1.61%(1, 2) 7,205,000 7,205,000 Lovejoy, TX GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-514, 1.58%(1, 2) 3,275,000 3,275,000 Mansfield, TX ISD School Building GOUN, Series 1996, 1.60%(1) 2,065,000 2,065,000 Mesquite, TX ISD GOUN, 3.65%(1) 2,000,000 2,014,047 Northeast TX ISD GOUN, Dexia Credit Local Certificates Trust-Series 2008-002, 1.60%(1, 2) 5,745,000 5,745,000 Northeast TX ISD GOUN, P-Floats Series PT-3957, 1.65%(1, 2) 17,280,000 17,280,000 Northside, TX ISD GORB, Series 2006A, 3.75%, 8/1/08(3) 5,000,000 5,000,000 Northside, TX ISD GOUN, PTTR, Series 2918Z, 1.63%(1, 2) 3,560,000 3,560,000 Northside, TX ISD REF GOUN, MERLOTS Series 2008 D90, 1.61%(1, 2) 4,100,000 4,100,000 Northwest TX ISD GOUN, Reset Option Certificates I I-R Trust-Series 11220, 1.55%(1, 2) 3,590,000 3,590,000 Nueces River Authority, TX Water Supply RRB, PTTR, Series 1412, 1.63%(1, 2) 940,000 940,000 Panhandle, TX ISD GOUN, PTTR, Series 2073, 1.63%(1, 2) 2,000,000 2,000,000 Raymondville, TX ISD School Building GOUN, Series 1999, 5.20%, 7/1/08 190,000 193,508 Red River, TX Educational FAU RB, Parish Day School Project, Series A, 1.60%(1) 6,255,000 6,255,000 Red River, TX Educational FAU RB, Parish Episcopal School Project, 1.60%(1) 4,885,000 4,885,000 Richardson, TX ISD GOUN, 3.25%, 2/15/09 450,000 452,758 San Antonio, TX Electric & Gas RRB, Series A, 5%, 7/1/08 585,000 602,334 San Antonio, TX Electric & Gas System RB, PTTR, Series 2503, 1.60%(1, 2) 3,700,000 3,700,000 San Antonio, TX Electric & Gas System RRB, Series 1998A, 5.25%, 7/1/08 3,510,000 3,615,318 San Antonio, TX Electric & Gas System RB, SPEARS Deutsche Bank/Lifers Trust-Series DB-602, 1.58%(1, 2) 8,370,000 8,370,000 San Antonio, TX Water RB, SGMSTR, Series SGC-38, Cl. A, 1.58%(1, 2) 13,085,000 13,085,000 Southmost College, TX District GOLB, Eclipse Funding Trust Solar Eclipse Certificates-Series 2006-0061, 1.55%(1) 10,760,000 10,760,000 Southwest TX ISD GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-569, 1.58%(1, 2) 1,700,000 1,700,000 Spring Branch, TX ISD GOLB, Reset Option Certificates II-R Trust-Series 9211, 1.55%(1, 2) 3,760,000 3,760,000 Spring, TX ISD REF GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-603, 1.58%(1, 2) 3,830,000 3,830,000 Spring, TX ISD Schoolhouse GOUN, Series 2005-A, 3.72%, 8/15/08(3) 1,000,000 1,000,066
F17 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS Continued
PRINCIPAL AMOUNT VALUE ----------- -------------- TEXAS Continued Texas State University System RRB, Austin Trust Certificates-Series 2008-3023, 1.60%(1, 2) $ 5,605,000 $ 5,605,000 TX Dept. of Hsg. & Community Affairs MH RB, MERLOTS Series C41, 1.96%(1, 2) 8,000,000 8,000,000 TX ISD GOUN, Wells Fargo Stage Trust-Series 2008-19C, 1.58%(1, 2) 14,555,000 14,555,000 TX PFAU REF GOUN, Series 2003, 5%, 10/1/08 500,000 503,848 TX PFAU REF GOUN, Series C, 6%, 10/1/08 1,500,000 1,513,954 TX RANs & TANs, Series 2007, 4.50%, 8/28/08 50,500,000 50,586,230 TX REF GOUN, Series 92A, 6%, 10/1/08 1,000,000 1,010,431 TX RRB, Municipal Trust Securities, Series 08-0025, 1.55%(1, 2) 5,110,000 5,110,000 TX RRB, Municipal Trust Securities, Series 08-0026, 1.55%(1, 2) 5,395,000 5,395,000 TX Transportation Commission Mobility Fund GOUN, 5%, 4/1/09 1,400,000 1,430,475 TX Transportation Commission Mobility Fund GOUN, PTTR, Series 2481, 1.60%(1, 2) 2,190,000 2,190,000 TX Transportation Commission Mobility Fund GOUN, PTTR, Series 2510, 1.60%(1, 2) 3,800,000 3,800,000 TX Transportation Commission Mobility Fund GOUN, PTTR, Series 2615, 1.60%(1, 2) 2,800,000 2,800,000 University of Texas RRB, Austin Trust Certificates-Series 2007-193, 1.60%(1, 2) 5,000,000 5,000,000 University of Texas RRB, PTTR, Series 2775, 1.60%(1, 2) 5,105,000 5,105,000 University of Texas System Board of Regents Revenue Financing System RB, Series 2006B, 4%, 8/15/08 1,000,000 1,002,661 University of Texas System Board of Regents Revenue Financing System RRB, Series 1998D, 5.125%, 7/1/08 5,270,000 5,291,223 ------------- 422,918,080 UTAH--1.5% Beaver Cnty., UT Environmental Facilities RB, Best Biofuels LLC Project, Series 2003A, 1.90%(1) 10,985,000 10,985,000 Intermountain Power Agency, UT Power Supply RRB, Series 2003A, 5%, 7/1/08 1,000,000 1,000,000 Riverdale, UT RA Tax Increment RB, 1.65%(1) 820,000 820,000 St. George, UT Electric RB, PTTR, Series 2717, 1.63%(1, 2) 5,405,000 5,405,000 UT Transit Authority RB, Wells Fargo Stage Trust-Series 2008-17C, 1.58%(1, 2) 19,930,000 19,930,000 Weber Cnty., UT Industrial RB, Enable Industries, Inc., Series 2003, 1.65%(1) 810,000 810,000 ------------- 38,950,000 VIRGINIA--1.6% Alexandria, VA IDAU Headquarters Facilities RB, American Society Clinical Oncology, Series B, 1.60%(1) 10,000,000 10,000,000 Chesapeake Bay, VA Bridge & Tunnel District RRB, Series A, 1.61%(1) 6,250,000 6,250,000 Chesterfield Cnty., VA Health Center Community Residential Care Facility RB, Lucy Corr Village, Series 2008B, 1.61%(1) 3,150,000 3,150,000
F18 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL AMOUNT VALUE ----------- -------------- VIRGINIA Continued Fairfax Cnty., VA IDAU RB, Inova Health System, Series 2008B-1, 1.60%, 11/15/08(3) $ 4,950,000 $ 4,950,000 Fairfax Cnty., VA IDAU RB, Series 2008C-4, 1.60%, 10/15/08(3) 3,000,000 3,000,000 Henrico Cnty., VA EDAU Residential Care Facilities RB, Westminster Canterbury, 1.61%(1) 3,200,000 3,200,000 Henrico Cnty., VA Municipal Trust Securities, Series 2041, 1.61%(1, 2) 4,450,000 4,450,000 Lewistown, VA Commerce Center CDAU SPTX Bonds, MSTFC Series 2006-2115, 1.61%(1, 2) 4,000,000 4,000,000 Norfolk, VA RED & HAU MH RRB, Archers Green LP, 1.98%(1) 1,890,000 1,890,000 VA Small Business FAU IDV RB, McElroy Metal Project, 1.85%(1) 370,000 370,000 -------------- 41,260,000 WASHINGTON--1.3% Central Puget Sound, WA RTA Sales & Use Tax RB, PTTR, Series 2625Z, 1.63%(1) 1,675,000 1,675,000 King Cnty., WA HAU RB, Summerfield Apts. Project, Series 2005, 1.82%(1) 1,845,000 1,845,000 Port Bellingham, WA IDV Corp. RB, FPE Renewables LLC Project, Series 2005, 1.65%(1) 705,000 705,000 Port Seattle, WA RRB, Eclipse Funding Trust Solar Eclipse Certificates-Series 2006-0063, 1.56%(1, 2) 14,000,000 14,000,000 WA EDFAU RRB, Benaroya Research Institute at Virginia Mason, Series 2006C, 1.60%(1) 880,000 880,000 WA GOUN, PTTR, Series 2650Z, 