-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, UtQSIBSfpwjsODkw7eSgA62AqFB4pmpTfPW+6cbJoXqRv8TVW9AJwMQ4UK+v21Nh JlarhE6+0NmNn5vZUU2lRQ== 0000950117-95-000018.txt : 19950223 0000950117-95-000018.hdr.sgml : 19950223 ACCESSION NUMBER: 0000950117-95-000018 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950222 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTENNIAL TAX EXEMPT TRUST /CO/ CENTRAL INDEX KEY: 0000319880 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 222328954 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-03104 FILM NUMBER: 95514123 BUSINESS ADDRESS: STREET 1: TWO WORLD TRADE CENTER STREET 2: 34TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10048 BUSINESS PHONE: 303-761-3200 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 FORMER COMPANY: FORMER CONFORMED NAME: DAILY TAX EXEMPT CASH FUND INC DATE OF NAME CHANGE: 19811027 N-30D 1 CENTENNIAL TAX EXEMPT TRUST S.A.R. Dear Shareholder: It is a pleasure to report that Centennial Tax Exempt Trust once again met its objectives well for the year ended December 31, 1994, providing a highly attractive yield exempt from federal income taxes while maintaining principal stability.1 During the 6-month period ended December 31, 1994, the Trust's compounded annualized yield was 2.74%. The corresponding yield without compounding was 2.70%. The seven-day annualized yields with and without compounding at December 31, 1994 were 4.24% and 4.15%, respectively.2 Over the last 12 months, short-term interest rates rose dramatically, on the heels of one of the most aggressive efforts to preempt possible inflation in the Federal Reserve's 81-year history. Your managers took several steps to capitalize on this rising rate environment-- steps reflected in the Trust's seven-day compounded annualized yield, which increased from 2.14% at the beginning of the year to 4.24% at December 31. To put this yield in perspective, an investor in the 36% federal income tax bracket would need to earn at least 6.63% on a taxable investment to match the Trust's tax-free yield. Throughout the year, your managers steadily shortened the Trust's average maturity, reducing it from 71 days on January 1 to 63 days on December 31. With this shorter average maturity, your managers were able to take advantage of attractive opportunities brought to market. Looking ahead, the outlook for the Trust is positive. The Fed is likely to raise short-term interest rates again, and with the adjustments your managers have made over the past several months, Centennial Tax Exempt Trust is ready to respond to whatever opportunities the future holds in store. We appreciate the confidence you have placed in Centennial Tax Exempt Trust, and we look forward to continuing to help you meet your financial goals in the future. Sincerely, JON S. FOSSEL Jon S. Fossel President, Centennial Tax Exempt Trust JAMES C. SWAIN James C. Swain Chairman, Centennial Tax Exempt Trust January 23, 1995 1. The Trust is neither insured nor guaranteed by the U.S. Government. There is no assurance that the Trust will maintain a stable $1 share price in the future. 2. Compounded yields assume reinvestment of dividends. A portion of the Trust's distributions may be subject to federal and state income taxes. For investors subject to the federal and/or state alternative minimum tax, a portion of the Trust's distributions may increase this tax. STATEMENT OF INVESTMENTS December 31, 1994 (Unaudited) Centennial Tax Exempt Trust
Face Market Value Amount See Note 1 ------ ------------ SHORT-TERM TAX-EXEMPT OBLIGATIONS - 109.4% ALABAMA - 1.4% Bessemer, Alabama Industrial Development Revenue Bonds, Big B, Inc. Project, Series A, 5.65%(1)................................................................................... $ 3,675,000 $ 3,675,000 Montgomery, Alabama Baptist Medical Center Special Care Facilities Financing Authority Revenue Bonds, VHA Alabama, Inc., Series C, AMBAC Insured, 5.25%(1)........................ 3,775,000 3,775,000 Montgomery, Alabama Baptist Medical Center Special Care Facilities Financing Authority Revenue Bonds, VHA Alabama, Inc., Series D, AMBAC Insured, 5.25%(1)........................ 5,000,000 5,000,000 Winfield City, Alabama Industrial Development Revenue Bonds, Union Underwear Co., 5.40%(1)... 1,900,000 1,900,000 ------------ 14,350,000 ------------ ALASKA - 1.9% Alaska Industrial Development & Export Authority Revenue Refunding Bonds, Safeway, Inc. Project, 4.45%, 6/1/95(2).................................................................. 2,380,000 2,380,000 Alaska Industrial Development Authority Revenue Bonds, Providence Medical Office Building, 3.50%(1)................................................................................... 4,015,000 4,015,000 North Slope Boro, Alaska General Obligation Revenue Refunding Bonds, Series J, MBIA Insured, 6.10%, 6/30/95............................................................................. 12,710,000 12,830,491 ------------ 19,225,491 ------------ ARIZONA - 3.4% Apache County, Arizona Industrial Development Authority Revenue Bonds, Tucson Electric Power Projects, Series 83B, 5.625%(1)............................................................ 6,000,000 6,000,000 Apache County, Arizona Industrial Development Authority Revenue Bonds, Tucson Electric Power Projects, Series A, 5.45%(1)............................................................... 8,300,000 8,300,000 Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Grand Canyon University Project, 5.55%(1)............................................................... 5,500,000 5,500,000 Phoenix, Arizona Industrial Development Authority Multifamily Housing Revenue Bonds, Southwest Villages Project, Series A, 5.50%(1)............................................. 13,400,000 13,400,000 Tempe, Arizona Industrial Development Authority Revenue Refunding Bonds, Safeway, Inc. Project, 3.95%, 5/1/95(2).................................................................. 1,000,000 1,000,000 ------------ 34,200,000 ------------ ARKANSAS - 0.5% Harrison, Arkansas Industrial Development Revenue Refunding Bonds, McKesson Corp. Project, 5.70%(1)................................................................................... 3,940,000 3,940,000 Jonesboro, Arkansas Industrial Development Revenue Bonds, Farr Co. Project, 6.25%(1)......... 645,000 645,000
