-----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, FQZyPXdch9txmo2PVeGIKsJ1Sc0dttnpP7tFtANF6SafeFEiKBWT8CKTcCj+5WzE FeAx8PUExN0UD6dfYv+eUA== 0000950117-96-000143.txt : 19960228 0000950117-96-000143.hdr.sgml : 19960228 ACCESSION NUMBER: 0000950117-96-000143 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960227 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: 96526037 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 CENTENNIAL TAX EXEMPT TRUST SHAREHOLDER: 1995 was a year marked by declining interest rates, making it a strong period for capital appreciation for many areas of the bond markets. The other side of this appreciation, however, was declining rates, meaning that newly issued bonds were coming to market with lower yields. This factor has been the most important catalyst behind our investment decisions for the past six months. Because we strive to pay the highest current tax-free income consistent with safety of principal, the past year's rate declines caused us to lengthen the average maturity of our portfolio in an effort to take advantage of higher-yielding securities for as long as possible. However, because we had correctly anticipated this trend, we'd begun our move into longer securities at the end of 1994. Longer securities were bid up in the markets as the year progressed, and continued to offer income superior to that of most newer issues, so the portfolio was positioned in the right place at the right time. In fact, the Trust was among the top 16% of all tax-exempt money market funds tracked by IBC/Donoghue for the period.1 The Trust's compounded annualized yield for the six months ended December 31, 1995 was 3.36%. The corresponding yield without compounding 3.30%. For investors in the 36% federal tax bracket, this is equal to a taxable yield of 5.25% with compounding and 5.16% without compounding.2 Seven-day annualized yields with and without compounding for the Trust for the six months ended December 31, 1995 were 3.61% and 3.55%, respectively. Looking forward, we believe the market will continue to be relatively strong. Without a major shift in policy by the Federal Reserve, we expect to remain focused on buying longer-term securities as much as possible. Our investment policy over the past six months has allowed us to maintain our yield as well as our emphasis on stability of principal, and we expect these favorable conditions to continue.3 The Trust continues to offer investors income that is free from federal income taxes. We appreciate the confidence you have placed in the Centennial Tax Exempt Trust and look forward to helping you continue to meet your financial goals in the future. Sincerely, JAMES C. SWAIN James C. Swain Chairman -- Centennial Tax Exempt Trust BRIDGET A. MACASKILL Bridget A. Macaskill President -- Centennial Tax Exempt Trust January 22, 1996 1. IBC/Donoghue, Inc., an independent fund monitoring service. Ranking of 96 funds for the six months ended December 31, 1995. 2. Compounded yields assume reinvestment of dividends. A portion of the Trust's distributions may be subject too 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. 3. 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. STATEMENT OF INVESTMENTS December 31, 1995 (Unaudited) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS - 102.9% ALABAMA - 0.3% Bessemer, Alabama Industrial Development Revenue Bonds, Big B, Inc. Project, Series A, 5.35%(1)................................................................................. $ 2,800,000 $ 2,800,000 Winfield City, Alabama Industrial Development Revenue Bonds, Union Underwear Co., 4.25%(1)................................................................................. 1,900,000 1,900,000 -------------- 4,700,000 -------------- ARIZONA - 3.3% Arizona Health Facilities Authority Revenue Bonds, Blood Systems, Inc., 5.20%(1)........... 8,000,000 8,000,000 Maricopa County, Arizona Industrial Development Authority Revenue Bonds, Grand Canyon University Project, 5.20%(1)............................................................. 5,400,000 5,400,000 Phoenix, Arizona Industrial Development Authority Multifamily Housing Revenue Refunding Bonds, Paradise Lakes Apts. Project, 1995 Series, 5.25%(1)............................... 22,500,000 22,500,000 Salt River, Arizona Agriculture Improvement & Power District Electric Systems Tax-Exempt Commercial Paper, 3.70%, 1/12/96......................................................... 9,431,000 9,431,000 Tucson, Arizona Industrial Development Authority Revenue Bonds, Geronimo Building Renovation Project, 8%, 12/15/96......................................................... 1,085,000 1,085,000 -------------- 46,416,000 -------------- ARKANSAS - 0.3% Harrison, Arkansas Industrial Development Revenue Refunding Bonds, McKesson Corp. Project, 5.15%(1)................................................................................. 3,940,000 3,940,000 Jonesboro, Arkansas Industrial Development Revenue Bonds, Farr Co. Project, 5.60%(1)....... 310,000 310,000 Subiaco, Arkansas Industrial Development Revenue Bonds, Cloves Gear & Products, Inc., 4.10%(1)................................................................................. 550,000 550,000 -------------- 4,800,000 -------------- CALIFORNIA - 6.9% California Health Facilities Financing Authority Revenue Bonds, Adventist Health System, Series B, 4.75%(1)....................................................................... 1,000,000 1,000,000 California Health Facilities Financing Authority Revenue Bonds, Huntington Memorial Hospital, 4.90%(1)....................................................................... 1,900,000 1,900,000 California Health Facilities Financing Authority Revenue Bonds, Kaiser Permanente Medical Center Project, Series B, 4.90%(1)....................................................... 5,000,000 5,000,000 California Health Facilities Financing Authority Revenue Bonds, Pooled Loan Program, Series B, FGIC Insured, 4.95%(1)................................................................ 500,000 500,000
2 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) CALIFORNIA (CONTINUED) California Health Facilities Financing Authority Revenue Bonds, Santa Barbara Cottage Project, Series C, 4.75%(1).............................................................. $ 3,000,000 $ 3,000,000 California Health Facilities Financing Authority Revenue Bonds, Scripps Memorial Hospital, Series A, MBIA Insured, 4.95%(1)......................................................... 420,000 420,000 California Health Facilities Financing Authority Revenue Refunding Bonds, Memorial Health Services Project, 4.90%(1)............................................................... 5,000,000 5,000,000 California Higher Education Loan Authority Student Loan Revenue Refunding Bonds, Series 1987A, 4.35%, 5/1/96(2).................................................................. 13,750,000 13,750,319 California Higher Education Loan Authority Student Loan Revenue Refunding Bonds, Series 1992A-2, 4.35%, 5/1/96(2)................................................................ 14,000,000 14,000,325 California Housing Finance Agency Home Mtg. Revenue Bonds, Series 1995-E, FGIC Insured, 4.60%, 2/1/96(2)......................................................................... 