1.63%(1, 2) 1,000,000 1,000,000 WA GOUN, PTTR, Series 593A, 1.63%(1, 2) 1,000,000 1,000,000 WA GOUN, Reset Option Certificates II-R Trust-Series 11298, 1.60%(1, 2) 1,830,000 1,830,000 WA HCF Authority RRB, Virginia Mason Medical Center, Series 1997A, 6%, 8/15/08 1,000,000 1,002,751 WA HCF Authority RRB, Highline Medical Center, 1.55%(1) 3,000,000 3,000,000 WA REF GOUN, SPEARS Deutsche Bank/Lifers Trust-Series DB-388, 1.57%(1, 2) 5,630,000 5,630,000 -------------- 32,567,751 WEST VIRGINIA--0.7% Kanawha Cnty., WV IDV RRB, The Kroger Co., Series 2004-A, 1.65%(1) 4,500,000 4,500,000 Kanawha Cnty., WV IDV RRB, The Kroger Co., Series 2004-B, 1.65%(1) 6,850,000 6,850,000 Marmet, WV CD RRB, The Kroger Co., Series 2004, 1.65%(1) 3,100,000 3,100,000 WV EDAU IDAU RB, Rubberlite, Inc. Project, Series 1999, 2.55%(1) 2,200,000 2,200,000 -------------- 16,650,000 WISCONSIN--2.8% Beaver Dam, WI IDV RB, Apache Stainless Equipment Corp., Series 1999A, 3.05%(1) 395,000 395,000 Brokaw, WI Sewer & SW RB, Wasau Paper Mills Co. Project, 1.80%(1) 9,500,000 9,500,000 Columbus, WI IDV RB, Maysteel Corp. Project, Series 1994, 1.90%(1) 2,000,000 2,000,000
F19 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS Continued
PRINCIPAL AMOUNT VALUE ----------- -------------- WISCONSIN Continued Kiel, WI IDV RB, Polar Ware Co. Project, Series 2007, 2.13%(1) $ 1,325,000 $ 1,325,000 Kimberly, WI Development RB, Fox Cities YMCA Project, Series 2002, 2.30%(1) 1,400,000 1,400,000 La Crosse, WI IDV RB, Fiberpro, Inc. Project, Series 2005, 1.75%(1) 1,940,000 1,940,000 La Crosse, WI IDV RB, GGP, Inc. Project, Series 2007A, 1.75%(1) 2,050,000 2,050,000 Milwaukee, WI IDV RB, Goodwill Industries, 1.55%(1) 3,615,000 3,615,000 Milwaukee, WI IDV RB, R&B Wagner Project, 2.55%(1) 1,060,000 1,060,000 New Glarus, WI IDV RB, New Glarus Project, 2.03%(1) 1,415,000 1,415,000 Onalaska, WI IDV RB, Empire Screen Printing Project, Series 2006, 2.13%(1) 940,000 940,000 Plymouth, WI IDV RB, Plymouth Foam, Inc. Project, 2.13%(1) 1,000,000 1,000,000 West Bend, WI IDV RB, Jackson Concrete, Inc. Project, 2.13%(1) 1,400,000 1,400,000 WI H&EFA RB, Community Care, Inc., Series 2005, 1.62%(1) 4,250,000 4,250,000 WI H&EFA RB, Group Health Cooperative of South Central Wisconsin, 1.62%(1) 3,600,000 3,600,000 WI H&EFA RB, Ripon College, Series 2006, 1.62%(1) 23,165,000 23,165,000 WI H&EFA RB, St. Camillus Health Center, Series 2005, 1.65%(1) 2,460,000 2,460,000 WI H&EFA RRB, St. Camillus Health Care Center, Series 2003, 1.70%(1) 820,000 820,000 WI Public Power, Inc. PPSS RRB, PTTR, Series 2872, 1.63%(1, 2) 8,700,000 8,700,000 -------------- 71,035,000 WYOMING--0.1% Campbell Cnty., WY IDV RRB, Powder Basin Properties Project, Series 1996, 1.80%(1) 3,505,000 3,505,000 DISTRICT OF COLUMBIA--0.7% District of Columbia HFA Single Family RRB, 2.57%, 7/25/08(3) 5,000,000 5,000,000 District of Columbia RB, National Museum Women Arts, 1.57%(1) 1,275,000 1,275,000 District of Columbia RB, Resources for the Future, Inc., 1.57%(1) 4,810,000 4,810,000 District of Columbia University RB, American University, Series 2003, 1.55%(1) 7,400,000 7,400,000 -------------- 18,485,000 U.S. POSSESSIONS--0.1% Puerto Rico CMWLTH HTAU RRB, Reset Option Certificates II-R Trust-Series 10327CE, 1.58%(1, 2) 2,800,000 2,800,000 Puerto Rico Sales Tax Finance Corp. RRB, SPEARS Deutsche Bank/Lifers Trust-Series DBE-627A, 1.55%(1, 2) 800,000 800,000 -------------- 3,600,000
F20 | CENTENNIAL TAX EXEMPT TRUST
PRINCIPAL AMOUNT VALUE ----------- -------------- OTHER SECURITIES--3.2% Freddie Mac, Multifamily Certificates, Series M010, 2.55%(1) $45,289,604 $ 45,289,604 P-Floats Series PT-4314, 1.56%(1, 2) 21,460,000 21,460,000 P-Floats Series PZ-270, 1.57%(1, 2) 6,275,000 6,275,000 PAUNYNJ RRB, PTTR, Series 2929Z, 1.58%(1, 2) 4,995,000 4,995,000 PAUNYNJ RRB, PTTR, Series 2945, 1.78%(1, 2) 2,500,000 2,500,000 -------------- 80,519,604 -------------- Total Short-Term Tax-Exempt Obligations (Cost $2,534,755,952) 2,534,755,952 TOTAL INVESTMENTS, AT VALUE (COST $ 2,534,755,952) 100.8% 2,534,755,952 LIABILITIES IN EXCESS OF OTHER ASSETS (0.8) (19,797,552) ----------- -------------- NET ASSETS 100.0% $2,514,958,400 =========== ==============
INDUSTRY CLASSIFICATIONS ARE UNAUDITED. FOOTNOTES TO STATEMENT OF INVESTMENTS To simplify the listings of securities, abbreviations are used per the table below: AA Airport Authority AAC Aid Anticipation Certificates BANs Bond Anticipation Nts. BOE Board of Education CD Commercial Development CDAU Community Development Authority CDD Community Development District CMWLTH Commonwealth COP Certificates of Participation DA Dormitory Authority DAU Development Authority DFA Development Finance Authority ECFA Educational and Cultural Facilities Authority ED Economic Development EDAU Economic Development Authority EDC Economic Devel. Corp. EDFAU Economic Development Finance Authority EDLFA Educational Facilities Authority ETET Eagle Tax-Exempt Trust EU Electric Utilities FA Facilities Authority FAU Finance Authority GOB General Obligation Bonds GOLB General Obligation Ltd. Bonds GORB General Obligation Refunding Bonds GOUN General Obligation Unlimited Nts. H&EFA Health and Educational Facilities Authority H&EFB Health and Educational Facilities Board HA Hospital Authority HAU Housing Authority HCF Health Care Facilities HE&HFA Higher Education and Health Facilities Authority HE&HFB Health Educational and Housing Facility Board HEFA Higher Education Facilities Authority HEFAU Higher Educational Facilities Authority HF Health Facilities HFA Housing Finance Agency HFB Housing Facilities Board HFAU Health Facilities Authority HFC Housing Finance Corp. HFDC Health Facilities Devel. Corp. HFFAU Health Facilities Finance Authority HOFA Hospital Finance Agency/Authority HTAU Highway & Transportation Authority IDA Industrial Devel. Agency IDAU Industrial Development Authority IDB Industrial Development Board IDC Industrial Devel. Corp. IDV Industrial Development IFA Interim Finance Authority ISD Independent School District MERLOTS Municipal Exempt Receipts Liquidity Option Tender MH Multifamily Housing F21 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF INVESTMENTS Continued FOOTNOTES TO STATEMENT OF INVESTMENTS Continued MSTFC Morgan Stanley & Co., Inc. Trust Floater