2 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 ------ ------------ SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) ARKANSAS (CONTINUED) Subiaco, Arkansas Industrial Development Revenue Bonds, Cloves Gear & Products, Inc., 5.70%(1)................................................................................... $ 700,000 $ 700,000 ------------ 5,285,000 ------------ CALIFORNIA - 5.1% California Health Facilities Finance Authority Revenue Bonds, Adventist Health System, Series B, 5.30%(1)................................................................................ 1,000,000 1,000,000 California Health Facilities Finance Authority Revenue Bonds, Scripps Memorial Hospital, Series A, MBIA Insured, 5.75%(1)........................................................... 500,000 500,000 California Health Facilities Finance Revenue Bonds, Huntington Memorial Hospital, 5.50%(1)... 1,900,000 1,900,000 California Health Facilities Finance Revenue Bonds, Pooled Loan Program, Series B, FGIC Insured, 5.75%(1).......................................................................... 500,000 500,000 California Health Facilities Finance Revenue Bonds, Santa Barbara Cottage Project, Series C, 5.30%(1)................................................................................... 9,600,000 9,600,000 California Health Facilities Financing Authority Revenue Bonds, Kaiser Permanente, Series B, 5.30%(1)................................................................................... 4,400,000 4,400,000 California State General Obligation Bonds, Series A-3, MBIA Insured, 5.80%(1)................ 500,000 500,000 Contra Costa County, California Multifamily Housing Revenue Refunding Bonds, Del Norte Place Apts., Series A, 5.35%(1).................................................................. 1,000,000 1,000,000 Huntington Park, California Redevelopment Agency Multifamily Housing Revenue Bonds, Casa Rita Apts., Series A, 5.70%(1).................................................................. 1,500,000 1,500,000 Irvine, California Multifamily Housing Revenue Bonds, Series 1983A, 6.45%(1)................. 900,000 900,000 Kern County, California Union High School District Certificates of Participation, Finance Project, 5.35%(1).......................................................................... 1,000,000 1,000,000 Kern, California Community College District Certificates of Participation, Finance Project, 4.90%(1)................................................................................... 1,000,000 1,000,000 Los Angeles County, California Housing Authority Revenue Bonds, Park Sierra Project, 5.55%(1)................................................................................... 2,000,000 2,000,000 Los Angeles, California Multifamily Housing Revenue Bonds, Series K, 5%(1)................... 3,000,000 3,000,000 Oceanside, California Multifamily Revenue Bonds, Lakeridge Apts. Project, CCSB Insured, 6.25%(1)................................................................................... 9,000,000 9,000,000 Ontario, California Multifamily Mtg. Revenue Bonds, Residential Park Centre, Series A, 5.50%(1)................................................................................... 2,400,000 2,400,000 San Bernardino County, California Multifamily Housing Authority Revenue Refunding Bonds, Monterey Villas Apts. Project, Series A, 5.15%(1).......................................... 2,125,000 2,125,000
3 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) CALIFORNIA (CONTINUED) San Francisco, California City & County Multifamily Housing Authority Revenue Bonds, Winterland Project, Series 85-C, 5.40%(1).................................................. $ 2,400,000 $ 2,400,000 San Francisco, California City & County Redevelopment Agency Multifamily Revenue Refunding Bonds, Fillmore Center Housing, Series A-1, 5.40%(1)....................................... 500,000 500,000 Southern California Public Power Authority Revenue Refunding Bonds, Southern Transmission Project, AMBAC Insured, 4.80%(1)........................................................... 5,000,000 5,000,000 Visalia, California Certificates of Participation, Visalia Convention Center Expansion Project, 5.90%(1).......................................................................... 400,000 400,000 ------------ 50,625,000 ------------ COLORADO - 5.9% Arapahoe County, Colorado Multifamily Revenue Refunding Bonds, Hunters Run Rental Housing, 5.75%(1)................................................................................... 25,600,000 25,600,000 Aurora, Colorado Industrial Development Revenue Refunding Bonds, La Quinta Motor Inns, 5.65%(1)................................................................................... 3,000,000 3,000,000 Colorado Health Facilities Authority Revenue Bonds, Sisters of Charity Project, Series S, 5.55%(1)................................................................................... 4,400,000 4,400,000 Colorado Housing Finance Authority Revenue Refunding Bonds, Huntersridge Multifamily Housing Project, 5.50%(1).......................................................................... 2,595,000 2,595,000 Englewood, Colorado Industrial Development Revenue Refunding Bonds, Safeway, Inc. Project, 4.45%, 6/1/95(2)........................................................................... 1,815,000 1,815,000 Fraser, Colorado Industrial Development Revenue Refunding Bonds, Safeway, Inc. Project, 4.45%, 6/1/95(2)........................................................................... 1,965,000 1,965,000 Westminster, Colorado Multifamily Revenue Bonds, Wexford Station Apts., Series A, CCSB Insured, 4.875%, 12/1/95(2)................................................................ 17,235,000 17,235,000 Wheat Ridge, Colorado Industrial Development Revenue Refunding Bonds, La Quinta Motor Inns, 5.65%(1)................................................................................... 2,400,000 2,400,000 ------------ 59,010,000 ------------ DELAWARE - 0.6% Sussex County, Delaware Economic Development Revenue Bonds, Route 113 Ltd., Partnership Project, 4.20%(1).......................................................................... 6,000,000 6,000,000 ------------ FLORIDA - 7.7% Broward County, Florida Mulifamily Housing Finance Authority Revenue Bonds, Landings Inverrary Apts., 5.35%(1).................................................................. 7,800,000 7,800,000 Dade County, Florida Housing Finance Authority Multifamily Mtg. Revenue Bonds, Flamingo Plaza Apts. Project, Series 18, 5.60%(1)......................................................... 9,900,000 9,900,000
4 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) FLORIDA (CONTINUED) Dade County, Florida Housing Finance Authority Multifamily Mtg. Revenue Refunding Bonds, Hadley Gardens, Series 1, 5.30%(1)......................................................... $ 6,425,000 $ 6,425,000 Dade County, Florida School District General Obligation Bonds, Series A, 5.50%(1)............ 2,000,000 2,000,000 Dade County, Florida School District General Obligation Bonds, Series B, 5.50%(1)............ 2,000,000 2,000,000 Escambia County, Florida Health Facilities Authority Revenue Refunding Bonds, Florida Convertible Centers Project, Series A, 3.90%(1)............................................ 1,400,000 1,400,000 Florida Housing Finance Agency Revenue Bonds, Series G3, 5.45%, 1/3/95(2).................... 10,000,000 10,003,600 Florida State Board of Education Public Education Capital Outlay Refunding Bonds, Series A, 3.58%(1)................................................................................... 13,230,000 13,230,000 Hillsborough County, Florida Industrial Development Authority Pollution Control Revenue Bonds, 5.73%(1)............................................................................ 17,975,000 17,975,000 Key West, Florida Community Redevelopment Agency Revenue Refunding Bonds, Pier House Joint Venture, 5.50%(1).......................................................................... 900,000 900,000 Orange County, Florida Housing Finance Authority Revenue Refunding Bonds, Monterey Multifamily Housing Project, Series B, 5.70%(1)............................................ 5,040,000 5,040,000 ------------ 76,673,600 ------------ GEORGIA - 2.1% Coweta County, Georgia Development Authority Pollution Control Revenue Bonds, Georgia Power Co. Plant, Yates Project, 5.62%(1)......................................................... 