4,000,000 4,000,000 California Pollution Control Financing Authority Revenue Bonds, Pacific Gas & Electric Co. Project, Series E, 3.50%, 2/15/96(2)..................................................... 1,000,000 999,994 California State General Obligation Bonds, Series A-3, MBIA Insured, 5.35%(1).............. 500,000 500,000 California State Revenue Anticipation Wts., Series C, FGIC Insured, 5.75%, 4/25/96......... 1,100,000 1,105,478 California Statewide Communities Development Authority Apt. Development Revenue Refunding Bonds, Series 1995A, 4.90%(1)............................................................ 1,560,000 1,560,000 California Statewide Communities Development Corp. Industrial Development Revenue Bonds, Andercraft Project, Series A, 4.90%(1)................................................... 1,440,000 1,440,000 Huntington Park, California Redevelopment Agency Multifamily Housing Revenue Bonds, Casa Rita Apts., Series A, 5.30%(1)........................................................... 1,500,000 1,500,000 Los Angeles County, California Metropolitan Transportation Authority Revenue Anticipation Nts., Series 1995A, 5%, 4/25/96.......................................................... 7,600,000 7,618,112 Oceanside, California Multifamily Revenue Bonds, Lakeridge Apts. Project, 5.45%(1)......... 7,300,000 7,300,000 Ontario, California Multifamily Residential Mtg. Revenue Bonds, Park Centre Project, Series A, 4.80%(1).............................................................................. 2,400,000 2,400,000 Orange County, California Apt. Development Revenue Refunding Bonds, Series A, 5.30%(1)..... 1,000,000 1,000,000 Orange County, California Municipal Water District Refunding Certificates of Participation, Allen McColloch Project, Series A, 5.20%(1).............................................. 4,000,000 4,000,000 Pittsburg, California Mtg. Obligation Gtd. Revenue Bonds, Series A, 4.05%(1)............... 2,000,000 2,000,000 Pittsburg, California Multifamily Mtg. Revenue Bonds, Fountain Plaza Project, 5.10%(1)..... 1,500,000 1,500,000 Riverside County, California Housing Authority Multifamily Housing Revenue Bonds, McKinley Project, 3.725%(1)....................................................................... 6,300,000 6,300,000
3 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ----------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) CALIFORNIA (CONTINUED) San Bernardino County, California Housing Authority Multifamily Housing Revenue Refunding Bonds, Arrowview Park Apts. Project, Series A, 5.40%(1).................................. $ 1,000,000 $ 1,000,000 San Bernardino County, California Housing Authority Multifamily Housing Revenue Refunding Bonds, Monterey Villas Apts. Project, Series A, 4.95%(1)................................. 2,125,000 2,125,000 San Francisco, California City & County Redevelopment Agency Multifamily Revenue Refunding Bonds, Fillmore Center Housing Project, Series A-1, 5.30%(1)............................. 500,000 500,000 San Leandro, California Multifamily Mtg. Revenue Bonds, Parkside Commons Project, Series A, 5%(1).................................................................................... 1,000,000 1,000,000 Southern California Rapid Transit District Certificates of Participation, Series BT-10, MBIA Insured, 3%(1)...................................................................... 1,000,000 1,000,000 West Covina, California Redevelopment Agency Certificates of Participation, Barranca Project, 5.15%(1)........................................................................ 2,900,000 2,900,000 -------------- 96,319,228 -------------- COLORADO - 2.2% Arapahoe County, Colorado Multifamily Revenue Refunding Bonds, Hunters Run Rental Housing, 5.70%(1)................................................................................. 25,600,000 25,600,000 Aurora, Colorado Industrial Development Revenue Refunding Bonds, La Quinta Motor Inns, 5.35%(1)................................................................................. 2,800,000 2,800,000 Wheat Ridge, Colorado Industrial Development Revenue Refunding Bonds, La Quinta Motor Inns, 5.35%(1)................................................................................. 2,150,000 2,150,000 -------------- 30,550,000 -------------- DELAWARE - 0.4% Sussex County, Delaware Economic Development Revenue Bonds, Route 113 LP Project, 4.45%(1)................................................................................. 6,000,000 6,000,000 -------------- FLORIDA - 8.4% Escambia County, Florida Health Facilities Authority Revenue Refunding Bonds, Florida Convertible Centers Project, Series A, 4.05%(1).......................................... 1,400,000 1,400,000 Florida Housing Finance Agency Revenue Refunding Bonds, Multifamily Housing Monterey Lake Project, 4.035%(1)....................................................................... 19,965,000 19,965,000 Florida State Board of Education Capital Outlay Public Education Refunding Bonds, Series A, 4.188%(1)................................................................................ 13,230,000 13,230,000 Florida State Board of Education Revenue Bonds, Partially Prerefunded, 3.90%, 6/1/96....... 3,000,000 3,000,000 Hillsborough County, Florida Industrial Development Authority Pollution Control Revenue Bonds, Tampa Electric Co. Project, 4%(1)................................................. 17,475,000 17,475,000 4 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) FLORIDA (CONTINUED) Jacksonville City, Florida Pollution Control Revenue Bonds, Florida Power & Light Co. Project, 3.50%, 3/8/96................................................................... $ 5,000,000 $ 5,000,000 Jacksonville City, Florida Pollution Control Revenue Bonds, Florida Power & Light Co. Project, 3.50%, 3/8/96................................................................... 10,510,000 10,510,000 Orange County, Florida Housing Finance Authority Revenue Refunding Bonds, Monterey Multifamily Housing Project, Series B, 5.45%(1).......................................... 4,965,000 4,965,000 Putnam County, Florida Development Authority Pollution Control Revenue Bonds, National Rural Utilities-Seminole Electric Project, Series H-4, 3.75%, 3/15/96(2)................. 10,000,000 10,000,000 Putnam County, Florida Development Authority Pollution Control Revenue Refunding Bonds, Seminole Electric Co-op, Series D, 3.30%, 6/15/96(2)..................................... 31,765,000 31,754,096 -------------- 117,299,096 -------------- GEORGIA - 1.3% Floyd County, Georgia Development Authority Pollution Control Revenue Refunding Bonds, Inland-Rome, Inc. Project, 5.35%(1)...................................................... 4,735,000 4,735,000 Georgia State General Obligation Bonds, Series 1995B, 4%(1)................................ 12,000,000 12,000,000 Newton County, Georgia Industrial Development Authority Revenue Refunding Bonds, John H. Harland Co. Project, 5.30%(1)............................................................ 1,000,000 1,000,000 -------------- 17,735,000 -------------- HAWAII - 0.2% Hawaii State Department of Budget & Finance Special Purpose Mtg. Revenue Bonds, Kuakini Medical Center Project, FGIC Insured, 3.75%(1)........................................... 