Certificates MTAU Metropolitan Transportation Authority MWFAU Municipal Water Finance Authority NYC New York City NYS New York State P-Floats Puttable Floating Option Tax Exempt Receipts PAUNYNJ Port Authority of New York & New Jersey PC Pollution Control PCFAU Pollution Control Finance Authority PFAU Public Finance Authority PFFAU Public Facilities Finance Authority POAU Port Authority PP Professionals PRN, Inc. PPSS Public Power Supply System PTTR Puttable Tax Exempt Receipts RA Redevelopment Agency/Authority RANs Revenue Anticipation Nts. RB Revenue Bonds RED Redevelopment REF Refunding RRB Revenue Refunding Bonds RTA Regional Transportation Authority/Agency SCDAU Statewide Communities Development Authority SDI School District SFM Single Family Mtg. SGMSTR Societe Generale, NY Branch Municipal Security Trust Receipts SPAST Special Assessment SPEARS Short Puttable Exempt Adustable Receipts SPO Special Obligations SPTX Special Tax SW Solid Waste SWD Solid Waste Disposal TANs Tax Anticipation Nts. TBTAU Triborough Bridge & Tunnel Authority TFA Transitional Finance Authority TS Tobacco Settlement TUAU Turnpike Authority TXAL Tax Allocation UDC Urban Devel. Corp. USD Unified School District WS Water System WSS Water & Sewer System YMCA Young Men's Christian Assoc. (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, 2008. 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.) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under guidelines established by the Board of Trustees. These securities amount to $1,009,671,000 or 40.15% of the Trust's net assets as of June 30, 2008. (3.) Put obligation redeemable at full principal value on the date reported. (4.) Illiquid security. The aggregate value of illiquid securities as of June 30, 2008 was $11,560,000, which represents 0.46% of the Trust's net assets. See Note 4 of accompanying Notes. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F22 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF ASSETS AND LIABILITIES June 30, 2008 ASSETS Investments, at value (cost $2,534,755,952)--see accompanying statement of investments $ 2,534,755,952 Receivables and other assets: Interest 11,325,322 Investments sold on a when-issued or delayed delivery basis 8,000,000 Shares of beneficial interest sold 18,283 Other 143,254 --------------- Total assets 2,554,242,811 LIABILITIES Bank overdraft 35,359,042 Payables and other liabilities: Investments purchased 2,858,024 Dividends 654,784 Distribution and service plan fees 129,225 Shareholder communications 95,686 Shares of beneficial interest redeemed 53,183 Transfer and shareholder servicing agent fees 35,221 Trustees'compensation 10,066 Other 89,180 --------------- Total liabilities 39,284,411 NET ASSETS $ 2,514,958,400 =============== COMPOSITION OF NET ASSETS Paid-in capital $ 2,514,766,534 Accumulated net investment loss (27,138) Accumulated net realized gain on investments 219,004 --------------- NET ASSETS--applicable to 2,514,795,582 shares of beneficial interest outstanding $ 2,514,958,400 =============== NET ASSET VALUE, REDEMPTION PRICE PER SHARE AND OFFERING PRICE PER SHARE $1.00
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F23 | CENTENNIAL TAX EXEMPT TRUST STATEMENT OF OPERATIONS For the Year Ended June 30, 2008 INVESTMENT INCOME Interest $ 60,754,641 EXPENSES Management fees 8,423,806 Service plan fees 4,082,387 Transfer and shareholder servicing agent fees 464,622 Shareholder communications 141,299 Custodian fees and expenses 37,698 Trustees' compensation 14,775 Administration service fees 1,500 Other 259,328 --------------- Total expenses 13,425,415 Less reduction to custodian expenses (870) --------------- Net expenses 13,424,545 NET INVESTMENT INCOME 47,330,096 NET REALIZED GAIN ON INVESTMENTS 226,633 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 47,556,729 ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F24 | CENTENNIAL TAX EXEMPT TRUST STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED JUNE 30, 2008 2007 - --------------------------------------------- -------------- -------------- OPERATIONS Net investment income $ 47,330,096 $ 53,632,623 Net realized gain 226,633 342,169 -------------- -------------- Net increase in net assets resulting from operations 47,556,729 53,974,792 DIVIDENDS AND/OR DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income (47,357,234) (53,632,623) Distributions from net realized gain (336,019) (281,265) BENEFICIAL INTEREST TRANSACTIONS Net increase (decrease) in net assets resulting from beneficial interest transactions 814,218,151 (9,550,358) NET ASSETS Total increase (decrease) 814,081,627 (9,489,454) Beginning of period 1,700,876,773 1,710,366,227 -------------- -------------- End of period (including accumulated net investment loss of $27,138 for the year ended June 30, 2008) $2,514,958,400 $1,700,876,773 ============== ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F25 | CENTENNIAL TAX EXEMPT TRUST FINANCIAL HIGHLIGHTS
YEAR ENDED JUNE 30, 2008 2007 2006 2005 2004 - ------------------- ------ ------ ------ ------ ------ 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 .02(1) .03(1) .02(1) .01(1) --(2) Dividends and/or distributions to shareholders: Dividends from net investment income (.02) (.03) (.02) (.01) --(2) Distributions from net realized gain --(2) --(2) -- -- -- Total dividends and/or distributions to shareholders (.02) (.03) (.02) (.01) --(2) ------ ------ ------ ------ ------ Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== TOTAL RETURN(3) 2.44% 3.09% 2.44% 1.21% 0.35% ====== ====== ====== ====== ====== RATIOS/SUPPLEMENTAL DATA Net assets, end of period (in millions) $2,515 $1,701 $1,710 $1,701 $1,778 Average net assets (in millions) $2,040 $1,764 $1,701 $1,797 $1,851 Ratios to average net assets:(4) Net investment income 2.32% 3.04% 2.40% 1.20% 0.35% Total expenses 0.66% 0.67% 0.68% 0.67% 0.67% Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses 0.66% 0.67% 0.68% 0.65% 0.67%