10,125,000 10,125,000 De Kalb County, Georgia Housing Authority Apt. Development Revenue Refunding Bonds, Winter Peachtree Project, 5.80%(1)................................................................ 5,000,000 5,000,000 Floyd County, Georgia Development Authority Pollution Control Revenue Refunding Bonds, Inland-Rome, Inc. Project, 5.70%(1)........................................................ 4,735,000 4,735,000 Newton County, Georgia Industrial Development Authority Revenue Refunding Bonds, John H. Harland Co. Project, 5.60%(1).............................................................. 1,000,000 1,000,000 ------------ 20,860,000 ------------ HAWAII - 0.3% Hawaii State Department of Budget & Finance Special Purpose Mtg. Revenue Bonds, Kuakini Medical Center Project, FGIC Insured, 3.75%(1)............................................. 2,900,000 2,900,000 ------------ ILLINOIS - 8.7% Centralia City, Illinois Industrial Development Revenue Bonds, Consolidated Foods Corp./Hollywood Brands, Inc., 5.70%(1)..................................................... 5,500,000 5,500,000 Elk Grove Village, Illinois Industrial Development Revenue Bonds, La Quinta Motor Inns, 4.20%(1)................................................................................... 3,700,000 3,700,000
5 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) ILLINOIS (CONTINUED) Illinois Development Finance Authority Pollution Control Revenue Bonds, Illinois Power Co. Project, Series C, 3.90%, 3/2/95(2)........................................................ $ 4,000,000 $ 4,003,960 Illinois Educational Facilities Authority Revenue Bonds, National St. Louis University, 5.50%(1)................................................................................... 6,500,000 6,500,000 Illinois Health Facilities Authority Revenue Bonds, Lake Forest Hospital Project, 4.25%(1)... 13,000,000 13,000,000 Lakemoor Village Illinois Multifamily Housing Mtg. Revenue Bonds, Lakemoor Apt. Project, 5.55%, 6/1/95(2)........................................................................... 15,000,000 15,000,000 Oakbrook Terrace, Illinois Multifamily Housing Mtg. Revenue Bonds, 5.55%, 6/1/95(2).......... 35,000,000 35,000,030 West Chicago, Illinois Industrial Development Revenue Refunding Bonds, Liquid Container Project, 5.50%(1).......................................................................... 3,810,000 3,810,000 ------------ 86,513,990 ------------ INDIANA - 4.9% Crawfordsville, Indiana Economic Development Revenue Refunding Bonds, Pedcor Investments-Shady Knoll I Apts. Project, 5.70%(1).......................................... 3,475,000 3,475,000 Gary, Indiana Industrial Environmental Improvement Revenue Bonds, U.S. Steel Corp. Project, 4.25%(1)................................................................................... 1,000,000 1,000,000 Hobart, Indiana Economic Development Revenue Refunding Bonds, MMM Invest, Inc. Project, 5.55%(1)................................................................................... 2,410,000 2,410,000 Indiana Health Facilities Finance Authority Revenue Bonds, Cardinal Center Project, 3.59%(1)................................................................................... 2,350,000 2,350,000 Indiana State Industrial Development Finance Authority Revenue Bonds, Saroyan Hardwoods, Inc., 5.75%(1)............................................................................. 2,300,000 2,300,000 Indianapolis, Indiana Local Public Improvement Bank Notes, Series F, 5.25%, 7/14/95.......... 28,850,000 28,912,893 Indianapolis, Indiana Local Public Improvement Bank Notes, Series G, 5.25%, 7/14/95.......... 2,675,000 2,680,832 Marion County, Indiana Hospital Authority Hospital Facility Revenue Bonds, Indianapolis Osteopathic, 3.40%(1)...................................................................... 4,100,000 4,100,000 St. Joseph County, Indiana Educational Facilities Revenue Bonds, Holy Cross College, 5.55%(1)................................................................................... 1,000,000 1,000,000 ------------ 48,228,725 ------------ IOWA - 0.7% Des Moines, Iowa Commercial Development Revenue Bonds, Series A, 5.50%(1).................... 6,900,000 6,900,000 ------------
6 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) KANSAS - 0.8% Kansas City, Kansas Private Activity Revenue Refunding Bonds, Inland Container Corp., 5.70%(1)................................................................................... $ 5,200,000 $ 5,200,000 Olathe, Kansas Industrial Revenue Refunding Bonds, William F. Bieber Project, 3.40%(1)....... 1,925,000 1,925,000 Ottawa, Kansas Industrial Development Revenue Bonds, Laich Industries Project, 5.70%(1)...... 800,000 800,000 ------------ 7,925,000 ------------ KENTUCKY - 0.6% Greenville, Kentucky Industrial Development Revenue Refunding Bonds, Wetterau, Inc. Project, 5.50%(1)................................................................................... 5,000,000 5,000,000 Jamestown, Kentucky Industrial Building Revenue Bonds, Union Underwear Co., 5.40%(1)......... 1,000,000 1,000,000 ------------ 6,000,000 ------------ LOUISIANA - 0.8% Caddo Parish, Louisiana Industrial Development Revenue Bonds, Frymaster Corp. Project, 5.50%(1)................................................................................... 5,750,000 5,750,000 East Baton Rouge Parish, Louisiana Industrial Development Board Revenue Refunding Bonds, La Quinta Motor Inns, 5.65%(1)................................................................ 2,625,000 2,625,000 ------------ 8,375,000 ------------ MARYLAND - 5.8% Hartford County, Maryland Revenue Refunding Bonds, 1001 Participation Facility Project, 4%(1)...................................................................................... 2,850,000 2,850,000 Hyattsville, Maryland Industrial Development Revenue Refunding Bonds, Safeway, Inc. Project, 4.45%, 6/1/95(2)........................................................................... 2,700,000 2,700,000 Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Carroll General Pooled Loan Program, Series A, 5.60%(1)............................................ 1,555,000 1,555,000 Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, University of Maryland Pooled Loan Program, Series B, 4%(1).............................................. 1,285,000 1,285,000 Montgomery County, Maryland Multifamily Housing Revenue Bonds, Grosvenor House Project, Series A, 4%(1)............................................................................ 19,700,000 19,700,000 Montgomery County, Maryland Multifamily Housing Revenue Bonds, Issue A, 5.75%(1)............. 15,800,000 15,800,000 Montgomery County, Maryland Public Improvement General Obligation Bonds, Series A, 5.20%, 10/1/95.................................................................................... 5,000,000 5,014,835