2,700,000 2,700,000 -------------- ILLINOIS - 9.6% Centralia City, Illinois Industrial Development Revenue Bonds, Consolidated Foods Corp./Hollywood Brands, Inc., 5.15%(1)................................................... 5,500,000 5,500,000 Chicago, Illinois General Obligation Nts., Series B, 3.75%, 5/1/96(2)...................... 21,400,000 21,400,000 Elk Grove Village, Illinois Industrial Development Revenue Bonds, La Quinta Motor Inns, Inc., 4.45%(1)........................................................................... 3,400,000 3,400,000 Illinois Development Finance Authority Pollution Control Revenue Bonds, Illinois Power Co. Project, Series C, 3.75%, 2/14/96(2)..................................................... 4,000,000 4,000,000 Illinois Educational Facilities Authority Revenue Bonds, National-Louis University, 5.10%(1)................................................................................. 6,400,000 6,400,000 Illinois Educational Facilities Authority Revenue Bonds, University of Chicago, 7.10%, 12/1/96(2)............................................................................... 1,000,000 1,050,077 Illinois Health Facilities Authority Revenue Bonds, Evanston Hospital Corp., 3.65%, 5/31/96(2)............................................................................... 7,000,000 7,002,484
5 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) ILLINOIS (CONTINUED) Illinois Health Facilities Authority Revenue Bonds, Lake Forest Hospital Project, 4.50%(1)................................................................................. $13,000,000 $ 13,000,000 Lakemoor Village, Illinois Multifamily Housing Mtg. Revenue Bonds, Lakemoor Apts. Project, 5%, 3/1/96(2)............................................................................ 4,780,225 4,780,225 Lakemoor Village, Illinois Multifamily Housing Mtg. Revenue Bonds, Lakemoor Apts. Project, 5.25%, 3/1/96(2)......................................................................... 15,000,000 15,000,000 Oakbrook Terrace, Illinois Multifamily Housing Mtg. Revenue Bonds, 5.25%, 3/1/96(2)........ 35,000,000 35,008,275 Oakbrook Terrace, Illinois Multifamily Housing Mtg. Revenue Bonds, Renaissance Project, Series 1985 A, 4.75%, 4/1/96(2).......................................................... 14,000,000 14,000,000 West Chicago, Illinois Industrial Development Revenue Refunding Bonds, Liquid Container Project, 5.25%(1)........................................................................ 3,810,000 3,810,000 -------------- 134,351,061 -------------- INDIANA - 5.3% Crawfordsville, Indiana Economic Development Revenue Refunding Bonds, Pedcor Investments-Shady Knoll I Apts. Project, 5.30%(1)........................................ 3,450,000 3,450,000 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, 5.20%(1)................................................................................. 2,220,000 2,220,000 Indiana Bond Bank Advance Funding Program Nts., Series A-2, 5.75%, 1/10/96................. 12,530,000 12,532,202 Indiana Bond Bank Interim Advance Funding Program Nts., Series 1996, 3.60%, 2/1/96(3)...... 21,360,000 21,360,000 Indiana Health Facilities Finance Authority Revenue Bonds, Cardinal Center Project, 5.30%(1)................................................................................. 2,750,000 2,750,000 Indiana State Development Finance Authority Economic Development Revenue Bonds, Saroyan Hardwoods, Inc., 5.35%(1)................................................................ 2,150,000 2,150,000 Indianapolis, Indiana Local Public Improvement Bond Bank Nts., Series E, 4.50%, 7/11/96.... 2,725,000 2,736,211 Marion County, Indiana Hospital Authority Hospital Facility Revenue Bonds, Indianapolis Osteopathic, 5.30%(1).................................................................... 3,715,000 3,715,000 Mt. Vernon, Indiana Pollution Control & Solid Waste Disposal Revenue Refunding Bonds, General Electric Project, Series A, 3.55%, 3/12/96....................................... 5,150,000 5,150,000 Rockport, Indiana Pollution Control Revenue Refunding Bonds, Indiana & Michigan Electric Co. Project, Series A, 5.20%(1)(3)....................................................... 13,000,000 13,000,000
6 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) INDIANA (CONTINUED) St. Joseph County, Indiana Hospital Authority Special Obligation Bonds, Madison Center, Inc. Project, 5.30%(1)................................................................... $ 2,990,000 $ 2,990,000 St. Joseph County, Indiana Industrial Educational Facilities Revenue Bonds, Holy Cross College, 5.30%(1)........................................................................ 1,000,000 1,000,000 -------------- 74,053,413 -------------- IOWA - 2.4% Des Moines, Iowa Commercial Development Revenue Bonds, Series A, 5.05%(1).................. 6,900,000 6,900,000 Iowa School Corp. Wt. Certificates, Iowa School Cash Anticipation Program, Series A, CGIC Insured, 4.75%, 6/28/96.................................................................. 10,000,000 10,048,493 Iowa School Corp. Wt. Certificates, Series B, CGIC Insured, 5.75%, 2/1/96.................. 15,000,000 15,009,096 Mason City, Iowa Industrial Development Revenue Bonds, SuperValu Stores, Inc. Project, 5.80%(1)................................................................................. 2,000,000 2,000,000 -------------- 33,957,589 -------------- KANSAS - 0.5% Kansas City, Kansas Private Activity Revenue Refunding Bonds, Inland Container Corp., 5.35%(1)................................................................................. 5,200,000 5,200,000 Olathe, Kansas Industrial Revenue Refunding Bonds, William F. Bieber Project, 4.01%(1)..... 1,800,000 1,800,000 Ottawa, Kansas Industrial Development Revenue Bonds, Laich Industries Project, 4.10%(1).... 750,000 750,000 -------------- 7,750,000 -------------- KENTUCKY - 0.5% Jamestown, Kentucky Industrial Building Revenue Bonds, Union Underwear Co., 5.25%(1)....... 1,000,000 1,000,000 Trimble County Kentucky Pollution Control Revenue Bonds, Louisville Gas & Electric Co. Project, Series A, 3.70%, 1/19/96........................................................ 5,900,000 5,900,000 -------------- 6,900,000 -------------- LOUISIANA - 0.6% East Baton Rouge Parish, Louisiana Industrial Development Board Revenue Refunding Bonds, La Quinta Motor Inns, Inc., 5.35%(1)........................................................ 2,325,000 2,325,000 Lake Charles, Louisiana Harbor & Terminal District Revenue Bonds, Reynolds Metals Co. Project, 3.80%, 12/1/96(2)............................................................... 4,085,000 4,086,795 Plaquemines, Louisiana Port Harbor & Terminal District Facilities Revenue Bonds, Chevron Pipeline Co., 3.90%, 9/1/96(2)........................................................... 2,500,000 2,502,320 -------------- 8,914,115 --------------