(1.) Per share amounts calculated based on the average shares outstanding during the period. (2.) Less than $0.005 per share. (3.) Assumes an investment on the business day before the first day of the fiscal period, with all dividends 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. (4.) Annualized for periods less than one full year. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. F26 | 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 adviser 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 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. Securities are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined under procedures approved by the Trust's Board of Trustees. SECURITIES ON A WHEN-ISSUED OR DELAYED DELIVERY BASIS. The Trust may purchase securities on a "when-issued" basis, and may purchase or sell securities on a "delayed delivery" basis. "When-issued" or "delayed delivery" refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Trust on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Trust's net asset value to the extent the Trust executes such transactions while remaining substantially fully invested. When the Trust engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Trust to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Trust maintains internally designated assets with a market value equal to or greater than the amount of its purchase commitments. The Trust may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase. As of June 30, 2008, the Trust had purchased securities issued on a when-issued or delayed delivery basis and sold securities issued on a delayed delivery basis as follows:
WHEN-ISSUED OR DELAYED DELIVERY BASIS TRANSACTIONS -------------- Sold securities $8,000,000
F27 | CENTENNIAL TAX EXEMPT TRUST NOTES TO FINANCIAL STATEMENTS Continued 1. SIGNIFICANT ACCOUNTING POLICIES Continued 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 Trust files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Trust's tax return filings generally remain open for the three preceding fiscal reporting period ends. The tax components of capital shown in the following table 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 GAINS CARRYFORWARD(1,2) - ----------------- --------------- ----------------- $835,690 $48,355 $--
(1.) During the fiscal year ended June 30, 2008, the Trust did not utilize any capital loss carryforwards. (2.) During the fiscal year ended June 30, 2007, the Trust did not utilize any capital loss carryforwards. 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. The tax character of distributions paid during the years ended June 30, 2008 and June 30, 2007 was as follows:
YEAR ENDED YEAR ENDED JUNE 30, 2008 JUNE 30, 2007 ------------- ------------- Distributions paid from: Ordinary income $ 39,532 $ -- Exempt-interest dividends 47,357,234 53,632,623 Long-term capital gain 296,487 281,265 ----------- ----------- Total $47,693,253 $53,913,888 =========== ===========
TRUSTEES' COMPENSATION. The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Trust. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Trust or in other Oppenheimer funds selected by the Trustee. The Trust purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Trust asset equal to the deferred compensation liability. Such assets F28 | CENTENNIAL TAX EXEMPT TRUST are included as a component of "Other" within the asset section of the Statement of Assets and Liabilities. Deferral of trustees' fees under the plan will not affect the net assets of the Trust, and will not materially affect the Trust's assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance to the compensation deferral plan. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually but may be paid at other times to maintain the net asset value per share at $1.00. INVESTMENT INCOME. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily. CUSTODIAN FEES. "Custodian fees and expenses" in the Statement of Operations may include interest expense incurred by the Trust on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Trust pays interest to its custodian on such cash overdrafts, to the extent they are not offset by positive cash balances maintained by the Trust, at a rate equal to the Federal Funds Rate plus 0.50%. The "Reduction to custodian expenses" line item, if applicable, represents earnings on cash balances maintained by the Trust during the period. Such interest expense and other custodian fees may be paid with these earnings. SECURITY TRANSACTIONS. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. INDEMNIFICATIONS. The Trust's organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Trust. In the normal course of business, the Trust may also enter into contracts that provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Trust. The risk of material loss from such claims is considered remote. OTHER. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. F29 | CENTENNIAL TAX EXEMPT TRUST NOTES TO FINANCIAL STATEMENTS Continued 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, 2008 YEAR ENDED JUNE 30, 2007 -------------------------------- ----------------------------------- SHARES AMOUNT SHARES AMOUNT -------------- --------------- -------------- ----------------- Sold 7,247,964,441 $ 7,247,964,441 5,228,156,425 $ 5,228,156,425 Dividends and/or distributions reinvested 47,100,245 47,100,245 53,788,375 53,788,375 Redeemed (6,480,846,535) (6,480,846,535) (5,291,495,158) (5,291,495,158) -------------- --------------- -------------- ----------------- Net increase (decrease) 814,218,151 814,218,151 (9,550,358) $ (9,550,358) ============== =============== ============== =================
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES MANAGEMENT FEES. Under the investment advisory agreement, the Trust pays the Manager a management fee based on the daily net assets of the Trust at an annual rate as shown in the following table:
FEE SCHEDULE - ------------------ Up to $250 million 0.500% Next $250 million 0.475 Next $250 million 0.450 Next $250 million 0.425 Next $250 million 0.400 Next $250 million 0.375 Next $500 million 0.350 Next $2 billion 0.325