7 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) MARYLAND (CONTINUED) Worcester County, Maryland Revenue Refunding Bonds, White Marlin Mall Project, 4.20%(1)...... $ 8,250,000 $ 8,250,000 ------------ 57,154,835 ------------ MASSACHUSETTS - 1.7% Massachusetts State Commonwealth General Obligation Bonds, Series C, 3.81%(1)................ 15,400,000 15,400,000 Massachusetts State Industrial Finance Agency Revenue Bonds, Hazen Paper Co., 4.245%(1)...... 550,000 550,000 North Andover Town, Massachusetts Industrial Revenue Bonds, Atlee-Oak Realty Trust of Delaware, Inc., 4.245%(1).................................................................. 550,000 550,000 ------------ 16,500,000 ------------ MICHIGAN - 0.7% Detroit, Michigan Tax Increment Finance Authority Revenue Bonds, 5.50%(1).................... 4,200,000 4,200,000 Madison Heights, Michigan Economic Development Revenue Bonds, Red Roof Inns Project, 4.05%(1)................................................................................... 1,000,000 1,000,000 Michigan State Job Development Authority Revenue Bonds, East Lansing Residence Associates Project, 3.90%(1).......................................................................... 1,900,000 1,900,000 ------------ 7,100,000 ------------ MINNESOTA - 7.4% Anoka, Minnesota Multifamily Housing Revenue Bonds, Walker Plaza, Series B, 5.50%(1)......... 2,050,000 2,050,000 Austin, Minnesota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 5.65%(1).......................................................................... 4,600,000 4,600,000 Bloomington, Minnesota Port Authority Tax Revenue Refunding Bonds, Mall of America Project, Series C, FSA Insured, 5.55%(1)............................................................ 8,300,000 8,300,000 Burnsville, Minnesota Commercial Development Revenue Bonds, SuperValu Stores, Inc. Project, Series 83, 5.65%(1)........................................................................ 5,500,000 5,500,000 Dakota County, Minnesota Housing & Redevelopment Multifamily Mtg. Revenue Bonds, Westwood Ridge Rental Housing, Series A, 5.50%(1)................................................... 2,500,000 2,500,000 Eagan, Minnesota Multifamily Housing Revenue Refunding Bonds, Aspenwoods of Eagan Apts. Project, 5.55%(1).......................................................................... 5,580,000 5,580,000 Eden Prairie, Minnesota Commercial Development Revenue Refunding Bonds, Lakeview Business Center, 5.50%(1)........................................................................... 1,200,000 1,200,000 Maplewood, Minnesota Revenue Bonds, 3.75%(1)................................................. 1,340,000 1,340,000
8 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) MINNESOTA (CONTINUED) Minneapolis City, Minnesota Commercial Development Refunding Revenue Bonds, Minnehaha Lake Partners Project, 5.55%(1)................................................................. $ 2,750,000 $ 2,750,000 Minneapolis, Minnesota Housing Development Revenue Refunding Bonds, One Ten Grant Project, 5.25%(1)................................................................................... 3,000,000 3,000,000 Minnesota State Housing Finance Agency Revenue Bonds, Single Family Mtg., Series F, 2.50%, 1/12/95(2)................................................................................. 2,855,000 2,855,000 New Ulm, Minnesota Hospital Facilities Revenue Bonds, Health Center Systems, 5.40%(1)........ 2,500,000 2,500,000 North Suburban Hospital District, Minnesota Revenue Bonds, Anoka and Ramsey Counties Hospital Health Center, 5.40%(1).................................................................... 3,400,000 3,400,000 St. Paul, Minnesota Housing & Development Authority Revenue Bonds, Series A, 5.55%(1)........ 16,700,000 16,700,000 St. Paul, Minnesota Port Authority Parking Revenue Refunding Bonds, City Walking Ramp Project, 5.50%(1).......................................................................... 2,410,000 2,410,000 St. Paul, Minnesota Port Authority Tax Increment Revenue Bonds, Westgate Office & Industrial Center Project, 5.50%(1)................................................................... 5,500,000 5,500,000 Stillwater, Minnesota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 5.65%(1).......................................................................... 3,500,000 3,500,000 ------------ 73,685,000 ------------ MISSOURI - 2.2% Howell County, Missouri Industrial Development Authority Revenue Refunding Bonds, Safeway, Inc. Project, 3.60%, 2/1/95(2)............................................................. 4,425,000 4,425,000 St. Charles County, Missouri Industrial Development Revenue Refunding Bonds, Remington Apts. Project, 5.80%(1).......................................................................... 6,300,000 6,300,000 St. Louis County, Missouri Industrial Development Authority Multifamily Housing Revenue Refunding Bonds, Sugar Pines Apts. Project, Series A, 5.50%(1)............................. 10,985,000 10,985,000 ------------ 21,710,000 ------------ MONTANA - 0.1% Great Falls, Montana Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 5.65%(1).......................................................................... 1,000,000 1,000,000 ------------ NEBRASKA - 0.3% Norfolk, Nebraska Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 5.65%(1).......................................................................... 2,800,000 2,800,000 ------------
9 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) NEVADA - 2.5% Nevada State General Obligation Bonds, Colorado River Commission, 3.85%(1)................... $25,000,000 $ 25,000,000 ------------ NEW HAMPSHIRE - 0.3% New Hampshire Higher Educational & Health Facilities Authority Revenue Bonds, VHA New England, Inc., Series E, AMBAC Insured, 5.25%(1)........................................... 3,000,000 3,000,000 ------------ NEW JERSEY - 1.6% New Jersey Economic Development Authority Manufacturing Facilities Revenue Bonds, VPR Commerce Center Project, 5.65%(1).......................................................... 3,750,000 3,750,000 New Jersey State General Obligation Revenue Refunding Bonds, 7.90%, 8/1/95................... 5,000,000 5,094,450 New Jersey State Tax & Revenue Anticipation Notes, Series A, 5%, 6/15/95(2).................. 6,500,000 6,522,270 ------------ 15,366,720 ------------ NEW YORK - 5.5% Babylon, New York General Obligation Bonds, Series B, AMBAC Insured, 4.70%(1)................ 1,500,000 1,500,000 City of New York Development Corp. Mtg. Revenue Bonds, Columbus Multifamily Project, Series A, 5.50%(1)................................................................................ 2,700,000 2,700,000 City of New York Housing Development Corp. Mtg. Revenue Bonds, East 96th Street Project, Series A, 5.20%(1)......................................................................... 1,500,000 1,500,000 City of New York Housing Development Corp. Mtg. Revenue Bonds, Multifamily-James Tower Development, Series A, 5.40%(1)............................................................ 3,000,000 3,000,000 City of New York Housing Development Corp. Mtg. Revenue Bonds, Queenswood Multifamily Project, Series A, 5.50%(1)................................................................ 1,800,000 1,800,000 City of New York Revenue Anticipation Notes, Series B, 4.75%, 6/30/95........................ 23,000,000 23,011,025 City of New York Trust Cultural Resources Revenue Refunding Bonds, American Museum of Natural History, Series A, MBIA Insured, 4.70%(1).................................................. 2,400,000 2,400,000 City of New York Trust Cultural Resources Revenue Refunding Bonds, American Museum of Natural History, Series B, MBIA Insured, 4.70%(1).................................................. 900,000 900,000 Erie County, New York General Obligation Revenue Anticipation Notes, 4.75%, 8/15/95.......... 1,800,000 1,799,675 Erie County, New York Water Authority Revenue Bonds, Series A, AMBAC Insured, 4.75%(1)....... 1,000,000 1,000,000 Geneva, New York Industrial Development Agency Civic Facility Revenue Bonds, Colleges of the Seneca, Series A, 5.30%(1)................................................................. 470,000 470,000 New York State Housing Finance Agency Revenue Bonds, Normandie Court I Project, 5.50%(1)..... 900,000 900,000 New York State Job Development Authority Guaranteed Revenue Bonds, 1984 Series E-1 to E-55, 3.75%(1)................................................................................... 400,000 400,000