7 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) MAINE - 1.1% Maine State Tax Anticipation Nts., 4.50%, 6/28/96.......................................... $15,000,000 $ 15,058,582 -------------- MARYLAND - 3.8% Hartford County, Maryland Revenue Refunding Bonds, 1001 Participation Facility Project, 4.45%(1)................................................................................. 2,700,000 2,700,000 Maryland State Community Development Administration Department of Housing & Community Development Revenue Bonds, Single Family Program-Fourth Series, 3.90%, 4/1/96(2)......... 4,965,000 4,965,000 Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, Carroll General Pooled Loan Program, Series A, 5.30%(1).......................................... 1,375,000 1,375,000 Maryland State Health & Higher Educational Facilities Authority Revenue Bonds, University of Maryland Pooled Loan Program, Series B, 4.45%(1)...................................... 1,220,000 1,220,000 Montgomery County, Maryland Multifamily Housing Opportunities Commission Revenue Bonds, Grosvenor House Project, Series A, 4.45%(1).............................................. 19,700,000 19,700,000 Montgomery County, Maryland Multifamily Housing Opportunities Commission Revenue Bonds, Issue A, 5.20%(1)........................................................................ 15,800,000 15,800,000 Worcester County, Maryland Revenue Refunding Bonds, White Marlin Mall Project, 4.45%(1).... 8,050,000 8,050,000 -------------- 53,810,000 -------------- MASSACHUSETTS - 1.7% Massachusetts State Commonwealth General Obligation Bonds, Series C, 4.056%(1)............. 15,400,000 15,400,000 Massachusetts State Housing Finance Agency Single Family Housing Revenue Bonds, Series 34, FGIC Insured, 3.85%, 6/1/96(2)........................................................... 2,750,000 2,750,000 Massachusetts State Housing Finance Agency Single Family Housing Revenue Bonds, Series 35, FGIC Insured, 3.75%, 6/1/96(2)........................................................... 5,000,000 5,000,000 Massachusetts State Industrial Finance Agency Revenue Bonds, Hazen Paper, 4.10%(1)......... 250,000 250,000 North Andover Town, Massachusetts Industrial Revenue Bonds, Atlee-Oak Realty Trust of Delaware, Inc., 3.257%(1)................................................................ 450,000 450,000 -------------- 23,850,000 -------------- MICHIGAN - 0.2% Madison Heights, Michigan Economic Development Revenue Bonds, Red Roof Inns Project, 3.75%(1)................................................................................. 1,000,000 1,000,000 Michigan State Job Development Authority Revenue Bonds, East Lansing Residence Associates Project, 4.077%(1)....................................................................... 1,900,000 1,900,000 -------------- 2,900,000 --------------
8 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) MINNESOTA - 4.0% Anoka, Minnesota Multifamily Housing Revenue Bonds, Walker Plaza, Series B, 5.25%(1)....... $ 1,850,000 $ 1,850,000 Austin, Minnesota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 5.80%(1)........................................................................ 4,600,000 4,600,000 Bloomington, Minnesota Port Authority Tax Revenue Refunding Bonds, Mall of America Project, Series C, FSA Insured, 5.20%(1).......................................................... 8,300,000 8,300,000 Burnsville, Minnesota Commercial Development Revenue Bonds, SuperValu Stores, Inc. Project, Series 83, 4.933%(1)..................................................................... 5,500,000 5,500,000 Dakota County, Minnesota Housing & Redevelopment Multifamily Mtg. Revenue Bonds, Westwood Ridge Rental Housing Project, Series A, 5.25%(1)......................................... 4,200,000 4,200,000 Eden Prairie, Minnesota Commercial Development Revenue Refunding Bonds, Lakeview Business Center, 5.25%(1)......................................................................... 2,400,000 2,400,000 Eden Prairie, Minnesota Industrial Development Revenue Bonds, SuperValu Stores, Inc. Project, 5.25%(1)........................................................................ 1,000,000 1,000,000 Maplewood, Minnesota Revenue Bonds, 5.43%(1)............................................... 1,015,000 1,015,000 Minneapolis, Minnesota Commercial Development Revenue Refunding Bonds, Minnehaha/Lake Partners Project, 5.20%(1)............................................................... 2,750,000 2,750,000 Minnesota State Housing Finance Agency Single Family Mtg. Bonds, Series M, 3.50%, 12/12/96................................................................................. 2,500,000 2,500,000 New Ulm, Minnesota Hospital Facilities Revenue Bonds, Health Center Systems, 5.25%(1)...... 2,400,000 2,400,000 North Suburban Hospital District, Minnesota Revenue Bonds, Anoka & Ramsey Counties Hospital Health Center, 5.25%(1).................................................................. 3,300,000 3,300,000 St. Paul, Minnesota Port Authority Parking Revenue Refunding Bonds, City Walking Ramp Project, 5.25%(1)........................................................................ 2,410,000 2,410,000 St. Paul, Minnesota Port Authority Tax Increment Revenue Bonds, Westgate Office & Industrial Center Project, 5.25%(1)...................................................... 5,500,000 5,500,000 Stillwater, Minnesota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 5.25%(1)................................................................... 5,500,000 5,500,000 Waite Park, Minnesota Housing Revenue Refunding Bonds, Park Meadows Apts. Project, 3.95%(1)................................................................................. 3,270,000 3,270,000 -------------- 56,495,000 -------------- MISSOURI - 0.4% St. Charles County, Missouri Industrial Development Revenue Refunding Bonds, Remington Apts. Project , 5.30%(1)................................................................. 6,300,000 6,300,000 --------------
9 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) MONTANA - 1.6% Great Falls, Montana Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 5.80%(1)........................................................................ $ 1,000,000 $ 1,000,000 State of Montana Tax & Revenue Anticipation Nts., Series 1995, 4.50%, 6/30/96.............. 22,050,000 22,133,445 -------------- 23,133,445 -------------- NEBRASKA - 0.5% Nebraska Investment Finance Authority Single Family Mtg. Revenue Refunding Bonds, Series B, FGIC Insured, 3.75%, 1/15/96(2).......................................................... 4,410,000 4,410,000 Norfolk, Nebraska Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 5.80%(1)........................................................................ 2,800,000 2,800,000 -------------- 7,210,000 -------------- NEW JERSEY - 0.3% New Jersey Economic Development Authority Manufacturing Facilities Revenue Bonds, VPR Commerce Center Project, 5.50%(1)........................................................ 3,750,000 3,750,000 -------------- NEW YORK - 1.5% Babylon, New York General Obligation Bonds, Series B, AMBAC Insured, 4.90%(1).............. 400,000 400,000 Buffalo, New York General Obligation Nts., Series A, 4.20%, 7/16/96........................ 700,000 702,196 City of New York Housing Development Corp. Multifamily Mtg. Revenue Bonds, Columbus Project, Series A, 4.75%(1).............................................................. 