ADMINISTRATION SERVICE FEES. The Trust pays the Manager a fee of $1,500 per year for preparing and filing the Trust's tax returns. TRANSFER AGENT FEES. Shareholder Services, Inc. ("SSI") acts as the transfer and shareholder servicing agent for the Trust. The Trust pays SSI a per account fee. For the year ended June 30, 2008, the Trust paid $469,711 to SSI for services to the Trust. SERVICE PLAN (12B-1) FEES. The Trust has adopted a Service Plan (the "Plan"). It reimburses Centennial Asset Management Corporation (the "Distributor"), for a portion of its costs incurred for services provided to accounts that hold shares of the Trust. Reimbursement is made periodically depending on asset size, at an annual rate of up to 0.20% of the average annual net assets of the Trust. The Distributor currently uses all of those fees (together with significant amounts from the Manager's own resources) to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold shares of the Trust. Fees incurred by the Trust under the Plan are detailed in the Statement of Operations. WAIVERS AND REIMBURSEMENTS OF EXPENSES. 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. F30 | CENTENNIAL TAX EXEMPT TRUST SSI has voluntarily agreed to limit transfer and shareholder servicing agent fees to 0.35% of average annual net assets of the Trust. This undertaking may be amended or withdrawn at any time. 4. ILLIQUID SECURITIES As of June 30, 2008, investments in securities included issues that are illiquid. Investments may be illiquid because they do not have an active trading market, making it difficult to value them or dispose of them promptly at an acceptable price. The Trust will not invest more than 10% of its net assets (determined at the time of purchase and reviewed periodically) in illiquid securities. Securities that are illiquid are marked with an applicable footnote on the Statement of Investments. 5. RECENT ACCOUNTING PRONOUNCEMENTS In September 2006, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 157, FAIR VALUE MEASUREMENTS. This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. As of June 30, 2008, the Manager does not believe the adoption of SFAS No. 157 will materially impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. In March 2008, FASB issued SFAS No. 161, DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. This standard requires enhanced disclosures about derivative and hedging activities, including qualitative disclosures about how and why the Trust uses derivative instruments, how these activities are accounted for, and their effect on the Trust's financial position, financial performance and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, management is evaluating the implications of SFAS No. 161 and its impact on the Trust's financial statements and related disclosures. F31 | 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 (the "Trust"), including the statement of investments, as of June 30, 2008, 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 each of the five years in the period then ended. 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. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of June 30, 2008, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. 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 the Trust as of June 30, 2008, 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 each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. DELOITTE & TOUCHE LLP Denver, Colorado August 8, 2008 F32 | CENTENNIAL TAX EXEMPT TRUST FEDERAL INCOME TAX INFORMATION Unaudited In early 2008, if applicable, shareholders of record received information regarding all taxable dividends and distributions paid to them by the Trust during calendar year 2007. Regulations of the U.S. Treasury Department require the Trust to report this information to the Internal Revenue Service. Recent tax legislation allows a regulated investment company to designate distributions not designated as capital gain distributions, as either interest related dividends or short-term capital gain dividends, both of which are exempt from the U.S. withholding tax applicable to non U.S. taxpayers. For the fiscal year ended June 30, 2008, $174,876 or 100% of the short-term capital gain distribution paid and to be paid by the Trust qualifies as a short-term capital gain dividend. 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. 7 | CENTENNIAL TAX EXEMPT TRUST PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited The Trust has adopted Portfolio Proxy Voting Policies and Procedures under which the Trust votes proxies relating to securities ("portfolio proxies") held by the Trust. A description of the Trust's Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Trust toll-free at 1.800.525.7048, (ii) on the Trust's website at www.oppenheimerfunds.com, and (iii) on the SEC's website at www.sec.gov. In addition, the Trust is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Trust's voting record is available (i) without charge, upon request, by calling the Trust toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC's website at www.sec.gov. The Trust files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Trusts Form N-Q filings are available on the SEC's website at http://www.sec.gov. Those forms may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. 8 | CENTENNIAL TAX EXEMPT TRUST TRUSTEES AND OFFICERS Unaudited
PRINCIPAL OCCUPATION(S) DURING THE PAST 5 YEARS; OTHER TRUSTEESHIPS/DIRECTORSHIPS HELD; NAME, POSITION(S) HELD WITH THE NUMBER OF PORTFOLIOS IN THE TRUST COMPLEX TRUST, LENGTH OF SERVICE, AGE CURRENTLY OVERSEEN - ------------------------------- ---------------------------------------------- INDEPENDENT THE ADDRESS OF EACH TRUSTEE IN THE CHART BELOW TRUSTEES IS 6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112-3924. EACH TRUSTEE SERVES FOR AN INDEFINITE TERM, OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. WILLIAM L. ARMSTRONG, President, Colorado Christian University Chairman of the Board (since 2006); Chairman, Cherry Creek Mortgage of Trustees (since 2003), Company (since 1991), Chairman, Centennial Trustee (since 2000) State Mortgage Company (since 1994), Chairman, Age: 71 The El Paso Mortgage Company (since 1993); Chairman, Ambassador Media Corporation (since 1984); Chairman, Broadway Ventures (since 1984); Director of Helmerich & Payne, Inc. (oil and gas drilling/production company) (since 1992), Campus Crusade for Christ (non-profit) (since 1991); Former Director, The Lynde and Harry Bradley Foundation, Inc. (non-profit organization) (2002-2006); former Chairman of: Transland Financial Services, Inc. (private mortgage banking company) (1997-2003), Great