10 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) NEW YORK (CONTINUED) New York State Job Development Authority Guaranteed Revenue Bonds, 1984 Series F-1 to F-17, 3.75%(1)................................................................................... $ 175,000 $ 175,000 New York State Job Development Authority Guaranteed Revenue Bonds, Series C1 to C30, 3.75%(1)................................................................................... 955,000 955,000 New York State Job Development Authority Guaranteed Revenue Bonds, Special Purpose, Series C-1, 3.85%(1).............................................................................. 865,000 865,000 New York State Local Government Assistance Corp. Revenue Bonds, Series A, 5.10%(1)........... 2,000,000 2,000,000 New York State Medical Care Facilities Finance Agency Revenue Bonds, St. Marys Hospital-Private Insurance Program, Prerefunded, AMBAC Insured, 8.375%, 11/1/95............ 5,000,000 5,235,138 North Hempstead, New York Solid Waste Management Authority Revenue Refunding Bonds, Series A, 4.85%(1)................................................................................... 200,000 200,000 Suffolk County, New York Industrial Development Agency Revenue Bonds, Nissequogue Cogen Partners Project, 4.85%(1)................................................................. 1,500,000 1,500,000 Triborough Bridge & Tunnel Authority of New York Revenue Bonds, FGIC Insured, 4.85%,(1)...... 2,000,000 2,000,000 ------------ 54,310,838 ------------ NORTH CAROLINA - 1.7% North Carolina National Bank Certificates of Participation, Series 1990A, 4.25%(1)........... 11,650,000 11,650,000 North Carolina National Bank Certificates of Participation, Series 1990B, 4.25%(1)........... 4,700,000 4,700,000 ------------ 16,350,000 ------------ NORTH DAKOTA - 0.1% Bismarck, North Dakota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 5.65%(1).......................................................................... 800,000 800,000 ------------ OHIO - 8.4% Cuyahoga County, Ohio Industrial Development Revenue Bonds, Southwest Ltd. Partnership, 4.70%, 12/1/95(2).......................................................................... 500,000 500,000 Dublin Inn, Ohio Mtg. Revenue Bonds, Series 1987, 4.57%, 3/1/95(2)........................... 7,420,000 7,420,000 Gallia County, Ohio Industrial Development Mtg. Revenue Refunding Bonds, Jackson Pike Assn., 4.40%, 6/15/95(2).......................................................................... 1,680,000 1,680,000 Licking County, Ohio Industrial Development Revenue Bonds, Power Industries, Inc. Project, 4.50%, 6/1/95(2)........................................................................... 315,000 315,000 Lucas County, Ohio Industrial Development Revenue Refunding Bonds, H.H. Motel, Inc. Project, 5.55%(1)................................................................................... 4,045,000 4,045,000 Mahoning County, Ohio Long Term Care Facility Revenue Bonds, Assumption Nursing Home, Inc., 5.50%(1)................................................................................... 5,850,000 5,850,000
11 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) OHIO (CONTINUED) Marion County, Ohio Hospital Revenue Bonds, Pooled Lease Program, 4%, 5/1/95(2).............. $ 9,150,000 $ 9,150,000 Marion County, Ohio Hospital Revenue Bonds, Pooled Lease Program, 5.55%(1)................... 6,960,000 6,960,000 Miami Valley, Ohio Mtg. Revenue Bonds, Series 86, 4.88%, 10/15/95(2)......................... 2,860,000 2,860,000 Ohio State Air Quality Development Authority Pollution Control Revenue Refunding Bonds, Series B, 4.95%, 10/4/95................................................................... 4,655,000 4,655,000 Ohio State Water Development Authority Pollution Control Facilities Revenue Refunding Bonds, Duquesne Light Co., Series A, 4.95%, 10/4/95............................................... 33,955,000 33,955,000 Scioto County, Ohio Health Care Facilities Revenue Bonds, Hill View Retirement Center, 4.50%, 6/1/95(2).................................................................................. 2,895,000 2,895,000 Warren County, Ohio Industrial Development Revenue Refunding Bonds, Liquid Container Project, 5.50%(1)................................................................................... 1,670,000 1,670,000 Whitehall, Ohio Industrial Development Revenue Refunding Bonds, Fst. Mtg. Continental Commercial, 3.55%, 2/1/95(2)............................................................... 1,630,000 1,630,000 ------------ 83,585,000 ------------ OKLAHOMA - 0.9% Claremore, Oklahoma Industrial & Redevelopment Authority Revenue Refunding Bonds, Worthington Cylinder Project, 5.65%(1)................................................................. 2,370,000 2,370,000 Cleveland County, Oklahoma Public Facilities Revenue Bonds, Hunt Development Project, Series A, 5.60%(1)................................................................................ 1,000,000 1,000,000 Mid-West, Oklahoma Mtg. Revenue Bonds, 4%(1)................................................. 2,370,000 2,370,000 Tulsa, Oklahoma Industrial Authority Revenue Bonds, 5.60%(1)................................. 3,500,000 3,500,000 ------------ 9,240,000 ------------ OREGON - 1.2% Hillsboro, Oregon Revenue Bonds, Oregon Graduate Institute, 5.55%(1)......................... 8,600,000 8,600,000 Oregon State Economic & Industrial Development Commission Revenue Bonds, Eagel-Picher Industries Project, 5.60%(1)............................................................... 3,600,000 3,600,000 ------------ 12,200,000 ------------ PENNSYLVANIA - 2.8% Allegheny County Pennsylvania Hospital Development Authorities Revenue Refunding Bonds, Harmarville Rehabilitation Project, 3.56%(1)............................................... 1,000,000 1,000,000 Chartiers Valley, Pennsylvania Industrial & Commercial Development Authority Revenue Bonds, William Penn Place Project, 3.90%(1)....................................................... 800,000 800,000 Commonwealth of Pennsylvania Mtg. Revenue Bonds, Series A, 4.20%, 5/1/95(2).................. 3,675,000 3,675,000