2,400,000 2,400,000 City of New York Housing Development Corp. Multifamily Mtg. Revenue Bonds, James Tower Development, Series A, 5.10%(1).......................................................... 2,600,000 2,600,000 City of New York Trust Cultural Resources Revenue Refunding Bonds, American Museum of Natural History, Series A, MBIA Insured, 4.90%(1)........................................ 400,000 400,000 City of New York Trust Cultural Resources Revenue Refunding Bonds, American Museum of Natural History, Series B, MBIA Insured, 4.90%(1)........................................ 1,000,000 1,000,000 Metropolitan Transportation Authority of New York Revenue Bonds, Series F, AMBAC Insured, 8.375%, 7/1/96........................................................................... 3,350,000 3,493,902 New York State Energy Research & Development Authority Electric Facilities Revenue Bonds, Long Island Lighting Co., Series B, 5.05%(1)............................................. 700,000 700,000 New York State Energy Research & Development Authority Pollution Control Revenue Refunding Bonds, Orange/Rockland Utility Project, Series A, AMBAC Insured, 4.90%(1)................ 700,000 700,000 New York State Housing Finance Agency Revenue Bonds, Normandie Court I Project, 4.70%(1)... 200,000 200,000 New York State Local Government Assistance Corp. Revenue Bonds, Series A, 4.95%(1)......... 2,000,000 2,000,000
10 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) NEW YORK (CONTINUED) New York State Medical Care Facilities Finance Agency Revenue Bonds, Mt. Sinai Hospital Project, Prerefunded, Series C, 8.875%, 1/15/96(2)....................................... $ 3,000,000 $ 3,065,043 New York State Medical Care Facilities Finance Agency Revenue Bonds, Pooled Equipment Loan Program II-A, 5.05%(1)................................................................... 1,300,000 1,300,000 North Hempstead, New York Solid Waste Management Authority Revenue Refunding Bonds, Series A, 4.85%(1).............................................................................. 300,000 300,000 Triborough Bridge & Tunnel Authority of New York Revenue Bonds, FGIC Insured, 4.90%(1)..... 2,000,000 2,000,000 -------------- 21,261,141 -------------- NORTH CAROLINA - 0.8% North Carolina National Bank Pooled Tax-Exempt Trust Certificates of Participation, Series 1990A, 4.375%(1)......................................................................... 7,630,000 7,630,000 North Carolina National Bank Pooled Tax-Exempt Trust Certificates of Participation, Series 1990B, 4.375%(1)......................................................................... 4,030,000 4,030,000 -------------- 11,660,000 -------------- NORTH DAKOTA - 0.2% Bismarck, North Dakota Industrial Development Revenue Bonds, SuperValu Stores, Inc. Project, 5.80%(1)........................................................................ 1,500,000 1,500,000 Bismarck, North Dakota Industrial Development Revenue Refunding Bonds, SuperValu Stores, Inc. Project, 5.80%(1)................................................................... 800,000 800,000 -------------- 2,300,000 -------------- OHIO - 4.9% Cuyahoga County, Ohio Industrial Development Revenue Bonds, Southwest LP, 4.15%, 12/1/96(2)............................................................................... 1,505,000 1,505,000 Gallia County, Ohio Industrial Development Mtg. Revenue Refunding Bonds, Jackson Pike Assn., 3.70%, 12/15/96(2)................................................................ 1,680,000 1,680,000 Greene County, Ohio Industrial Development Revenue Refunding Bonds, SuperValu Holdings, Inc. Project, 5.80%(1)................................................................... 1,000,000 1,000,000 Lucas County, Ohio Industrial Development Revenue Refunding Bonds, H.H. Motel, Inc. Project, 5.20%(1)........................................................................ 3,755,000 3,755,000 Marion County, Ohio Hospital Revenue Bonds, Pooled Lease Program, 4.25%, 11/1/96(2) 6,810,000 6,810,000 Marion County, Ohio Hospital Revenue Bonds, Pooled Lease Program, 5.20%(1)................. 6,760,000 6,760,000 Miami Valley, Ohio Tax-Exempt Mtg. Trust Revenue Bonds, Series 86, 4.88%, 10/15/96(2)...... 2,810,000 2,810,000
11 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) OHIO (CONTINUED) Ohio State Air Quality Development Authority Pollution Control Revenue Refunding Bonds, Series B, 3.85%, 7/11/96................................................................. $ 4,655,000 $ 4,655,000 Ohio State Water Development Authority Pollution Control Facilities Revenue Refunding Bonds, Duquesne Light Co., Series A, 3.85%, 7/11/96...................................... 33,955,000 33,955,000 Scioto County, Ohio Health Care Facilities Revenue Bonds, Hill View Retirement Center, 3.75%, 6/1/96(2)......................................................................... 2,890,000 2,890,000 Warren County, Ohio Industrial Development Revenue Refunding Bonds, Liquid Container Project, 5.25%(1)........................................................................ 1,670,000 1,670,000 Whitehall, Ohio Industrial Development Revenue Refunding Bonds, First Mtg. Continental Commercial, 3.75%, 2/1/96(2)............................................................. 1,540,000 1,540,000 -------------- 69,030,000 -------------- OKLAHOMA - 0.8% Claremore, Oklahoma Industrial & Redevelopment Authority Revenue Refunding Bonds, Worthington Cylinder Project, 5.35%(1)................................................... 2,350,000 2,350,000 Cleveland County, Oklahoma Public Facilities Revenue Bonds, Hunt Development Project, Series A, 5.85%(1)....................................................................... 1,000,000 1,000,000 Mid-West Tax-Exempt Mtg. Board Trust Revenue Bonds, 3.70%(1)............................... 1,100,000 1,100,000 Tulsa, Oklahoma Industrial Authority Revenue Bonds, 3.90%(1)............................... 6,500,000 6,500,000 -------------- 10,950,000 -------------- OREGON - 2.3% Clackamas County, Oregon Hospital Facility Authority Revenue Bonds, Kaiser Permanente Medical Center Project, 3.70%, 4/1/96(2)................................................. 6,345,000 6,345,000 Hillsboro, Oregon Revenue Bonds, Oregon Graduate Institute, 5.30%(1)....................... 6,700,000 6,700,000 Klamath Falls, Oregon Electric Revenue Bonds, Salt Caves Hydroelectric Project, Series D, 4.40%, 5/2/96(2)......................................................................... 16,000,000 16,000,000 Oregon State Economic & Industrial Development Commission Revenue Bonds, Eagel-Picher Industries Project, 5.80%(1)............................................................. 3,600,000 3,600,000 -------------- 32,645,000 -------------- PENNSYLVANIA - 2.3% Commonwealth of Pennsylvania Tax-Exempt Mtg. Bond Trust Certificates, Series A, 4%, 5/1/96(2)................................................................................ 3,230,000 3,230,000 Littlestown, Pennsylvania Industrial Development Authority Revenue Refunding Bonds, Hanover House Industries Project, 5.30%(1)....................................................... 3,000,000 3,000,000 Montgomery County, Pennsylvania Higher Education & Health Authority Hospital Revenue Bonds, 5.05%(1)................................................................................. 500,000 500,000