Frontier Insurance (1995-2000), Frontier Real Estate, Inc. (residential real estate brokerage) (1994- 2000) and Frontier Title (title insurance agency) (1995-2000); former Director of the following: UNUMProvident (insurance company) (1991-2004), Storage Technology Corporation (computer equipment company) (1991-2003) and International Family Entertainment (television channel) (1992-1997); U.S. Senator (January 1979-January 1991). Oversees 39 portfolios in the OppenheimerFunds complex. GEORGE C. BOWEN, Assistant Secretary and Director of the Trustee (since 1998) Manager (December 1991-April 1999); President, Age: 71 Treasurer and Director of Centennial Capital Corporation (June 1989-April 1999); Chief Executive Officer and Director of MultiSource Services, Inc. (March 1996-April 1999); Mr. Bowen held several positions with OppenheimerFunds, Inc. and with subsidiary or affiliated companies of OppenheimerFunds, Inc. (September 1987-April 1999). Oversees 39 portfolios in the OppenheimerFunds complex. EDWARD L. CAMERON, Member of The Life Guard of Mount Vernon Trustee (since 2000) (George Washington historical site) (June 2000 Age: 69 - June 2006); Partner of PricewaterhouseCoopers LLP (accounting firm) (July 1974-June 1999); Chairman of Price Waterhouse LLP Global Investment Management Industry Services Group (financial services firm) (July 1994-June 1998). Oversees 39 portfolios in the OppenheimerFunds complex. JON S. FOSSEL, Director of UNUMProvident (insurance company) Trustee (since 1990) (since June 2002); Director of Northwestern Age: 66 Energy Corp. (public utility corporation) (since November 2004); Director of P.R. Pharmaceuticals (October 1999-October 2003); Director of Rocky Mountain Elk Foundation (non-profit organization) (February 1998- February 2003 and February 2005-February 2007); Chairman and Director (until October 1996) and President and Chief Executive Officer (until October 1995) of OppenheimerFunds, Inc.; President, Chief Executive Officer and Director of the following: Oppenheimer Acquisition Corp. ("OAC") (parent holding company of OppenheimerFunds, Inc.), Shareholders Services, Inc. and Shareholder Financial Services, Inc. (until October 1995). Oversees 39 portfolios in the OppenheimerFunds complex. SAM FREEDMAN, Director of Colorado UpLIFT (charitable Trustee (since 1996) organization) (since September 1984). Mr. Age: 67 Freedman held several positions with OppenheimerFunds, Inc. and with subsidiary or affiliated companies of OppenheimerFunds, Inc. (until October 1994). Oversees 39 portfolios in the OppenheimerFunds complex.
9 | CENTENNIAL TAX EXEMPT TRUST TRUSTEES AND OFFICERS Unaudited / Continued RICHARD F. GRABISH, Formerly Senior Vice President and Assistant Trustee (since 2001) Director of Sales and Marketing (March Age: 59 1997-December 2007), Director (March 1987-December 2007) and Manager of Private Client Services (June 1985-June 2005) of A.G. Edwards & Sons, Inc. (broker/dealer and investment firm); Chairman and Chief Executive Officer of A.G. Edwards Trust Company, FSB (March 2001-December 2007); President and Vice Chairman of A.G. Edwards Trust Company, FSB (investment adviser) (April 1987-March 2001); President of A.G. Edwards Trust Company, FSB (investment adviser) (June 2005-December 2007). Oversees 17 portfolios in the OppenheimerFunds complex. BEVERLY L. HAMILTON, Trustee of Monterey Institute for Trustee (since 2002) International Studies (educational Age: 61 organization) (since February 2000); Board Member of Middlebury College (educational organization) (since December 2005); Director of The California Endowment (philanthropic organization) (since April 2002); Director (February 2002-2005) and Chairman of Trustees (2006-2007) of the Community Hospital of Monterey Peninsula; Director (October 1991-2005) and Vice Chairman (since 2006) of American Funds' Emerging Markets Growth Fund, Inc. (mutual fund); President of ARCO Investment Management Company (February 1991-April 2000); Member of the investment committees of The Rockefeller Foundation (2001-2006) and The University of Michigan (since 2000); Advisor at Credit Suisse First Boston's Sprout venture capital unit (venture capital fund) (1994-January 2005); Trustee of MassMutual Institutional Funds (investment company) (1996-June 2004); Trustee of MML Series Investment Fund (investment company) (April 1989-June 2004); Member of the investment committee of Hartford Hospital (2000-2003); and Advisor to Unilever (Holland) pension fund (2000-2003). Oversees 39 portfolios in the OppenheimerFunds complex. ROBERT J. MALONE, Board of Directors of Opera Colorado Trustee (since 2002) Foundation (non-profit organization) (since Age: 63 March 2008); Director of Jones Knowledge, Inc. (since 2006); Director of Jones International University (educational organization) (since August 2005); Chairman, Chief Executive Officer and Director of Steele Street Bank & Trust (commercial banking) (since August 2003); Director of Colorado UpLIFT (chari- table organization) (since 1986); Trustee of the Gallagher Family Foundation (non-profit organization) (since 2000); Former Chairman of U.S. Bank-Colorado (subsidiary of U.S. Bancorp and formerly Colorado National Bank) (July 1996-April 1999); Director of Commercial Assets, Inc. (real estate investment trust) (1993-2000); Director of Jones Knowledge, Inc. (2001-July 2004); and Director of U.S. Exploration, Inc. (oil and gas exploration) (1997-February 2004). Oversees 39 portfolios in the OppenheimerFunds complex. F. WILLIAM MARSHALL, JR., Trustee of MassMutual Select Funds (formerly Trustee (since 2000) MassMutual Institutional Funds) (investment Age: 66 company) (since 1996) and MML Series Investment Fund (investment company) (since 1996); Trustee of Worcester Polytech Institute (since 1985); Chairman (since 1994) of the Investment Committee of the Worcester Polytech Institute (private university); President and Treasurer of the SIS Funds (private charitable fund) (since January 1999); Chairman of SIS & Family Bank, F.S.B. (formerly SIS Bank) (commercial bank) (January 1999-July 1999); and Executive Vice President of Peoples Heritage Financial Group, Inc. (commercial bank) (January 1999-July 1999). Oversees 41 portfolios in the OppenheimerFunds complex.