12 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) PENNSYLVANIA (CONTINUED) Cumberland County, Pennsylvania Municipal Authority Revenue Bonds, United Methodist Housing Agency, 5.65%(1)........................................................................... $ 2,000,000 $ 2,000,000 Littlestown, Pennsylvania Industrial Development Authority Revenue Refunding Bonds, Hanover House Industries Project, 3.45%(1)......................................................... 3,000,000 3,000,000 Philadelphia, Pennsylvania Authority for Industrial Development Revenue Bonds, Commercial Development Assn., 3.90%(1)................................................................ 7,400,000 7,400,000 Philadelphia, Pennsylvania Authority for Industrial Development Revenue Bonds, Franklin Institute Project, 5.50%(1)................................................................ 2,775,000 2,775,000 Philadelphia, Pennsylvania Authority for Industrial Development Revenue Refunding Bonds, Harbor View Towers, 5.50%(1)............................................................... 1,350,000 1,350,000 Philadelphia, Pennsylvania Hospital & Higher Educational Facilities Authority Revenue Bonds, Friends Hospital, Series A, 5.50%(1)....................................................... 1,000,000 1,000,000 Schuylkill County, Pennsylvania Industrial Development Authority Revenue Bonds, Bon-Ton Stores Project, 5.50%(1)................................................................... 1,860,000 1,860,000 Schuylkill County, Pennsylvania Industrial Development Authority Revenue Bonds, S. Grumbacher & Son Project, 5.50%(1).................................................................... 1,600,000 1,600,000 Warren County, Pennsylvania Hospital Authority Revenue Bonds, Warren General Hospital Project, Series B, 5.50%(1)................................................................ 1,000,000 1,000,000 ------------ 27,460,000 ------------ SOUTH CAROLINA - 3.7% Charleston Center, South Carolina General Obligation Bonds, Grantor Trust, No. 2 Ltd. Partnership, 4%, 5/1/95(2)................................................................. 4,407,500 4,407,500 Charleston Center, South Carolina General Obligation Bonds, Grantor Trust, No. 3 Ltd. Partnership, 3.15%, 7/1/95(2).............................................................. 18,905,000 18,905,000 Charleston Center, South Carolina General Obligation Bonds, Grantor Trust, No. 6 Ltd. Partnership, 3.90%, 4/1/95(2).............................................................. 8,075,000 8,075,000 Florence County, South Carolina Industrial Development Revenue Bonds, Stone Container Corp. Project, 4.50%(1).......................................................................... 4,000,000 4,000,000 South Carolina Jobs & Economic Development Authority Revenue Bonds, Wellman Income Project, 5.75%(1)................................................................................... 1,000,000 1,000,000 ------------ 36,387,500 ------------
13 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) SOUTH DAKOTA - 1.8% Grant County, South Dakota Pollution Control Revenue Refunding Bonds, Otter Tail Power Co. Project, 5.55%(1).......................................................................... $10,400,000 $ 10,400,000 South Dakota State Health & Educational Bonds, Sioux Valley Hospital Issue, 5.55%(1)......... 5,900,000 5,900,000 Watertown, South Dakota Industrial Development Revenue Bonds, SuperValu Income Project, 5.65%(1)................................................................................... 2,000,000 2,000,000 ------------ 18,300,000 ------------ TENNESSEE - 3.0% Clarksville, Tennessee Public Building Authority Revenue Bonds, Pooled Financing Tennessee Municipal Bond Fund, 5.60%(1).............................................................. 12,000,000 12,000,000 Dayton, Tennessee Industrial Development Board Revenue Refunding Bonds, La-Z Boy Chair Co. Project, 5.70%(1).......................................................................... 4,350,000 4,350,000 Knox County, Tennessee Industrial Development Board Revenue Bonds, Weisgarber Partners, FGIC Insured, 3.65%,(1)......................................................................... 3,000,000 3,000,000 Metropolitan Government of Nashville & Davidson County, Tennessee Health & Education Facilities Board Revenue Bonds, Vanderbilt University, Series 85A, 2.60%, 1/15/95(2)....... 1,000,000 1,000,000 Metropolitan Government of Nashville & Davidson County, Tennessee Health & Education Facilities Board Revenue Bonds, Vanderbilt University, Series 85A, 2.60%, 1/15/95(2)....... 700,000 700,000 Metropolitan Government of Nashville & Davidson County, Tennessee Multifamily Housing Revenue Bonds, Arbor Crest Project, Series B, 5.45%(1)............................................. 3,550,000 3,550,000 Rutherford County, Tennessee Industrial Development Revenue Bonds, Derby Industries, Inc. Project, 5.75%(1).......................................................................... 1,000,000 1,000,000 Smyrna, Tennessee Housing Assn., Inc. Multifamily Revenue Refunding Bonds, Imperial Gardens Apt. Project, 5.65%(1)..................................................................... 4,285,000 4,285,000 ------------ 29,885,000 ------------ TEXAS - 7.1% Angelina and Neches River Authority Texas Pollution Control Revenue Refunding Bonds, Temple-Inland Forest Project, 5.70%(1)..................................................... 7,350,000 7,350,000 Harris County, Texas Revenue Bonds, Series A, 2.94%(1)....................................... 5,000,000 5,000,000 Red River, Texas Pollution Control Authority Revenue Refunding Bonds, Southwestern Public Service Co., 3.50%(1)...................................................................... 2,200,000 2,200,000 Texas State Tax & Revenue Anticipation Notes, 5%, 8/31/95.................................... 49,150,000 49,219,208
14 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) TEXAS (CONTINUED) Travis County, Texas Health Facilities Development Corp. Hospital Revenue Bonds, 3.63%(1).... $ 4,400,000 $ 4,400,000 Trinity River Authority Texas Pollution Revenue Refunding Bonds, LaFarge Corp. Project, 5.35%(1)................................................................................... 2,500,000 2,500,000 ------------ 70,669,208 ------------ UTAH - 0.2% Castle Dale, Utah Industrial Development Revenue Refunding Bonds, Safeway, Inc. Project, 3.60%, 2/1/95(2)........................................................................... 1,200,000 1,200,000 Tremonton City, Utah Industrial Development Revenue Refunding Bonds, Safeway, Inc. Project, 4.45%, 6/1/95(2)........................................................................... 1,190,000 1,190,000 ------------ 2,390,000 ------------ VERMONT - 0.2% Vermont Industrial Development Authority Revenue Bonds, Sherburne Corp., 4.245%(1)........... 2,285,000 2,285,000 ------------ VIRGINIA - 0.2% Rockbridge County, Virginia Industrial Development Authority Revenue Refunding Bonds, Safeway, Inc. Project, 3.60%, 2/1/95(2).................................................... 2,000,000 2,000,000 ------------ WASHINGTON - 1.7% Port Longview, Washington Industrial Development Revenue Bonds, Longview Fibre Co. Project, 5.50%(1)................................................................................... 2,500,000 2,500,000 Port Vancouver, Washington Revenue Refunding Bonds, United Grain Corp. of Oregon-1984B, 5.10%(1)................................................................................... 1,400,000 1,400,000 Redmond, Washington Public Corp. Industrial Revenue Refunding Bonds, Genie Industries, Lot 1, 6.25%(1)................................................................................... 1,140,000 1,140,000 Redmond, Washington Public Corp. Industrial Revenue Refunding Bonds, Genie Industries, Lot 2, 6.25%(1)................................................................................... 1,805,000 1,805,000 Seattle, Washington Industrial Development Corp. Revenue Bonds, RICS Ltd. Partnership, 5.50%(1)................................................................................... 5,700,000 5,700,000 Washington State Housing Finance Commission Revenue Bonds, Horizon House Project, 5.50%(1)... 4,655,000 4,655,000 ------------ 17,200,000 ------------