12 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) PENNSYLVANIA (CONTINUED) Montgomery County, Pennsylvania Industrial Development Authority Revenue Bonds, Quaker Chemical Corp. Project, 4%(1)............................................................ $ 1,600,000 $ 1,600,000 Pennsylvania State Tax Anticipation Nts., 4.50%, 6/28/96................................... 13,500,000 13,549,113 Philadelphia, Pennsylvania School District Refunding Bonds, Series A, 4%, 7/1/96(2)........ 10,000,000 10,022,728 -------------- 31,901,841 -------------- SOUTH CAROLINA - 2.4% Charleston Center Tax-Exempt Bonds, Grantor Trust No. 2, 3.85%, 5/1/96(2).................. 4,407,500 4,407,500 Charleston Center Tax-Exempt Bonds, Grantor Trust No. 3, 3.70%, 7/1/96(2).................. 9,452,500 9,452,500 Charleston Center Tax-Exempt Bonds, Grantor Trust No. 6, 3.80%, 4/1/96(2).................. 8,075,000 8,075,000 Dorchester County, South Carolina Pollution Control Facilities Revenue Refunding Bonds, The BOC Group, Inc. Project, 5.15%(1)........................................................ 3,500,000 3,500,000 South Carolina Jobs & Economic Development Authority Revenue Bonds, Wellman Income Project, 5.25%(1)................................................................................. 1,000,000 1,000,000 York County, South Carolina Pollution Control Revenue Bonds, North Carolina Electric Project, National Rural Utilities, Series 84N-6, 3.75%, 3/15/96(2)....................... 5,000,000 5,000,000 York County, South Carolina Pollution Control Revenue Bonds, Saluda River Project, National Rural Utilities, Series 84E-1, 3.80%, 2/15/96(2)......................................... 1,100,000 1,100,000 York County, South Carolina Pollution Control Revenue Bonds, Saluda River Project, National Rural Utilities, Series 84E-2, 3.80%, 2/15/96(2)......................................... 1,000,000 1,000,000 -------------- 33,535,000 -------------- SOUTH DAKOTA - 2.5% Grant County, South Dakota Pollution Control Revenue Refunding Bonds, Otter Tail Power Co. Project, 5.20%(1)........................................................................ 10,400,000 10,400,000 South Dakota State Health & Educational Bonds, Sioux Valley Hospital Issue, 5.20%(1)....... 20,100,000 20,100,000 Watertown, South Dakota Industrial Development Revenue Bonds, SuperValu Stores, Inc. Project, 5.80%(1)........................................................................ 3,900,000 3,900,000 -------------- 34,400,000 -------------- TENNESSEE - 2.5% Clarksville, Tennessee Public Building Authority Revenue Bonds, Pooled Financing-Tennessee Municipal Bond Fund, 5.30%(1)............................................................ 11,900,000 11,900,000 Covington, Tennessee Industrial Development Board Revenue Bonds, Charms Co. Project, 5.10%(1)................................................................................. 4,100,000 4,100,000
13 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) TENNESSEE (CONTINUED) Dayton, Tennessee Industrial Development Board Revenue Refunding Bonds, La-Z Boy Chair Co. Project, 5.15%(1)........................................................................ $ 4,350,000 $ 4,350,000 Knox County, Tennessee Industrial Development Board Revenue Bonds, Weisgarber Partners, FGIC Insured, 4.05%(1)................................................................... 3,000,000 3,000,000 Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facilities Board Revenue Bonds, Vanderbilt University Project, Series 1985A, 5.10%, 1/15/96(2)............................................................................... 1,000,000 1,000,000 Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facilities Board Revenue Bonds, Vanderbilt University Project, Series 1985A, 5.10%, 1/15/96(2)............................................................................... 700,000 700,000 Metropolitan Government of Nashville & Davidson County, Tennessee Health & Educational Facilities Board Revenue Bonds, Vanderbilt University Project, Series 1985B, 4.35%, 5/1/96(2)................................................................................ 2,250,000 2,250,000 Metropolitan Government of Nashville & Davidson County, Tennessee Multifamily Housing Revenue Bonds, Arbor Crest Project, Series B, 5.30%(1)................................... 3,550,000 3,550,000 Nashville & Davidson Counties, Tennessee Metropolitan Government Water & Sewer Revenue Bonds, Series C, 7.20%, 7/1/96(2)........................................................ 3,200,000 3,350,658 Rutherford County, Tennessee Industrial Development Board Industrial Building Revenue Bonds, Derby Industries, Inc. Project, 5.35%(1).......................................... 1,000,000 1,000,000 -------------- 35,200,658 -------------- TEXAS - 12.1% Angelina & Neches River Authority Texas Pollution Control Revenue Refunding Bonds, Temple-Inland Forest Project, 5.35%(1)................................................... 7,350,000 7,350,000 Dallas Area Rapid Transit Sales Tax Revenue Commercial Paper Nts., 3.75%, 2/13/96.......... 10,000,000 10,000,000 Gulf Coast Industrial Development Authority of Texas Marine Terminal Revenue Bonds, Amoco Oil Co. Project, 3.55%, 6/1/96(2)........................................................ 3,000,000 3,000,000 Harris County, Texas Custodial Receipts, Series A, 4%(1)................................... 5,000,000 5,000,000 Hockley County, Texas Industrial Development Corp. Pollution Control Revenue Bonds, Amoco Project-Standard Oil Co., 3.65%, 3/1/96(2)............................................... 20,000,000 20,000,000 Lower Neches Valley Authority Texas Revenue Bonds, Chevron USA, Inc. Project, 3.75%, 2/15/96(2)............................................................................... 9,400,000 9,400,000 Plano, Texas Health Facilities Development Corp. Hospital Revenue Bonds, Children's Hospital & Presbyterian Health Care Center, 3.55%, 2/28/96(2)............................ 5,000,000 5,000,000 San Antonio, Texas Water Revenue Bonds, 5.20%, 5/15/96..................................... 1,000,000 1,005,985 Texas Association of School Boards Certificates of Participation, Series A, 4.75%, 8/30/96.................................................................................. 31,700,000 31,841,428