10 | CENTENNIAL TAX EXEMPT TRUST INTERESTED TRUSTEE THE ADDRESS OF MR. MURPHY IS TWO WORLD AND OFFICER FINANCIAL CENTER, 225 LIBERTY STREET, 11TH FLOOR, NEW YORK, NEW YORK 10281-1008. MR. MURPHY SERVES AS A TRUSTEE FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL AND AS AN OFFICER FOR AN INDEFINITE TERM, OR UNTIL HIS RESIGNATION, RETIREMENT, DEATH OR REMOVAL. MR. MURPHY IS AN INTERESTED TRUSTEE DUE TO HIS POSITIONS WITH OPPENHEIMERFUNDS, INC. AND ITS AFFILIATES. JOHN V. MURPHY, Chairman, Chief Executive Officer and Director Trustee, President and of OppenheimerFunds, Inc. (since June 2001); Principal Executive Officer President of OppenheimerFunds, Inc. (September (since 2001) 2000-February 2007); President and director Age: 59 or trustee of other Oppenheimer funds; President and Director of Oppenheimer Acquisition Corp. ("OAC") (the Manager's parent holding company) and of Oppenheimer Partnership Holdings, Inc. (holding company subsidiary of OppenheimerFunds, Inc.) (since July 2001); Director of OppenheimerFunds Distributor, Inc. (subsidiary of OppenheimerFunds, Inc.) November 2001-December 2006); Chairman and Director of Shareholder Services, Inc. and of Shareholder Financial Services, Inc. (transfer agent subsidiaries of OppenheimerFunds, Inc.) (since July 2001); President and Director of OppenheimerFunds Legacy Program (charitable trust program established by OppenheimerFunds, Inc.) (since July 2001); Director of the following investment advisory subsidiaries of OppenheimerFunds, Inc.: the Manager, OFI Institutional Asset Management, Inc., 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 2001) and Director (since July 2001) of Oppenheimer Real Asset Management, Inc.; Executive Vice President of Massachusetts Mutual Life Insurance Company (OAC's parent company) (since February 1997); Director of DLB Acquisition Corporation (holding company parent of Babson Capital Management LLC) (since June 1995); Chairman (since October 2007) and Member of the Investment Company Institute's Board of Governors (since October 2003). Oversees 103 portfolios in the OppenheimerFunds complex. OTHER OFFICERS OF THE ADDRESSES OF THE OFFICERS IN THE CHART THE TRUST BELOW ARE AS FOLLOWS: FOR MR. ZACK AND MS. BLOOMBERG, TWO WORLD FINANCIAL CENTER, 225 LIBERTY STREET, NEW YORK, NEW YORK 10281-1008, FOR MESSRS. VANDEHEY, WIXTED, PETERSEN, SZILAGYI AND MSS. WOLF AND IVES, 6803 S. TUCSON WAY, CENTENNIAL, COLORADO 80112-3924. EACH OFFICER SERVES FOR AN INDEFINITE TERM OR UNTIL HIS OR HER RESIGNATION, RETIREMENT, DEATH OR REMOVAL. CAROL WOLF, Senior Vice President of OppenheimerFunds, Vice President and Portfolio Inc. (since June 2000) and of HarbourView Manager (since 2008) Asset Management Corporation (since June Age: 56 2003). A portfolio manager and officer of 9 portfolios in the OppenheimerFunds complex. MARK S. VANDEHEY, Senior Vice President and Chief Compliance Vice President and Chief Officer of OppenheimerFunds, Inc. (since March Compliance Officer 2004); Chief Compliance Officer of (since 2004) OppenheimerFunds Distributor, Inc., and Age: 57 Shareholder Services, Inc. (since March 2004); Vice President of the Manager, OppenheimerFunds Distributor, Inc., and Shareholder Services, Inc. (since June 1983); Former Vice President and Director of Internal Audit of OppenheimerFunds, Inc. (1997-February 2004). An officer of 103 portfolios in the Oppenheimer funds complex. BRIAN W. WIXTED, Senior Vice President and Treasurer of Treasurer and Principal OppenheimerFunds, Inc. (since March 1999); Financial & Accounting Treasurer of the following: Shareholder Officer (since 1999) Services, Inc., HarbourView Asset Management Age: 48 Corporation, Shareholder Financial Services, Inc., Oppenheimer Real Asset Management, Inc. and Oppenheimer Partnership Holdings, Inc. (since March 1999), OFI Private Investments, Inc. (since March 2000), OppenheimerFunds International Ltd. and OppenheimerFunds plc (since May 2000), OFI Institutional
11 | CENTENNIAL TAX EXEMPT TRUST TRUSTEES AND OFFICERS Unaudited / Continued BRIAN W. WIXTED, Asset Management, Inc. (since November 2000), Continued and OppenheimerFunds Legacy Program (charitable trust program established by the Manager) (since June 2003); Treasurer and Chief Financial Officer of OFI Trust Company (trust company subsidiary of OppenheimerFunds, Inc.) (since May 2000); Assistant Treasurer of OAC (since March 1999); and Assistant Treasurer of the Manager and Distributor (March 1999-October 2003) and OppenheimerFunds Legacy Program (April 2000-June 2003). An officer of 103 portfolios in the OppenheimerFunds complex. BRIAN S. PETERSEN, Vice President of OppenheimerFunds, Inc. Assistant Treasurer (since February 2007); Assistant Vice (since 2004) President (August 2002-February 2007); Age: 37 Manager/Financial Product Accounting of OppenheimerFunds, Inc. (November 1998-July 2002). An officer of 103 portfolios in the OppenheimerFunds complex. BRIAN C. SZILAGYI, Assistant Vice President of OppenheimerFunds, Assistant Treasurer Inc. (since July 2004); Director of Financial (since 2005) Reporting and Compliance of First Data Age: 38 Corporation (April 2003-July 2004); Manager of Compliance of Berger Financial Group LLC (May 2001-March 2003). An officer of 103 portfolios in the OppenheimerFunds complex. ROBERT G. ZACK, Executive Vice President (since January 2004) Vice President and Secretary and General Counsel (since March 2002) of (since 2001) OppenheimerFunds, Inc.; General Counsel of the Age: 60 Manager and Distributor (since December 2001); General Counsel and Director of OppenheimerFunds Distributor, Inc. (since December 2001); Senior Vice President, General Counsel and Director of the Transfer Agent, Shareholder Financial Services, Inc., OFI Private Investments, Inc. and OFI Trust Company (since November 2001); Senior Vice President and General Counsel of HarbourView Asset Management Corporation (since December 2001); Secretary and General Counsel of OAC (since November 2001); Assistant Secretary (since September 1997) and Director (since November 2001) of OppenheimerFunds International Ltd. and OppenheimerFunds plc; Vice President and Director of Oppenheimer Partnership Holdings, Inc. (since December 2002); Director of Oppenheimer Real Asset Management, Inc. (since November 2001); Vice President of OppenheimerFunds Legacy Program (since June 2003); Senior Vice President and General Counsel of OFI Institutional Asset Management, Inc. (since November 2001); Director of OppenheimerFunds (Asia) Limited (since December 2003); Senior Vice President (May 1985-December 2003). An officer of 103 portfolios in the OppenheimerFunds complex. LISA I. BLOOMBERG, Vice President (since May 2004) and Deputy Assistant Secretary General Counsel (since May 2008) of (since 2004) OppenheimerFunds, Inc.; Associate Counsel (May Age: 40 2004-May 2008) of OppenheimerFunds Inc.; First Vice President (April 2001-April 2004), Associate General Counsel (December 2000-April 2004) of UBS Financial Services, Inc. An officer of 103 portfolios in the OppenheimerFunds complex. KATHLEEN T. IVES, Vice President (since June 1998), Deputy Assistant Secretary General Counsel (since May 2008) and Assistant (since 2001) Secretary (since October 2003); Senior Counsel Age: 42 (October 2003-May 2008) of OppenheimerFunds, Inc.; Vice President (since 1999) and Assistant Secretary (since October 2003) of the Distributor; Assistant Secretary of the Manager (since October 2003); Vice President and Assistant Secretary of Shareholder Services, Inc. (since 1999); Assistant Secretary of OppenheimerFunds Legacy Program and Shareholder Financial Services, Inc. (since December 2001); Senior General Counsel of OppenheimerFunds, Inc. (October 2003-May 2008). An officer of 103 portfolios in the OppenheimerFunds complex.