15 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Market Face Value Amount See Note 1 -------- ---------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) WEST VIRGINIA - 2.6% Grant County, West Virginia Pollution Control Revenue Bonds, Virginia Electric & Power Co. Project, Series 1994, 4.75%, 5/25/95....................................................... $19,500,000 $ 19,521,645 Harrison County, West Virginia Industrial Development Revenue Refunding Bonds, Fox Grocery Co. Project, 5.50%(1)...................................................................... 4,140,000 4,140,000 Keyser, West Virginia Industrial Revenue Refunding Bonds, Keyser Assn. Project, 5.50%(1)..... 1,650,000 1,650,000 ------------ 25,311,645 ------------ WYOMING - 0.3% Douglas, Wyoming Industrial Development Revenue Refunding Bonds, Safeway, Inc. Project, 4.45%, 6/1/95(2)........................................................................... 2,795,000 2,795,000 ------------ Total Investments, at Value (Cost $1,087,557,552)............................................ 109.4% 1,087,557,552 Liabilities in Excess of Other Assets........................................................ (9.4) (93,693,689) ----------- ------------ Net Assets................................................................................... 100.0% $993,863,863 ----------- ------------ ----------- ------------
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 December 31, 1994. A demand feature allows the recovery of principal at any time, or at specified intervals not exceeding one year, on up to 30 days' notice. 2. Put obligation redeemable at full face value on the date reported. See accompanying Notes to Financial Statements. 16 STATEMENT OF ASSETS AND LIABILITIES December 31, 1994 (Unaudited) Centennial Tax Exempt Trust ASSETS: Investments, at value (cost $1,087,557,552) - see accompanying statement......................... $1,087,557,552 Cash.............................................................................................. 146,905 Receivables: Shares of beneficial interest sold.............................................................. 16,269,878 Interest........................................................................................ 5,392,155 Other............................................................................................. 29,195 -------------- Total assets................................................................................. 1,109,395,685 -------------- LIABILITIES: Payables and other liabilities: Investments purchased........................................................................... 96,025,975 Shares of beneficial interest redeemed.......................................................... 19,275,123 Service plan fees - Note 3...................................................................... 99,441 Dividends....................................................................................... 8,387 Other........................................................................................... 122,896 -------------- Total liabilities............................................................................ 115,531,822 -------------- NET ASSETS........................................................................................ $ 993,863,863 -------------- -------------- COMPOSITION OF NET ASSETS: Paid-in capital................................................................................... $ 993,871,389 Accumulated net realized gain (loss) from investment transactions................................. (7,526) -------------- NET ASSETS - Applicable to 993,887,356 shares of beneficial interest outstanding.................. $ 993,863,863 -------------- -------------- NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE.................................... $1.00
See accompanying Notes to Financial Statements. 17 STATEMENT OF OPERATIONS For the Six Months Ended December 31, 1994 (Unaudited) Centennial Tax Exempt Trust INVESTMENT INCOME - Interest......................................................................... $17,913,844 ----------- EXPENSES: Management fees - Note 3............................................................................. 2,383,305 Service plan fees - Note 3........................................................................... 1,058,792 Transfer and shareholder servicing agent fees - Note 3............................................... 190,692 Shareholder reports.................................................................................. 57,948 Registration and filing fees......................................................................... 42,467 Legal and auditing fees.............................................................................. 35,193 Trustees' fees and expenses.......................................................................... 9,604 Other................................................................................................ 16,044 ----------- Total expenses.................................................................................. 3,794,045 ----------- NET INVESTMENT INCOME (LOSS)......................................................................... 14,119,799 NET REALIZED GAIN (LOSS) ON INVESTMENTS.............................................................. 23,863 ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................................... $14,143,662 ----------- -----------
See accompanying Notes to Financial Statements. 18 STATEMENTS OF CHANGES IN NET ASSETS Centennial Tax Exempt Trust
Six Months Ended December 31, Year Ended 1994 June 30, (Unaudited) 1994 ---------------- -------------- OPERATIONS: Net investment income (loss).......................................... $ 14,119,799 $ 19,775,488 Net realized gain (loss) on investments............................... 23,863 2,423 ---------------- -------------- Net increase (decrease) in net assets resulting from operations....... 14,143,662 19,777,911 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS........................... (14,131,296) (19,846,407) BENEFICIAL INTEREST TRANSACTIONS: Net increase (decrease) in net assets resulting from beneficial interest transactions - Note 2...................................... (45,534,326) 58,297,214 ---------------- -------------- NET ASSETS: Total increase (decrease)............................................. (45,521,960) 58,228,718 Beginning of period................................................... 1,039,385,823 981,157,105 ---------------- -------------- End of period......................................................... $ 993,863,863 $1,039,385,823 ---------------- -------------- ---------------- --------------