14 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) TEXAS (CONTINUED) Texas State Tax & Revenue Anticipation Nts., 4.75%, 8/30/96(2)............................. $72,050,000 $ 72,379,425 Travis County, Texas Housing Finance Corp. Multifamily Housing Revenue Bonds, Bent Oaks Apts., 5.30%(1).......................................................................... 4,400,000 4,400,000 -------------- 169,376,838 -------------- UTAH - 5.8% Intermountain Power Agency of Utah Power Supply Revenue Refunding Bonds, Series E, 3.75%, 3/15/96(2)............................................................................... 30,000,000 30,000,000 Intermountain Power Agency of Utah Power Supply Revenue Refunding Bonds, Series E, 3.85%, 6/17/96(2)............................................................................... 2,100,000 2,100,000 Intermountain Power Agency of Utah Power Supply Revenue Refunding Bonds, Series F, 3.75%, 3/15/96(2)............................................................................... 35,500,000 35,500,000 Salt Lake City, Utah Pollution Control Revenue Refunding Bonds, 3.75%, 4/1/96(2)........... 4,550,000 4,549,425 Utah State Housing Finance Agency Multifamily Housing Revenue Refunding Bonds, Candlestick Apts. Project, 5.15%(1).................................................................. 6,400,000 6,400,000 Weber County, Utah Industrial Development Revenue Refunding Bonds, Parker Properties, Inc. Project, 2.883%(1)....................................................................... 2,600,000 2,600,000 -------------- 81,149,425 -------------- VERMONT - 3.2% Vermont Educational & Health Buildings Financing Agency Revenue Bonds, Middlebury College Project, Series 1988A, 4.35%, 5/1/96(2).................................................. 3,500,000 3,500,000 Vermont Industrial Development Authority Revenue Bonds, Sherburne Corp., 4.012%(1)......... 1,885,000 1,885,000 Vermont State General Obligation Bond Anticipation Nts., 3.70%, 1/12/96.................... 18,000,000 18,000,000 Vermont State General Obligation Revenue Anticipation Nts., 3.70%, 1/19/96................. 21,550,000 21,550,000 -------------- 44,935,000 -------------- WASHINGTON - 2.1% Port Longview, Washington Industrial Development Revenue Bonds, Longview Fibre Co. Project, 5.25%(1)................................................................................. 2,500,000 2,500,000 Redmond, Washington Public Corp. Industrial Revenue Refunding Bonds, Genie Industries, Lot 1, 5.25%(1).............................................................................. 1,100,000 1,100,000 Redmond, Washington Public Corp. Industrial Revenue Refunding Bonds, Genie Industries, Lot 2, 5.25%(1).............................................................................. 1,770,000 1,770,000 Seattle, Washington Industrial Development Corp. Revenue Bonds, RICS LP, 5.20%(1).......... 5,350,000 5,350,000 Seattle, Washington Municipal Light & Power Revenue Bonds, Prerefunded, 5.875%, 10/1/96.... 1,800,000 1,829,964
15 STATEMENT OF INVESTMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust
Face Value Amount See Note 1 ---------- ------------- SHORT-TERM TAX-EXEMPT OBLIGATIONS (CONTINUED) WASHINGTON (CONTINUED) Washington State General Obligation Bonds, Series 1995C, 5.50%, 7/1/96..................... $ 1,100,000 $ 1,110,179 Washington State General Obligation Refunding Bonds, Series 1995C, 3.27%(1)................ 13,850,000 13,850,000 Washington State Housing Finance Commission Single Family Program Bonds, FGIC Insured, 4.10%, 6/1/96(2)......................................................................... 1,540,000 1,540,000 -------------- 29,050,143 -------------- WEST VIRGINIA - 1.7% Grant County, West Virginia Pollution Control Revenue Bonds, Virginia Electric & Power Co. Project, Series 1994, 3.80%, 1/25/96(2).................................................. 19,500,000 19,500,000 Harrison County, West Virginia Industrial Development Revenue Refunding Bonds, Fox Grocery Co. Project, 5.25%(1).................................................................... 4,140,000 4,140,000 -------------- 23,640,000 -------------- WISCONSIN - 1.1% State of Wisconsin Operating Nts., 4.50%, 6/17/96.......................................... 1,000,000 1,003,850 Wisconsin Housing & Economic Development Authority Home Ownership Revenue Refunding Bonds, Series A, 3.90%, 3/1/96(2)............................................................... 8,115,000 8,115,000 Wisconsin Housing & Economic Development Authority Home Ownership Revenue Refunding Bonds, Series A, 3.90%, 3/1/96(2)............................................................... 5,925,000 5,925,000 -------------- 15,043,850 -------------- WYOMING - 0.9% Lincoln County, Wyoming Pollution Control Revenue Refunding Bonds, AMOCO Standard Oil Co. of Indiana Project, 3.75%, 4/1/96(2)..................................................... 9,225,000 9,223,834 Uinta County, Wyoming Pollution Control Revenue Bonds, AMOCO Standard Oil Co. of Indiana Project, 3.98%, 12/1/96(2)............................................................... 3,000,000 3,005,794 -------------- 12,229,628 -------------- Total Investments, at Value................................................................ 102.9% 1,443,261,053 Liabilities in Excess of Other Assets...................................................... (2.9) (40,906,063) ----------- -------------- Net Assets................................................................................. 100.0% $1,402,354,990 ----------- -------------- ----------- --------------
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, 1995. This instrument may also have a demand feature which 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. 3. When-issued security to be delivered and settled after December 31, 1995. See accompanying Notes to Financial Statements. 16 STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 (Unaudited) Centennial Tax Exempt Trust ASSETS: Investments, at value - see accompanying statement............................................... $1,443,261,053 Cash.............................................................................................. 662,275 Receivables: Shares of beneficial interest sold.............................................................. 20,071,986 Interest........................................................................................ 13,843,955 Other............................................................................................. 66,331 -------------- Total assets................................................................................. 1,477,905,600 -------------- LIABILITIES: Payables and other liabilities: Investments purchased........................................................................... 57,597,186 Shares of beneficial interest redeemed.......................................................... 17,664,536 Service plan fees - Note 3...................................................................... 94,003 Dividends....................................................................................... 25,179 Transfer and shareholder servicing agent fees - Note 3.......................................... 19,867 Other........................................................................................... 149,839 -------------- Total liabilities............................................................................ 75,550,610 -------------- NET ASSETS........................................................................................ $1,402,354,990 -------------- -------------- COMPOSITION OF NET ASSETS: Paid-in capital................................................................................... $1,402,307,194 Accumulated net realized gain on investment transactions.......................................... 47,796 -------------- NET ASSETS - Applicable to 1,402,323,162 shares of beneficial interest outstanding................ $1,402,354,990 -------------- -------------- 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, 1995 (Unaudited) Centennial Tax Exempt Trust INVESTMENT INCOME - Interest......................................................................... $28,780,695 ----------- EXPENSES: Management fees - Note 3............................................................................. 3,094,313 Service plan fees - Note 3........................................................................... 1,416,878 Transfer and shareholder servicing agent fees - Note 3............................................... 356,511 Registration and filing fees......................................................................... 147,773 Shareholder reports.................................................................................. 76,907 Custodian fees and expenses.......................................................................... 59,667 Legal and auditing fees.............................................................................. 19,420 Insurance expenses................................................................................... 8,406 Trustees' fees and expenses.......................................................................... 7,039 ----------- Total expenses.................................................................................. 5,186,914 ----------- NET INVESTMENT INCOME................................................................................ 23,593,781 NET REALIZED GAIN ON INVESTMENTS..................................................................... 57,280 ----------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................................................. $23,651,061 ----------- -----------
See accompanying Notes to Financial Statements. 18 STATEMENTS OF CHANGES IN NET ASSETS Centennial Tax Exempt Trust
Six Months Ended December 31, Year Ended 1995 June 30, (Unaudited) 1995 ---------------- -------------- OPERATIONS: Net investment income................................................. $ 23,593,781 $ 35,272,785 Net realized gain..................................................... 57,280 69,768 ---------------- -------------- Net increase in net assets resulting from operations.................. 23,651,061 35,342,553 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS........................... (23,641,645) (35,284,282) BENEFICIAL INTEREST TRANSACTIONS: Net increase in net assets resulting from beneficial interest transactions - Note 2............................................... 87,424,597 275,476,883 ---------------- -------------- NET ASSETS: Total increase........................................................ 87,434,013 275,535,154 Beginning of period................................................... 1,314,920,977 1,039,385,823 ---------------- -------------- End of period......................................................... $1,402,354,990 $1,314,920,977 ---------------- -------------- ---------------- --------------
See accompanying Notes to Financial Statements. 19 FINANCIAL HIGHLIGHTS Centennial Tax Exempt Trust
Six Months Ended Year Ended June 30, December 31, 1995 ----------------------------------------------- (Unaudited) 1995 1994 1993 1992 1991 ----------------- ------ ------ ----- ----- ----- 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..................... .02 .03 .02 .02 .03 .04 Dividends and distributions to shareholders........ (.02) (.03) (.02) (.02) (.03) (.04) ----- ----- ----- ----- ----- ----- Net asset value, end of period..................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- TOTAL RETURN, AT NET ASSET VALUE(1)................ 1.67% 3.17% 1.90% 2.19% 3.55% 5.09% RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (in millions)............ $1,402 $1,315 $1,039 $981 $917 $787 Average net assets (in millions)................... $1,420 $1,127 $1,057 $977 $900 $711 Ratios to average net assets: Net investment income............................ 3.30%(2) 3.13% 1.87% 2.08% 3.40% 4.84% Expenses......................................... 0.72%(2) 0.73% 0.76% 0.76% 0.75% 0.77%
1. Assumes a hypothetical initial investment on the business day before the first day of the fiscal period, with all dividends reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periods of less than one full year. Total returns reflect changes in net investment income only. 2. 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 Fund's investment objective is to seek the maximum short-term interest income exempt from Federal income taxes that is consistent with low capital risk and the maintenance of liquidity. The Trust's investment advisor is Centennial Asset Management Corporation (the Manager), a subsidiary of OppenheimerFunds, Inc. (OFI). The following is a summary of significant accounting policies consistently followed by the Trust. Investment Valuation. Portfolio securities are valued on the basis of amortized cost, which approximates market value. Federal 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 or excise 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. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. 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, 1995 June 30, 1995 -------------------------------- -------------------------------- Shares Amount Shares Amount -------------- --------------- -------------- --------------- Sold............................... 2,042,390,942 $ 2,042,390,942 3,745,799,353 $ 3,745,799,210 Dividends and distributions reinvested....................... 25,041,612 25,041,612 33,490,524 33,490,524 Issued in connection with the acquisition of Oppenheimer Tax-Exempt Cash Reserves -- Note 4................................ -- -- 31,152,605 31,152,738 Redeemed........................... (1,980,007,957) (1,980,007,957) (3,534,964,703) (3,534,965,589) -------------- --------------- -------------- --------------- Net increase....................... 87,424,597 $ 87,424,597 275,477,779 $ 275,476,883 -------------- --------------- -------------- --------------- -------------- --------------- -------------- ---------------
21 NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) Centennial Tax Exempt Trust 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 a fee of .50% on the first $250 million of average annual net assets with a reduction of .025% on each $250 million thereafter to $1.5 billion, .35% on 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 state regulatory limit on Trust expenses. Shareholder Services, Inc. (SSI), a subsidiary of OFI, 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, 1995, the Trust paid $3,364 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 Raymond J. Kalinowski, Trustee C. Howard Kast, Trustee Robert M. Kirchner, Trustee Bridget A. Macaskill, Trustee and President 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 & Wolf, P.C. The financial statements included herein have been taken from the records of the Fund 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: 1-800-525-9310 (in U.S.) 303-671-3200 (outside U.S.) Or write: Shareholder Services, Inc. P.O. Box 5143 Denver, CO 80217-5143 1995 SEMIANNUAL REPORT CENTENNIAL TAX EXEMPT TRUST DECEMBER 31, 1995 RS0160.001.0196 [Logo] Printed on recycled paper -----END PRIVACY-ENHANCED MESSAGE-----