THE TRUST'S STATEMENT OF ADDITIONAL INFORMATION CONTAINS ADDITIONAL INFORMATION ABOUT THE TRUST'S TRUSTEES AND OFFICERS AND IS AVAILABLE WITHOUT CHARGE UPON REQUEST. 12 | 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 George C. Bowen, the Chairman of the Board's Audit Committee, and Edward L. Cameron, a member of the Board's Audit Committee, are audit committee financial experts and that Messrs. Cameron and Bowen are "independent" for purposes of this Item 3. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Audit Fees The principal accountant for the audit of the registrant's annual financial statements billed $23,675 in fiscal 2008 and $20,700 in fiscal 2007. (b) Audit-Related Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years 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. (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 no such fees to the registrant during the last two fiscal years 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. (d) All Other Fees The principal accountant for the audit of the registrant's annual financial statements billed no such fees during the last two fiscal years. The principal accountant for the audit of the registrant's annual financial statements billed no such fees in fiscal 2008 and $12,000 in fiscal 2007 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 professional services for the 22c-2 program. (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. Under applicable laws, pre-approval of non-audit services maybe 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 no such fees in fiscal 2008 and $12,000 in fiscal 2007 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 accountant's independence. No such services were rendered. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. THE FUND'S GOVERNANCE COMMITTEE PROVISIONS WITH RESPECT TO NOMINATIONS OF DIRECTORS/TRUSTEES TO THE RESPECTIVE BOARDS 1. The Fund's Governance Committee (the "Committee") will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds' investment manager and its affiliates in making the selection. 2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual's background, skills, and experience; whether the individual is an "interested person" as defined in the Investment Company Act of 1940; and whether the individual would be deemed an "audit committee financial expert" within the meaning of applicable SEC rules. The Committee also considers whether the individual's background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder. 3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following: - the name, address, and business, educational, and/or other pertinent background of the person being recommended; - a statement concerning whether the person is an "interested person" as defined in the Investment Company Act of 1940; - any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and - the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares. The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation. 4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds' investment adviser) would be deemed an "interested person" under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds' outside legal counsel may cause a person to be deemed an "interested person." 5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company. ITEM 11. CONTROLS AND PROCEDURES. Based on their evaluation of the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 06/30/2008, the registrant's principal executive officer and principal financial officer found the registrant's disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. There have been no changes in the registrant's internal controls over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a) (1) Exhibit attached hereto. (2) Exhibits attached hereto. (3) Not applicable. (b) Exhibit attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Centennial Tax Exempt Trust By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 08/07/2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John V. Murphy --------------------------- John V. Murphy Principal Executive Officer Date: 08/07/2008 By: /s/ Brian W. Wixted --------------------------- Brian W. Wixted Principal Financial Officer Date: 08/07/2008 EX-99.CERT 2 ra160_48342cert302.txt CERT302 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 officer 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 second fiscal quarter of the period covered by this report 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 officer 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: 08/07/2008 /s/ John V. Murphy - ------------------------------ John V. Murphy Principal Executive Officer Exhibit 99.CERT Section 302 Certifications CERTIFICATIONS I, Brian W. Wixted, certify that: 1. I have reviewed this report on Form N-CSR of Centennial Tax Exempt Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer 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 second fiscal quarter of the period covered by this report 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 officer 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: 08/07/2008 /s/ Brian W. Wixted - ------------------------------------- Brian W. Wixted Principal Financial Officer EX-99.906CERT 3 ra160_48342cert906.txt 906 CERT 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, Principal Executive Officer, and Brian W. Wixted, Principal Financial Officer, of Centennial Tax Exempt Trust (the "Registrant"), each certify to the best of his knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended 06/30/2008 (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. section 1350 and is not being filed as part of the Form N-CSR filed with the Commission. Principal Executive Officer Principal 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: 08/07/2008 Date: 08/07/2008 EX-99.CODE ETH 4 ra160_48342codeeth.txt CODE OF ETHICS 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 OFI's and 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: - honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; - 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; - compliance with applicable governmental laws, rules and regulations; - the prompt internal reporting of violations of this Code to the Code Administrator identified below; and - accountability for adherence to this Code. - ---------- (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 OFI and the Funds 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. 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. 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; - ---------- (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, and an executive officer of the Fund or OFI. (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 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 Other than non-substantive or administrative changes, this Code may not be amended or modified unless approved or ratified by the Board of Trustees/Directors of each Fund. 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, as revised August 30, 2006. 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: Chief Financial Officer Treasurer Senior Vice President/Fund Accounting Vice President/Fund Accounting -----END PRIVACY-ENHANCED MESSAGE-----