See accompanying Notes to Financial Statements. 19 FINANCIAL HIGHLIGHTS Centennial Tax Exempt Trust
Six Months Ended Year Ended June 30, December 31, 1994 ---------------------------------------------------------- (Unaudited) 1994 1993 1992 1991 1990 ----------------- ---------- -------- -------- -------- -------- PER SHARE OPERATING DATA: Net asset value, beginning of period.............................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- Income from investment operations - net investment income and net realized gain on investments......................... .01 .02 .02 .03 .04 .05 Dividends and distributions to shareholders........................ (.01) (.02) (.02) (.03) (.04) (.05) ----- ----- ----- ----- ----- ----- Net asset value, end of period........ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in thousands).......................... $ 993,864 $1,039,386 $981,157 $917,402 $786,673 $575,461 Average net assets (in thousands)..... $ 1,056,231 $1,057,022 $977,073 $900,497 $710,799 $560,984 Number of shares outstanding at end of period (in thousands)............... 993,887 1,039,421 981,125 917,305 786,576 575,462 Ratios to average net assets: Net investment income............... 2.65%(1) 1.87% 2.08% 3.40% 4.84% 5.44% Expenses............................ .71%(1) .76% .76% .75% .77% .79%
1. Annualized. See accompanying Notes to Financial Statements. 20 NOTES TO FINANCIAL STATEMENTS (Unaudited) Centennial Tax Exempt Trust 1. SIGNIFICANT ACCOUNTING POLICIES Centennial Tax Exempt Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Trust's investment advisor is Centennial Asset Management Corporation (the Manager), a subsidiary of Oppenheimer Management Corporation (OMC). The following is a summary of significant accounting policies consistently followed by the Trust. Investment Valuation - Portfolio securities are valued on the basis of amortized cost, which approximates market value. Federal Income Taxes - The Trust intends to continue to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable income to shareholders. Therefore, no federal income tax provision is required. Distributions to Shareholders - The Trust intends to declare dividends from net investment income each day the New York Stock Exchange is open for business and pay such dividends monthly. To effect its policy of maintaining a net asset value of $1.00 per share, the Trust may withhold dividends or make distributions of net realized gains. Other - Investment transactions are accounted for on the date the investments are purchased or sold (trade date). Realized gains and losses on investments are determined on an identified cost basis, which is the same basis used for federal income tax purposes. 2. SHARES OF BENEFICIAL INTEREST The Trust has authorized an unlimited number of no par value shares of beneficial interest. Transactions in shares of beneficial interest were as follows:
Six Months Ended Year Ended December 31, 1994 June 30, 1994 -------------------------------- -------------------------------- Shares Amount Shares Amount -------------- --------------- -------------- --------------- Sold............................... 1,629,226,355 $ 1,629,225,326 3,351,917,791 $ 3,351,918,751 Dividends and distributions reinvested....................... 14,621,686 14,621,686 19,299,307 19,299,307 Issued in connection with the acquisition of Oppenheimer Tax-Exempt Cash Reserves -- Note 4................................ 31,152,605 31,152,738 -- -- Redeemed........................... (1,720,534,076) (1,720,534,076) (3,312,920,844) (3,312,920,844) -------------- --------------- -------------- --------------- Net increase (decrease).......... (45,533,430) $ (45,534,326) 58,296,254 $ 58,297,214 -------------- --------------- -------------- --------------- -------------- --------------- -------------- ---------------
3. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Management fees paid to the Manager were in accordance with the investment advisory agreement with the Trust which provides for an annual fee of .50% on the first $250 million of net assets with a reduction of .025% on each $250 million thereafter to $1.5 billion, .35% on 21 NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust the next $500 million of net assets and .325% on net assets in excess of $2 billion. Until Trust net assets reach $1.5 billion, the annual fee payable to the Manager will be reduced by $100,000. The Manager has agreed to assume Trust expenses (with specified exceptions) in excess of the most stringent applicable regulatory limit on Trust expenses. Shareholder Services, Inc. (SSI), a subsidiary of OMC, is the transfer and shareholder servicing agent for the Trust, and for other registered investment companies. SSI's total costs of providing such services are allocated ratably to these companies. Under an approved service plan, the Trust may expend up to .20% of its net assets annually to reimburse Centennial Asset Management Corporation, as distributor, for costs incurred in connection with the personal service and maintenance of accounts that hold shares of the Trust, including amounts paid to brokers, dealers, banks and other institutions. During the six months ended December 31, 1994, the Trust paid $6,984 to a broker/dealer affiliated with the Manager as reimbursement for distribution-related expenses. 4. ACQUISITION OF OPPENHEIMER TAX-EXEMPT CASH RESERVES On July 22, 1994, the Trust acquired all of the net assets of Oppenheimer Tax-Exempt Cash Reserves (OTECR), pursuant to an Agreement and Plan of Reorganization approved by the OTECR shareholders on July 12, 1994. The Trust issued 31,152,605 shares of beneficial interest, valued at $31,152,738, in exchange for the net assets, resulting in combined net assets of $1,086,765,782 on July 22, 1994. The exchange qualifies as a tax-free reorganization for federal income tax purposes. 22 [THIS PAGE HAS BEEN LEFT BLANK INTENTIONALLY] CENTENNIAL TAX EXEMPT TRUST Officers and Trustees James C. Swain, Chairman and Chief Executive Officer Robert G. Avis, Trustee William A. Baker, Trustee Charles Conrad, Jr., Trustee Jon S. Fossel, Trustee and President Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Ned M. Steel, Trustee Michael A. Carbuto, Vice President Andrew J. Donohue, Vice President George C. Bowen, Vice President, Secretary and Treasurer Robert J. Bishop, Assistant Treasurer Scott Farrar, Assistant Treasurer Robert G. Zack, Assistant Secretary Investment Advisor and Distributor Centennial Asset Management Corporation Transfer and Shareholder Servicing Agent Shareholder Services, Inc. Custodian of Portfolio Securities Citibank, N.A. Independent Auditors Deloitte & Touche LLP Legal Counsel Myer, Swanson & Adams, P.C. The financial statements included herein have been taken from the records of the Trust without examination by the independent auditors. This is a copy of a report to shareholders of Centennial Tax Exempt Trust. This report must be preceded or accompanied by a Prospectus of Centennial Tax Exempt Trust. For material information concerning the Trust, see the Prospectus. For shareholder servicing, call: 1-800-525-7048 (in U.S.) 303-671-3200 (outside U.S.) Or write: Shareholder Services, Inc. P.O. Box 5270 Denver, CO 80217-5270 RS0160.001.0295 ['Recycled' Logo] Printed on recycled paper 1994 SEMI-ANNUAL REPORT CENTENNIAL TAX EXEMPT TRUST DECEMBER 31, 1994 -----END PRIVACY-ENHANCED MESSAGE-----